HUNT MINING ENTERS AGREEMENT WITH OCEAN PARTNERS USA AND RECEIVES 1.5 MILLION USD ADVANCE AGAINST THE SALE OF CONCENTRATE

Posted on: Mon, 12/19/2016 - 10:55 By: blittle

 

Liberty Lake, Washington, November 29, 2016 – Hunt Mining Corp. (the “Corporation” or “Hunt”) (TSX VENTURE: “HMX”) is pleased to announce it has entered an offtake agreement (“Agreement”) with Ocean Partners USA, Inc. (“Ocean Partners”) for the delivery of Silver-Gold concentrate (“Concentrate”) from the Martha Mine Project (“Martha Project”) located in Santa Cruz Province, Argentina.

Under the terms of this Agreement, Hunt will deliver Concentrate with a gold range of 30 to 70 grams per dry metric tonne (“dmt”) and a silver range of 30 to 100 kilograms per dmt to a loading port at Ocean Partner’s option for shipment to smelter customers overseas. Concentrate will be shipped in 1 tonne ore bags in standard or heavy duty 20 foot containers for ocean freight transport.

The underlying payable gold and silver amounts in the Concentrate shall be based on a future quotational period, however Hunt shall retain an option to lock-in the price of payable gold and silver at market levels before the onset of the quotational period.  

Hunt has received an initial amount of US $1,500,000 for the delivery of Concentrate from the Martha Project and will receive a further provisional payment upon shipment of the Concentrate from the loading port. Delivery of Concentrate is expected to commence prior to year-end.

The Corporation entered a definitive agreement to purchase the Martha Project on February 10, 2016 and closed the acquisition of the Martha Project on May 12, 2016. The Corporation remains on schedule to resume production at the Martha Project in Q4 2016. In addition to the Martha Project and associated equipment at the facility, Hunt holds a large land position in the Santa Cruz Province, Argentina of 37 properties covering an area of 1,737 km sq. (429,407 acres).

Additional information on the Martha Project and other Santa Cruz, Argentina projects can be viewed on the Company website at: www.huntmining.com.

About Hunt Mining

Hunt Mining Corp. has continued to develop its properties as an active and aggressive explorer in Santa Cruz since 2006. During that time, Hunt's wholly owned subsidiary, Cerro Cazador S.A., has completed exploration activity including 62,000 meters of HQ core drilling, 416 line kilometers of Induced Polarization geophysical surveys and more than 20,000 surface soil, sediment, channel, chip, and trench samples, beyond the historical work previous to the same properties. Hunt also owns a 100% interest in the Martha property, which includes the Martha Project, also located in the Santa Cruz Province of Argentina.

For more information contact:

Dean Stuart
Investor Relations
T: (403) 617-7609
E: dean@boardmarker.net

Bob Little
Chief Administration Officer
T: (509) 290-5659
E: blittle@huntmining.com

 

Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements. The Corporation has provided the forward- looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forwardlooking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Corporation’s control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forwardlooking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Corporation will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.