QMX Signs Custom Milling Agreement With Armistice Resources
June 14, 2013 — TORONTO, ONTARIO (Source: Marketwired) — QMX GOLD CORPORATION (TSX:QMX)(“QMX Gold”) today signed a custom milling agreement with Armistice Resources (TSX:AZ)(“Armistice”) to begin processing ore from the McGarry Mine in Kirkland Lake, Ontario. Ore will be shipped from the mine to QMX Gold’s Aurbel Mill located in Val d’Or, Quebec.
Under the agreement, QMX Gold will be responsible for the handling, milling and refining of ore and tailings disposal from ore delivered by Armistice. The term of the agreement is a minimum of one year and a minimum of 30,000 tonnes of ore delivered by Armistice.
Armistice has an initial 10,000 tonnes of development ore ready to be shipped in stockpile. Subsequent deliveries will be made in amounts of approximately 5,000 tonnes per month. Quebec regulatory approval is required before the transaction can be initiated.
Francois Perron, President and CEO of QMX Gold, commented: “QMX has found a well-timed opportunity to partner with Armistice under this custom milling arrangement. In the last two years, the Mill has seen a number of improvements under the Lac Herbin Turnaround Plan but was still being underutilized. We are now able to supplement our own production with the ore delivered by Armistice to optimize our operations while also generating additional cash flow for the company.”
About QMX Gold
QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and Manitoba. QMX Gold continues to operate in the Val-d’Or area with production estimated at 20,500-23,500 ounces of gold per year. The Company also owns property at the Snow Lake Mine which has a Measured and Indicated Mineral Resource of 5.4 million tonnes grading 4.45 g/t Au for approximately 720,000 oz of gold. The Snow Lake Mine is expected to produce 80,000 ounces of gold per year.
Full details of the Snow Lake Project are outlined in the Technical Report titled “Snow Lake Mine Re-activation Project” dated December 10, 2010 and prepared by: Andre Roy (eng.) Jamie Lavigne (P.Geo), David West (P.Eng), Ian Ward (P.Eng), Matthew Parfitt (P.Eng), Mark Bednarz (P.Geo), which is available on the SEDAR profile of the Company at www.sedar.com
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Technical programs and information included in this release have been reviewed and approved by Patrick Sévigny, eng., Vice President of Quebec Operations and a Qualified Person as defined under NI 43-101.
Cautionary Note Regarding Forward-Looking Information and Mineral Resources:
This press release contains or may be deemed to contain “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements (express or implied) relating to expectations regarding the ore expected to be processed pursuant to this agreement, the term of this agreement, expected cash flows, production results and/or the impact of such production results with respect to the mine at Lac Herbin, the timing, cost and/or amount of future exploration and development of the property, the timing, cost and/or amount of future production, the future price of gold or other minerals, the successful implementation of development plans at any of the Company’s properties and/or the future financial or operating performance of QMX Gold, its properties and/or its projects. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, its properties and/or its projects to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. It should also be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>