Kerr Mines and Star Royalties Announce US$18 Million Project Financing for Restart of the Copperstone Gold Mine
TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX: KER, OTC: KERMF) (Kerr or the Company) and Star Royalties Ltd. (Star Royalties) are very pleased to jointly announce the execution of a definitive US$18,000,000 gold purchase and sale agreement (Streaming Agreement) to finance the restart of underground operations and gold production at the Copperstone Gold Mine (Copperstone) in Arizona, USA.
- TORONTO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Kerr Mines Inc. (TSX: KER, OTC: KERMF) (Kerr or the Company) and Star Royalties Ltd. (Star Royalties) are very pleased to jointly announce the execution of a definitive US$18,000,000 gold purchase and sale agreement (Streaming Agreement) to finance the restart of underground operations and gold production at the Copperstone Gold Mine (Copperstone) in Arizona, USA.
- Giulio T. Bonifacio, Chief Executive Officer of Kerr, stated: This Streaming Agreement provides the required project financing to restart gold production at our Copperstone Gold Mine, which is targeted for Q4-2021.
- With the extensive project evaluation undertaken by Star Royalties, we believe this streaming transaction further validates the value we have identified at Copperstone by way of our recent optimization efforts.
- Alex Pernin, Chief Executive Officer of Star Royalties, commented: We are proud to announce our partnership transaction with Kerr to advance the restart of Copperstone.