SOURCE: Amalgamated Gold and Silver Inc.

February 05, 2014 16:40 ET

Amalgamated Gold and Silver Inc. Signs Memorandum of Understanding (MOU)

MIAMI, FL--(Marketwired - February 05, 2014) - Amalgamated Gold and Silver Inc. (AGS) (PINKSHEETS: BCHS) today announced it has signed a MOU to acquire the Huajara Polymetalic Processing Plant in Oruro, Bolivia.

AGS is pleased to announce that it has signed an MOU with Edwin Elar Portugal Leon for the USD $1,500,000 Huajara, Polymetalic Processing Plant in Oruro, Bolivia. Under the terms of the Agreement AGS will have the exclusive right to conduct due-diligence on the processing plant, equipment, books and records for a period of 60 days. Upon obtaining satisfactory results, AGS will enter into a contract to acquire the facility. Complete details of the transaction will be reported and made available on the company website at closing.

The facility can efficiently process 20mt. of flotation and 20mt. of gravity feeds per day and can be upgraded to process 100mt. per day respectively. Operations at the Plant in the last two years have had an average profitability of USD300k per annum. "We feel that the acquisition of the facility will add greatly to our successful processing of the tailings from San Antonio de Turiri Mine and substantially lower the processing costs by at least 60% per ton processed," said Almero Bourbon, AGS - VP of Mining Latin America.

AGS will send personnel to meet with the owner and conduct its inspection of the facility and conduct its due-diligence the week of the 17th of February 2014.

Full descriptions of the Processing Plant will be posted on the company website under Projects on completion of the acquisition.

The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Amalgamated Gold and Silver Inc.
    80 SW 8 Street, Suite 2000
    Miami, Florida 31330 USA