SOURCE: Amalgamated Gold and Silver Inc.

January 24, 2014 08:00 ET

Amalgamated Gold and Silver Inc. Announces Plan to Begin Processing of the Tailings Dumps

MIAMI, FL--(Marketwired - January 24, 2014) - Amalgamated Gold and Silver Inc. (AGS) (PINKSHEETS: BCHS) today announced the appointment of Mr. Almero Bourbon as Director and VP of Mining, Latin America. He will be overseeing the new mining operations and processing of the tailings dumps at the St. Anthony (San Antonio de Turiri) Antimony Mine located in Potosi, Bolivia.

Almero Bourbon - Director and VP of Mining, Latin America.

Almero is a Systems Engineer by profession that has developed and executed, in his native country (South Africa) as well as Africa and Europe, enterprise class projects/businesses in excess of millions of US dollars.

He has headed up or started up various companies that have either delivered or developed/initiated projects throughout Africa for large corporations and Governments (South Africa, Nigeria, Poland, DRC, etc.).

He has prospected for and/or developed/acquired mineral assets in countries such as Nigeria (KotonKarfi Iron Ore mine with resources in excess of 1.3 billion metric tons), Democratic Republic of Congo (vast Bitumen assets), Kenya (Iron ore assets), Namibia (Manganese and Iron Ore) and Bolivia (San Antonio de Turiri Antimony mine with proven reserves of 1.6 million MT and inferred reserves of 7 million MT).

He is excited about becoming part of the AGS team and heading up development of all the new mining prospects in South America. AGS has identified various lucrative opportunities in the continent that are experiencing explosive growth.

AGS also announces it plans to begin processing ore from the Arancibia and Justo Juez tailings dumps the first week of March 2014. The Arancibia and Justo Juez dumps have approximately 15,000 tons of tailings with an average concentration of 3.5 - 4% antimony (processed concentrate valued at minimum USD 5 million at current pricing) and 7,500 tons tailings with an average concentration of 5% antimony (processed concentrate valued at minimum USD 2 million) respectively.

Full descriptions of the tailings dumps can be viewed on the company website under Projects: San Antonio de Turiri mine.

"I am pleased with the progress at San Antonio de Turiri mine. We anticipate revenues in excess of $7,000,000.00 USD from the processing and sale of antimony concentrate from the tailings. This revenue will greatly assist in the company's overall development plans for the mine," said the President, Abraham Villagran.

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