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Silver Wheaton Corp. Message Board

  • yourdeadmeat69 yourdeadmeat69 Apr 30, 2008 4:08 PM Flag

    Augusta Rosemont 45% Deal


    45% production of this mine for $165MM and $3.90 an ounce, with possibility of brokering the rest of the output:

    Thanks to jumpingjester for jumping on this one a short while ago.

    VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 30, 2008 -- Augusta Resource Corporation (Toronto:AZC.TO - News)(AMEX:AZC - News)(Frankfurt:A5R.F - News) ("Augusta" or the "Company") is pleased to announce it has elected to sell 45% of the payable silver to be produced during the mine life of the Company's Rosemont Copper Project ("Rosemont") to Silver Wheaton Corp. ("Silver Wheaton") for a total upfront cash payment of US$165 million. The upfront payment will be made to fund construction of the mine as milestones are achieved. Under the terms of the agreement, Augusta maintains the right to increase the saleable amount of silver, which is exercisable for up to three years from the execution of the definitive agreement.

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