VANCOUVER, July 15, 2013 /CNW/ - In connection with the press release issued by Colossus Minerals Inc. ("Colossus") on July 15, 2013 related to development at its Serra Pelada mine, Sandstorm Metals & Energy Ltd. ("Sandstorm Metals" or the "Company") has provided an update for its shareholders.
Colossus has encountered challenges with dewatering wells and pumps in the Central Mineralized Zone at Serra Pelada which requires additional dewatering capacity and has delayed gold production. Colossus is continuing its decline development to have multiple horizons ready for mining in 2014 and has made progress in the construction of its process plant.
The delay in gold production at Serra Pelada is not currently anticipated to affect the development timeline for the platinum/palladium flotation circuit, which is expected to be processing material in late 2014. Sandstorm Metals has a palladium stream agreement with Colossus to purchase 35% of the palladium produced from Serra Pelada at a per ounce price of US$100.
ABOUT SANDSTORM METALS & ENERGY
Sandstorm Metals & Energy Ltd. is the world's first diversified streaming company. Sandstorm provides upfront financing to resource companies that are looking for capital and in return, receives a commodity streaming agreement. This agreement gives Sandstorm the right to purchase a percentage of the commodity produced, for the life of the asset, at a fixed price. Sandstorm has acquired a portfolio of four commodity streams in copper, palladium and natural gas. Sandstorm plans to grow its production base through the acquisition of additional commodity streams.
Sandstorm Metals & Energy is focused on low cost operations with excellent exploration potential and strong management teams. Sandstorm has completed royalty and commodity purchase agreements with Canadian Zinc Corp., Colossus Minerals Inc., Donner Metals Ltd., Entrée Gold Inc. and Thunderbird Energy Corp.
For more information visit: www.sandstormmetalsandenergy.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology. Forward-looking information is based on reasonable assumptions that have been made by Sandstorm as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Sandstorm to be materially different from those expressed or implied by the forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over operations from which Sandstorm will purchase commodities and risks related to those operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; problems inherent to the marketability of commodities; industry conditions, including fluctuations in the price of commodities, fluctuations in foreign exchange rates and fluctuations in interest rates; stock market volatility; competition; as well as those factors discussed in the section entitled "Risks to Sandstorm" in Sandstorm's annual report for the financial year ended December 31, 2012. Although Sandstorm 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 information. Accordingly, readers should not place undue reliance on forward-looking information. Sandstorm does not undertake to update any forward-looking information that is contained or incorporated by reference herein, except in accordance with applicable securities laws. Sandstorm does not provide any representation as to its comparability with other companies in its industry including, but not limited to, Franco-Nevada Corporation, BHP Billiton and Rio Tinto.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sandstorm Metals & Energy Ltd.
For further information:
Sandstorm Metals & Energy Ltd.
Nolan Watson, President & Chief Executive Officer
Denver Harris, Investor Relations Contact