SB: TSX Venture Exchange
Issued: 75,887,611 shares
CALGARY, May 29, 2013 /CNW/ - Stratabound Minerals Corp. (TSXV: SB) is pleased to announce that it has received a provisional payment of $6,094,667 (CDN) from Xstrata Zinc for concentrates produced from lead-zinc-silver-gold-copper ore delivered from Stratabound's Captain North Extension (CNE) Mine to Xstrata's Brunswick mill for custom processing in April 2013.
Based on April 2013 metal prices and exchange rates, this amount represents 80% of the total revenue to be received by Stratabound. Final settlement will be based on average metal prices and exchange rates for the month of June 2013.
Milling and marketing fees of $1,934,695 (CDN) were paid in full to Xstrata. Provisional revenue received net of these fees was $4,159,972.
A total of 62,720 dry metric tonnes (DMT) was milled at an average grade of 8.13% zinc, 3.22% lead, and 111 g/t silver producing 6,239 DMT of zinc concentrate grading 54.55% zinc; 2,122 DMT of lead concentrate grading 41.51% lead and 919 g/t silver; 1,541 DMT of bulk concentrate with 42.21% zinc, 16.27% lead, and 491 g/t silver; and 50 DMT of copper concentrate grading 12.41% copper and 2,436 g/t silver.
Payable metals in concentrates were 7,540,148 lbs zinc; 2,251,257 lbs lead; 75,513 oz silver, 12,462 lbs copper; and 144 oz gold. These payable amounts were subject to standard smelter charges and concentrate freight, handling and financing charges by Xstrata.
A $1,400,000 production loan announced in a news release dated November 21, 2012 has been repaid, and Stratabound anticipates that an $850,000 loan that was used to post reclamation bonds will be repaid on the due date, June 30, 2013.
The technical information contained in this release has been reviewed by Stan Stricker, P.Geol., a Qualified Person as defined in National Instrument 43-101.
Neither 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.
WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
SOURCE: Stratabound Minerals Corp.
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