Monday, August 12, 2013

Sandstorm Metals & Energy Ltd - SND.v

Sandstorm Metals & Energy Ltd - SND.v is a resource based company that seeks to complete commodity purchase agreements with companies that have advanced stage development projects or operating mines.

On July 15, 2013 the company released NEWS

"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. "