BRITISH COLUMBIA – Vancouver's Banks Island Gold has signed a binding letter of intent with SilverStream SEZC for the silver stream from its Golden Giant gold project on Banks Island. The deal is worth US$1.5 million.
Under terms of the agreement, SilverStream will buy silver produced by the mine at a price of US$4.00 per oz. The minimum monthly silver production will be 6,667 oz up to a total of 140,000 oz, and Silver Stream has the option to purchase 50% of any excess production. Silver delivery can be made in silver metal, gold equivalent, or cash payments.
SilverStream has already made an initial payment of US$250,000 to Banks Island.
The Yellow Giant mine reached commercial production in January 2015. More information is available at BanksIslandGold.com.
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