The Company is pleased to announce that the inventory of concentrates referred to in the Company's announcement on 9 November 2011, relating to production from August and September 2011 from its gold and silver producing operations in Mexico, have been received by the smelter and that revenue amounting to $998,798, net of sales tax, has been received by the Company, representing 85% of the total value of those concentrates.
The remaining 15% of the value, amounting to approximately $168,000, net of sales tax, is expected to be received in December 2011.
In addition, a further 76 tonnes of concentrate from milling which occurred in October 2011, has been shipped to the smelter. These concentrates have a projected value of more than $750,000, net of sales tax, and payment of 85% of value is scheduled to be received by 20 November 2011.
David Newton, CEO commentated: 'Management would like to reiterate their confidence in the on-going operations of the Company. With an experienced Board and opportunities for growth, we look to the future with increasing confidence.'