Shanta Gold receives $5.25m advance silver-streaming payment

17th Nov 2016 11:22

(ShareCast News) - Shanta Gold has received the advanced payment of $5.25m as part of its silver-streaming agreement (SSA).It would also receive an ongoing payment of 10% of the value of silver sold at the prevailing silver price at the time of deliveries.The SSA relates solely to silver by-product production from the New Luika Gold Mine with minimum silver delivery obligations totalling 608,970 oz Ag over a 6.75 year period.Shanta produced 121,682 ounces of silver in 2015 resulting in about 2% of annual revenue.At about 11:01 GMT, shares in Shanta were down 2.27% to 10.75p.