Nicola Mining Ships and Receives Payment for Approximately 190 Dry Metric Tonnes Concentrate
VANCOUVER, B.C., September 15, 2016 – Nicola Mining Inc. (the “Company”) is pleased to announce that it has shipped to MRI Trading AG, (the “Buyer”) approximately 190 dry metric tonnes of gold and silver concentrate grading approximately 100 grams Au and 606 grams Ag per tonne, for an aggregate total of approximately – 610 troy ounces Au and 3,702 troy ounces Ag.
The source of the mill feed that produced the concentrate is from Gavin Mines Inc. (“Gavin Mines”). Terms of the Milling and Profit Share Agreement (the “GMI Agreement”) were announced in the Company’s May 31, 2016 news release.
The Company has received the intitial payment for the concentrate and will receive final payment upon confirmation of grade and weight. The Company has distributed a portion of the proceeds to Gavin Mines Inc. under terms of the GMI Agreement.
Frank Hogel, Chairman of the Company, commented, “Nicola holds a unique position in the junior mining sector because it is able to generate cash flow yet also provide significant exploration upside, as highlighted in its September 7, 2016 exploration news release on Thule Copper Property.”
Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange, and is in the process of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings facility, located near Merritt, British Columbia. It has already signed five mill profit share agreements with gold properties. The fully-permitted mill is able to process both gold and silver mill feed via gravity and floatation processes.
The Company also owns 100% of the 10,084 hectare Thule Copper Property (the located at the southern end of the Guichon Batholith approximately 14 km northwest of Merritt, Treasure Mountain, its high grade silver property, and a gravel pit, which is located adjacent to its milling operations.
On behalf of the Board of Directors
CEO & Director
For additional information
Contact: Peter Espig
Phone: (604) 647-0142
Neither the 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.