Business
Empress Royalty Provides Update on Luca Mining and Tahuehueto Silver Stream
VANCOUVER, BC / ACCESSWIRE / August 14, 2024 / Empress Royalty Corp. (TSXV:EMPR)(OTCQX:EMPYF) ("...
About this update from Empress Royalty Corp
[{"type":"text","content":"Empress Royalty Provides Update on Luca Mining and Tahuehueto Silver StreamVANCOUVER, BC / ACCESSWIRE / August 14, 2024 / Empress Royalty Corp. (TSXV:EMPR)(OTCQX:EMPYF) (\"Empress Royalty\" or the \"Company\") is pleased to provide an update on one of its investments, the Tahuehueto mine owned by Luca Mining Corp. (\"Luca\"), where Empress has a 100% silver stream (see July 22, 2021 news release).Luca recently announced that it has completed construction at Tahuehueto, which is located in Durango, Mexico, and expects production capacity to nearly double from approximately 450 tonnes per day (tpd) to approximately 800 tpd in the coming weeks. In addition, Luca announced plans for a 5,000 metre drill campaign at the Tahuehueto project, to take place this year, to test new high-grade zones on trend with the current mining area (see Luca Mining July 31, 2024 news release).Luca also recently appointed a new CEO, Dan Barnholden, an experienced mining executive with a background in global mining investment banking, who is expected to enhance strategic, financial and operational initiatives as Luca transitions from a junior development company to a mid-tier mining company.\"The completion of construction at the Tahuehueto mine stands as a pivotal achievement for Luca,\" stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. \"With the strategic leadership of Luca's newly appointed CEO and the favorable trajectory of precious metals prices, we are excited about the promising future of this mine. We look forward to Luca's continued success at Tahuehueto, which is anticipated to generate substantial benefits and significantly enhance value for our shareholders.\"Empress is also pleased to announce that it has reached an agreement with Luca to amend (the \"Amendment\") the metal purchase and sale agreement entered into between Empress, Luca and certain of their affiliates on April 14, 2021 and subsequently amended on May 1, 2023 (together, the \"Agreement\"). This Amendment introduces a revised payment schedule designed to bring Luca fully up-to-date with its payment obligations under the Agreement, which were deferred during the commissioning of the Tahuehueto mine. Regular silver ounce deliveries as provided for under the Agreement are deemed to have recommenced effective July 1, 2024.Key terms of the Amendment include:Th...