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Empress Royalty Reports First Gold Pour at Manica Gold Mine
VANCOUVER, BC / ACCESSWIRE / July 21, 2022 / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) ...
About this update from Empress Royalty Corp
[{"type":"text","content":"Empress Royalty Reports First Gold Pour at Manica Gold MineVANCOUVER, BC / ACCESSWIRE / July 21, 2022 / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) (\"Empress\" or the \"Company\") is pleased to report the Manica gold mine (\"Manica\" or the \"Mine\") has successfully completed its first gold pour. Empress owns a 3.375% gold royalty on the Manica gold mine located in Mozambique and operated by Mutapa Mining & Processing LDA (\"MMP\").\"The first gold pour at Manica is very exciting and a further example of Empress delivering on our strategy as another asset reaches production within 15 months of investment. With this development, Empress will have three cash-flowing investments in the portfolio which are projected to generate significant revenue in the coming years,\" stated Alexandra Woodyer Sherron, CEO & President of Empress. \"We have demonstrated that our structured business model of wealth creation generates significantly higher returns on investment, and these will provide a solid platform whilst we expand the portfolio with more value-focused assets.\"Figure 1 - 3. Recent Photographs from Management Visit to Manica Gold MineTHE INVESTMENTEmpress executed a Royalty and Purchase Agreement for the creation of a royalty on gold sales from Manica for a total investment of US$3M. Payments to Empress under the Royalty Agreement are based on 3.375% of the revenues generated from the sale of gold from the Project until a total of 95,000 oz of gold have been sold. Thereafter, the percentage shall reduce to 1.125% and shall continue into perpetuity. The Royalty is secured by a first ranking security interest in certain assets of MMP.THE MANICA MINEMMP has advised Empress that the first gold has been poured at Manica. Production was started with the introduction of low-grade ore to commission all parts of the processing circuit. MMP reported to Empress that it plans for Manica to be at full commercial production by the end of the year.Manica is located in the Odzi-Mutare-Manica Greenstone Belt of Mozambique and comprises of several deposits on Xtract's Resources Plc mining concession licence 3990C (the \"Concession\") which includes four deposits being Fair Bride, Guy Fawkes, Boa Esperanza, and Dots Luck. MMP and Xtract have entered into a collaboration and profit-share arrangement whereby MMP will build, finance and oper...