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South Star Mining Provides Update on Santa Cruz Graphite Project, Development Bank Debt Document Submittal and Granting of Stock Options
(via TheNewswire) Toronto, ON, August 4, 2020 - TheNewswire - Sout...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"South Star Mining Provides Update on Santa Cruz Graphite Project, Development Bank Debt Document Submittal and Granting of Stock Options(via TheNewswire)\n \n \n\n\n \n \nToronto, ON, August 4, 2020 - TheNewswire - South Star Mining Corp. ('South Star' or 'the Company') (TSXV: STS) (OTC:STSBF) is pleased to announce the issuing of incentive options for 2020 and provide a general project update for the Santa Cruz Graphite Project ('Project') in Bahia, Brazil. Over the past 12 months, the Company has significantly advanced the Project towards production in 2021. Key accomplishments include:\n\n \n \n\n\n-July 2019: Updating the resource estimate; \n\n\n\n-January 2020: Submitting the required documentation for the trial mining license;\n\n\n\n-February 2020: Issuing the maiden reserve estimate and a positive PFS for the Project; \n\n\n\n-February 2020: Finalizing the pilot plant flow sheet incorporating filtered tailings and detailed engineering for 5,000 tpy production plant;\n\n\n\n-March 2020: Securing the approval of the environmental license for construction and operations of the pilot plant production facility (Phase 1 of operations); &\n\n\n\n-May 2020: Closing a non-brokered private placement. \n\n\n\n \n \nThe Company is in continual contact with the regulatory agency to support the trial mining license approval process, which is expected to be issued in August of 2020. \n\n \n \nThe recently completed financing provides sufficient funds for 2020 operations.\n\n \n \nDEVELOPMENT BANK DEBT DOCUMENT SUBMITTAL\n\n \n \nThe Company has also submitted the required documentation to the Brazilian development bank ('Banco do Nordeste' or \"Banco\") responsible for the Project region and requested approximately US$7.5M in loans for equipment purchase and pilot plant construction. Two lines of credit have been discussed, and all indications are that the Project documentation will be submitted to the credit committee in August of 2020 for review and evaluation. The typical process provided by the Banco requires 2-3 months for review of Project information and issuing the terms and conditions, if approved.\n\n \n \nSouth Star CEO Richard Pearce commented: \"We continue to make significant strides towards 2021 production. We have shipped concentrate and purified samples to potential clients and received positive feedback on the pr...