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Prophecy inks LOI for toll milling services on Bolivian silver-zinc-lead project

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Prophecy inks LOI for toll milling services on Bolivian silver-zinc-lead project

Prophecy Development Corp. said Dec. 14 that it signed a letter of intent for toll milling services on the Pulacayo project with Bolivian company Empresa Minera Señor de Maica.

Empresa will process at least 5,000 tonnes of mined products per month for 18 months at its ore processing facility in Potosi, at a fixed per-tonne price in U.S. dollars, using conventional crushing, grinding and flotation technology to produce zinc-silver and lead-silver concentrates.

Payment will be made with a 20% advance in the first week of every month, with the balance to be paid when the concentrate is ready to be loaded on the company's trucks.

The facility will only process ore from the company during the contract terms in order to optimize recoveries.

The supply of the mined product is expected to start by April 1, 2017, with expected grade of between 100 g/t to 200 g/t of silver and up to 5% zinc and lead. Empresa will also guarantee minimum metal recovery at 80% for silver and 70% for zinc and lead.

In November, Prophecy signed a letter of intent to sell lead-silver and zinc-silver concentrates from the Pulacayo project to Transamine Trading SA.