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QMX Signs Custom Milling Agreement With Armistice Resources

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QMX Signs Custom Milling Agreement With Armistice Resources

 

 

 

 

 

QMX GOLD CORPORATION (TSX:QMX)(“QMX Gold”) today signed a custom milling agreement with Armistice Resources (TSX:AZ) to begin processing ore from the McGarry Mine in Kirkland Lake, Ontario. Ore will be shipped from the mine to QMX Gold’s Aurbel Mill located in Val d’Or, Quebec.
Under the agreement, QMX Gold will be responsible for the handling, milling and refining of ore and tailings disposal from ore delivered by Armistice. The term of the agreement is a minimum of one year and a minimum of 30,000 tonnes of ore delivered by Armistice.
Armistice has an initial 10,000 tonnes of development ore ready to be shipped in stockpile. Subsequent deliveries will be made in amounts of approximately 5,000 tonnes per month. Quebec regulatory approval is required before the transaction can be initiated.
Francois Perron, President and CEO of QMX Gold, commented: “QMX has found a well-timed opportunity to partner with Armistice under this custom milling arrangement. In the last two years, the Mill has seen a number of improvements under the Lac Herbin Turnaround Plan but was still being underutilized. We are now able to supplement our own production with the ore delivered by Armistice to optimize our operations while also generating additional cash flow for the company.”
About QMX Gold
QMX Gold Corporation is a Canadian publicly traded mining company focusing on mine development and exploration in Quebec and Manitoba. QMX Gold continues to operate in the Val-d’Or area with production estimated at 20,500-23,500 ounces of gold per year. The Company also owns property at the Snow Lake Mine which has a Measured and Indicated Mineral Resource of 5.4 million tonnes grading 4.45 g/t Au for approximately 720,000 oz of gold. The Snow Lake Mine is expected to produce 80,000 ounces of gold per year.

Posted June 14, 2013

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