Silver Bullet Mines Corp. (TSX-V:SBMI, OTC:SBMCF) has announced the continuation of mining operations at the Buckeye Mine in Arizona, with processing material at the mill expected to continue within the month, after extremely hot weather throughout most of August prevented work from being carried out at the mill or at the mine.
The silver and copper exploration and development company also said it has entered into an agreement with an arm's length third party to receive a US$350,000 investment, which is structured as a loan having a five-year term and a 0% interest rate.
Silver Bullet Mines noted it has received the first tranche totaling US$225,000, with the second tranche of US$125,000 likely to be received five days after the first shipment of silver dore has been received by the investor.
It added that the loan is secured by two pieces of equipment onsite in Arizona.
Silver Bullet also stated that its relationship with the investor should allow the company to better execute its business model, substantially increase its revenue and expand its operations.
As well, Silver Bullet Mines said the investor has asked it to help advance at least two of the investor’s other projects, which are in Arizona and Colorado, by providing mining, metallurgical and processing services using Silver Bullet's state-of-the-art milling infrastructure and facilities.
The company noted that the investor is also a potential purchaser of dore bars to be produced at Silver Bullet’s mill and believes the investor will become its largest customer.
Silver Bullet Mines is a silver and copper exploration and development company with projects in the western USA.
Contact Sean at sean@proactiveinvestors.com