LAS VEGAS--(BUSINESS WIRE)--Amarium Technologies Inc. (Pink Sheets:AMMG), through its wholly owned subsidiary Amarium Minerals Inc., released today that the Company has acquired the San Pedro Copper Mine and Flotation Mill in Michoacán, Mexico, from Minera Rio Cobre SA de CV. The San Pedro Mine, located in southwestern Michoacán, is a past producer with a 20 ton-per-day (tpd) flotation mill currently on the property. The San Pedro acquisition is a cash and shares purchase transaction and further details will be released shortly.
At full capacity, San Pedro currently processes approximately 600 tons of ore per month, producing an average of over 25,000 lbs. of copper. Amarium is committed to expand the production capacity of the San Pedro mill to 100 tons per day, as part of the acquisition terms. The Company’s first acquisition, the Jovita Mine in Michoacán, Mexico, is currently producing copper at 40 tpd with a flotation mill located on the property. Additionally, the expansion plans for the Jovita mill are to increase production to 500 tpd. Therefore, after expansions, the Jovita and San Pedro mills would have a total production capacity of 600 tpd.
“We felt there was an opportunity to acquire a producing asset in the region at favorable terms and expand our footprint inside of Michoacán. The mine is situated in a strategic location, close to the port, and the property has historical production from previous artisan operations. The San Pedro acquisition is another step towards our goal of production expansion,” said Adam Carter, the President & CEO of Amarium.
Amarium is focused on the acquisition and development of base metals projects in Mexico that are currently in or near production and advanced exploration properties that will add substantially to the Company's asset foundation. Management is continuing to actively pursue mineral interests that represent significant growth, value and cash flow opportunities.
For additional information, please visit: www.amariumminerals.com
This press release contains statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in question are based on Amarium Technologies, Inc.'s current expectations and projections about future events, based on information currently available. The forward-looking statements found in this press release may also include statements relating to Amarium Technologies, Inc.'s anticipated financial performance, business prospects, new developments, strategies, and similar matters. Amarium Technologies, Inc. provides no assurance regarding the actual outcome of the events contemplated by any forward-looking statements included in this release. Amarium Technologies, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.