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QMX Gold and Armistice Resources inks custom milling accord
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14th June 2013
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TORONTO (miningweekly.com) – Toronto-listed junior QMX Gold on Friday announced that it had signed a custom milling agreement with junior miner Armistice Resources to start processing ore from the McGarry mine, in Kirkland Lake, Ontario, at QMX’s Aurbel mill, located about 200 km east in Val d'Or, Quebec.

Under the terms of the agreement, QMX would be responsible for the handling, milling and refining of ore and tailings disposal from ore delivered by Armistice. The term of the agreement is for a minimum of one year and a minimum of 30 000 t of ore.

Armistice had an initial 10 000 t of development ore ready in stockpile to be shipped. Subsequent deliveries would be made in amounts of about 5 000 t/m.

"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 underutilised.

“We are now able to supplement our own production with the ore delivered by Armistice to optimise our operations, while also generating additional cash flow for the company,” QMX CEO Francois Perron said.

Quebec regulatory approval was still required before the transaction could be started.

QMX's TSX-listed stock on Friday closed up 21% at C$0.115 apiece.

Edited by: Creamer Media Reporter

 

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Picture by: Reuters