Sandspring and Wheaton Precious Metals extend feasibility study due date; Phase 1 of 2017 – 2018 exploration program completed; Shares for debt settlement announced
Summary
DENVER, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Sandspring Resources Ltd. (“Sandspring” or the “Company”) (TSX-V: SSP ) (OTCQX:SSPXF) is pleased to announce an amendment to the precious metals purchase agreement (the “PMPA”) with Wheaton Precious Metals Corp. (TSX: WPM ) (NYSE: WPM ) (“Wheaton”) extending the due date of a final feasibility study for the Company’s Toroparu Mine in Guyana S.A. (the “Toroparu Project”) from December 31, 2017 to December 31, 2018.Payment of the balance of the US$153.5 Million is subject to Wheaton’s election to proceed after receipt of the final feasibility study for the Toroparu Project.Based on this work and the encouraging results from the Wynamu Hill discovery, we asked for the further extension of the due date for the final feasibility study to allow us to complete the 2017 – 2018 exploration program announced in September 2017 targeting near surface saprolite and fresh rock gold mineralization that could further enhance the Toroparu Project economics.” 2Sandspring Resources Ltd. is a Canadian junior mining company currently moving toward a definitive feasibility study for the multi-million ounce Toroparu Project in the Guyana, South America.Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: the speculative nature of mineral exploration and development; risks associated with the uncertainty of exploration results and estimates; results from drilling and exploration activities and Sandspring’s ability to identify additional gold mineralization; Sandspring’s ability to successfully advance the Toroparu Gold Project toward feasibility; Sandspring’s future plans; the availability of financing and/or cash flow to fund current and future plans and expenditures; the impact of increasing competition; fluctuating commodity prices; the general stability of applicable economic and political environments; the general continuance of current industry conditions; uncertainty regarding the market price for gold, silver and copper; uncertainty of conducting operations under a foreign regime; uncertainty of obtaining all applicable regulatory approvals and related timing matters; Sandspring’s dependence on management personnel; and/or certain other risks detailed from time-to-time in Sandspring’s public disclosure documents.