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  • Minera Gold Appoints SilverStream SEZC's Kevin Puil As A Non-Executive Director 0 comments
    Apr 27, 2014 8:07 PM

    Minera Gold (ASX: MIZ) has appointed SilverStream SEZC chief executive officer Kevin Puil as a non-executive director of the company.

    Puil is the appointed nominee of Cayman Island based precious metals streaming company SilverStream, which recently committed to pay the company US$5 million (A$5.38 million) for entering into a gold purchase agreement.

    He was previously an analyst and former fund manager with over 15 years of experience in investment management.

    Puil has also held the positions of advisor and analyst with Goepel McDermid (now Raymond James), and was a partner and portfolio manager at Bolder Investment Partners (now Haywood Securities), both located in Vancouver, British Columbia.

    Subsequently, and most recently, he was a portfolio manager at Gissen & Associates, and the senior analyst at the Encompass Fund in San Francisco, focusing on natural resources.

    Puil also serves on the board and audit committee of Lion One Metals (CVE: LIO, ASX: LLO).

    SilverStream Gold Streaming Agreement

    Minera had earlier this month reached a US$5 million gold streaming agreement with SilverStream SEZC to fund expansion of its producing Torrecillas Gold Project in Peru.

    This allows the company to execute its production growth plans and cost reduction program at the project. This includes transferring processing from toll treatment to owner operator.

    Torrecillas had a defined maiden JORC resource delivered Jan 2012 of 102,100 ounces of gold at an average grade of 16.1 grams per tonne gold.

    In return for the payment, Minera agreed to deliver the greater of 70 ounces or 10% of the monthly gold production from its Torrecillas project for the Life of Mine.

    SilverStream will purchase the gold at the lower of US$400 or 80% of the spot gold price at the time of delivery.

    It will also be entitled to nominate a non-executive director to the board of Minera.

    Notably, the agreement is SilverStream's first since incorporation, which is a ringing endorsement of the Torrecillas Gold Project.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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