Published: December 1, 2020 |

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Kerr Mines and Star Royalties Ltd. have closed on the first installment of $18 million gold purchase and sale agreement (streaming agreement) which will be used to finance the restart of underground operations and gold production at the Copperstone Gold Mine in Arizona.

“We are excited to enter this new chapter for Kerr Mines with the closing of this first installment of the Copperstone stream financing. We look forward to working with Star Royalties to expeditiously restart operations at our flagship asset. Our focus now shifts to securing long term lead items, finalizing the process facilities to accommodate our whole ore leach approach, and sourcing underground contractors and equipment,” said Giulio T. Bonifacio, chief executive officer of Kerr.

“Following our comprehensive due diligence process, we have great confidence in both Copperstone’s potential and Kerr’s ability to execute a successful restart of operations. We look forward to working closely with their team as we transition Copperstone into Arizona’s next gold producing mine,” said Alex Pernin, chief executive officer of Star Royalties.

The $18 million advance payment under the streaming agreement will be provided in three equal installments, with the first $6 million installment having now been advanced. The remaining two tranches will be advanced at the request of Kerr as it incurs expenditures for the restart of Copperstone, with a further $6 million payable on or before February 28, 2021 and the final $6 million payable on or before April 30, 2021.

About Kerr Mines
Kerr Mines is an emerging American gold producer advancing the restart of production at its 100 percent owned, fully permitted past-producing Copperstone mine project, located in mining-friendly Arizona. The Copperstone mine project demonstrates significant upside exploration potential that has yet to be drilled within a 50 square-kilometre (12,258 acres) land package that includes past production of over 500,000 ounces of gold by way of an open-pit operation. The company’s current focus is on maximizing Copperstone’s potential by defining and expanding current resources and further optimizing the mine’s economics for purposes of the restart of production in 2021.

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