Transatlantic Mining Corp (CVE:TCO) shares surged by nearly half on Wednesday after the company said it had presold its second concentrate batch from the Alder Gulch property/US Grant mine and mill complex located in the Virginia City mining district of Madison county, Montana, United States.
Provisional Results for the second batch of concentrate:
Process Plant up to 150 tpd (ton per day) Status
The 150 tpd ball mill and process plant capacity is expected to be running at a steady state at the beginning of March with only minor modifications incomplete. The trial mining rate is now in excess of the 40 tpd mill rate, with any of the incremental mining rate above that level intended towards this increased mill capacity.
“It is good news to see that the processing facilities are now running with the first steps towards consistent revenue on a daily basis. The team at site now have the ability to consistently produce revenue which is a credit to all the work done over the previous 12 months,” said Transatlantic’s CEO Bernie Sostak.
“With successful exploration recently, and the mill and trial mining progressing well, we now are building further confidence that the mine can be a consistent performer with cash flow going forward.”
Transatlantic’s shares closed up 42.9% at C$0.05 on Wednesday.
Story by ProactiveInvestors