Thompson Falls, Montana. United States Antimony Corporation (“USAC”, NYSE American “UAMY”) announced progress on the gold, silver, and antimony Los Juarez project. Major milestones towards production that have been completed in the last month include the installation of the HDPE pond liner in the 5 acre tailings pond, and the deepening of the water well to 222 meters to provide more than 240 gallons of water per minute. The pond and the well will be more than adequate to ramp production from 100 tons per day to 400 tons per day. Projects remaining include fencing the pond, completion of the laboratory for fire assaying precious metals, and atomic adsorption equipment for assaying antimony silver and gold in the leach circuit. The mill fine ore bin has been filled with crushed ore from the mine. Initial testing could start within 30 to 60 days.
Estimated sales for August 2019 are as follows:
The average Rotterdam price for antimony metal during August 2019 was $6,020.35 per metric ton or $2.73 per pound. To lower the costs of antimony production the following steps have been taken:
- The North American supply Agreement for antimony raw materials is being re-negotiated retroactive to the beginning of Q3 2019.
- The costs of mine production in Mexico have been reduced drastically.
- The Madero smelter is now utilizing LRF furnaces with good lining that require less fuel, coal, electricity, maintenance and manpower. Recoveries are better and faster.
- Rather than shipping a 70-75% crude oxide to Montana from Madero, we are now shipping a 95% metal product. This saves on freight and approximately $300.00 per ton for slag disposal.
- Furnaces in Montana are being relined to cut fuel, coal, electricity, maintenance, and labor costs.
CEO John Lawrence said “As a result of lower antimony prices and increasing prices for gold and silver, USAC will prioritize precious metals. The Company is now very close to the start-up, testing and shake down of the Los Juarez gold and silver leach at the Puerto Blanco mill. The Company continues to take steps to reduce its costs of producing antimony products in response to the lower global sale prices.”