DNA Precious Metals Inc. Announces the Completion of $500,000 Credit Facility from Private Equity Fund to Capitalize on the Company's Ongoing Gold and Silver Pre-Production Mining Process
MONTREAL, May 1, 2014 /PRNewswire/ -- DNA Precious Metals, Inc. ("DNA" or "the Company") (OTCQB: DNAP) today announced the completion of a $500,000 finance credit facility ("Facility") from a Chicago-based private equity fund to assist in the funding of the production facility for the processing of the Anacon Lead mining residues located on the Montauban Mine Property. The Company received the first $250,000 in funding this week.
The Facility stipulates an interest rate of 10% and is repayable within twenty-two (22) months.
On February 28, 2014, the Company received approval, from the Quebec Provincial Government's Ministry of Natural Resources ("MRN") for the Restoration Plan on the Montauban Mine Property which will be implemented subsequent to the Company's processing of the mining residues on the site.
On March 13, 2014, the Company received another Certificate of Authorization, also from the Quebec Provincial Government's Ministry of Sustainable Development, Environment, Wildlife and Parks ("MDDEFP"), with respect to operating a cyanide closed-circuit system to process the mining residues located on the Montauban Mine Property. Management believes that this additional permit will enable DNA to achieve recovery rates from existing metal grades of up to 92% for gold and 77% for silver.
"With the issuance of the two (2) Certificates of Authorization issued by the MDDEFP and the Restoration Plan approval issued by the MRN and our new funding partners in the United States, we can now begin the process of acquiring and installing circuit equipment in our mill facility to recuperate mica, gold and silver from the mining residues located on the Montauban Mine Property", stated James Chandik, Chief Executive Officer for DNA Precious Metals, Inc.
About DNA Precious Metals, Inc.
DNA Precious Metals, Inc. is focused on near-term production of the Montauban tailings mine in the Province of Quebec, Canada with an aggressive search for economic production assets. The Company trades on the OTCQB market in the United States under the stock symbol DNAP. For more information, please go to www.DNAPreciousMetals.com.
On behalf of the Board
James Chandik, Chief Executive Officer
Forward Looking Disclaimer
This release contains forward-looking statements that involve risks and uncertainties. Readers are referred to the Securities and Exchange Commission filings filed by the Company on EDGAR at www.sec.gov/edgar.html, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company undertakes no obligation to review or confirm analysts' expectations or estimates or to publicly release any revisions to any forward-looking statements. The information contained in this press release should not be construed as any indication of the Company's future stock price, its revenues or results of operations.
SOURCE DNA Precious Metals Inc.