TONOPAH, Nev., Jan. 28, 2014 /PRNewswire/ -- Standard Metals Processing, Inc., (OTCQB:SMPR) today announced that through its subsidiary company, Tonopah Custom Processing, Inc. (the "Company"), a Memorandum of Understanding to process source material for Adriat Management Group, a private owner and operator with mining interests in the Caribbean, Central America and South America (the "Agreement") has been executed. According to the terms of the Agreement, the Company will take delivery of high grade gold concentrate and source material that will be processed into refined gold and/or dore bars. The Company expects to process its first delivery of concentrate shortly after obtaining the requisite permits and completion of its processing facility.
Sharon Ullman, the CEO and Chairwoman of Standard Metals Processing, Inc., said, "This Agreement is significant for us as it represents the first contract for the processing of third party high grade concentrate and we believe it will provide a long-term reoccurring revenue stream once delivery begins. Our initial delivery is expected to be 10 tons of concentrate per month, with expected increases to 40 tons per month with the potential for 200 tons per month in the long term. Under the terms of the Agreement, Standard Metals Acquisitions, Inc. will receive the exclusive processing rights within the U.S. for 10 years, with an optional 10-year extension. We believe deliveries can be received as soon as 90 days following the execution of the definitive documentation and completion of our facilities. Testing will be done by an independent, industry recognized and approved metallurgical laboratory."
About Standard Metals Processing, Inc.
Standard Metals Processing, Inc. is a developing Nevada-based permitted custom processing toll milling company that facilitates the extraction of precious, strategic, and industrial minerals from mined material.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements, as described in our reports filed with the Securities and Exchange Commission which are available for review at www.sec.gov, to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Standard Metals Processing, Inc.