TORONTO, June 6, 2011 /CNW/ - Anglo Pacific Group PLC ('Anglo Pacific') (LSE: APF) (TSX: APY) is pleased to announce that the first royalties from Orvana Minerals Corp's El Valle-Boinas gold-copper mine in Northern Spain are expected to commence in the quarter ended June 30, 2011.
Orvana Minerals Corp announced on Friday June 3, 2011 that its wholly owned subsidiary Kinbauri Espana SLU had started the commissioning of its El Valle-Boinas/Carles (EVBC) gold-copper mine on May 31, 2011, with the first shipment expected in June.
The Orvana Minerals Corp announcement stated:
"EVBC will initially produce at 70% capacity, increasing to its full annual target production levels of over 100,000 ounces gold, 3,900 tonnes copper and over 150,000 ounces of silver once the shaft is completed in early 2012. Currently over 75,000 tonnes of ore are stockpiled, sufficient for about two months of production."
Anglo Pacific holds a 2.5% net smelter royalty, increasing to 3% where the gold price exceeds US$1,100 per ounce, on the El Valle-Boinas and Carles mines. The royalty was acquired on March 10, 2008 for C$7.5million .
Anglo Pacific Group PLC is also pleased to announce that Pelham Bell Pottinger has been appointed as public relations advisors.
Important notice
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