Mark Selby

RNC Minerals has repaid a Hudbay debt to provide early access to Reed Mine cash flow.  They have signed and closed a 6.5 million dollar U.S. secured copper repayment agreement and 5 million dollar copper purchase and working capital facility with Auramet International LLC.  The arrangements have been entered into with respect to RNC’s 30 percent share of the copper and other metals produced at the Reed Mine operated by Hudbay in the Flin Flon Snow Lake Region.

RNC President Mark Selby says the copper repayment agreement and working capital facility will allow RNC to quickly realize cash flow benefits from the current strong copper price environment.  He says the early repayment of the Hudbay loans will allow RNC the benefit of access to the Reed Mine cash flow from copper production beginning in January much sooner than the estimated third quarter of 2017 made when RNC acquired the 30 percent interest in Reed.