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Sandstorm Metals & Energy Provides Gordon Creek Update
By: Marketwired .
Nov. 21, 2012 07:44 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/22/12 -- Sandstorm Metals & Energy Ltd. ("Sandstorm" or the "Company") (TSX VENTURE:SND) is pleased to announce that Thunderbird Energy Corp. ("Thunderbird") (TSX VENTURE:TBD) has substantially completed the infrastructure build-out at the Gordon Creek property located in Utah, USA. The well sites are prepared and equipped and the process of bringing the first 8 wells online has begun through Thunderbird's upgraded compression facility. Although issues with certain suppliers have caused minor delays in recent weeks, Thunderbird and Sandstorm are encouraged by the progress of the operations and anticipate providing a further update in December once all of the wells are online and initial production rates have begun to stabilize.
Thunderbird has also acquired four sections of new mineral leases in the Gordon Creek area representing a 20% increase in the Gordon Creek land position. This new acreage adds up to 18 new locations and brings the undrilled location inventory to approximately 85 (based on a 4 well per section density). Of the 85 locations, 47 are surveyed and in the advanced stages of surface acquisitions, permitting and licensing.
Sandstorm has a natural gas stream agreement with Thunderbird to purchase 35% of all natural gas produced from the first 50 wells drilled at Gordon Creek with an option to participate in additional wells. Sandstorm will purchase the natural gas at US$1.00 per Mcf of gas delivered plus 20% of the market price received above US$4.00 per Mcf.
ABOUT SANDSTORM METALS & ENERGY
Sandstorm Metals & Energy Ltd. is the world's first diversified streaming company. Sandstorm provides upfront financing to resource companies that are looking for capital and in return, receives a commodity streaming agreement. This agreement gives Sandstorm the right to purchase a percentage of the commodity produced, for the life of the asset, at a fixed price. Sandstorm has acquired a portfolio of seven commodity streams in copper, palladium, oil, natural gas and coal. Sandstorm plans to grow its production base through the acquisition of additional commodity streams.
Sandstorm Metals & Energy is focused on low cost operations with excellent exploration potential and strong management teams. Sandstorm has completed commodity purchase agreements with Colossus Minerals Inc., Donner Metals Ltd., Novadx Ventures Corp., Terrex Energy Inc., and Thunderbird Energy Corp.
For more information visit: www.sandstormmetalsandenergy.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans", or similar terminology. Forward-looking information is based on reasonable assumptions that have been made by Sandstorm as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Sandstorm to be materially different from those expressed or implied by the forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over operations from which Sandstorm will purchase commodities and risks related to those operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; problems inherent to the marketability of commodities; industry conditions, including fluctuations in the price of commodities, fluctuations in foreign exchange rates and fluctuations in interest rates; stock market volatility; competition; as well as those factors discussed in the section entitled "Risks to Sandstorm" in Sandstorm's annual report for the financial year ended December 31, 2011. Although Sandstorm has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Sandstorm does not undertake to update any forward-looking information that is contained or incorporated by reference herein, except in accordance with applicable securities laws. Sandstorm does not provide any representation as to its comparability with other companies in its industry including, but not limited to, Franco-Nevada Corporation, BHP Billiton and Rio Tinto.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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