Silver Bullet Mines Vice President of Capital Markets Peter Clausi joined Steve Darling from Proactive to shre news the company has faced and overcome challenges posed by extreme heat in Arizona during the month of August, which temporarily disrupted mining operations at the Buckeye Mine.
The company recently announced the resumption of mining activities following a period of exceptionally hot weather. Throughout most of August, Arizona experienced a prolonged heatwave, with temperatures soaring to extreme levels. On some occasions, the concrete mill pad where essential equipment is located exceeded 150 degrees Fahrenheit.
Operating machinery under such conditions posed significant risks to both the equipment's functionality and the safety of on-site personnel. As a result of these hazardous conditions, it was deemed unsafe to carry out work at the mill or the Buckeye Mine, regardless of whether it was daytime or nighttime.
The team made the responsible decision to suspend operations during this period. However, the situation has improved, with temperatures returning to more manageable levels. This has allowed Silver Bullet Mines to resume mining activities, demonstrating the company's adaptability and commitment to the safe and effective execution of its projects.
In addition to the resumption of mining, Silver Bullet Mines has secured a strategic investment agreement with a third party. This investment, structured as a loan with a five-year term and zero percent interest, will provide crucial financial support for the company's ongoing operations and expansion plans. The initial tranche of the investment, totaling $225,000, has already been received, and the second tranche of $125,000 will be disbursed following the shipment of the first silver dore bar.
Overall, these developments underscore Silver Bullet Mines' dedication to overcoming challenges and advancing its mining endeavors, while also ensuring the safety and well-being of its personnel.