SCOTTSDALE, Arizona,
Dec. 3, 2014 /PRNewswire/ --
Intertech Solutions Inc. (OTCPK: ITEC) ("Intertech Solutions
Inc.," "ITEC" or the "Company") is very pleased to announce today
that the Company has completed contracts for ITEC to receive
production revenue under a "gold streaming agreement" from the
Hunter Creek Gold Project, located in Alaska. This gold project naturally fits into
the Company's growing portfolio of gold production assets.
Under the terms of the "gold streaming agreement", with a
timeline and duration of ten years or to continue for the economic
life of the mine, ITEC will provide up to $5
Million USD in order to modernize and increase the
mine capacity. ITEC will receive 75% of net revenue until payback
of the original investment and then 25% of all net revenue until
the resource is fully depleted. Revenue projections are derived
from management's conservative assumptions of processing 1,200 tons
per day with an average grade of 4 grams per ton while operating at
a minimum of 100 days per year at $1,150 per ounce gold, less operating costs.
Based on these estimates, ITEC conservatively expects the Hunter
Creek Project to net $16.4 Million
annually from this single gold streaming contract alone, prior to
the implementation of planned project production expansion.
The current plant has the capacity to process 1,200 tons per
day. The operating season in Alaska is between May and September and ITEC
can mine a minimum of 100 days. ITEC expects that the project will
produce over 15,000 ounces of gold annually. The current mine
capacity of 1,200 tons per day has been assessed and it is the
opinion of management that the potential throughput of the plant
can be doubled with this influx of capital expenditure.
The Hunter Creek Project is an operating placer gold operation
comprised of over 13,600 acres of mining claims. The mine is
located 75 miles northwest of Fairbanks,
Alaska, within the Rampart Mining District – one of
Alaska's most prolific gold
producing areas and lies within the world famous "Tintina Gold
District". The pay gravels are Quaternary to late Tertiary aged
deposits that regionally are up to 100 feet thick. Within the
project area, 20 foot pay zones have been identified and will be
prepared for exploitation immediately after the spring thaw in
2015.
Company President Robert McIntosh
states "The addition of the Hunter Creek Alaska project to our
portfolio of assets will more than double our projected cash flow
and revenue stream once production commences in Alaska in spring of 2015. Although the season
is relatively short in Alaska
compared to the yearlong operating season at the WPE Arizona
project, the large tonnage potential and sheer project size is
impressive. Once all the geological data and engineering is
processed and reviewed, we will announce further details on this
new gold deposit."
About Intertech Solutions Inc. (OTCPK: ITEC)
Intertech Solutions is a fully integrated, gold project finance,
management and services consulting Company that provides
development capital, engineering, project supervision and technical
management to gold projects. The Company operates from its offices
in Scottsdale, Arizona. Visit us
at: www.itecgold.com
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other things, scope
and type of consulting services provided by ITEC, use of proceeds,
future acquisitions, success of projects, growth and strategic
plans. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
petroleum exploration and development stage exploration companies.
These forward-looking statements are made as of the date of this
news release, and we assume no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that the beliefs, plans,
expectations and intentions contained in this press release are
reasonable, there can be no assurance that such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also refer to the risk factors disclosure outlined in our annual
report on Form 10-K for the most recent fiscal year, our quarterly
reports on Form 10-Q and other periodic reports filed from
time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Intertech Solutions Inc.
- - - - - - - - - - - - - - - - - -
Robert McIntosh
President, C.E.O.
To find out more about Intertech Solutions Inc. (OTCPK: ITEC),
visit our website at www.itecgold.com
Investor Relations:
+1-480-296-2065
investors@Intertechsolutionsinc.com
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SOURCE Intertech Solutions Inc.
