Month: November 2015

Riverside Wins Lottery and Right to Stake La Silla Gold Project Claims in Sinaloa, Mexico

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VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 17, 2015) – Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(FRANKFURT:R99)(OTC PINK:RVSDF), is pleased to announce that it has acquired two large recently released mining concessions through a lottery process. The combined concessions obtained by Riverside cover approximately 2,305 hectares (~23km²) and comprises an integral part of the historic La Silla district.

Six drill holes were previously completed by Meridian Gold on Riverside’s El Roble vein system, which intersected zones of multi-stage white, tan, and green quartz with abundant iron oxides replacing sulphides over widths of up to 15 metres. Selected historic drill intercepts include (DDH001) 15 metres of 6.9 g/t gold and 33 g/t silver, as well as (DDH003) 1.5 metres of 5.33 g/t gold and 26 g/t silver.

 

Starcore Produces 5,196 Equivalent Gold Ounces in Fiscal Q1

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VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 16, 2015) – Starcore International Mines Ltd. (the “Company”) (TSX:SAM) announces production results for the fiscal 2016 1st quarter, ending October 31, 2015, at its San Martin Mine in Queretaro, Mexico.

During Q1, a total of 78,016 tonnes were milled at an average grade of 2.22 g/t gold and 21 g/t silver resulting in the production of 5,195 gold equivalent ounces. Mill recoveries averaged 86.6% for gold and 53.8% for silver. Equivalent gold ounce calculation is based on the actual daily average gold:silver ratio of 74.92 during the quarter.

 

Golden Minerals Reports Third Quarter 2015 Results

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http://www.juniorminingnetwork.com/junior-miner-news/press-releases/975-nysemkt/aumn/13698-golden-minerals-reports-third-quarter-2015-results.html

GOLDEN, Colo., Nov. 16, 2015 /CNW/ — Golden Minerals Company (“Golden Minerals” or the “Company”) (NYSE MKT: AUMN) (TSX: AUM) today announced results for the third quarter ended September 30, 2015.

Third Quarter Summary

  • Revenue of (US)$1.8 million in the third quarter 2015 compared to $2.0 million in the second quarter 2015 and no revenue in the third quarter 2014
  • Net loss of $16.8 million in the third quarter 2015, of which $13.2 million reflects an impairment charge taken at the Velardena Properties relating to the November 2015 shutdown
  • Generated approximately 128,000 and sold approximately 124,000 payable silver equivalent ounces (AgEq oz)[1] in the third quarter 2015, compared to 125,000 and 133,000 AgEq oz in the second quarter 2015
  • Leased currently-idled oxide plant to a third party, which is expected to provide between $4.0 and $5.0 million in net cash flow to the Company in 2016

 

Sierra Metals appoints Dionisio Romero Paoletti tothe Board of Directors

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Click to access Sierra-Metals-appoints-Dionisio-Romero-Paoletti-to-the-Board-of-Directors.pdf

TORONTO, Nov. 16, 2015 /PRNewswire/ – Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (“Sierra Metals” or “the Company”) is very pleased to welcome and announce the appointment of Mr. Dionisio Romero Paoletti to the Board of Directors of Sierra Metals effective today.

 

Aurcana Corporation Announces Court Approval of Restructuring Transaction

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http://www.aurcana.com/news/2015/index.php?&content_id=385

Vancouver, BC, November 16, 2015 – Aurcana Corporation (TSX VENTURE:AUN) (the “Company” or “Aurcana”) announces that on Friday, November 13, 2015, the Ontario Superior Court of Justice (the “Court”) approved the restructuring transaction previously announced by the Company on October 16, 2015 (the “Restructuring Transaction”) under which all of the Company’s debt obligations to Orion Mine Finance (Master) Fund I L.P. (the “Lender”), as lender under the Company’s amended and restated senior secured credit facility dated April 29, 2014 (the “Facility”), will be extinguished pursuant to proceedings under the Canada Business Corporations Act (the “CBCA Proceedings”) commenced and announced by the Company on October 30, 2015.

 

MAG Silver Reports Third Quarter Financial Results

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http://www.juniorminingnetwork.com/junior-miner-news/press-releases/974-tsx/mag/13674-mag-silver-reports-third-quarter-financial-results.html

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 13, 2015) – MAG Silver Corp. (TSX:MAG)(NYSE MKT:MVG) (“MAG” or the “Company”) announces the Company’s unaudited financial results for the three and nine months ended September 30, 2015. For complete details of the third quarter unaudited Condensed Interim Consolidated Financial Statements and related Management’s Discussion and Analysis, please see the Company’s filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov). All amounts herein are reported in United States dollars (“US$”) unless otherwise specified.

At September 30, 2015, the Company had working capital of $77,681,477 (compared to $89,571,472 at September 30, 2014), including cash of $77,368,632 (compared to $88,131,958 at September 30, 2014). The Company currently has no debt and has sufficient working capital to maintain all of its properties and currently planned programs extending beyond the next 12 months. The primary use of cash in the period ended September 30, 2015 was to fund operations. Advances to Minera Juanicipio S.A. de C.V. (“Minera Juanicipio”) combined with MAG’s Juanicipio expenditures on its own account, totaled $1,771,545 and $4,952,381 during the three and nine months ended September 30, 2015 respectively (September 30, 2014: $2,833,775 and $4,671,219 respectively). The Company also expended $495,701 and $1,287,219 respectively (September 30, 2014: $609,963 and $1,364,933 respectively) on its other exploration and evaluation properties, and $361,711 and $706,250 respectively (September 30, 2014: $295,851 and $2,840,962 respectively) on the Salamandra earn-in option.

 

Golden Minerals Acquires Mining Rights For Cordero Property

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GOLDEN, Colo., Nov. 16, 2015 /CNW/ — Golden Minerals Company (NYSE MKT: AUMN; TSX: AUM) (“Golden Minerals” or “the Company”) announced today that it has acquired the mining rights for the Santa Rosa vein in the San Luis del Cordero Project in Durango State, Mexico, pursuant to an exploration and exploitation agreement signed with the wholly-owned Mexican subsidiary of Prospero Silver Corp. (TSXV:  PSL) (“Prospero”).

The Santa Rosa vein is approximately two meters wide and as currently defined extends for about 400 meters on strike.  In its October 1, 2014 NI 43-101 Report on the Initial Resource Estimate for the San Luis del Cordero Project, Prospero reported Santa Rosa vein indicated and inferred resources as at October 1, 2014 totaling approximately 31,000 tonnes and 218,000 tonnes, respectively, with grades of approximately 825 and 715 grams per tonne silver, and stated that the vein remains open along strike to the west.  Records show that the Santa Rosa vein has been mined previously to a depth of about 100 meters and can be partially accessed from the historic underground workings.

Bacanora Announces $17.8 Million Raised to Advance Sonora Lithium Project

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CALGARY, ALBERTA–(Marketwired – Nov. 16, 2015) – BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX VENTURE:BCN)(AIM:BCN), the London and Canadian listed lithium exploration and development company focused on Sonora, Mexico, is pleased to announce that it has raised approximately £8.8 million (US$13.4 million / CAD $17.8 million) via the placing of 11,476,944 new common shares (the “Placing Shares”) at a price of 77 pence per share (the “Placing”). The Placing is part of the Company’s continuing strategy to become a large scale supplier to the lithium market, where demand is expected to continue growing rapidly thanks to lithium’s key role in highly innovative industries such as smartphones, electric vehicles and energy storage. Through the Placing, Bacanora has secured its first major institutional shareholder as well as receiving support from pre-existing shareholders.

First Majestic Reports Third Quarter Financial Results

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http://www.firstmajestic.com/en/news/first-majestic-reports-third-quarter-financial-results-1

FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the “Company” or “First Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the third quarter ended September 30, 2015. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.

Third Quarter 2015 FINANCIAL Highlights

  • Generated revenues of $44.7 million
  • Mine operating loss amounted to $3.6 million
  • Net loss after taxes amounted to $1.8 million or a Basic EPS of ($0.01)
  • Operating cash flows before movements in working capital and taxes of $8.4 million or $0.07 per share
  • Produced 3.6 million silver equivalent ounces, including 2.6 million ounces of pure silver
  • Total cash cost, net of by-product credits, was $8.77 per payable silver ounce
  • All-in sustaining cost (“AISC”) was $14.41 per payable silver ounce, a 28% reduction compared to $19.89 per ounce in third quarter of 2014 and consistent with the previous quarter.
  • Average realized selling price for silver was $15.16 per ounce, compared to the quarterly COMEX average silver price of $14.87 per ounce
  • Cash and cash equivalents of $26.1 million held at the end of the quarter, excluding $28.6 million of cash received from the SilverCrest acquisition on October 1, 2015