Calgary, Alberta (FSCwire) – Morro Bay Resources Ltd. (“Morro Bay” or the “Company”) (TSX-V: MRB; OTCQX: MRRBF) announces that it has received a Notice of Default from Riverside Resources Inc. (“Riverside”) in regard to the Joint Venture between Morro Bay and Riverside. Riverside alleges in its Notice of Default that Morro Bay has failed to incur $750,000 Joint Venture Expenditures at the Peñoles Joint Venture Property (the “Peñoles Project”). Riverside alleges in its Notice of Default that the failure of Morro Bay to incur these expenses constitutes a default pursuant to the Agreement between Morro Bay and Riverside. Morro Bay acknowledges that it has not incurred the full $750,000 of expenditures on the Peñoles Project by on or before May 16, 2016 as required.
Month: May 2016
Cyprium Mining Finalizes Rehabilitation of Shaft #3 of the Potosi Silver Mine
MONTREAL, May 30, 2016 /CNW/ – Cyprium Mining Corporation (“Cyprium” or the “Company“) (TSX-V: CUG and CUG.DB) is pleased to announce that it has completed the rehabilitation of shaft #3 of the Company’s Potosi silver mine located in the historic Santa Eulalia mining district in northern Mexico. The project, which began in February 2016, consisted in the rehabilitation and improvement of the extraction capability of shaft #3 as well as improvement of infrastructure, security and preparation of prospective mining areas at levels 2 to 4 of the mine. The Company also announces that it has been informed by the TSX Venture Exchange Inc. that its common shares will resume trading on Tuesday May 31st, 2016.
Highlights on the fourth week of May 2016, Mineral Exploration in Mexico
During the fourth week of May at least 19 press releases from companies working in Mexico were published. On exploration, Consolidated Zinc, Orex Minerals and Gayney Capital presented drilling results, or announced new drilling campaigns. On mining, Santacruz Silver released its first quarter results, and Americas Silver renewed mining operations. On financing, Mexico saw a 31% drop in exploration investment during 2015. Four companies announced results for various stages of their financing rounds: Azure Minerals, Americas Silver, Almaden Minerals and Golden Tag, with gross proceeds of A$15 M, C$20 M and $5.4 M. On deals, Mexus Gold US, Lithium Australia and Alset Energy entered in agreements for exploration of properties in Sonora and Zacatecas.
On Exploration
- Consolidated Zinc Ltd. announced more underground drilling results at its Plomosas mine in Chihuahua, with a high grade intercept of 3.3 m true width @ 33.7% Zn, 14.3 % Pb and 82 g/t Ag.
- Orex Minerals Inc. released more drilling results from the ongoing campaign at its Sandra Escobar property in Durango, including true thickness intervals like 40.5 m @ 218 g/t Ag, 38.5 m @ 143 g/ Ag and 19 m@ 133 g/t Ag. Two holes drilled on the Cerro Chato zone, another hillside where prospecting has identified the favorable horizon returned favorable results: 25.4 m @ 39 g/t Ag and 23 m @ 32 g/t Ag.
- Gainey Capital Corp. is starting a 2,000 meters to 5,800 meters drill program to test at least four targets at its El Colom project in Nayarit. The four zones to be tested have highlighted assays of up to 33 g/t Au and 1,500 g/t Ag.
On Mining
- Santacruz Silver Mining Ltd. presented first 2016 quarter results, which include the milling of 24 K tonnes for producing 290 K Oz AgEq from its Rosario mine in San Luis Potosi. Cash cost for the period was $10.93 per AgEq ounce and All-in sustaining cost of $14.10
- Americas Silver Corp. has recommenced ore production at Nuestra Señora mine in Sinaloa, which was affected last April by ground movement.
On Financing
- Azure Minerals Ltd. advised that it has secured funding for approximately A$15 million through a placement to institutional and sophisticated investors, to enable the Company to accelerate its development studies and to continue its aggressive exploration campaign at its Alacrán Project in northern Mexico.
- Americas Silver Co. announced a supplementary concurrent private placement of subscription receipts to the one announced last week, for estimated gross proceeds of C$10 million. These proceeds, along with those of the original private placement (C$20 M) will be used at their Galena property (USA) and its San Rafael mine in Sinaloa, among other corporate purposes.
- Almaden Minerals Ltd. closed a non-brokered private placement for gross proceeds of $4.4 million. These funds are to be used on the advancement of pre-feasibility studies, permitting work and some exploration drilling at its Ixtaca property in Puebla.
- Golden Tag Resources Ltd. will try to raise up to $900 K, part of which is to be used to secure ownership of the remaining 50% of the San Diego silver project in Durango.
- Investment in mining exploration in 2015 was US $552 M, a 31 % drop, which is the biggest in Latin America. Capital investment in the search of new deposits was reduced 3.2 % in Peru and 19.3 % in Chile.
On Deals
- Mexus Gold US. Entered in a Joint Venture agreement with MarMar Holdings of Mexico at its Julio/Santa Elena property in Sonora. Under the 50/50 joint venture agreement, MarMar will operate the mine and carry all costs. Also, the Julio/Santa Elena property will now will be known as the Santa Elena mine (not to be mistaken with First Majestic’s Santa Elena mine, also in Sonora).
- Lithium Australia NL. earns 25% ownership at Alix Resources Corp’s Elektra lithium project in Sonora.
- Alset Energy Corp. is preparing for the exploration of salars (salt plains) in Zacatecas, under the agreement they have with Litio Mex, S.A. de C.V.
Content like what you have just read can be seen at 
LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, Copper oxides on a conglomerate bearing copper-silver mineralization. El Cobrizo project, NW of Ures, Sonora.
MacMillan Annual General and Special Meeting Date Set For June 17, 2016
TORONTO, CANADA / TheNewswire / May 30, 2016 – Thomas Skimming, CEO of MacMillan Minerals Inc. (TSX-V:MMX) is pleased to provide an update on the proposed plan of arrangement (the “Arrangement”) involving MacMillan, Pan American Silver Corp. (“Pan American”) and Maverix Metals Inc. (“Maverix”) pursuant to which MacMillan will acquire a portfolio of thirteen royalties and precious metals streams from Pan American and all of the issued and outstanding common shares in the capital of Maverix, as news released April 18, 2016.
IMPACT Silver Announces First Quarter 2016 Financial and Production Results
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 30, 2016) – IMPACT Silver Corp. (TSX VENTURE:IPT) (“IMPACT” or the “Company”) is pleased to announce its financial results for the three months ended March 31, 2016.
Fred Davidson, President and CEO, stated, “Despite lower average silver prices in Q1 2016 compared to Q1 2015, the Company managed to increase production by 9% and reduce its operating expenses by 6% or $0.2 million over the same period last year. The Company’s strategy of focusing on higher grade mineral on both the exploration and production fronts is proving effective. Our production performance during the first quarter 2016 continues to demonstrate IMPACT Silver’s success and viability as a proven explorer and producer. In combination with stringent cost controls and improving grades, we achieved positive operational cash flow and positive EBITDA of $0.2 million this quarter. Despite lower silver prices persisting in 2016, our focus on profitability and higher grade zones of silver at San Ramon continues to keep IMPACT as a self-sufficient and enviable producer in the Mexican silver space.”
Canarc Completes Sale of Oro Silver and the El Compas Mine Project to Endeavour Silver for CAD$10.5 Million in Endeavour Shares
Vancouver, British Columbia (FSCwire) – Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) announces that it has closed the sale transaction under the definitive agreement announced on May 9, 2016 with Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) pursuant to which Canarc sold to Endeavour 100% of the shares of Canarc’s wholly-owned subsidiary, Oro Silver Resources Ltd., which indirectly holds a 100% interest in the El Compas Gold-Silver Mine Project (“El Compas”) in Zacatecas, Mexico, in consideration for 2,147,239 free-trading common shares of Endeavour, with an aggregate deemed value of CAD$10.5 million.
Endeavour Silver Completes Acquisition of Oro Silver Resources Ltd.
Click to access article_05302016080838.pdf
VANCOUVER, BC–(Marketwired – May 30, 2016) – Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) (the “Company or “Endeavour”) is pleased to announce completion of the acquisition of Oro Silver Resources Ltd., a wholly-owned subsidiary of Canarc, which holds the El Compas gold-silver mine property and a five-year renewable lease on the 500 tonne per day La Plata ore processing plant in Zacatecas, Mexico. Details of the acquisition were previously announced by news release dated May 9, 2016.
In connection with the acquisition, Endeavour has issued 2,147,239 common shares to Canarc, and has assumed Canarc’s obligation to pay an aggregate of 165 troy ounces of gold to Marlin Gold Mining Ltd.
Oremex Silver Inc. Adopts Advance Notice By-Law
http://thenewswire.ca/archives?tnwcatalyst2=release_id%3D19178
Toronto, ON / TheNewswire / May 27, 2016 – Oremex Silver Inc. (TSXV:OAG) (“Oremex” or the “Company”)announced today that the board of directors has adopted an advance notice by-law (the “Advance Notice By-law” or the “By-law”).
The purpose of the Advance Notice By-law is to provide shareholders with a clear framework for nominating directors. The board of directors believes adoption of the By-law is in the best interests of the Company and all shareholders to facilitate orderly and efficient meetings of the shareholders of the Company.
First Majestic Announces Election of Directors
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 27, 2016) – First Majestic Silver Corp. (“First Majestic” or the “Company”) (NYSE:AG)(TSX:FR)(FRANKFURT:FMV)(BVM:AG) is pleased to announce the voting results for the election of its Board of Directors at its annual general meeting held on May 26, 2016.
A total of 83,286,701 shares were represented at the meeting, being 53.37% of the Company’s issued and outstanding common shares.
Endeavour Silver Announces Annual General Meeting Results
VANCOUVER, BC–(Marketwired – May 27, 2016) – Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR) announces that at yesterday’s Annual General Meeting in Vancouver, shareholders voted in favour of all items of business, including the re-election of each director nominee. A total of 58,802,520 million votes were submitted by proxy, representing 54.34% of the outstanding common shares as of the record date.