VANCOUVER, July 27, 2016 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported its second quarter 2016 results and a decision to proceed with expansions at both its Peñasquito and Musselwhite mines.
Second Quarter 2016 Highlights
Gold production(1) of 613,400 ounces at all-in sustaining costs(1)(3) (“AISC”) of $1,067 per ounce, compared to 908,000 ounces at AISC of $853 per ounce in 2015. Lower gold production was expected in the second quarter mainly due to planned lower ore grades, a 10-day mill shutdown for planned maintenance at Peñasquito and the exhaustion of surface stockpiles at Cerro Negro which contributed significantly to mill feed in 2015. Further, a slower than expected ramp up after the mill shutdown at Peñasquito and the decision to accelerate a large workforce reduction at Cerro Negro had a short-term, negative impact on second quarter gold production.
2016 guidance reconfirmed for gold production of between 2.8 and 3.1 million ounces, at AISC of between $850 and $925per ounce. Production is expected to increase in the third and fourth quarter as the plant at Peñasquito returned to normal operations in July and higher grades are expected from a number of mines. AISC are expected to decrease as a result of higher production.
VANCOUVER, BRITISH COLUMBIA / TheNewswire / July 27, 2016 – Telson Resources Inc. (TSX Venture – TSN) (“Telson” or the “Company”) is pleased to announce that its 99% owned Mexican Subsidiary has entered into an agreement (the “LOC Agreement”) with the Company’s largest shareholder, Estratégica Corporativa en Finanzas, S.A.P.I. de C.V. (the “Lender”) that provides Telson access to a line of credit over a period of five years commencing on Jul 22, 2016.
Pursuant to the terms of the LOC Agreement, the Lender has made available to the Company a line of credit of up to $150,000,000 Mexican Pesos (approximately $10,500,000 Canadian dollars at current exchange rates).
MONTREAL, July 27, 2016 /CNW Telbec/ – Cyprium Mining Corporation (“Cyprium” or the “Company“) (TSXV: CUG CUG.DB) is pleased to announce the appointment of Mr. Jonathan George as a director of the Company.
Mr. George is a consulting geologist and entrepreneur who has been involved in international mineral exploration and development for over 35 years. He has raised more than $60 million for various projects around the world, including Mexico. Mr. George was the President and Co-founder of Creston Moly Corp, which acquired Mexico’s largest molybdenum deposit. Creston merged with Mercator Minerals in 2011 in a transaction valued at more than $176 million. Prior to his success with Creston, he was President and CEO of ESO Uranium (predecessor of Alpha Minerals) where he was instrumental in assembling one of the largest land packages in theAthabasca Basin, Saskatchewan; Alpha and its partner Fission Energy made one of the most significant uranium discoveries in recent history on their Patterson Lake South joint venture.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 27, 2016) –Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI) Mr. Simon Ridgway, Chairman of the Board, announces that Mr. Michael Iverson has retired from the Board of Directors. Mr. Iverson joined the board of the predecessor company of Fortuna back in 1998.
TORONTO, ONTARIO–(Marketwired – July 27, 2016) – Americas Silver Corporation (TSX:USA)(OTCQX:USAPF) (“Americas Silver” or “the Company”) today announced production and operating cost results for the second quarter of 2016 for its Cosalá Operations and Galena Complex. All figures are in U.S. dollars unless otherwise indicated.
July 26 2016 – Vancouver, British Columbia – Gainey Capital Corp. (TSXV: GNC) (OTCQX: GNYPF) (“Gainey” or the “Company”) is pleased to announce the addition of David Hladky, P.Geo, to its Technical Advisory Board.
David Hladky is a bilingual, registered Professional Geologist with over 18 years of international mineral exploration experience. Mr. Hladky’s last position was with Cayden Resources Inc. as the Qualified Person and one of the leaders in the exploration of the Morelos Sur and El Barqueno projects in Mexico that were successfully sold to Agnico Eagle Mines for $205 Million in 2014. Mr. Hladky also spent several years working for Great Panther Silver in the exploration of their Guanajuato Mine and Km 66 project, both also in Mexico.
Vancouver, British Columbia – Capstone Mining Corp. (“Capstone” or the “Company”) (TSX: CS) today announced its financial results for the three and six months ended June 30, 2016. Operating cash flow before changes in working capital (1) was $21.6 million or $0.06 per share, with a net loss of $13.4 million and an adjusted net loss of $7.5 million after adjusting for certain non-cash and non-recurring charges. Copper production for the quarter totalled 28,157 tonnes (27,200 tonnes of payable copper) at a C1 cash cost (1) of $1.51 per payable pound produced with copper sales for the quarter of 22,549 tonnes at a C1 cash cost (1) of $1.66 per payable pound sold.
Excellon Resources Inc. (TSX: EXN) (OTC: EXLLF) (“Excellon” or the “Company”) is pleased to announce that it has closed its previously announced bought deal public offering of 13,250,000 units (collectively, the “Units”), including 1,728,260 Units issued upon exercise of the over-allotment option, at a price of $1.15 per Unit for aggregate gross proceeds of approximately $15.2 million (the “Offering”). The Offering was underwritten by Cantor Fitzgerald Canada Corporation, Sprott Private Wealth L.P., Cormark Securities Inc. and PI Financial Corp.
As previously announced, each Unit consists of one common share in the capital of the Company (each a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder to acquire one additional Common Share at a price of $1.75 for a period of 24 months following the closing of the Offering.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 26, 2016) –Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI) (OTC PINK:RVSDF) (FRANKFURT:R99), is pleased to announce that it has signed an option agreement (the “Option”) with Centerra Gold Inc. (“Centerra”) for the Glor Gold Project (the “Project”), located approximately 8 km west of Alamos’ El Chanate Gold Mine in Sonora, Mexico. Centerra will have the opportunity to earn a 70% interest in the Project by funding US$3,500,000 in exploration work over the next four years. Riverside has completed mapping and sampling work on the project and will continue as the project manager for at least the first two years of the agreement with Centerra.
Sediment-Hosted Copper Deposits (SHCD) are known to occur in Mexico with the three most recognized localities in northern part of the country: Las Vigas and Samalayuca in Chihuahua and El Jabalí, in Cuatrociénegas area, Coahuila.
Las Vigas was the first SHCD recognized in Mexico in the 1970´s, initially with Inferred Resources of 200K tonnes of 3% Cu in the three first mantos. It is sited in northeastern Chihuahua and is hosted within a northwest-trending belt of Cu sandstone over 300 km in length, related to a marine transgression (Cuchillo Fm) over a red-bed sequence (Las Vigas Fm). At least ten discontinuous mantos or stratiform lenses are present in Las Vigas at different stratigraphic levels, varying from 1 to 4m in width, and exposed for a strike length of 1,700m. The orobodies are hosted in sandstones that are interbedded with shales and thin limestones. Cu mineralization consists mainly of Cu oxides, chalcocite, chalcopyrite, malachite and azurite.
The El Jabalí in Cuatrociénegas, sited in Central Coahuila, is also a SHCD with Cu-Ag mineralization associated with a redox front developed in the contact of a red-bed sequence (San Marcos Fm) and the overlying limestone (Cupido Fm).
Multiple occurrences of copper-silver bearing mantos are present at El Jabalí, varying in thickness from < 1m up to 20m in thickness, occurrences that can be followed discontinuously for at least a strike length of 50 km. These mantos are in many places partially covered by unconsolidated talus and have down-dip extension in some cases greater than 4km.
The copper mineralization consists of chrysocolla, malaquite, azurite, neotocite, chalcocite, tenorite, brocanthite, argentite, etc., with copper grades ranging from 0.5% to up to 15% Cu and silver from 20 g/t to > 500 g/t.
Other SHCD is Samalayuca, Chihuahua, located about 35 km south of Ciudad Juárez, where the sedimentary unit containing the Cu mineralization is composed of a cyclic sequence of fine-to coarse-grained chloritized sandstones with subordinate phyllitic and conglomerates intervals.
Copper grades at Samalayuca vary from 1 to 10% in 10 to 12m thick stratiform and homogeneous mantos hosted in three green sandstone beds. The copper minerals found there are digenite, chalcocite, covellite, bornite and chalcopyrite. Oxidized copper minerals such as chrysocolla, malachite and azurite are also present as coating and in fractures. Samalayuca contains Inferred Resources for 4.1 M tons of 0.47% Cu and 5.8 g/t Ag.
Northern Mexico and some other areas display favourable stratigraphy and structural settings to contain SHCD of interest.
The picture below shows the Cu-Ag bearing mantos of the El Granizo area in the El Jabalí Valley at Cuatro Ciénegas, Coahuila, Mexico, with average grades of 2.1% Cu and 38 g/t Ag across 8.75m.