Month: February 2017

Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2016

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Click to access 20170223-Alamos-2016-Reserve-Resource-Update_FINAL.pdf

Toronto, Ontario (February 23, 2017) – Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its updated mineral reserves and resources as of December 31, 2016. For a detailed summary of mineral reserves and resources by project, refer to the tables below. Highlights  Global Proven and Probable mineral reserves increased 31%, or 1.8 million ounces, to total 7.7 million ounces of gold1 , reflecting a significant increase in mineral reserves at La Yaqui and the declaration of initial mineral reserves at Kirazlı and Ağı Dağı  Increased combined Proven and Probable mineral reserves at La Yaqui to 608,000 ounces of gold2 , a 519,000 ounce increase. Combined mineral reserves and resources at La Yaqui increased 113% to 684,000 ounces3 through a very successful 2016 exploration program  Initial Proven and Probable mineral reserve of 1.8 million ounces of gold4 declared at Kirazlı and Ağı Dağı with the release of positive feasibility studies demonstrating attractive economics for both projects  Measured and Indicated mineral resources decreased 14% to 9.3 million ounces of gold5 . This reflects the conversion of mineral resources to mineral reserves at Kirazlı and Ağı Dağı, partially offset by mineral resource additions at Young-Davidson and La Yaqui Grande  Significant exploration budget for the Mulatos district of $17 million in 2017 focused on outlining additional mineral reserves and resources at La Yaqui and other targets in the district including Cerro Pelon, Los Bajios and El Refugio

Prospero Advances Bermudez Epithermal System to Drill-Ready Status

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1003-tsx-venture/psl/29628-prospero-advances-bermudez-epithermal-system-to-drill-ready-status.html

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 23, 2017) – Prospero Silver Corp. (TSX VENTURE:PSL) (“the Company” or “Prospero”) is pleased to announce that it has completed additional sampling and mapping at the Bermudez project in Chihuahua State, Mexico. The project is located 17km from the town of Yecora and close to the Sonora State boundary. Prospero has completed mapping and sampling over 4.5km strike length of outcropping high-level banded, low-sulphidation veins at Bermudez. A preliminary diamond drill program has been designed to test the three zones. The Bermudez project is available for joint venture and Prospero will be looking for a partner in the coming months.

Kootenay Silver Announces Strategic Objectives for 2017

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/621-tsx-venture/ktn/29622-kootenay-silver-announces-strategic-objectives-for-2017.html

VANCOUVER, Feb. 23, 2017 /CNW/ – Kootenay Silver Inc.  (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to provide an update on silver exploration and development activities and to provide some guidance for its proposed activities in 2017.

Supported by one of the largest junior owned NI 43-101 silver equivalent resource asset bases of over 140 million ounces, Kootenay continues to provide its shareholders with significant leverage to silver prices from the Company’s “Established Silver Bank“ consisting of:

  • La Cigarra: 51 million ounces of silver in M&I grading 86.3 gpt silver*;
  • Promontorio: 92 million ounces of silver equivalent in M&I grading 64.3 gpt silver*;
  • La Negra: 6800 meters drilled to date with more drilling planned in 2017.

Hecla Mining Reports Fourth Quarter and Year 2016 Results Financial Results & Earnings

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1104-nyse/hl/29596-hecla-mining-reports-fourth-quarter-and-year-2016-results.html

COEUR D’ALENE, Idaho–(BUSINESS WIRE)–Hecla Mining Company (NYSE:HL) today announced fourth quarter and year end 2016 financial and operating results.

FOURTH QUARTER AND FULL YEAR 2016 HIGHLIGHTS
Q4 2016 Q4/16 vs. Q4/15 2016 2016 vs. 2015
Net income applicable
to common shareholders		 $20.1 M $0.05/share 132% $69.0 M $0.18/share 179%
Adjusted net income1 $11.2 M $0.03/share 34% $60.7 M $0.16/share 277%
Sales $164.2 M 42% $646.0 M 46%
Cash provided by
operating activities		 $52.1 M 90% $225.3 M 111%
Adjusted EBITDA2 $65.1 M 89% $264.6 M 127%
Net debt/adjusted EBITDA2,5 1.2X (61)%
Free cash flow 3 $7.7 M 152% $44.5 M 243%
Cash and cash eq. & short
term investments		 $198.9 M 28% $198.9 M 28%
Silver production 3.98 M oz 9% 17.2 M oz 48%
Gold production 63.2 K oz 5% 233.9 K oz 24%
Silver equivalent production4 12.1 M oz 108% 46.1 M oz 123%
  • San Sebastian produced 4.3 million ounces of silver and 34,042 ounces of gold, generating $93.9 million of cash provided by operating activities with only $1.5 million of capital.
  • East Mine Crown Pillar (EMCP) pit at Casa Berardi fully operational, increasing mill throughput and gold production.
  • First hardrock mining company to receive independent certification under CORESafety.
  • Maintained proven and probable silver reserve levels despite record silver production, lowered exploration budget and $14.50/oz silver used for calculation, among the lowest in industry.
  • Acquired the Montanore Project, a large silver-copper development asset in Montana.
  • Estimated 2017 silver equivalent production of 46.5-49.4 million ounces (or gold equivalent production of 655,000-696,000 ounces), higher than 2016’s record production.10

Primero Mining Announces Executive Leadership Change

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1165-tsx/p/29650-primero-mining-announces-executive-leadership-change.html

TORONTO, ON–(Marketwired – February 23, 2017) – Primero Mining Corp. (“Primero” or the “Company”) (TSX: P) (NYSE: PPP) announced today that Mr. Ernest Mast and Primero have reached a mutual decision that Mr. Mast will depart Primero to pursue other opportunities effective no later than March 6, 2017. Upon Mr. Mast’s departure, Mr. Joseph F. Conway will be appointed Interim President and Chief Executive Officer. Mr. Mast will continue to assist the Company in facilitating a smooth transition in leadership. The Company thanks Mr. Mast for his service and his assistance in transitional matters.

Argonaut Gold Inc. Announces C$40 MILLION Bougth Deal Financing

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1033-tsx/ar/29636-argonaut-gold-inc-announces-c-40-million-bought-deal-financing.html

Toronto, Ontario (February 23, 2017) – Argonaut Gold Inc. (“Argonaut” or the “Company”) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 16,700,000 common shares (the “Common Shares”), at a price of C$2.40 per Common Share for gross proceeds of approximately C$40 million (the “Offering”). The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The offering is expected to close on or about March 15, 2017 and is subject to Argonaut Gold Inc. receiving all necessary regulatory approvals. The net proceeds of the offering will be used for the acquisition of properties adjacent to the El Castillo Mine and for general corporate purposes.

Argonaut Gold Announces Agreement to Acquire Key Fresnillo Mineral Concession Adjacent to the El Castillo Mine

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1033-tsx/ar/29637-argonaut-gold-announces-agreement-to-acquire-key-fresnillo-mineral-concession-adjacent-to-the-el-castillo-mine.html

TORONTO, ONTARIO–(Marketwired – Feb. 23, 2017) – Argonaut Gold Inc. (TSX:AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce that its wholly-owned subsidiary, Minera Real Del Oro, S.A. de C.V., has entered into an agreement with Desarrollos Mineros El Aguila, S.A. de C.V. (“El Aguila”), a wholly-owned subsidiary of Fresnillo Plc (“Fresnillo”) whereby Argonaut will acquire 420 hectares pursuant to a mineral concession (the “San Juan Concession”) owned by El Aguila covering known projections of El Castillo mineralization (the “Transaction”). In addition, the parties have entered into an agreement whereby portions of other adjacent concessions may be used by Argonaut for leach pads, ponds and overburden sites, subject to the terms of such agreement. All dollar amounts are expressed in United States dollars unless otherwise specified.

Alamos Gold Reports Fourth Quarter and Year-End 2016 Results

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1192-tsx/agi/29599-alamos-gold-reports-fourth-quarter-and-year-end-2016-results.html

TORONTO, ONTARIO–(Marketwired – Feb. 23, 2017) – Alamos Gold Inc. (TSX:AGI)(NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter and year ended December 31, 2016 and reviewed its operating, exploration and development activities.

Torex Gold Announces 2016 Year End Financial and Operational Results

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1242-tsx/txg/29595-torex-announces-2016-year-end-financial-and-operational-results.html

TORONTO, ONTARIO–(Marketwired – Feb. 23, 2017) – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announced today its financial and operational results for the year ended December 31, 2016. This release should be read in conjunction with the Company’s 2016 Financial Statements and MD&A on the Company’s website or on SEDAR.

Fred Stanford, President & CEO of Torex stated: “280,000 ounces of gold in the first year of the ramp up, speaks to the quality of the deposit, the constructed asset, and the skill of the team in navigating through the technical and social start-up challenges. The ramp-up is expected to be completed during 2017, as solutions are in hand for the two remaining material technical issues. Construction is underway on the SART plant to manage the soluble copper and a decision has been made to increase tailings filtration capacity.”

New Gold Announces US$150 Million Bought Deal Financing

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Click to access article_02222017165246.pdf

February 22, 2017 – New Gold Inc. (“New Gold”) (TSX:NGD) (NYSE MKT:NGD) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and Scotiabank (the “Underwriters”), pursuant to which they have agreed to purchase, on a bought deal basis, 53,600,000 common shares (“Common Shares”) of New Gold at a price of US$2.80 per share (the “Offering”), for aggregate gross proceeds to New Gold of approximately US$150 million. In addition, New Gold has agreed to grant to the Underwriters an option to purchase up to an additional 8,040,000 Common Shares at a price of US$2.80 per share, on the same terms and conditions as the Offering, exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the Offering. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering to New Gold will be approximately US$172.6 million.