Month: February 2017

Argonaut Gold Announces Three-Year Production Outlook; Provides Updated Mineral Reserves and Resources

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TORONTO, Feb. 16, 2017 /CNW/ – Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to provide its three-year production outlook, updated mineral reserves and resources at its operating mines and a general corporate update.  All dollar amounts are expressed in United States dollars unless otherwise specified.

Three-Year Production Outlook

Based on life-of-mine planning at December 31, 2016, the Company anticipates it will achieve  production growth on a gold equivalent ounce1 (“GEO”) basis as its San Agustin and La Colorada projects ramp up and lower the overall cost profile.  The Company’s goal is to achieve annual all-in sustaining costs per gold ounce sold2 at or below $950.  Table 1 below illustrates the Company’s three-year GEO production outlook:

Table 1 – Three-Year GEO Production Outlook
Year El Castillo/San Agustin(1) Complex
GEO Production (000s)		 La Colorada GEO
Production (000s)		 Consolidated GEO
Production (000s)
2017 70 – 80 45 – 50 115 – 130
2018 90 – 100 65 – 70 155 – 170
2019 115 – 125 55 – 60 170 – 185
(1) San Agustin 2017 guidance includes all expected production during the year.  2017 revenues and costs prior to declaration of commercial production will be capitalized.

Goldcorp Provides Exploration Update

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Click to access Q4-2016-Exploration-Release_FINAL.pdf

Vancouver, British Columbia, February 15, 2017 – GOLDCORP INC. (TSX: G, NYSE: GG) is pleased to provide an update on its 2016/2017 exploration program. Representative drill results are given below; website links to further information including full drill results, drill co-ordinates, QA/QC information and relevant diagrams are provided at the end of each section.

Goldcorp Reports Fourth Quarter and Full Year 2016 Results

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VANCOUVER, Feb. 15, 2017 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported its fourth quarter and full year 2016 results.

Fourth Quarter Highlights

  • Net earnings for the fourth quarter were $101 million, or $0.12 per share, compared to a net loss of $4.3 billion, or loss of $5.14 per share in the fourth quarter of 2015.
  • Fourth quarter operating cash flows of $239 million and adjusted operating cash flows(1,2) of $383 million, of which $169 million(1) was used to repay debt, $61 million was used to fund the growth pipeline and $16 million was used to pay dividends. Available liquidity at December 31, 2016 stood at $3.17 billion.
  • Gold production of 761,000 ounces at substantially lower all-in sustaining costs(1)(“AISC”) of $747 per ounce, compared to 909,000 ounces at AISC of $977 per ounce in the fourth quarter of 2015. Full year 2016 gold production guidance was achieved with AISC at the low end of the Company’s guidance.
  • Renewed growth strategy projected to achieve a 20% increase in gold production, 20% increase in gold reserves and a 20% reduction in AISC over the next five years. The ramp-up to nameplate capacity at Cerro Negro and Éléonore, a continued focus on productivity and efficiency improvements at the existing camps and advancing the robust project pipeline are expected to position the Company to deliver growth in net asset value per share.
  • Identified 60% of the targeted $250 million in sustainable efficiencies; 40% delivered by the end of 2016. The Company is well underway toward achieving its $250 million target sustainable annual savings by 2018.
  • Growing net asset value (“NAV”) per share through portfolio optimization. Goldcorp continued to deliver on its strategy of growing net asset value by recycling capital into new large-scale camps as the $400 million acquisition of the Coffee Project in the Yukon in July 2016 was followed by the announced sales in January 2017 of the Los Filos mine in Mexico for consideration of $438 million, and the Cerro Blanco project in Guatemala for consideration of $50 million, including contingent consideration.

New Gold Announces 2016 Financial Results with Record Low Costs Driving Strong Margins and Cash Flow

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Click to access article_02152017181820.pdf

February 15, 2017 – New Gold Inc. (“New Gold”) (TSX:NGD) (NYSE MKT:NGD) today announces its 2016 fourth quarter and full-year financial results and updates its year-end reserve and resource estimates. The company previously announced its preliminary 2016 operational results and 2017 guidance on January 30, 2017.

2016 FULL-YEAR HIGHLIGHTS  Full-year gold production of 381,663 ounces achieved the mid-point of the guidance range of 360,000 to 400,000 ounces  Copper production of 102 million pounds exceeded the high end of the guidance range of 81 to 93 million pounds by 10%  2016 operating expense of $640 per gold ounce and $1.14 per copper pound  2016 delivered record low all-in sustaining costs(1) of $692 per ounce, including total cash costs(2) of $349 per ounce  Cash generated from operations before changes in non-cash operating working capital(3) of $302 million  Cash generated from operations of $282 million  Adjusted net earnings(4) of $24 million, or $0.05 per share  Net earnings of $3 million, or $0.01 per share  Year-end cash and cash equivalents of $186 million 2016 FOURTH QUARTER HIGHLIGHTS  Fourth quarter production of 95,883 ounces of gold and 26 million pounds of copper  Fourth quarter operating expense of $780 per gold ounce and $1.58 per copper pound  Fourth quarter all-in sustaining costs of $619 per ounce, including total cash costs of $360 per ounce  Cash generated from operations before changes in non-cash operating working capital of $69 million  Cash generated from operations of $52 million  Adjusted net loss of $2 million, or $nil per share  Net loss of $20 million, or $0.04 per share MINERAL RESERVES AND RESOURCES  2016 year-end mineral reserves of 14.7 million ounces of gold, 1.1 billion pounds of copper and 76 million ounces of silver

Capstone Mining 2016 Financial Results

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Click to access article_02152017184042.pdf

Vancouver, British Columbia – Capstone Mining Corp. (“Capstone” or the “Company”) (TSX: CS) today announced its financial results for the three months and year ended December 31, 2016. For the three months ended December 31, 2016, operating cash flow before changes in working capital1 was $75.0 million or $0.20 per share, with a net loss of $182.4 million and adjusted net income of $30.7 million or $0.08 per share after adjusting for certain non-cash and non-recurring charges. Copper production totalled 29,900 tonnes (28,800 tonnes of payable copper) at a C1 cash cost1 of $1.26 per payable pound produced with copper sales of 29,600 tonnes at a C1 cash cost1 of $1.24 per payable pound sold. For the full year ended December 31, 2016, operating cash flow before changes in working capital1 was $156.9 million or $0.41 per share, with a net loss of $197.4 million and adjusted net income of $29.4 million or $0.08 per share after adjusting for certain non-cash and non-recurring charges. Copper production totalled 114,600 tonnes (110,700 tonnes of payable copper) at a C1 cash cost1 of $1.44 per payable pound produced with copper sales of 110,500 tonnes at a C1 cash cost1 of $1.53 per payable pound sold.

Riverside Announces Exploration Results from $400,000 Partner-Funded Program at the Glor Gold Project

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VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 15, 2017) – Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99), is pleased to report on the progress of the partner-funded exploration program being conducted with Centerra Gold Inc. (“Centerra”) at the Glor Gold Project (the “Project”), located approximately 8 km west of Alamos Gold’s El Chanate Mine in Sonora, Mexico.

Between August 2016 and the end of last year, a number of programs of geophysical and geochemical surveying were completed along with geological mapping. Expenditures on these exploration programs amounted to approximately US$400,000 and were entirely funded by Centerra as part of its earn-in requirements (see Riverside press release dated July 28, 2016). The results of the 2016 soil and rock sampling programs are very encouraging, having defined multiple gold targets in the north-eastern, central and western parts of the Glor property.

Pan American Silver Increases Silver Mineral Reserves to 286 Million Ounces

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/888-tsx/paas/29316-pan-american-silver-increases-silver-mineral-reserves-to-286-million-ounces.html

VANCOUVER, Feb. 14, 2017 /CNW/ – Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAAS) (“Pan American”, or the “Company”) today reported on its mineral reserves and resources as at December 31, 2016. Pan American’s mineral reserves are estimated to contain approximately 286 million ounces of silver and 2.0 million ounces of gold compared with 280 million ounces of silver and 2.1 million ounces of gold at December 31, 2015.

Pan American Silver Announces Unaudited Net Earnings of $101.8 Million ($0.66 per share) in 2016 and Increases Quarterly Dividend

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VANCOUVER, Feb. 14, 2017 /CNW/ – Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAAS) (“Pan American”, or the “Company”) today reported unaudited results for the fourth quarter ended December 31, 2016 (“Q4 2016”) and full year 2016.

“We achieved solid performance on all fronts in 2016, generating $215 million in net cash from operating activities and beating our original guidance for both costs and silver production,” said Michael Steinmann, President and Chief Executive Officer of the Company. “We achieved major milestones at our La Colorada and Dolores mine expansions in Mexico. We expect both expansions will be completed by the end of this year, which contributes to an improving outlook for costs and production over the next three years.”

Golden Minerals Announces Preliminary Economic Assessment For Santa Maria Project

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GOLDEN, Colo., Feb. 15, 2017 /CNW/ — Golden Minerals Company (NYSE MKT: AUMN; TSX: AUM) (“Golden Minerals”, “Golden” or “the Company”) is pleased to announce positive results of a Preliminary Economic Assessment (“PEA”) for its Santa Maria silver and gold project located near Santa Barbara in Chihuahua State, Mexico.

The PEA presents a base case assessment of developing Santa Maria’s mineral resource and incorporates the results of an updated National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate dated as of February 15, 2017.

Kootenay Silver Announces High-Grade Silver Intercepts from Drill Program on La Negra operated by Pan American Silver Corp.

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VANCOUVER, Feb. 15, 2017 /CNW/ – Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to announce drilling has returned a series of high-grade silver intercepts from the latest 13 holes of a multi-phase drill program being conducted and operated by Pan American Silver Corp. (“Pan American”) on its La Negra silver discovery in Sonora, Mexico. The definition drill program on La Negra is part of an earn-in option agreement between Kootenay and Pan American that provides Kootenay with a series of work and cash commitments and a carried to production interest on La Negra. All holes reported are infill and step out drilling down dip on the La Negra breccia.