| IMPACT Silver Corp. (“IMPACT” or the “Company”) is pleased to announce its financial and production results for the year ended December 31, 2016.
Fred Davidson, President and CEO, stated, “Recently, IMPACT was named to the 2017 TSX Venture 50. In 2016, our stock achieved over 442% returns from an all-time low in the year. Over the past decade, I have seen IMPACT bring six mines from exploration to production through organic cash flow and continue to operate through challenging economic times. Operationally, the Company continues to improve its mine operating income, achieving income of $1.4 million in 2016 compared to a loss of $0.1 million in 2015. EBITDA1 improved to $0.7 million in 2016 from $0.4 million in 2015. The Company continues to achieve positive cash flows in each quarter of 2016. We continue to focus on improving profitability by increasing our processing capacity, expanding our resources, and carrying out an exploration program which will include drilling a number of key targets, all made possible by capital raised from supportive long-term investors who share our vision. We are excited to continue to deliver even more shareholder value in 2017.” |
Month: March 2017
Source Exploration: Brian Robertson Appointed Chairman of the Board
THUNDER BAY, ONTARIO–(Marketwired – March 15, 2017) – Source Exploration Corp. (the “Company” or “Source”) (TSX VENTURE:SOP)(OTC:SRXLF)(FRANKFURT:4QW1) is pleased to announce the appointment of Mr. Brian Robertson, P.Eng., as Chairman, effective immediately. Mr. Robertson currently serves as President & CEO of the company and is also a Director.
Mr. Robertson is a Professional Engineer and holds the Graduate Diploma in Business Administration from Laurentian University. He has served as a President and Director for Canadian listed companies and has extensive experience in financing, directing exploration programs and the evaluation of corporate acquisitions. His global experience includes operating and construction of precious metal mines in Canada and offshore, including a 21 year career with Placer Dome Inc.
Primero Mining Reports Fourth Quarter and Full-Year 2016 Results
TORONTO, ON–(Marketwired – March 15, 2017) – Primero Mining Corp. (“Primero” or the “Company”) (TSX: P) (NYSE: PPP) today reported financial results for the fourth quarter and full-year ended December 31, 2016. The Company previously reported operating results for the fourth quarter and full-year 2016 on January 18, 2017.
Highlights:
- Revised Production Guidance Achieved: Fourth quarter production of 45,794 gold equivalent ounces2 resulted in annual 2016 production of 176,139 gold equivalent ounces within the Company’s 2016 revised production guidance range of 170,000 to 190,000 gold equivalent ounces. Annual production totalled 156,052 ounces of gold and 5.32 million ounces of silver combined from the San Dimas and Black Fox mines.
- Cash Costs Within Revised Guidance Range: Consolidated 2016 total cash costs3 were $865 per gold equivalent ounce, with consolidated all-in sustaining costs4 (“AISC”) of $1,333 per gold ounce slightly below the Company’s revised 2016 guidance range.
- Financial Results Impacted by Lower Production: Lower production at both mines resulted in reduced revenue, earnings and cash flows in 2016 compared to 2015. The Company incurred a net loss of $234.4 million ($1.32 per share) including $228.0 million ($188.9 million net of tax) in impairment charges in 2016, and an adjusted net loss1 of $22.1 million ($0.12 per share) for 2016.
- San Dimas Operations Being Re-Set to Increase Profitability: Primero is reducing the complexity and scale of San Dimas operations in 2017. This is expected to result in significant decreases to the San Dimas workforce and other overhead costs which will enable the return to profitability and long-term sustainability of the mine.
- Reduced General and Administrative Costs: Primero has initiated actions to significantly reduce its general and administrative (“G&A”) costs in 2017. The Company has already reduced its corporate office head-count by 30%, and will be downsizing its corporate office space and reducing directors’ expenses.
Argonaut Gold Announces Closing of C$40 Million Bought Deal Financing
Argonaut Gold Inc. (TSX:AR) (“Argonaut Gold” or the “Company“) is pleased to announce that it has closed its previously announced “bought deal” public offering of 16,700,000 common shares of the Company (the “Common Shares“) at a price of C$2.40 per Common Share for aggregate gross proceeds of C$40,080,000 (the “Offering“). The Common Shares were offered and sold through a syndicate of underwriters led by BMO Capital Markets.
Under the terms of the Offering, the Company has also granted the underwriters an option, exercisable in whole or in part for a period of 30 days following the closing date of the Offering, to purchase up to an additional 2,505,000 Common Shares at a price of C$2.40 per Common Share for market stabilization purposes and to cover over-allotments, if any.
Kootenay Reports follow up Metallurgical Leach Testing Underway on Bulk Samples from La Cigarra Silver Resource
Click to access article_03152017130208.pdf
Kootenay Silver Inc. (TSXV: KTN) (the “Company” or “Kootenay”) is pleased to report additional leach testing of oxide and sulfide silver mineralization (the “Phase II Program”) has begun on bulk samples from the Company’s La Cigarra silver deposit in Chihuahua State, Mexico, applying the proprietary SILVOX Technologies Inc. (“SILVOX”) process. The purpose of the Phase II Program is to determine if silver mineralization at La Cigarra is amenable to low cost heap leach processing using the SILVOX process, which could have a positive impact on potential capital requirements and operating costs. Previous metallurgical work was focused on silver recovery through production of a concentrate via conventional floatation. This work was very positive achieving recoveries up to 88% silver producing a high grade lead-silver concentrate that graded 34% lead and 23,000 gpt silver for every tonne of concentrate
VVC Announces Update of Work Programs for Samalayuca Copper Project
TORONTO, ONTARIO–(Marketwired – March 13, 2017) – VVC Exploration Corporation (“VVC” or the “Company“) (TSX VENTURE:VVC) is pleased to provide an update and an outline of upcoming work programs for the Company’s Samalayuca Copper project in Northern Chihuahua, Mexico.
VVC Exploration Corporation continues to cooperate with local, state and national officials as it pursues the objective of starting a copper oxide pilot mine on the Kaity Claim of Samalayuca de Cobre (Samalayuca Copper Project). VVC is confident that the Samalayuca Project can play a part in a national, state and municipal strategy aimed at promoting economic and social policies that respond to the needs and aspirations of the people in the Samalayuca area. Mining in the state of Chihuahua, Mexico is very dynamic and the company is proud to be a part of that dynamism and its contribution to the State’s economy. VVC is committed to supporting the economic progress of the region through the continued development of the Samalayuca Copper Project and doing so in an environmentally friendly and socially responsible manner.
Silver Spruce Resources Inc. Announces Closing of Non-Brokered Private Placement
BRIDGEWATER, NOVA SCOTIA, Mar 13, 2017 (Marketwired via COMTEX) — BRIDGEWATER, NOVA SCOTIA–(Marketwired – March 13, 2017) – Silver Spruce Resources Inc. (SSE)(frankfurt:S6Q) announces that it has closed its current non-brokered private placement and raised gross proceeds of $459,500.00 (the offering). The offering will consist of the issuance of 5,743,750 shares and 5,743,750 warrants.
Units at $0.08 cents were offered which consisted of one common share in the capital of Silver Spruce and one purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of Silver Spruce for 12 cents ($0.12) at any time prior to the date which is twenty four months (2 years) from a particular closing date at which time the warrants will expire. All units acquired pursuant to the private placement, and shares which may be acquired upon the exercise of the warrants, are subject to a four month hold period in accordance with applicable securities legislation.
Highlights on the Second Week of March, 2017. Mineral Exploration in Mexico
During the 10th week of the year (March 6th to March 12th, 2017), at least 22 press releases were announced by companies working in Mexico. ON EXPLORATION, Chesapeake presented an update on regional exploration in Durango and Sinaloa. ON MINING, McEwen, Timmins Gold, US Antimony and Odyssey Marine Exploration presented 2016 results. Consolidated Zinc presented drilling and rockchip sample results ON FINANCING, Four companies announced financial news, with Leagold raising C$175 M; Telson obtaining a US$2 M credit line; Alix raising $248.5 K and McEwen on a share repurchase plan. ON RESOURCES AND DEVELOPMENT, McEwen announced a well-funded exploration budget for its properties in Sinaloa; Mag Silver disclosed a probable increase on the projected processing plant at Valdecañas by its JV partner, Mexus advances toward production in Sonora and Sierra Metals informed of fairly good drilling results from a brownfield zone in Chihuahua. ON DEALS AND CORPORATE ISSUES, Avino Silver announced the death of founder and CEO for more than 30 years, Louis Wolfin, a pioneer of Canadian mining investments in Mexico; Radius Silver sold a property in Oaxaca; Santacruz Silver amended an agreement with Hochschild; finally, Colibri shares on the TSX remain halted.
ON EXPLORATION
- Chesapeake Gold Corp. has identified four precious and base metals projects with district scale potential in the more than 85,000 hectares held by the company. At Yarely, Sinaloa, three target areas have been defined on a 70,000 hectare land package assembled by staking and acquisition. At Yarely North 12 veins ranging up to 12 m in width have been traced for an average length of 650 m, with rock samples returning 2 m @ 19.5 g/t Au, 505 g/t Ag; 11 m @ 1.1 g/t Au, 42, g/t Ag, 8 m @ 1.6 g/t Au, 33 g/t Ag; 3 m @ 1.1 g/t Au, 805 g/t Ag. At Yarely Central the mineralized zone measures 1.5 by 2.0 Km, with several wide zones of quartz stockwork and disseminated polymetallic mineralization, with trench samples returning 14 m @ 1.5 g/t Au, 143 g/t Ag; 93 m @ 17 g/t Ag; 36 m @ 0.7 g/t Au, 26 g/t Ag. At Yarely South preliminary sampling has returned up to 83 g/t Ag, 2.9% Cu, 0.12% Mo. At El Paso in Sinaloa, extensive exoskarn and intrusive hosted quartz stockworks are present, with channel samples returning 69 m @ 2.2 g/t Au, 8 g/t Ag, 1.1% Zn; 50 m @ 0.6 g/t Au, 12 g/t Ag. At Nicole, in Durango, quartz breccia veins transition at depth to dissemination and stockwork. On the veins, channel samples returned 7 m @ 3.1 g/t Au, 238 g/t Ag, 0.3% Zn; 3 m @ 12 g/t Au, 450 g/t Ag; while lower in the system sampling has returned 30 m @ 1.2 g/t Au, 29 g/t Ag, 1.5% Zn; 30 m @ 0.7 g/t Au, 19 g/t Ag, 0.7% Zn. At San Javier, in Durango, sampling on a 4 km long quartz stockwork has returned 60 m @71 g/t Ag, 0.6% Pb; 28 m @ 158 g/t Ag, 0.3% Pb; while another 3 km long structurally associated breccia has returned 48 m @ 1.0 g/t Au.
ON MINING
- McEwen Mining Inc. reported financial results for 2016, including figures for its El Gallo mine in Sinaloa, where 54,929 Oz Au, 25,336 Oz Ag were produced at an average grade for the ore of 2.14 g/t Au. The 2017 guidance for the unit is 49,700 Oz Au, 24,000 Oz Ag, at cash cost $760 and AISC $900 per AuEq Oz. As of the end of 2016 the company had 58.8 M in cash, investments and precious metals, and no debt.
- United States Antimony Corp. announced that it has successfully transitioned from custom smelting antimony concentrates at the Madero, Coahuila, plant to its own mine production. Antimony production in January was 159 K pounds and 185.8 K pounds in February. The company expects to ramp up production form Wadley (San Luis Potosi), Soyatal (Queretaro) and Guadalupe. During 2016 US Antimony produced 2.9 M pounds Sb, 604 Oz Au, 38.1 K Oz Ag.
- Timmins Gold Corp. announced financial results 2016, producing 100,322 Oz Au at cash cost $734 and all-in sustaining cost of $853 per gold ounce. The company ended the year with $33.9 M in cash and working capital of $37.8 M.
- Consolidated Zinc Ltd. released rock sample results from the Tres Amigos North zone, and resource drilling results at its Plomosas project in Chihuahua. The results from seven continuous rock samples range from 21.4% to 24.8% Zn+Pb, including up to 19.2% Zn, 11.6% Pb and 38 g/t Ag. Resource definition drilling results include 1.3 m @ 4.5% Zn, 1.7% Pb, 15 g/t Ag; 4.7 m @ 11.6% Zn, 6.7% Pb, 31 g/t Ag; 3.95 m @ 3.8% Zn, 0.1% Pb, 1 g/t Ag.
- Odyssey Marine Exploration Inc. reported full year results for 2016, with a net loss of $6.3 M. Its seabed phosphate San Diego Project off the coast of Baja California has not yet been awarded the environmental permit needed, Odyssey expects to obtain the said permit in 2017.
ON FINANCING
- McEwen Mining Inc. plans to repurchase up to 5.4% of its outstanding common stock (up to $15 M). During 2015 and 2016 $1.8 M and 0.6 M were repurchased respectively.
- Alix Resources Corp. completed the second and final tranche of a non-brokered flow through private placement, for gross proceeds of $248.5 K.
- Telson Resources Inc. has secured a $2 M line of credit for leasing underground and surface mining equipment for mine development at its Tahuehueto project in Durango. The surface area rights to install the processing plant in Tepehuanes have been secured.
- Leagold Mining Corp. completed its previously announced offering for aggregate gross proceeds of C$175 M. The net proceeds from the offering will be used to fund a portion of the purchase price of the Los Filos mine in Guerrero from Goldcorp Inc.
ON RESOURCES AND DEVELOPMENT
- McEwen Inc. has budgeted $6 M for El Gallo silver project in Sinaloa, $3 M in exploration and $3 M in development.
- Mag Silver Corp. disclosed that its JV partner (Fresnillo PLC) in the Valdecañas project in Zacatecas is considering to increase the planned processing plant capacity from 2,650 tonnes per day (tpd) to 4,000 tpd, reflecting the latest drill intercepts in the deeper zone. Permitting on the new design has already commenced, and formal approval by Frenillo’s Board is to come on the next three to four months. A 20,000 meters drill program for 2017 has still to be approved by the JV Technical Committee.
- Mexus Gold US. has completed the testing of the leach circuit. Testing and calibration of chemical treatment equipment is underway before the leaching process begins.
- Sierra Metals Inc. delivered drilling results from La Sidra vein and Bolivar West, at its Bolivar mine site in Chihuahua. At La Sidra Ag-Au mineralization currently extends over 500 m in length and 300 m in depth, and is open along strike and depth, while at Bolivar drilling proceeds at the skarn ore area and geophysics targets. At La Sidra, drill length intercepts include 3.75 m @ 0.7 g/t Au, 717 g/t Ag, 0.4% Pb, 1.3% Zn; 9.75 m @ 4.0 g/t Au, 390 g/t Ag, 1.9% Pb, 5.0% Zn; 5.7 m @ 1.8 g/t Au, 91 g/t Ag, 0.7% Pb, 1.8% Zn; 1.75 m @ 3.9 g/t Au, 537 g/t Ag, 1.2% Pb, 1.7% Zn. At Bolivar intercepts include 9.15 m @ 69 g/t Ag, 2.3% Cu, 2% Zn; 7.35 m @ 42 g/t Ag, 1.3% Cu, 1.4% Zn; 12.6 m @ 133 g/t Ag, 1.4% Cu, 0.7% Zn; 6.0 m @ 1.4 g/t Au, 42 g/t Ag, 1.4% Cu.
ON DEALS AND CORPORATE ISSUES
- Avino Silver & Golod Mines Ltd. announced the death of founder and CEO for more than 30 years, Louis Wolfin, at the age of 85. Mister Wolfin founded Avino in 1968, and the Avino mine went into production in 1974. Avino Silver Gold Mines Ltd. was one of the first Canadian companies to invest in the mining industry in Mexico, more than 20 years before the opening of the industry for full foreign investment in the country.
- Radius Gold Inc. reached an agreement for the sale of its Tlacolula property in Oaxaca to Fortuna Silver Mines Inc. As an amendment to a previous contract, Fortuna acquires 100% interest in the property by issuing Radius 250 K shares of Fortuna and granting a 2% NSR royalty. Fortuna will retain the right to purchase 1% of the royalty by paying Radius US$1.5 M.
- Santacruz Silver Mining Ltd. completed the amended agreement with Hochschild by issuing 13.4 M shares of the company, in consideration for the restructuring of the payment there-under.
- Colibri Resource Corp. announced trading in its shares remains halted pending filing and review of documentation by Investment Industry Regulatory Organization of Canada, regarding the acquisition of Canadian Gold Resources.
Content like what you have just read can be seen at https://gambusinoprospector.com/ and at LinkedIn’s Mexico Mineral Exploration Group.
On the picture below, Cerro Lanza in Chiapas, a Tertiary volcanic neck poking through Mesozoic sedimentary rocks. Photo by Jorge Cirett.
Riverside Resources Inc. Offering Oversubscribed by $416,552
Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99) is pleased to announce that its previously announced private placement of up to 5,500,000 units at $0.55 per unit has been oversubscribed. The Company has now closed subscriptions at 6,257,367 units for total proceeds of $3,441,552, an oversubscription of 757,367 units and $416,552.
Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will be exercisable into one common share for a period of two (2) years from closing at a price of $0.85 per share. The term of the warrants is subject to an accelerated exercise provision that triggers a shortened exercise period in the event that the Company’s shares trade at $1.15 or higher for 15 consecutive trading days after the expiry of four months from the issuance of the warrant but prior to the expiry of the first year of the warrant term.
Source Exploration Announces Palisade Global Investments Ltd. As Major Shareholder For 12.68%
THUNDER BAY, ONTARIO–(Marketwired – March 13, 2017) – SOURCE EXPLORATION CORP. (the “Company” or “Source”) (TSX VENTURE:SOP)(OTC:SRXLF)(FRANKFURT:4QW1) is pleased to announce that Palisade Global Investments Ltd. (“Palisade”) has become the largest shareholder of the company by participating in the recently closed non-brokered private placement. Palisade provided the lead order of $499,950. Palisade is an offshore merchant banking and investment group, specializing in small cap, high growth investments.