Month: April 2017

Vangold appoints three directors, closes financings

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http://vangold.ca/vangold-appoints-three-directors-closes-financings/

Vangold Resources Ltd. has appointed Mark Ashley, Hernan Dorado Smith and Cameron Scott King to the board of directors of Vangold.

Vangold closes non-brokered private placements

The company has closed the final tranche of its $500,000 non-brokered private placement of five-cent units (see news release dated Dec. 13, 2016) and its $500,000 non-brokered private placement of nine-cent units (see news release dated Feb. 23, 2017).

The final tranche of the five-cent-unit placement consisted of 3.5 million units at a price of five cents per unit for gross proceeds of $175,000. The securities issued in the final tranche have a hold period expiring Aug. 25, 2017.

Evrim Announces $3.21 million Private Placement

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http://www.evrimresources.com/s/news-releases.asp?ReportID=788131

Vancouver B.C. — April 27, 2017: Evrim Resources Corp. (TSX.V:EVM) (“Evrim” or the “Company”) announces a 10,700,000 unit private placement at $0.30 to raise gross proceeds of $3.21 million. Each unit will consist of one share and one-half non-transferable share purchase warrant (a “Warrant”). Each whole Warrant is exercisable into one common share at a price of $0.50 for three years from the date of closing (the “Closing Date”).

Finder’s fees of 6% cash commission and 6% non-transferable share purchase warrants (“Finder Warrants”) may be paid to eligible parties. Each Finder Warrant will be exercisable into one common share for 18 months from the Closing Date at $0.30.

Proceeds from the private placement will be used for exploration and working capital purposes. The shares, including any shares issued on exercise of the Warrants and Finder Warrants, will be subject to a four month restricted resale period from the Closing Date.

EXCELLON PROVIDES UPDATE ON OPTIMIZATION PROGRAM AND Q1 2017 PRODUCTION RESULTS

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Click to access 20170427.pdf

Toronto, Ontario – April 27, 2017 – Excellon Resources Inc. (TSX:EXN and EXN.WT; OTC:EXLLF) (“Excellon” or the “Company”) is pleased to provide an update on the ongoing optimization program and announce first quarter 2017 production results from the Platosa Mine in Durango, Mexico. Highlights • Continued positive results from optimization program, with drawdown over past two weeks of 1.3 metres, higher than forecasted at current pumping rates • Five of 12 submersible pumps operating, with well-cleaning and pump installation ongoing and four additional submersibles to be installed in next two weeks • Primary booster station running at full capacity, with second booster pump station commissioned and ready to commence pumping this week • Q1 2017 Production (Compared to Q1 2016) o Silver equivalent (“AgEq”) production of 205,314 oz (Q1 2016 – 363,552 AgEq oz) o Silver production of 108,118 oz (Q1 2016 – 211,557 oz) o Lead production of 0.6 million lb (Q1 2016 – 1.3 million lb) o Zinc production of 0.9 million lb (Q1 2016 – 1.6 million lb) • Development completed during Q1 and continually drier mining conditions resulting in improved grades and productivity being realized in April as operations access main body of Rodilla manto

April 26, 2017 17:35 ET Mexican Gold Corp. Announces Non-Brokered Private Placement of Up to $1,500,000 and Commencement of Trading Under Stock Symbol MEX

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http://www.marketwired.com/press-release/mexican-gold-corp-announces-non-brokered-private-placement-up-1500000-commencement-trading-2212295.htm

MEXICAN GOLD CORP. (“Mexican Gold” or the “Company”) (TSX VENTURE:MEX) is pleased to announce that it has arranged a non-brokered private placement (the “Private Placement“) of up to 5,000,000 units of the Company (the “Units“) at a price of $0.30 per Unit for gross proceeds of up to $1,500,000. Each Unit will consist of one common share of the Company (a “Common Share“) and one transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.45 per Common Share for a period of twenty-four months from the closing date of the Private Placement.

The net proceeds from the Private Placement will be used to continue exploration on the Company’s Las Minas Project located in the State of Veracruz, Mexico, and for property payments, and general working capital purposes.

In connection with the Private Placement, certain arm’s length parties may receive a cash finder’s fee payment equal to 7% of the gross proceeds of the Units that are sold to subscribers introduced by such parties. The finder’s fee payment is subject to the approval of the TSX Venture Exchange (the “Exchange“).

Closing of the Private Placement is anticipated to occur on or about May 5, 2017, and is subject to receipt of all required regulatory approvals including the approval of the Exchange.

New Gold Announces 2017 First Quarter Results with Record Low All-in Sustaining Costs and Lowers Full-Year Cost Guidance

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Click to access New-Gold-2017-First-Quarter-Results.pdf

New Gold’s first quarter gold production of 89,327 ounces remained in line with 2016 as higher production from the company’s Mesquite and Peak Mines partially offset planned lower production from New Afton and Cerro San Pedro. Cerro San Pedro’s production decreased as the mine has now transitioned into residual leaching. Quarterly copper production decreased by 6% to 23.8 million pounds when compared to the first quarter of 2016. As expected, silver production of 0.3 million ounces was also below 2016 as Cerro San Pedro transitioned to residual leaching.

Coeur Reports First Quarter 2017 Results

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http://investors.coeur.com/file.aspx?IID=4349317&FID=2000269591

CHICAGO–(BUSINESS WIRE)– Coeur Mining, Inc. (the “Company” or “Coeur”) (NYSE: CDE) today reported first quarter 2017 financial results, achieving $206.1 million of revenue, which represented increases of 29% quarter-over-quarter and 39% year-over-year. Net income during the first quarter was $18.7 million, or $0.10 per share, and adjusted net income1 was $7.0 million, or $0.04 per share.

Quarterly cash flow from operating activities was $55.3 million, increases of $29.8 million quarter-over-quarter and $48.7 million year-over-year. First quarter adjusted EBITDA1 totaled $56.6 million, representing a 29% increase quarter-over-quarter and a 51% increase year-over-year. Last twelve month (LTM) adjusted EBITDA1 was $235.4 million, representing increases of 9% quarter-over-quarter and 71% year-over-year. Free cash flow1 increased $35.8 million quarter-over-quarter and $56.0 million year-over-year to $31.3 million.

Balance sheet improvements since the beginning of 2016 resulted in a $7.5 million, or 68%, year-over-year decline in quarterly interest expense. Combined with higher LTM adjusted EBITDA1, the Company’s significant debt reductions resulted in total and net debt-to-LTM adjusted EBITDA1 ratios of 0.9x and 0.04x, respectively, compared to 3.7x and 2.5x a year earlier.

First Quarter Highlights

  • Silver and gold production were 3.9 million ounces and 88,218 ounces, respectively, or 9.2 million silver equivalent ounces (AgEqOz)1, representing a decline of 8% quarter-over-quarter and an increase of 14% year-over-year
  • Sales of 4.5 million ounces of silver and 110,874 ounces of gold, or 11.1 million AgEqOz1, increased 29% quarter-over-quarter and 34% year-over-year
  • Companywide all-in sustaining costs (AISC) and adjusted AISC per average spot AgEqOz1 were $13.65 and $13.66, respectively, both declining 6% quarter-over-quarter. On a 60:1 price equivalence basis, companywide AISC and adjusted AISC per AgEqOz1 were $15.01 and $15.02, both representing quarter-over-quarter decreases of 7%
  • Primary silver operations delivered costs applicable to sales (CAS) and adjusted CAS per average spot AgEqOz1 of $10.64 and $10.63, respectively, representing quarter-over-quarter decreases of 7% and 6%
  • For primary gold operations, CAS and adjusted CAS per gold equivalent ounce (AuEqOz)1 were $788 and $791, respectively, representing 17% increases compared to the prior quarter
  • Cash and equivalents totaled $210.0 million at March 31, 2017, an increase of nearly $50 million compared to year-end
  • The Company completed the sale of the Joaquin project for consideration of $27.4 million, realizing a gain of $21.1 million; Coeur also retained a 2.0% NSR royalty on the Joaquin project
  • Quarterly expensed exploration tripled year-over-year to $5.3 million primarily due to expanded drilling activities at Palmarejo and Kensington and the near-completion of a 25,000 meter drill program at La Preciosa to support a revised Preliminary Economic Assessment (PEA) expected later this year

AMERICAS SILVER CORPORATION PROVIDES FIRST QUARTER PRODUCTION AND COST UPDATE

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Click to access nr20170426.pdf

TORONTO, ONTARIO—April 26, 2017—Americas Silver Corporation (TSX: USA) (NYSE “MKT”: USAS) (“Americas Silver” or the “Company”) today announced consolidated production and operating cost results for the first quarter of 2017 and individually for its Cosalá Operations and Galena Complex.  All figures are in U.S. dollars unless otherwise indicated. First Quarter Highlights (compared to Q1, 2016)  Consolidated silver production of approximately 524,000 silver ounces and 1.1 million silver equivalent1 ounces, representing decreases of 22% and 13%, respectively. Consolidated cash costs2 were approximately $10.49 per silver ounce, an increase of 7%, while consolidated all‐in sustaining costs2 were approximately $14.27 per silver ounce, an increase of 19%.  Cosalá Operations silver production of approximately 250,000 silver ounces and 537,000 silver equivalent ounces, representing decreases of 19% and 11%, respectively, inclusive of El Cajón development ounces. Cash costs were approximately $2.61 per silver ounce and all‐in sustaining costs were approximately $3.21 per silver ounce, down 63% and 63%, respectively, exclusive of El Cajón development ounces and related costs.  Galena Complex silver production for the quarter of approximately 273,000 silver ounces and 571,000 silver equivalent ounces representing decreases of 25% and 14%, respectively. Cash costs were approximately $15.89 per silver ounce and all‐in sustaining costs were approximately $21.86 per silver ounce up 31% and 47%, respectively, due to planned lower grade and longer than expected mill repairs during the quarter.    Guidance for 2017 remains unchanged at 2.0  ‐ 2.5 million ounces in silver production and 5.5  ‐ 6.0 million ounces of silver equivalent production with projected cash costs of $4.00  ‐ $5.00 per silver ounce and all‐in sustaining cash costs of $9.00 ‐ $10.00 per silver ounce.  The San Rafael Project remains on budget and on time for the start of production by the end of Q3, 2017 despite recent ramp development challenges with poor ground conditions. The Company expects to be back into good ground by the end of April.    The Company purchased an option on the San Felipe Project for total payment of $7.0 million (plus VAT) in March 2017.    At the end of the first quarter, the Company drew fully upon the $15 million Glencore facility and fully repaid its existing debt of approximately $8.0 million during the quarter. The Company’s cash balance at March 31, 2017 was $17.6 million.

Goldcorp Reports First Quarter 2017 Results

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http://www.goldcorp.com/English/Investor-Resources/News/News-Details/2017/Goldcorp-Reports-First-Quarter-2017-Results/default.aspx

VANCOUVER, April 26, 2017 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported its first quarter 2017 results.

First Quarter Highlights

  • Net earnings for the first quarter were $170 million, or $0.20 per share, compared to net earnings of $80 million, or $0.10 per share, for the first quarter of 2016.

  • First quarter operating cash flows were $227 million and adjusted operating cash flows(1,2) were $269 million, of which $74 million was used to fund the growth pipeline, $65 million was used to repurchase a gold stream on the Company’s NuevaUnión project and $15 million was used to pay dividends. Available liquidity at March 31, 2017 stood at $3.1 billion.
  • Gold production of 655,000 ounces at low all-in sustaining costs (1) (“AISC”) of $800 per ounce, compared to 784,000 ounces at AISC of $836 per ounce for the first quarter of 2016. 2017 guidance reconfirmed for gold production of approximately 2.5 million ounces (+/- 5%) at AISC of approximately $850 per ounce (+/- 5%).
  • Portfolio optimization continues to drive increasing net asset value (“NAV”) per share. The Company continued to upgrade its portfolio with the announcement of a 50/50 joint venture with Barrick in the Maricunga district in Chile, and the completion of approximately $500 million in divestitures of non-core assets. Targeted annual sustainable efficiencies of $250 million and advancing our robust project pipeline are on track to deliver a 20% increase in gold production, a 20% increase in gold reserves and a 20% reduction in AISC over the next five years.

“Strong first quarter results were driven by solid production and low all-in sustaining costs, with our $250 million annual sustainable efficiency program well advanced and already benefitting the bottom line,” said David Garofalo, President and Chief Executive Officer.  “To deliver on the 20/20/20 growth plan we are maintaining a laser focus on execution, while simultaneously optimizing our asset portfolio and driving down costs.  In addition, we continue to enhance the strongest growth pipeline in the gold industry with the planned 60 million ounce joint venture in the Maricunga District in Chile, financed by the sale of non-core assets.  This transaction underlies our strategy of growing net asset value per share by delivering three to four million ounces of sustainable, annual gold production from six to eight core camps.”

Goldcorp Provides First Quarter 2017 Exploration Update

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http://www.goldcorp.com/English/Investor-Resources/News/News-Details/2017/Goldcorp-Provides-First-Quarter-2017-Exploration-Update/default.aspx

VANCOUVER, April 26, 2017 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) is pleased to provide an update on its 2017 exploration program.  Representative drill results are provided below; website links to further information including full drill results, drill coordinates, QA/QC information and relevant diagrams are provided at the end of each section.

Highlights

  • Drilling at Cerro Negro returned positive results.  Further encouraging results have been returned from Silica Cap and the Bajo Negro hanging wall, supporting continued drilling on these two targets. Results include: 20.80g/t Au over 5.01m (Bajo Negro hanging wall, BDD-17006) and 4.75g/t Au over 5.16m (Silica Cap, SCDD-17003).
  • Drilling at the Coffee project commenced.  The field season commenced in March and a total of 7,317m of reverse circulation drilling was completed at Supremo T8-T9 and Arabica during the month.
  • Generative study work at Peñasquito yielded 13 new targets for follow-up testing.  The initial study work covered a 50km by 30km block centered over the Peñasquito and Concepción del Oro districts; the targets will be assessed for geological and economic potential.
  • Continued exploration progress in the Timmins Camp.  Additional targets have been identified and as part of the pre-feasibility study at the Century Project, drilling has commenced with the aim of converting mineral resources to mineral reserves through tighter drill spacing.

 

“During the quarter we continued to focus our efforts on reserve replacement and populating the resource triangle with new targets,” said Paul Harbidge, Senior Vice-President, Exploration. “I am encouraged with the positive results that we are seeing from our portfolio of projects as well as the generative studies which are laying the foundation for future exploration success. We are well positioned to meet our targeted 20% increase in reserves over the next five years.”

Expiry of Option Over Tailings Project

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Click to access nr-2017-04-26-tnm-termination.pdf

Arian Silver Corporation (“Arian” or the “Company”), the Mexico focused AIM quoted resource development company, announces that it will allow its option with Tierra Nuevo Mining Ltd over the Noche Buena gold and silver tailings project, to lapse unexercised. The Company will instead continue to focus on its lithium projects in Zacatecas State, Mexico, as detailed in the announcement of 11 April 2017. In respect of the gold and silver tailings project, the metallurgical testwork undertaken by Resource Development Inc (RDi) of Denver, Colorado, in the USA, demonstrated that the tailings are highly refractory and include various gangue minerals that would not only inhibit extraction of the silver and gold, but also lead to significant penalties levied by any purchasers of any concentrate produced.