Month: September 2017

Primero Provides an Operations and Corporate Update

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http://www.primeromining.com/English/investors/news/press-release-details/2017/Primero-Provides-an-Operations-and-Corporate-Update/default.aspx

TORONTO, ON — (Marketwired) — 09/21/17 — (Please note that all dollar amounts in this news release are expressed in U.S. dollars unless otherwise indicated.)

Primero Mining Corp. (“Primero” or the “Company”) (TSX: P) today announces an update on recent activities at its operating mines, the San Dimasgold-silver mine located in Durango, Mexico and the Black Fox gold mine located near Timmins, Ontario, Canada. The Company is also providing an update on recent corporate activities.

Highlights:

  • San Dimas Experiences Ramp-Up Delay: While the San Dimas mine has experienced a recent improvement in operations, it has not seen the full step increase in productivity that underpinned the 2017 restart plan. Further, the Company has had to restrict capital spending due to current liquidity constraints and has reduced both development and exploration expenditures. As a result, the Company has lowered its 2017 San Dimas production guidance to between 75,000 and 85,000 gold equivalent ounces1 at total cash costs2 of between $800 and $900 per gold equivalent ounce with all-in sustaining costs3 (“AISC”) increasing to $1,050 to $1,150 per gold ounce.
  • Black Fox Sale Expected to Close in Early-October: Primero continues to work with McEwen Mining to facilitate the closing of the Black Fox Complex transaction, which is expected to be completed in the first week of October. Black Fox is expected to achieve full-year 2017 production guidance of between 50,000 and 60,000 ounces of gold at AISC of $1,150 to $1,250 per ounce. The Company expects that at the time of closing Black Fox will have delivered approximately 50,000 gold ounces attributable to Primero in 2017.
  • Production Guidance Update: Primero’s 2017 production guidance has been reduced to reflect a more gradual restart of the San Dimasoperations and the pending sale of the Black Fox Complex. Primero expects consolidated 2017 production of between 125,000 and 135,000 gold equivalent ounces at total cash costs of between $800 and $900 per gold equivalent ounce with AISC of between $1,200 and $1,300 per gold ounce.
  • Corporate Update and Current Liquidity Position: Primero continues to operate in a cash conservation mode as management works on possible alternatives to refinance or repay its upcoming debt obligation. The Company continues with negotiations on the potential sale of San Dimas or potential renegotiation of its silver stream. Primero had approximately $12 million in cash at August 31st and has fully-drawn its $75 million revolving credit facility (“RCF”). The Company expects to use the proceeds from Black Fox transaction to reduce its total debt position.

“We remain very cognizant of the challenges facing us and remain committed to our Primero stakeholders in working to achieve resolution,” stated Joseph F. Conway, Interim President and Chief Executive Officer. “We continue to advance our strategic process and our objective is to obtain a fair distribution of value for Primero stakeholders. At the same time, we are working on possible alternatives to refinance or repay our revolving credit facility due in November and see the sale of the Black Fox asset as a critical step towards meeting this near-term hurdle.”

Bacanora Minerals Ltd – Restricted Share Plan and Director Dealings

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Click to access BacanoraMinerals_13691374.pdf

Bacanora Minerals Ltd. has implemented a restricted share unit plan along with the grant of an aggregate of 1,192,277 restricted share units thereunder and the grant of an aggregate of 2,227,410 options to acquire common shares in the capital of Bacanora at a price of pounds sterling 0.80 (approximately $1.32) pursuant to the stock option plan of the company.

RSU Plan

In order to further align the interests of the company’s senior executives, key employees, consultants and directors with those of the shareholders of the company, the board of directors has approved the implementation of the RSU Plan, subject to receipt of final approval by the TSX Venture Exchange and ratification by the company’s shareholders at the next annual meeting thereof. The TSX-V has granted conditional acceptance of the RSU Plan, subject to confirmation of shareholder ratification. Under the RSU Plan, eligible persons may (at the discretion of the board) be allocated a number of RSUs as the board deems appropriate, with vesting provisions also to be determined by the board, subject to a maximum vesting term of three years from the end of the calendar year in which RSUs were granted. Upon vesting, eligible participants shall be entitled to a cash payment equal to the number of RSUs granted, multiplied by the fair market value of the Company’s common shares on the redemption date. The company shall also have the option (at the discretion of the board) to settle amounts owing to eligible persons via the issuance of common shares of the company.

ARGONAUT GOLD ANNOUNCES FIRST GOLD POUR AT SAN AGUSTIN

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http://www.argonautgold.com/news_events/news/news_release/index.php?&content_id=353

Toronto, Ontario – (September 19, 2017) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce that, as scheduled, it has achieved its first gold pour from its San Agustin project in Durango, Mexico.

Pete Dougherty, President & CEO stated: “Since breaking ground on construction at San Agustin 10 months ago, I’m pleased to announce we maintained schedule to first gold pour.  Also of great importance to the Company is the attention to safety, as we have had zero lost time incidents at San Agustin throughout the project’s construction.”

Centerra Gold 2017 Third Quarter Results Conference Call and Webcast

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Click to access nr-20170918.pdf

TORONTO, CANADA – September 18, 2017 – Centerra Gold Inc. (TSX: CG) will host a
conference call and webcast of its 2017 third quarter financial and operating results at 11:00AM Eastern time on Wednesday November 1, 2017. The results are scheduled to be released after the market closes on Tuesday October 31, 2017.
• North American participants should dial the toll-free number (800)-698-0460.
• International participants may access the call at +1 (303)-223-2683.
• The conference call will also be broadcast live by Nasdaq and can be accessed at Centerra Gold’s website at http://www.centerragold.com.
• A slide presentation of the third quarter results will also be accessible on Centerra Gold’s website at http://www.centerragold.com . An audio recording of the call will be available

Radius Gold samples bonanza grade gold and silver at Amalia Project, Mexico

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http://www.radiusgold.com/s/NewsReleases.asp?ReportID=803140&_Type=News-Releases&_Title=Radius-Gold-samples-bonanza-grade-gold-and-silver-at-Amalia-Project-Mexico

Vancouver, Canada: Radius Gold Inc. (TSX-V: RDU) is pleased to announce new high grade channel sampling results from its recently optioned Amalia Project located in the State of Chihuahua, Mexico (see company news release dated 22 June 2017). Initial exploration results have been received from 272 surface and underground rock chip samples, including the following highlights from continuous chip sampling:

  • 4m at 6.04 g/t Au and 1702 g/t Ag from Guadalupe Target
  • 30m at 0.58 g/t Au and 151 g/t Ag from Campamento Target
  • 1.5m at 114 g/t Au and 57 g/t Ag from Dulces Target

The Amalia Project is located 25 km SW of the historic Guadalupe y Calvo mining district in Chihuahua and hosts high grade epithermal silver-gold mineralization. The Project is unexplored, with only minor historic artisanal-scale mining of surface outcrop known. Epithermal Au-Ag mineralization has been sampled by Radius in several veins, vein breccias and disseminated zones over 3.5km of strike length and a 600m vertical interval following the trace of a large regional fault zone. After optioning the 380ha project in June 2017, Radius staked an additional 10,000 hectares surrounding the Amalia Project, covering 3 new regional target areas. Radius established a 10 man camp at Amalia and completed an initial exploration program comprising geological mapping, prospecting and channel sampling of the main targets.

Torex Sub-Sill Growth Potential Confirmed By Step-Out Drilling

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https://www.torexgold.com/news/torex-sub-sill-growth-potential-confirmed-by-step-out-drilling

TORONTO, Ontario, September 19, 2017 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) is pleased to announce high grade intercepts in the step-out drilling in the quadrant to the northwest of the current Sub-Sill resource area, associated with its El Limon-Guajes Mine (ELG) in Southwest Mexico. Highlighted intercepts from this step-out program include 41.4 g/t Au over 19.3m in a 40-meter step-out to the north, in borehole SST-71. To the northwest, in a 130-meter step-out, borehole SST-91 intercepted 35.9m of 5.7 g/t Au, including 3.5m of 32.2 g/t Au, and another 3.5m of 14.1 g/t Au. In a more westerly direction, in a 240-meter step-out, borehole SST-88 intercepted 11.6 g/t Au over 3.6 meters. The Company also announced results of an additional 15 holes of the in-fill program that will contribute to the next resource estimate, including 32.2 g/t Au over 29.3m in borehole SST-72.

McEwen Mining Announces Bought Deal of $40.5 Million

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http://www.mcewenmining.com/Media-Events/News-Releases/News-Releases-Details/2017/McEwen-Mining-Announces-Bought-Deal-of-405-Million/default.aspx

TORONTO, Sept. 18, 2017 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE:MUX) (TSX:MUX) (“McEwen”) is pleased to announce that it has entered into an underwriting agreement with a syndicate of underwriters (the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal underwritten basis, 18,000,000 shares of its common stock and warrants to purchase up to 9,000,000 shares of its common stock, at a price of $2.25 per share and associated one-half common stock warrant, for gross proceeds, before deducting underwriting commissions and estimated offering expenses, of $40.5 million. The warrants will have a term of 53 weeks from issue date and an exercise price of $2.70 per whole share. In addition, McEwen has granted the Underwriters a 30-day option to purchase up to an additional 2,700,000 shares of common stock and/or warrants to purchase up to 1,350,000 shares of common stock. The offering is expected to close on or about September 22, 2017, subject to customary closing conditions.

Cantor Fitzgerald Canada Corporation (“CFCC”) is acting as the sole book-running manager for the offering. H.C. Wainwright & Co., LLC is acting as the lead manager for the offering.

McEwen intends to use the net proceeds of the offering to fund the previously announced acquisition of the Black Fox Complex and associated assets and liabilities, an operating precious metal mine, associated claims and equipment located in the Township of Black River-Matheson, Ontario, Canada, and the Grey Fox Property, an exploration property located near the Black Fox Complex, and for working capital and general corporate purposes. If the foregoing acquisitions do not close, McEwen will use the net proceeds of this offering for working capital and general corporate purposes.

LEAGOLD APPOINTS VICE PRESIDENT – INVESTOR RELATIONS

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http://www.leagold.com/news/2017/leagold-appoints-brown-as-vice-president-investor-relations

Vancouver, September 18, 2017 – Leagold Mining Corporation (TSX:LMC; OTCQX:LMCNF) (“Leagold” or the “Company”) is pleased to announce the appointment of Meghan Brown, BA, MBA as Vice President – Investor Relations.

Neil Woodyer, CEO stated “We are pleased to welcome Meghan to the Leagold team. Meghan brings extensive investor relations experience with Canadian and dual-listed public companies. Her background with precious metal development and operating companies focused principally in Latin America makes her ideal for this role.”

Meghan’s expertise encompasses corporate transactions, mergers, equity financings, institutional marketing, shareholder communications, corporate governance and disclosure, media relations, and strategic planning. Meghan is past Chair of the Canadian Investor Relations Institute (CIRI) National Board of Directors, and is a Director of the Canadian Cancer Society BC/Yukon Board of Directors.

Telson Secures US$5 Million Loan Facility and Offtake Agreement with Trafigura and is Now Fully Funded to Restart Operations at Campo Morado Mine

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Click to access TSN_NR_165_Sep18_2017.pdf

Vancouver, British Columbia, Monday September 18th, 2017.
Highlights:
 Executed loan facility with Trafigura in the amount of US$5 million for working capital
 Full funding enables restart of mining and mineral processing at Campo Morado Mine
 Full US$5 million has been received into Telson´s bank account
 The Offtake Agreements are for 100% production of zinc and lead concentrates with a minimum
fixed tonnage, starting delivery in October 2017 and ongoing until December 2021
Telson Resources Inc. (“Telson” or the “Company”) (TSX Venture – TSN.V)
is very pleased to announce it has entered into a Loan Facility and Offtake
Agreements (the “Agreements”) with Trafigura Mexico S.A. de C.V.
(“Trafigura”), a market leader in the global commodities industry, to sell
100% of the lead and zinc concentrate produced at the Campo Morado Mine
from the commencement of commercial production estimated during
October 2017 and until December 2021. Trafigura has provided Telson with
a credit facility of US$5 million thereby securing full working capital
requirements to initiate the restart of continuous mining operations at the
Campo Morado Mine.