Month: October 2017

AGNICO EAGLE REPORTS THIRD QUARTER 2017 RESULTS INCLUDING RECORD QUARTERLY GOLD PRODUCTION; IMPROVED 2017 PRODUCTION AND COST GUIDANCE; NUNAVUT PROJECTS REMAIN ON SCHEDULE AND ON BUDGET; DIVIDEND INCREASED BY 10%

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Click to access Q3-2017-AEM-Results-FINAL.pdf

Toronto (October 25, 2017) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM)
(“Agnico Eagle” or the “Company”) today reported quarterly net income of $71.0 million, or $0.31 per share, for the third quarter of 2017. This result includes non-cash foreign currency translation gains on deferred tax liabilities of $5.7 million ($0.03 per share), unrealized gains on financial instruments (net of tax) of $5.3 million ($0.02 per share), non-cash foreign currency translation losses of $4.3 million ($0.02 per share) and various mark-to-market and other adjustment losses (net of tax) of $2.2 million ($0.01 per share).
Excluding these items would result in adjusted net income1 of $66.5 million or $0.29 per share for the third quarter of 2017. In the third quarter of 2016, the Company reported net income of $49.4 million or $0.22 per share.
Not included in the third quarter of 2017 adjusted net income is non-cash stock option
expense of $3.7 million ($0.02 per share).

Goldcorp reports 2017 reserve and resource estimates and provides exploration update

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https://www.goldcorp.com/investors/news-releases/default.aspx#2017#Goldcorp-reports-2017-reserve-and-resource-estimates-and-provides-exploration-update

VANCOUVER, Oct. 25, 2017 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) (“Goldcorp” or the “Company”) is pleased to provide an update to the Company’s Mineral Reserve and Mineral Resource estimates as of June 30, 2017.

Highlights:

  • Proven and Probable Gold Mineral Reserves Increased by 26% to 53.5 Million Ounces. The increase is primarily due to the successful conversion of 4.7 million ounces into mineral reserves at Century and the acquisition, net of non-core divestitures, of 8.4 million ounces of gold mineral reserves. The company is on track to achieve a targeted 60 million ounces of gold reserves by 2021 as part of its 20/20/20 growth plan.
  • Inaugural Gold Mineral Reserve of 4.7 Million Ounces at Porcupine’s Large-Scale Century Project and Completion of the Base Case Pre-feasibility Study. The Base Case Pre-Feasibility Study was positive and Goldcorp believes that exploration drilling and the upcoming optimization study could continue to add value to this organic project with low execution risk in a proven mining district.
  • Strong Portfolio of Exploration Projects, Led by Cerro Negro and Coffee, to Provide Pipeline of Opportunities for Continued Future Reserve Growth. At the Silica Cap vein, gold and silver mineralization has been confirmed over a strike length of more than 1,300m and vertical depths of 350m. At Coffee, the new AmeriKona zone is delineated over a 200m strike of mineralization, and is undergoing further drill testing to connect to the Kona North zone with the potential to form a 950m contiguous mineralized zone.

 

“With the initial gold reserve estimate at Century completed, we are now more than one third of the way toward reaching our target of 60 million ounces of gold reserves by 2021.  The continued exploration success at Coffee and Cerro Negro is a direct result of our new, systematic approach to exploration and is expected to contribute toward that goal,” said Paul Harbidge, Senior Vice-President Exploration. “Our exploration strategy for the coming year will continue to focus on brownfield targets at or near our existing camps where we have demonstrated a high rate of success. We are excited by the exploration potential of our newly acquired Cerro Casale/Caspiche Project where, in addition to the two main deposits, there are numerous satellite and early stage targets for evaluation.”

AZURE MINERALS – QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDED 30 SEPTEMBER 2017

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Click to access Quarterly-Report-September-2017.pdf

Throughout 2017, Azure has had the clear focus to acquire the right project for the right deal and more than 70 projects were reviewed as part of this process. The Oposura acquisition delivers on this strategic approach and provides the Company with the high-quality, flagship project that it sought. Azure is a now a company with a diversified portfolio of highly prospective projects.

GOLD RESOURCE CORPORATION REPORTS 2017 ALTA GRACIA EXPLORATION DRILL RESULTS, INCLUDING 1.29 METERS GRADING 4.33 G/T GOLD AND 1,710 G/T SILVER

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Click to access GRC-2017-10-24-1.pdf

Colorado Springs – October 24, 2017 – Gold Resource Corporation (NYSE American: GORO) (the “Company”) today announced drill highlights from its 2017 Alta Gracia drill program located in its Oaxaca Mining Unit, Mexico. Drill highlights include 1.29 meters grading 4.33 grams per tonne (g/t) gold and 1,710 g/t silver, and 1.47 meters grading 2.29 g/t gold and 708 g/t silver.
Gold Resource Corporation is a gold and silver producer, developer and explorer with
operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $110 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
The Alta Gracia property, which hosts the Mirador Mine, is located approximately 16 kilometers north west of the Company’s Aguila Project. The 2017 Alta Gracia surface drill campaign tested four primary vein structures which outcrop at the surface.

Defiance’s Phase 1 Drilling Significantly Expands High Grade Mineralized Envelope at San Acacio

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https://www.defiancesilver.com/news/defiance-s-phase-1-drilling-significantly-expands-high-grade-mineralized-envelope-at-san-acacio

  • Drilling intersects 3 meters grading 404 g/t AgEq within a longer 10 meter intersection grading 204.65 g/t AgEq

Defiance Silver Corp. (“Defiance”) is pleased to announce results from the final holes of its Phase 1 drilling program including a 3 meter intersection grading 404 g/t AgEq within a longer 10 meter intersection grading 204.65 g/t AgEq. Defiance commenced its 5000m drill program to test the extension of the San Acacio Deposit at depth. Including the final holes, Phase 1 has extended mineralization up to 230 meters below the current resource.

“We are very pleased with our continued exploration success at San Acacio. The Phase 1 results significantly expanded the mineralized envelope of the San Acacio silver deposit. Mapping and mineralogical studies indicate that the mineralized system hosting the San Acacio deposit is tilted to the southeast. This suggests that drilling along strike could result in the discovery of new mineralized zones containing the full vertical extent of the mineralizing system. Our next step is to prepare for the commencement of an aggressive Phase II drill program targeting new high grade shoots within the 900 meter extension of the Veta Grande vein system to the southeast of the San Acacio deposit.” stated Roy Bonnell, President and CEO of Defiance Silver Corp.

Bacanora Announces Annual Financial Results

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https://www.fscwire.com/newsrelease/bacanora-announces-annual-financial-results

Calgary, Alberta (FSCwire) – BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX-V: BCN and AIM: BCN), the Canadian and London listed lithium exploration and development company, is pleased to announce its audited final results for the 12 months ended 30 June 2017.

 

The Company’s Audited Annual Financial Statements and Management’s Discussion and Analysis for the year ended 30 June 2017 are being printed and will be posted to shareholders shortly.  Electronic copies of these documents are available on the Company’s website at www.bacanoraminerals.com and on SEDAR at www.sedar.com.  This announcement of final results is presented in Canadian dollars, unless stated otherwise.

 

Highlights

 

  • Delivering on objective to transform Bacanora into a global lithium producer

 

  • Strategic partnership and offtake agreement for flagship Sonora lithium project in Mexico (“Sonora” and the “Project”) secured with Hanwa Co., LTD. (“Hanwa”), a leading Japan-based global trading company and one of the larger traders of battery chemicals in Japan

 

º  Partnership provides third party validation of quality of resource, process and product and follows extensive due diligence by Hanwa covering the Project, Pilot Plant and battery grade lithium carbonate samples

 

  • Feasibility Study (“FS”) on course to be completed in Q4 2017 and expected to confirm Sonora occupies a favourable position on the industry cost curve

 

  • Battery grade lithium carbonate continuously produced at the Company’s Pilot Plant since May 2016 has enabled optimisation and refinement of beneficiation process for Sonora FS

 

  • 4,000 metre infill drilling programme completed to upgrade a portion of the current Mineral Resource from the Indicated to Measured category, in conjunction with geotechnical and hydrological drilling for the FS

 

º  Sonora currently has a large Indicated Resource comprised of 259 Mt averaging 3,200 ppm Li for 4.5 Mt of lithium carbonate equivalent (“LCE”)

 

º  An updated resource model prepared by SRK Exploration Ltd to be included in the FS

 

GOLDEN MINERALS CUTS 5.0 METERS OF 431 g/t SILVER AT SANTA MARIA  

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Click to access Press-Release-Oct-25-2017-Santa%20Maria%20Drilling%20Update.pdf

GOLDEN, CO, October 25, 2017 (GLOBE NEWSWIRE)  ‐‐ Golden Minerals Company (“Golden Minerals”, “Golden” or “the Company”) (NYSE American and TSX: AUMN) has released results of high‐grade silver intercepts from the first six holes of a drilling program conducted at its Santa Maria property located in Santa Barbara, Chihuahua State, Mexico.
Warren Rehn, President and CEO of Golden Minerals, comments, “The results from Santa Maria show the continuation of the mineralized veins and provide initial support for our goal of doubling the size of the existing resource. Santa Maria appears to be an excellent opportunity for Golden to establish near‐term new silver production in the Parral area at a very low capital cost. We are executing our exploration programs efficiently while retaining a healthy cash balance and without the need for additional financing.”

New Gold Announces 2017 Third Quarter Results; Rainy River Mine Achieves Commercial Production Ahead of Schedule

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http://www.newgold.com/investors/NewGoldNews/PressReleaseDetail/2017/New-Gold-Announces-2017-Third-Quarter-Results-Rainy-River-Mine-Achieves-Commercial-Production-Ahead-of-Schedule/default.aspx

TORONTO, Oct. 25, 2017 /CNW/ – New Gold Inc. (“New Gold”) (TSX:NGD) (NYSE American:NGD) today announces its 2017 third quarter results and provides an update on the start-up of the company’s Rainy River Mine.

As the company began a process for the sale of its Peak Mines located in Australia, and expects a sale of the asset within the next few months, Peak Mines has been classified as a discontinued operation. The below operational and financial results are disclosed on a continuing basis and thus exclude Peak Mines (unless otherwise noted).

2017 Third Quarter Highlights

  • Rainy River successfully achieved start-up on September 14, 2017 with the first gold pour announced on October 6, 2017
  • Commercial production successfully achieved in mid-October, ahead of plan
  • Amendment to Schedule 2 of the Metal Mining Effluent Regulations required to close two small creeks and deposit tailings, became effective on September 27, 2017
  • Gold production of 82,027 ounces and copper production of 26.0 million pounds (includes Peak Mines)
  • Operating expense from continuing operations of $601 per gold ounce and $1.30 per copper pound
  • All-in sustaining costs(1) of $792 per ounce, including total cash costs(2) of $339 per ounce
  • Cash generated from operations of $66 million, or $0.11 per share
  • Cash generated from operations before changes in non-cash operating working capital(3) of $61 million
  • Net earnings of $27 million, or $0.05 per share
  • Adjusted net earnings(4) of $4 million, or $0.01 per share
  • September 30, 2017 cash and cash equivalents of $207 million
  • Entered into copper price option contracts covering approximately 60 million pounds of 2018 production ensuring a guaranteed floor price of $3.00 per pound while providing continued exposure to increases in the copper price up to $3.37 per pound

 

SIERRA METALS PROVIDES UPDATE REGARDING ITS OPERATIONAL IMPROVEMENTS PROGRAM AT THE MEXICAN OPERATIONS

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http://www.sierrametals.com/investors/news-releases/press-release-details/2017/Sierra-Metals-Provides-Update-Regarding-Its-Operational-Improvements-Program-at-the-Mexican-Operations/default.aspx

  • Major changes in the Corporate Team, which is now strengthened in Mexico to better support and improve operations
  • Metallurgical recovery levels have increased to above 80% at both mills in Mexico from the low 60% range at Cusi and low 70% range at Bolivar
  • 13 new pieces of equipment commissioned at Bolivar Mine to maximize ore delivery
  • Drift development underway on four sub-levels on the planned pilot sub level longhole stoping area in the Santa de Rosa de Lima structure at the Cusi Mine.  This development is increasing the mill campaigns with higher grade ore. This trend is expected to continue until full mill capacity from Santa Rosa de Lima is reached targeted for Q2 2018

Toronto, ON – October 24, 2017 – Sierra Metals Inc. (TSX: SMT) (NYSE AMERICAN: SMTS) (BVL: SMT) (“Sierra Metals” or “the Company”) is pleased to provide an update on the operational improvement program currently taking place at its Bolivar and Cusi Mines in Mexico, focusing on modernizing operations, improving production, and reducing unit costs. A similar program was successfully implemented at the Yauricocha Mine starting in late 2015. The program to date has focused on strengthening the corporate team, adding technical expertise at the projects, improvements to production capacity through mine design, planning and sequencing, and improving metals production through improvements to the metallurgical recovery process and ore throughput.

Igor Gonzales, President, and CEO of Sierra Metals commented: “Management is committed to improving operations in Mexico and to increase the profitability of both the Bolivar and Cusi Mines.  We have undertaken efforts to appoint experienced and qualified personnel to run the operational improvements program and improve the efficiency and operations at both mines.  We expect that our program efforts should be more apparent in the latter part of 2017 and we will continue working toward completion of the improvements scheduled for the end of Q1 2018.  We are optimistic about the outcome and expect to see higher cash flow from our Mexican operations starting in Q2 2018.”

Vista Gold Corp. Announces an Option Agreement on the Guadalupe de los Reyes Project

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http://vistagold.investorroom.com/2017-10-24-Vista-Gold-Corp-Announces-an-Option-Agreement-on-the-Guadalupe-de-los-Reyes-Project

DENVER, Oct. 24, 2017 /PRNewswire/ — Vista Gold Corp. (TSX & NYSE American: VGZ) (“Vista” or the “Company”) today announced that, together with its wholly-owned subsidiaries Minera Gold Stake Holdings Corp., Granges Inc. and Minera Gold Stake, S.A. de C.V. (“MGS”), it has entered into an agreement (the “Option Agreement”) to option our interest in the Guadalupe de los Reyes gold and silver project in Sinaloa, Mexico (the “GdlR Project”) to Minera Alamos Inc. and its subsidiary Minera Alamos de Sonora S.A. de C.V. (“Minera Alamos“).

Pursuant to the terms of the Option Agreement, Vista has granted Alamos an exclusive right and option right to earn a 100% interest in the GdlR Project by:

  • making payments totaling $6,000,000 comprised of a payment of $1,500,000 made at the execution of the Option Agreement (“Option Grant Date”), two successive payments of $1,500,000 each to be made at the one-year and two-year anniversaries of the Option Grant Date; and a final $1,500,000 payment to be made before the four-year anniversary of the Option Grant Date;
  • maintaining the concessions comprising the GdlR Project in good standing;
  • fulfilling all of the obligations of MGS to the Ejido La Tasajera (the “Ejido”) as set out in the temporary occupation contract between MGS and the Ejido;
  • granting Vista a capped NSR royalty on production from open pit mining (the “Open Pit NSR”) at rates that range from 1% (at gold prices of $1400/oz or less) to a maximum of 2% (at gold prices above $1600/oz) up to an aggregate of $2,000,000 in royalty payments;
  • granting Vista a perpetual NSR royalty on production from underground mining (the “Underground NSR”) at rates that range from 1% (at gold prices of $1400/oz or less) to a maximum of 2% (at gold prices above $1600/oz); and
  • granting Vista the right to assume a 49% non-carried interest in an underground project if Minera Alamos decides to develop an underground mine at the GdlR Project (the “Back-in Right”).