Month: January 2018

Torex Lenders Extend Waiver On Liquidity Covenant

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torex lenders extend waiver on liquidity covenant

TORONTO, Ontario, January 31, 2018 – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) announces that its wholly owned subsidiary, Minera Media Luna, S.A. de C.V. (“MML”), has received an extension to the previously announced waiver signed by BNP Paribas, as Administrative Agent, on behalf of the Lenders. This waiver lowers the liquidity covenant threshold in the amended and restated credit agreement dated July 21, 2017, from US$50 million to US$30 million until February 28, 2018, with the proviso that the remaining US$25 million available under the credit agreement, which is not yet drawn, is counted toward meeting the liquidity covenant threshold but it may not be drawn by MML.

Fred Stanford, President & CEO of Torex stated: “This extension to the previously agreed waiver on the part of the lenders provides an extra level of comfort to temporarily minimize any risk of covenant breach while we endeavor to re-start operations at the ELG Mine. Once again, our appreciation to the Lenders for their unwavering support.”

Silver Bull Intersects 17 Meters of Sulphide Mineralization Grading 301G/T Silver & 1.75% Copper, Including 4 Meters at 502G/T Silver and 2.14% Copper, on the Sierra Mojada Project, Coahuila, Mexico

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2018-01-31_NR_SilverBullResources

Vancouver, British Columbia — Silver Bull Resources, Inc. (TSX: SVB, OTCQB: SVBL) (“Silver Bull”) is pleased to provide results of 5 drill holes from its continued underground drill program targeting the newly discovered Sulphide Zone, which sits under the previously defined oxide zone on the Sierra Mojada Project in Coahuila, Northern Mexico.

Highlights from the five holes announced in this news release include:

  • Hole T17013 — 17 meters @ 301g/t silver and 1.75% copper including 4 meters @ 502g/t silver and 2.14% copper.
  • Hole T17014 — 7.1 meters @ 163g/t silver and 0.57% copper & 1.7 meters @ 197g/t silver and 1.27% copper. Hole hit historical workings and was terminated
  • Hole T17015 — 1 meter @ 312g/t silver and 1.83% copper at 67 meters at the end of the hole. The hole hit historical workings and was terminated

MINERA ALAMOS AND COREX GOLD COMBINE TO CREATE A LEADING MEXICAN GOLD COMPANY

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MineraAlamos_300118

Minera Alamos Inc. (“Minera Alamos”) (TSX VENTURE:MAI) and Corex Gold Corporation (“Corex”) (TSX VENTURE:CGE) are pleased to announce that they have entered into a definitive arrangement agreement dated January 30, 2018 (the “Agreement”) to combine the two companies, creating a well-funded, multi-asset, Mexican gold development company (the “Transaction”). The combined company will have a market capitalization of approximately C$50 million, approximately C$6 million in cash and a portfolio of three high quality gold-silver development assets, each offering near-term production potential and low capital cost advantages.

Hecla Fourth Quarter and Year-End 2017 Financial Results Conference Call and Webcast

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HeclaMining_30012018

COEUR D’ALENE, Idaho–(BUSINESS WIRE)– Hecla Mining Company ( NYSE:HL) today announced it expects to release its fourth quarter and year-end 2017 financial results before market open on Thursday, February 15, 2018.
A conference call and webcast will be held Thursday, February 15, at 10:00 a.m. Eastern Time to discuss these results. You may join the conference call by dialing toll-free 1-855-760-8158 or for international by dialing 1-720-634-2922. The participant passcode is HECLA.

Canuc Announces Vertical Amalgamation

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02-Jan-30-CanucResourcesCorporation

Toronto, Ontario–(Newsfile Corp. – January 30, 2018) – Canuc Resources Corporation (TSXV: CDA)  (“Canuc” or the “Company“) is pleased to announce that it has completed a vertical amalgamation (the “Vertical Amalgamation“) with its wholly-owned subsidiary, Santa Rosa Silver Mining Corporation, pursuant to subsection 177 of the Business Corporations Act (Ontario). The Vertical Amalgamation did not require shareholder approval and was completed to simplify the corporate structure of Canuc. No securities were issued in connection with the vertical amalgamation. The shares of the subsidiary were cancelled without any repayment of capital in respect of them

Torex Announces C$55 Million Bought Deal Financing

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Torex Gold Resources Inc

Toronto, Ontario (January 29, 2018) – Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX:TXG) has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on a bought deal basis 4,370,000 common shares (the “Common Shares”) at a price of C$12.60 per Common Share for gross proceeds of approximately C$55 million (the “Offering”). The Company has granted the Underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any. The Offering is expected to close on or about February 7, 2018 and is subject to the Company receiving all necessary regulatory approvals.

MEXICAN GOLD SIGNS 3,000 METRE DRILL CONTRACT FOR DRILLING PROGRAM AT LAS MINAS

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MexicanGoldCorp_nr-2018-01-30

Mexican Gold Corp. (“Mexican Gold” or the “Company”) (TSX-V: MEX / OTCMKTS: SRXLF / FRA: 4QW1 is pleased to announce the signing of a diamond drilling contract for commencement of its 2018 Phase 1 resource expansion drilling program at the Las Minas property, Veracruz State, Mexico. The company has contracted with K.D.L. Mexico S.A. de C.V. for 3,000 metres of drilling, scheduled to commence in early February.

Alio Gold Provides 2018 Guidance For San Francisco Mine

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AlioGold_nr_2018_01_30

January 30, 2018, Vancouver, BC – Alio Gold Inc (TSX, NYSE AMERICAN: ALO) (“Alio Gold” or the “Company”), announces 2018 production and cost guidance for the San Francisco Mine in Sonora, Mexico.

Highlights

  • Forecast gold production to increase to between 90,000 and 100,000 ounces
  • All-in sustaining costs1,3 (“AISC”) between $1,000 and $1,100 per ounce
  • Total capital and mine site exploration spending between $2.5 and $3.0 million

Premier Announces up to US$83 Million Project Development and Exploration Budget for 2018

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2018-01-29_NR-PremierGoldMinesLimited

PREMIER GOLD MINES LIMITED (“Premier” or “The Company”) (TSX:PG) is pleased to provide an update on exploration and development plans for 2018. The Company remains focused on realizing the potential of its current asset base, comprised of eight properties located in North America.

Premier has approved a 2018 budget of US$38.8 million for exploration and development. An additional US$6.0 million is to be spent at the McCoy-Cove joint venture in Nevada, funded entirely by Barrick Gold, and based on certain milestones and objectives, up to US$37.9 million to be spent at the Greenstone Gold joint venture in Ontario, funded entirely by Centerra Gold. Premier has sufficient cash to meet all budgeted initiatives in 2018.

First Majestic Completes US$150 Million Convertible Senior Notes Offering

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first majestic completes US$150M convertible senior notes offering

VANCOUVER, British Columbia – First Majestic Silver Corp. (TSX:FR)(NYSE:AG)(Frankfurt:FMV) (“First Majestic” or the “Company”) announced today the closing of its previously announced offering of US$150 million aggregate principal amount of 1.875% unsecured convertible senior notes due 2023 (the “Notes”). The initial conversion rate for the Notes is 104.3297 common shares (“Shares”) per US$1,000 principal amount of Notes, equivalent to an initial conversion price of approximately US$9.59 per Share.