Vancouver, British Columbia – August 17, 2017 – Discovery Metals Corp. (“Discovery
Metals” or the “Company”) (TSX-V: DSV.H) is pleased to announce that it has closed its
previously announced change of business transaction (the “Transaction”) and has been
reclassified as a Tier 2 Mining Issuer on the TSX Venture Exchange (the “Exchange”).
The principal transaction completed by Discovery Metals was the entering into of a mineral exploration and option agreement (the “Puerto Rico Option Agreement”) dated April 7, 2017, with Jesus Miguel Hernandez Garza and Juan Reynaldo Elizondo Falcon (together, the “Vendors”), providing an option (the “Option”) to acquire certain mineral concessions (the “Puerto Rico Concessions”) located in Ocampo, Coahuila, Mexico, forming part of the Puerto Rico mining-metallurgical project (the “Puerto Rico Property”).
Vancouver, British Colimbia (FSCwire) – Vangold Mining Corp. (TSXV: VAN) (OTCQB: VGLDF) (“VANGOLD” or the “Company”) is pleased to announce it has formed an Advisory Board to build a highly qualified support team to assist the Company in advancing the El Pinguico mining project located in Guanajuato, Mx.
Vangold is proud to accept Dr. David A. Terry, Ph.D., P.Geo. as cornerstone member to the Company’s Advisory Board. Building an experienced team of advisors brings improved strategy recommendations, broadens industry relationships and builds strong industry leadership.
Dr. Terry has had a long and successful career in the mining industry focused on the exploration and development of a wide range of mineral projects. Dr. Terry is a professional economic geologist, senior executive and corporate director with more than 25 years of international experience in the mineral resources sector. During his career, Dr. Terry has held executive positions and directorships with several publicly-listed and private mineral resource companies. He has also worked with senior mining companies including Boliden Limited, Westmin Resources Limited, Hemlo Gold Mines Inc., Cominco Limited and Gold Fields Mining Corporation. Dr. Terry holds a B.Sc. and Ph.D. in geology from Western University in Ontario and is a member of the Association of Professional Engineers and Geoscientists of British Columbia.
Vangold Mining CEO Mr. Cameron King, said “We are very proud to have Dr. Terry join our advisory board. We take his involvement as a vote of confidence in the quality of our El Pinguico gold-silver project. David`s expert advice will be invaluable as we design and execute drilling programs and advance on evaluating our existing mineralized stockpiles. Drawing on close relationships and their wealth of experience will be vital to Vangold’s advancement of its current assets and longer-term growth.”
Southern Silver Exploration Corp (TSX-V: SSV; “Southern”) reported today that the Company has received approval from the TSX Venture Exchange to extend the final closing date of its previously announced brokered private placement (the “Offering”) until September 15th, 2017. As announced on June 13th, 2017, the Company has already closed the first tranche of the Offering by issuing 6,372,500 units (“Units”) for a total of $2,549,000.
The Offering, which was initially announced on May 18th, 2017, consists of up to 12,500,000 Units at a price of $0.40 per Unit for a total of $5,000,000, with an over-allotment option to increase the Offering by up to 15%. Each Unit consists of one share of common stock of the Company and one common share purchase warrant (each a “Warrant”) (together the “Securities”), with each Warrant exercisable to acquire an additional share of common stock of the Company at a price of $0.55 per share for a period of three years
August 17, 2017 – Vancouver, B.C. – Santacruz Silver Mining Ltd. (TSX.V:SCZ) (“Santacruz”) and Marlin Gold Mining Ltd. (TSX.V:MLN) (“Marlin”) announce that, further to the companies’ joint press release dated August 8, 2017, the sale of Santacruz’s Gavilanes Property in Durango State, Mexico to Marlin (the “Gavilanes Transaction”) for total consideration of US$3.50 million plus applicable VAT (the “Purchase Price”) has been completed.
US$0.58 million from the Purchase Price was credited against the deposit advanced by Marlin to Santacruz on August 10, 2017 in connection with the payment of the outstanding balance owing to a property vendor on certain of the claims included in the Gavilanes Project (see Santacruz’s press release dated August 10, 2017).
In addition, US$1.15 million from the Purchase Price was applied toward settling all remaining outstanding debt owing to JMET, LLC (“JMET”) and JMET has released and discharged all of its security and registrations over Santacruz’s assets and the 3,750,000 “cashless” warrants of Santacruz previously issued to JMET have been cancelled.
Vancouver, BC: Galore Resources Inc. (GRI-TSX.V) (“Galore” or the “Company”) is pleased to announce gold results from samples taken in July, 2017 by consulting geologist, Tony Adkins, P. Geo. Galore employed the services of Mr. Adkins to evaluate the El Alamo project and to determine if the property warranted further work. His review of the existing Galore data coupled with a field examination, showed that additional work, particularly a drill program of adequate size, is definitely merited. Mr.
Adkins brings over thirty-five years of comprehensive exploration, project management and mine experience as a geologist and engineer. He has experience with the geological features present at El Alamo.
Mr. Adkins collected seven rock chip samples over the El Alamo project area in an attempt to independently verify the presence of anomalous gold values. Assay results ranged from 0.822 ppm to 18.6067 ppm and confirmed the widespread occurrence of anomalous gold values.
TORONTO, ON — (Marketwired) — 08/14/17 — Primero Mining Corp. (“Primero” or the “Company”) (TSX: P)(NYSE: PPP) today announces that it has received formal notification from the New York Stock Exchange (“NYSE”) of its intention to initiate delisting procedures of the Company’s common shares.
The NYSE has determined that the Company is no longer suitable for listing based on “abnormally low” price levels, pursuant to Section 802.01D of the Listed Company Manual. Primero will not seek an appeal to the NYSE’s decision. The NYSE will file Form 25 (Notification of Removal from Listing and/or Registration Under Section 12(b) of the Securities Exchange Act of 1934) with the U.S. Securities and Exchange Commission (“SEC”).
The Company’s common shares trade on the Toronto Stock Exchange (“TSX”) under symbol “P”.
Vancouver, August 14, 2017– Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) today reported net income of $8.9 million, Adjusted EBITDA of $26.4 million, and revenue of $63.9 million in the second quarter of 2017.
Jorge A. Ganoza, President and CEO, commented, “Our San Jose and Caylloma mines have delivered strong production and financial results. Higher operating costs at both operations are expected to recede in the second half of the year and remain within 5% of our annual cost guidance.” Mr. Ganoza continued, “At our Lindero gold project in Argentina, feasibility study optimization work continues to advance as planned in order to support a construction decision next month.”
Second quarter consolidated financial highlights:
- Sales of $63.9 million, compared to $44.5 million in Q2 2016
- Net income of $8.9 million, compared to net loss of $1.4 million in Q2 2016
- Earnings per share of $0.06, compared to a net loss per share of $0.01 in Q2 2016
- Adjusted EBITDA of $26.4 million and Adjusted EBITDA margin over sales of 41%
- Cash flow from operations before changes in non-cash working capital of $16.7 million, compared to $7.4 million in Q2 2016
- Cash position, including short term investments, and working capital as at June 30, 2016 was $188.0 million and $186.8 million, respectively
- Silver and gold production of 2,116,863 and 14,547 ounces, respectively
- AISCC* per ounce of payable silver was $8.22
* All-in sustaining cash cost is net of by-product credits for gold, lead and zinc (Non-GAAP Financial Measure)
During the 32nd week of the year (August 7th to August 13th, 2017), at least 22 press releases were announced by companies working in Mexico, including eight second quarter reports. ON MEXICO ISSUES, two companies reported the receipt of VAT recovery from the government for $1.3 M and $2.4 M respectively. ON EXPLORATION, in Sonora, Oceanus reported results from underground sampling at El Tigre, while Millrock presented an update on properties under its alliance with Centerra. In Zacatecas, Alset presented drilling results from its lithium property, La Salada. In Guanajuato, Golden Minerals informed on drilling by Electrum of its Celaya property. ON MINING, Golden Minerals, Torex Gold, Premier Gold, Alio Gold, Pan American Silver, Americas Silver, Primero Mining and Argonaut Gold presented production and/or financial results for the second quarter of 2017. US Antimony reported cost reductions on its operations and Telson resources reported the first concentrates shipment from Tahehueto in Durango. ON FINANCING, no relevant news for the first time in the year. ON RESOURCES AND DEVELOPMENT, Golden Minerals informed on the acquisition of three more claims and the incoming drilling campaign on its Santa Maria project in Chihuahua. ON DEALS AND CORPORATE ISSUES, Santacruz Silver completed the sale of the Gavilanes project in Durango to Marlin Gold. Colibri completed the acquisition of Canadian Gold, along with its properties in Sonora. McEwen Mining reported on the next semi-annual return of capital instalment.
ON MEXICO ISSUES
- On VAT recovery. The first company to announce a sizeable VAT recovery in years was Alio Gold, which received $1.3 M in cash before the end of the second quarter. Primero Mining received $2.4 M after the end of the second quarter.
- Golden Minerals Co. announced that Electrum Global Holdings L.P. received results of drilling on Golden’s Celaya property in Guanajuato. Results from 5,600 m drilled in seven holes (800 m per hole?) show intercepts of epithermal quartz vein mineralization with Au, Ag, Zn grades that warrant further testing.
- Alset Minerals Corp. reported partial results from phase one drilling at La Salada salar in Zacatecas, the first of 13 salars to be tested. At La Salada, one deep hole (51.35 m) and 40 auger holes (4.5 – 26.0 m in depth, average 14 m) were completed, both near surface brine samples and extensive lake sediment samples were recovered in the 1,800 m by 900 m salar. Results from five of the holes (the rest are pending) average 14.4 m @ 3.6% K, 975 ppm Li (up to,1860 pm) and 535 ppm B. Water samples average 1.3% K, 1.6% SO4, 258 ppm B, 9 ppm Li, 57 ppm Ca, 36 ppm Mg.
- Oceanus Resources Corp. presented assay results from sampling at old underground exploration tunnels from the unmined Protectora, Aguilas, Fundadora and Caleigh veins on its El Tigre project in Sonora. The rock chip samples are said to be at least 0.5 m in width (no average width disclosed), and collected every 3-5 m along strike in 13 exploration tunnels. Average results include 3 samples on the Caleigh vein @ 19.9 g/t Au, 2,247 g/t Ag; On the Protectora vein: 20 samples @ 0.2 g/t Au, 437 g/t Ag; 18 samples @ 1.3 g/t Au, 290 g/t Ag; 4 samples @ 2.8 g/t Au, 337 g/t Ag; 16 samples @ 2.2 g/t Au, 473 g/t Ag; 5 samples @ 2.8 g/t Au, 680 g/t Ag; 19 samples @ 0.6 g/t Au, 480 g/t Ag. On the Fundadora vein: 5 samples @ 6.1 g/t Au, 307 g/t Ag; 12 samples @ 1.2 g/t Au, 254 g/t Ag.
- Millrock Resources Inc. presented an update in exploration, including information on its three properties in Sonora. The La Navidad project was optioned on June, and immediately entered into a JV with Centerra Gold Inc. Presently underway are soil sampling, geological mapping, induced polarization and magnetic surveys. Also in June El Picacho project was optioned and made a “designated project” on the alliance between Centerra and Millrock. Soil sampling, geological mapping, induced polarization and mag surveys are currently being performed. Los Chinos and Los Cuarenta projects options were terminated by Centerra.
- United States Antimony Corp. reported major cost reductions at its Mexican antimony smelter, as a result of metallurgical changes while increasing production rates. Production at Wadley, San Luis Potosi, is growing with more miners. USAC intends to use its Los Juarez explosives license at Soyatal, Queretaro, which will save money and time. Guadalupe is undergoing road work to re-establish the production of high-grade concentrates. The application for the cyanide permit for the Los Juarez project was resubmitted to SEMARNAT (EPA equivalent) at the end of July, after one item change requested by the agency.
- Telson Resources Inc. announced that the first shipment of lead and zinc concentrates processed at the Atocha mill has been delivered to Mercuria Commodities Trading, S.A. de C.V.. As of August 1, 2017, the Company has processed approximately 1600 tonnes of ore through the Atocha toll mill producing approximately 66.1 dry tonnes of lead concentrate and 94.5 dry tonnes of zinc concentrate which have been delivered to Mercuria.
- Golden Minerals Co. presented financial results for Q2 2017. Approximately $1.7 M revenue was received from the oxide plant lease to Hecla, and costs of $0.5 M to the services provided under the lease, for a net operating margin of $1.1 M. The company spent $0.5 M in exploration related primarily to work at the Santa Maria (Chihuahua), Rodeo (Durango) and other properties, as well as holding costs. Cash and cash equivalents balance of $2.7 M at the end of the period.
- Torex Gold Resources Inc. reported financial and operational results. At El Limón Guajes mine in Guerrero 74,487 Oz Au were produced, as ramp-up continues, with design throughput achieved in June. Plant throughput was 1.2 M tonnes, or 13,063 tonnes per day (tpd), while mine production was 8.4 M tonnes, or 92,044 tpd. The gold recovery rate was 86% on a 2.37 g/t Au average grade, at cash cost $709 per Oz Au and AISC $991. Cash balance of $77.2 M including restricted cash of $15.7 M at the end of the period.
- Premier Gold Mines Ltd. announced its operational and financial results for the second quarter of 2017. At Mercedes in Sonora 177.9 K tones were milled (1,954 tpd) @ 4.03 g/t Au, 36 g/t Ag; with recoveries at 94.9% Au, 43% Ag, to produce 21,893 Oz Au, 89.5 K Oz Ag. By-product cash cost per Oz Au was CAD$550 and by-product AISC per Oz Au of CAD$688. Quarter end cash balance of $156.8 M (US$120.9 M).
- Alio Gold Inc. reported second quarter 2017 results. Production at the San Francisco gold mine was 22,011 ounces during the period, at AISC $954 per Oz Au. The San Francisco mine revitalization plan was initiated and the definitive feasibility study (DFS) after the positive pre-feasibility study (PFS) was released and a CAD$50.4 M bought deal financing was completed. The pre-stripping campaign envisions moving 22 M tonnes of waste from the Main and La Chicharra pits over the next 20 months. Cash and cash equivalents at the end of the period were $35.9 M.
- Pan American Silver Corp. announced Q2 2017 results, including figures from its operations in Mexico. At Dolores in Chihuahua the construction of the agglomeration plant was completed and development for underground mining advanced, with initial stope ore mining expected to initiate before the end of 2017. At La Colorada mine in Zacatecas production achieved 1,800 tpd rates during the last month of the quarter. At La Colorada 1.73 M Oz Ag, 0.94 K Oz Au were produced at cash cost $3.38 per Ag Oz. At Dolores 1.04 M Oz Ag, 22.44 K Oz Au were produced at cash cost $0.12 and at Alamo Dorado in Sonora 0.26 M Oz Ag, 0.69 K Oz Au were produced at cash cost $11.18. Cash and short-term investments of $198.2 M at the end of the period.
- Americas Silver Corp. disclosed consolidated financial and operational results for the second quarter of 2017. The figures of its operations in Mexico were informed in a previous release. San Rafael in Sinaloa remains on budget and on time to start production by the end of Q3, 2017. Cash balance at the end of the period was $12.8 M.
- Primero Mining Corp. reported operating and financial results for the second quarter, 2017, including figures form its Mexican operations. At San Dimas 11,903 Oz Au, 0.97 Oz Ag were produced at cash cost $1,144 per AuEq Oz, and AISC $1,650 per AuEq Oz, with operations being impacted by bad relations with unionized employees. “…the Company believes that labour disruptions may continue to adversely affect the Company’s ability to profitably operate the San Dimas…” and “Primero highlights the significant liquidity risk imposed by the pending RFC maturity date of November 23, 2017, and notes that it may not be able to fully repay its debt obligations…”. Cash stood at $12.1 M and $10.0 M available under its existing revolving credit facility (RFC) at the end of the period, with a $33.5 in VAT and $22.8 M income taxes receivable outstanding.
- Argonaut Gold Inc. announced its financial and operating results for the second quarter of 2017. The consolidated production was 29,730 AuEq Oz at cash cost $785 and AISC $906 per AuEq ounce. At El Castillo in Durango 2.0 M tonnes of ore @ 0.39 g/t Au and 2.65 M tonnes of waste were moved (51 K tpd) to produce 16,927 Oz Au at cash cost $893 per ounce. At La Colorada in Sonora 1.22 M tonnes of ore @ 0.64 g/t Au and 4.77 M tonnes of waste were moved (66 K tpd) to produce 12,098 Oz Au and 38.2 K Oz Ag at cash cost $590 per AuEq ounce. At San Agustin (10 km from El Castillo) mining commenced during the quarter, leach pad and pond construction was completed and the crushers installed, with ore beginning to be staked on the pad in late June. Construction was 75% complete by the end of July. Cash and cash equivalents stood at $53.8 M at the end of the quarter.
ON RESOURCES AND DEVELOPMENT
- Golden Minerals Co. entered into an agreement to acquire three additional claims at the Santa Maria project in Chihuahua for $0.7 M over four years, with an initial payment of $50 K and $30 K in six months. The targets in these claims are to be tested in an upcoming 2,000 m drill program in the third quarter of 2017, while the environmental study to obtain the permit to perform the 200 tpd underground mining envisaged on the preliminary economic assessment (PEA) has been completed.
ON DEALS AND CORPORATE ISSUES
- Santacruz Silver Mining Ltd. entered into a definitive agreement to sell 100% interest in the Gavilanes property in Durango to Marlin Gold Mining Ltd. Santacruz is to settle the outstanding balance on some of the claims by making a $500 k payment and issuing 1.25 M Santacruz shares to the property vendor. Gavilanes is a low sulphidation epithermal deposit in the San Dimas mining district with NI-43-101 compliant 6.1 M AgEq indicated ounces (953 K tonnes @ 200 g/t AgEq), and 28.2 M AgEq inferred ounces (5.4 M tonnes @ 163 g/t AgEq).
- Santacruz Silver Mining Ltd. settled the outstanding balance owing on certain of the claims included in the Gavilanes project (in Sinaloa) by making a cash payment of US$500 K and 1.25 M Santacruz shares.
- Colibri Resource Corp. completed the acquisition of Canadian Gold Resources Ltd. Colibri acquired all outstanding shares of Canadian Gold for $4 M, paid by way of issuance of 24.2 M shares to the vendor. Colibri now owns 100% interest in Minera Bestep S.A. de C.V., a private Mexican company that holds 100% (no NSR’s) of the Pilar and the Sun properties near Suaqui, in Sonora.
- McEwen Mining Inc. reported a revised record date for the next semi-annual return of capital instalment of a ½ cent per share which will be distributed to shareholders of record on August 14, 2017. The distribution will be paid on August 17, 2017.
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, vuggy silica fragment within a felsic tuff in Chihuahua. Photo by Jorge Cirett.
Toronto, Ontario – (August 10, 2017) Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce its financial and operating results for the second quarter ended June 30, 2017. The Company reports quarterly net income of $6.2 million or earnings per share of $0.04, the sale of 33,747 gold equivalent ounces1 (“GEO” or “GEOs”) and production of 29,730 GEOs. All dollar amounts are expressed in United States dollars, unless otherwise specified (C$ refers to Canadian dollars).
DIEPPE, NB, Aug. 9, 2017 /CNW/ – (CBI: TSX-V) Colibri Resource Corporation (“Colibri” or the “Company”) has completed its previously announced acquisition of Canadian Gold Resources Ltd. (“CGR”) from ONTOP Capital Limited (the “Vendor”). In accordance with the terms of the Share Purchase Agreement, Colibri acquired all the outstanding shares of CGR for an aggregate acquisition cost of $4,000,000, paid by way of issuance of 24,242,425 common shares (the “Consideration Shares”) at a price of $0.165 per share to the Vendor.
Colibri now owns 100% of the right, title and interest in Minera Bestep S.A. de C.V. (“Bestep”), a private Mexican company. Bestep holds 100% of the right, title and interest in the Pilar Gold Project (“Pilar Property”) and the Sun Project. Both properties are located near Suaqui Grande, Sonora, Mexico and neither property is subject to any royalties or encumbrances. The Pilar Property is 105 hectares in size and the Sun Property is 110 hectares in size. A report on the Pilar Gold Project prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (the “NI 43-101 Report”) has been prepared by Jamie Lavigne M.Sc., P.Geo, a Qualified Person under NI 43-101 and independent of the Pilar Gold Project. The Sun Project has been subject to preliminary exploration work. The NI 43-101 Report is available on SEDAR.
Immediately after closing, the Vendor distributed the Consideration Shares to its shareholders by way of a return of capital dividend. As a result of such distribution, a new Control Person will be created as one of the shareholders of the Vendor, John Schiavi, will be holding or controlling Consideration Shares equal to more than 20% of the issued and outstanding common shares of the Company after giving effect to the Transaction.