Loan

Goldgroup Announces Amendment of Credipresto Facility

/ gambusinoprospectormexico / Leave a comment

http://www.newswire.ca/news-releases/goldgroup-announces-amendment-of-credipresto-facility-642294793.html

VANCOUVER, Aug. 30, 2017 /CNW/ – Goldgroup Mining Inc. (“Goldgroup” or the “Company”) (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) announces it has amended the terms of its outstanding loan facility from Credipresto SAPI de CV SOFOM ENR (“Credipresto”), subject to TSX approval. Javier Reyes, a director of Goldgroup, is an executive officer and director of Credipresto.

The Company entered into a US$10 million syndicated facility agreement as announced on September 19, 2014 among Credipresto, Goldgroup and another party that has since assigned its position to Credipresto, and guaranteed by the various guarantor parties thereto, as amended by the Loan Assignment Agreement announced in the press release on December 2, 2015. The facility agreement (“Credit Agreement”) was further amended as announced on December 23, 2015. Prior to the amendments to the Credit Agreement described herein, the outstanding balance owed on the Credit Agreement was US$89,000. In addition to the Credit Agreement, Credipresto has loaned the Company funds which bear interest at a rate of 12% per annum and are subject to the same repayment terms as the Credit Agreement (the “Additional Loan”).  Prior to the amendments to the Credit Agreement described herein, the outstanding balance owed on the Additional Loan was US$538,000.

Highlights on the Second Week of March, 2017. Mineral Exploration in Mexico

/ Gambusino Prospector / Leave a comment

During the 10th week of the year (March 6th to March 12th, 2017), at least 22 press releases were announced by companies working in Mexico. ON EXPLORATION, Chesapeake presented an update on regional exploration in Durango and Sinaloa. ON MINING, McEwen, Timmins Gold, US Antimony and Odyssey Marine Exploration presented 2016 results. Consolidated Zinc presented drilling and rockchip sample results ON FINANCING, Four companies announced financial news, with Leagold raising C$175 M; Telson obtaining a US$2 M credit line; Alix raising $248.5 K and McEwen on a share repurchase plan. ON RESOURCES AND DEVELOPMENT, McEwen announced a well-funded exploration budget for its properties in Sinaloa; Mag Silver disclosed a probable increase on the projected processing plant at Valdecañas by its JV partner, Mexus advances toward production in Sonora and Sierra Metals informed of fairly good drilling results from a brownfield zone in Chihuahua.   ON DEALS AND CORPORATE ISSUES, Avino Silver announced the death of founder and CEO for more than 30 years, Louis Wolfin, a pioneer of Canadian mining investments in Mexico; Radius Silver sold a property in Oaxaca; Santacruz Silver amended an agreement with Hochschild; finally, Colibri shares on the TSX remain halted.

ON EXPLORATION

  • Chesapeake Gold Corp. has identified four precious and base metals projects with district scale potential in the more than 85,000 hectares held by the company. At Yarely, Sinaloa, three target areas have been defined on a 70,000 hectare land package assembled by staking and acquisition. At Yarely North 12 veins ranging up to 12 m in width have been traced for an average length of 650 m, with rock samples returning 2 m @ 19.5 g/t Au, 505 g/t Ag; 11 m @ 1.1 g/t Au, 42, g/t Ag, 8 m @ 1.6 g/t Au, 33 g/t Ag; 3 m @ 1.1 g/t Au, 805 g/t Ag. At Yarely Central the mineralized zone measures 1.5 by 2.0 Km, with several wide zones of quartz stockwork and disseminated polymetallic mineralization, with trench samples returning 14 m @ 1.5 g/t Au, 143 g/t Ag; 93 m @ 17 g/t Ag; 36 m @ 0.7 g/t Au, 26 g/t Ag. At Yarely South preliminary sampling has returned up to 83 g/t Ag, 2.9% Cu, 0.12% Mo. At El Paso in Sinaloa, extensive exoskarn and intrusive hosted quartz stockworks are present, with channel samples returning 69 m @ 2.2 g/t Au, 8 g/t Ag, 1.1% Zn; 50 m @ 0.6 g/t Au, 12 g/t Ag. At Nicole, in Durango, quartz breccia veins transition at depth to dissemination and stockwork. On the veins, channel samples returned 7 m @ 3.1 g/t Au, 238 g/t Ag, 0.3% Zn; 3 m @ 12 g/t Au, 450 g/t Ag; while lower in the system sampling has returned 30 m @ 1.2 g/t Au, 29 g/t Ag, 1.5% Zn; 30 m @ 0.7 g/t Au, 19 g/t Ag, 0.7% Zn. At San Javier, in Durango, sampling on a 4 km long quartz stockwork has returned 60 m @71 g/t Ag, 0.6% Pb; 28 m @ 158 g/t Ag, 0.3% Pb; while another 3 km long structurally associated breccia has returned 48 m @ 1.0 g/t Au.

ON MINING

  • McEwen Mining Inc. reported financial results for 2016, including figures for its El Gallo mine in Sinaloa, where 54,929 Oz Au, 25,336 Oz Ag were produced at an average grade for the ore of 2.14 g/t Au. The 2017 guidance for the unit is 49,700 Oz Au, 24,000 Oz Ag, at cash cost $760 and AISC $900 per AuEq Oz. As of the end of 2016 the company had 58.8 M in cash, investments and precious metals, and no debt.
  • United States Antimony Corp. announced that it has successfully transitioned from custom smelting antimony concentrates at the Madero, Coahuila, plant to its own mine production. Antimony production in January was 159 K pounds and 185.8 K pounds in February. The company expects to ramp up production form Wadley (San Luis Potosi), Soyatal (Queretaro) and Guadalupe. During 2016 US Antimony produced 2.9 M pounds Sb, 604 Oz Au, 38.1 K Oz Ag.
  • Timmins Gold Corp. announced financial results 2016, producing 100,322 Oz Au at cash cost $734 and all-in sustaining cost of $853 per gold ounce. The company ended the year with $33.9 M in cash and working capital of $37.8 M.
  • Consolidated Zinc Ltd. released rock sample results from the Tres Amigos North zone, and resource drilling results at its Plomosas project in Chihuahua. The results from seven continuous rock samples range from  21.4% to 24.8% Zn+Pb, including up to 19.2% Zn, 11.6% Pb and 38 g/t Ag. Resource definition drilling results include 1.3 m @ 4.5% Zn, 1.7% Pb, 15 g/t Ag; 4.7 m @ 11.6% Zn, 6.7% Pb, 31 g/t Ag; 3.95 m @ 3.8% Zn, 0.1% Pb, 1 g/t Ag.
  • Odyssey Marine Exploration Inc. reported full year results for 2016, with a net loss of $6.3 M. Its seabed phosphate San Diego Project off the coast of Baja California has not yet been awarded the environmental permit needed, Odyssey expects to obtain the said permit in 2017.

ON FINANCING

  • McEwen Mining Inc. plans to repurchase up to 5.4% of its outstanding common stock (up to $15 M). During 2015 and 2016 $1.8 M and 0.6 M were repurchased respectively.
  • Alix Resources Corp. completed the second and final tranche of a non-brokered flow through private placement, for gross proceeds of $248.5 K.
  • Telson Resources Inc. has secured a $2 M line of credit for leasing underground and surface mining equipment for mine development at its Tahuehueto project in Durango. The surface area rights to install the processing plant in Tepehuanes have been secured.
  • Leagold Mining Corp. completed its previously announced offering for aggregate gross proceeds of C$175 M. The net proceeds from the offering will be used to fund a portion of the purchase price of the Los Filos mine in Guerrero from Goldcorp Inc.

ON RESOURCES AND DEVELOPMENT

  • McEwen Inc. has budgeted $6 M for El Gallo silver project in Sinaloa, $3 M in exploration and $3 M in development.
  • Mag Silver Corp. disclosed that its JV partner (Fresnillo PLC) in the Valdecañas project in Zacatecas is considering to increase the planned processing plant capacity from 2,650 tonnes per day (tpd) to 4,000 tpd, reflecting the latest drill intercepts in the deeper zone. Permitting on the new design has already commenced, and formal approval by Frenillo’s Board is to come on the next three to four months. A 20,000 meters drill program for 2017 has still to be approved by the JV Technical Committee.
  • Mexus Gold US. has completed the testing of the leach circuit. Testing and calibration of chemical treatment equipment is underway before the leaching process begins.
  • Sierra Metals Inc. delivered drilling results from La Sidra vein and Bolivar West, at its Bolivar mine site in Chihuahua. At La Sidra Ag-Au mineralization currently extends over 500 m in length and 300 m in depth, and is open along strike and depth, while at Bolivar drilling proceeds at the skarn ore area and geophysics targets. At La Sidra, drill length intercepts include 3.75 m @ 0.7 g/t Au, 717 g/t Ag, 0.4% Pb, 1.3% Zn; 9.75 m @ 4.0 g/t Au, 390 g/t Ag, 1.9% Pb, 5.0% Zn; 5.7 m @ 1.8 g/t Au, 91 g/t Ag, 0.7% Pb, 1.8% Zn; 1.75 m @ 3.9 g/t Au, 537 g/t Ag, 1.2% Pb, 1.7% Zn. At Bolivar intercepts include 9.15 m @ 69 g/t Ag, 2.3% Cu, 2% Zn; 7.35 m @ 42 g/t Ag, 1.3% Cu, 1.4% Zn; 12.6 m @ 133 g/t Ag, 1.4% Cu, 0.7% Zn; 6.0 m @ 1.4 g/t Au, 42 g/t Ag, 1.4% Cu.

ON DEALS AND CORPORATE ISSUES

  • Avino Silver & Golod Mines Ltd. announced the death of founder and CEO for more than 30 years, Louis Wolfin, at the age of 85. Mister Wolfin founded Avino in 1968, and the Avino mine went into production in 1974. Avino Silver Gold Mines Ltd. was one of the first Canadian companies to invest in the mining industry in Mexico, more than 20 years before the opening of the industry for full foreign investment in the country.
  • Radius Gold Inc. reached an agreement for the sale of its Tlacolula property in Oaxaca to Fortuna Silver Mines Inc. As an amendment to a previous contract, Fortuna acquires 100% interest in the property by issuing Radius 250 K shares of Fortuna and granting a 2% NSR royalty. Fortuna will retain the right to purchase 1% of the royalty by paying Radius US$1.5 M.
  • Santacruz Silver Mining Ltd. completed the amended agreement with Hochschild by issuing 13.4 M shares of the company, in consideration for the restructuring of the payment there-under.
  • Colibri Resource Corp. announced trading in its shares remains halted pending filing and review of documentation by Investment Industry Regulatory Organization of Canada, regarding the acquisition of Canadian Gold Resources.

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, Cerro Lanza in Chiapas, a Tertiary volcanic neck poking through Mesozoic sedimentary rocks. Photo by Jorge Cirett.

Img0750 - copia (2)

Highlights on the First Week of March, 2017. Mineral Exploration in Mexico

/ Gambusino Prospector / Leave a comment

During the 9th week of the year (February 27th to March 5th, 2017), on the eve of PDAC, at least 39 press releases were announced by companies working in Mexico, the greatest weekly figure on the year. ON EXPLORATION, Arian Silver presented results from exploration in Zacatecas, Sierra Metals announced high grade results from a brownfield area in Chihuahua, Source Exploration commenced a drill program in Veracruz, San Marco Resources and Silver One announced soil sampling results from properties in Sonora and Nayarit, and Kootenay Silver announced exploration work in 2017 by partner in Sonora. ON MINING, Primero Mining informed reduction of operations in Durango; Autlan informed on its mine in Sonora, Gold Resource, Golden Minerals and Great Panther presented financial, operational and or production results for 2016. ON FINANCING, Six companies announced financing rounds for $1.85 M, exercise of warrants for $717 K, a re-purchase of shares, a $150 M loan, a private placement for $50 M and the re-negotiation of terms on a loan. ON RESOURCES AND DEVELOPMENT, Fortuna Silver and Primero mining updated resources to 2016, Mexus Gold continues mine construction in Sonora, Marlin gold evaluates a pit layback in Sinaloa and Fortuna Silver signs a surface rights agreement in Durango.   ON DEALS AND CORPORATE ISSUES, Santacruz Silver and First Majestic signed an agreement on a property in Sonora, and Red Tiger informed it is in violation of a loan covenants.

ON MEXICO ISSUES

  • First Majestic Silver’s, El Pilon mine in San Martin de Bolaños, Jalisco, suffered a robbery, with 57 silver bars (25 Kg each) extracted and transported in company’s trucks. One of the vehicles was recovered nearby, with part of the bounty.

ON EXPLORATION

  • Arian Silver Corp. presented sample results from its La Africana project in Zacatecas. Assay results from 11 grab samples, of which seven are between 196 and 842 g/t Ag, and up to 4.9% Zn.
  • Sierra Metals Inc. announced high-grade silver intercepts in the Santa Rosa de Lima complex at its Cusi mine in Chihuahua. The 15,000 m program has an 80% advance to date (10,200 m). True width (TW) Intercepts include 3.2 m 332 g/t Ag; 2.5 m @ 200 g/t Ag; 1.5 m @ 292 g/t Ag; 1.5 m @ 1,152 g/t Ag; 3.1 m @ 1,037 g/t Ag, with up to 5.2% Pb and 3.5% Zn. The Santa Rosa de Lima complex has an anticipated extension of 12 km within Sierra Metals concessions; with mineralization located 100 m below the surface, and occasionally observed at the intersections of other veins. The drilling covers about one kilometer of the structure.
  • Source Exploration Corp. commenced a diamond drill program for the Las Minas copper-gold skarn project in Veracruz. An initial 2,000 – 3,000 metres infill and step out at the El Dorado – Juan Bran zone, with the aim of completing a maiden NI-43-10 resource estimate on early 2017. Further mapping, trenching and sampling will be carried out on the Pueblo Nuevo concession. Previous drilling has outlined a mineralized zone 420 m in width, 6.0 to 82 m in thickness, and extending more than 600 m in depth; the zone remains open on strike and down-dip.
  • San Marco Resources Inc. announced that soil sampling results from its Chunibas property in Sonora have confirmed a 600 x 800 m target. Drilling is expected to probe deeper and on-strike mineralized zones.
  • Kootenay Silver Inc. informed Pan American Silver Corp. is to proceed in 2017 with a US$2.0 M budget on La Negra property in Sonora, with 6,500 m of diamond drilling, geological mapping and reconnaissance work to define additional prospective targets proximal to La Negra within the Promontorio project.
  • Silver One Resource Inc. completed geochemical soil surveys at its Peñasco Quemado and La Frazada properties in Sonora and Nayarit respectively. At Peñasco Quemado a 3,000 m long, 300 m wide linear anomaly overlaps with the area of the current resource, with high manganese (0.17% – 1.1%) and barium (0.15% – 0.88%), and more localized zinc (400 – 3,500 ppm) and lead (135 – 800 ppm); a second anomaly 2,000 m long by 1,000 m wide is a new target. The survey consisted of 1,925 soil samples, XRF assayed, with 320 quality control samples sent for assaying to a US lab, with a very good correlation. At La Frazada the 222 soil samples were not that successful to highlight some of the veins, the reason forwarded being the probable leaching of metals in the subtropical environment.

 

ON MINING

  • Grupo Autlan announced its Lluvia de Oro property in Sonora has a mine life of 15 years, and that its cash flow increased with the operation of its first gold mine.
  • Primero Mining Corp. is reducing the complexity and scale of operations at its San Dimas mine in Durango, with significant decreases to the workforce.
  • Gold Resource Corp. presented 2016 production figures, having milled 450.2 K tonnes at a rate of 1,295 tonnes per day (tpd) and grade of 2.13 g/t Au, 139 g/t Ag, 0.29% Cu, 1.21% Pb, 3.78% Zn; with recoveries standing at 89% Au, 92% Ag, 78% Cu, 74% Pb, 84% Zn. Yearly production amounted to 27,628 Oz Au, 1.86 M Oz Ag, 1,035 tonnes Cu, 4,049 tonnes Pb, 14,302 tonnes Zn. The company is targeting 2017 annual production of 27,500 Oz Au, 1.85 M Oz Ag.
  • Golden Minerals Co. presented operational results for 2016, which include a profit on the lease of an oxide plant, granting the right to operate such plant until the end of 2018; obtained an additional $1.8 M in other operating income related to sales and farm-outs of non-strategic property and spent $3.7 M in exploration of the Santa Maria and Rodeo properties in Chihuahua and Durango respectively.
  • Great Panther Silver Ltd. reported fiscal year 2016 financial results. During the period 376.7 K tonnes were milled to produce 2.05 M Oz Ag, 22,238 Oz Au, at cash cost $10.35 per AgEq Oz and AISC $14.29. The company ended the year with $67 M in net working capital and no debt (Topia, Durango, Guanajuato mine complex, Guanajuato).

ON FINANCING

  • Impact Silver Corp. was ranked on the 2017 TSX Venture 50, among the top performers on the TSX Venture Exchange over the last year, when a 442% increase in share price was achieved, compared with the all-time low during the period.
  • Primero Mining Corp. entered into a binding term sheet with Sprott Resource Lending Partnership for a $75 M revolving credit three year term loan.
  • Leagold Mining Corp. announced the execution of a non-binding term sheet with Orion Resources Partners to provide the company US$20 M in cash through a senior secured loan facility in the principal amount of US$150 M and an equity private placement of US$50 M (Los Filos, Guerrero).
  • Marlin Gold Mining Ltd. announced its intention to purchase, from time to time, an aggregate of 2.48 M common shares in the capital of the company (La Trinidad, Sinaloa).
  • San Marco Resources Inc. announced the exercise of warrants for gross proceeds of $717 K during the period Nov 1st, 2016 to February 15th, 2017 (several properties, Sonora).
  • Source Exploration Corp. closed a non-brokered private placement for gross proceeds of $1.85 M (Las Minas, Veracruz)

ON RESOURCES AND DEVELOPMENT

  • Fortuna Silver Mines Inc. updated mineral reserves and resources to the last day of 2016. Figures on its San Jose mine in Oaxaca include proven and probable reserves of 5.0 M tonnes @ 249 g/t Ag, 1.72 g/t Au, for 40.2 M Oz Ag, 278 K Oz Au; measured and indicated resources of 2.86 M tonnes @ 84 g/t Ag, 0.42 g/t Au for 7.8 M Oz Ag, 39 K Oz Au; and inferred resources of 3.1 M tonnes @ 252 g/t Ag, 1.66 g/t Au for 25.1 M Oz Ag, 165 K Oz Au.
  • Mexus Gold US finished a 4.5 m lift on the leach pad at its Santa Elena mine in Sonora (do not mistake with First Majestic’s Santa Elena mine, also in Sonora). The leaching system started testing on the last week of February. The mining plan goal is to increase ore production to 10 K tons per day by the end of 2017.
  • Primero Mining Corp. updated mineral reserves and resources to December 31st, 2016, including figures for its San Dimas and Ventanas properties in Durango, and Cerro del Gallo in Guanajuato. At San Dimas proven and probable reserves stand at 4.0 M tonnes @ 4.0 g/t Au, 322 g/t Ag, for 517 K Oz Au, 41.2 M Oz Ag; the measured and indicated resources (which include reserves) stand at 5.0 M tonnes @ 5.0 g/t Au, 387 g/t Ag, for 832 K Oz Au, 61.9 M Oz Ag; and inferred resources of 7.2 M tonnes @ 3.7 g/t Au, 317 g/t Ag, for 860 K Oz Au, 73.4 M Oz Ag. Proven and probable reserves at Cerro del Gallo stand at 32.2 M tonnes @ 0.7 g/t Au, 15 g/t Ag, for 712 K Oz Au, 15.3 M Oz Ag; measured and indicated resources (exclusive of mineral reserves) of 47.9 M tonnes @ 0.6 g/t Au, 13 g/t Ag, with no inferred resources. Measured and Inferred resources at Ventanas stand at 0.2 M tonnes @ 2.5 g/t Au, 258 g/t Ag, for 12 K Oz Au, 1.3 M Oz Ag; inferred resources stand at 0.2 M tonnes @ 2.3 g/t Au, 412 g/t Ag.
  • Minera Alamos Inc. announced the completion of a surface rights agreement for its La Fortuna project in Durango. The completion of the agreement enables the company to submit the already prepared mining permit applications. The agreement covers a period of up to 25 years during which time the Company will be required to pay annual rental payments while operating activities are ongoing.
  • Marlin Gold Mining Ltd. reported assay results from the first set of holes in the north side of the pit wall at its La Trinidad mine in Sinaloa. Results include 6.5 m @ 2.59 g/t Au, 9.4 m @ 3.27 g/t Au and 10.2 m @ 2.68 g/t Au. A decision to proceed with a pit layback is pending further assays.

ON DEALS AND CORPORATE ISSUES

  • Santacruz Silver Mining Ltd. signed an agreement to transfer its interest in the El Gachi property in Sonora to First Majestic Silver Corp. for total consideration of US$2.5 M plus tax. “The El Gachi Property comprises a 48,057 hectare land package located adjacent to First Majestic’s Santa Elena Mine…”.
  • Red Tiger Mining Inc. announced that it is currently in violation of certain loan covenants under its senior secured loan with Gerald Metals S.A., owing approximately $18.7 M under the loan agreement. Solvent extraction and electrowining continues from existing copper inventory on the leach pad of the Luz del Cobre mine in Soora, which ceased operations in December 2016.

 

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, broken surface on a boulder from a stream sediment survey in Chiapas, displaying a coarse grained quartz and oxidized sulfide veinlet stockwork in a porphyritic intrusive rock with phyllic alteration, the scale is in centimeters.

porphyry-with-strong-qtz-and-oxsulfide-stckwk

Primero Mining Announces $75 Million Term Loan Refinancing and Organizational Review Financing

/ gambusinoprospectormexico / Leave a comment

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1165-tsx/p/29704-primero-mining-announces-75-million-term-loan-refinancing-and-organizational-review.html

TORONTO, ON–(Marketwired – February 27, 2017) – Primero Mining Corp. (“Primero” or the “Company”) (TSX: P) (NYSE: PPP) is pleased to announce it has entered into a binding term sheet with Sprott Resource Lending Partnership (“Sprott”) for a $75 million three year term loan (“Debt Facility”). The Debt Facility is intended to refinance the Company’s existing $75 million revolving credit facility (“RCF”), of which $50 million is currently drawn, and partly for general corporate purposes. Sprott has concluded technical due diligence and the binding term sheet is subject to execution of definitive transaction documents, all regulatory and other third party approvals and satisfaction of other customary conditions precedent, the Debt Facility is expected to be closed this quarter.