Virgin Metals Inc. announces that further to its press release of March 6, 2014, the Company has closed its non-brokered private placement of 7,500,000 common shares at a price of $0.05 per Common Share for aggregate gross proceeds of up to $375,000.
AuRico Gold Inc. today announces the closing of its private offering of $315 million aggregate principal amount of Senior Secured Second Lien Notes due 2020. The Notes were issued with a coupon of 7.75% and sold at 96.524% of par, and are expected to result in net proceeds to the Company of approximately $297 million, after deducting the initial purchasers’ discounts and estimated offering expenses payable by the Company. AuRico intends to use the net proceeds of the Notes to repurchase its Convertible Notes due 2016 (the “Convertible Notes”) that are tendered to AuRico’s offer announced March 6, 2014 and which expires at 12:00 midnight Eastern Time on April 2, 2014, to purchase any and all of its Convertible Notes, to fund principal and interest payments on any Convertible Notes that remain outstanding following the offer to purchase, to repay amounts outstanding under its existing senior secured credit facility and for general corporate purposes, which may include funding capital expenditures to support organic growth.
Excellon Resources Inc., Mexico’s highest grade silver producer, is pleased to report financial results for three and twelve month periods ended December 31, 2013.
First Majestic Silver Corp. is pleased to announce the updated Mineral Reserve and Resource estimates for its portfolio of properties in Mexico as of December 31, 2013. The mineral Reserve and Resource estimates were calculated using US$24.00 per ounce silver, US$1,400 per ounce gold, US$0.95 per pound lead and US$0.90 per pound zinc.
Sierra Metals Inc. is pleased to announce an updated silver resource estimate on its Cusihuiriachic property, Chihuahua State, Mexico. These resources are in two areas of the Cusi Mine currently in commercial production, Promontorio and Santa Eduwiges, as well as in other mines where the Company is doing underground development, such as La Gloria/Minerva, Monaco/Milagro and others. This resource estimate was prepared by Gustavson Associates, LLC of Lakewood, Colorado.
Bearing Resources Ltd. is pleased to announce that it has received notice from Newmont de Mexico, S.A. de C.V., a wholly owned subsidiary of Newmont Mining Corporation, that it plans to commence drilling on Bearing’s Pedro property in Durango Mexico this week. Newmont is exploring the Company’s wholly owned Pedro gold project in Durango, Mexico under an option agreement dated September 24, 2013 and plans to drill 600 metres of core and 2,400 metres of RC. Since signing the September agreement, Newmont has completed soil sampling in the gap area between the main Pedro grid and the smaller Pedro north grid where Bearing discovered extensive hydrothermal alteration and anomalous gold in rocks and soils. Newmont also completed a wide-spaced CSAMT geophysical survey over the anomalous area. CSAMT is a ground based geophysical system capable of estimating bedrock resistivity at depth and which could potentially detect silicified structures or horizons.
BACANORA MINERALS LTD. announced today that Rare Earth Minerals, Plc has satisfied all conditions under the terms of the joint venture agreement between Bacanora and REM in respect of the San Gabriel, Buenavista and Megalit concessions (details of which are set out in the Company’s press release dated March 12, 2014) to earn a 10% interest in the subsidiary that will hold the Concessions (Minera Megalit S.A. de C.V.). In particular, REM has provided the Company with an upfront cash payment of $250,000, together with a further $500,000, which has been allocated towards exploration and drilling on the Concessions. With this condition having been satisfied, the Concessions are now in the process of being transferred to Minera Megalit S.A. de C.V., following which shares therein will be issued to REM.
Operating cash flow1 of $66,847 for the year ended December 31, 2013 compared to $38,317 for the year ended December 31, 2012;
Net sales revenue for 2013 increased by 8% over 2012. Gold sales and copper concentrate sales revenues increased by 7% and 11% over 2012, respectively;
Gold ounce (“oz”) production for 2013 was 19% higher than in the prior year and Aranzazu’s copper production for the years ended December 31, 2013 and 2012 was 13,615,949 pounds and 10,980,100 pounds, respectively, an increase of 24%;
Excellon Resources Inc., Mexico’s highest grade silver producer, is pleased to report an updated mineral resource estimate (as at December 31, 2013) on its 100%-owned Platosa Mine in Durango State, Mexico.
Gold Resource Corporation declares its monthly instituted dividend of 0.01 per common share for March 2014 payable on April 23, 2014 to shareholders of record as of April 11, 2014. Gold Resource Corporation is a gold and silver producer with operations in the southern state of Oaxaca, Mexico.
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