Month: November 2015

Arian Silver Corporation, a silver mining company focussed on silver projects in the silver belt of Zacatecas, Mexico, announces that it has received a Default Notice under the terms of its agreements with Quintana San José Streaming Co. LLC and Quintana AGQ Holding Co. LLC. The Company is taking the notice under advisement. Meanwhile, financing discussions between the parties are on-going as previously advised on 29 October 2015, and a further announcement will be made in due course.

Mark Backens, Interim CEO and a Director of the Company, stated “the decline in gold price has necessitated changes in mining operations at San Francisco and taking a large impairment on the asset. Our focus going forward is to structure our operations and balance sheet to protect the Company and allow us to advance our development projects, Ana Paula and Caballo Blanco. We have modified our mine plan to maximize cash flow while maintaining flexibility to respond to changing market conditions. We have implemented and are continuing to implement numerous cost saving efforts including the reduction of workforce, primarily at the San Francisco Mine along with other mine site, operations and corporate G&A savings, including a 50 percent reduction in fees to directors.

Mitchell J. Krebs, Coeur’s President and Chief Executive Officer, said, “The technical report reflects a robust, high-margin mine plan at current metal prices showing substantial improvements in production, mine life, grades, recoveries, costs, and cash flow compared to the last technical report for Palmarejo filed eight months ago. This enhanced plan demonstrates Palmarejo’s transition to ‘quality over quantity’ production and highlights the importance of the Independencia Este deposit, which was added through the acquisition of Paramount Gold and Silver Corp. in April…. “

“Our third quarter results provide further evidence that our strategic initiatives are dramatically reshaping the Company,” said Mitchell J. Krebs, Coeur’s President and Chief Executive Officer.

Denis Larocque, Chief Executive Officer of Major Drilling Group International Inc. is pleased to announce that following an external search in which he was a candidate, Mr. David Balser, currently VP Finance, has been promoted to the position of Chief Financial Officer. As well, Mr. Larocque is pleased to announce the promotions of Marc Landry to the new position of VP – IT and Logistics, and Ben Graham to the new position of VP – HR and Safety.

Endeavour CEO Bradford Cooke commented, “Given the falling precious metal prices this year, management has continued to focus on reducing costs and improving productivity at each of our mines, with significant success. Over the past five quarters, we have reduced our consolidated operating costs per tonne by 28% from US$103.58 down to US$75.07. Our operations team can take great pride in their accomplishments resulting from our philosophy of continuous improvement. We expect to meet or beat our guidance on all operating metrics for 2015.”

Excellon Resources Inc., Mexico’s highest grade silver producer, is pleased to announce that it has arranged a fully subscribed financing of C$6,000,000 through the private placement of secured convertible debentures of the Company and the sale of a net smelter return royalty on the Platosa Project. The proceeds from the Financing will be used to immediately begin implementing the previously announced Optimization Plan at the Platosa Mine (see press release dated June 2, 2015) and for general corporate purposes. References to principal amounts and conversion or exercise prices in respect of the Financing are in Canadian dollars.