Month: November 2015

McEwen Mining Inc. is pleased to report record quarterly production of 43,390 gold equivalent ounces and earnings from mining operations of $13.4 million for the three months ended Sept. 30th, 2015. The El Gallo Mine in Mexico was the star performer in the quarter, producing at total cash costs and all-in sustaining costs (AISC) per gold equivalent ounce of $454 and $570, respectively.

Fred Stanford, President & CEO of Torex stated: “We are on the doorstep of production and would like to take the time to thank all of the supporters that have helped us along this path of turning intention into reality. Construction on the processing plant is now drawing to a close and attention has shifted to managing the ramp-up process. First gold is expected before year-end and a skilled team is in place and prepared to deal with the inevitable challenges. The achievement of commercial production is anticipated for Q2/16 as per the schedule when construction started…”

“Great Panther’s third quarter 2015 financial results benefited from continued reductions in cash cost, all-in sustaining cost, and from production growth which helped mitigate further weakness in silver and gold prices,” stated Robert Archer, President and CEO. “All-in sustaining cost for the third quarter was once again below current silver prices…”

“During the third quarter we delivered solid production performance, with Greens Creek continuing to lead the way. Cash costs, after by-product credits, were higher because of the weak price of our by-product metals,” said Phillips S. Baker Jr., Hecla’s President and CEO. “Hecla’s cash flow and balance sheet have allowed continued investment in capital improvements, growth and exploration initiatives; the benefits of which are just beginning to be realized. We expect San Sebastian to start processing ore by year end, Casa Berardi is accessing a newly discovered, high-grade stope and the Lucky Friday has returned to full production after replacing the main ventilation booster fans.”

Gold Resource Corporation reported production results for the third quarter ended September 30, 2015 of 6,825 ounces of gold, 561,985 ounces of silver ounces, or 14,133 precious metal gold equivalent (AuEq) ounces (calculated at actual sales price ratio of 77:1), which generated $19.4 million in net revenue for the quarter.

Pete Dougherty, President and CEO of Argonaut Gold stated, “The team has put together a solid quarter, in spite of the difficult operating conditions associated with the rainy season. We met our production objectives for the quarter. We were able to maintain our costs on a per ounce basis in spite of lower production. We are preparing to operate in a $1,000 gold price environment which should provide operating flexibility. Year over year, we have been able to lower costs, reduce payables, and our debt while preserving our balance sheet. With positive cash flow generation and almost no debt, we are well positioned for our 2016 goals….”

“Strong third quarter operating results reflect our focus on production expansion, optimization and cost control at both of our mines,” stated Joseph F. Conway, Chief Executive Officer. “The San Dimas mine continued to deliver strong operational results, and the mill expansion to 3,000 tonnes per day remains ahead of the original schedule and on track to be completed at a cost 33% less than originally estimated…”