CEO John Lawrence said that The Company is rapidly increasing the production of zeolite to take advantage of the growing market, increasing the antimony production to lower costs, and getting the Los Juarez gold and silver on line to generate more revenue and prevent dilution of the shareholder equity. All capital is being generated internally.
Further trend analysis over recent months has allowed us to develop a far less capital intensive optimization plan for Platosa, stated Brendan Cahill, President and Chief Executive Officer. We can now implement the plan using only underground wells, eliminating the need for surface wells and saving $4 million in upfront capital expenditures. Capital raising in this environment has been challenging, but with the funding now in place, we have a clear path forward for increasing production and lowering costs at Platosa.
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., Mexicos 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.
San Marco Resources Inc. announces that it has completed its warrant exercise incentive program respecting warrants issued under two non-brokered private placements in 2014 and 2015. Under the program, 2,353,000 warrants were exercised at $0.05 per share for proceeds of $117,650 and 2,353,000 non-transferable “incentive” share purchase warrants, entitling the holder to acquire one common share at an exercise price of $0.05 until October 16, 2018, were issued.
Mr. Arturo Prestamo, President and CEO of Santacruz stated: “First and foremost this agreement allows us to immediately leverage on the extra milling capacity available at our Rosario Mine which will help us realize certain economies of scale. In this regard we note that mineralization previously processed from the Contracuña properties reacted favourably on a metallurgical basis.” Mr. Prestamo continued, “In addition, the agreement will allow us to operate the Contracuña mill at 500 tpd capacity after a nominal capital expenditure upgrade. Further, the Company will be in position to evaluate the possibility of upgrading the Contracuña mill throughput capacity and if the economics are favourable we can explore the opportunity to increase the mining operations.”
As a follow up to the press release dated October 22, 2015, Argonaut Gold Inc. is pleased to announce that the illegal blockade at its El Castillo mine ended on the night of Friday, October 30, 2015. The Company and the community leaders have entered into an agreement in principal. A definitive agreement will be ratified by the community members in the near future. As of the end of the blockade, all mine personnel were remobilized and the site is fully operational. During the illegal blockade, Company personnel were able to continue to operate the leaching facilities and plant to ensure no safety or environmental incidences occurred.
Marlin Gold Mining Ltd. announces that it has today completed the sale of all of the shares of Oro Silver Resources Ltd. to Canarc Resource Corp. pursuant to a share purchase agreement entered into with Canarc on October 8, 2015. Oro Silver indirectly holds the El Compas Gold-Silver Mining Project in Zacatecas, Mexico.
Aurcana Corporation announces that it is today commencing proceedings under the Canada Business Corporations Act to implement the restructuring transaction announced by the Company on October 16, 2015 under which all of the Companys debt obligations to Orion Mine Finance (Master) Fund I L.P., as lender under the Companys amended and restated senior secured credit facility dated April 29, 2014, will be extinguished.
Orex Minerals Inc. announces that it has granted 250,000 incentive stock options to a consultant to purchase 250,000 shares in the capital of Orex at an exercise price of $0.20 per share and with a two year term. The options will vest immediately.
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