Day: February 22, 2016

MAG Silver Announces US$65 Million Bought Deal Financing

MAG Silver Corp. announced today that it has entered into an agreement with a syndicate of underwriters led by Scotia Capital Inc., BMO Capital Markets and Raymond James Ltd., pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 8,905,000 common shares of the Company at a price of US$7.30 per Common Share, for total gross proceeds of US$65,006,500. The Company will also grant to the Underwriters an over-allotment option to purchase up to 1,335,750 additional Common Shares. The Over-Allotment Option will be exercisable for a period of 30 days following closing.

Almaden Hits 43.0 Meters of 2.26 g/t Au, 85.7 g/t Ag Including 12.75 Meters of 6.1 g/t Au and 158.5 g/t Ag in Ixtaca Zone Metallurgical / Infill Drillhole

Almaden Minerals Ltd. is pleased to announce partial assay results from Almaden’s Ixtaca Zone exploration and development program at the Company’s 100% owned Tuligtic project, Mexico. Drill hole TU-15-457 was drilled into limestone hosted mineralisation in the core of the updated PEA pit, between holes on section 10 + 500, in order to better define the high grade zone and to provide additional metallurgical sample material for the final stages of the Company’s ongoing Pre-Feasibility metallurgical program. Highlights from hole TU-15-457 released today include the following intercepts:

Baja Class Action Settlement Approved and Suit Dismissed

Tom Ogryzlo, Interim CEO, stated, “I am pleased to have the distraction caused by the class action litigation behind the Company at last. As I noted previously, the prospect of this final settlement has enabled us to focus on seeking opportunities for creating value for our shareholders.” Mr. Ogryzlo added, “While these markets remain challenging, I believe that projects with the right characteristics can be funded and advanced. Our objective remains to preserve the Company’s longer-term participation in the Boleo Project, through the development of a platform that will enable the Company to pursue projects with potential to generate short term cash flow.”

Santacruz Silver Provides Update on Veta Grande Mine Commissioning

“The first phase of commissioning of the refurbished Veta Grande processing plant has gone according to plan. Going forward the mill-feed for the plant is expected to be sourced solely from newly developed underground mine workings, which should result in a steady increase of the silver grades and improved recoveries,” stated Arturo Préstamo, CEO of Santacruz. “We have been very pleased with the progress achieved both in the mine and at the Veta Grande plant. The operations team has done an excellent job refurbishing this asset and making improvements that will benefit us as we progress through the year. In addition we are assessing the opportunity to deliver Veta Grande mill-feed to the Rosario Mine in order to leverage the available capacity at the Rosario milling facility. Any such decision will not impact the primary objective of maximizing production at the Veta Grande Mine.”

IMPACT Silver Corp. Announces Appointment of New Independent Director

Mr. Frederick Davidson, CEO and President, of IMPACT commented as follows: “We are delighted to welcome Mr. Lishman to the Board as his extensive experience in the natural resources sector and as an investment fund manager will be extremely valuable for the Company.”

Major Drilling Group International Inc. is one of the world’s largest drilling services companies primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team alone.
Our company BYLSA DRILLING provides drilling services in a variety of environments, ranging from typical exploration sites to extreme topographic conditions, always with the highest quality and safety standards.