Month: February 2016

Americas Silver Corporation Announces Closing of U.S. $2.9 Million Credit Facility

Americas Silver Corporation is pleased to announce that it has closed the previously announced subordinated credit facility with its two existing lenders and equity holders for a principal amount of U.S. $2.9 million. The New Credit Facility has a 12 month term with interest to accrue from closing at a rate of 10% per annum payable quarterly in cash or shares (at the option of the lenders at the then market price and subject to TSX approval) with the full principal balance due on maturity. The New Credit Facility is subject to an inter-creditor agreement between the Company’s existing lenders and ranks in priority behind the roughly U.S. $6.0M in senior secured notes and equally with the U.S. $1M in junior secured notes. In connection with the New Credit Facility, the Company has issued 30,000,000 common share purchase warrants divided between the lenders with a term of 3 years and an exercise price of $0.10 and adjusted the exercise price of the existing 24,321,111 warrants already held by the lenders in connection with prior financings to $0.10 with all other terms remaining unchanged.

Great Panther Reports On The Assessment Of Explosives Theft By The Regulatory Authority

GREAT PANTHER SILVER LIMITED announces that the Mexican regulatory authority responsible for permitting and regulating the use of explosives, has concluded its inspection regarding the previously announced theft of explosives from one of the mines at the Guanajuato Mine Complex. The Company was assessed a fine, which has been paid and will not materially impact its financial results.

Alianza Minerals Outlines Plans for 2016

Jason Weber, President & CEO of Alianza, commented “We have a diverse project portfolio of base and precious metal projects in excellent jurisdictions. We will continue to add to this portfolio in preparation for a market turn-around, so that we are ready to move quickly as our potential partners are able to fund exploration projects to make new discoveries.”

First Majestic Secures $60 Million Credit Facility

“The announcement of today’s debt restructuring, along with the decision to lock in our $5.0 million gain on our BAML lead and zinc hedge, and to push out the settlement of the revolving credit line by three years, immediately improves the Company’s working capital position and provides significant financial flexibility to continue pursuing our corporate objectives,” stated Keith Neumeyer, President and CEO. “Our strengthened balance sheet and diverse portfolio of producing silver mines provides us with the opportunity to access funds at a low cost of capital.”

Teck Reports Unaudited Fourth Quarter Results For 2015

“We were pleased with our operating performance in 2015, meeting our guidance, reducing our costs and raising nearly $1 billion through two streaming transactions to strengthen our balance sheet,” said Don Lindsay, President and CEO. “However, the commodity cycle continues to provide us with a very challenging environment such that our near-term priorities are to keep all of our operations cash flow positive, meet our commitment to Fort Hills with internal sources of funds, evaluate options to further strengthen our liquidity and maintain a strong financial position by ending the year without drawing on our lines of credit.”

Mexico: Prospecting for Australian mining companies

Mexico, with a long and rich history of mining, is home to some of the largest mines in the world! It is currently the largest global producer of silver. The country is also one of the world’s top producers of fluorite, bismuth, celestite, sodium sulphate, wollastonite, lead, molybdenum, diatomite, cadmium, graphite, baryte, salt, gypsum, manganese, and zinc.

Diamond Drilling Results from the La Cobota Copper Project, Mexico

“The assay results from the diamond drilling at La Cobota suggest that the mineralized iron oxide vein has significantly more structural complexity and grade variability than was originally anticipated from surface mapping and the available historical mining records. Work is continuing to assess the viability of the mineralized structure to host a resource and the Company will make a decision on the La Cobota option in due course,” said Chief Executive Officer Pieter Britz.

Agnico Eagle Reports Fourth Quarter and Full Year 2015 Results – Strong Operational Performance Yields Record Annual Production; Updated Amaruq Mineral Resources and Initial Mineral Resources Declared at El Barqueño and the Sisar Zone at Kittila

“In 2015, our operations continued to perform well, which allowed us to do better on both our production and cost guidance for the fourth consecutive year. Despite a volatile gold price environment, we doubled our exploration spending, continued to advance our pipeline of development projects, and reduced our net debt by approximately $190 million,” said Sean Boyd, Agnico Eagle’s Chief Executive Officer. “Over the next three years, we are forecasting stable annual production and costs, which should allow us to continue to invest in our existing mines, maintain funding levels at our key exploration projects, advance our development pipeline in Nunavut at a steady and measured pace and maintain our history of continuous dividend payments to shareholders,” added Mr. Boyd.

Coeur Reports Year-End 2015 Mineral Reserves and Resources

“Year-end 2015 reserves reflect the continuing theme of ‘quality over quantity’ of silver and gold ounces and align with our strategy to produce higher-grade, higher-margin ounces to maximize free cash flow across our operations,” said Mitchell J. Krebs, Coeur’s President and Chief Executive Officer. “We removed the lower-grade material that was not economical at these lower metals prices, primarily from La Preciosa, using silver and gold reserve prices over the next two years that are 18% and 10% lower, respectively, than year-end 2014. Companywide gold reserves increased by over 600,000 ounces at 33% higher grade compared with last year, primarily due to the addition of Independencia Este, Wharf, and higher grade material at Kensington.

Minera Alamos Inc. Provides Plans Regarding La Fortuna Gold Project

“One of the primary factors in our decision to acquire La Fortuna is its advanced stage of development”, said Chris Frostad, Minera Alamos’ CEO. “The scope of previous test work that is available gives us a significant head start on the development timeline. We expect to be able to complete a Preliminary Economic Assessment of La Fortuna by this summer”.

New Silver Zone Found North of Mesa de Plata

Azure’s Managing Director, Tony Rovira, stated: “Our ongoing exploration activities throughout the Alacrán property continue to generate positive results for additional silver and gold prospects. In this case, sampling to the north of Mesa de Plata has returned some of the highest silver grades so far encountered at Alacrán. We’ve submitted permit applications and we’re looking forward to drilling this exciting prospect as soon as possible.”

Alix Signs Agreement with Lithium Australia to Advance Electra Lithium Project Adjoining Bacanora’s “Sonora Lithium Project” Located in Sonora, Mexico

ALIX RESOURCES CORP. announces the signing of an option agreement with Lithium Australia NL to jointly explore and develop the Electra lithium project in Sonora, Mexico. Agreement terms are set out below. Alix and LIT will also work to define a percentage interest whereby Alix will share an interest in successful lithium extraction from clay technology patents arising from the joint efforts in Mexico. This transaction is subject to regulatory approvals.

Mundoro Appoints New Director to Board

Mundoro Capital Inc. is pleased to announce the appointment of Mr. Graham Brown to the Board of Directors of the Company. Mr. Brown has 35 years’ experience in mining and exploration as an independent consultant, senior executive and global leader of a highly successful discovery team. His broad experience base includes working on four continents, completing over 100 technical assignments, and covering a range of commodities in over 25 countries.

Sierra Metals Reports 2015 Production and Announces 2016 Production Outlook

“While we anticipate improved consolidated results in the current year, we are extremely pleased to see increased copper equivalent production at Bolivar and growth in silver equivalent production at Cusi.” commented Mark Brennan, President and CEO of Sierra Metals. “We continue to focus on the restructuring and rehabilitation at the Yauricocha Mine with the implementation of best practices and the introduction of modern methodologies. Management is optimistic that these beneficial changes that have resulted in lower production in the near term will serve to increase production in the coming years.”

Marlin Gold Mining Ltd. Enters Into New Mining Contract to Double Mining Rate

Marlin Gold Mining Ltd. is pleased to announce that it has executed a new mining contract that will nearly double the Company’s mining rate at its La Trinidad mine in Sinaloa, Mexico. The new contract has a minimum tonnage guarantee of 1.5 million tonnes per month, which is nearly twice the current mining rate. Fleet mobilization has commenced, and we expect to be mining with this new fleet in early March. This will allow Marlin to begin accessing the high grade HS Zone of its La Trinidad mine in the second quarter of 2016. The Company has 4.2 million tonnes of waste to remove at La Trinidad, at which time the high grade HS Zone will make Marlin one of the lowest cost operations globally.

Silver Shield Resources Corp Announces Private Placements

Silver Shield Resources Corp Announces Both a Non-Brokered Private Placement of up to Three Million Dollars CDN by Issuance of Series “A” Preferred Shares and A Concurrent Non-Brokered Common Shares Private Placement of up to One Million Dollars CDN by Issuance of Common Shares

Kootenay Silver and Northair Silver Sign Definitive Agreement – Combination of Kootenay and Northair to Create a Leading Mexican Silver Consolidator

Kootenay President and CEO James McDonald commented: “We are very pleased and excited to move forward with this milestone transaction with Northair. This is a well-planned consolidation that has the potential to provide both companies and their shareholders with far reaching benefits well into the future. Combining the Promontorio, La Negra and La Cigarra projects will immediately position Kootenay as one of Mexico’s preeminent, asset based, silver development companies. Moreover, the support of a newly invigorated treasury and growth plan will allow us to prioritize the expedited development of both the La Negra and La Cigarra projects, as we continue to advance our generative project portfolio and pursue further strategic opportunities in the sector.”

TIMMINS GOLD REPORTS 2015 Q4 AND YEAR END OPERATING RESULTS

“Gold production for the fourth quarter exceeded expectation due to efficient leaching and plant operations. Mine operations at San Francisco were impacted by greater than expected waste tonnes mined in the quarter due to local model variability observed versus prediction. We have made adjustments to the model and our operating plan and remain on track to achieve our 2016 objectives,” stated Mark Backens, Interim CEO of Timmins.

DynaResource, Inc. Reports January 2016 Gold Production and Results of January Operations at San Jose de Gràcia

DynaResource, Inc. is pleased to announce that Mineras de DynaResource S.A. de C.V., the 100% owned subsidiary of DynaUSA and the exclusive operator of the San Jose de Gràcia Property in northern Sinaloa, México, is reporting the delivery for sale on February 5, 2016 of an approximate 440 Oz gold contained in concentrates (exact weights in gold and silver oz. to be determined at final settlement).

ArcelorMittal Said to Plan 3 Billion Euro Capital Increase

Shares in ArcelorMittal — the world’s largest steelmaker, supplying New York’s One World Trade Center and London’s Wembley stadium — have dropped 58 percent in the last 12 months. They’ve been hit by declining prices for steel as China pushes it onto the world market at record levels to counter its slowing economy. Prices for the iron ore ArcelorMittal mines have also dropped as demand for the steel-making material fell and supplies from exporters expanded.

VVC Exploration Provides Samalayuca Zoning Update

VVC Exploration Corporation announces that the court proceedings, described below, in Juarez Mexico may at some point impact the zoning of the Company’s Samalayuca Copper project in the State of Chihuahua, Mexico:

Maza Drilling is a Mexican company established in 2007 in Mazatlán, Sinaloa. Our Canadian founder, Mr. Guy de Launiere, has over 20 years of international experience managing diverse drilling operations. Maza Drilling strives to compete at the highest levels in terms of recovery, effectiveness, efficiency, and affordability at every project while keeping at the forefront of technology to meet our customer’s needs in this demanding market.
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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.

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