Day: May 2, 2016

Pete Dougherty, President and CEO, stated: “First quarter 2016 GEO production was in line with guidance at El Castillo, exceeded guidance at La Colorada and showed a 6% improvement over the previous quarter. At La Colorada, we exceeded expectations primarily due to increased crusher throughput. In addition to a solid quarter of production, we generated net income of $4.3 million and continue to add cash to our balance sheet.”

Subsequent to the 2015 year-end, on January 7, 2016, Aurcana completed a restructuring transaction with Orion Mine Finance, pursuant to which, among other things, the Company’s interest in the La Negra mine, located in Mexico, was transferred to Orion and all outstanding debt owed by Aurcana to Orion was extinguished. Aurcana is now debt free. The La Negra mine constitutes a “discontinued operation” of the Company for reporting purposes.

Alianza Minerals Ltd. is pleased to announce that the Board of Directors has appointed Mr. Geoff Chater, B. Sc. Geology, as a director of the Company.

Frederick H. Earnest, President and Chief Executive Officer, commented, “We continue to believe that our balance sheet will fund our currently planned activities into 2018, and we still have potential future sources of non-dilutive financing including the sale of our used mill equipment and our non-core Guadalupe de los Reyes gold/silver project in Mexico. Our focus remains fixed on our Mt Todd gold project where we are completing additional modelling and testing to support our request for authorization under the Environmental Protection and Biodiversity Conservation Act of 1999 (Australia); and we are analyzing recommendations from a team of technical experts that we engaged earlier this year to review key parts of the Mt Todd gold project.”

Kootenay Silver Inc. is pleased to announce that further to the joint press releases of Kootenay and Pan American Silver Corp. dated February 16, 2016 and April 26, 2016, Kootenay has closed its non-brokered private placement with Pan American and issued an aggregate of 6,793,550 shares for aggregate gross proceeds to Kootenay of CAD$1,553,431. No finders fees were paid in connection with the Private Placement. As a result of the Private Placement, Pan American owns ten percent of the issued and outstanding common shares of Kootenay.

“Despite some challenges in early 2015, we exited the calendar year of 2015 with very good operational results. We have seen significant improvement in costs at the Rosario Mine and our intention is to continue that improvement into 2016,” said Arturo Préstamo, President and CEO. “Our focus at both the Rosario Mine and now the Veta Grande Mine is to produce cost effective silver equivalent ounces. This will continue to be a priority for our operational team as we move forward.”