Day: May 11, 2016

Timmins Gold to Sell Caballo Blanco Gold Project

“The sale of the Caballo Blanco project for a total consideration of US$17.5 million is a significant event for Timmins Gold,” stated Mark Backens, Interim CEO. “The cash proceeds from this sale will strengthen our balance sheet which will enable settlement of our secured debt.”

Pan American Silver Announces its Unaudited 2016 First Quarter Results

Michael Steinmann, President and Chief Executive Officer of the Company commented on the first quarter 2016 results, “We are off to a very good start in 2016, delivering robust production and a respectable financial performance. We produced more silver, gold and base metals as compared to the same quarter of last year, significantly reduced our costs, generated adjusted earnings of $0.02 per share and cash flow from operations of $28.4 million (before changes in working capital). These results were achieved in spite of lower prices on our silver and gold sales than in Q1 2015, which trimmed our revenue by nearly $20 million.” Steinmann continued, “Our two expansion projects at La Colorada and Dolores are advancing on schedule and on budget, funded completely by our strong balance sheet, as we progress steadily towards becoming an even lower cost producer”.

Silver Standard reports first quarter 2016 results

Paul Benson, President and CEO said, “We have had an excellent start to the year with 84,000 gold equivalent ounces produced at cash costs and AISC of $715/oz and $859/oz, respectively. We are well-positioned to continue with strong production in Q2 and the devaluation of the peso has allowed us to reduce our cash cost guidance at Pirquitas. Our robust operating performance has also allowed us to continue to add cash to the balance sheet despite investing in exploration and projects for the future.

Millrock Closes Tranche One of Non-Brokered Private Placement

Millrock Resources Inc. reports that a portion of the non-brokered private placement announced on May 4, 2016 has closed and a total of 1,730,000 Units at a price of $0.29 per Unit have been issued for gross proceeds of $501,700. Each Unit consists of one common share and one share purchase warrant, with each Warrant entitling the holder thereof to purchase one additional common share at a price of $0.44 per common share until May 25, 2019.

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