Day: May 13, 2016

Starcore International Mines Ltd. announces that its Board of Directors has resolved to change the Company’s financial year-end from July 31st to April 30th. A Notice of Change in Year-End has been filed by the Company on SEDAR pursuant to National Instrument 51-102.

Goldgroup Mining Inc. announces it has consented to the restructuring and sale by Monarch Gold Corp. of substantially all of its assets and operations to Cascadia Goldfields Company Ltd. Pursuant to the restructuring and sale, Cascadia assumed the obligations of Monarch in respect of a CAD $2,500,000 loan previously made by the Company to Monarch (see press release on June 18, 2015), which is now overdue, and granted security in favour of the Company over all of the assets and operations acquired by Cascadia. Pursuant to the restructured loan, Cascadia will be obligated to make the following payments:

GoGold Resources Inc. is pleased to announce the release of financial results for the three and six months ending March 31, 2016. The Company recorded revenue of $5.1 million from the sale of 348,991 silver equivalent ounces at a cash cost of $6.78 per silver equivalent ounce in the quarter. The Company continues to be a low cost operation with cash costs of $2.73 per silver ounce using gold as a bi-product credit.

Mark Brennan, President and CEO of Sierra Metals commented, “Despite the challenges faced with the restructuring program at Yauricocha, the Company continues to have a strong balance sheet and liquidity to drive operations and expand output and reduce costs at its Cusi silver mine in Mexico. Furthermore, we have had tremendous success with our brownfield exploration programs with the recent discovery of the Esperanza Zone at the Yauricocha Mine and mineralization extensions at the Bolivar copper mine in Mexico. The brownfield exploration program is continuing and has the potential to transform the capabilities of our assets in both Peru and Mexico. We look forward to keeping you updated on our progress.”

The New Rights Plan was adopted in connection with the amendments to Canadian securities laws governing the take-over bid regime that came into effect on May 9, 2016, and was not adopted in response to any proposal to acquire control of MAG. While these amendments address, in part, concerns related to ensuring that MAG’s shareholders and the Board have adequate time to consider and evaluate an unsolicited bid and to ensuring that the Board has adequate time to identify, solicit, develop and negotiate value-enhancing alternatives, the Company believes these amendments do not fully protect shareholders from unequal treatment. The New Rights Plan seeks to ensure that MAG’s shareholders have an equal opportunity to participate in a change of control transaction. The New Rights Plan is not intended, nor will it operate, to prevent take-over bids.