Net proceeds of the Offering will be used to further the Companys exploration projects, fund possible new acquisitions and for general working capital. All securities issued pursuant to the Offering are subject to a four month and one day hold period. The Offering is subject to TSX Venture Exchange acceptance of regulatory filings.
The net proceeds from the Offering will be used by Prospero to advance Prospero’s existing project portfolio to drill-ready status, to expand the project portfolio by possible new acquisitions, and for general working capital purposes. Strategic joint ventures will also be sought.
Almadex Chairman, J. Duane Poliquin commented, These results now show the potential of the El Cobre project to host a significant gold-rich porphyry system. The Norte zone is one of four well defined porphyry centres within a very large zone of porphyry related alteration. We look forward to following up this exciting intercept with a drill program focused on the goal of defining a new gold-copper resource in Mexico.
Keith Neumeyer, Chairman of First Mining, states: We are very pleased with the incredible level of interest we received in this financing which is yet another milestone in the rapid growth of the Company. With this financing, First Mining is now in a very strong financial position, with cash on hand of approximately $37.3 million. We welcome the new shareholders to our Company, including various institutional shareholders. The addition of capital to the Company allows us to generate internal value from our projects while at the same time allows us to pursue additional accretive acquisitions.
During the second quarter we continued to realize the benefits of operational efficiencies put into place earlier this year, stated Brendan Cahill, President and Chief Executive Officer. We returned to profitability on an adjusted basis and improved cash flow, as well as realizing material improvements to all-in sustaining costs per ounce before the one-time costs associated with the ongoing Platosa optimization plan. We have reported adjusted net income during the period as, with the Companys strong share performance during Q2, fair value adjustments to financing costs were required under IFRS on our outstanding convertible debentures and associated warrants a quality problem. We expect our costs and financial performance to further improve as the Platosa optimization program continues moving towards completion. We enter the third quarter with much improved metal prices, a strengthened balance sheet from our recent, oversubscribed bought deal financing and a comprehensive drill program about to commence at Platosa.
Mexus Gold US announced that a series of blasts were completed at the Santa Elena mine with successful fragmentation. The initial blasts resulted in 60,000 tons of ore with grades ranging from 1 to 3 grams per ton. Marco Martinez, President of MarMar holdings, stated that this material is now ready to be moved to the heap leach pad. In addition, Mr. Martinez stated that the geomembrane heap leach pad is nearly complete with the anchoring of the liner remaining. The electro winning gold recovery equipment is currently being assembled in Monterrey, Mexico. The equipment should be ready by the time the first 1 meter lift is completed on the heap leach pad.
The gross proceeds of the Private Placement will be used to advance the Company’s Tenoriba precious metal project in the prolific Sierra Madre region of Chihuahua State, Mexico and payment of property taxes, for which if paid has the potential to significantly reduce property payments.
Jorge A. Ganoza, President and CEO, commented, “We have had a strong operational and financial quarter with solid performance for the first half of the year. With San Jose now in commercial operation at 3,000 tpd, and capital requirements at our existing mines reduced significantly, we are poised to capitalize from the recovery in metal prices.” Mr. Ganoza continued, “The Company is now focused on advancing the recently acquired Lindero Gold Project into construction in 2017 with commercial production expected by the second half of 2018.”
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.
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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