Day: August 30, 2016

Alain Lambert, Chairman and CEO of Cyprium commented: “Following our successful conversion of $118,000 of secured debt into non-secured convertible debt in April and the extension of USD$813,750 in loans in June, we were approached by several holders of the Debentures expressing an interest in extending the maturity date and rendering the Debentures convertible. It is on that basis that we have called a special Debenture holder meeting for them to consider the matters brought forth at the meeting. We are closely evaluating similar requests from other lenders.”

“During the quarter we made significant progress on strengthening our balance sheet by advancing negotiations for a CAD $15 million equity raise which was closed subsequent to the quarter end. This allowed us to restructure our senior debt obligations into a new debt facility with a significantly lower principal balance, resulting in a substantial improvement of our capital structure,” said Arturo Préstamo, President and CEO. “From a production viewpoint, at the Rosario Mine operating income increased to $0.6 million, an increase of 29% over the prior quarter. Additionally, our operations at the Veta Grande Mine continue moving towards the commencement of commercial production following which we expect the mine to be a significant and complementary cash-flow generator to the Rosario Mine.”