Month: August 2016

The Private Placement, as stated previously, comprised of the sale of 10,000,000 units at a price of $0.05 under terms as outlined in News Releases No. 056 and 057. Each Unit will consist of one common share of the Company and one half-share purchase warrant. Each full warrant will be exercisable for one additional share of the Company’s common stock for two years at a conversion price of $0.10, subject to an acceleration provision triggered if at any time after November 30th, 2016, the Company’s common shares have a closing price on the TSX Venture Exchange at or above a price of $0.20 per share for a period of 10 consecutive trading days. A total of 5,000,000 Warrants were issued pursuant to the Private Placement as part of the Units.

War Eagle Mining Company Inc. announced today that Paul A. Carroll QC, a Director and Chairman of the Board of the Company, has been appointed as its President and Chief Executive Officer replacing Thomas R. Atkins who continues as a Director. Mr. Carroll has been a Director of War Eagle since November 7, 2012 and is the owner of 2.1 million (9.8%) of the common shares of the Company and holds options to acquire an additional 600,000 shares of the Company.

Deep exploration drilling at Juanicipio was ongoing throughout the quarter, and 6 drill rigs are currently on the property drilling, 5 from surface and 1 from within the underground ramp.
2015-2016 drilling to further delineate the extent of the new Valdecañas Deep Zone was completed, and assays released subsequent to the quarter end…

“Clearly the highlight of the Company’s second quarter was declaring commercial production at the Avino Mine, our second and largest mining operation,” said David Wolfin, Avino’s President and CEO. “This achievement marks years of determined effort by our entire team, both in Mexico and Canada, for which I am grateful. The Company is significantly more valuable as a result.

Silver Spruce Resources Inc. announces that it has closed its previously announced non-brokered private placement and raised gross proceeds of $549,755.00. The offering will consist of the issuance of 8,457,769 shares and 8,457,769 warrants.

“Q2 2016 was a strong quarter operationally as we continue to see the benefits of the mine plan adopted late last year” stated Interim CEO Mark Backens. “Our cash costs for the quarter of $681 per ounce and all-in sustaining cash costs of $761 per ounce were particularly strong and were respectively 30% and 33% lower than the comparable period. We were able to eliminate all of our secured debt to Sprott Resource Lending Partnership (“Sprott”), Goldcorp Inc. (“Goldcorp”) and the Lundin Group.”

“We generated $66 million of operating cash flow in the second quarter, the highest level since the fourth quarter of 2012. Even more impressive is the fact that the increase was largely driven by reduced costs across all of our operations,” said Michael Steinmann, President and Chief Executive Officer of the Company. “The cash generated fully funded all of our capital requirements, including our expansion projects, and increased our cash and short-term investment position to over $204 million.”