Alset Energy Corp. announces that it has closed the first tranche of its previously announced re-priced private placement. Gross proceeds from the tranche totaled $207,940 consisting of 256,667 flow-through units for $30,800 and 1,771,400 non flow-through units for $177,140. The Company will keep to financing open until October 21, 2016 to raise up to $1 million on a best efforts basis.
Rafael Gallardo, Senior Geologist of Minera Cascabel S.A. de C.V., who is leading the drill program, commented, The target of La Higuerita mineralized zone host the same characteristics of mineralization and alteration as was encountered at the La Nueva Victoria target and all three zones are part of the Golden Corridor. These two targets have strong potential to find veins of high grade values hosted in felsic dykes and permeable lithic tuff. We are very excited to drill these two additional targets.
Higher silver grades, throughput rates and recoveries propelled silver production to a new Company record of over 3.1 million ounces during the quarter, said Keith Neumeyer, President & CEO. We saw significant grade improvements, particularly at Santa Elena, La Guitarra and San Martin, as a result of improved mine sequencing and dilution control. Due to the improved operational cash flows, weve significantly expanded our exploration programs resulting in 19 drill rigs currently active on our properties which will allow us to release updated Reserve and Resource estimates for Del Toro, La Parrilla and San Martin in the first quarter of 2017. At La Encantada, detailed engineering has been completed and furnace manufacturing has started for the construction of our new roasting circuit planned for final completion in the fourth quarter of 2017.
Jorge A. Ganoza, President and CEO commented, “This is the first quarter of full production at the new rate of 3,000 tonnes per day at our San Jose Mine, where operations are performing according to plan.” Mr. Ganoza continued, “Senior management’s focus now is on advancing our newly acquired Lindero gold project, located in the Salta Province in Argentina, towards a construction decision in the first half of next year.”
“Consolidated copper production continued to be very strong in the third quarter, setting a second consecutive all-time production record for Capstone,” said Darren Pylot, President and CEO of Capstone. ” Pinto Valley continues to demonstrate its potential, maintaining throughput at a record pace, with the high grade ore from Minto North also contributing to record production for the quarter.”
“We are very pleased with the consistency of our operating performance during the quarter and year to date,” stated Arturo Bonillas, President of the Company. “Gold ounces produced this year have already exceeded our previous targets as we are on pace to meet current guidance of 90,000 – 100,000 ounces for 2016. We continue to see the benefit of the changes implemented late last year including cost reductions (mine-site G&A, mining and cyanide cost reduction), and increased operational efficiencies.”
McEwen Mining Inc. is pleased to announce that total production for the third quarter was 36,496 gold equivalent ounces using a gold to silver ratio of 75:1, or 24,281 gold ounces and 916,168 silver ounces. Production is on target to achieve our 2016 guidance of 144,000 gold equivalent ounces, or 99,500 gold ounces and 3,337,000 silver ounces.
Globexplore is a customer focused, technology driven mineral exploration drilling contractor devoted to top of class drilling methods and techniques that only years of experience can achieve. Every day we strive to be the industry leader by providing the highest rate of performance, professionalism, safety and environmental responsibility.
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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