We are confident that the expansion will result in a significant increase in production, which we will start to see the effects of this quarter, said Brad Langille, newly appointed CEO and President. The Company continues to selectively spend capital on projects with the highest return on investment.
Commenting on the Company’s fourth quarter and annual production results, Steve Busby, Chief Operating Officer said, “We had an excellent operating year, achieving new silver production records at four of our mines. At the same time, we were able to meaningfully reduce our operating cash costs on the back of strong by-product gold and copper production, helped to a lesser extent by weakening local currencies and lower oil prices.” Busby continued, “I am extremely pleased to extend my personal thanks to our dedicated and highly capable operating and project teams who, for the fourth consecutive year, achieved another annual consolidated silver production record for the Company, while simultaneously advancing our two exciting mine expansion projects.”
Our production results for the fourth quarter marked a strong finish to 2015 and were consistent with expectations, said Keith Neumeyer, President & CEO. Despite some minor production decreases in our effort to produce profitable ounces in this distressed market, we still pulled off a record quarter and another record year. Our transformational strategy for reducing costs and improving operational procedures is working, and along with Santa Elenas successful integration, I feel that we have truly turned a corner in this challenging market.
Paget Minerals Corp. announces that the shareholders have approved the 15 to 1 share consolidation as previously announced, at the Special Meeting today. The funds raised in the subscription receipts financing will be released to Paget shortly.
Minera Alamos Inc. today announced that it has entered into a binding Letter of Intent with Argonaut Gold Inc. and its wholly owned subsidiary Durango Fern Mines S.A. de C.V. to acquire 100% of the mineral claims known as the La Fortuna Gold Project located in Durango Mexico.
“We are grateful to have Gernot join our team as Oban Mining’s representative, with his extensive experience in advanced project exploration and development,” commented Rob McLeod, President and CEO of IDM. “Gernot and I previously worked together for Lac Minerals at Red Mountain in the early 1990’s, and I look forward to working with him again as we advance the Project through permitting, engineering and additional exploration.”
“In light of the current commodity price environment our 2016 guidance and five year outlook focuses on financial flexibility, while maximizing the cost efficiency of our existing operations,” said Darren Pylot, Capstone President and CEO. “2016 is expected to be a strong year operationally for us as we process ore from the high grade Minto North open pit. We will further benefit from Cozamin’s consistent performance and have started the year running well at Pinto Valley.”
The differences between the previous 2011 publically reported tonnes and grade at Capire and those reported as the current resources here are substantial. The Base Case resources reported herein are much smaller than those previously reported, in part because the current resources were estimated with tighter constraints, both geostatistical and geological, and in part because they lie within an optimized pit shell and exclude additional mineralization lying at deeper levels. Much of this deeper mineralization was included in the 2011 estimate. That deep mineralization may be available for potential underground development but that remains to be studied and is not included in the current resource tabulation.
“The geological and structural setting at Cerro Cascaron share many characteristics with other epithermal gold-silver deposits in the area including El Sauzal, Mulatos, and Ocampo.”, Evrim VP of Exploration Mexico, Alain Charest commented, “Finding an exceptional project such as Cerro Cascaron, in an area that has seen little exploration demonstrates that there are still discoveries to be made in the Sierra Madre Occidental.”
“I’m happy to report that we generated strong production growth in 2015,” said David Wolfin, Avino’s President and CEO. “In fact, we achieved the highest silver equivalent ounce output in the Company’s 49-year history. I congratulate our team of over 450 people for achieving this milestone during challenging conditions for the mining industry overall.”
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