Fortuna Silver Mines Inc. Mr. Simon Ridgway, Chairman of the Board, announces that Mr. Michael Iverson has retired from the Board of Directors. Mr. Iverson joined the board of the predecessor company of Fortuna back in 1998.
As expected, second quarter production and cash costs were impacted by the ground movement at the Cosalá Operations and expected lower grades at the Galena Complex. This was offset by the Companys continued efforts to cut costs, said Americas Silver President and CEO Darren Blasutti. With Nuestra Señora returning to expected tonnage, grades and recovery, and with Galena expecting higher grades in the second half of 2016, we expect the second half of the year to be stronger. For the remainder of the year, we will focus on a construction decision for our San Rafael Project before the end of the third quarter and increasing mining in higher lead grade areas at the Galena Complex.
Capstone Mining Corp. today announced its financial results for the three and six months ended June 30, 2016. Operating cash flow before changes in working capital was $21.6 million or $0.06 per share, with a net loss of $13.4 million and an adjusted net loss of $7.5 million after adjusting for certain non-cash and non-recurring charges. Copper production for the quarter totalled 28,157 tonnes (27,200 tonnes of payable copper) at a C1 cash cost of $1.51 per payable pound produced with copper sales for the quarter of 22,549 tonnes at a C1 cash cost of $1.66 per payable pound sold.
After visiting the El Colomo Property and analyzing the Companys current drill program in progress, I am very excited to be an addition to the already strong technical team that has been assembled and is exploring the El Colomo Gold-Silver Project. I look forward to working with Rafael Gallardo and the Cascabel team in moving this exciting project forward, said David Hladky.
The Company intends to use the net proceeds of the Offering to fund accelerated exploration at the Companys Platosa Project, for capital expenditures at the Platosa Mine and Miguel Auza Mill, for working capital expenses and for general corporate purposes. For additional details regarding the use of proceeds of the Offering, please see the Company’s short form prospectus dated July 19, 2016 that is available under the Corporation’s profile on SEDAR at www.sedar.com.
Riversides President and CEO, John-Mark Staude, stated: We are pleased to have Centerra as a partner and we look forward to continuing our joint exploration efforts to make a discovery in the Sonora Mega-shear Gold Belt. Riversides prospect generation has taken advantage of the downturn in the market to acquire and develop excellent new gold, silver and copper targets and we look to the near future to push these ahead with additional joint venture option agreements.
BACANORA MINERALS LTD. the AIM and TSX Venture Exchange listed lithium and borates company focussed on Mexico, announces that Colin Orr-Ewing is stepping down as Non-Executive Chairman of the Company due to personal reasons. Mr. Orr-Ewing will remain on the Board as a Non-Executive Director.
We have strived to ensure that our share owners enjoy the full benefit of higher gold, silver and copper prices. We have not sold any royalties or metal streams and we do not hedge our precious metal sales. I am pleased with our progress of building a strong balance sheet, which will allow us to fund the future development of our Gold Bar mine and El Gallo Silver mine with reduced financing requirements, stated Rob McEwen, Chairman and Chief Owner.
Proceeds of the Offering are intended to be used for the continued advancement of the Tepal Gold/Copper Project and for general corporate purposes.
Marlin Gold Mining Ltd. is pleased to announce that it has completed its previously announced non-brokered private placement of common shares. Pursuant to the Equity Offering, Marlin issued 13,000,000 common shares of the Company at a price of $0.50 per Common Share for aggregate gross proceeds of approximately $6,500,000.
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