Net proceeds from the private placement will be used for working capital and costs associated with claim maintenance, permitting and other exploration expenses. Specifically, some proceeds will be applied towards the assessment of the Oro property in New Mexico. Surface exploration consisting of prospecting and trenching is planned to resolve targeting prior to permitting the next phase of drilling on the project.
Managing Director, Mr Adrian Griffin: At Lithium Australia we recognize the value of innovation in developing process solutions. Our success in developing the Sileach process for spodumene is a great example and we strongly believe we can develop a processing strategy to enhance the commercial opportunity provided by processing lithium clays.
Americas Silver Corporation announced today that its Board of Directors has elected director Alex Davidson to the role of Chairman of the Board, effective today. Peter Hawley has stepped down as Chairman but will continue to act as a Director of the Company.
“We have achieved constructive progress both operationally and financially in the first quarter this year.” said Arturo Préstamo, President and CEO. “Our decision in Q3 2015 to move to an in-house mining team is now beginning to show the benefits. In addition, our change in mining method to cut-and-fill has resulted in better dilution control and consequently improved head grade. These measures were taken in order to produce efficient ounces and have resulted in the reduced costs you see in this first quarter. We will continue to implement cost saving initiatives going forward with a view to further reducing costs.”
Mark Backens, Interim CEO of Timmins Gold Corp., stated, We very much appreciate the support of our shareholders. We would also like to take this opportunity to thank outgoing Board Member Luc Lessard for his contribution to the Company over the last two years.
Morgan Poliquin, President of Almaden, states, “This financing allows us to continue the advancement of Ixtaca towards pre-feasibility and permitting, and also enables us to renew our exploration activities in areas proximal to the PEA pit. Since the discovery of this deposit in 2010, our work has been focused on resource drilling and engineering activities, and we are excited to revisit exploration potential in the immediate vicinity of the PEA pit.”
Calgary, Alberta (FSCwire) – Morro Bay Resources Ltd. announces that Mr. Carl von Einsiedel has resigned from the Board of Directors of Morro Bay, with the resignation taking effect as of May 24, 2016.
Pete Dougherty, President and CEO stated: We view drilling out the first phase of the projected pit a substantial de-risking of the Magino project. At the same time, we will move forward with permitting at Magino to further de-risk the project.
Orex’s President, Gary Cope says, “Drilling continues to yield thick intercepts of disseminated silver mineralization showing continuity in the Main Zone. Identification of silver on Cerro Chato and in several other areas bodes well for the next phase of exploration.”
Americas Silver Corporation is pleased to announce a supplementary, concurrent private placement of subscription receipts to satisfy the residual demand for the original private placement announced on May 20, 2016. The additional proceeds will address a large component of the initial capital requirements at San Rafael, with the remaining funding subject to advanced discussions with potential lenders and offtakers.
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