We are moving forward aggressively on our work at our recently acquired La Fortuna gold project and expect to have permits in hand on both of our Mexican development projects by early next year, said Chris Frostad, Chief Executive Officer of Minera Alamos Inc. This financing provides adequate funds to move us beyond a construction decision.
Alamos Gold Inc. is providing a summary of the voting results of its Annual General and Special Meeting of Shareholders.
Glenn Jessome. President and CEO of Oceanus, stated “During acquisition due diligence our team, which has extensive experience in large epithermal deposits in Mexico recognized that the previously unsampled drill core required sampling. We see the greater potential of the El Tigre property as a bulk tonnage target.”
“We are pleased to have delivered another quarter of positive operating and financial results. Our revenues from the San Gonzalo Mine were lower than expected due to a new sales arrangement which resulted in only two months of sales. Going forward, each quarter will reflect three months of sales and related production costs. Our teams in Mexico and Canada have done an excellent job of monitoring and reducing costs, with stronger metal prices we anticipate improved profitability in future periods. During the quarter we achieved a consolidated all-in sustaining cash cost of $11.29 (US$8.22) compared to $12.36 (US$10.09) per silver equivalent ounce in the first quarter of 2015. In April 2016, the Company commenced underground mining using the long-hole caving method at the Avino Mine. Management is currently analyzing the economics of the new mining method and is optimistic that the results will lead to a commercial production decision in the coming months.”
Azures Managing Director, Tony Rovira, welcomed these results, stating, Palo Seco was the first area that we tested when we started exploring Alacrán due to the presence of several historical mine workings. Weve returned because of the potential size of the mineralised system and its obvious prospectivity for hosting significant precious and base metal mineralisation. The latest sampling results are very positive and Im hopeful that future drilling may add Palo Seco to our list of mineral discoveries, joining the Mesa de Plata silver deposit and the gold-silver mineralisation at Loma Bonita.”
Starcore International Mines Ltd. announces that its Board of Directors has resolved to change the Companys financial year-end from July 31st to April 30th. A Notice of Change in Year-End has been filed by the Company on SEDAR pursuant to National Instrument 51-102.
GoGold Resources Inc. is pleased to announce the release of financial results for the three and six months ending March 31, 2016. The Company recorded revenue of $5.1 million from the sale of 348,991 silver equivalent ounces at a cash cost of $6.78 per silver equivalent ounce in the quarter. The Company continues to be a low cost operation with cash costs of $2.73 per silver ounce using gold as a bi-product credit.
Goldgroup Mining Inc. announces it has consented to the restructuring and sale by Monarch Gold Corp. of substantially all of its assets and operations to Cascadia Goldfields Company Ltd. Pursuant to the restructuring and sale, Cascadia assumed the obligations of Monarch in respect of a CAD $2,500,000 loan previously made by the Company to Monarch (see press release on June 18, 2015), which is now overdue, and granted security in favour of the Company over all of the assets and operations acquired by Cascadia. Pursuant to the restructured loan, Cascadia will be obligated to make the following payments:
Jim Williams, Chief Executive Officer of Arian Silver, commented: We have now initiated our metallurgical sampling programme on the Tailings at Noche Buena; bulk samples are currently being arranged for transportation to Denver and preliminary results are expected within the next few weeks. These results will enable us to undertake increasingly precise metallurgical tests to optimise the process flow required for the commercially viable production of gold and silver concentrate.
Mark Brennan, President and CEO of Sierra Metals commented, “Despite the challenges faced with the restructuring program at Yauricocha, the Company continues to have a strong balance sheet and liquidity to drive operations and expand output and reduce costs at its Cusi silver mine in Mexico. Furthermore, we have had tremendous success with our brownfield exploration programs with the recent discovery of the Esperanza Zone at the Yauricocha Mine and mineralization extensions at the Bolivar copper mine in Mexico. The brownfield exploration program is continuing and has the potential to transform the capabilities of our assets in both Peru and Mexico. We look forward to keeping you updated on our progress.”
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