Year: 2016

“During the first quarter, our mines generated positive operating cash flow through the reduction of operating costs, thereby delivering on expectations for lower cash and all-in sustaining costs while still progressing our development projects,” said Americas Silver Corporation President and CEO Darren Blasutti. “Management will continue to focus on this for the remainder of the year in addition to advancing discussions with potential funding partners for the San Rafael project at our Cosalá Operations.”

Michael Steinmann, President and Chief Executive Officer of the Company commented on the first quarter 2016 results, “We are off to a very good start in 2016, delivering robust production and a respectable financial performance. We produced more silver, gold and base metals as compared to the same quarter of last year, significantly reduced our costs, generated adjusted earnings of $0.02 per share and cash flow from operations of $28.4 million (before changes in working capital). These results were achieved in spite of lower prices on our silver and gold sales than in Q1 2015, which trimmed our revenue by nearly $20 million.” Steinmann continued, “Our two expansion projects at La Colorada and Dolores are advancing on schedule and on budget, funded completely by our strong balance sheet, as we progress steadily towards becoming an even lower cost producer”.

Paul Benson, President and CEO said, “We have had an excellent start to the year with 84,000 gold equivalent ounces produced at cash costs and AISC of $715/oz and $859/oz, respectively. We are well-positioned to continue with strong production in Q2 and the devaluation of the peso has allowed us to reduce our cash cost guidance at Pirquitas. Our robust operating performance has also allowed us to continue to add cash to the balance sheet despite investing in exploration and projects for the future.

Millrock Resources Inc. reports that a portion of the non-brokered private placement announced on May 4, 2016 has closed and a total of 1,730,000 Units at a price of $0.29 per Unit have been issued for gross proceeds of $501,700. Each Unit consists of one common share and one share purchase warrant, with each Warrant entitling the holder thereof to purchase one additional common share at a price of $0.44 per common share until May 25, 2019.

Jim Bannantine, the Company’s President and Chief Executive Officer stated, “Aura has met its operating cost and gold production targets at its San Andres and Sao Francisco mines during the first quarter of 2016 and is extremely well placed for the absorption of the Ernesto / Pau-a-Pique Project into the Company particularly given the location of the Project in Mato Grosso and the associated synergies with the Company’s Sao Francisco mine. We are confident that we can restart the EPP Project as a positive cash flowing mine in the second half of 2016 to replace Sao Francisco when it ceases mining operations and expect to update the market shortly on the completion of that transaction. Aura remains focused on optimizing its cash flows from its operating projects to maximize shareholder return and fully service third party debt. We believe the company is extremely well placed for continued financial success as well as measured growth.”