Silver Spruce Resources announces that William A MacPherson BSc P. Eng (Ret’d) of Halifax, Nova Scotia has resigned as Chairman and Director of the Company. Mr. MacPherson helped steer the Company in challenging market conditions and the Company thanks Mr. MacPherson for his dedicated service. Mr. MacPherson has agreed to be available as an advisor and consultant.
BOWMORE Exploration Ltd. is pleased to announce that it has negotiated, subject to regulatory approval, a non-brokered private placement for total gross proceeds of up to $750,000. The Private Placement will consist of up to 5,000,000 units at a price of $0.07 per Unit, each Unit consisting of one common share to be issued and one-half of one common share purchase warrant, and up to 4,000,000 flow-through units at a price of $0.10 per Flow-through Unit, each Flow-through unit is comprised of one flow-through common share and one-half common share purchase warrant. Each whole Warrant will entitle the holder to acquire one common share of the Company for a period of twenty four months at an exercise price of $0.15 for the first twelve months and $0.20 thereafter per share.
In the fourth quarter, mining operations at San Francisco were negatively affected by greater than expected waste tonnes mined due to block model variability versus forecast, stated Interim CEO Mark Backens. We have made adjustments to the model and operating plan and we have already seen a positive difference to date in Q1 2016. Due to the recent rise in gold prices, we are evaluating the possibility of mine life extension beyond 2016. In the meantime, we remain on track to achieve 2016 objectives which is to produce between 75,000 and 85,000 gold ounces at a cash cost of $750 to $850 per gold ounce.
Azures Managing Director, Tony Rovira described this gold intersection as very positive for the mineral potential of the project.
This result strongly complements the nearby Mesa de Plata silver deposit and confirms the prospectivity of the Mesa de Plata Loma Bonita area for hosting a large precious metal mineralised system. Significantly, the mineralisation is situated at surface within oxidised rocks, as is the nearby Mesa de Plata silver mineralisation. I am confident that our ongoing exploration will continue to reveal more significant occurrences of silver and gold mineralisation in this locale and within the greater Alacrán project area.”
The Company is pleased to announce that the 2016 exploration program on its 100% owned san Timoteo property located in the Uruachic district of Northwest Mexico is now underway. The program will involve using the Companys Terraspec machine to analyze clay minerals from existing drill core and other samples especially from the area of the 500 level San Martin adit. This will allow the company to build a 3D model of clay mineralogy which will aid in the planning of future drill holes.
Gainey Capital Corp. is pleased to provide an update regarding important progress on the Companys exploration activities at its highly acclaimed, 192-km2 El Colomo property located in the Sierra Madre Occidental Trend in Western Mexico and mineral-processing at its fully operational, 300-tpd processing centre located in Huajicori, Mexico. Gainey has maintained a low monthly burn rate over the past 24-months while gold prices have dropped as low as USD$1050/oz. this year. Gainey continues to be a strong exploration and mineral-processing company and has continued to find significant opportunity during the difficult precious metals market over the past several years.
This quarter we were able to announce two significant milestones; we entered into an agreement to sell our San Pedrito Property, expecting to net the Company approximately US$7million; and we poured our first doré bar from the newly commissioned Altiplano Concentrate Processing Plant located in Matehuala, Mexico. Along with our continued production and positive cash flow from our San Martin mine in Queretaro, we are expanding our profitable footprint in Mexico in accordance with our long term goals. reported Robert Eadie, President of the Company.
“Our investment in exploration continues to pay off,” stated Ernest Mast, President and Chief Executive Officer. “We have successfully grown our total Mineral Resources through the addition of new mineralized areas, such as the Froome Zone at Black Fox. We have taken measures to improve our modelling methodologies to maximize future free cash flow generation and provide more certainty to our mine plans. Looking to the future, we have a very positive outlook with expected exploration results from the Froome Zone and other Froome-like targets at Black Fox, and from areas located outside the Silver Purchase Agreement at San Dimas such as the Ventanas property and Lechuguilla concession.”
Northair Silver Corp. is pleased to announce that it has filed its management information circular and related proxy materials on SEDAR in advance of the Company’s special meeting of shareholders to be held on April 14, 2016 to seek approval of the proposed plan of arrangement with Kootenay Silver Inc.
Pete Dougherty, President and CEO of Argonaut Gold stated, I am proud of what the team has accomplished. We had a record year of production as a Company. We met our production guidance for the year, even with lower grades than planned at El Castillo. At La Colorada, throughput and production exceeded expectations. We were able to increase cash on the balance sheet in the second half of the year and were only slightly down year-over-year, even after the $20 million final payment to complete the purchase of the San Agustin project. We expect to make a construction decision on this project in the latter part of 2016. We were able to negotiate key contracts and streamline the business to allow us to plan for fully loaded costs (including operating, capital, taxes and corporate administrative costs) to be less than $1,000 per ounce for 2016. This gives us tremendous leverage to a rise in gold price..”
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