Month: June 2017

Autlan Completes Sale of 85% Ownership of the Common Shares of GFM Resources Limited

Compañía Minera Autlán, S.A.B. de C.V. announces that on June 30, 2017, it completed the sale of an aggregate of 16,370,215 common shares of GFM Resources Limited to its affiliate Metallorum Holding, S.A.P.I. de C.V. The number of shares represents ownership of 85.77% of the issued and outstanding common shares of GFMR. The sale comprises all of the GFMR shares owned by Autlan.

Hecla Withdraws Proposed Offering of Senior Notes and Terminates Concurrent Tender Offer

Hecla Mining Company today announced that it has decided not to proceed with its previously announced offer of $500 million of Senior Notes due 2025, as current terms and conditions were not sufficiently attractive for the Company to move forward. In addition, the concurrent tender offer to purchase any and all of its 6.875% Senior Notes due 2021 has also been terminated.

San Rafael Zinc-Lead-Silver Project, Mexico

The San Rafael zinc-lead-silver underground mine is a brownfield mine being developed in the Cosalá mining district in Sinaloa, Mexico. Americas Silver Corporation (formerly Scorpio Mining) is developing the mine. Construction of the mine started in October 2016 and the first concentrate is expected to be produced in the third quarter of 2017. The mine is expected to produce approximately 1Moz of silver, 50 million pounds (Mlb) of zinc, and 20Mlb of lead over the initial mine life of six years.

Santacruz Silver Signs Letter of Intent to Sell Gavilanes Project for US$3.5 Million

“Continuing with our plan to focus on our producing assets within the Company, management has made the decision to divest the Gavilanes Project,” stated Arturo Préstamo, President and CEO of Santacruz. “The Company is transitioning into a multi-mine Mexican silver producer that we expect will generate solid cash flow as we grow. The monetization of Gavilanes would allow us to further improve our operations on the Company’s two producing assets, and, once completed, will serve to fulfill the remaining obligations under the JMET, LLC facility, thereby unencumbering the Company’s assets.”

Minaurum Receives $3.5 Million From Warrant Exercise

“We are grateful for this expression of confidence from our long-term shareholders,” stated Darrell Rader, President and CEO. “This significant injection of capital enhances our ability to follow-up on the considerable success we have had at the Alamos Silver project in Southern Sonora State. We look forward to updating the market shortly on our drilling plans as we continue to identify targets on the four newly discovered high-grade vein systems.”

Hecla Reports Estimated Second Quarter Results

– The Company expects that its operating mines will perform in line with its estimates for the second quarter.
– Net loss applicable to common stockholders is expected to be in the range of $(2.0) – $(8.0) million.
– Adjusted EBITDA for the second quarter is expected to be in the range of $38 – $48 million.
– Production, sales and Adjusted EBITDA are lower than the metrics recorded in the first quarter due in part to lower silver, lead and zinc prices, the expected lower grade at Greens Creek, and the ongoing strike at Lucky Friday.
– The Company expects to extend its $100 million credit facility to July 2020.
– The Company and the union representing unionized workers at Lucky Friday are scheduled to meet in early July.

Minera Alamos Announces Closing of $5.4 Million Private Placement Financing

“Close to a month ago, we made a transformative decision to enter into a strategic partnership with Osisko Gold Royalties.” said Darren Koningen, President and CEO of Minera Alamos. “The goals of the new collaboration were to fast-track the path to production at the La Fortuna gold project and quickly expand our presence in Mexico organically and through additional acquisitions. We are extremely pleased to see our growth ambitions validated by the strong level of interest we received for this financing and look forward to providing further updates on our continued progress in the coming weeks”.

Galore Resources Provides Update on Exploration Program at San Jose Claim

Galore Resources Inc. wishes to update shareholders on its exploration program. In its news release of May 4, 2017, the Company announced commencement of drilling at its San Jose claim, but since that time the driller encountered many mechanical issues. Ultimately, Galore was forced to abandon the first hole of the drill program and decided to discontinue drilling at this claim.

Oceanus Mobilizes Team to Evaluate and Drill the High Grade Protectora Vein at the El Tigre Property in Sonora, Mexico

Glenn Jessome, President and CEO of Oceanus reports, “The bonanza style high grade gold-silver-base metal mineralization in the Protectora vein is an exciting new discovery on the El Tigre property. This could be a new clavos along the El Tigre structure and our exploration team are mapping and sampling the underground workings in advance of drilling this new discovery this summer.”

Teck Announces Purchase of Goldcorp’s 21% Interest in the San Nicolás Copper-Zinc Project

Teck Resources Limited today announced that its Mexican subsidiary has entered into a binding agreement with a subsidiary of Goldcorp Inc. to purchase its 21% minority interest in the San Nicolás Project located in Zacatecas, Mexico for cash consideration of US$50 million. On completion of the transaction Teck will own 100% of the San Nicolás Project. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2017.

Major Drilling Group International Inc. is one of the world’s largest drilling services companies primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team alone.

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Maza Drilling is a Mexican company established in 2007 in Mazatlán, Sinaloa. Our Canadian founder, Mr. Guy de Launiere, has over 20 years of international experience managing diverse drilling operations. Maza Drilling strives to compete at the highest levels in terms of recovery, effectiveness, efficiency, and affordability at every project while keeping at the forefront of technology to meet our customer’s needs in this demanding market.