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.

Santana Minerals – Drill Results Confirm Silver Mineralisation at Mojardina South

Two of the first three holes in the recently completed RC drilling campaign have reported material silver mineralisation near surface. Drill holes MSRC033, MSRC034 and MSRC035 were drilled at the southern end of the known Mojardina strike zone to test the southernmost identified surface expression of the system and followed diamond saw channel sampling. Grades across these first reported holes confirm the existence of strong mineralisation at the southern extent of Mojardina and are in line with or better than diamond channel grades at surface. Further interpretation work and drill planning of Mojardina South is already underway.

Gold Resource Corporation Expands Arista Mine with Additional Switchback Intercepts Including 2.3 Meters of 6.16 g/t Gold, 453 g/t Silver and 9.29% Zinc

“It is exciting to see the continued strike expansion of the Switchback vein system with these latest four drill hole results,” stated Mr. Barry Devlin, Vice President of Exploration for Gold Resource Corporation. “The continued high-grade polymetallic mineralization within multiple parallel veins at Switchback leads us to believe the Arista Mine is much larger than has been defined to date. Exploration plans for the Switchback vein system for the remainder of 2017 include infill drilling within the known mineralized horizon, as well as testing the northwestern strike extension of this growing epithermal vein system.”

Santacruz Silver Intersects Membrillo Vein and Discovers Two Additional Veins Cross Cutting the Membrillo Structure

“We are encouraged with the continuing positive developments at the Membrillo Prospect.” commented Arturo Prestamo, CEO of the Company, adding “The previously announced San Rafael vein together with the main Membrillo vein should enhance the overall impact of the Membrillo Prospect on the Rosario Project. Based on these recent discoveries we will re-evaluate and study the overall geological potential of both the Membrillo Prospect and the Rosario Mine.”

Arian Silver – Financial Results for the Year Ended 31 December 2016

We are pleased to take this opportunity to reflect on the period from January 2016 and to consider the progress Arian has made across the period, during which time we positioned the Company to strengthen the balance sheet and extinguished all loans. We also de-listed from the TSX Venture stock exchange to reduce our regulatory overheads and better reflect the UK-centricity of our shareholder base.

Monarca Minerals Announces Completion of Debt Settlement

Pursuant to agreements between Monarca and certain of its creditors, an aggregate of $463,058.10 in debt was settled through the issuance of 3,561,985 common shares of Monarca at a deemed price $0.13 per Common Share.

Leaching and recovery operation tests complete at the Santa Elena mine

Mexus Gold US announced that its JV partner, MarMar Holdings, has been working hard for the last 60 days fine tuning the leaching and recovery operation.  MarMar states the replaced equipment and various adjustments although costing time and money will save both in the long run once production begins in earnest.  These steps are necessary to ensure a smooth running operation and avoid down time.  Metallurgists believe they have perfected the different check points to assure maximum recovery at this time.  Both Mexus and MarMar believe that the start-up problems to date are normal and want all to know that everything is being done to assure great results for years to come.

Silver Bull Announces Private Placement of CDN$1,700,000, with Commitments of CDN$1,330,000 Including CDN$200,000 from Sprott

The net proceeds of the Private Placement will be used by Silver Bull for general working capital purposes and exploration of the Sierra Mojada Project. The Company has agreed to pay aggregate cash commissions of CDN$93,100 and issue an aggregate of 1,163,750 non-transferable common share purchase warrants, subject to approval of the TSX. Each Finders’ Warrant entitles the holder to acquire one Common Share for CDN$0.10 until the second anniversary of closing of the Private Placement.

SilverCrest Intercepts 7.6 Metres Grading 502 gpt AgEq* at Babicanora; Expands Phase II Drill Program

N. Eric Fier, CPG, P.Eng, President and CEO, remarked, “It is still early days for us at Babicanora, and high-grade mineralization is open in all directions along strike and to depth of the Babicanora Vein. We believe there is strong potential for further high grade mineralization, as we systematically expand drilling along strike, down dip and subsequently intersect other associated veins. Originally, we assumed the Babicanora Vein had been historically mined out above the Babicanora adit; therefore, our initial target was at depth. It now appears that only the soft sheared rock has been partially mined, leaving significant hard rock mineralization in place. Soft rock mining is mentioned in historic Babicanora reports dating back to the 1800’s describing excavation by axe with no blasting required. Our exploration work at Babicanora includes surface and underground drilling, which is easily accessible via the four metre high by four metre wide adit that is approximately 230 metres long and was constructed in the 1860’s. With continued success, we will be diligently drill testing along the projected strike length of the Babicanora trend which is now over 4 kilometres long.”

Goldcorp Announces Sale of the Camino Rojo Oxide Project

GOLDCORP INC. today announced that the Company has entered an agreement with Orla Mining Limited pursuant to which it has agreed to sell its 100% interest in the Camino Rojo oxide project, located in Zacatecas, Mexico.

Radius Gold acquires an option on high grade Gold – Silver Project in Chihuahua, Mexico

Radius Gold Inc. is pleased to announce that it has signed a binding agreement with a private individual to option the 380-hectare Amalia Project which is host to high grade epithermal silver-gold mineralization. The Project is located approximately 25 km SW of the historic Guadalupe y Calvo mining district in Chihuahua, Mexico. During due diligence evaluation Radius geologists sampled bonanza grade outcrop containing 20.4 g/t Au and 5360 g/t Ag from a 1.2m chip.

Geologix Closes Oversubscribed $1.2 Million Unit Private Placement And Initiates Exploration Program At Tepal

Kiran Patankar, Geologix’s President and Chief Executive Officer, commented: “We are delighted with the success of the Financing, which was strongly supported by both existing and new shareholders. Our technical team has recently completed field work that will be used in conjunction with ongoing data interpretation to evaluate geological and structural controls on porphyry gold and copper mineralization at Tepal and, importantly, test the high-grade potential immediately beneath the current South Zone pit. We look forward to providing ongoing updates on our exploration activities and refreshed corporate strategy in the coming months.”

Golden Goliath – Infrastructure Upgrades Almost Complete

CEO Paul Sorbara says; “Golden Goliath is extremely lucky that these important and expensive infrastructure improvements are being done at no cost to us. They lower the threshold needed for an economic project at San Timoteo. We look forward to a very successful drill program and expect the field work currently underway will generate even more good targets.”

Prospero Begins Drilling at Matorral Project, Durango, Mexico

The drilling is part of a planned 6,900m program to test 3 of Prospero’s projects under the terms of the recent strategic investment from Fortuna Silver Mines Inc. Prospero is planning to drill four holes at Matorral project, followed by eight holes at its Petate project, and then by eight holes at Pachuca SE. This drilling program is under the terms of Prospero’s strategic agreement with Fortuna Silver Mines. Drill collar maps for Matorral will be available shortly on Prospero’s website.

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