Month: August 2018

“We are very excited to have concluded on this acquisition”, said Dusan Berka, CEO of Megastar Development. “These projects have been on our radar for some time and bring with it two most important ingredients for early stage exploration – location and expertise. On location, the properties sit on the trend of two producing mines – Gold Resource Corporation’s Arista/Switchback Mine complex defining the southeast arm of the trend, and Fortuna Silver Mines Inc.’s San Jose Mine defining the western extension.” 

Harvest Gold Corporation is pleased to announce that it has closed a fourth and final tranche of its non-brokered private placement issuing an additional 4,000,000 units at a price of $0.05 per Unit, raising additional gross proceeds of CDN$200,000 for a total of CDN$857,100 gross proceeds raised (net proceeds $836,000).

Jorge A. Ganoza, President and CEO, commented, “Our financial results for the second quarter of 2018 continue to reflect San Jose´s strong silver and gold production during the year resulting in the Company´s record adjusted EBITDA for the second quarter and first half of 2018 of $35.2 million and $67.0 million.” Mr. Ganoza concluded, “Free cash flow for the second quarter and first half of 2018, excluding Lindero construction costs, totaled $9.1 million and $28.0 million. This attests to the capacity of our business to translate high margins into free cash flow, contributing significantly to our strong liquidity position.”

“We continued to deliver steady financial and operating results for the second quarter of 2018, and while our gold and silver production was lower than the comparable quarter of 2017, our copper production increased by 31%, and silver equivalent production increased by 6%” said David Wolfin, President and CEO. “We were very pleased to announce the commissioning of Mill Circuit 4 in June, which is a significant investment in Avino’s growth, and we continue to focus on completing the paste backfill engineering and we are looking forward to a future construction decision on the paste backfill plant.”

“Our operations continue to generate robust cash flow with mine operating earnings up 22% compared with the same quarter last year,” said Michael Steinmann, President and Chief Executive Officer of the Company. “We are realizing the benefits of increased throughput from the expansions of our La Colorada and Dolores mines, in addition to strong performance and low costs across all our other mines during the quarter.”

“With strong consolidated production realized from Premier’s mining operations during the first half of the year, we have fully paid down the Company’s debt and expect to meet or beat consolidated annual gold production guidance in 2018” stated Ewan Downie, President and CEO of Premier. “Our cash position will fund the near-term development of three additional deposits from within our project portfolio, including the construction of two new mining operations at the South Arturo JV in Nevada that are now underway”.

“We are excited to see our fully funded exploration drilling program at the Toughnut Property advance as planned and are encouraged by the observation of visible gold in two holes so far. We look forward to assay results being released in the coming weeks,” said Michael McPhie, President and CEO of Prize. “Further, despite difficult public markets we have been able to raise significant funds and establish key relationships with a great new investor group. We have had to extend the closing of our second tranche of financing a few more days upon request from our lead order due to summer schedules. With the proceeds of this financing, the Company will be fully funded to begin drilling at the Manto Negro Copper Project in Mexico later this month and execute on our overall business strategy for the Company.”