Day: November 8, 2018

Jorge A. Ganoza, President and CEO, commented, “We have delivered a solid quarter in spite of a 12% and 5% decrease in silver and gold prices, respectively, in the third quarter, with earnings per share of $0.04, EBITDA of $24.2 million, and free cash flow, excluding Lindero construction costs, of $13.6 million.” Mr. Ganoza concluded, “The rate of spending at Lindero continues to increase as construction activities accelerate towards year end. It is estimated that a total of between $110 million to $130 million will be spent in 2018. Construction activities are progressing according to the project´s schedule with commercial production planned for the end of the third quarter of 2019.”

Paul Benson, President and CEO said, “Our improved financial performance during the quarter marks another positive step forward in SSR Mining’s growth plan. We more than doubled operating cash flow and increased attributable earnings compared to last quarter, having set new operating records at Marigold and Seabee, and achieved key milestones at Chinchillas. This added confidence in the business led to improved 2018 guidance, as we deliver another year of value and growth for our shareholders.”

Pete Dougherty, President and CEO stated: “We achieved a significant milestone during the quarter in which we produced our millionth gold equivalent ounce, showcasing our commitment to sustainable and profitable mining since launching Argonaut Gold at the end of 2009.”

Chief Executive Martin Rosser said: “The technology described in the patent has significant potential application in each of Germany, Poland and Turkey, both for sulphide deposits and for converting sulphide concentrates, the source of the majority of the world’s base metals production and resources, through to metal at the mine site.”

Loss for the Company was $3.7 million, or $(0.04) per share, compared to net earnings of $5.2 million, or $0.12 per share, during Q3 2017. The decrease was primarily a result of lower earnings from operations and an impairment of the El Sauzal plant.

“This was an excellent quarter with record gold production of over 100,000 ounces as the Company successfully continues toward full ramp-up. Grades processed were above LOM average, recoveries above design, and plant throughput is ramping toward design levels by year end. In October, throughput averaged above 13,300 t/d, inclusive of two maintenance days to replace the liners in the ball mill.

Capstone Mining Corp. today made reductions to its organizational structure, including changes to its senior executive team. This is designed to improve financial and operating performance by further empowering mine general managers and their teams to deliver profitable, safe and sustainable production within their respective business units.

“Our strategy is working. The EBITDA we generated despite low metals prices is a result of the improvements we made in our mines. A case in point is Casa Berardi, which is generating strong cash flow, with lower costs, higher mine throughput and an extended mine life,” said Phillips S. Baker, Jr., President and CEO. “The Nevada operations are on the same path as Casa Berardi and Greens Creek, with the development and processes which should increase throughput and make the mines more efficient. In the meantime, the higher costs in Nevada are short-term and a function of electing to produce less to avoid sterilizing newly discovered mineralization.”

Mr. Carlos Silva, Chief Operating Officer, stated “I am pleased to report that we are on track to reach our objective of increasing production and efficiencies at Veta Grande as indicated by our quarter over quarter results. At the same time our exploration activities are delineating a solid path forward for the development of Veta Grande into a significant silver producer. As for the Rosario Project, development work at the Membrillo Prospect is well on its way to reach the targeted mineralized area and preparation of production stopes is underway with the aim of being in full production in Q4 2018 as originally planned.”