Karl Boltz, President and CEO of Silver Spruce stated, “Silver Spruce will continue in its efforts to source funding for these two very exciting projects and will keep all investors informed of its progress.”
Colibri Resource Corporation announces that it has been granted an extension from the TSX Venture Exchange to close its over-subscribed $1,200,000 non-brokered private placement. A first tranche raising gross proceeds of $1,077,098 has already closed. The second and final tranche is now required to be closed on or before March 21, 2018.
Leagold Mining Corporation reports Q4 2017 gold production of 53,446 ounces at its Los Filos mine at AISC of $910/oz, resulting in an AISC margin1 of $18.7 million. With full-year Los Filos gold production of 191,195 oz, Leagold has delivered the mid-point of the 2017 production guidance range of between 185,000 and 200,000 oz. Leagold had anticipated AISC of between $875/oz to $925/oz for H2 2017, and this guidance range was achieved for Q4 2017.
We are very pleased to release the December 31, 2017 reserve report showing significant increases to reserve tonnes, stated Mr. Barry Devlin, Vice President of Exploration for Gold Resource Corporation. Much of the 2017 reserve ore tonnage and base metal increases came from deep in the Switchback vein system in the same areas as the deepest mine development levels to date. We estimate this area to have lower precious metal grades and higher base metal grades relative to higher elevations in this epithermal vein system…..”
I am pleased that Gold Resource Corporation delivered our seventh consecutive year of profitability, stated Gold Resource Corporation CEO and President, Mr. Jason Reid.
Neil Woodyer, CEO, stated We are extremely pleased with the 59% increase in P&P reserves at Los Filos, which reflects the success of our 2017 programs focused on extending mine life.Furthermore, this growth we are reporting today excludes any additional contribution from the Bermejal Underground expansion project, which has M&I resources of 2.1 Moz of gold (see Table 3) at a grade of 5.96 g/t, as reported as of December 31, 2017.The Bermejal Underground expansion is currently in the mine design phase in preparation for declaration of reserves in mid-2018. With the exploration success during 2017 and the reassessment of Los Filos long-term potential, studies are underway to evaluate building a carbon-in-leach processing plant, enabling higher recoveries for a wider range of ore types.
The proceeds of the private placement will be added to working capital. The sole subscriber to the private placement is Salvador Garcia, a director of the Company and Starcores Chief Operating Officer.
We have made good progress on the exploration program in the first two months of the year said Greg McCunn, CEO of Alio. The discovery of two new breccia targets outcropping at surface and within close proximity to the existing Mineral Resource is an exciting development and shows the potential of our 56,000 hectare land package. The surface drilling to test the known extension of the breccia below the proposed pit is designed to allow us to more fully understand the nature and extent of the mineralization ahead of drilling from underground. With the decline construction now fully underway, we expect to be in a position to start drilling from underground in Q3 2018.
Arturo Prestamo, President and CEO of Santacruz commented “The Loan proceeds will be used to reduce our current trade payables balance which together with the recent Carrizal services agreement will assist to improve our mining operations at both Veta Grande and Rosario. Management views this as another important step in the development of the Company.”
The first phase of this current campaign will comprise 10-12 diamond core holes for approximately 1,000m and is expected to take about six weeks to complete. It is designed to target along-strike and down-dip extensions of the high-grade mineralisation intersected in the 2017 program. Based upon anticipating further success, a second phase of drilling is currently being planned to complete a 50m x 50m drill pattern over the mineralised body.
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