Business Wire requests that NewsItemId: 20181107005676, Tamino Minerals, Inc. press release entitled Tamino Minerals Starts Exploration Program and Financing Update be killed.
During the third quarter of this year, the Company continued with the commissioning of Mill Circuit 4, which represents a significant commitment to future expansion in Mexico. While our financial results were impacted due to a lower metal price environment, we feel that the Company is well-positioned for the future. In view of the current environment, our focus for Q3 2018 and moving into Q4 2018 has shifted from increasing production, to preserving our operating margins, through previously-announced cost-reduction programs said David Wolfin, President and CEO. Our focus moving forward will be to maintain stable operations which will include a temporary reduction of development at the Avino Mine (Elena Tolosa area) which means that the mining rate will decrease, however the mill production will be stable for the rest of the quarter. In the meantime, we will continue to optimize operations and evaluate other areas of the vast Avino property.
Focus on establishing increased stope access to ramp up mine production
Ore production of 237t grade delivered 12.9% Zinc, 3.5% Lead
By-pass to remove decline bottleneck 70% complete
Silver Spruce Resources Inc. announces that The Company is proposing to consolidate its Common Shares on a one (new) for five (old) share basis. The consolidation to be proposed for shareholder approval at the Companys annual and special meeting of shareholders to be held in early 2019.
Tamino Minerals is actively working with its geologists to start the exploration program on 2 of our Mining Exploration Projects. The programs are expected to begin during Q3 2018 and last approximately 6 months. The Exploration Program will include Geological Mapping, Trenching, Soil Geochemistry, IP Survey and ultimately drilling. The company will also make sure roads are improved and the creation of local jobs to support the local economy. The company will provide updates throughout the exploration of both projects. Tamino Minerals, Inc. is a Montreal-based mining exploration company committed to deliver value to its shareholders by acquiring, developing and mining precious metals deposits in Mexico.
During the third quarter, we delivered record silver production resulting in higher revenues and cash flows compared to the previous quarter even when we experienced a nine year low in average quarterly silver prices, stated Keith Neumeyer, President and CEO of First Majestic. Consolidated cash costs and AISC decreased nicely to $6.85 and $15.12, respectively, due to improved economies of scale and higher production from San Dimas. Cost cutting efforts remain a focus of the Company by reducing capital investments at our smaller mines, innovation projects, layoffs and overall curtailment of spending.
Improved operating performance at Mercedes during the third quarter combined with continued outperformance at South Arturo puts us on track to meet 2018 annual consolidated gold production guidance stated Ewan Downie, President and CEO of Premier. Our strong cash position will continue to fund near-term development, including the construction of two new mining centers at South Arturo and the Cove Gold Project in Nevada.
“We continue to generate strong cash flow, which increased our cash and short-term investment balance at the end of the quarter to $252.7 million, despite realizing the lowest metal prices of the year,” said Michael Steinmann, President and Chief Executive Officer of the Company. “The depressed metal prices had a significant impact on both settlement adjustments on concentrate shipments and NRV inventory adjustments, which together reduced earnings in the quarter by approximately $33.2 million.”
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: Now that we have a handle on the size potential, we need to get a better understanding of the system with a view to locating the precious metal horizon. To date, we have hit anomalous to high-grade gold, and there was historical mining of silver by Penoles in the oxide zone of the Tabasquena vein. It is typical for precious metals to base metal zonation in these systems.”
Antonio Berlanga, CEO, states Telson has now received its second Trafigura loan funding tranche in the amount of US $5 million, which funds when combined with our recently closed C$6.8 million private placement funding, exceeds US$10 million. We are now almost fully funded to complete the mine construction at Tahuehueto and are targeting a mine start-up during Q1 2019.An additional US $2.5 million third tranche is available under the Offtake Loan Agreement should additional funding be required however, we anticipate that pre-production concentrate sales proceeds will forego the need for Telson to draw down that third tranche.We would like to thank Trafigura for its continuing support and look forward to providing shareholders construction updates in the coming months.”
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