Telson Mining Corporation management is aware of the recent decline in its share price and knows of no operational reason for this decline. Management would like to reassure investors and shareholders that day to day operations at both the Campo Morado Mine and the Tahuehueto Project continue as normal.
Leagold CEO Neil Woodyer commented: We are pleased to have completed the acquisition of Brio Gold, and we are now focused on using our experienced operations team to identify and implement short- and long-term optimizations at each of the mines. We are also reorienting each of the mines in Brazil into individual profit centres. Some of these changes will take time to deliver results.”
As a result of the sale of Santa Gertrudis in November 2017 the companys working capital has improved by $50.9 million to $40.6 million during fiscal 2018. Shareholders equity has also improved by $39.4 million to $127.2 million during the year. The Company remains in strong financial condition with $11.9 million in cash, a royalty on Santa Gertrudis that management believes could be sold for $12-15 million, inventory stacked on the heap leach pad with recoverable metal worth approximately $40 million, and no debt. In addition to the strong balance sheet, Parral is generating earnings before interest, taxes, and depreciation and has a mine life of approximately 10 years.
Silver Vipers President and CEO Steve Cope states, We are very excited to begin our first phase drilling program on the La Virginia Project. This asset has produced some fantastic results in the past and we look forward to continuing on that success. There is the potential here to both grow the existing mineralized zones, as well as the potential for new discoveries.
“The 14m intercept in drillhole M-DDH-18-08 represents our widest intersection to date with consistent average grades in excess of 400 grams per tonne silver equivalent”, commented Ruben Padilla, VP Exploration of Sable Resources. “We are also greatly encouraged by gold values in these holes up to 3g/t coincident with high base metal values with zinc to 4.5% and lead to 2.4%. Sable now has five holes into the Margarita structure with a weighted average grade of 420g/t AgEq over an average width of 8.6m, and a confirmed strike length of 500m down to 80m depth from surface.”
George Paspalas, President and CEO, commented, We are pleased to see the continued progress being made developing the Juanicipio project, whilst we now embark on the formal approval process. Underground development is well advanced, and the construction of some of the surface infrastructure is starting to take shape. It is heartening to see our partner is now in discussions with suppliers to order long lead time equipment. I would like to remind people, that as we head to full-on construction of the project, we still are very motivated to continue to explore the property, as our current exploration success is the result of working in a very small area of the property. There remain many untested prospective targets for the joint venture to drill, and with 4 rigs turning on surface, we eagerly await the assay results.
Igor Gonzales, President and CEO of Sierra Metals stated: “I am very pleased with our strong Q2 2018 results which builds upon our solid first quarter results. The Company is realizing positive returns on our capital investments and our operational improvement efforts. This can be noted through improving operating performance and strengthening of our asset base in addition to improved cash flow and increases to mineral reserves and resources at each of our mines.”
The Companys operations achieved record-low consolidated cash costs and all-in sustaining costs despite Galenas operations being down for nearly a month during the quarter, said Americas Silver President and CEO Darren Blasutti. We expect the second half of the year to produce more silver, zinc and lead at lower unit operating costs as Galena returns to normal production and San Rafael ramps up to peak milling rates.
“Drilled resources at El Dorado appear to represent a readily available source of feed for our SDA Mill,” said Pierce Carson, Magellan’s CEO. “If confirmed these resources could supply ore to the mill for approximately five years at a mining rate of 100 tonnes per day. In addition, the geology is prospective for extensions of mineralization and for new discoveries. Acquisition of El Dorado is a key step in our strategy of initiating and then increasing production through the mill,” Carson continued. “To achieve these objectives, we are considering all financing options, including joint development with a suitable partner.”
During the 52 days since being acquired, San Dimas made an immediate impact to our production profile and bottom line by producing 808,923 ounces of silver plus 11,348 ounces of gold and generated mine operating earnings of $5.1 million, stated Keith Neumeyer, President and CEO of First Majestic. Additionally, the AISC at San Dimas came in at $5.41 per ounce, making it our lowest cost and largest producing mine. Silver grades at La Encantada and Del Toro saw significant improvements at the end of the second quarter and continue to date. As a result, total production for the month of July reached a new monthly record of 2.2 million silver equivalent ounces. This production trend is expected to continue throughout the remaining quarters of 2018 and into the first half of 2019 following the installation of microbubble columns at La Parrilla and Del Toro and the installation of high intensity grinding mills at Santa Elena and San Dimas.
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