Month: August 2019

Excellon Resources Inc. is pleased to announce that it has entered into an agreement with Cormark Securities Inc. as sole bookrunner and lead underwriter, on its own behalf and on behalf of a syndicate of underwriters, pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 9,500,000 units of the Company at a price of $1.06 per Unit for gross proceeds to the Company of approximately $10 million. Each Unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant. Each Warrant shall entitle the holder to acquire an additional Common Share at a price of $1.40 for a period of 24 months following the closing of the Offering.

Santacruz Silver Mining Ltd. announces that it has granted a total of 8,500,000 stock options to its directors, officers, employees, consultants and advisors. The stock options, which are subject to the terms and conditions of the Company’s stock option plan, have a five-year term, are exercisable at $0.18 per share and subject to certain vesting requirements.

Discovery Metals Corp. and Levon Resources Ltd. are pleased to announce the successful completion of Discovery’s acquisition of Levon, previously announced on May 30, 2019, pursuant to which Discovery has acquired all of the issued and outstanding shares of Levon. With the completion of the Transaction, Discovery is now a leading silver-focused exploration and development company that controls several district-scale projects in Mexico.

Leagold CEO Neil Woodyer commented: “At the mid-point of the year we are on track to meet our full-year production and cost guidance. In the first half we have sold just over 200,000 oz gold at AISC of $951 per oz. We have also launched the expansion of Los Filos which, together with the re-start of Santa Luz scheduled for 2021, is expected to take group production to 600,000-700,000 oz per year.”

“During the recent period of low metal prices, we continued to make capital investments and advance exploration programs at both of our projects, leaving us well positioned for the improving silver price environment that we are now seeing,” stated Brendan Cahill, President and CEO. “Our ongoing optimization work has delivered results, reducing AISC by 27% quarter-over-quarter. We still have a number of opportunities to follow-up on to further reduce costs and and increase metal production. Toll milling of ore from Hecla’s San Sebastian Mine commenced in Q2 and is expected to ramp up in Q3, bolstering cash flow. With silver prices now almost $1.50/ounce higher than the average price realized during Q2, we will continue to focus on increasing cash flow and exploring for discoveries at both Platosa and Evolución.”

Alonso Lujan, Vice President of Exploration and the Country Manager for Mexico, and Miguel Paucar, Country Manager of Peru, will take over Mr. Babcock’s responsibilities and report directly to the President and CEO, Igor Gonzales.