“As expected, our third quarter operating and financial performance improved,” said Phillips S. Baker, Jr., President and CEO. “We knew that dialing back our expenditures while achieving our expected production and sales targets would increase our cash flow generation. We expect more of the same in the fourth quarter.”
Santacruz Silver Mining Ltd. reports that effective October 4, 2019, the Company, having received requisite shareholder and stock exchange approvals, has acquired the remaining 50% of the outstanding shares of PCG Mining, S.A. de C.V. from a non-arm’s length party in consideration for the issue of 30,000,000 common shares of the Company, resulting in the Company owning 100% of PCG, which is the parent holding company of Carrizal Mining, S.A. de C.V.
The automated recovery plant will allow for consistent and smooth processing from mining, crushing, leaching to gold recovery without interruption.
James McDonald President and CEO stated, “We are happy to have initially secured the personal support of Eric Sprott and now separately, Sprott Asset Management LP(1). With this additional investment we are in a strong position to continue to aggressively move both our high-grade projects, Columba and Copalito ahead over the coming months.”
A pesar de que se cumplen ya con la mayoría de los requisitos, será el municipio de Juárez quien emita el último permiso.
Tim Barry, President, CEO and director of Silver Bull states, “The purpose of this last round of drilling was to test a number geological concepts as to the controls on mineralization as well as several regional targets that had never been drilled. Valuable knowledge was gained from this round of drilling with regards to the regional geology. This will be invaluable to targeting additional holes going forward.”
Shareholders approved all matters brought before the meeting, including the re-election of the incumbent directors, the re-appointment of PricewaterhouseCoopers LLP as auditor of the Company and the approval of the Company’s existing 10% rolling stock option plan.
The Agreement allows Kootenay full surface access to the land that covers the gold and silver epithermal vein system discovered by Kootenay as well as surrounding exploration potential at Copalito. The Agreement also allows the Company to conduct exploration activities including but not limited to mapping, sampling, geophysics, trenching and drilling.
Goldplay President and CEO Marcio Fonseca commented, “Over recent months, our exploration activities to expand current NI 43-101 silver resources at San Marcial have succeeded in delineating new high-grade silver and gold targets. Additionally, we have recently discovered new, high-grade silver zones peripheral to the resource area. These silver and gold results support our theory of a high-grade mineralized system hosted in geological structures (faults) on the NW edge outside of the resource area. We expect to further explore these geological structures hosting high-grade mineralization, targeting the definition of additional resources at the Faisanes target.”
“Our total cash balance increased by $52 million in the quarter and total debt was reduced by over $36 million. Jody Kuzenko and team made this possible by delivering another set of excellent quarterly operational results. Gold price helped too, and the impact was magnified with the record number of ounces produced. Safety performance matched the record setting production results. The team and asset are well positioned to continue delivering exemplary results in the future.”
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