The net proceeds of the Offering will be used to fund the Proposed Transaction, complete any required work program in relation to the Proposed Transaction and for general working capital purposes.
Aztec CEO, Simon Dyakowski commented, “Since acquiring an option on the Tombstone project, Aztec has generated several exciting new targets through its methodical evaluation of historic exploration and production data followed by systematic exploration programs. The Phase 1 RC drill program represents Aztec’s first opportunity to test for shallow, bulk tonnage, heap leach, gold-silver oxide mineralization”.
Jorge A. Ganoza, President and CEO, commented, “Although the unprecedented volatility and government mandated shutdowns during the second quarter have resulted in a $5.7 million net loss, our cost and investment reduction plans have allowed us to maintain a neutral free cash flow position from ongoing operations.”
Magna Gold Corp. announces that its board of directors has approved the adoption of a new 10% rolling stock option plan to replace the Company’s existing fixed stock option plan.
“The Company was able to maintain essential activities while fully complying with the government protocols during the state of emergency,” statedLuis Marchese, CEO of Sierra Metals.
“The approved MIA is the next step to develop the Camino Rojo Oxide Project. We can now begin construction and maintain our schedule to produce our first gold in 2021”, stated Jason Simpson, President and Chief Executive Officer of Orla.
Vice President of Exploration, Charles Funk, commented: “This discovery of high grades and good widths at San Carlos further demonstrates the potential of the Panuco project. With discoveries at two vein corridors over 6 km apart and four drill rigs in operation, the scale of the district is being revealed. Drilling under existing workings continues to prove a viable method for new discoveries. San Carlos has been mined down to the water table and underground sampling defined high grade mineralization that was open beneath the mine workings and this hole intersected the vein 55m below known workings.”
Ranjeet Sundher, CEO, remarks “Brigadier’s multi-talented team has been able to identify and complete the Picachos acquisition, close $4.2 million in financings and initiate exploration on this compelling gold-silver target all within a 4-week period. We are fortunate that Brigadier’s core leadership now includes our partner Michelle Robinson who together with her team, residing in Sinaloa, are intimately familiar with Picachos, the local community, and how to shape a sustainable and beneficial presence in the region.”
Zanzibar Gold Inc. is pleased to announce the appointment of Mr. Juan J. Duarte Bravo as a director of the Company.
“Parral generated cash flows of $2.2 million US in the quarter which, despite an interruption to the operations due to COVID-19, paid for our general and administrative costs, some working capital, and a portion of our exploration costs at Los Ricos,” Brad Langille, President and CEO stated.
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