The proposed merger of ValOro and Defiance is a “business combination” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). As a result, certain valuation and minority approval requirements apply to the merger.
Demand for our services continued to grow in all of our regions this quarter. Despite the recent drop in commodity prices, most senior mining companies are continuing with their original plans as they work to replace their mineral reserves, said Denis Larocque, President and CEO of Major Drilling Group International Inc. The Companys strong operational leverage was evidenced as revenue growth of 20%, combined with improved margins and flat general and administrative expenses, translated into a 71% increase in EBITDA.
As the year draws to a close the Minera Alamos team has made excellent progress at Santana in anticipation of what we expect to be our first commercial mine in 2019. The consistent recovered grade from the bulk test work at Nicho Norte coupled with low cyanide consumption suggests the potential for a robust open-pit, heap-leach operation. As a result, discussions with mining contractors have been initiated in anticipation of approval of our commercial permit applications and making a final construction decision, stated Minera Alamos President Doug Ramshaw.
These drill results are encouraging and indicate the possibility of additional mill feed for Mill Circuit 4 in the future, and as we are currently in a low metal price environment, we are always looking at economical ways of running material through the Mill. said David Wolfin, President and CEO. Additionally, I would like to thank the operations team in Mexico for their continued initiative and focus on multiple stages of growth at the Avino Mine.
Radius Gold Inc. is pleased to announce results from the Companys initial drill program at the Amalia Gold-Silver Project in Chihuahua, Mexico. Five drill holes tested the Campamento – San Pedro structural corridor, intercepting gold mineralization in all holes with the deepest hole cutting 26m at 7.08g/t Au and 517 g/t Ag.
Ethos Gold Corp. is pleased to announce that it has appointed Jo Price, M.Sc., MBA, P.Geo., as Vice-President Exploration. Jo is an independent geological consultant to a number of junior mining and exploration companies with more than 20 years in the field, including 10 years in project management. She has worked on multiple gold, poly-metallic, and graphite, and vanadium projects in the USA, Australia, and Canada. Jo has a Bachelor of Science in Geology (1995) from the University of Wales, College of Cardiff, and a Master of Science in Geology (1997) from Dalhousie University in Halifax. Jo is a professional geologist registered with the Association of Professional Engineers and Geoscientists of Alberta (APEGA) and Association of Engineers and Geoscientists of British Columbia (APEGBC).
United States Antimony Corporation reported that most of the equipment for the Puerto Blanco leach plant has been built in Montana and is ready to transport. Projects remaining include finishing the tailings pond, wiring, plumbing and completing the building. Hopefully, testing should begin at the end of this year. The Los Juarez gold, silver, and antimony property is regarded as potentially the largest corporate asset and has been on hold due to metallurgical and permitting delays.
We are very excited with the exploration drilling at the Arista Mines Switchback vein system as it continues to deliver impressive results, stated Mr. Barry Devlin, Vice President of Exploration for Gold Resource Corporation. Our exploration efforts extended the strike length and vertical extent of Switchback. In addition, the discovery of new, mineralized veins to the southwest of the Arista vein system speak to the expansion potential of this large epithermal vein system. It is too early to tell if these newly discovered veins are an extension of the Arista Vein system or if this a new parallel system to the southwest mirroring the Switchback and Arista Vein system. Either way this deposit continues to grow.
Mexus Gold US announced that the first stage of exploration drilling has finished at the Santa Elena Project with 736 meters of core in 9 holes. The purpose of this initial drilling program is to study a major area of geologic interest where a high-grade gold quartz vein merges with a tectonic shear zone with gold/silver values.
We are very pleased to have worked with Samsung C&T since July, 2015 said David Wolfin, President and CEO. Extending the original contract shows that the relationship is beneficial to both parties. We are pleased that Samsung C&T, one of the worlds most recognizable companies views Avino as a trusted partner, and we thank them for their ongoing support.
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