“The combination of a strong rise in the gold price and record production at our flagship Tucano mine, leading to a substantially lower AISC, drove a significant increase in cash flow from operating activities to a record $19.5 million for the second quarter of 2020,” stated President and CEO Rob Henderson.
Golden Minerals’ President and Chief Executive Officer, Warren Rehn, commented, “With the recent capital raise completed, we have a significant cash balance and are now in an excellent position to fund a start-up of production at the Rodeo deposit early next year, assuming that the results of our confirmatory drilling program are satisfactory and providing we receive the necessary government approvals.”
The Company anticipates closing a second and final tranche of the Financing on or about August 11, 2020, which may include an increase in the overall Financing to 25,645,000 Units for gross proceeds of up to $3,975,000 based on demand.
“Despite the pandemic, Hecla had its second highest quarterly silver production since 2016 which, combined with higher prices, resulted in almost 25% more revenue than a year ago and generated about $27 million of free cash flow,” said Phillips S. Baker, Jr., Hecla’s President and CEO.
“The global COVID-19 pandemic had a significant impact on Q2 results, with all our Latin American operations placed in care and maintenance mode for periods of time during the quarter. Except for our two polymetallic underground mines in Peru, all operations are now back in production under comprehensive health and safety protocols,” said Michael Steinmann, President and Chief Executive Officer.
“Pan American holds one of the world’s largest silver mineral resources and reserves base. Over the past year, we have replaced 76% of the silver and 107% of the gold mined for the 12-month period ended June 30, 2020. Particularly significant gains were realized at La Colorada, La Arena and Shahuindo,” said Christopher Emerson, Pan American’s Vice President of Business Development and Geology.
Vizsla President and CEO, Michael Konnert, commented: “The Napoleon discovery is continuing to grow with hole NP-20-08, significantly extending high grade mineralization to depth. These results have returned both high grades and broad intervals. With the recently closed C$30M bought deal financing, the Company is well positioned to continue with the four drill rigs for the rest of 2020. We are excited to continue expanding the Napoleon discovery and to test our targets to demonstrate the “district scale”, high grade potential of Panuco.”
The Company intends to use the net proceeds from the Offering for exploration, development and general corporate purposes.
“We are very excited that our initial holes on the La Trini deposit have confirmed significant widths of high-grade silver and gold mineralization. The La Trini deposit is a flat-lying zone that outcrops on surface, strikes approximately east-west and dips gently to the north around 20 degrees. These characteristics, combined with the gentle topography, will allow GoGold to rapidly develop the Mineral Resource of the deposit by drilling a series of short holes from surface over the next 4 to 6 months.”
In connection with the name change and rebranding to Gold79, the Company has launched a new website accessible at www.gold79mines.com.
Mexico Mining Center © 2021 / All Rights Reserved
