Almadex Minerals Ltd. is pleased to announce the appointment of Darcy Marud and Tracey Meintjes to Almadex‘s Board of Directors. In addition, Almadex announces the departure of long-standing director, John “Jack” McCleary, who is retiring after many years of valued service.
James Anderson, Chairman & CEO, commented, “Participation from all of our largest shareholders – Endeavour Silver Corp., Myrmikan Capital LLC., VBS Exchange PTY Ltd., – in this strategic financing affirms the tremendous value and potential of our precious metals mines, while also endorsing our vision for growth and expansion within the Guanajuato Mining District.”
The Los Braceros plant has returned to nameplate production with a steady source of feed from a combination of existing stockpiled ore and new production from the mine. San Rafael mine production continues to ramp-up and does not represent a bottleneck to mill production.
“Initial production at First Majestic’s Ermitaño deposit is an important milestone for Orogen,” stated Paddy Nicol, Orogen’s CEO and President.
Carlos Silva, CEO of Santacruz, stated; “We continue to increase our mine production and revenue for the third and fifth consecutive quarter respectively. Production costs were impacted as a result of a Mexican labour reform that came into effect during the quarter. This labour reform required the Company to recognize certain labour liability accruals for their employees, including but not limited to vacation, holiday bonuses, annual bonuses, savings funds, and seniority departure payments which totaled approximately $1.3 million.”
Taj Singh, President and CEO, states: “With annual AgEq production averaging more than 26 Moz over a +15-year mine life we believe this PEA clearly positions Cordero as a Tier 1 silver asset. This impressive scale of production is achieved through modest development capex of $368 M and returns excellent margins with AISC averaging less than $12.50/AgEq oz over the life of the mine.”
“This transaction is in-line with our strategic vision of growing a multi-asset and sustainable copper business in the Americas. The combination of these two companies provides transformational near-term growth and further deepens our bench strength, particularly with respect to mine building, operational and leadership experience.”
MAG intends to use the net proceeds of the Offering to fund exploration on Juanicipio and its other projects including Deer Trail, and to fund certain sustaining capital requirements at the Juanicipio Project not included in the initial project capital estimates, and for working capital and general corporate purposes.
James Anderson, Chairman and CEO, said, “As Mexico’s newest precious metals producer, we continue to advance towards the successful completion of this ramp-up stage at El Cubo.”
“I would like to thank our shareholders and the shareholders at Kirkland Lake Gold for supporting the merger of the two companies. We are very excited about the transaction as it positions Agnico Eagle as the leading low risk global gold company with growing production, low costs and strong ESG leadership,” said Sean Boyd, Agnico Eagle’s Chief Executive Officer.
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