Commenting on the update, Mithril’s Non-Executive Director and Company Secretary, Adrien Wing, said: “We remain thankful to be able to report that there are currently no known cases of COVID-19 for any of the Sun Minerals employees, contractors or their families in the communities near the Copalquin Project. The local team are monitoring the situation and are proactively working with the community.”
Under the terms of the agreement a subsidiary of Alio Gold, Timmins Gold Corp Mexico S.A. de C.V., a company organized under the laws of Mexico, has received 9,740,000 common shares of Magna and will receive $5 million in cash (or a 1% NSR royalty in respect of the San Francisco Mine, if the cash payment is not made by Magna) within twelve months.
David Wolfin, President and CEO commented, “Avino had a strong first quarter that included a 10% increase in silver equivalent payable ounces sold, a 6% increase in revenues and a significant increase in mine operating income compared to Q1 2019. We were also able to transition to full production from the Avino mine, in keeping with our scheduled mine plan.”
Added Mr. Steinmann: “Cash flow generation of $114.1 million in Q1 reflects the Company’s strong operating performance before the impact of the COVID-19 related mine suspensions. However, earnings in the period were significantly impacted by non-cash, mark-to-market investment losses and non-cash tax expense due to COVID-19 related currency devaluations.”
Jorge A. Ganoza, President and CEO, commented, “At Fortuna, we are committed to integrate sustainability into our business strategy in an open and transparent manner.”
“The Company is pleased to close the oversubscribed financing and welcomes Alamos as a strategic investor,” stated Brian Skanderbeg, President and CEO of GFG. “With a strong treasury and multiple highly prospective targets, we are excited to resume our 2020 exploration programs to demonstrate the potential for the Pen Gold Project to host multiple gold deposits next to the world-class Timmins gold camp.”
Portree holds various legal or royalty interests in certain mineral properties in Mexico, including the Company’s Bilbao property and an asserted claim to a 2% net smelter royalty on six mining concessions located adjacent to the Cozamin Mine in Zacatecas operated by Capstone Mining Corp.
“El Nino produced strong cash flow during Q1 and will do so for the remainder of the year.”, stated Ewan Downie, President & CEO. “When Mercedes ramps up following the Mexican Government imposed care and maintenance, we will implement further initiatives to reduce costs, improve grade and maximise the profitability of the operation.”
Fred Stanford, President & CEO of Torex, stated: “Operationally this was a solid quarter, with 108,537 gold ounces produced. The production performance was complemented by the continued outstanding safety performance.”
CZL has formally applied for exemption from the ban of non-essential works due to the remote location of the mine and Aldama Plant. CZL awaits the ruling by the Chihuahua State Health Authority and the State Mines department.
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