Starcore International Mines Ltd. has filed the results for the year end dated April 30, 2019 for the Company and its mining operations in Queretaro, Mexico and toll processing operations in Matehuala, Mexico.
The private placement financing is scheduled to close on or about August 19, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
Mr. Carlos Silva, Chief Operating Officer, stated The second quarter production results again reflect operational improvements at both mines. He continued, We expect a further production increase at Veta Grande in the third quarter as second quarter production was impacted by an unforeseen mechanical problem with the largest ball mill that required a major repair over the last half of the quarter. This work was completed in early July.
During the quarter, the Azure Board approved the commencement of a small-scale mining and toll processing operation, to exploit easily-accessible, high-grade mineralised material at Oposura. The operation is expected to deliver early cash flow to the Company to support the completion of the Feasibility Study and provide general working capital.
Levon Resources Ltd. is pleased to announce the voting results from its special meeting of securityholders held earlier today concerning the arrangement agreement between Levon and Discovery Metals Corp.
Discovery Metals Corp. is pleased to announce the voting results from the special meeting of the securityholders of Levon Resources Ltd. held earlier today. The Plan of Arrangement previously announced on May 30, 2019, was approved by an overwhelming majority, approximately 81.15% of the total votes cast by Levon securityholders.
The proceeds of the Private Placement will be used, in part, to improve and develop road access to the North and South Zones at Santo Tomas, construct an exploration camp on the West Bench of the property, and undertake a work campaign on the property involving ground geophysical and geological surveys, including Three Dimensional Induced Polarization programs. In addition, proceeds will be utilized for aspects of project permitting, and the scoping of water and power needs, sources and costs.
“Our results for the second quarter reflect the first full quarter of Tucano Gold Mine operations under our ownership,” stated James Bannantine, President and Chief Executive Officer. “Tucano achieved our production guidance for the second quarter and drove a 165% increase in revenue and a 187% increase in mine operating earnings before non-cash items over the second quarter of last year. More importantly, Tucano started to show additional meaningful improvement in grade and recovery after the commissioning of the supplemental oxygen system at the end of April. This key improvement in processing, combined with increasing productivity and a higher-grade mining sequence commencing in August, are expected to lead to an improvement in earnings for the balance of the year. For July month to date, Tucano is tracking to our third quarter guidance.”
“The improved revolving credit facility reflects Capstone’s balance sheet strength with peer-leading low leverage ratios,” said Darren Pylot, President & CEO of Capstone. “Our balance sheet will be further strengthened with the removal of an annual amortization of the credit facility, thereby providing additional working capital for expansion opportunities, and the improved pricing grid translates to annual savings of approximately US$1 million in interest payments.”
Discovery Metals Corp. is pleased to announce that it has closed its non-brokered private placement previously announced on July 18, 2019, raising $9,004,770 through the issuance of 23,216,174 common shares at a price of $0.23 per Common Share and 15,935,000 subscription receipts at a price of $0.23 per Subscription Receipt.
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