Morgan J. Poliquin, President and CEO of Almadex noted, This financing will enable Almadex to continue with its active drill program at the El Cobre project while the spinout transaction progresses, and will also situate Spinco with a healthy treasury post-completion of the corporate reorganization in order that Spinco management can pursue the next discovery for the group.
A new report by BMI Research states that a possible victory by frontrunner presidential candidate Andrés Manuel López Obrador poses minimal downside risks to an otherwise strong outlook for Mexicos mining industry.
Fred Stanford, President and CEO of Torex stated Im pleased to welcome Steve to the Torex Team. He brings excellent operational judgement, acquired from many years of working closely with mine sites. This judgement, his team based approach, and aligned values, will blend well with the senior team as they continue to optimize the operations. He also brings a strategic mindset, with M&A experience, which will be key in his role, as we advance the growth of the Company. We are all looking forward to April 2nd, when Steve joins the team.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “For a junior exploration company with a tiny market valuation we have a lot on the go. At our 100% owned Tabasquena silver mine in Mexico, we are planning a geophysical survey together with a follow up drill program. The well known Milagros silver mine lies approximately 8 kilometres to the south east of the Tabasquena mine. We believe that these two mines lie on the same structure.
As announced on 14 December 2017, NextView previously entered into a binding placing letter with the Company pursuant to which it agreed to acquire 32,976,635 common shares in the Company at a price of 94.53 pence (approximately C$1.6223) per share for aggregate gross proceeds of £31,172,813 (approximately C$53,498,000). The initial target date for completion of the Placing was end of January 2018. The Company has fulfilled all of its obligations in respect of the Placing, however, NextView has failed to forward the Placing proceeds to the Company, leaving it in default under the terms of the Placing Letter.
President and chief executive officer Allan Barry Laboucan said: “In the past year we expanded our Mexican portfolio from having six lithium prospective salars, to an additional seven salars and then staked nearly one million acres over three very large salars. All of these salars are 100-per-cent-owned Alset projects. We look at it as two main project regions, with a southern cluster of 13 salars in the states of Zacatecas and San Luis Potosi, and the second much larger northern cluster in the state of Coahuila. The salars that make up the southern cluster are the most advanced, with enough historical data and recent work to be able to complete a number of mineral resource estimates. These are the three mentioned earlier which include our largest salar, the highest-grade lithium salar and the salar with the highest-grade lithium sample in the southern cluster. We are excited to be able to complete initial mineral resource estimates on these three salars. This work will help provide scope to the tonnage potential of these three salars and help lead our future work on exploration and development of all our lithium prospective salars in the southern cluster.”
Azures Managing Director, Mr Tony Rovira, said the strong investor support had significantly strengthened the balance sheet, and allowed for the continued exploration and development at Oposura and Sara Alicia. I am very pleased with the strong support shown from institutions in North America, Europe and Australia. This heavily oversubscribed placement places Azure in a very strong position moving forward, as we work towards completing development studies at Oposura and fast-track exploration at the Sara Alicia gold and cobalt project. With both zinc and cobalt prices at decade highs, we believe that the Company is ideally placed to accelerate both Oposura and Sara Alicia towards development.
Net proceeds of the Offering will be used for general corporate and working capital purposes and to advance Palamina’s gold projects in south eastern Peru in the Puno Orogenic Gold Belt. All securities issued pursuant to the Offering are subject to a statutory hold period ending June 27, 2018. The Offering is subject to TSX-V acceptance of regulatory filings.
J. Duane Poliquin, Chairman of Almadex, commented, Participation of Newcrest in El Cobre further validates the potential of the district and enables Almadex to conduct the work program at El Cobre which our recent programs have clearly demonstrated is justified. We look forward to working with Newcrest which has extensive experience internationally in similar geological environments as we conduct further exploration at El Cobre.
Westminster Resources Ltd. is pleased to announce that the TSX Venture Exchange has confirmed that Trading will resume at the open. Westminster Resources was halted as part of the acquisition of the Peru Copper projects, which consist of two advanced exploration projects, Ilo Norte and Ilo Este, and a number of nearby extensions and earlier stage targets, totalling 44 concessions covering 36,000 hectares in the coastal copper belt of southern Peru. This region of southern Peru hosts numerous producing copper porphyry and IOCG deposits, with Peru being the third-largest producer of copper. Ilo Norte is an IOCG type deposit that has had significant prior drilling, while Ilo Este is a large copper porphyry system with coincident gold, silver and molybdenum mapped at surface over more than 3 square kilometres.
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