Category: Investor’s Corner

During the third quarter of 2017 San Dimas continued to implement its production ramp-up plan following the strike action taken by unionized employees which concluded in Q2 2017. The production ramp-up experienced significant delays due to persistent issues with underground equipment reliability, which impacted development rates and underground stoping activities. Further, production in July 2017 was limited due to periods of inactivity during the negotiation of the 2016 annual workers’ bonus. Since the conclusion of these negotiations, the site has experienced an improvement in worker alignment.

Palamina Corp. has today announced that Jose Vizquerra-Benavides has resigned from the board of directors and will continue his support as a member of Palamina’s advisory board. Palamina thanks Mr Vizquerra-Benavides for his support and advice as a director and welcome him as an advisor. Mr. Alistair Waddell, a director of Palamina, has agreed to become a member of the audit committee and assume Mr. Vizquerra-Benavides responsibilities.

George Paspalas, President and CEO, commented, “With the new resource and PEA just announced, we are more excited than ever about the future, and we continue our focus working with Fresnillo over the next few months to complete the feasibility study and drive ahead with a formal production decision. At the same time, we look forward to ongoing exploration on the property aimed to further expand the Deep Zone and to test other promising regional targets on the essentially unexplored joint venture ground.”

Evrim Resources Corp. announced that its board of directors and the TSX Venture Exchange has approved a new fixed incentive stock option plan. Upon adoption of the Fixed Plan the Company cancelled its long-term cash bonus plan.

Fred Stanford, President & CEO of Torex stated: “The current blockade situation overshadows the many successes that the team has accomplished in 2017. These include, ramping up the plant to 90% of design throughput. Achieving design recoveries. Building the SART plant and installing additional tailings filtration capacity. Developing into the Sub-Sill deposit and producing the first development ore in less than a year from the discovery hole. Advancing the Media Luna design, successfully concluding negotiations for long term Media Luna land leases, and beginning the in-fill drill program for Media Luna. On the financial side the project finance debt was renegotiated with improved terms and flexibility for future growth. While it is impossible to be definitive, we expect the blockade to be resolved in the near term and we can then continue to build on the successes of 2017, as we transition into what should be a catalyst rich, and steady state 2018.”

The Company intends to use the net proceeds of the Offering to fund exploration at the Company’s Platosa Project in Durango, Mexico and Miguel Auza Project in Zacatecas, Mexico and for general corporate purposes. For additional details regarding the use of proceeds of the Offering, please see the Company’s short form prospectus dated November 2, 2017 that is available under the Corporation’s profile on SEDAR at www.sedar.com.

Mr. Vizquerra is currently the Executive Vice President of Strategic Development and a Director at Osisko Mining Inc. Previously, Mr. Vizquerra served as the President & CEO of Oban Mining Corp., where he led the successful change of business strategy that resulted in Oban’s acquisition of Corona Gold, Eagle Hill Exploration Corp. and Ryan Gold to form what is now Osisko Mining. Mr. Vizquerra previously worked as Head of Business Development for Compania de Minas Buenaventura, prior to which he worked as a production and exploration geologist at the Red Lake gold mine. He is currently a board member of Alio Gold Inc. Mr. Vizquerra holds a M.Sc. from Queens University in MINEX, and is a Qualified Person (AIGP).

Income of $4,594 or $0.14 per share for the three months ended September 30, 2017 compared to income of $734 or $0.03 per share for the third quarter of 2016. Gold production for the third quarter of 2017 was 2% higher than the comparable period of 2016.

Jorge A. Ganoza, President and CEO, commented, “We have had yet another quarter of strong operating and financial results at our operating mines in Peru and Mexico, positioning the company well on track to meet our annual production targets and financial objectives.” Mr. Ganoza continued, “Having announced a positive construction decision for our Lindero gold Project in Argentina, we expect free cash flow from our operations to contribute significantly towards the funding of the construction capital requirements.”

The oil firm co-founded by the chairman of Canadian gold miner Goldcorp Inc wants to aggressively expand in Mexico in coming years, including a potential joint venture with state-owned Pemex, the company’s director said in an interview on Wednesday.