“As we indicated to our stakeholders at the beginning of this year, our priorities are: enhancing our financial flexibility, delivering operationally and executing on our updated Rainy River plan,” stated Hannes Portmann, President and Chief Executive Officer. “I am very pleased to report that we have made significant progress in all three areas.”
Vangold Resources Ltd. has appointed Mark Ashley, Hernan Dorado Smith and Cameron Scott King to the board of directors of Vangold.
ALIX RESOURCES CORP. is pleased to welcome Gerhard Jacob to its Board of Directors. Mr. Jacob is a seasoned professional with almost 30 years of experience in the mining and exploration industry. He has worked and evaluated numerous projects around the globe plus has extensive management experience. During his career Gerhard served on the board of several junior companies and as a lead advisor. His most recent directorship was with Pure Energy Minerals and has worked on lithium projects since 2011. Mr. Jacob holds an MSc. in Geology /Geochemistry from the University of Goettingen, Germany.
As previously announced, the year began slowly at Galena with expected lower grades and some necessary mill maintenance affecting silver and lead production but we are encouraged for the rest of the year with the lower grades, the mill liner changed and the associated backfill challenges behind us, said Americas Silver President and CEO Darren Blasutti. Development at San Rafael has recently been slowed but measures have been taken to address the poor ground conditions. We anticipate being able to resume our targeted development rate once we are in more competent ground in early May. We continue to expect to begin production from San Rafael by the end of Q3, 2017 within budget. San Rafael will transform the Company to a first-quartile cash cost producer and generate substantial cash flow in 2018 and beyond.
“In the first quarter of 2017 we generated $22 million of operating cash flow despite challenging operating conditions at Pinto Valley,” said Darren Pylot, President and CEO of Capstone. “All three of our mines generated positive net earnings for the quarter, supported by higher realized metal prices.”
The Company is pleased to introduce a new management team that has been assembled to grow the Company into a mid-tier gold mining company by revitalizing its San Francisco Mine in Sonora, Mexico and building its high-grade, high-margin Ana Paula Project in Guerrero, Mexico. As part of the transition, Arturo Bonillas will be stepping down as President of the Company. He will continue as an advisor to the new team to ensure continuity of important permitting and community relations activities.
Canarc Resource Corp. announces that it has arranged and closed a flow-through equity financing of $500,000 with one institutional investor.
Aura Silver Resources Inc. announces that it has granted stock options for a total of 5,300,000 common shares of the Company to officers, directors and consultants of the Company. These stock options are exercisable at CDN $0.07 per stock option and will expire on April 23, 2022. These stock options vest over an eighteen month period following the grant date and are governed by the terms and conditions of the Company’s stock option plan.
“This extension of our current low-cost, flexible credit facility, gives Capstone significant financial flexibility and right sizes the facility to meet our current and anticipated operating requirements,” said Darren Pylot, President and CEO of Capstone. “Our current drawn debt of approximately $300 million is comfortably within this amended availability and we have a cash balance of over $100 million.”
Brian Robertson, Chairman of the Board, stated, “We are pleased to change the name of the Company to Mexican Gold Corp. to more clearly identify the Corporation’s association with the location of its flagship Las Minas property and its strategy to explore and develop high quality mineral properties in Mexico.”
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