YAMANA GOLD INC. is pleased to announce the appointment of Kimberly Keating to its Board of Directors and the formal appointment of Jason LeBlanc as Chief Financial Officer.
“In 2016, we undertook a significant restructuring to substantially grow the NAV per share of our company by decentralizing the business to drive accountability down to the mine sites, significantly reducing operating costs, selling non-core assets and reinvesting that capital into a robust internal pipeline and a new geologically prospective mining camp in the Yukon,” said David Garofalo, President and Chief Executive Officer. “This culminated in the January 2017 announcement of our ambitious 20/20/20 five year growth program that would see Goldcorp deliver a 20% increase in production, a 20% increase in gold reserves and a 20% decrease in all-in sustaining costs, positioning the company to drive increasing NAV per share.”
“Our solid operating performance in 2016 enabled us to deliver record low all-in sustaining costs, resulting in strong margins and cash flow,” stated Hannes Portmann, President and Chief Executive Officer. “Our three primary areas of focus in 2017 are enhancing our financial flexibility, executing our updated Rainy River plan and continuing to deliver operationally. Looking further ahead, we feel well positioned for the long-term with a robust gold reserve base of 15 million ounces.”
“Our strong operating performance in 2016 exceeded guidance, setting records at Pinto Valley, Minto and for Capstone as a whole,” said Darren Pylot, President and CEO of Capstone. “All three of our mines generated positive net earnings, with throughput success at Pinto Valley and processing of high grade Minto North ore being key drivers in 2016.”
“Exploration advanced aggressively across the Company’s project portfolio during the fourth quarter of 2016, in line with the brownfields strategic focus of reserve replacement, as well as providing a pipeline of future opportunities for evaluation,” said Paul Harbidge, Senior Vice-President, Exploration. “During the quarter, we also continued to advance generative studies across a number of the districts for re-interpretation of the geological information, with the aim of extending the reserves and resources of our current operations. In 2017, with an exploration budget currently targeted at $100 million, we are focused on expanding and upgrading the quality of our reserves and resources through the continuation of our drill programs and the review of the results as we complete our generative study work.”
The error related to adjusted earnings (a non-GAAP measure) for the fourth quarter of 2016 and for the full 2016 year. The error is due to net realizable value adjustments on the heap pad inventory at the Dolores mine. The impact of this error, after adjusting for the effect on taxes, was to overstate adjusted earnings for Q4 2016 and for the full 2016 year by $8.6 million.
“In 2016 we added 38.1 million ounces of new silver mineral reserves, more than replacing the 32.4 million ounces depleted through mining,” said Christopher Emerson, Pan American’s Vice President Business Development and Geology. “We increased our exploration budget mid-year, investing a total of $14 million during 2016, and completed 136,000 metres of drilling on mine and near-site exploration, as well as 7,000 metres on regional projects.”
“We achieved solid performance on all fronts in 2016, generating $215 million in net cash from operating activities and beating our original guidance for both costs and silver production,” said Michael Steinmann, President and Chief Executive Officer of the Company. “We achieved major milestones at our La Colorada and Dolores mine expansions in Mexico. We expect both expansions will be completed by the end of this year, which contributes to an improving outlook for costs and production over the next three years.”
Leagold Mining Corporation is pleased to announce that it has filed an amended and restated preliminary prospectus dated February 14, 2017 with the securities regulatory authorities in each of the provinces and territories of Canada except Quebec in connection with its proposed distribution of subscription receipts, which, subject to meeting certain conditions, will be converted at no additional consideration into common shares of the Company. The amendments include an indicative Offering pricing range, a plan to consolidate Leagolds common shares on a 1 new for 5 old basis, and several additions to the Offering syndicate group.
Source Exploration Corp. is pleased to announce, further to its news releases dated September 28, 2016, November 30, 2016 and January 5, 2017, that it has now arranged a non-brokered private placement of up to 12,333,333 units of the Company at a price of $0.15 per Unit for gross proceeds of up to approximately $1.85 million to replace the second tranche of the previously announced non-brokered private placement. Each Unit will consist of one common share of the Company and one transferable common share purchase warrant. Each Warrant will entitle the holder to purchase one Common Share at a price of $0.25 per Common Share for a period of twenty-four months from the closing date of the Private Placement.
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