Category: Investor’s Corner

“Pan American continued to deliver strong results in the first quarter of 2017, with quarter-over-quarter growth in net earnings and cash costs down 23% to $6.18 per ounce,” said Michael Steinmann, President and Chief Executive Officer of the Company. “The expansion of our Dolores mine is tracking well with commissioning of the pulp agglomeration plant expected by mid-year. At our La Colorada mine, we are already realizing the benefit of higher throughput rates from the expansion, which is now substantially complete.”

The Company reported revenue of approximately $1.6 million in the first quarter 2017 related to the oxide plant lease and costs of approximately $0.5 million related to the services we provide under the lease, for a net margin of $1.1 million. Exploration expense of $0.5 million during the first quarter was related primarily to work at the Santa Maria and Rodeo properties as well as holding costs and allocated administrative expenses. Golden reported a net loss of $1.1 million in the first quarter 2017 compared to a net loss of $6.3 million in the year ago period. The year ago figure included, as noted above, non-cash losses of $1.8 million related to the Company’s warrants and convertible note, plus a non-cash loss on debt extinguishment of $1.7 million relating to a $5.0 million convertible loan.

Red Tiger Mining Inc. announces that it has received Failure-to-File Cease Trade Orders from the Ontario Securities Commission. The Cease Trade Orders were issued as a result of the Company’s failure to file its annual audited financial statements, annual management’s discussion and analysis and certification of its annual filings for the year ended December 31, 2016.

Morro Bay Resources Ltd. announces that the Morro Bay Board of Directors has elected to proceed with the consolidation of the Company’s common shares on the basis of ten pre-consolidation shares for one post-consolidation share. The Consolidation will take effect on May 9, 2017, under a new CUSIP Number. There will be no name change or trading symbol change in conjunction with the Consolidation.

Silver Standard Resources Inc. announces that each of the seven nominees listed in the management proxy circular for the 2017 Annual and Special Meeting of Shareholders were elected as directors of Silver Standard at the AGM held in Vancouver on Thursday, May 4, 2017. Detailed results of the vote for the election of directors are set out below:

Almaden Minerals Ltd. is pleased to announce that it has entered into an agreement with Sprott Capital Partners and Cormark Securities Inc. to act as co-lead underwriters, on their own behalf and, if applicable, on behalf of a syndicate of underwriters, pursuant to which the Underwriters will arrange for substituted purchasers to purchase, on a bought deal private placement basis, 8,572,000 units at $1.75 per Unit to raise gross proceeds of $15,001,000. The Underwriters will also have the option to purchase from Almaden up to an additional 1,285,800 Units for additional gross proceeds of $2,250,150.

MX Gold Corp. is pleased to announce that, further to its news release dated May 3, 2017, it closed a private placement and raised gross proceeds of $1,950,000 on May 5, 2017. On the closing date, the Company issued 15,000,000 units at a price of $0.13 per unit, each unit consisting of one common share and one share purchase warrant, which entitles the holder to purchase one additional common share at a price of $0.20 for a period of three years.

New Gold Inc. today announces that it has commenced an offering of $300 million aggregate principal amount of Senior Notes due 2025. New Gold intends to use the net proceeds from the offering of the Notes, together with cash on hand, to fund the redemption of its outstanding $300 million 7.00% Senior Notes due 2020.

McEwen Mining Inc. is pleased to report consolidated financial results for the first quarter ended March 31, 2017. Increased investments in exploration and project development, particularly related to our Los Azules copper project, were the key feature of the quarter. As a result, the Company reported a net loss of $3.0 million or $0.01 per share and negative cash flow of $8.6. million or $0.03 per share. During the quarter McEwen Mining achieved consolidated production of 29,733 gold equivalent ounces. The Company remains on track to meet production and cost guidance for 2017. The El Gallo mine produced 9,808 gold equivalent ounces and reported earnings from mining operations of $8.2 million and the San José mine produced 19,925 gold equivalent ounces and reported earnings from mining operations of $5.7 million.

“We had a solid start to the year operationally and with stronger production and lower costs expected through the rest of 2017, we are on track to achieve full year guidance across all metrics. We expect this to drive significant free cash flow growth from our operations, especially in the second half of 2017 as we benefit from higher throughput rates at Young-Davidson and initial production from La Yaqui,” said John A. McCluskey, President and Chief Executive Officer.