John-Mark Staude, President and CEO, stated: “Willie Lee has made a superb contribution to Riverside as a director and we are sorry that for personal reasons he has decided to step down from all board positions. We wish him and his family well and express our deep appreciation for the commitment he has displayed while striving for quality in the auditing and accounting of public companies such as Riverside.”
For 2016, the Company expects to deliver gold production of between 1.23 million and 1.31 million ounces of gold. Silver production is projected at between 6.9 million and 7.2 million ounces of silver and copper production is projected at between 122 million and 125 million pounds. These numbers exclude any share of production from the Company’s interest in Alumbrera. The Company has increased confidence in 2016 production guidance as a result of the achievements of 2015, which include: streamlined operations and management; improved core management in exploration, development, operations and health and safety; improved resource models and mine plans; and improved timing relating to the evaluation and development of projects and development at existing mines.
Odyssey Marine Exploration, Inc., a pioneer in the field of deep-ocean exploration, will implement a 1-for-12 reverse stock split of its common stock, effective during the after-market hours on February 19, 2016.
Michael Steinmann, President and Chief Executive Officer of the Company commented on the fourth quarter 2015 and full-year 2015 performance results, “2015 was one of the strongest production years in Pan American’s history with record silver and gold production, a 15% decrease of our cash costs and a 17% decrease in AISCSOS from 2014. In spite of deteriorating metal prices, our record setting production helped us to continue to generate strong operating cash flows of$88.7 million, or $0.58 per share, which was more than sufficient to cover our annual sustaining capital of $73.7 million. Our efforts did not fully counteract the effects of lower metal prices on our earnings, as net realizable value adjustments, low prices, foreign exchange losses, and impairments pushed us into a net loss position for the year.”
“Primero’s strong focus on reducing costs, while continuing to invest in profitable operations is evident in our 2015 results,” stated Ernest Mast, President and Chief Executive Officer. “We achieved industry low all-in sustaining costs of $680 per ounce at our platform San Dimas mine while significantly reducing the all-in sustaining costs at the Black Fox mine by 19% from 2014, to $1,163 per ounce. We were also successful at reducing our corporate G&A expense with the closure of two satellite offices. Though Primero has had a volatile start to 2016 in the equity markets, our mines in Mexico and Canada continue to operate uninterrupted with anticipated further efficiency gains anticipated in 2016. We are aggressively defending the claim initiated by the Mexican tax authority seeking to nullify the APA…”
Commenting on last year’s exploration results, Christopher Emerson, Vice President Business Development and Geology, said, “In 2015, even with tough market conditions, Pan American still made important investments in exploration, spending $10.9 million to complete 105,000 metres of diamond drilling around our operations. This investment in drilling and related exploration activities helped us to add 22.5 million ounces of new silver mineral reserves. However, our additions from exploration were not sufficient to fully offset the 33.5 million ounces of contained silver that were depleted from our mineral reserves through mining and 8.9 million ounce of silver re-categorized from reserves to resources due to lower assumed metal prices.”
Starcore International Mines Ltd. announces production results for the fiscal 2016 second quarter, ending January 31, 2016, at its San Martin Mine in Queretaro, Mexico.
GREAT PANTHER SILVER LIMITED announces a ten-day extension of the due date for the next option payment on its Guadalupe de los Reyes Project in Sinaloa, Mexico. Great Panther holds an option to acquire up to a 100% interest in the GDLR Project from a subsidiary of Vista Gold Corp.
AHMSA declaró que: Asegurar la aprobación del Plan es uno de los pasos finales importantes necesarios para levantar la suspensión de pagos con la que AHMSA ha estado operando. El levantamiento exitoso colocará a AHMSA en posición para mejorar su potencial a largo plazo, lo que le brindará a la empresa la capacidad para tener más flexibilidad financiera, para maximizar la racionalización de su estructura de capital y competir y crecer con más eficiencia. El levantamiento también le permitirá a AHMSA mejorar aún más su propuesta de valor a largo plazo, al establecer una plataforma financieramente sólida desde la cual la empresa pueda ejercer sus iniciativas operativas y sus prioridades estratégicas.
“Despite very challenging market conditions for base metal companies in 2015, we posted positive cash flow before changes in working capital of $60 million,” said Darren Pylot, President and CEO of Capstone. “We took a number of steps through the year to reduce costs and improve reliability at our operations, with fourth quarter throughput at Pinto Valley of 54,000 tonnes per day surpassing our expectations and positioning the mine well for the next planned expansion. In addition, we made several strategic decisions throughout 2015 to preserve our financial flexibility, including protecting our revenue through price fixing and zero-cost copper collars, as well as suspending work on our Santo Domingo project until market conditions improve.”
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