During Q1, a total of 78,016 tonnes were milled at an average grade of 2.22 g/t gold and 21 g/t silver resulting in the production of 5,195 gold equivalent ounces. Mill recoveries averaged 86.6% for gold and 53.8% for silver. Equivalent gold ounce calculation is based on the actual daily average gold:silver ratio of 74.92 during the quarter.
Paget Minerals Corp. announces that it will hold a special meeting of its shareholders on Tuesday January 19, 2016 to seek shareholder approval of a proposed consolidation of the Company’s fully paid and issued common shares on a ratio of one post-Consolidation common share for every fifteen pre-Consolidation common shares. The Company currently has 91,197,475 issued and outstanding common shares and there is expected to be 6,079,832 issued and outstanding common shares upon completion of the Consolidation.
Oceanus Resources Corporation and El Tigre Silver Corp. are pleased to announce the completion, following the receipt of the final order of the Court on November 10, 2015 , of the previously announced arrangement agreement that combines their respective companies by way of a statutory plan of arrangement pursuant to the Business Corporations Act ( British Columbia ), under which Oceanus acquired all of the outstanding common shares of El Tigre in exchange for common shares of Oceanus.
Commenting on the Company’s 2015 third quarter results, Geoff Burns, Chief Executive Officer, said, “Continuing to respond to the difficult price environment, we recorded a very strong operational quarter, delivering an expected gain in silver production, a Company record for gold production and our second-lowest quarterly cash costs in over three years.” Burns continued, “Clearly benefiting from the determination of our operating teams to reduce costs and increase productivities, we generated a very respectable $32.9 million or $0.22 per share in operating cash flow, more than sufficient to fund our sustaining capital and cover our current quarter’s dividend”.
We made significant progress this quarter with improved production, recoveries, cash flow and significantly reduced costs despite continued challenging market conditions, stated Brendan Cahill, President and Chief Executive Officer. Our continued efforts to minimize costs resulted in operating costs improving by 40% this year and we expect this trend to continue as we implement the optimization plan for Platosa. With the balance sheet strengthened as a result of the recently announced $6 million financing, we are now well positioned to meet our long-term operational and financial objectives.
“This marks our first quarter reporting consolidated results as the new Alamos with production of nearly 88,000 ounces. We are continuing to hit our operational targets at Young-Davidson, with record underground throughput in October, and we have commissioned the mill at Mulatos positioning us for a much stronger fourth quarter. We remain on track to achieve the low end of our full year consolidated production guidance of 375,000 to 425,000 ounces,” said John A. McCluskey, President and Chief Executive Officer.
As realized metal prices continue to decline, our focus remains on reducing all-in sustaining costs at our two mine sites, increasing our productivity, and reducing general and administrative expenses, said Darren Blasutti, President and CEO of Americas Silver Corporation. We saw significant reductions in both these cost metrics once again this quarter primarily due to vigilant cost control and increased lead production at Galena. We will need to continue this trend in the short term to offset further falling metal prices.
Santacruz Silver Mining Ltd. is pleased to announce that it has closed the third and final tranche of its previously announced non-brokered private placement.
Alamos Gold Inc. today announced that Alan Edwards has resigned from the Company’s Board of Directors and consequently from his position as Chair of the Board. Paul Murphy has been appointed by his fellow directors to serve as Chair of the Board. In addition, Alamos is pleased to announce that Claire Kennedy has joined the Board of Alamos.
Primero Mining Corp. is pleased to announce the planned appointment of Mr. Ernest Mast as President and Chief Executive Officer and Director of the Board effective January 31, 2016. Mr.Joseph F. Conway, the Company’s C.E.O. since its inception will assume the role of Executive Vice Chairman as part of an established succession plan.
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