“Los Filos, Marlin and Alumbrera are smaller scale mines. They don’t have the economies of scale that our existing five camps offer us” or that a newly acquired gold project, Coffee, “potentially offers us once it’s built out,” Garofalo said.
YAMANA GOLD INC. iis pleased to announce that it has entered into a definitive Share Purchase Agreement to sell 100% of its interest in the Mercedes mine in Sonora, Mexico to Premier Gold Mines Limited. Pursuant to the Agreement, Yamana will receive consideration in the form of cash and equity securities, the value of which was $140 million at the time of negotiations.
Azures Managing Director, Mr Tony Rovira commented: I am delighted with the progress we have made at the Alacrán and Promontorio Projects over the last quarter. Delivering the maiden resource at Mesa de Plata was a particular highlight, which allows us to progress toward assessing our various development strategies, and the results from our active drilling programs continue to demonstrate the huge potential of both projects.
Pete Dougherty, President & CEO stated: We are pleased with the outcome of the ruling, which confirms our belief that the local zoning plan should not have impeded the permitting of the San Antonio project. This ruling does not mean that our permits are granted but does provide the basis of understanding for all involved in the permitting process. We will continue to engage and work closely with all stakeholders to advance the San Antonio project. We believe that San Antonio provides an opportunity for a model mine with the use of clean technologies that also provides near and long-term benefits to the region.
The net proceeds of the Offering will be used to fund the exploration and development of the Company’s La Cigarra project in Mexico and for general working capital purposes.
“While lower production was expected in the second quarter, the decision to accelerate a significant organizational restructuring had a short-term, negative impact on gold production. With the decentralization of our business well underway and new mine management installed at the majority of our operations to reflect the new business model,Goldcorp is poised to deliver better gold production and cost performance,” said David Garofalo, Goldcorp President and CEO. “We continued to advance our robust project pipeline with the decision to proceed to construction with high rate of return expansions at our Peñasquito and Musselwhite mines.”
“The second quarter saw continued strong operating results from all of our mines coupled with record safety performance”, said Sean Boyd, Agnico Eagle’s Chief Executive Officer. “Given these strong results and a more robust gold price environment, we have significantly improved our financial position, while continuing to make important investments in several of our growth projects. In addition, we have raised our dividend signaling our confidence in our business and growth plan”, added Mr. Boyd.
The loan funding strategy being adopted in this significant financing avoids further equity dilution to Telsons current shareholders, seeking to give greater value to investors. states Antonio Berlanga, CEO and Director of the Company, Furthermore, the funds available to the Company in the LOC Agreement will allow us to make significant advancement towards the Companys goal of reaching commercial production at Tahuehueto and the LOC Agreement has the flexibility of full repayment without penalty, allowing the Company to potentially access new loans and/or future equity capital under more favorable market conditions.
Mr. George is a consulting geologist and entrepreneur who has been involved in international mineral exploration and development for over 35 years. He has raised more than $60 million for various projects around the world, including Mexico. Mr. George was the President and Co-founder of Creston Moly Corp, which acquired Mexico’s largest molybdenum deposit. Creston merged with Mercator Minerals in 2011 in a transaction valued at more than $176 million. Prior to his success with Creston, he was President and CEO of ESO Uranium (predecessor of Alpha Minerals) where he was instrumental in assembling one of the largest land packages in the Athabasca Basin, Saskatchewan; Alpha and its partner Fission Energy made one of the most significant uranium discoveries in recent history on their Patterson Lake South joint venture.
Fortuna Silver Mines Inc. Mr. Simon Ridgway, Chairman of the Board, announces that Mr. Michael Iverson has retired from the Board of Directors. Mr. Iverson joined the board of the predecessor company of Fortuna back in 1998.
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