McEwen Mining Inc. is pleased to announce that total production for the third quarter was 36,496 gold equivalent ounces using a gold to silver ratio of 75:1, or 24,281 gold ounces and 916,168 silver ounces. Production is on target to achieve our 2016 guidance of 144,000 gold equivalent ounces, or 99,500 gold ounces and 3,337,000 silver ounces.
J.D. Poliquin, chairman of Almaden stated, “Today’s results once again show the presence of the high grade veins on the Tuligtic project. While we are now focussed on developing the Ixtaca deposit into a significant precious metals producer in Mexico, and are currently busy with engineering work and studies towards producing a PFS, we are also conducting exploration drilling to test for additional resource potential.”
Colibri will initiate a program of detail mapping and sampling in the area of the high grade chip samples and explore for extensions of this area. We will also investigate the areas of high gold in soils to see if we can strip, map and sample these areas. The above work will be followed up by a second phase program of drilling.
ALIX RESOURCES CORP. is pleased to announce the appointments of Mr. Christopher Ecclestone to its Board and as its new Chief Executive Officer and Ms. Tracy Weslosky to its Board.
President Mike England states, The Company is pleased to now have boots on the ground on our Mexican concession and to commence exploration on the property. Our team is well experienced in the area and we look forward to announcing further news as they progress with the exploration program.
“Despite the third quarter being challenged by lower grades, recoveries and two temporary shut-downs, we expect to meet our production guidance for 2016,” stated Robert Archer, President & CEO. “Furthermore, we expect to continue the trend of significant reductions in our cash costs over prior year levels.”
“We are pleased that the Company’s Oaxaca Mining Unit business plan of having multiple mines feed a strategically located mill is well underway with the development of our now fully permitted Alta Gracia mine,” stated Mr. Jason Reid, CEO and President of Gold Resource Corporation. “We were able to advance Alta Gracia forward much faster with this business plan, as we only have to justify the mining and trucking costs to haul mineral to our Aguila mill for processing. This shared mill approach eliminates the need and capital required to build a mill at each of our six properties. Furthermore, it targets moving a property into production sooner, at less cost and may add to our production profile and longevity of operations. We are very excited to soon have Alta Gracia as our second producing mine within our Oaxaca Mining Unit.”
Paul Benson, President and CEO said, “This was a strong quarter with a number of production records. Our three mines delivered impressive operating results and record quarterly gold equivalent production, reflecting the addition of a full quarter gold production from Seabee and record silver production at Pirquitas with another solid quarter from Marigold. Pleasingly, we were able to start our Operational Excellence program at Seabee and saw some immediate results. With Seabee integrated into Silver Standard, our portfolio is showing our strength as a high-quality intermediate producer with scale and margin. We continue to focus on creating shareholder value through operational excellence, exploration for mine life extension and disciplined growth.”
IDM Mining Ltd. announces that the Company has agreed to issue 3,750,000 common shares of the Company at a deemed price of C$0.17 and make a US$50,000 cash payment to a creditor in settlement of certain debts related to the Company’s past operations in Mexico. The debt settlement is subject to approval of the TSX Venture Exchange.
“This new resource estimate highlights the important progress we’ve made since the last resource estimate” said Avino President and CEO, David Wolfin. “During the past ten years, our mine site exploration efforts have been successful, consistently identifying new resources.”
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