First Quantum Minerals Ltd. today announced comparative net earnings of $133.8 million or $0.23 per share for the three months ended December 31, 2013 and $539.4 million or $0.96 per share for the full year 2013. These results are inclusive of the recurring acquisition-related unfavorable adjustments of $22.6 million and $69.0 million, respectively for the three months and full year.
Mammoth Resources Corp. is pleased to announce that it has posted a technical report summarizing historical and recent work performed on its Tenoriba Property, located in the prolific Sierra Madre precious metal belt in south western Chihuahua state, Mexico (refer to the company’s web sitewww.mammothresources.ca , for a detailed location map). The technical report provides a review of all known historical work performed on the property and all work performed by Mammoth Resources until the end of 2013. The report recommends drilling geophysical targets and continuing metallurgical testing of precious metal enriched cyanide leachable material on the property.
Pan American Silver Corp. posted a net loss of $293.1 million, or $1.94 per share during the fourth quarter of 2013, which included a non-cash impairment charge of $218.1 million (net of tax) on the carrying value of the Dolores mine, due to lower assumed long-term metal prices and increased taxes, and a non-cash deferred tax charge of $86.0 million, due to the recent tax changes in Mexico. Net cash flow from operating activities during the current quarter was $46.2 million or $0.30 per share, reflecting the excellent fourth quarter production results and continued cost control efforts. Cash and short term investments increased over the previous quarter to $422.7 million at December 31, 2013 even after the payment of our normal quarterly dividend of $18.9 million in early December, clearly exhibiting Pan American’s ability to continue to generate positive cash flows at current silver prices.
Pan American Silver Corp announced a quarterly dividend on Wednesday, February 19th, Analyst Ratings Newsreports. Shareholders of record on Monday, March 3rd will be paid a dividend of 0.125 per share on Monday, March 17th. This represents a $0.50 annualized dividend and a dividend yield of 3.21%.
McEwen Mining Inc. is pleased to announce that the expansion of the El Gallo 1 mine in Sinaloa State, Mexico is scheduled to be completed by early April. The expansion is approximately three months ahead of schedule and capital costs are expected to total US$3 million versus the US$5 million originally budgeted. Production is anticipated to grow from 37,500 oz. gold this year to 75,000 oz. gold in 2015. Cash costs are also expected to decrease from US$750 per oz. to US$575 per oz. starting next year.
Alamos Gold Inc. AGI today reported its financial results for the quarter and year endedDecember 31, 2013 and reviewed its operating, exploration and development activities.
Capstone Mining Corp. today announced its financial results for the year ended December 31, 2013. Capstone posted a net loss for 2013 of $9.4 million. Operating cash flow before changes in working capital was $85.5 million. Capstone ended the year with cash on hand of $104.0 million. Copper production for the year at Capstone’s three operating mines, Pinto Valley (82 days of ownership), Cozamin and Minto, totalled 113.8 million pounds of copper in concentrates and cathode (109.6 million pounds of payable copper) at a C1 cash cost(1) of $1.72 per payable pound of copper produced.
Executives
Sean Roosen – President and CEO
Andre Le Bel – VP, Legal
Pan American Silver Corp. more than replaced the proven and probable silver and gold mineral reserves mined during 2013 as a result of another very successful mine-site exploration campaign.
Source Exploration Corp. is pleased to announce that it has closed its non-brokered private placement previously announced on January 22, 2014, pursuant to which David Baker, the Executive Chairman of the Company, has subscribed for 1,100,000 units at a price of $0.075 per Unit for gross proceeds of $82,500.
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