The net proceeds from the Private Placement will be used to continue exploration on the Companys Las Minas project located in the State of Veracruz, Mexico, to make the final property payment (done), and for general working capital purposes.
McEwen Mining Inc. today announced its voluntary termination of the equity distribution agreement entered into on November 8, 2018. Under the equity distribution agreement, McEwen Mining could offer, from time to time, shares of its common stock having an aggregate offering price of up to $90,000,000. McEwen Mining provided notice to the sales agents of the termination of the equity distribution agreement on March 13, 2019, effective as of the close of business on March 13, 2019.
Vangold Mining Corp has arranged a non-brokered private placement financing of up to 10,000,000 units at a price of $0.05 per unit for gross proceeds of up to $500,000. Finders fees may be payable in connection with this private placement.
Antonio Berlanga, CEO, States, These El Creston samples continue to demonstrate the quality of Tahuehueto mineralization and are, in the case of these El Creston samples verifying our reserve base established from previous drilling. In the case of the El Perdido underground development which has extended past the limits of previous drilling, channel sampling results, are verifying the continuity of mineralization along the El Perdido structure helping to verify managements assumption that the El Perdido Zone connects with the Santiago Zone on the same structure and if continuously mineralized, will allow new exploration along approximately 800 meters of unexplored structure to hopefully add additional resources to the project.
The San Francisco Mine in Q4 2018 produced 10,292 gold ounces and 4,204 silver ounces compared to 16,070 gold ounces and 7,873 silver ounces during Q4 2017. Gold and silver production was lower as a result of fewer recoverable ounces deposited on the leach pads.
Leagold CEO Neil Woodyer commented: Since providing the summary results of the Expansion Feasibility Study in January 2019, our team working with the independent consultants has continued refining the new operating strategy which includes re-phasing the Bermejal open pit, expanding the Los Filos open pit, operating two high-grade underground mines, adding a CIL plant to process the higher-grade ore, and continuing heap leaching of the lower-grade open pit ore. The result of this work is a significant increase in net cash flow to $884 million. The Los Filos expansion is clearly a project we should proceed with, and we are advancing with construction planning, optimizing the sequencing of the major expansion projects as part of our financial planning, and discussing the social and economic benefits created by the expansion with our employees, contractors, unions and community members.
Ore deliveries to the Santa Eulalia concentrator were 4,158 tonnes during the month, with reported recoveries of 89.2% zinc to Zinc Concentrate and 83.5% lead to Lead Concentrate. The concentrate grades were 48.1% zinc in Zinc Concentrate and 42.7% lead in Lead Concentrate. These recoveries are within the long-term recovery expectations of blending Plomosas with the Santa Eulalia ore at the Santa Eulalia processing plant. The Plomosas ore concentrates to a low impurity concentrate which is highly desired by smelters.
Kootenay Silver Inc. is pleased to report that Aztec Minerals Corp. today announced positive bottle roll gold recoveries from metallurgical test-work conducted by Bureau Veritas on the California porphyry gold-copper drill core from the Cervantes property in Sonora, Mexico.
Xtierra Inc. announces that it intends to raise up to $1,000,000 by way of a non-brokered private placement of common shares.
We are pleased to announce the next phase of exploration at our high grade Manto Negro Copper Property said Michael McPhie, President and CEO of Prize. In our recently completed Phase 1 drilling program we tested just a small part of our wholly owned 18,000 hectare property that contains 35 meaningful surface copper showings over a 45 kilometer trend. Building on encouraging Phase 1 results, the next phase of exploration is intended to further define the scale, grade and potential of this district scale property said McPhie. With the increased interest in copper and other metals used in sustainable energy sources by investors and major mining companies globally, we believe Manto Negro stands out as a unique opportunity to create value for our shareholders in the near term.
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