The Report, dated February 22, 2018, entitled “NI 43-101 Technical Report, Mineral Resource Estimate for Cerro Las Minitas Project, Durango State, Mexico ” was prepared by Garth D. Kirkham, P.Geo., following the guidelines of NI 43-101 and NI 43-101F1.
Our 2017 was a success in that we delivered on our expected production targets and made significant investments in our future, while still maintaining a strong financial position, stated Jim Bannantine, President and CEO. We completed the acquisition of Coricancha, completed plant upgrades and installed a tailings handling facility at Topia, and delivered a significant increase in the Mineral Resource Estimate at the GMC. All of these activities were funded by our operating cash-flow as we improved our cash position, kept our balance sheet debt-free, and delivered a modest increase in revenue and an improvement in earnings, and record production at Topia.
Pete Dougherty, President and CEO stated: We made several significant investments during 2017 that we feel will reward our shareholders in both the near and long term. We made two acquisitions, the San Juan mineral concession adjacent to the El Castillo mine and the Cerro del Gallo project in Guanajuato, Mexico. At El Castillo, we have already begun mining oxide ore in the San Juan concession area, while at Cerro del Gallo we intend to complete metallurgical test work and prepare an internal economic analysis on the project during 2018. We completed construction of the San Agustin mine 28% under budget and with zero lost time incidents…”
R.W. (Bob) Garnett, Chair of Great Panther, stated: Ken was a dedicated member of the Board, strong proponent of safety, and a dear friend and colleague. Ken leaves behind many grateful colleagues and good friends in the mining industry and his positive and endearing character will be greatly missed. The entire Board of Directors and management of Great Panther are indebted to Ken for his significant contributions to the Company and wish to offer our heartfelt condolences to his wife Roberta, his children and extended family.
Dan O’Flaherty, President and CEO of Maverix, commented, “Following our record fourth quarter, we are pleased to forecast substantial growth in 2018 as a number of our operating partners continue to ramp up and increase production at their mines. In addition to our current growth, we remain committed to further expanding our portfolio of royalties and streams in 2018 and beyond.”
Fred Stanford, President & CEO of Torex stated: We are happy to have 2017 behind us, with its ramp-up challenges and illegal blockade, now in the rear-view mirror. I would like to acknowledge the team for their excellent contribution in solving the inevitable ramp-up challenges and for their disciplined execution of the strategy to resume operations under blockade conditions. 2018 will be the year that the team completes the last 10% of the ramp-up and showcases the potential of the ELG asset. It will be a year rich in catalysts with the re-start, completion of the SART plant, completion of the ramp-up of the processing plant and the Sub-Sill, continued exploration results from Sub-Sill, and an updated PEA for Media Luna. It will be a busy and productive year, and we all look forward to getting on with it. He added A special thanks to the great many that have supported the team in a myriad of ways as we worked to by-pass the illegal blockade. That support has enabled the potential that 2018 provides for Torex shareholders, employees, and communities.
McEwen Mining Inc. today reported fourth quarter and full year results for the period ended December 31, 2017. For the year, McEwen Mining achieved production of 152,329 gold equivalent ounces. Our consolidated net loss for 2017 was $10.6 million, or $0.03 per share. Net cash outflow during the year from operating activities was $15.4 million, principally due to higher exploration, development and operating expenses associated with our long-term growth plans. As of February 21, 2018 the Company had cash, investments and precious metals of $60 million and no debt.
We executed on a number of operational and strategic objectives in 2017, all of which continue to strengthen our outlook. We met guidance with a 10% increase in production to a new record of 429,400 ounces while delivering an 8% decrease in all-in sustaining costs. This drove strong free cash flow growth from our operations and our best financial performance in years, said John A. McCluskey, President and Chief Executive Officer.
Jorge A. Ganoza, President and CEO, commented: Our infill drill programs at San Jose and Caylloma mines were successful at replenishing reserves mined in 2017. Mr. Ganoza continued, In addition, the exploration programs over the last year at Caylloma have yielded a 92 percent increase in tonnes of Inferred Resources. This success underpins the potential for this mine to continue presenting opportunities to extend its life.
Alianza Minerals Ltd. is pleased to provide a summary of work completed in 2017 and plans for 2018. Alianza remains focussed on advancing its projects in favourable mining jurisdictions and optioning out drill ready projects to partners. In addition to work programs in Peru and Nevada, the Company is planning to advance its projects in Yukon Territory and is actively assessing new opportunities in all three jurisdictions.
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