Tag: Investor’s Corner

“Exploration advanced aggressively across the Company’s project portfolio during the fourth quarter of 2016, in line with the brownfields strategic focus of reserve replacement, as well as providing a pipeline of future opportunities for evaluation,” said Paul Harbidge, Senior Vice-President, Exploration. “During the quarter, we also continued to advance generative studies across a number of the districts for re-interpretation of the geological information, with the aim of extending the reserves and resources of our current operations. In 2017, with an exploration budget currently targeted at $100 million, we are focused on expanding and upgrading the quality of our reserves and resources through the continuation of our drill programs and the review of the results as we complete our generative study work.”

The error related to adjusted earnings (a non-GAAP measure) for the fourth quarter of 2016 and for the full 2016 year. The error is due to net realizable value adjustments on the heap pad inventory at the Dolores mine. The impact of this error, after adjusting for the effect on taxes, was to overstate adjusted earnings for Q4 2016 and for the full 2016 year by $8.6 million.

“In 2016 we added 38.1 million ounces of new silver mineral reserves, more than replacing the 32.4 million ounces depleted through mining,” said Christopher Emerson, Pan American’s Vice President Business Development and Geology. “We increased our exploration budget mid-year, investing a total of $14 million during 2016, and completed 136,000 metres of drilling on mine and near-site exploration, as well as 7,000 metres on regional projects.”

“We achieved solid performance on all fronts in 2016, generating $215 million in net cash from operating activities and beating our original guidance for both costs and silver production,” said Michael Steinmann, President and Chief Executive Officer of the Company. “We achieved major milestones at our La Colorada and Dolores mine expansions in Mexico. We expect both expansions will be completed by the end of this year, which contributes to an improving outlook for costs and production over the next three years.”

Leagold Mining Corporation is pleased to announce that it has filed an amended and restated preliminary prospectus dated February 14, 2017 with the securities regulatory authorities in each of the provinces and territories of Canada except Quebec in connection with its proposed distribution of subscription receipts, which, subject to meeting certain conditions, will be converted at no additional consideration into common shares of the Company. The amendments include an indicative Offering pricing range, a plan to consolidate Leagold’s common shares on a 1 new for 5 old basis, and several additions to the Offering syndicate group.

Source Exploration Corp. is pleased to announce, further to its news releases dated September 28, 2016, November 30, 2016 and January 5, 2017, that it has now arranged a non-brokered private placement of up to 12,333,333 units of the Company at a price of $0.15 per Unit for gross proceeds of up to approximately $1.85 million to replace the second tranche of the previously announced non-brokered private placement. Each Unit will consist of one common share of the Company and one transferable common share purchase warrant. Each Warrant will entitle the holder to purchase one Common Share at a price of $0.25 per Common Share for a period of twenty-four months from the closing date of the Private Placement.

GoGold Resources Inc. is pleased to announce the release of financial results for the quarter ending December 31, 2016. GoGold recorded revenue of $6.9 million from the sale of 413,941 silver equivalent ounces with a cash cost per silver equivalent ounce of $6.70, with an operating income of $2.175 million for the quarter (All amounts are in U.S. dollars).

Almadex Minerals Limited is pleased to announce that the Company has increased the size of its previously announced proposed non-brokered private placement financing to up to approximately 2,600,000 units to raise up to approximately $3,500,000 at a price of $1.35 per Unit.

Leagold entered a binding sale and purchase agreement with Goldcorp Inc. dated January 11, 2017 to acquire the Los Filos Gold Mine for $350 million through the purchase of Goldcorp’s Desarrollos Mineros San Luis S.A. de C.V. subsidiary. The purchase price is made up of $279 million in cash and $71 million in common shares of Leagold. For further details of the Acquisition, see the Company’s news release of January 12, 2017.

Alamos Gold Inc. today announced that it has closed its previously announced bought deal offering at a price of US$7.95 per common share. A total of 31,450,000 common shares were sold in the offering for gross proceeds of US$250 million.