Tag: Investor’s Corner

War Eagle Mining Company Inc. announced today that Paul A. Carroll QC, a Director and Chairman of the Board of the Company, has been appointed as its President and Chief Executive Officer replacing Thomas R. Atkins who continues as a Director. Mr. Carroll has been a Director of War Eagle since November 7, 2012 and is the owner of 2.1 million (9.8%) of the common shares of the Company and holds options to acquire an additional 600,000 shares of the Company.

The Private Placement, as stated previously, comprised of the sale of 10,000,000 units at a price of $0.05 under terms as outlined in News Releases No. 056 and 057. Each Unit will consist of one common share of the Company and one half-share purchase warrant. Each full warrant will be exercisable for one additional share of the Company’s common stock for two years at a conversion price of $0.10, subject to an acceleration provision triggered if at any time after November 30th, 2016, the Company’s common shares have a closing price on the TSX Venture Exchange at or above a price of $0.20 per share for a period of 10 consecutive trading days. A total of 5,000,000 Warrants were issued pursuant to the Private Placement as part of the Units.

Silver Spruce Resources Inc. announces that it has closed its previously announced non-brokered private placement and raised gross proceeds of $549,755.00. The offering will consist of the issuance of 8,457,769 shares and 8,457,769 warrants.

“Q2 2016 was a strong quarter operationally as we continue to see the benefits of the mine plan adopted late last year” stated Interim CEO Mark Backens. “Our cash costs for the quarter of $681 per ounce and all-in sustaining cash costs of $761 per ounce were particularly strong and were respectively 30% and 33% lower than the comparable period. We were able to eliminate all of our secured debt to Sprott Resource Lending Partnership (“Sprott”), Goldcorp Inc. (“Goldcorp”) and the Lundin Group.”

“We generated $66 million of operating cash flow in the second quarter, the highest level since the fourth quarter of 2012. Even more impressive is the fact that the increase was largely driven by reduced costs across all of our operations,” said Michael Steinmann, President and Chief Executive Officer of the Company. “The cash generated fully funded all of our capital requirements, including our expansion projects, and increased our cash and short-term investment position to over $204 million.”

The net proceeds from the Offering will be used by Prospero to advance Prospero’s existing project portfolio to drill-ready status, to expand the project portfolio by possible new acquisitions, and for general working capital purposes. Strategic joint ventures will also be sought.

Pete Dougherty, President and CEO of Argonaut Gold stated, “We continued to generate cash from the operations and saw our cash balance grow by $7.6 million during the quarter. At Magino, we have initiated a Feasibility Study to further define and de-risk the project. Key elements of the study include: reserve definition drilling in the starter pit, geotechnical drilling, detailed engineering, capital and operating costs, permitting and First Nation consultation. The estimated investment to complete the study is $7 million to $10 million to be spent over the next twelve to fifteen months.

SilverCrest Metals Inc. announced today that N. Eric Fier, President and Chief Executive Officer, has taken a partial leave of absence due to a medical procedure which he is undergoing this week. Dunham L. Craig, P.Geo., Director, has been appointed Interim Chief Executive Officer and will assume the CEO responsibilities on a temporary basis. Mr. Fier will remain as President and Director of SilverCrest until such time as he is able to return to his duties on a full time basis which is anticipated to be by the end of 2016. In his absence, SilverCrest will rely on the depth and experience of its management and directors to professionally execute its stated business objectives.

Almaden Minerals Ltd. announces that Dr. Joe Montgomery has resigned from the Board of Directors. He has served the Board faithfully since 1999. Management and the Board of Directors would like to acknowledge and thank the important contributions that Dr. Montgomery has made over his tenure as Director, and wish him and his family all the very best.

Endeavour Silver Corp. announces the resignation of David Howe as VP Operations and Country Manager effective August 13, 2016. An executive search is under way and Endeavour President and COO Godfrey Walton will assume the responsibilities of VP of Operations and Country Manager until a new candidate is appointed.