“The year is off to a solid start,” stated Randall Oliphant, Executive Chairman. “The significant decrease in our all-in sustaining costs is particularly rewarding as it enabled our company to generate a very robust margin of $448 per ounce in the first quarter.”
Telson Resources Inc. is pleased to announce that it has closed its non-brokered private placement originally announced on March 1, 2016, consisting of 12,367,333 units of the Company at a price of $0.12 per unit for gross proceeds of $1,484,080. Each unit is comprised of one common share and one half of one whole transferable share purchase warrant. Each whole share purchase warrant entitles the holder thereof to purchase one additional common share of the Company at $0.12 within twenty-four months from closing. All securities issued under the non-brokered private placement are subject to a hold period expiring four months and one day after the closing date. Total issued and outstanding shares in the Company after completion of the private placement is 92,885,578.
“In the first quarter of 2016 our operating cash flow was $32.2 million. Our cash balance increased $20 million to $121.1 million, reducing our net debt to $228.2 million and our senior secured leverage ratio to 2.1 at quarter end, down from 2.6 at the end of 2015,” said Darren Pylot, President and CEO of Capstone. “Our continued focus on mine site cost efficiencies and optimization were demonstrated in the first quarter with Pinto Valley posting the second straight quarter of new daily, monthly and quarterly throughput records and exceeding targeted throughput for the quarter.”
Kootenay President and CEO James McDonald stated: “We are delighted with Pan American’s vote of confidence in not only our Promontorio Mineral Belt assets, but also the La Cigarra opportunity we have acquired through the business combination with Northair Silver Inc. After the closing of the Second Tranche Investment, we will have a strong cash position to advance the La Cigarra project and pursue more potential consolidation and growth opportunities that will be accretive to the Kootenay shareholders.”
Minera Alamos Inc. announced its intention to raise the ceiling for the private placement previously announced on February 16, 2016 from $3 million to $4 million.
Corex Gold Corp. announces subject to TSX Venture Exchange approval, has agreed to settle an aggregate amount of $176,400 owed to related and non-related parties to be settled by the issuance of approximately 2,205,000 common shares at a deemed issue price of $0.08 per share.
Robert Willis, CEO commented; “We are extremely grateful to receive the financial support to not only initiate the San Marco / GlobeTrotters partnership field work, but also to continue reviewing and evaluating additional opportunities. We look forward to providing our shareholders with a continual flow of news regarding results of field work which has been initiated. “
As previously disclosed on November 4 and December 4, 2015, Minaurum loaned Guerrero Ventures Inc. funds to explore Biricu. Guerrero has informed Minaurum that the required exploration expenditures and obligations of the underlying Biricu option agreement between Alamos Gold Inc. and Guerrero have been fulfilled. Results from the exploration work are pending.
The Company is continuing to take steps to bring the Company into good standing, evaluate its existing project portfolio and assess opportunities for moving forward. As previously disclosed, in connection with the revocation of cease trade orders in early February, the Company filed an updated resource report on its flagship Tejamen silver project in Durango, Mexico. The Company is currently evaluating viable options to progress the Tejamen silver project including having discussions with potential joint venture partners. The Company plans to continue its efforts to create value from its portfolio of properties for shareholders.
First Mexican Gold Corp. wishes to advise that as a result of a review by the British Columbia Securities Commission, we are issuing the following news release to clarify our disclosure. First Mexican Gold wishes to advise the public that its October 28, 2014 technical report, as currently filed, does not comply with the requirements of NI 43-101. As such, the resource estimates on its Guadalupe project are not supported by the compliant NI 43-101 technical report, contrary to NI 43-101, and that the resource estimates should not be relied on until they have been verified and supported by a revised technical report. The Company is working with its consultants and Qualified Persons to file a revised technical report as soon as possible and will keep the shareholders apprised of its progress.
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