The Company also announces that it has entered into a transaction with Auramet International LLC, a subsidiary of Auramet Trading LLC, with respect to a prepayment of gold sales for US$12.325 million. The proceeds of the Transaction will be used for the Company’s corporate debt consolidation and working capital.
Keith Piggott, Chairman, President and CEO of Goldgroup commented: “The Company has continued its effort to bring better efficiency into Cerro Prieto to allow profitability at lower metal prices. Our key focus for 2016 is to continue to ramp up gold production and lower crushing and mining costs. With the recent closing of the Credipresto credit facility amendment and improved metal prices, the Company will continue to seek opportunities to improve its financial position.”
“Avino has delivered another year of strong financial and operating results. In 2015, the mining industry continued to endure challenging market conditions and depressed metal price’s however Avino, through the hard work of its team of professionals, maintained its strong financial position and increased its production and silver equivalent ounces sold. During the year we continued to build our first class fleet of mining and production equipment which has significantly contributed to our consolidated all-in sustaining cash cost of $12.14 (US$9.49) per silver equivalent ounce. We continue to believe that our financial and operational condition and our strong balance sheet have well positioned the Company to advance and meet its objectives,” stated Malcolm Davidson, CFO.
“I am very pleased to have the opportunity to help guide Alixs growth strategy. stated Mr. Ecclestone. I have connections with Mexico going back to the 1990s and find the country one of the best places to engage in business. In particular the Electra project is exciting as it gives a chance to try and exceed what has already been achieved at the neighbouring Sonora project. The JV with Lithium Australia, another company with which I am acquainted brings a unique skillset in lithium mica clays.
Proceeds will be used for general working capital and to prepare an internal scoping study to pre-feasibility standards and subsequently advancing this internal scoping study to comply to NI43-101 standards by independent engineers. In addition, the Company will use proceeds to initiate the process of environmental permitting to be supported by the internal scoping study targeting underground mining operations up to a rate of 500 tons per day on the Tahuehueto Project.
MAG Silver Corp. announces that it has completed its previously announced bought deal financing and has issued 8,905,000 common shares at US$7.30 per share, for gross proceeds of US$65,006,500. The Offering was conducted by a syndicate of underwriters led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and Raymond James Ltd., and including Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., TD Securities Inc., Cormark Securities Inc., Desjardins Securities Inc. and PI Financial Corp. The Underwriters reserve the right to exercise all or any portion of an over-allotment option of 1,335,750 common shares at any time within 30 days following closing.
Peter Secker, CEO of Bacanora, said, “With Indicated lithium resources of 5.0 Mt LCE contained in 364 Mt of clay, at a Li grade of 2,600 ppm, Sonora is one of the world’s larger lithium deposits. During the period under review we commenced a PFS to establish the commerciality of a plant at Sonora with the potential to deliver up to 35,000 tonnes per annum of lithium carbonate, in a two phase process. We are highly encouraged by the progress made to date and we expect to be in a position to announce the results of the PFS in Q1, 2016.
Frederick H. Earnest, added, “The Guadalupe project is a non-core project for Vista. The work that Great Panther and its subsidiary (Coboro Minerales de Mexico, S.A. de C.V) completed over the last two years has confirmed previous work and provided additional information about the low-sulfidation epithermal veins systems in the district. We continue to believe that the Guadalupe project has good prospects for future development based on the identified and prospective mineral resources. At the appropriate time we intend to seek a new partner who can advance the project to a development decision.”
Kootenay President and CEO James McDonald stated: “This is an exciting time for Kootenay and Northair shareholders. The Kootenay-Northair transaction alongside the concurrent financing and option arrangement with Pan American, announced on February 16, 2016, puts us in a strong position to build on our consolidation platform and to advance both the La Negra and La Cigarra assets. I look forward to updating both the Kootenay shareholders and Northair shareholders as we continue to grow.”
Paul Benson, President and CEO said, “This was a quarter and a year of records for Silver Standard. Marigold exceeded our improved production and cash cost guidance and produced over 207,000 ounces of gold, a record in the mine’s 28-year history. Pirquitas also performed at the top end of guidance, driving total production to over 350,000 gold equivalent ounces at cash costs 11% lower than in 2014. We continued to invest in our future and generated significant exploration success at Marigold while also advancing our option to earn into the Chinchillas project, a potential satellite deposit for Pirquitas. …”
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