Month: March 2014

Virgin Metals Inc. is pleased to announce that its board of directors has approved and adopted an advance notice by-law. The By-law sets a deadline by which shareholders of the Company must submit a notice of director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for it to be valid.

Virgin Metals Inc. announces that further to its press release of March 6, 2014, the Company has closed its non-brokered private placement of 7,500,000 common shares at a price of $0.05 per Common Share for aggregate gross proceeds of up to $375,000.

AuRico Gold Inc. today announces the closing of its private offering of $315 million aggregate principal amount of Senior Secured Second Lien Notes due 2020. The Notes were issued with a coupon of 7.75% and sold at 96.524% of par, and are expected to result in net proceeds to the Company of approximately $297 million, after deducting the initial purchasers’ discounts and estimated offering expenses payable by the Company. AuRico intends to use the net proceeds of the Notes to repurchase its Convertible Notes due 2016 (the “Convertible Notes”) that are tendered to AuRico’s offer announced March 6, 2014 and which expires at 12:00 midnight Eastern Time on April 2, 2014, to purchase any and all of its Convertible Notes, to fund principal and interest payments on any Convertible Notes that remain outstanding following the offer to purchase, to repay amounts outstanding under its existing senior secured credit facility and for general corporate purposes, which may include funding capital expenditures to support organic growth.

Excellon Resources Inc., Mexico’s highest grade silver producer, is pleased to report financial results for three and twelve month periods ended December 31, 2013.

First Majestic Silver Corp. is pleased to announce the updated Mineral Reserve and Resource estimates for its portfolio of properties in Mexico as of December 31, 2013. The mineral Reserve and Resource estimates were calculated using US$24.00 per ounce silver, US$1,400 per ounce gold, US$0.95 per pound lead and US$0.90 per pound zinc.

Sierra Metals Inc. is pleased to announce an updated silver resource estimate on its Cusihuiriachic property, Chihuahua State, Mexico. These resources are in two areas of the Cusi Mine currently in commercial production, Promontorio and Santa Eduwiges, as well as in other mines where the Company is doing underground development, such as La Gloria/Minerva, Monaco/Milagro and others. This resource estimate was prepared by Gustavson Associates, LLC of Lakewood, Colorado.

•Operating cash flow1 of $66,847 for the year ended December 31, 2013 compared to $38,317 for the year ended December 31, 2012;
•Net sales revenue for 2013 increased by 8% over 2012. Gold sales and copper concentrate sales revenues increased by 7% and 11% over 2012, respectively;
•Gold ounce (“oz”) production for 2013 was 19% higher than in the prior year and Aranzazu’s copper production for the years ended December 31, 2013 and 2012 was 13,615,949 pounds and 10,980,100 pounds, respectively, an increase of 24%;

Excellon Resources Inc., Mexico’s highest grade silver producer, is pleased to report an updated mineral resource estimate (as at December 31, 2013) on its 100%-owned Platosa Mine in Durango State, Mexico.