Primero Mining Corp. today reported operational and financial results for the second quarter ended June 30, 2014. During the second quarter the Company reported record production of 63,414 gold equivalent ounces, compared to 39,089 gold equivalent ounces in the same period of 2013 and adjusted net income of $1.1 million ($0.01 per share).
Primero Mining Corp. today announced it has approved the second phase expansion of its San Dimas gold-silver mine in Mexico. The Company previously elected a staged approach to the full expansion and after successfully completing the first phase of the expansion has now approved the required capital to expand the San Dimas mine and mill to 3,000 tonnes per day or approximately 210,000 to 220,000 gold equivalent ounces per year. Construction of the mill expansion is expected to begin during the first quarter of 2015, with an estimated completion during the second quarter of 2016.
Red Tiger Mining Inc., announced on July 31, 2014 that it had completed the filing of its audited financial statements for the year ended December 31, 2013 and its related Management Discussion & Analysis and CEO and CFO certifications and the filing of its interim financial statements for the period ended March 31, 2014 and its related Management Discussion & Analysis and CEO and CFO certifications. With completion of the filing of the Required filings, the Company is up to date with its financial filings and the temporary management cease trade order dated May 14, 2014 issued by the Ontario Securities Commission expired as of August 6, 2014.
War Eagle Mining Company Inc. proposes to raise up to $100,500 by way of a non-brokered
private placement offering of up to 2,010,000 units of the Company.
Caza Gold Corp. announced today the departure of Mr. Greg Myers as President and Chief Executive Officer of the Company effective as of August 1, 2014. The Board is currently evaluating potential successors to Mr. Myers.
The Company reported a net loss of $5.0 million in the second quarter 2014 compared to a net loss of $217.8 million in the second quarter 2013, with the difference attributable primarily to a $238.0 million impairment charge recorded in the second quarter 2013. The Company reported zero gross margin in the current quarter as compared to a negative gross margin of $3.6 million in second quarter 2013, due to a suspension of mining activity at the Velardena Properties between mid-June 2013 and June 30, 2014. Velardena care and maintenance costs were $1.2 million in the current quarter compared to $2.3 million in the second quarter 2013, with the difference due to the inclusion of shut down expenses in the 2013 figure. Exploration expenses were $1.7 million in the second quarter 2014 compared to $1.2 million in the year ago period, with the difference attributable primarily to 2014 drilling at the Company’s Los Azules property in Mexico. Administrative expenses were $1.1 million in the current quarter compared to $1.6 million in the second quarter 2013.
“The second quarter marked an important time for Silver Standard’s future. With the acquisition of the Marigold mine complete, we have grown substantially to become the operator of two large open pit mines,” said John Smith, President and CEO. “Our silver-equivalent production and sales increased by 81% and 91%, respectively, compared to the first quarter and we are on track to achieve improved results for the remainder of 2014. We continue to focus on the optimization and life-of-mine plan for Marigold and consistent delivery at Pirquitas. With the addition of our second producing mine, a healthy balance sheet and proven management capability, we are positioned for further growth and success.”
Monarchy Resources, Inc. is pleased to announce that now that New World Metals is in the final stages of completing construction of its first 20 ton per day mill, New World is seeking to commence construction on a second, larger mill that will have the capacity to process up to 100 tons of ore per day. The plan is to erect the larger mill at the present location, outside Parral, while the smaller mill is in operation. Once the 100 ton per day mill is fully operational, New World intends to mobilize the 20 ton per day mill directly on site at the Morelos Mine. New World still anticipates sending its first shipment of gold and silver concentrate by late August
Coeur Mining, Inc. reported second quarter 2014 revenue of $164.6 million, adjusted net loss1 of $31.6 million, and cash flow from operating activities of $30.5 million, the highest level in a year. The Company realized average metal prices of $19.60 per silver ounce and $1,277 per gold ounce during the quarter, which were 3% lower and roughly flat, respectively, compared to the first quarter of 2014.
GREAT PANTHER SILVER LIMITED today reported financial results for the Company’s three and six months ended June 30, 2014. The full version of the Company’s unaudited condensed interim consolidated financial statements, and Management’s Discussion and Analysis can be viewed on the Company’s website at www.greatpanther.com, or SEDAR at www.sedar.com. All financial information is prepared in accordance with IFRS and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.
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