Mexican mining company Penoles on Wednesday reported a third-quarter net profit of 155.6 million pesos ($9.19 million), down 86.6 percent from the same period a year earlier as a slump in the peso pushed up costs.
Key Points:
New RC drilling program to start at Mesa de Plata within days
Environmental approval granted for close-spaced 65 hole program
Drill program will be appropriate for mineral resource estimation
Access track construction and drill site preparation is underway
Diamond core drilling at Mesa de Plata is nearing completion
RESUMEN EJECUTIVO En el 3T/15 los precios de los metales que Peñoles produce y vende fueron en promedio, significativamente inferiores a los registrados en el 3T/14 (en términos de dólares): oro (-12.3%), plata (-24.7%), plomo (-21.5%), zinc (-20.2%) y cobre(-24.9%). El efecto adverso de los menores precios en los ingresos de la Compañía fue mitigado por mayores volúmenes vendidos de todos los metales, así como por mayor tipo de cambio del peso frente al dólar americano (que se depreció un 25.1% en promedio) lo que benefició las ventas expresadas en términos de pesos. En las operaciones mineras, la producción de oro fue superior debido a los mayores volúmenes recuperados en Herradura, el mayor mineral depositado en Noche Buena y mayor volumen procesado en Saucito…
Cyprium Mining Corporation is pleased to announce that it has closed the acquisition of a 53% controlling interest in a joint venture which owns: (i) the exclusive exploitation and exploration rights of the Potosi silver mine located in the historic silver rich mining district of Santa Eulalia in Mexico; (ii) the exclusive rights of possession, usage and operations to the San Guillermo processing facility which is located seven kilometers from the Potosi silver mine; as well as (iii) all of the exclusive exploration and exploitation rights to a property adjacent to the south of the Potosi silver mine known as La Chinche. Cyprium’s partners in the Joint Venture are entities controlled by members of Mr. Daniel Valenzuela’s immediate family. Mr. Valenzuela is a third generation miner located in Chihuahua, Mexico whose family has owned the Joint Venture Assets for over sixty years.
“New Gold moved from strength to strength during the third quarter,” stated Randall Oliphant, Executive Chairman. “Our gold production increased significantly, our costs decreased and we further strengthened our balance sheet. When including the cash proceeds from the El Morro transaction and the remaining stream deposit from Royal Gold, our company has total pro forma liquidity of over $750 million which exceeds the remaining development capital estimate at Rainy River. In addition, with quarterly all-in sustaining costs below $800 per ounce we continued to generate a robust margin. We now look forward to finishing the year with another strong operational quarter and further advancing the construction of Rainy River.”
“In the third quarter of 2015, we set a new record for quarterly gold production and lowered unit costs which resulted in strong operating cash flow. This has allowed us to continue to invest in our exploration and development pipeline, which represents the long-term future of our business,” said Sean Boyd, Agnico Eagle’s Chief Executive Officer. “Our increased level of exploration activity continues to pay dividends as witnessed by the new discoveries at Kittila, Amaruq and El Barqueno. These projects are expected to be significant contributors to our production profile in the coming years,” added Mr. Boyd.
Chris Herald, President and CEO, stated, “We want to remain flexible in our approach we will focus on gold, silver and zinc, but will not rule out other metals or corporate opportunities. Our targeted geographic range will be the safe jurisdictions in the Americas, but with an emphasis in Peru, Mexico, Canada and the U.S. We plan to focus on relatively early-stage exploration projects that have some drilling and potentially a defined resource, but we will also look at select greenfield projects and/or advanced exploration projects where our feasibility and permitting experience may be beneficial. We will continue to evaluate royalty opportunities on advanced projects, but we believe current royalty acquisition costs in the industry are generally fully valued and do not offer the opportunity for multiple returns on investment.”
President Mike England states, Alixs Mexican consultants have succeeded in acquiring the only readily available ground on the inferred lithium trends and contiguous to BCM-REM Sonora Project. Our concessions are extremely well situated and, being on the same trend as Bacanoras growing deposit, have us eager to commence work in the coming weeks.
In cooperation with the Municipality of San Sebastián del Oeste in Jalisco State, Mexico, Endeavour is providing emergency supplies to four towns in the region of the Companys Terronera property. The region was hit hard by Hurricane Patricia and some local residents were stranded without communications after the collapse of a bridge on their only access road. Fortunately no damage was sustained within the town of San Sebastián del Oeste or at the Terronera property. Endeavours Vice President of Exploration Luis Castro is working with municipal representatives to ensure the emergency aid addresses the immediate needs of the approximately 80 families affected.
Bacanora Minerals Ltd Wednesday said its pretax loss widened in the last financial year as it continues to progress its Sonora lithium project as fast as it can in order to retain its landmark deal with Tesla.
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