We are taking significant steps to meet the challenge of low commodity prices, said Don Lindsay, President and CEO. We have reduced costs throughout the company and weve raised nearly $1 billion in two streaming transactions. We used a portion of those proceeds to reduce debt by $400 million and our current cash balance of $1.8 billion exceeds our remaining $1.5 billion share of capital required for Fort Hills.
The proceeds from the Private Placement are expected to be used by the Company for the purchase of new underground mining equipment, general working capital and corporate purposes. All shares issued will be subject to a four month hold period.
Azures Managing Director, Mr Tony Rovira said, The high precious metal values in the soil samples, including over 2.4g/t Au and 100g/t Ag, are a major development. The silver grades are generally more than double those that were recorded from the soil sampling at the nearby Mesa de Plata discovery, and the high gold assays indicate, for the first time, that this system may have significant gold potential.
Riverside Resources Inc. is pleased to announce that it has entered into an Option Agreement with Centerra Gold Inc. whereby Centerra can acquire a 70% interest in the Companys Tajitos Project. In order to exercise the option, Centerra must incur $6,000,000 USD in aggregate exploration expenditures within approximately four years of signing the Agreement. Riverside will act as the Project Manager and collect management fees until the earlier of December 31, 2017 or $2,000,000 in exploration expenditures have been completed, after which point Centerra may elect a different Project Manager if they so choose. The required exploration expenditures are outlined in the table below:
Greens Creek continues to drive Heclas strong, consistent production performance, said Phillips S. Baker, Jr., Heclas President and CEO. We expect a considerably stronger fourth quarter, now that the ventilation system has restarted at Lucky Friday and with higher-grade material from the 123 Zone at Casa Berardi. When coupled with the startup of San Sebastian which is underway, we are optimistic about our performance going into 2016.
“Santacruz has again improved upon the previous quarter’s production performance at the Rosario Mine in Q3,” stated Arturo Préstamo, CEO of Santacruz. “During Q3 we successfully transitioned from third party contractor underground mining to an in-house mining operations team. This action was taken to both further reduce the cost structure at the Rosario Mine and to ensure more management control over the day to day mining operations. We are pleased to be now hitting our stride at the Rosario Mine and we anticipate further improvements both operationally and financially. This performance comes at a key time in the Company’s development and will allow us to continue our path forward.”
The Company expects to close the acquisition of the complete process plant and select auxiliary equipment used in the operation of Goldcorps El Sauzal Mine in Chihuahua, Mexico from a Mexican subsidiary of Goldcorp later this month. The Plant is being acquired for future use at the Companys recently acquired Ana Paula project in Guerrero, Mexico.
Morgan Poliquin, President and CEO of Almaden, commented: “This is a significant transaction for Almaden. This mill is very well suited to the flow-sheet we envisage at our Ixtaca project in Mexico, and represents the same throughput as we outlined in our ‘ramp-up’ scenario in our PEA Update announced in September, 2014. Furthermore, we can acquire this infrastructure for substantially less than the cost estimated for brand new equipment in that PEA Update. For several years we have been dealing with very challenging market conditions for mineral exploration and development as metal prices have fallen along with sentiment. At Almaden we have a long-term view and look for the opportunities that such markets bring. We are very excited by the opportunities that this transaction could provide.”
Aurcana Corporation is pleased to report the Q3 2015 production results of 842,334 ounces silver equivalent compared to 997,530 in Q3 2014, a decrease of 16%. Silver production decreased by 15% to 348,764 in Q3 2015, compared to 412,063 in Q3 2014. Although milling and mining production increased during the third quarter, production occurred in lower grade areas of La Negra mine.
Canarc Resource Corp. announces that it has been granted the right by the Zacatecas state government to enter into an exclusive agreement to lease their fully permitted 500 tonne per day processing plant La Plata in the city of Zacatecas, Mexico.
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