Month: November 2015

Aurcana Corporation announces that on Friday, November 13, 2015, the Ontario Superior Court of Justice approved the restructuring transaction previously announced by the Company on October 16, 2015 under which all of the Company’s debt obligations to Orion Mine Finance (Master) Fund I L.P., as lender under the Company’s amended and restated senior secured credit facility dated April 29, 2014, will be extinguished pursuant to proceedings under the Canada Business Corporations Act commenced and announced by the Company on October 30, 2015.

BACANORA MINERALS LTD., the London and Canadian listed lithium exploration and development company focused on Sonora, Mexico, is pleased to announce that it has raised approximately GBP 8.8 million (US$13.4 million / CAD $17.8 million) via the placing of 11,476,944 new common shares at a price of 77 pence per share. The Placing is part of the Company’s continuing strategy to become a large scale supplier to the lithium market, where demand is expected to continue growing rapidly thanks to lithium’s key role in highly innovative industries such as smartphones, electric vehicles and energy storage. Through the Placing, Bacanora has secured its first major institutional shareholder as well as receiving support from pre-existing shareholders.

Mr. Romero is the Chairman of the Board of Directors of Credicorp and Banco de Credito – BCP, Peru’s largest bank, and has been the Chief Executive Officer of Credicorp (NYSE: BAP) since 2009. Mr. Romero has served as a board member of BCP since 2003 and was appointed Vice Chairman in 2008 and Chairman in 2009. Mr. Romero is also the Chairman of Banco de Crédito de Bolivia, El Pacifico Peruano Suiza Cia. de Seguros y Reaseguros S.A., El Pacifico Vida Cia. de Seguros y Reaseguros S.A., Alicorp S.A.A., Ransa Comercial S.A., Industrias del Espino S.A., Palmas del Espino S.A., Agricola del Chira S.A., among others. Furthermore, Mr. Romero is the Vice Chairman of the Board of Directors of Inversiones Centenario and Director of Banco de Credito e Inversiones – BCI,Cementos Pacasmayo S.A.A. Mr. Romero is a graduate of Brown University with a degree in Economics and earned an MBA from Stanford University.

* Revenue of (US)$1.8 million in the third quarter 2015 compared to $2.0 million in the second quarter 2015 and no revenue in the third quarter 2014.
* Net loss of $16.8 million in the third quarter 2015, of which $13.2 million reflects an impairment charge taken at the Velardena Properties relating to the November 2015 shutdown
* Generated approximately 128,000 and sold approximately 124,000 payable silver equivalent ounces in the third quarter 2015, compared to 125,000 and 133,000 AgEq oz in the second quarter 2015
* Leased currently-idled oxide plant to a third party, which is expected to provide between $4.0 and $5.0 million in net cash flow to the Company in 2016

Paget Minerals Corp. announces that it will hold a special meeting of its shareholders on Tuesday January 19, 2016 to seek shareholder approval of a proposed consolidation of the Company’s fully paid and issued common shares on a ratio of one post-Consolidation common share for every fifteen pre-Consolidation common shares. The Company currently has 91,197,475 issued and outstanding common shares and there is expected to be 6,079,832 issued and outstanding common shares upon completion of the Consolidation.

During Q1, a total of 78,016 tonnes were milled at an average grade of 2.22 g/t gold and 21 g/t silver resulting in the production of 5,195 gold equivalent ounces. Mill recoveries averaged 86.6% for gold and 53.8% for silver. Equivalent gold ounce calculation is based on the actual daily average gold:silver ratio of 74.92 during the quarter.