Month: November 2015

Jorge A. Ganoza, President and CEO, commented, “Our operation at San Jose continues to outperform, enabling the company to sustain positive financial results amidst an extremely challenging metal price environment. Our teams continue to focus on running our operations efficiently, optimizing mine plans and increasing margins per tonne.” Mr. Ganoza added, “With the commissioning of the San Jose expansion to 3,000 tpd in mid-2016, the company will further improve its operating margins and cash flow generation.”

“The Company is pleased to report another quarter of positive results from mining operations. Compared to the third quarter of 2014, our revenues have increased, despite weaker metals prices, as the result of producing and selling more silver equivalent ounces. Our operations and finance teams have continued to do an excellent job of managing costs and controlling expenditures. Our consolidated all-in sustaining cash costs for the quarter decreased to $11.99 compared to $13.01 in the third quarter of 2014, and we will continue to seek out opportunities to further reduce costs and improve efficiencies. ….,” stated Malcolm Davidson, CFO.”

McEwen Mining Inc. announces that while it is continuing to consider internal and external candidates for the position of Chief Financial Officer, the Board of Directors has appointed Rob McEwen as Interim Chief Financial Officer.

Oceanus Resources Corporation and El Tigre Silver Corp. are pleased to announce that El Tigre received the overwhelming approval of its shareholders at the special meeting held today to consider the previously announced acquisition of El Tigre by Oceanus by way of a plan of arrangement under the Business Corporations Act (British Columbia).

“Odyssey has made significant progress this quarter towards the planned transformation of our company that we have been discussing since March of this year. The environmental permit process is well underway in Mexico. A well-attended public hearing for the project was held in October to solicit questions from interested parties. Written responses are currently being prepared for SEMARNAT using the extensive scientific data and testing conducted over the past several years,” said Mark Gordon, Odyssey Chief Executive Officer.

Silver Spruce Resources Inc. announced today that the Company will not proceed with arrangement of the non-brokered private placement as previously announced in its media release dated September 28, 2015. The Board has opted to withdraw this price reservation in favor of filing new documents with TSXV for a non-brokered placement of up to 13,333,333 Units for gross proceeds of up to $1,000,000.