Month: January 2016

Alset Energy Corp. is pleased to announce that, subject to regulatory approval, it has appointed Gennen McDowall as a director and Chairman of the Board of Directors for the Company. Throughout his career, Mr. McDowall has held senior positions at major mining companies and has been a director of several public mining companies. His experience and network of contacts in the mining and financial sector will be a valuable addition as he helps guide Alset’s Board of Directors.

Bradford Cooke, Endeavour CEO, commented, “Our Guanaceví and Bolañitos mines continue to be profitable at current metal prices but the El Cubo mine continues to lose money in spite of our successful efforts to expand the operation and reduce cash operating and all-in sustaining costs three years in a row. Therefore, we plan to mine the accessible reserves this year at El Cubo and have suspended investments on exploration and mine development there until metal prices improve. That means El Cubo will see a steady decline of production through the year until it goes on care and maintenance in the fourth quarter.

Jim Williams, Chief Executive Officer of Arian commented: “I am once again excited to be taking Arian forwards in what could be described as a new chapter. Our cash outflows have reduced significantly in recent months as head office costs have been streamlined, most notably through internal reorganisation and reduction in salaries paid, we have to date generated monthly savings of US$0.1 million. Looking at 2016, we will have a stronger balance sheet, firstly through the elimination of debt financing, and secondly with the injection of cash from this financing. The market is ripening with opportunities, which we are positioning ourselves to seize.”

Fred Davidson, President and CEO of IMPACT Silver, stated “Ten years of continuous production at Zacualpan is a great milestone. I congratulate all our employees and contractors, past and present, on this proud achievement. From our modest beginnings in 2006, the IMPACT team has built up the operations year by year and as a crowning achievement saw record production in 2015 of nearly one million ounces of silver. Currently we are in a tough metals market but the Zacualpan operations have weathered downturns in the past and we will continue our efforts to weather this downturn through the exceptional skills and dedication of our team to keep costs low, and we are blessed with high grade silver zones in the ground on our 100% owned land package. We will continue to focus on growth opportunities and generation of value for our shareholders in the coming next decades.”

“This credit facility provides the Company with the time and flexibility required to continue pursuing all available options to build a solid financial foundation,” stated Mark Backens, Interim CEO. “We are committed to unlocking and realizing the true value of our asset base to benefit all shareholders.”

Goldgroup Mining Inc. announces it has entered into a binding letter of intent with Aptus Resources LLC where Aptus will acquire Goldgroup’s rights to the contingent consideration as disclosed in the press release detailing the Caballo Blanco transaction on December 24, 2014.

“We completed 2015 with production momentum, low costs, and financial strength from our two mines in stable Americas-only jurisdictions,” saidJoseph F. Conway, Chief Executive Officer. “Although 2015 was a volatile year in the markets we remained focused on delivering our operating plan. We advanced the San Dimas expansion while cutting its estimated capital costs significantly and delivered excellent exploration results across our asset portfolio. We are also well prepared to execute on the planned succession of Ernest Mast to the position of President and Chief Executive Officer and myself to Executive Vice Chairman later this month.”