Month: February 2016

“Despite very challenging market conditions for base metal companies in 2015, we posted positive cash flow before changes in working capital of $60 million,” said Darren Pylot, President and CEO of Capstone. “We took a number of steps through the year to reduce costs and improve reliability at our operations, with fourth quarter throughput at Pinto Valley of 54,000 tonnes per day surpassing our expectations and positioning the mine well for the next planned expansion. In addition, we made several strategic decisions throughout 2015 to preserve our financial flexibility, including protecting our revenue through price fixing and zero-cost copper collars, as well as suspending work on our Santo Domingo project until market conditions improve.”

Southern Silver Exploration Corp. plans to issue up to 12,000,000 units in a non-brokered private placement at a price of $0.05 per Unit to raise $600,000. Each Unit will consist of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.08 per share.

Minera Alamos Inc. announced today that it has engaged IBK Capital Corp. to conduct a brokered private placement of up to 30,000,000 units at $0.10 per Unit for gross proceeds of up to $3,000,000. Each Unit consists of one common share in the capital of the Company and one half of common share purchase warrant. Each whole warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.15 per share for a period of 3 years from the date of issuance. The Offering may be closed in one or more tranches and is subject to requisite approval from the TSX Venture Exchange.

Canarc Resource Corp. announces that it has arranged a non-brokered private placement equity financing to raise aggregate gross proceeds of up to CAD$2.0 million, in which certain insiders and existing shareholders intend to participate. The Private Placement will consist of the issuance by the Company of up to 22.2 million units at a price of CAD$0.09 per Unit.

“Our mines continue to demonstrate their position amongst the highest quality silver mines in the world, adding silver reserves for the 10th consecutive year using one of the lowest price assumptions in the industry and after replacing the 11.6 million ounces of silver production,” said Phillips S. Baker, Jr., Hecla’s President and CEO. “The strength of our mineral resources, particularly at Greens Creek, and the historically high conversion rate at all the mines, give us confidence that we can continue to add reserves in the coming years.”

Kootenay President and CEO James McDonald stated: “We are very excited to join forces to aggressively develop our Promontorio Mineral Belt assets with Pan American, one of the world’s esteemed mining companies and operators of seven silver mines in Mexico, Argentina, Peru and Bolivia. Bringing approximately US$16 million in cash payments and exploration investments and a carried interest to commercial production, along with a CDN$2 million direct investment in Kootenay, the PAS Transactions underscore Pan American’s confidence in the potential viability of La Negra and the Promontorio Mineral Belt. The PAS Transactions serve as catalyst and a strong complement to our new consolidation plan with Northair Silver, providing the amalgamation with greater financial strength and flexibility to focus on the advancement of the La Cigarra silver asset and to pursue further potential consolidation and growth opportunities in the sector.”

Goldgroup Mining Inc. announces it has issued 4,691,000 common shares at a deemed price of $0.06 per Share to satisfy debt owing to Oroco Resource Corp. in the amount of US$200,000.

GoGold Resources Inc. is pleased to announce the release of financial results for the quarter ending December 31, 2015. The Company recorded revenue of $3 million from the sale of 219,292 silver equivalent ounces at a cash cost of $6.54 per silver equivalent ounce.