Month: March 2016

Colibri Resource Corporation is pleased to announce that it has obtained an extension to close its non-brokered private placement financing to raise gross proceeds of up to $80,000. Final materials will then be due on or before April 25, 2016. No further extensions will be possible.

Timmins Gold Corp. announced, pursuant to disclosure requirements of NYSE MKT Company Guide Section 610(b), that its audited consolidated financial statements for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission on March 16, 2016, contained an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph related to the Company’s ability to continue as a going concern.

“During 2015, we laid the groundwork for a return to high grade and low cost production at Platosa,” stated Brendan Cahill, President and Chief Executive Officer. “Despite challenging commodity and equity markets and operating conditions, we enhanced our board and management team, developed a plan to comprehensively solve Platosa’s water issues and arranged the financing to commence this optimization program. Operating costs per tonne were reduced by almost 30% from 2014, even while mining less tonnage in 2015, and corporate G&A was reduced below 2005 pre-production levels. Additionally, we continued to see the benefits of long term dewatering efforts at Platosa, with 2015 development supporting access to the Rodilla Manto in late February 2016, seven months ahead of schedule. With access to Rodilla and the optimization program underway, we expect to see improving rates of production and ore grades through the course of this year.”

The net proceeds from the placement are intended to be used to finance the costs related to the continuing discussions with Li3 Energy Inc. pursuant to the letter of intent with Li3 announced on Feb. 1, 2016, including to carry out and complete the required due diligence on Li3 and the Maricunga lithium project, for the review and assessment of additional potential lithium mineral property acquisitions and the negotiation of related formal documentation for any such acquisition(s), for property payments, and for general and administrative expenses and working capital.

Jorge A. Ganoza, President and CEO, commented: “Our combined Proven and Probable Reserves have been negatively impacted by a forty-one percent net decrease in silver ounces at our Caylloma mine; primarily as a result of updating geologic models, depletion, changes in commercial terms, and applying a higher cutoff and dilution to narrow silver rich veins. At San Jose, silver and gold reserves are essentially flat with respect to 2014, after successfully replacing the depletion of 4.9 million silver ounces and 38,500 gold ounces for the year.”

“We produced 380,000 ounces of gold at all-in sustaining costs of $1,091 per ounce in 2015 meeting both our production and cost guidance and capping off a transformational year for Alamos,” said John A. McCluskey, President and Chief Executive Officer. “With the ongoing ramp up of production at Young-Davidson and cost improvements at Mulatos, we expect all-in sustaining costs to decrease more than 10% in 2016. We expect this trend to continue as we execute on our core strategy of growing production and lowering costs at both Young-Davidson and Mulatos, driving significant free cash flow growth in the years ahead,” Mr. McCluskey added.

Millrock Resources Inc. announces that Melanee Henderson has been hired on a contract basis to provide investor relations services to the Company. Ms. Henderson will be responsible for the development and execution of a communications program aimed at increasing the Company’s profile in the investment community. Ms. Henderson brings with her over ten years of experience as an investor relations professional, primarily with Hunter Dickinson Inc. of Vancouver, B.C.