Month: March 2016

Marlin Gold Mining Ltd. is pleased to announce that it has lowered the annual interest rate of its unsecured facility with entities controlled by Wexford Capital LP, Marlin’s controlling shareholder, from 15% to 8% per year. The Company has also extended the maturity of the Facility by one year to January 15, 2018. To finance the acquisition of certain assets described in this press release, Marlin has increased the Facility by US$3 million to US$35.5 million.

The combined company will provide shareholders with exposure to a significant, substantially permitted gold resource at NewCastle’s Castle Mountain Gold Project, including 0.48 million measured ounces of gold at 0.86 g/t, 3.7 million indicated ounces at 0.57 g/t, and 0.76 million inferred ounces at 0.58 g/t1, as well as a strengthened management team led by Richard Warke, as Executive Chairman, and including high profile and experienced board members Jim Gowans and Frank Giustra. The combined company will continue to be named “NewCastle Gold Ltd.”

“The Odyssey management team has been working closely with the MINOSA team throughout the past year,” said Mark Gordon, Odyssey’s chief executive officer. “Although the initial closing of the SPA has taken longer than originally contemplated due to the extended environmental approval process for the Oceanica project, the continued assistance provided by MINOSA and this recent agreement with Epsilon reinforces our belief that MINOSA is the right partner for Odyssey’s offshore mineral exploration business.”

Gold Resource Corporation announced that effective March 16, 2016, the Board of Directors increased its size from four members to five and appointed Mr. Alex Morrison to fill the newly created vacancy. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA. The Company has returned $108 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.

Silver Spruce Resources announces that William A MacPherson BSc P. Eng (Ret’d) of Halifax, Nova Scotia has resigned as Chairman and Director of the Company. Mr. MacPherson helped steer the Company in challenging market conditions and the Company thanks Mr. MacPherson for his dedicated service. Mr. MacPherson has agreed to be available as an advisor and consultant.

BOWMORE Exploration Ltd. is pleased to announce that it has negotiated, subject to regulatory approval, a non-brokered private placement for total gross proceeds of up to $750,000. The Private Placement will consist of up to 5,000,000 units at a price of $0.07 per Unit, each Unit consisting of one common share to be issued and one-half of one common share purchase warrant, and up to 4,000,000 flow-through units at a price of $0.10 per Flow-through Unit, each Flow-through unit is comprised of one flow-through common share and one-half common share purchase warrant. Each whole Warrant will entitle the holder to acquire one common share of the Company for a period of twenty four months at an exercise price of $0.15 for the first twelve months and $0.20 thereafter per share.

“In the fourth quarter, mining operations at San Francisco were negatively affected by greater than expected waste tonnes mined due to block model variability versus forecast,” stated Interim CEO Mark Backens. “We have made adjustments to the model and operating plan and we have already seen a positive difference to date in Q1 2016. Due to the recent rise in gold prices, we are evaluating the possibility of mine life extension beyond 2016. In the meantime, we remain on track to achieve 2016 objectives which is to produce between 75,000 and 85,000 gold ounces at a cash cost of $750 to $850 per gold ounce.”