Month: March 2016

Jorge A. Ganoza, President and CEO, commented, “Our 2015 operational and financial results reflect Fortuna’s capacity to perform soundly in a challenging metal price environment. Adjusting for a $25.0 million impairment at our Caylloma Mine, the company delivered $6.7 million of adjusted net income.” Mr. Ganoza continued, “San Jose exceeded its silver and gold production guidance while Caylloma successfully shifted mining to high grade polymetallic zones in the Animas Vein, resulting in increased zinc and lead output that helped improve margins.”

Avino Silver & Gold Mines Ltd. is pleased to report the completion of the previously announced brokered public offering through Noble International Investments, Inc., doing business as Noble Financial Capital Markets of Boca Raton, Florida as sole placement agent to an institutional investor. Total gross proceeds of US$800,000 were raised through the sale of 800,000 Common Shares at a price of US$1.00 (approximately Canadian $1.325) per Common Share.

Geologix Explorations Inc. is pleased to announce its common shares have been conditionally approved for listing on the TSX Venture Exchange. Geologix has applied to the Toronto Stock Exchange for a voluntary delisting of its common shares since, as a result of the Company’s current share price and lack of exploration activity in 2015, it no longer meets the TSX’s continued listing requirements.

“2015 was a successful year for McEwen Mining! Our production increased by 22% to 154,529 gold equivalent ounces and our all-in cost decreased by 29% to $1,055 per gold equivalent ounce. Our treasury grew with cash flow from our operations, while at the same time we were able to return capital to our shareholders for the first time and buy-back our stock while prices were low. We are forecasting continued strong performance from our El Gallo mine and our San José mine is poised for better financial performance this year as Argentina once again embraces mining. We are well positioned with a healthy balance sheet to grow and create value for share owners, we have $40 million in our treasury and no debt!” said Rob McEwen, Chairman and Chief Owner.

Avino Silver & Gold Mines Ltd. is pleased to announce an agreement for a brokered public offering in the United States. The Company will sell 800,000 of its common shares at US$1.00 (approximately Canadian $1.325) per share. Noble Financial Capital Markets acted as placement agent for this transaction. The net proceeds to the Company from this sale is approximately US$744,000 after deducting commissions.

“We will seek more efficiency in our operations and will reinvest into a robust pipeline of existing organic growth opportunities. We believe this strategic renewal offers the best potential returns with the lowest risk profile,” said David Garofalo, President and Chief Executive Officer. “The changes in our team and streamlined reporting structure will support our strategy and accelerate our achievement of improved results.”

“The company anticipates that the process will take approximately six months,” continued Mr. Eadie. “Once completed, the transaction is yet another milestone for Starcore. It will enable the Company to pay its outstanding debt, and still have a healthy budget with additional funds to be allocated for exploration and geology programs at our San Martin mine and our other properties.”

“In this challenging commodity price environment our first priority is to reduce our debt risk,” said Darren Pylot, Capstone President and CEO. “The recent upward spike in the copper price allowed us to opportunistically lock in most of our revenue for the first half of the year to help ensure compliance with our debt covenants. Beyond the first half of 2016, when production from our high grade Minto North pit is expected to contribute significant EBITDA, we remain open to copper price changes.”

“Although 2015 proved to be another difficult and challenging year for both precious metals and precious metal producers, I am very proud that Gold Resource Corporation not only overcame many challenges, but delivered its fifth consecutive year of profitability, four of which were in bear markets,” stated Gold Resource Corporation CEO and President, Mr. Jason Reid. “While we watched several industry peers declare bankruptcy during 2015’s tough and volatile metal market, our Company posted annual net income of $3.1 million or $0.06 per share, returned $6.5 million back to our shareholders through dividends, and continued to invest in the Company’s future growth in Mexico and Nevada. We accomplished this without raising money and without going into debt…”