Month: March 2016

“We continue to have a positive view on the gold market. Given the meaningful increase in the gold price, we are taking a prudent step to establish a floor price for our revenues through the balance of 2016 while maintaining significant exposure to higher prices,” stated Brian Penny, Executive Vice President and Chief Financial Officer. “Our unique decision to enter into the option contracts is solely a function of 2016 being our most significant year of investment at our Rainy River project. We do not have any plans to enter into any similar contracts beyond this brief nine-month period.”

En un esfuerzo por continuar la promoción de la industria minera de nuestro estado, por atraer mayor inversión extranjera, la Secretaría de Economía participa en la Convención Internacional PDAC PROSPECTORS & DEVELOPERS ASSOCIATION OF CANADA, la feria de intercambio entre inversionistas líder en el mundo para las personas, empresas y organizaciones en conexión con la exploración minera.

Catalin Chiloflischi CEO stated: “We are pleased to accept this indicative offer of an US$8 million debt financing (up to US$10 million if needed) from a well-known resource fund. The funds will be used to develop the El Compas mine and refurbish and upgrade the La Plata plant for production late this year. El Compas should be an economically robust, low cost mine with all in sustaining costs estimated at US$614 per ounce of gold equivalent. Considering the PEA was done at a gold price of US$1,100, today’s higher spot gold price should enhance our financial returns. Canarc is now on the doorstep to a much brighter future and I want to thank our shareholders for their patience and confidence. “

Southern Silver Exploration Corp. has closed the first tranche of its previously reported non-brokered private placement by issuing 7,620,000 units at a price of $0.05 per unit for gross proceeds of $381,000. Each unit consists of one common share and one share purchase warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.08 per share. Securities issued pursuant to this tranche of the private placement, including common shares, share purchase warrants and finder’s warrants issued as finder’s fees, carry a legend restricting trading of the securities until July 5, 2016.

“Few world-class gold projects have scalable mine options. The Updated PFS demonstrates that an initial smaller mine with staged development at Metates can deliver attractive operating metrics with strong economics at current metal prices. Metates scalable approach is achievable due to the deposit’s highest grades being realized early in the mine life, a very low strip ratio, low energy costs and proximity to key existing infrastructure. For our stakeholders, the Updated PFS also meets the industry’s highest and best standards with respect to water stewardship and tailings management,” stated P. Randy Reifel, President of Chesapeake.