“We are proud to have a close and positive working relationship with the concession vendors and are pleased to welcome them as shareholders of the Company,” stated Stephan Jedynak, President and CEO. “The modified purchase agreement terms will allow us to put the majority of the proceeds from our ongoing financing into the project and the planned 3,000 metre maiden drill program at Pino de Plata.”
Canarc Resource Corp. is pleased to announce that it has closed the first tranche of its previously announced private placement equity financing. The first tranche of the private placement consisted of 17,705,152 units priced at CAD$0.09 each for total proceeds of CAD$1,593,464.
BACANORA MINERALS LTD., the London and Canadian listed lithium company that is developing the Sonora Lithium Project in northern Mexico, is pleased to announce positive results of a Pre-Feasibility Study (prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects) for the development of a mine and lithium carbonate processing facility at Sonora. The PFS estimates a Project pre-tax Internal Rate of Return of 29% (post-tax 25%) and an associated Net Present Value of US$776M, (post-tax US$542M) at an 8% discount rate. These results highlight the strong economic potential of producing up to 35,000 tonnes per annum of battery grade Li2CO3 at Sonora. In addition, Sonora has the potential to produce up to 50,000 tonnes per year of potassium sulphate, for sale to the fertiliser industry.
The Company also announces that it has entered into a transaction with Auramet International LLC, a subsidiary of Auramet Trading LLC, with respect to a prepayment of gold sales for US$12.325 million. The proceeds of the Transaction will be used for the Company’s corporate debt consolidation and working capital.
Bruce Winfield, CEO of Defiance stated, I am very encouraged by the drill results having again extended the high grade, wide zones of mineralization to 140m below the base of the current resource.These drill intersections demonstrated the robustness of the vein system as we move over 550m along strike.
N. Eric Fier, CPG, P.Eng, President & CEO stated, Las Chispas is a very exciting brownfields exploration story. The project area consists of a district size target with multiple historic surface and underground mines that reportedly produced an estimated 100 million ounces of silver and 200 thousand ounces of gold between 1880 and 1930. Reported average production grades from limited public information were approximately 15 grams per tonne (gpt) gold and 1,700 grams per tonne (gpt) silver over widths of 1 to 5 metres. Our initial underground channel sampling of exposed mineralization has shown grades up to 15.1 gpt Au and 1,340 gpt Ag over 1.3 metres. To our knowledge, all mineralized zones in the district, which include multiple epithermal veins, have not been previously drilled. The underground rehabilitation program will help further assess the potential for near surface deposits and deeper extensions of mineralization. A majority of the underground workings have been inaccessible for over 80 years, and historic records suggest several previously developed areas were not mined due to closure around 1930. The Company is well financed with over $6.5 million and the 2016 exploration expenditures are expected to be in the range of $1 to $1.2 million.
Golden Minerals Company announced today that it has started a 3,000-meter drilling program on the Santa Rosa vein in the San Luis del Cordero Project in Durango State, Mexico, under an exploration and exploitation agreement signed with the wholly-owned Mexican subsidiary of Prospero Silver Corp.
“I am very pleased to have the opportunity to help guide Alixs growth strategy. stated Mr. Ecclestone. I have connections with Mexico going back to the 1990s and find the country one of the best places to engage in business. In particular the Electra project is exciting as it gives a chance to try and exceed what has already been achieved at the neighbouring Sonora project. The JV with Lithium Australia, another company with which I am acquainted brings a unique skillset in lithium mica clays.
“Avino has delivered another year of strong financial and operating results. In 2015, the mining industry continued to endure challenging market conditions and depressed metal price’s however Avino, through the hard work of its team of professionals, maintained its strong financial position and increased its production and silver equivalent ounces sold. During the year we continued to build our first class fleet of mining and production equipment which has significantly contributed to our consolidated all-in sustaining cash cost of $12.14 (US$9.49) per silver equivalent ounce. We continue to believe that our financial and operational condition and our strong balance sheet have well positioned the Company to advance and meet its objectives,” stated Malcolm Davidson, CFO.
Keith Piggott, Chairman, President and CEO of Goldgroup commented: “The Company has continued its effort to bring better efficiency into Cerro Prieto to allow profitability at lower metal prices. Our key focus for 2016 is to continue to ramp up gold production and lower crushing and mining costs. With the recent closing of the Credipresto credit facility amendment and improved metal prices, the Company will continue to seek opportunities to improve its financial position.”
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