Month: April 2016

Arian Silver Corporation is pleased to announce that it has raised £700,000, before expenses, through the placing of 70 million units of 1p each through its broker Beaufort Securities Limited.

“Before we begin discussing our first quarter 2016 results and our outlook for the year, I would like to first extend Mexichem’s deepest condolences and sympathies to all of the people affected by the recent accident at the joint venture PMV plant in Coatzacoalcos. Our thoughts and prayers are with the victims, their families and the community. We also want to express our deep gratitude and admiration to the first responders who took care of the injured and executed the evacuation plan, to the local, state and federal governmental authorities who protected and secured the infrastructure and the population and to the neighboring companies and community members who rushed to the site to assist us. Mexichem is humbled by this outpouring of support and the individual acts of bravery and kindness that we witnessed first-hand. We continue to support the victims of this tragedy and are working closely in tandem with our partners PEMEX, the authorities and a team of international experts to determine the cause of the accident.

Cyprium Mining Corporation is pleased to announce that it has completed a second closing of its previously announced private placement of up to 8,000,000 units at a price of $0.065 per Unit for gross proceeds of up to $520,000. In this closing, Cyprium issued 2,300,000 Units for gross proceeds of $149,500. Each Unit is comprised of one common share in the capital of the Corporation and one share purchase warrant of the Corporation. Each Warrant will be exercisable into one Common Share at an exercise price of $0.10 expiring two years from the date of issuance.

“We delivered a solid first quarter of production at low all-in sustaining costs,” said David Garofalo, President and CEO. “Éléonore and Cerro Negro continued their ramp-up with underground mine development advancing well at both assets. With a focus on NAV per share accretion, we plan to drive further productivity improvements at current operations and to leverage our existing mining camps by advancing low capital intensity, high rate of return internal growth opportunities.”

“I am pleased with our strong cost performance in the first quarter, which is tracking at the low-end of cost guidance set at the beginning of the year,” said Mitchell J. Krebs, Coeur’s President and Chief Executive Officer. “These sustained lower operating costs, combined with the positive momentum we have seen in silver and gold prices so far this year, have led to a 16% increase in adjusted EBITDA1 to $34.6 million.

BACANORA MINERALS LTD., the London and Canadian listed lithium and borates company focussed on Mexico, is pleased to confirm the previously announced appointment of Mark Hohnen as a Director of the Company with immediate effect.

“The year is off to a solid start,” stated Randall Oliphant, Executive Chairman. “The significant decrease in our all-in sustaining costs is particularly rewarding as it enabled our company to generate a very robust margin of $448 per ounce in the first quarter.”

Telson Resources Inc. is pleased to announce that it has closed its non-brokered private placement originally announced on March 1, 2016, consisting of 12,367,333 units of the Company at a price of $0.12 per unit for gross proceeds of $1,484,080. Each unit is comprised of one common share and one half of one whole transferable share purchase warrant. Each whole share purchase warrant entitles the holder thereof to purchase one additional common share of the Company at $0.12 within twenty-four months from closing. All securities issued under the non-brokered private placement are subject to a hold period expiring four months and one day after the closing date. Total issued and outstanding shares in the Company after completion of the private placement is 92,885,578.

“In the first quarter of 2016 our operating cash flow was $32.2 million. Our cash balance increased $20 million to $121.1 million, reducing our net debt to $228.2 million and our senior secured leverage ratio to 2.1 at quarter end, down from 2.6 at the end of 2015,” said Darren Pylot, President and CEO of Capstone. “Our continued focus on mine site cost efficiencies and optimization were demonstrated in the first quarter with Pinto Valley posting the second straight quarter of new daily, monthly and quarterly throughput records and exceeding targeted throughput for the quarter.”