The net proceeds of the Offering will be used for the advancement and the development of the Company’s mineral properties in Mexico and for working capital and general corporate purposes.
Red Tiger Mining Inc. is providing this bi-weekly update on its Financial Statement Status in accordance with National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults. On April 20, 2016, the Company announced that for reasons disclosed in the news release, there would be a delay in the filing of its audited financial statements for the year ended December 31, 2015 and its related Management Discussion & Analysis and CEO and CFO certifications beyond the 120 day period prescribed for the filing of such documents. The late financial statements, management discussion and analysis and related CEO and CFO certifications are, collectively, the “Required Filings”.
Lawrence Page Q. C. President said during the exploration of the CLM claims while Southern Silver was funding the option payments, it became apparent that ownership of surface rights to land overlying the mineral claims would be greatly beneficial for future development of the property. We have now accomplished the purchase of land which will be significant in any exploitation of the claims. Additionally, through our Mexican Corporation, which is the owner of the mineral claims, we have negotiated and executed exploration access agreements with the local Ejidos holding surface rights over the deposits allowing continued exploration on the property.
Mr. Frank Kordy stated: “The Board and I are very pleased to have finally completed our strategic transformation from Mining & Exploration into Merchant Banking. The Board and I strongly feel that the completion of this process will be beneficial to our shareholders as the new business model offers more revenue generating opportunities, and will allow the Corporation the ability to make strategic investments into many diverse sectors. The Corporation has come a long way over the course of the last year, and we are excited to have the ability to now focus more energy on business development endeavors vs. restructuring. We remain committed in continuing building this business.”
We are moving forward aggressively on our work at our recently acquired La Fortuna gold project and expect to have permits in hand on both of our Mexican development projects by early next year, said Chris Frostad, Chief Executive Officer of Minera Alamos Inc. This financing provides adequate funds to move us beyond a construction decision.
Alamos Gold Inc. is providing a summary of the voting results of its Annual General and Special Meeting of Shareholders.
Glenn Jessome. President and CEO of Oceanus, stated “During acquisition due diligence our team, which has extensive experience in large epithermal deposits in Mexico recognized that the previously unsampled drill core required sampling. We see the greater potential of the El Tigre property as a bulk tonnage target.”
“We are pleased to have delivered another quarter of positive operating and financial results. Our revenues from the San Gonzalo Mine were lower than expected due to a new sales arrangement which resulted in only two months of sales. Going forward, each quarter will reflect three months of sales and related production costs. Our teams in Mexico and Canada have done an excellent job of monitoring and reducing costs, with stronger metal prices we anticipate improved profitability in future periods. During the quarter we achieved a consolidated all-in sustaining cash cost of $11.29 (US$8.22) compared to $12.36 (US$10.09) per silver equivalent ounce in the first quarter of 2015. In April 2016, the Company commenced underground mining using the long-hole caving method at the Avino Mine. Management is currently analyzing the economics of the new mining method and is optimistic that the results will lead to a commercial production decision in the coming months.”
Azures Managing Director, Tony Rovira, welcomed these results, stating, Palo Seco was the first area that we tested when we started exploring Alacrán due to the presence of several historical mine workings. Weve returned because of the potential size of the mineralised system and its obvious prospectivity for hosting significant precious and base metal mineralisation. The latest sampling results are very positive and Im hopeful that future drilling may add Palo Seco to our list of mineral discoveries, joining the Mesa de Plata silver deposit and the gold-silver mineralisation at Loma Bonita.”
Starcore International Mines Ltd. announces that its Board of Directors has resolved to change the Companys financial year-end from July 31st to April 30th. A Notice of Change in Year-End has been filed by the Company on SEDAR pursuant to National Instrument 51-102.
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