Torex Gold Resources Inc. announces the results of its 2016 annual and special meeting of shareholders held in Toronto, Ontario on June 9, 2016. At the Meeting, all director nominees listed in the Company’s management information circular dated May 2, 2016 were elected as directors of the Company.
Oremex Silver Inc. is pleased to announce that it is proposing to consolidate its issued and outstanding common shares and to change the name of the Company from “Oremex Silver Inc.” to “Monarca Minerals Inc.”. Additional information relating to the proposed consolidation and name change is included in the management information circular of the Company dated May 17, 2016 for the annual general and special meeting of shareholders scheduled for July 7, 2016 and which is available on the Companys SEDAR profile at www.sedar.com.
N. Eric Fier, CPG, P.Eng, President & CEO commented, We are pleased with the results received to date from the underground rehabilitation program and early indications of mineralization in core from the surface drilling program at Las Chispas. On April 27, 2016, the SilverCrest team safely ascended to the 400 level of the Las Chispas vein and started the first systematic channel sampling in over 90 years. We are sampling underground areas that are easily accessible in our efforts to confirm high grade continuity at Las Chispas, while targeting areas for potential resource estimation and future bulk sampling. Based on our initial success, we have elected to expand the surface drill program to further test extensions of mineralization. The Company is well financed with $5.6 million in the cash to cover all intended exploration expenditures in 2016.
Mr. Alain Lambert, Chairman and C.E.O. of Cyprium stated: “The level 4 stope of the Tunel body of the Potosi silver mine forms part of our initial focus for mine development and extraction of mineralized material through shaft No. 3. Consistent with our business plan to put emphasis on short-term cash generation to fund the systematic development of the mine, our mining activities will start with the richer South Zone A and North Zone.” Mr. Lambert concluded: “We are currently finalizing the evaluation work in order to add further areas of mine development and extraction activities within the Tunel body’s levels 2 to 4. Our goal is to start extracting mineralized material from at least three different areas when drilling and blasting starts. “
At the meeting, all director nominees listed in the Company’s management information circular dated April 25, 2016, were elected as directors of the Company.
The net proceeds of the Offering are expected to be used by the Company for capital programs at the Galena Complex and San Rafael Property, debt repayment, working capital and general corporate purposes.
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