Day: August 11, 2016

“Q2 2016 was a strong quarter operationally as we continue to see the benefits of the mine plan adopted late last year” stated Interim CEO Mark Backens. “Our cash costs for the quarter of $681 per ounce and all-in sustaining cash costs of $761 per ounce were particularly strong and were respectively 30% and 33% lower than the comparable period. We were able to eliminate all of our secured debt to Sprott Resource Lending Partnership (“Sprott”), Goldcorp Inc. (“Goldcorp”) and the Lundin Group.”

“We generated $66 million of operating cash flow in the second quarter, the highest level since the fourth quarter of 2012. Even more impressive is the fact that the increase was largely driven by reduced costs across all of our operations,” said Michael Steinmann, President and Chief Executive Officer of the Company. “The cash generated fully funded all of our capital requirements, including our expansion projects, and increased our cash and short-term investment position to over $204 million.”

The net proceeds from the Offering will be used by Prospero to advance Prospero’s existing project portfolio to drill-ready status, to expand the project portfolio by possible new acquisitions, and for general working capital purposes. Strategic joint ventures will also be sought.

Pete Dougherty, President and CEO of Argonaut Gold stated, “We continued to generate cash from the operations and saw our cash balance grow by $7.6 million during the quarter. At Magino, we have initiated a Feasibility Study to further define and de-risk the project. Key elements of the study include: reserve definition drilling in the starter pit, geotechnical drilling, detailed engineering, capital and operating costs, permitting and First Nation consultation. The estimated investment to complete the study is $7 million to $10 million to be spent over the next twelve to fifteen months.

SilverCrest Metals Inc. announced today that N. Eric Fier, President and Chief Executive Officer, has taken a partial leave of absence due to a medical procedure which he is undergoing this week. Dunham L. Craig, P.Geo., Director, has been appointed Interim Chief Executive Officer and will assume the CEO responsibilities on a temporary basis. Mr. Fier will remain as President and Director of SilverCrest until such time as he is able to return to his duties on a full time basis which is anticipated to be by the end of 2016. In his absence, SilverCrest will rely on the depth and experience of its management and directors to professionally execute its stated business objectives.

Almaden Minerals Ltd. announces that Dr. Joe Montgomery has resigned from the Board of Directors. He has served the Board faithfully since 1999. Management and the Board of Directors would like to acknowledge and thank the important contributions that Dr. Montgomery has made over his tenure as Director, and wish him and his family all the very best.

Endeavour Silver Corp. announces the resignation of David Howe as VP Operations and Country Manager effective August 13, 2016. An executive search is under way and Endeavour President and COO Godfrey Walton will assume the responsibilities of VP of Operations and Country Manager until a new candidate is appointed.

Fred Stanford, President & CEO of Torex stated: “We have been looking forward to our first quarter as producers and we are proud to report that the ramp up to full production continues to outperform expectations. In June, the processing plant averaged 11,618 tpd, and delivered a gold recovery of 89%, nicely above design levels of 87.1%.The Guajes deposit has also exceeded expectations.Mined to date ore tonnes in Guajes have been 8% higher than predicted by the reserve model and the grade of those tonnes has been 17% higher than the model, for a total of 27% more ounces than plan.The net result for the quarter was an average processed grade of 3.15 g/t.”

Positive net operating margin from the oxide plant lease (oxide plant lease revenue less lease costs) of $1.1 million in the second quarter 2016 compared to a negative net operating margin (sale of metals less costs of metals sold) of $0.8 million in the second quarter 2015. Loss from operations of $2.6 million in the second quarter 2016 compared to a loss from operations of $4.5 million in the second quarter 2015. Net loss of $3.9 million in the second quarter 2016, which included non-cash derivative losses of $1.2 million related to the Company’s warrants and convertible loan, compared to a net loss of $3.9 million in the second quarter 2015, which included a non-cash gain of $0.2 million from the Company’s warrants. Cash and cash equivalents balance of $3.9 million as of June 30, 2016. Debt balance of zero as of June 30, 2016