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.
We continue to report positive cash flow, said Robert Eadie, President of the Company, and the improved market for metal prices and our ability to keep costs per ounce low have allowed us to report a profit this quarter despite lower equivalent gold production for the quarter.
Mr. Lujan is a Geological and Mining Engineer with over 26 years international experience in mineral exploration with a positive track record for increasing companies’ resources, output and company value. Mr. Lujan most recently spent 6 years with Mata-Trafigura as the General Manger having been promoted from Exploration and Operations Manager. While there he oversaw the discovery and commissioning of the Magdelana Project with potential for 50 million tonnes within 2 years and helped to double production as well as optimize and reduced costs. Prior to that he worked with Hochschild Mining for 5 years and Minas de Bacis SA de CV for 14 years where he helped to also increase resources, increase output and reduce costs.
Dunham Craig, P.Geo., Interim CEO remarked, The remaining drill hole results from the Phase I drill program intercepted the Las Chispas vein which has further demonstrated continuity of high grades and potential mineable thicknesses. Phase II exploration work will continue to define the Las Chispas vein for resource estimation expected in H1 2017. As we continue to systematically explore this district-wide discovery with multiple undrilled epithermal veins, we could potentially have several more discoveries. The Babicanora area (no previous drilling), immediately adjacent to Las Chispas and William Tell veins, is considered the largest target in the district and will be tested in Phase II exploration.
Endeavour CEO, Bradford Cooke, commented We are pleased to add another high-quality silver exploration property to our project pipeline. Parral should be an accretive acquisition pursuant to our five-year strategic plan to become a premier senior producer, with potential for exploration discoveries, district acquisitions, near-term production, and organic growth.
Silver Standard Resources Inc. announces today that it has entered into a definitive agreement with Endeavour Silver Corp. to sell 100% of its Parral properties in Chihuahua, Mexico, including the Veta Colorada, La Palmilla, and San Patricio properties. Endeavour Silver is a mid-tier precious metals company with a track record of exploring for, developing and operating mines in Mexico.
Glenn Jessome, President and CEO of Oceanus, commented “Our drilling at El Tigre adds and confirms wide zones of precious metals mineralization that demonstrates potential as a bulk tonnage target. The Oceanus technical team believes that El Tigre could be another significant bulk tonnage project in the Sierra Madre Occidental.”
Sandstorm Gold Ltd. is pleased to provide an update at various projects underlying the Companys streams and royalties.
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