Rafael Gallardo, Senior Geologist of Minera Cascabel S.A. de C.V., who is leading the drill program, commented, the results encountered from drill holes 2 and 3 show that Au-Ag mineralization is being encountered near surface and the mineralized structure is open at depth and along strike at La Nueva Victoria.
A renewed focus on reserve and resource definition at Mercedes has resulted in a 20% increase in Proven and Probable reserves between December and June. This is a result of excellent work by the professional Management team at site commented Premier President & CEO Ewan Downie. Premier is now in place as a fully-engaged mine operator and we will continue to seek to grow reserves and resources by maintaining an aggressive exploration and development effort.
Pete Dougherty, President and CEO commented: The results of the drill program are very encouraging as they not only show confirmation of the known resource but also show greater widths and higher grades which bolster our excitement about the upside at La Colorada as we look to start mining the El Creston pit later this year.
YAMANA GOLD INC. announces that it has completed the sale to Premier Gold Inc. of its Mexican subsidiaries through which the Mercedes mine is held. Pursuant to the transaction, the Company received total consideration of $122.5 million in cash plus shares, equity securities and net smelter return royalties having an additional value of approximately $22 million. The marketable securities received include 6 million common shares of Premier and 3 million common share purchase warrants of Premier that are exercisable at C$4.75 per common share for 24 months. The Company also received a 1.0% net smelter return royalty on the Mercedes mine, that becomes payable upon the earlier of six years from the completion of the sale and the date upon which cumulative production of 450,000 ounces of gold equivalent from Mercedes has been achieved, as well as a 2.0% net smelter return royalty on the La Silla property in Sinaloa, Mexico and the La Espera property in Sonora, Mexico.
Luego de que la semana pasada un grupo de transportistas decidiera tomar y mantener cerradas las instalaciones de la mina ubicada en Mazapil, Zacatecas, para exigir mejoras laborales, ambientales y sociales, la firma anunció que está lista para realizar un cierre controlado o dialogar con los inconformes.
Alset Energy Corp. announces that it has received documentation from its Mexican legal advisors that two of the concessions held under the Companys option agreement, as they are currently registered, may require a considerable amount of annual work expenditures. Such expenditures are required to be completed in order to maintain them in good standing under Mexican Mining Law relative to the others in the portfolio. While it is not uncommon for significant exploration costs to be expended in order to keep large mineral/mining holdings in good standing with mining authorities around the world, the initial estimates for the Mexican concessions appear excessive and are currently estimated at approximately $1.8 million annually. After receiving these initial estimates, the Company immediately consulted with its Mexican advisors and is confident that these costs can be substantially lowered to more reasonable and manageable amounts moving forward. The Company is expeditiously working on these measures and will update shareholders accordingly.
GOLDCORP INC. today announced a controlled shutdown of operations at its Peñasquito mine, following an illegal blockade by a trucking contractor that began September 26, 2016. Goldcorp recently undertook efforts to diversify its local transportation supply chain and distribute economic benefits to more local suppliers, while realizing cost efficiencies at the mine.
Mr. Simon Ridgway, Chairman of the Board, is pleased to announce the appointment of Mr. David Laing to the Board of Directors of the company.
Mexus CEO Paul Thompson added, These are exciting times for Mexus. We now have 3 different properties that are at varying levels of discovery and/or near production. I foresee a time in the not so distant future where this company will have 3 producing mines creating outstanding cash flow and return for our shareholders.
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