“I wish to thank the owners of the concessions for granting the extension of the option agreement and continuing strong support” said Brian Robertson, President and CEO of Source. “The extension, in conjunction with our previously announced proposed private placement and planned drilling program, will provide additional time for us to advance the property and complete a mineral resource estimate.”
Mexus Gold US along with its JV partner MarMar recently decided that the best option for gold recovery at the Santa Elena mine will be a Merrill Crowe system. The decision to use this system instead of Electrowinning was made in part because a Merrill Crowe system will allow Mexus the opportunity to scale the recovery plant as production increases. Mexus now plans to ship a 400-600gpm Merrill Crowe plant from its Walnut Grove shop to the Santa Elena mine site. This plant was purchased by Mexus in 2014 and had been readied for use when needed. The recovery plant has been disassembled, loaded, and is ready to be shipped around November 27th.
Closing of the Offering is expected to occur on November 28, 2016, subject to obtaining customary TSX.V and NYSE MKT approvals. The Company intends to allocate the net proceeds of the Offering to advance the exploration and development of the Company’s Avino Mine and the exploration and development activities on the Bralorne Mine Property in British Columbia, and for general working capital.
Fred Davidson, President and CEO, stated, “IMPACT continues to focus its efforts on upgrading mining operations, improving efficiency, and sourcing superior grade feed from its mines in order to keep production economical and adapt to price fluctuations. Operationally, the Company continues to improve its mine operating income, achieving income of $1.6 million in the first three quarters of 2016 compared to a loss of $0.2 million in 2015. EBITDA improved 400% to $0.8 million in the first three quarters of 2016 from $0.02 million in 2015. The Company continues to achieve positive cash flows in each quarter of 2016. IMPACT is managing a lean operation during these challenging times in the mining industry. Our immediate goal is to enhance profitability in the next few quarters through: increasing our processing capacity, expanding our reserves, and carry out an exploration program which will include drilling a number of key targets.
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