GoGold Resources Inc. is pleased to announce the release of financial results for the quarter and year ending September 30, 2016 with an operating income of $943,000 for the year (All amounts are in U.S. dollars). GoGold recorded revenue of $16.7 million from the sale of 640,121 silver ounces and 5,533 gold ounces during the year.
Red Tiger Mining Inc. announces that it has ceased mining operations at Luz del Cobre copper mine. The Company has made this decision after completing an infill drilling program designed to better delineate the oxide-sulphide copper boundary in North and South pits.
Pete Dougherty, President & CEO stated: We are disappointed with SEMARNATs decision. We will review the factors that led to this decision and determine a path to move this project forward. San Antonio is a project that can have significant benefits to the local and regional economy and also provide important positive impacts to the environment. Our plan calls for a modern approach to mining including cleaning up historical overburden stockpiles and tailings and working to improve the local aquifer. We continue to believe that San Antonio remains one of the best undeveloped projects in the sector and we will continue to seek ways to unlock the benefits and value of this project for the local communities and for our shareholders.
Performing additional metallurgical testing at Santa Maria, prior to completing an updated resource estimate and issuing a Preliminary Economic Assessment in the first quarter 2017 Completed a 2,080-meter drill program at the Rodeo project during the fourth quarter 2016; results to date are encouraging and a resource estimate is in preparation for release in Q1 2017 Lease of Velardena’s oxide mill to Hecla Mining continues to perform as expected, with net cash of $4.5 million expected for the full year 2016; Hecla has exercised its option to lease the mill through mid-2017 and has the right to extend the lease through 2018
CGR owns 100% of the right, title and interest in Minera Bestep S.A. de C.V., a private Mexican company. Bestep holds 100% of the right, title and interest in the Pilar Gold Project and the Sun Project. Both properties are near Suaqui Grande, Sonora Mexico and neither properties are subject to any royalties or encumbrances. The Pilar Property is 105 hectares in size and the Sun Property is 110 hectares in size. The Pilar Property has a NI43-101 Report on it.
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