Paul Benson, President and CEO said, “We had a strong fourth quarter capping a year of records for Silver Standard, which included production of over 390,000 gold equivalent ounces at an AISC of less than $925 per ounce. Our focus on Operational Excellence has led not only to production and cost improvements at each site, it has allowed us to meet or exceed our annual guidance for the fifth straight year.”
Primero Mining Corp. announced today that Mr. Ernest Mast and Primero have reached a mutual decision that Mr. Mast will depart Primero to pursue other opportunities effective no later than March 6, 2017. Upon Mr. Mast’s departure, Mr. Joseph F. Conway will be appointed Interim President and Chief Executive Officer. Mr. Mast will continue to assist the Company in facilitating a smooth transition in leadership. The Company thanks Mr. Mast for his service and his assistance in transitional matters.
The net proceeds of the offering will be used for the acquisition of properties adjacent to the El Castillo Mine and for general corporate purposes.
Pete Dougherty, President & CEO commented: We are excited to have entered into an agreement that is beneficial to both parties. We will now be able to mine the remaining mineralization on our side of the concession boundary as we move the pit wall back onto the San Juan Concession. This, coupled with the known mineralization on the San Juan Concession, allows us the opportunity to expand the pit even farther. We have increased our footprint in the area threefold going from approximately 200 hectares to over 620 hectares. We believe this is a very strategic acquisition, as it means El Castillo has the potential to be an important part of our future production.
Brian Robertson, President and CEO of Source Exploration states, “We are pleased with the appointment of Ali to our Board. Ali’s extensive financial markets and mining business experience as well as in-depth knowledge of our larger peers and capital discipline will further enhance the strength of our Board as we advance the high potential Las Minas property. On behalf of the Board, we welcome Ali to the Source team.”
Telsons management is very pleased with the bulk sample testing results and with the concentrate sale proceeds generated, states Senor Antonio Berlanga, CEO of the Company, considering that the Andes mill is not ideally configured for processing Tahuehueto ore, we have obtained quality saleable lead and zinc concentrates with high precious metal content. We are very confident in our ability to improve these results once we have installed and commissioned our recently purchased Tahuehueto Mineral Processing Plant on site, as it will be engineered to utilize a mill configuration and design ideally suited for the unique characteristics of the Tahuehueto projects mineralization.
Kootenay President and CEO, James McDonald states, The ongoing success of our drill and resource expansion program on La Cigarra and its surrounding mineralized structures at La Cigarra in Chihuahua State, combined with the high-grade results returned from La Negra under our agreement with Pan American Silver Corp. in Sonora, have laid a strong foundation for our growth and development strategy in 2017, and for what we believe will be a transformational year for the Company.
Timmins Gold CEO, Greg McCunn, states After joining the Company earlier this month, I am very encouraged by the progress that has been made at Ana Paula. The results from the infill drilling are validating the previous drilling campaigns and increasing the confidence and robustness of the resource model and our understanding of the lithological domains in the deposit. Metallurgical test work has significantly improved upon the work done in the PEA and validated the suitability of the 6,000 tpd plant that we purchased last year and currently have in storage awaiting the start of construction. It is our intention to provide an interim update on the robust Project economics in the form of a Pre-Feasibility Study (PFS) in Q2 2017, with the full Definitive Feasibility Study (DFS) to be completed by Q1 2018.
“We demonstrated a significant improvement in our operations in 2016 on several fronts. Production increased to a record 392,000 ounces and we delivered a substantial reduction in operating costs and capital spending. This translated into strong free cash flow growth from our operations, a trend we expect to continue into 2017 with further production growth and cost reductions,” said John A. McCluskey, President and Chief Executive Officer.
Fred Stanford, President & CEO of Torex stated: “280,000 ounces of gold in the first year of the ramp up, speaks to the quality of the deposit, the constructed asset, and the skill of the team in navigating through the technical and social start-up challenges. The ramp-up is expected to be completed during 2017, as solutions are in hand for the two remaining material technical issues. Construction is underway on the SART plant to manage the soluble copper and a decision has been made to increase tailings filtration capacity.” He added, “2017 will also be an exciting year from a development perspective as step-out drilling on the Sub-Sill discovery is planned and delivered, a resource estimate is prepared, and access is completed to allow material from this zone to be processed before year end. Media Luna is also poised to take a major step forward in 2017 with permits expected for an access ramp that we intend to start developing before year end. It promises to be an interesting year as we complete the ramp up of ELG and prepare the Company for the next stage of growth.”
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