Day: May 3, 2017

“I am pleased to report a significant increase in net income for the first quarter of 2017”, stated Robert Archer, President & CEO. “This is particularly notable given that we suspended processing at Topia to complete plant upgrades and prepare for the transition to a new tailings storage facility, and therefore only had nominal production from Topia during the quarter. The Topia upgrades were completed under budget and commissioning of the plant is expected to be complete by mid-May. Great Panther remains focused on capitalizing on growth opportunities and, as at the end of the first quarter of 2017, the Company had $69.3 million in net working capital, including $53.2 million in cash and short-term deposits, and no long-term debt.”

“The first quarter of 2017 marked a turning point for Primero,” said Mr. Joseph F. Conway, Interim President and Chief Executive Officer. “We continue to pursue our strategy of reducing the complexity, and the associated costs, of our operations. We remained steadfast in achieving these goals throughout the union negotiations during the quarter, and we were able to achieve our objectives which we believe will allow for significant cost reductions at the San Dimas mine. We were also successful in extending our revolving credit facility allowing more time to term-out our debt to better match our asset’s cash profiles. Our next focus is resetting the San Dimas operation and bringing the mine back to profitability so it can once again deliver on its world-class potential. We have renewed our commitment to exploration at both of our mines in order to continue growing their reserve and resource base and fully realize on their significant mineral endowments.”

Fred Stanford, President & CEO of Torex stated: “In 2016, the first year of the ramp-up, cash flow was managed by processing above life of mine (LOM) average grades while the plant was being de-bottlenecked and throughput levels were below LOM design levels. In 2017, the second year of the ramp-up, we are transitioning to LOM average grades and LOM average throughput levels. Unit costs in Q1/17 were impacted by the return to LOM grades, without a full transition to LOM throughput levels. Throughput levels increased consistently during the quarter and accelerated into April as efforts to de-bottleneck the tailings filtration plant took hold. Throughput in April averaged 12,749 tpd or 91% of capacity, versus 66% of capacity in Q4/16. If the two scheduled maintenance days in April, are taken out of the mix, the plant averaged 13,480 tpd or 96% of capacity. Reconciliation of grade and tonnes also turned the corner in Q1/17. 26% more ore tonnes were mined than predicted by the reserve model, at 96% of the predicted grade for 121% of the predicted ounces.”

Orex Minerals Inc. announces that it has granted an aggregate of 2,950,000 incentive stock options to directors, officers, and consultants to purchase up to 2,950,000 common shares in the capital of Orex. The incentive stock options have an exercise price of $0.17 per share, expire five years from the date of grant and vest immediately. As a result of this option grant, Orex has 10,730,000 stock options issued, representing 9.5% of the issued and outstanding share capital.