Day: May 9, 2017

Operations at the San Dimas mine in Mexico resumed on April 18, 2017, after Primero Mining Corp. resolved the work stoppage of unionized employees that began on February 15, 2017. Primero announced that it has a new Collective Bargaining Agreement that provides a formal structure for regulating all aspects of the relationship between Primero and its unionized employees.

Alset Minerals Corp. is pleased to announce it has filed documents with the TSX Venture Exchange seeking final approval on their previously announced non-brokered private placement for gross proceeds of $369,000. Subject to regulatory approval Alset will be issuing 2,838,846 units, with each Unit consisting of 1 common share of the Company and 1 share purchase warrant, each warrant being exercisable for an additional common share of the company at a price of $0.20 for 12 months from closing, subject to the right of the company, after the 4 month hold period has expired, to accelerate the exercise period of the warrants should the closing price of shares of the Company be at or above $0.30 for a period of 10 consecutive trading days. Proceeds of this financing will be used to fund exploration of the Company’s salars in Mexico and for general working capital purposes. Directors and officers of the Company participated for approximately $100,000 of the financing with $52,000 from Alset’s Chairman.

“Pan American continued to deliver strong results in the first quarter of 2017, with quarter-over-quarter growth in net earnings and cash costs down 23% to $6.18 per ounce,” said Michael Steinmann, President and Chief Executive Officer of the Company. “The expansion of our Dolores mine is tracking well with commissioning of the pulp agglomeration plant expected by mid-year. At our La Colorada mine, we are already realizing the benefit of higher throughput rates from the expansion, which is now substantially complete.”

The Company reported revenue of approximately $1.6 million in the first quarter 2017 related to the oxide plant lease and costs of approximately $0.5 million related to the services we provide under the lease, for a net margin of $1.1 million. Exploration expense of $0.5 million during the first quarter was related primarily to work at the Santa Maria and Rodeo properties as well as holding costs and allocated administrative expenses. Golden reported a net loss of $1.1 million in the first quarter 2017 compared to a net loss of $6.3 million in the year ago period. The year ago figure included, as noted above, non-cash losses of $1.8 million related to the Company’s warrants and convertible note, plus a non-cash loss on debt extinguishment of $1.7 million relating to a $5.0 million convertible loan.