Lithium Australia Managing Director, Adrian Griffin, said: The ability of Sileach to cope with high levels of contamination in the spodumene concentrate, and still produce a high-purity Lithium Carbonate, is a great achievement. The ability to produce by-products that are not available with conventional processing of spodumene shows great potential.
N. Eric Fier, CPG, P.Eng, President & CEO remarked, The discovery of a sub-parallel unmined high grade vein adjacent to the Las Chispas historic underground workings is exciting, as we systematically drill several veins on the Property for mineralization expansion and future resource estimation. The Giovanni Vein appears to be continuous over a strike length of 400 to 500 metres, 150 to 200 metres in height, and has an average drilled true thickness of 2.0 metres. The new vein is easily accessible via the historic Las Chispas main haulage level (600 level). Closely spaced underground drilling is currently being set up to further test the Main and Giovanni veins. As we drill our known targets, we expect to continue to intercept other Unnamed high grade veins.
GoGold Resources Inc. is pleased to announce the release of financial results for the quarter ending March 31, 2017. GoGold recorded revenue of $7.1 million from the sale of 413,073 silver equivalent ounces with a cash cost per silver equivalent ounce of $9.80 and an operating income of $1.8 million for the quarter (All amounts are in U.S. dollars).
Commenting on the Companys performance, Chief Executive Officer, Greg McCunn, said, The first quarter of 2017 was a strong quarter in which the San Francisco mine exceeded production guidance by a significant margin. The continued focus on maintaining our cost structure has resulted in another strong quarter of cash flow generation which more than funded the Companys development expenditures at our high-grade, highmargin Ana Paula project and continued to allow us to build cash on the balance sheet. With our revitalization plan now complete, we expect to start executing the plan in the second half of this year which will allow the mine to continue to perform at these levels out until at least 2023.
Commenting on the revitalization plan, Chief Executive Officer, Greg McCunn, said, The San Francisco Mine is a cornerstone asset for the Company located in an excellent mining jurisdiction. Our plan to revitalize the Mine by investing some of the cash flow from operations back into improvements to the operations and capital stripping will result in the Mine generating significant cash flow from operations over the next seven years. The cash flow generated will fully fund the revitalization and be instrumental in executing our growth strategy, including building our high-grade, high margin Ana Paula Project.
On the mineral side of our company, were continuing to solidify plans to take the Don Diego deposit to the next phase, which requires approval from the authorities in Mexico. An administrative, legal and political/educational process has been underway to achieve this goal. Based on advice from our Mexican legal counsel, we expect the legal process to conclude in 2017. We are also developing new projects and opportunities to grow our offshore mineral portfolio and activities.
“The first quarter showed major improvements in both our cash flow and net loss compared to the previous year and quarter despite being our expected lowest production quarter of the year,” said Americas Silver Corporation President and CEO Darren Blasutti. “We expect to build on these positive results further through the second quarter with our operational challenges at Galena behind us, and in the latter half of the year as San Rafael begins production. With zinc and lead prices continuing to be strong, the mine will bring a step change reduction in our company-wide all-in costs in the fourth quarter.”
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