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 Companys 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 Alsets Chairman.
Riversides President and CEO, John-Mark Staude, stated: During March-April, our Hermosillo-based team completed a number of tasks to initiate the 2017 Cecilia work program. This included obtaining access agreements from owners of surface lands that cover the Project area and setting up a temporary field camp close to the property. We now have our team in the field sampling and mapping toward defining high-quality drill targets. Riverside is committed to turning over prospects quickly and advancing the Companys portfolio with a clear focus on discovery and value creation. We look forward to a steady flow of news and results from work programs in the weeks and months ahead.
“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.
Ramon Perez, CEO of Candelaria commented, “We are pleased to have these new drill holes incorporated into an updated resource estimate for the La Paila Zone. While the ounces in the resource are lower as compared to the previous 2012 report due to the introduction of a pit constraint, the overall in-pit resource did not change materially. The tighter drill hole spacing gives us more confidence in the deposit. We have also identified important drill targets going forward. As we advance the technical work on the project and perform additional drilling beyond the current pit constraint area, we expect to see an increase to the resource at La Paila. We are encouraged by the multiple drill ready targets located within the bigger Caballo Blanco project area.”
Red Tiger Mining Inc. announces that it has received Failure-to-File Cease Trade Orders from the Ontario Securities Commission. The Cease Trade Orders were issued as a result of the Company’s failure to file its annual audited financial statements, annual management’s discussion and analysis and certification of its annual filings for the year ended December 31, 2016.
A la fecha no se han liberado los recursos correspondientes al Fondo Minero 2015, a pesar de que desde hace más de cinco meses Rosario Robles Berlanga, titular de la Secretaría de Desarrollo Agrario, Territorial y Urbano (Sedatu), entregó de manera simbólica el recurso.
Morro Bay Resources Ltd. announces that the Morro Bay Board of Directors has elected to proceed with the consolidation of the Companys common shares on the basis of ten pre-consolidation shares for one post-consolidation share. The Consolidation will take effect on May 9, 2017, under a new CUSIP Number. There will be no name change or trading symbol change in conjunction with the Consolidation.
Pete Dougherty, President & CEO commented: With the acquisition of Fresnillos San Juan concession and the drill results so far, we expected to increase the life of the El Castillo mine. Drilling results to date are positive and indicate strong potential to expand the current pit limits initially into the North Target area. This previously announced acquisition also allows us to extract a large, known wedge of economic mineralization that lies on our side of the original concession boundary, as we move the pit wall back onto the newly acquired ground.
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