Month: August 2017

Endeavour Silver Corp. announces the appointment of Andrew Sharp as its new Vice President, Engineering to lead the Company’s new Technical Services and Mine Development Group.Mr. Sharp, B.Eng., FAusIMM., is a professional engineer with 30 years of experience in the mining industry, is fluent in Spanish and has worked many years in Mexico. He brings to Endeavour a wealth of experience in executive and mine management, mine planning and operations, mine startups and turnarounds, mine evaluations and feasibility studies, mine permitting and government relations.

“Although we saw an improvement in operations at Black Fox during the second quarter of 2017, the strike action at San Dimas early in the quarter followed by further labour disruptions have weighed on the Company,” said Joseph F. Conway, Interim President and Chief Executive Officer. “I am pleased that we will reduce our total outstanding debt with the sale of the Black Fox mine. However, we still have outstanding debt that matures in November 2017, that will require additional funding or refinancing to repay in full. We have made progress with the Mexican tax authority and have started receiving VAT refund instalments, which has helped to improve our financial position.”

Fred Stanford, President & CEO of Torex stated: “Q2, 2017 was an excellent operating quarter, with significant progress made in the ramp-up of the operations. The processing plant team increased throughput by 26% over Q1, and effectively achieved design throughput levels in June. The mining team increased production by 30% over Q1. Operating costs per tonne were within 2% of target and recoveries at 86%, were consistent with design expectations at the grade processed….”

Santacruz Silver Mining Ltd. announces, further to its news release of August 8, 2017, that it has settled the outstanding balance owing on certain of the claims included in the Gavilanes Project by making a cash payment of US$500,000 and issuing 1,250,000 common shares of Santacruz, plus applicable value added taxes, to the property vendor. The shares are subject to a hold period and may not be traded until December 11, 2017 except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.

Colibri now owns 100% of the right, title and interest in Minera Bestep S.A. de C.V., a private Mexican company. Bestep holds 100% of the right, title and interest in the Pilar Gold Project and the Sun Project. Both properties are located near Suaqui Grande, Sonora, Mexico and neither property is subject to any royalties or encumbrances. The Pilar Property is 105 hectares in size and the Sun Property is 110 hectares in size. A report on the Pilar Gold Project prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects has been prepared by Jamie Lavigne M.Sc., P.Geo, a Qualified Person under NI 43-101 and independent of the Pilar Gold Project. The Sun Project has been subject to preliminary exploration work. The NI 43-101 Report is available on SEDAR.

“Pan American operations generated strong earnings in the quarter on revenues that topped $200 million. Silver production is on pace to achieve our annual targeted range, while costs are tracking well below. We have now reduced our estimate for cash costs and AISCSOS in 2017 by 14% and 10%, respectively, from the mid-point of our original guidance,” said Michael Steinmann, President and Chief Executive Officer of the Company. “The longer term outlook for operations is also encouraging with excellent progress on our mine expansions in Mexico and our two new projects in Argentina. Throughput at La Colorada achieved design rates of 1,800 tonnes per day in June, six months ahead of plan. At Dolores, commissioning of the new pulp agglomeration plant has begun and the underground mine has been delivering low-grade development muck to the heap. As we saw during Q2 with La Colorada, these expansions improve our operating margins through growth in low-cost production.”

“The Company had a strong second quarter, generating net income and strong operating cash flow from our operations despite low silver prices,” said Americas Silver Corporation President and CEO Darren Blasutti. “We expect Nuestra Senora to continue producing until the end of the third quarter while San Rafael transitions from a development project into a producing mine in the fourth quarter. Fiscal 2018 is shaping up to be the most exciting year in the Company’s history as San Rafael commences commercial production.”