Month: November 2017

Fred Stanford, President & CEO of Torex, stated: “This escalation will weaken the relationship between employees and the company and between contractors and the Company. Upon resolution of the illegal blockade, the schedule to restart the operations will be dependent on how many personnel elect to return to site. This is an unknown outcome, at this time.”

DynaResource, Inc. is pleased to announce that Mr. Eduardo Luna, a member of the Company’s Board of Directors, and Special Advisor to Mineras de DynaResource S.A. de C.V., the exclusive operator of the San Jose de Gràcia Project in the State of Sinaloa, México, was inducted into the “Hall of Fame of Mexico Mining” by the Association of Mining, Metallurgists, Geologists and Engineers of Mexico, at the International Mining Congress held in October 2017 in Guadalajara, Mexico. The Mexico Mining Association reports over 3,500 members, and the 2017 International Mining Congress was attended by over 15,000 guests and contributors.

“We are very pleased to see the strong positive impact of the enhanced project scope on the already remarkable economics of the Bonanza Zone,” said George Paspalas, MAG Silver President and CEO. “The PEA considers expanding the throughput from 2,650 tpd to 4,000 tpd, a reformulated ramp system, underground crusher-conveyor system and an internal shaft for expediting extraction of the mineralization towards the base of the previously known resources together with the new Deep Zone resources. The fact that we can accomplish the scaled-up project in a short time period and for a relatively small Capex increase is testimony to the quality of the asset and the insightful experience brought to the project by our partner and project operator, Fresnillo. With over $121 million in cash and cash equivalents as at September 30, 2017, we believe MAG is funded for its share of the development well into 2019.”

Southern Silver Exploration Corp. reported today that it has intersected high-grade massive sulphides in the final hole of the 2017 exploration program at the Cerro Las Minitas project. The massive sulphide intercepts were contained within a broader mineralized zone in drill hole 17CLM-106 that supports continuity within the newly defined Skarn Front.

Torex Gold Resources Inc. announced that during the afternoon of Friday, November 03, a group of approximately 20 local unionized workers illegally blockaded the main gate to the ELG mine, demanding a change in labour union. This action came after a meeting held earlier in the day where the Company explained to these workers that the Company did not have the authority to enact such a change. It could only be accomplished through a government sanctioned process that considered the intentions of the majority of unionized employees. The illegal blockade has continued since then, in a peaceful manner, and no unionized workers remain on site. Without a workforce, the Company shutdown the processing plant in an orderly manner. During the stoppage, there will be a focus on maintaining environmental protections.