MAG intends to use the net proceeds of the Offering to fund exploration and development of the Juanicipio Project and for working capital and general corporate purposes. The Offering is expected to close on or before November 28, 2017, subject to receipt of all necessary regulatory approvals, including approval of the Toronto Stock Exchange.
Chinas top copper smelters held an unscheduled meeting in Shanghai on Tuesday to reaffirm their position that there will be no shortage of copper concentrate supply in 2018 as the key contract renegotiation season hots up. The 10 companies on the China Smelters Purchase Team met to conduct a comprehensive and systematic analysis of supply and demand dynamics after their return from the recent London Metal Exchange gathering, an official within the group told Reuters.
The company is now planning to double production to a target of 250,000 tonnes a year in 2019 over a seven to 10-year mine life, while also increasing its stake in the project from 51 per cent to 90 per cent by 2018.
Colibri Resource Corporation is pleased to announce that it has created and confirmed a model to delineate drill targets on the Pilar property. Colibri hired international consultant and geologist PJ Lafleur to work with Hector Mendivil, a 3D software (ArcGIS TARGET) specialist in Hermosillo. Under Colibris country manager and geologist, Jackie E. Stephens, a model was created pertaining to the existing 2 gold trends on the Pilar Gold Project.
Mexico’s environmental enforcement agency Profepa suspended operations at a Santacruz Silver property in Zacatecas state. Profepa announced a temporary closure order at the plant in Vetagrande municipality, citing inadequate atmospheric emission controls. The company also failed to present an environmental permit, equipment maintenance registers or an inventory of atmospheric emissions, Profepa said.
Mexico Mining Center los invita a asistir a nuestra tercera edición de la Conferencia Minera Discoveries que se celebrará en Hermosillo, Sonora, del 3 al 5 de abril de 2018. Discoveries es acerca de los emocionantes descubrimientos que continúan colocando a México entre los países más atractivos para la inversión minera. Esta es la única conferencia técnica de alto nivel en México enfocada en exploración minera. Cada primavera, geólogos, inversionistas y líderes de la industria minera se reúnen en Hermosillo durante tres días para conocer los últimos descubrimientos de mineral e innovaciones en exploración y desarrollo minero.
Vangold Mining CEO, Cameron King states, “The work program undertaken is by far the most intensive to date and has the potential to significantly improve the fundamentals for the Company. A defined inferred resource calculation, which is expected as a result of this campaign, should validate a definitive and significant value for the stockpiles bringing the Company closer to its production and cash flow goals.”
We are excited to initiate the Phase 1 drill program now that the rain season has passed and climate conditions are good for drilling. We have well defined drill targets at the California and Jasper porphyry oxide gold-copper targets due to the trench sampling, soil sampling, and detailed vein mapping we have completed to date said Joey Wilkins, President and CEO.
The Program will consist of 14 to 17 holes totalling approximately 3,000 metres to test the gold oxide cap located in the California Zone, where 50m x 50m spaced soil sampling identified a 600m wide by 900m long gold anomaly averaging 0.44 grams per tonne.
Pete Dougherty, President & CEO stated: We view the acquisition of the CDG as a low risk, high reward investment for Argonaut shareholders. CDG is a project in our own backyard where we have the ability to leverage our existing operations and projects teams skill sets. We view CDG as a pipeline project that fits well within our portfolio of Mexican assets. This acquisition is an opportunity to acquire a project within a well-known jurisdiction with known mineral reserves, upside resource potential, excellent infrastructure and at a reasonable investment. With $37 million in cash at September 30, 2017, projected cash flow from operations and an undrawn $30 million corporate revolver, Argonaut will remain in a strong financial position after completing the transaction.
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