Month: May 2018

First Majestic Silver Corp. is pleased to announce the approval by its board of directors of certain changes to its advance notice policy regarding director nominations, as described below. The Policy was first adopted by the board in 2013, with certain amendments made in 2017. In keeping with its commitment to the highest standard of corporate governance, the board feels that it is appropriate to make certain additional changes to the Policy to comply with recent trends in advance notice policies.

“In the first quarter, lower production rates resulted in a slight decrease in revenues and cash flows compared to the prior quarter,” stated Keith Neumeyer, President and CEO of First Majestic. “This temporary decrease in production, which was primarily due to lower head grades, naturally resulted in higher cash costs per ounce. Nevertheless, we managed to beat our overall cost guidance during the quarter due to strong gold production at the Santa Elena, San Martin and La Guitarra operations. Looking ahead, we plan to provide an updated production, costs and capital expenditure guidance in July to reflect the integration of the San Dimas operation. We remain focused on developing our key growth projects, most importantly our roaster project, which is expected to significantly increase silver production at La Encantada in the second half of 2018.”

Igor Gonzales, President and CEO of Sierra Metals stated: “Q1 2018 represents an inflection point for the Company as we begin to realize returns on our capital investments and operational improvement efforts with improving operating performance in addition to the production of higher value ore, strengthening our asset base, and continuing to increase the mineral reserves and resources at each of our mines.”

“In addition to the initial investment in Golden shares, this agreement will enable us to access capital in the future, if and when we wish, at attractive terms,” commented Golden’s President and Chief Executive Officer, Warren M. Rehn. “This affords the Company greater flexibility to pursue the most advantageous path forward for our El Quevar project, as well as other exploration opportunities.”

“Higher revenues and lower production and royalty costs resulted in $55.1 million of mine operating earnings in the first quarter of 2018, up 68% from the comparable 2017 period. Solid operating performance helped deliver our strong financial results, particularly at Dolores where silver production was up 25% compared with last year and gold production reached a record 34.3 thousand ounces,” said Michael Steinmann, President and Chief Executive Officer of the Company. “Our focus is on improving performance at the San Vicente mine through implementation of mechanized mining methods, and advancing our COSE and Joaquin projects in Argentina. We are well on track to achieve those objectives in 2018.”

New Gold Inc. (TSX:NGD) (NYSE American:NGD) has appointed Raymond Threlkeld as the new President and Chief Executive Officer of the Company. Mr. Threlkeld succeeds Hannes Portmann, who has left the company to pursue other opportunities. Mr. Threlkeld will continue as a member of the Board of Directors.

Jorge A. Ganoza, President, CEO and Director, commented, “We are pleased with our results for the first quarter which provide a good start to 2018 with all our key operating and financial indicators reflecting the strength of our assets.” Mr. Ganoza added, “The Company achieved record silver and gold production along with industry leading margins and cash flow generation.” Mr. Ganoza concluded, “Fortuna´s business strength and liquidity will provide the necessary flexibility to meet funding requirements for the development of the Lindero Project.”

“The Company had a solid first quarter with increases in consolidated revenue, net income, and silver equivalent production with significant decreases in cash costs and AISC,” said Americas Silver Corporation President and CEO Darren Blasutti. “San Rafael continued to ramp up its mining rate and milling rate throughout the quarter while advancing development into the higher-grade Main Zone with the expectation of reaching a milling rate of 1,700 tonnes per day in the second half of the year. Exploration cost of $1.8 million during the quarter was spent primarily on the very successful 12,000-meter drill program at Zone 120 designed to expand and upgrade previously reported resources, expected to be released in Q3, 2018.”

Tawn Albinson, Prospero’s President & CEO said: “Prospero is an explorer; our aim is to find and test new precious metals discoveries. It is very encouraging to have this renewed commitment by Fortuna for first-pass drilling and rapid assessment of as many of our projects as possible. In the context of the current market, the repricing and exercising Fortuna’s warrants is a non-dilutive way for us to secure additional funding for the planned work. It removes warrant overhang and provides a premium-to-market financing.