Net proceeds of the Offering, if any, together with the Companys current cash resources and free cash flow, will be used to advance its Terronera project and for general corporate purposes.
J. Duane Poliquin, Chairman of Azucar commented, We are very excited to commence what we anticipate being a comprehensive two year intensive drill program at the El Cobre project. The results over the past two years have shown the potential for multiple porphyry centres over a four kilometre strike. We look forward to reporting drill results as we move forward.
Dr. Peter Megaw, MAGs Chief Exploration Officer commented, With the Zacatecas Silver District consolidating, MAG was approached by a number of companies looking to acquire its holdings in the camp. MAG chose to partner with Defiance because of our long-held interest in the exploration potential of the Veta Grande Vein, the second most important vein in the billion-ounce Zacatecas silver district. A number of high-grade ore-shoots have been found along its length and the ability to expand exploration to a continuous 5.6 km stretch of this historically under-explored vein greatly enhances the potential for discovering more. This strategic interest in Defiance provides MAG with exposure to the upside of future discoveries as their exploration of this important vein advances.
Sr. Jose Antonio Berlanga, Telsons CEO stated: We would like to thank Nyrstar for their good faith negotiations, continued support and cooperation in reaching a mutually agreeable extension and loan agreement. By renegotiating and extending the final payment terms for the Campo Morado acquisition we are extremely pleased to once again protect our shareholders by avoiding the immediate need to raise equity funding in what we consider an undervalued market. With the recent declaration of Commercial Production at Campo Morado we are very confident our free cash flows will easily support the loan repayment terms.
Lithium Australia will expedite commercialisation of the SiLeach® process, capitalising on the advantages gained by solving this processing challenge. Being able to produce lithium chemicals without the necessity of evaporating large quantities of water clearly puts us ahead of our peers.”
As part of the ongoing exploration follow-up, beginning 2017, a reconnaissance program of sampling, mapping and assaying was conducted within the property. The large area of these mineralized and partially brecciated showings define a rhyodacitic volcanic dome that is associated with high sulphidation style alteration have been confirmed to have anomalous gold, bismuth and molybdenum in rock. Several felsic dome/ silica breccia complexes have been located throughout the property.
La mejor manera de llegar a ser más competitivos es trabajando en la mejora del recurso humano, que es lo más importante al interior de las empresas mineras, apuntó Lomelín Guillen.
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