Month: August 2018

“We were pleased to complete the acquisition of Rye Patch Gold during the quarter, adding a second operating mine to our portfolio,” said Greg McCunn, Chief Executive Officer. “With two similar open pit, heap leach operations we believe that we will be able to leverage our expertise across the mines to focus on improving the operations to deliver cash flow. Disciplined capital allocation is a priority, particularly in the current gold price environment. As a result, we have made the decision to temporarily suspend development work at Ana Paula while we focus on improving our operations to unlock opportunities to increase efficiencies, lower costs and generate cash flow.”

CEO Brad Marwood said “The Mining and Scheduling Scoping Study presents a preferred mine implementation plan that CZL will work towards implementing in 2018. The mature mining industry in Mexico has developed proven pathways for funding mining projects and CZL are well advanced in securing a funding solution for the development of the Plomosas Mine. By fast tracking the Stage 1 production we seek to provide a return to our shareholders through providing cashflow which will also underpin expanding production.”

“In the second quarter Hecla performed strongly, reflecting the investments we are making in our mines and exploration programs,” said Phillips S. Baker, Jr., President and CEO. “The significant decline in our silver cash cost, after by-product credits per ounce, is a function of strong base metals prices and improved treatment charges. The decline in gold cash cost per ounce is due to higher throughput at Casa Berardi. Additionally, our exploration program continues to discover high-grade material at our operations as well as advance our exploration properties.”

Golden’s President and Chief Executive Officer, Warren M. Rehn, notes, “The $3 million of income we expect to receive from the sale of our remaining interest in the Celaya project will be an important addition to our cash balance that will allow us flexibility in continuing our exploration progress in Mexico and Argentina without shareholder dilution, particularly at this time when the Company’s share price is so low relative to the value of our assets.”

Pete Dougherty, President and CEO stated: “As previously reported, we went several weeks without blasting material at our La Colorada mine. I commend the team for its ability to adjust the mine plan temporarily and maintain our 12,000 tonnes per day operation without sacrificing the long term mine plan. Although the use of low-grade stockpiles will ultimately lead to lower 2018 production at La Colorada, with the continued outperformance at our new San Agustin mine, we remain comfortable with our consolidated annual production and cost guidance of between 165,000 and 180,000 GEOs at cash costs between $700 and $800 per gold ounce sold.”

Paul Benson, President and CEO said, “We increased consolidated production in the second quarter to over 85,000 gold equivalent ounces at lower cash costs, putting us on track to achieve full year guidance. This achievement is also reflected in our improved financial performance, where we increased earnings and operating cash flow, and added cash to the balance sheet for the eleventh consecutive quarter. With these results and the Chinchillas project moving closer to completion, we maintain positive momentum towards our 2018 goals and near-term growth outlook.”

“We have been very productive both onshore and offshore as our global team continues to achieve goals necessary to complete the company’s transformation. In the near-term, we expect to begin generating returns from operations sufficient to cover current operating expenses, and we look forward to working with the Mexican authorities to develop the strategic phosphate resource for the benefit of Mexico,” said Mark Gordon, CEO and President of Odyssey Marine Exploration, Inc.