Month: November 2018

Telson Mining Corporation is pleased to announce that it has reached an agreement to amend the terms of its Loan Agreement dated June 13, 2018 with Nyrstar Canada (Holdings) Ltd. The amended terms of the Loan Agreement will help Telson to better manage its cash flows at Campo Morado in a subdued zinc price environment.

On September 28, 2018, the Company entered into a definitive agreement to complete a business combination with Pershing Gold. The combination will add a shovel-ready, gold-silver development project in Nevada that adds significant precious metal growth to the Company’s production profile. Once completed, Relief Canyon is expected to produce 75,000 to 90,000 ounces of gold annually at low cash costs over an initial seven-year life and generate annual post-tax cash flow from $25 to $30 million. This transformative combination is expected to increase the Company’s precious metal production by over 5 times with precious metals representing greater than 60% of silver equivalent production.

The net proceeds of the financing will be used to pay for the drill program at the Pino de Plata project and general working capital

Fred Davidson, President & CEO of IMPACT stated, “Over the last two quarters we encountered the perfect storm of lower silver prices, lower grades at our mill, and fluctuating currencies (Mexican Peso & USD). To address this headwind of lower revenue and rising costs, the team has initiated a program designed to ultimately raise mining grades and reduce overall costs. Going forward, the Company will focus on ore grade selection including access to higher zinc zones even at the expense of tonnage milled if required. Work continues on the exploitation of the new San Ramon Deeps 2 zone just south of our current active mining areas, and on development of the Lipton vein at the Guadalupe Mine.”

La aprobación del proyecto de ley que propone cambios a la Ley Minera de México, destinados a abordar el impacto social de la industria, aumentaría la carga regulatoria sobre las compañías de dicho sector en la República Mexicana, incluido el requisito de realizar consultas con las comunidades, antes de obtener nuevas concesiones mineras.

Now, the same party, which, together with its allies, holds majorities in both houses of Congress, has set its sights on the activities of the mining industry. On Tuesday Senator Angelica Garcia presented a bill that would make significant changes to Mexico’s mining laws, including a proposal that would allow the country’s Energy Secretary to declare certain parts of the country off-limits for mining companies due to their negative social or environmental impact.