Silver Spruce Resources Inc. announces that The Company is proposing to consolidate its Common Shares on a one (new) for five (old) share basis. The consolidation to be proposed for shareholder approval at the Companys annual and special meeting of shareholders to be held in early 2019.
Tamino Minerals is actively working with its geologists to start the exploration program on 2 of our Mining Exploration Projects. The programs are expected to begin during Q3 2018 and last approximately 6 months. The Exploration Program will include Geological Mapping, Trenching, Soil Geochemistry, IP Survey and ultimately drilling. The company will also make sure roads are improved and the creation of local jobs to support the local economy. The company will provide updates throughout the exploration of both projects. Tamino Minerals, Inc. is a Montreal-based mining exploration company committed to deliver value to its shareholders by acquiring, developing and mining precious metals deposits in Mexico.
During the third quarter, we delivered record silver production resulting in higher revenues and cash flows compared to the previous quarter even when we experienced a nine year low in average quarterly silver prices, stated Keith Neumeyer, President and CEO of First Majestic. Consolidated cash costs and AISC decreased nicely to $6.85 and $15.12, respectively, due to improved economies of scale and higher production from San Dimas. Cost cutting efforts remain a focus of the Company by reducing capital investments at our smaller mines, innovation projects, layoffs and overall curtailment of spending.
Improved operating performance at Mercedes during the third quarter combined with continued outperformance at South Arturo puts us on track to meet 2018 annual consolidated gold production guidance stated Ewan Downie, President and CEO of Premier. Our strong cash position will continue to fund near-term development, including the construction of two new mining centers at South Arturo and the Cove Gold Project in Nevada.
“We continue to generate strong cash flow, which increased our cash and short-term investment balance at the end of the quarter to $252.7 million, despite realizing the lowest metal prices of the year,” said Michael Steinmann, President and Chief Executive Officer of the Company. “The depressed metal prices had a significant impact on both settlement adjustments on concentrate shipments and NRV inventory adjustments, which together reduced earnings in the quarter by approximately $33.2 million.”
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: Now that we have a handle on the size potential, we need to get a better understanding of the system with a view to locating the precious metal horizon. To date, we have hit anomalous to high-grade gold, and there was historical mining of silver by Penoles in the oxide zone of the Tabasquena vein. It is typical for precious metals to base metal zonation in these systems.”
Antonio Berlanga, CEO, states Telson has now received its second Trafigura loan funding tranche in the amount of US $5 million, which funds when combined with our recently closed C$6.8 million private placement funding, exceeds US$10 million. We are now almost fully funded to complete the mine construction at Tahuehueto and are targeting a mine start-up during Q1 2019.An additional US $2.5 million third tranche is available under the Offtake Loan Agreement should additional funding be required however, we anticipate that pre-production concentrate sales proceeds will forego the need for Telson to draw down that third tranche.We would like to thank Trafigura for its continuing support and look forward to providing shareholders construction updates in the coming months.”
Golden Goliath Resources Ltd. is pleased to announce that Desarrollos Mineros El Aguila, S.A. de C.V. a wholly owned subsidiary of Fresnillo plc, has exercised the option agreement for the properties optioned to them by the Company in the Uruachic Mining District in the State of Chihuahua, Mexico.
San Marco CEO Christian Grijalva stated: Were very pleased to announce the start of a maiden drilling program at our Chunibas property. Chunibas represents a typical volcanic-hosted copper-silver stratiform system which was previously unexplored. This kind of mineralization was also previously unknown to Mexico and represents a very unique exploration endeavour. The drilling campaign will target higher-grade areas to confirm down-dip and strike extensions.
Golden Minerals Company today announced financial results and a business summary for the third quarter ended September 30, 2018.
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