Month: May 2019

Revenue of (approximately US) $1.9 million and a net operating margin (oxide plant lease revenue less lease costs) of $1.3 million related to the lease of the Company’s oxide plant in the first quarter 2019, compared to a $1.1 million net operating margin realized in the first quarter 2018.

“This past year was a period of both challenges and successes. During 2018 the Company accelerated development work at Veta Grande as evidenced by completing 1,700 metres more of development work as compared with 2017. With the development work ongoing the Company continued to rely on lower grade mill feed for the first half of the year with improving head grades over the second half. This combination of these factors led to sub-optimal performance in 2018. The development work undertaken during the year is now providing us with access to new production stopes and our expectations are for a higher head grade in 2019 than 2018. Continued development expenses are expected in 2019 as the Company ramps down towards higher grade feed as indicated by drilling thereby providing access to higher grade stopes in future months.” said Arturo Préstamo, President and CEO.

Wednesday’s news release contains details of the first results from the second round of diamond drilling. The company said the first hole of 2019 – AMDD19-010 – intersected 22 metres grading 12.38 g/t gold and 309.3 g/t silver, including an 11-metre section that averaged 39.9 g/t gold and 323 g/t silver. The estimated true width of the mineralized zone is 34 metres.

Neil Woodyer, CEO, stated “We are very pleased to announce this underwritten commitment to restructure our debt and fund our growth, which quickly follows the completion of the Los Filos expansion feasibility study on March 12. We appreciate the strong support from our current lenders and newly formed underwriting syndicate and believe the combination of a 5.5-year amortizing Term Loan and a 5.5-year bullet RCF will provide a strong, cost-effective and flexible structure to finance our growth.

“Alamos had a solid start to 2019, with strong performances at each operation. This included another record quarter of production from Island Gold, achieving budgeted mining rates at Young-Davidson, producing our two millionth ounce of gold at Mulatos and reducing consolidated cash costs by seven percent compared to a year ago. With the strong first quarter performance, we remain on track to achieve full year production and cost guidance,” said John A. McCluskey, President and Chief Executive Officer.

Pete Dougherty, President and CEO stated: “We challenged ourselves to grow our production approximately 65% from 2017 to 2019. With a second consecutive quarter of record production above 50,000 GEOs, we are well on our way to achieving this goal with an annualized production profile of over 200,000 GEOs per annum. Along with our production growth, we added $11.7 million in net cash1 during the quarter. After record quarterly production, we remain on track to achieve our 2019 production and cost guidance. We also continue to de-risk our development projects with the completion of a public information meeting at San Antonio and the receipt of approvals for the Environmental Assessment from both the Federal and Provincial authorities and the signing of a Community Agreement with the Batchewana First Nation at Magino.”

Alien Metals Ltd, the AIM quoted exploration and development company, announces that the 202,247,000 new common shares of no par value issued pursuant to the conversion of loan announced on 10 April 2019 will be admitted to trading on AIM on 8th May 2019.

PRIZE MINING CORPORATION announces that it intends to raise up to $1,500,000 by way of a non- brokered private placement of up to 60,000,000 common shares at a price of $0.025 per Share. The Offering will be made pursuant to a discretionary waiver of the $0.05 minimum pricing requirement granted by the TSX Venture Exchange. Subject to certain limitations discussed below, the Offering is open to all existing shareholders of the Company as well as pursuant to other available prospectus exemptions. The Offering is subject to Exchange final acceptance.