Month: May 2019

Jorge A. Ganoza, President and CEO, commented, “Production and cash costs at our Caylloma and San Jose mines for the first quarter underpin a solid start for the year with EBITDA margins of 40 percent. Our cash flow generation objectives remain on track to continue contributing to the funding of our Lindero gold project in Argentina.” Mr. Ganoza continued, “As of the end of April, Lindero construction progress is at 47 percent completion, with 97 percent of the direct capital expenditures committed, and 61 percent of the total projected capital spent.” Mr. Ganoza added, “With mine preparation set to be concluded in May and construction of the crushing and leach pad facilities advancing according to schedule, we plan to initiate placing ore on the leach pad early in Q4 2019.”

Almaden Minerals Ltd. has entered into a secured gold loan agreement with Almadex Minerals Ltd. pursuant to which Almadex has agreed to loan up to 1,597 ounces of gold to Almaden. The approximate value of this gold is US$2 million.

Erwin Wong, Ridgestone’s Board Director and Chief Financial Officer, commented: “We are excited and fortunate to welcome Ben to our Board of Directors. His wealth of capital markets experience in the mining sector on the research, valuation, and investment side significantly complements the skill set of our existing board members. We look forward to his valuable input and advice in the exciting development of our Rebeico gold-copper project in Mexico.”

Alien Metals Ltd, the AIM quoted exploration and development company, is pleased to announce that it has raised £300,000, before expenses, through the placing of 200 million Common shares or no par value at a price of 0.15 pence each through its broker First Equity Limited. The proceeds of the Placing will be used for further exploration work at Donovan 2 as detailed below and general working capital purposes.

Orla intends to use the proceeds from this program to complete the feasibility study on the Camino Rojo Oxide Project, continue regional exploration efforts and to allow flexibility on the timing of ordering certain long-lead items once a construction decision has been determined for the Camino Rojo Oxide Project. The Incentive Program is intended to provide a cost-effective source of financing for Orla.

Igor Gonzales, President, and CEO of Sierra Metals stated: “The first quarter has presented us with several challenges including an illegal strike at Yauricocha, as well as slower than expected ramp up of throughput at Bolivar and Cusi with lower head grades and recoveries. I want to assure shareholders that management remains focused on the expansions in Mexico and improving tonnage, head grades, and recovery rates which in turn will help to lower costs. Also, as noted above, it still bears mentioning that in Q1 2019 Yauricocha saw an increase in zinc equivalent metal production, Cusi had record throughput and Bolivar had a 1% increase in throughput over Q1 2018. Subsequent to Q1 2019, throughput rates continue to improve.”

“The San Rafael mine had a record quarter due to improved recovery, higher mill throughput, and increased grades, with substantial increases in silver and by-product production,” said Darren Blasutti, President & CEO of Americas Silver. “Earnings are expected to improve in the second half of the year with the remaining costs for the Pershing acquisition and Sandstorm financing to be captured in the second quarter. Development of Relief Canyon is beginning as expected with construction activities ramping up on schedule.”

SSR Mining Inc. announces that each of the nine nominees listed in the management proxy circular for the 2019 Annual and Special Meeting of Shareholders were elected as directors of SSR Mining on Thursday, May 9, 2019.