Month: July 2019

5,099 tonnes of ore mined, with mined grades of 17.5% Zinc, 11.2% Lead and 62.2 g/t Silver

2,409 DMT of ore processed, with processed grades of 17.5% Zinc, 11.2% Lead and 62.2 g/t Silver

Ore stockpiles of 6,599 tonnes available for processing through the Aldama plant

Aldama plant upgrades in progress to double throughput to 200t/d

Minera Alamos Inc. – The Board of Directors of Minera Alamos has approved the issuance of up to 9,000,000 options to Management, Directors, Employees and Consultants pursuant to its stock option plan. The options are exercisable at a price of $0.16 and expire in five years.

Golden Minerals Company today announced that it has entered into definitive agreements with institutional investors for an offering of shares of common stock with gross proceeds of $2.25 million. The offering is expected to close on or about July 19, 2019, subject to the satisfaction of customary closing conditions.

‘We have been committed to Avino for over 50 years and treat our workers fairly and in accordance with Mexican labour laws. The Company had to make some difficult decisions with respect to our underground labour force given the upcoming closure at San Gonzalo. The Company remains committed to maintaining a dialogue in good-faith with the unionized workers and we are pleased that agreements were reached, and that no further interruptions have occurred. In addition, we are continuing our focus on cost reduction measures to reduce corporate overhead, as well as a focus on optimizing our internal mine plan to maximize profitability. We are still on track to meet our internal production guidance for 2019 and are proud of our dedicated and loyal workforce who are integral to the ongoing success of the Company.’

Rob McEwen, Chairman and Chief Owner commented: ‘The big events in Q2 were achieving commercial production at Gold Bar in late May and the high-grade exploration results from the Black Fox properties. Production results in the quarter were mixed. San José and El Gallo, which accounted for 62% of our Q2 production, performed well this quarter. At Gold Bar and Black Fox, we have had our head down and were pushing hard all quarter long. While both mines delivered better production in Q2 than in Q1, we didn’t achieve our forecast numbers. As a result, we have reduced our 2019 production guidance for gold by 6%.’

‘Our recent progression into the lower grade Diluvio zone demands a very focused mining approach in order to realize Mercedes full potential,’ stated John Begeman, Executive Chairman of Premier. ‘We will continue to adjust to the challenges associated with lower grade ores while we exploit opportunities elsewhere in the mine. We have many positive developments elsewhere in the Company that will contribute to our success this year.’

Octavio Alvídrez, Chief Executive Officer, said: ‘Production has continued to recover towards target levels since the first quarter as we begin to see the positive impact of operational measures and investments we have made into infrastructure, equipment and infill drilling, in particular at our Fresnillo and Saucito mines. The improvement and growth initiatives at all our operations, combined with the impact of the change to the accounting treatment of stripping costs at Herradura, have resulted in higher costs for the period.’

Silver Spruce will use some of the proceeds from the sale of the Kay Mine to immediately fund the due diligence program at its advanced Cocula gold project.

PRIZE MINING CORPORATION announces that the Company has appointed Mr. Dino Minichiello to the Company’s Board of Directors. The Company is also, subject to regulatory approval, awarding options to directors, officers, employees and consultants to the company.