Day: November 6, 2019

“In the third quarter, the Company was challenged by the continued low overall equipment availability of the aged mine fleet at the Florida Canyon Mine. We announced in early October the acquisition of a new loading and haulage fleet for Florida Canyon. This new equipment, a significant portion of which is already in operation, will have an immediate, meaningful positive impact on operations. Mine fleet availabilities in the third quarter were below 50%, and frankly, we did well to operate at roughly an operating cash flow neutral position,” said Mark Backens, President and CEO.

At the La Trinidad mine in Sinaloa, Mexico, gold production is nearing conclusion, with gold sales being used to fund ongoing reclamation and severance costs. Nearly all of the mining and process plant equipment has been moved to the United States with the exception of the laboratory equipment, which will be moved to Nicaragua imminently. Surplus equipment is expected to be sold over the coming months.

“Our operations performed well in Q3, generating $81.9 million in operating cash flow,” said Michael Steinmann, President and Chief Executive Officer.

The agreement was first announced on October 30th, 2018. Yaque is a private gold exploration company owned by a non-arms length company called OnTop Capital. The $1 million CAD purchase is being made by way of a five-year convertible debenture bearing 2.5% annual interest and carries a $0.20 per share conversion privilege.

Mr. Thicke joined Sean Waller, past-President and Joanne Freeze, CEO as a key member of the Candente Group management team in January 2010. “We were so blessed to have such a great friend and experienced and successful porphyry copper expert join us to lead our exploration team,” comments Sean Waller.

“Metal recoveries were lower than planned this quarter, which impacted revenues and by-product credits,” stated Brendan Cahill, President and CEO.