Day: November 13, 2019

“We are continuing with the plan to mill higher grade ore producing more profitable ounces and we believe we are on the right track. This last quarter has reflected all the measures taken to reduce costs and improve ore grade and we have shown a steady improvement each month. The number of meters developed in preparation and exploration continues to increase and it has contributed to the steady increase of production and reserves.” reported Salvador Garcia, Chief Operating Officer of the company.

Igor Gonzales, President, and CEO of Sierra Metals stated: “I am proud of the Company’s achievements in the third quarter. We were able to generate one of the Company’s highest quarters of operating cash flows of $21.8 million, with free cash flow of $1.9 million despite lower metal prices as a result of record quarterly consolidated equivalent metal production and throughput.”

“As we approach the end of 2019, the Company remains on-track to deliver first gold pour before year end at Relief Canyon, on time and on budget,” said Americas President & CEO Darren Blasutti. “The Cosalá Operations continues to outperform our expectations. A solid Recapitalization Plan with the necessary capital from Eric Sprott provides a clear path forward to increase production with reduced costs at the Galena Complex.”

“We are excited for the company to be venturing into the fast-growing market for IoT applications, and to be able to bring Industrial IoT applications to companies within our resource network. Canuc’s exclusive rights for energy and mining sector IoT applications in key jurisdictions in North America can bring meaningful success at a time when these technologies are revolutionizing extractive industries with productivity, logistical and safety improvements” stated Chris Berlet, CEO of Canuc.

The Private Placement consists of a total of 96,013,901 units priced at $0.015 for proceeds of $1,440,208.51.

Proceeds of the loan will be primarily used for exploration activities at the Company’s Evelyn and El Mezquite gold projects as well as for general working capital purposes.

Exploration expenses were $0.9 million in the third quarter, reflecting work at Sand Canyon (Nevada), Yoquivo, Santa Maria and other properties primarily in Mexico, as well as property holding costs and allocated administrative expenses.

“We are excited to see the addition of South Arturo to the Company’s production profile, which is expected to positively affect our fourth quarter”, stated Ewan Downie, President & CEO. “We continue to advance multiple improvements at Mercedes aimed at increasing production and reducing costs.”