“Strong, low cost production generated operational cash flow of $282 million in 2019, which allowed Pan American to retire $60 million of debt, dividend approximately $29 million to shareholders, invest in new projects such as our La Colorada skarn discovery, and increase our cash position,” said Michael Steinmann, President and Chief Executive Officer of the Company.
“We reported a solid fourth quarter and 2019. We met our production guidance for the fifth consecutive year, and we met our cost guidance with a 10% reduction in total cash costs from a year ago. Stronger gold prices and lower costs drove a 40% increase in operating cash flow,” said John A. McCluskey, President and Chief Executive Officer.
“Higher precious metals prices and strong performance from our primary gold operations drove a 14% increase in revenue, an 11% increase in adjusted EBITDA, and a four-fold increase in operating cash flow,” said Mitchell J. Krebs, President and Chief Executive Officer.
Mexican Gold is preparing for an upcoming drill program to follow-up the discovery of a high-grade gold occurrence in a previously unexplored area near the Cinco Senores prospect where the Company intersected 21.37 g/t gold over 2m and 8.94 g/t gold within the entire 5.2m altered zone in hole LM-19-CS-13.
Colibri Resource Corporation is pleased to announce that it has received the required drilling permits from SEMERNAT (Mexico Secretariat of Environment and Natural Resources) for its maiden drilling program at its Evelyn Gold Project located 60 km NW of Caborca Mexico.
Commander Resources Ltd. is pleased to report results from a 70 line kilometre Induced Polarization survey completed at the Company’s Pedro Gold project in late 2019. The Pedro property is located 100 Km from Torreon, Mexico in the northeastern part of the State of Durango and approximately 30 km west of the town of Mapimi. The wholly owned 1,750 ha property was acquired directly by Commander in 2016 from Bearing Lithium.
Kootenay Silver Inc. is pleased to announce the commencement of a 7,000-meter Phase II core drilling program following up on high grade results from the 2019 campaign at the Columba silver project in Chihuahua State, Mexico.
Newmont Corporation announced today that its Board of Directors unanimously approved investment in an Autonomous Haulage System at Boddington in Australia to enhance safety and productivity, while also extending mine life. Once fully operational in 2021, Boddington will be the world’s first open pit gold mine with an autonomous haul truck fleet.
“First Majestic had another strong year generating record revenues and ending the year with the highest cash balance in the Company’s 18-year history,” said Keith Neumeyer, President and CEO of First Majestic.
The proceeds of the Placement will be used entirely to fund drill programs on the Company’s high-grade silver-gold exploration projects in Mexico. The Placement is expected to close by March 31, 2020.
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