Day: May 6, 2020

Great Panther Mining Limited announces that two employees that live in the nearby communities of the Tucano Gold Mine in northern Brazil have tested positive for the COVID-19 virus. Both employees are stable with mild symptoms and remain in isolation at home monitored daily by the local health authority.

Arturo Bonillas, President and Chief Executive Officer of Magna, stated, “With a stronger balance sheet and operating team, we look forward to getting back to the mine to start implementing our plans to re-establish a profitable mining operation. We see several prospects to enhance shareholder value and through a focused operating approach, we believe our team can begin surfacing this value in the near-term.”

Commenting on the update, Mithril’s Non-Executive Director and Company Secretary, Adrien Wing, said: “We remain thankful to be able to report that there are currently no known cases of COVID-19 for any of the Sun Minerals employees, contractors or their families in the communities near the Copalquin Project. The local team are monitoring the situation and are proactively working with the community.”

Under the terms of the agreement a subsidiary of Alio Gold, Timmins Gold Corp Mexico S.A. de C.V., a company organized under the laws of Mexico, has received 9,740,000 common shares of Magna and will receive $5 million in cash (or a 1% NSR royalty in respect of the San Francisco Mine, if the cash payment is not made by Magna) within twelve months.

David Wolfin, President and CEO commented, “Avino had a strong first quarter that included a 10% increase in silver equivalent payable ounces sold, a 6% increase in revenues and a significant increase in mine operating income compared to Q1 2019. We were also able to transition to full production from the Avino mine, in keeping with our scheduled mine plan.”

Added Mr. Steinmann: “Cash flow generation of $114.1 million in Q1 reflects the Company’s strong operating performance before the impact of the COVID-19 related mine suspensions. However, earnings in the period were significantly impacted by non-cash, mark-to-market investment losses and non-cash tax expense due to COVID-19 related currency devaluations.”

Jorge A. Ganoza, President and CEO, commented, “At Fortuna, we are committed to integrate sustainability into our business strategy in an open and transparent manner.”

“The Company is pleased to close the oversubscribed financing and welcomes Alamos as a strategic investor,” stated Brian Skanderbeg, President and CEO of GFG. “With a strong treasury and multiple highly prospective targets, we are excited to resume our 2020 exploration programs to demonstrate the potential for the Pen Gold Project to host multiple gold deposits next to the world-class Timmins gold camp.”

Portree holds various legal or royalty interests in certain mineral properties in Mexico, including the Company’s Bilbao property and an asserted claim to a 2% net smelter royalty on six mining concessions located adjacent to the Cozamin Mine in Zacatecas operated by Capstone Mining Corp.