Month: May 2020

Proceeds of the private placement will be used for funding exploration of the Buck property and working capital.

Dan O’Flaherty, CEO of Maverix, commented, “Despite global challenges due to COVID-19, Maverix had a strong start to the year, increasing our revenue and operating cash flow significantly by 64% and 128%, respectively, compared to Q1 2019. Our results demonstrate the strength of the diversified portfolio that we have established.”

The report, entitled “Preliminary Economic Assessment NI 43-101 Technical Report of the Velardeña Project, Durango State, Mexico” is dated May 8, 2020 and was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects by the independent firm of Tetra Tech.

CEO, Glenn Jessome, states, “We believe this name change more accurately reflects the Company’s evolution as an emerging high-grade silver deposit in Sonora, Mexico. The new Silver Tiger name pays homage to the property’s namesake historic El Tigre mine. The old El Tigre mine produced over 200 million silver equivalent ounces at an average grade of over 2 kgs per ton from 1903 to 1938.”

The Company intends to use the proceeds from the Non-Brokered Private Placement for exploration of the Alamos Silver project and general working capital purposes.

Jorge A. Ganoza, President and CEO, commented, “Our results in the quarter were marked by lower production at the San Jose Mine, negative metal price adjustments at the end of March, and an unusually high income tax provision related to the devaluation of the Mexican peso. These factors compounded to reflect an adjusted net loss of $2.2 million.”

The Report dated May 8, 2020, with an effective date of December 31, 2019 is entitled “Independent Technical Report on Resources and Reserves, Bolivar Mine, Mexico”. The Report was prepared for Sierra Metals by SRK Consulting (Canada) Inc. There are no material differences in the Report from those results disclosed in the Company’s press release dated March 31, 2020.

“We will be holding a virtual annual meeting and will have a presentation on our response to COVID-19, key investment considerations, and a deep dive into the silver and gold markets.”