The proceeds from the Private Placement are expected to be used by the Company to complement the Zimapan Assets acquisition, to accelerate exploration activities at the Horizontes (Lomo del Toro) area and for general working capital and corporate purposes.
Mike Struthers, CEO, commented: “Both Neil and myself are very pleased to have joined Candelaria at this time, to help the Candelaria team take the Company to the next level. A goal for the next 12 months is to successfully execute the Pinos project and bring that mine back into production, in parallel with executing what we believe could be a very successful exploration program at the company’s flagship asset, the Caballo Blanco mineralised district.”
“The epithermal system in the San Juan Area of the Plomosas Project is showing evidence of being predominantly mineralized with silver. The Company continues to encounter a series of mineralized intersections close to surface, representing a target area with the potential for a future shallow underground mine development. As a result, we have been encouraged to continue surface drilling in 2021 on extensions to the existing veins that make up a 2 km long mineralized system at the San Juan Area.”
“For 2020, Great Panther delivered record mine operating earnings of $84 million ($0.24 per share), significantly strengthening the balance sheet, and successfully added reserves and resources through our result-driven exploration programs,” stated Rob Henderson, President and CEO.
Heliostar CEO, Charles Funk, commented, “We are excited to get our geologists in the field on our three projects in Mexico. This district is a new hotspot for gold and silver discoveries with two operating precious metals mines, a third in construction and multiple discoveries within the last few years.”
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