Pete Dougherty, President and CEO stated: “We generated nearly $40 million in cash flow during the third quarter in spite of the usual productivity challenges we typically experience due to the rainy season in Mexico.”
Mining operations commenced during the third quarter, including drilling, blasting, and hauling of ore and waste. Construction of the primary and secondary crushers is complete and the overland conveyors and heap leach stacking system were installed and are being commissioned.
“The exciting progress being made at each of our investments demonstrates Empress Royalty’s ability to invest in high quality projects with strong management teams creating long term value for both our shareholders and the shareholders of our mining company partners,” stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty.
“This $40 million facility bolsters our liquidity and increases our financial strength as we ramp up at Juanicipio and transition to commercial production.”
“At a high level, as discussed at length in the joint circular, the arrangement will combine two large, efficient gold operators primarily exposed to a selection of low-risk mining jurisdictions, with the arrangement ultimately expected to create the largest gold producer in Canada.”
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