Month: May 2024

Excellon Resources Inc. is pleased to announce that, further to the Company’s news releases dated April 4, 2024 and April 15, 2024, it has closed the final tranches of its previously announced non-brokered private placement offering of units of the Company pursuant to which the Company sold an additional 3,414,555 Units at a price of $0.18 per Unit for additional aggregate gross proceeds to the Company of approximately $614,620.

Silver Viper Minerals Corp. announces that it has closed the final tranche of its non-brokered private placement financing pursuant to the Listed Issuer Financing Exemption of National Instrument 45‑106 – Prospectus Exemptions announced on April 4, 2024. The Final Tranche was comprised of 2,638,000 units of the Company issued at a price of $0.10 per Unit for aggregate gross proceeds of $263,800.

“We are very pleased with the strategy that KCA has brought to our Tailings Reprocessing project,” says Joanne Freeze, President and CEO of Xali Gold. “We received the Change of Soil Usage permit almost a year ago, which allows the Tailings to be moved out of the historical deposition site from within the town of El Oro.”

“At our flagship Magino Mine, ramp up of mining and milling activities during the first quarter of the year proceeded at a slower rate than planned. Mining rates were lower than planned due to low loader availability. However, mining rates are improving, as expected with a second PC3000 shovel commissioned in late April, which has resulted in mining rates of 65,000 tonnes per day during the first part of May.”

Tony Makuch, CEO, commented: “During Q1 2024, we achieved a major milestone with the release of the Feasibility Study for our Cordero Project. The Study results clearly establish Cordero as one of the world’s largest silver development projects both in terms of reserves and estimated production. The Project will average 37 million silver equivalent ounces annually over the first 12 years with low unit costs that will generate attractive economic returns.”

“We continue to strive to be a gold mining company of choice, that effectively finds, builds, and operates high quality gold mines. In keeping with these objectives, we started 2024 with continued strong gold production at Camino Rojo generating meaningful free cash flow, we enhanced our landholdings in Nevada with the acquisition of Contact Gold, and our exploration program in Mexico is progressing as planned and returning exciting results.”

N. Eric Fier, CEO, commented, “We are proud to deliver another quarter of strong financial and operational performance. Our ability to deliver consistent results is a function of the operational and financial flexibility we have created, which was showcased in a number of ways this quarter. The planned mobilization of our new underground mining contractor began in February, with ramp-up of the underground benefiting from excellent cooperation between our new and outgoing contractors leading to a 10% increase in average daily mining rates from Q4, 2023.”

“Today’s results are the best from the 4-T Trend to date and rank as a top five drill intersect in Tocvan’s history of drilling at Pilar. Gold mineralization intersected in hole JES-24-77 is close to surface, projecting to workings exposed along a low rolling ridgeline much like the Main Zone.”

MAG Silver Corp. announces the Company’s unaudited consolidated financial results for the three months ended March 31, 2024.