#ExploringMining
#Podcast – #Mining News from (NYSE: $AEM) (NYSE: $FSM) (NYSE AMERICAN: $GORO)
(TSXV: $AGG.V) (TSXV: $AZR.V)
Point Roberts WA, Delta BC, October 8, 2019
Investorideas.com, a global
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Mining Podcast, featuring stock news from TSX, TSXV ,CSE, ASX, NASDAQ,
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Agnico Eagle Mines Limited (NYSE:AEM) has achieved commercial production at the firm’s Amaruq
satellite deposit at the Meadowbank Complex on September 30, 2019. Agnico CEO
Sean Boyd said:
"Congratulations
to all of our employees at Amaruq for achieving commercial production in line
with the original schedule despite ongoing challenges related to dewatering and
adverse weather conditions in the second and third quarters of 2019. We would
also like to thank the various government agencies and the local communities
for their continued support in Nunavut. With the start of production at both Amaruq
and Meliadine in 2019, the Company is well positioned to deliver on its goal of
generating net free cash flow in the second half of this year. This is expected
to allow us to reduce net debt and potentially increase the dividend while
continuing to steadily grow our business.”
Fortuna Silver Mines Inc. (NYSE:FSM) has announced the full exercise and closing of the
over-allotment option granted to the underwriters – CIBC Capital Markets,
Scotiabank and BMO Capital Markets. Fortuna issued and sold the underwriters an
additional $6 million USD aggregate principal amount of 4.65% senior
subordinated unsecured convertible debentures pursuant to the exercise of the
over-allotment option, in connection with the company’s bought deal offering
that closed on October 2, 2019, for an aggregate principal amount of US$40
million 4.65% senior subordinated unsecured convertible debentures.
Gold Resource Corporation (NYSE AMERICAN:GORO) has reached commercial production levels at its
Isabella Pearl gold mine, located in Mineral County, Nevada. Gold production at
the site has been increasing since April 2019, when the first dore bar was
produced. According to the press release, currently “2,000 ounces of monthly
gold production at Isabella Pearl is expected to continue generating positive
cash flow by covering operational costs at the project assuming a gold price of
$1,450 per ounce”. Jason Reid, CEO and President of Gold Resource Corporation,
commented:
“I
am very pleased to report the Isabella Pearl mine, which broke ground and
produced first dore in just ten months, has reached commercial production
levels just sixteen months after breaking ground on the project in June 2018.
Our team has worked extremely hard these past few months navigating the
challenges of mine commissioning, managing construction contractor difficulties
and the typical production ramp up of a new mine. I am very excited that during
the month of September the Isabella Pearl mine moved into a phase where mining
and processing rates and ore placement are now expected to generate positive
cash flow on a consistent basis. This is a milestone for any mining project and
should have a significant impact on the Company’s overall revenues and net
income moving forward.”
African Gold Group, Inc. (TSXV:AGG) has reported the results of the company’s election
of directors and an extension on its private placement. The election resulted
in the nominees listed in the management proxy circular dated September 10,
2019 being re-elected as directors. Additionally, the company has received an
extension from the TSX Venture Exchange with respect to the duration of its
previously announced private placement to November 6, 2019.
Azarga Metals Corp. (TSXV:AZR) has completed a geophysical survey on its Unkur
Copper-Silver Project in Eastern Russia, allowing a drilling program to start.
An excerpt from the press release outlines the progress:
“…a
geophysical contractor has now completed both a ground magnetic survey and nine
induced polarization (IP) traverses, totaling 28-line kilometers at Unkur.
Magnetic survey data already existed over the northwest part (representing
about 20%) of the Unkur property - where all of the previous drilling and all
of the current resources are located.”
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