EXK - Exploring Mining Podcast Episode 83: News from (NYSE: AGI) (NYSE: EXK) (TSXV: BTR) (TSXV: SCZ)
Point Roberts, WA and Delta, BC - July 14, 2020 (Investorideas.com Newswire) Investorideas.com, a global investor news source covering mining and metals stocks releases today's edition of Exploring Mining Podcast, featuring stock news from TSX, TSXV, CSE, ASX, NASDAQ, NYSE companies plus interviews with CEO's and leading experts.
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Exploring Mining Podcast Episode 83: News from (NYSE: AGI) (NYSE: EXK) (TSXV: BTR) (TSXV: SCZ)
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Alamos Gold Inc. (NYSE:AGI) has reported new results from surface and underground exploration drilling at its Island Gold Mine. Alamos President and CEO, John A. McCluskey, said:
"Island Gold has seen exceptional growth over the last several years with the deposit doubling in size since we acquired it in 2017. This includes the addition of nearly one million ounces of Mineral Reserves and Resources through our 2019 exploration program to now total 3.7 million ounces. This growth has been incorporated into a Phase III Expansion Study of the operation which we will be releasing the details of later this week."
Endeavour Silver Corp. (NYSE:EXK) has announced strong economic results from the final Pre-Feasibility Study of the Terronera Mine Project in Jalisco state, Mexico. Some highlights include: an after-tax net present value of $137 million, after-tax internal rate of return of 30 percent, and life of mine annual production averaging 3 million oz silver and 32,800 oz gold for 5.9 million oz silver equivalent at an 89:1 silver:gold ratio over an initial 10 year mine life. The company's CEO Bradford Cooke said:
"At current spot prices, the project exhibits the exceptional economics that one would expect from such a shallow, thick and rich silver-gold vein system. Endeavour now plans to complete a Feasibility Study at an estimated cost of $1.8 million over the next 12 months. Terronera represents our next core asset and once built, should become our largest and lowest cost mine."
Bonterra Resources Inc. (TSXV:BTR) has resumed its 2020 drill program this week at the Moroy, Gladiator and Barry projects which had previously been suspended on March 17, 2020 in response to COVID-19. According to the press release, "an additional 56,000 meters of drilling is planned for the remainder of 2020, which includes 20,000 m of surface and underground drilling at Moroy, 16,000 m at Gladiator and 20,000 m at Barry." Pascal Hamelin, Interim CEO and VP, Operations commented:
"We are very excited to resume our exploration activities in the Urban-Barry and the Bachelor camps as we have excellent targets to follow up on. I wish to thank our employees and suppliers for their continuous support and effort in maintaining all our assets in excellent shape for a safe resumption."
Santacruz Silver Mining Ltd. (TSXV:SCZ) has reported its Q1 financial and production results for 2020. The company's consolidated mining operations generated a gross loss of $1.87 million with a net loss after taxes of $87,000. Carlos Silva, CEO of Santacruz, explained:
"With the acquisition of Carrizal Mining now complete our focus has shifted to streamlining operations for improved efficiency. Our primary focus is to get the Zimapan operations back to historic throughput levels - a task that has been made more challenging by taking the necessary COVID-19 precautions at the beginning of March. Rosario's contribution to earnings is expected to increase as mining operations begin to access higher grade material and efforts are made to increase throughput. The one-time cost of shutting the Veta Grande operations increased our cost per ounce metrics in the current quarter, but with operations curtailed these costs are not forecast to flow through to future periods. The costs of managing an effective COVID prevention program will weigh on our Q2 results, but with improved silver prices we expect to have a strong Q3."
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