McEwen Mining Inc. (NYSE, TSX: MUX) had record production in 2015, reporting a 22% increase year-over-year to 154,529 gold-equivalent ounces. The company lists production guidance of 141,000 gold-equivalent ounces for 2016. The company says it has no debt, with a $5.2 million line of credit repaid in full, while it has $32 million in cash, cash equivalents and precious metals. Also, a semiannual dividend of $0.005 per share will be paid on Feb. 12 to shareholders of record after the close of business on Feb. 3. The El Gallo mine in Mexico had a record year, with 2015 output 64% higher at 63,366 gold-equivalent ounces, up from 38,556 ounces in 2014, slightly exceeding revised guidance. In the fourth quarter, the mine produced 11,092 gold-equivalent ounces, compared to 14,236 during same period in 2014. Fourth-quarter production was deliberately slowed as part of the optimized mine plan, and will accelerate significantly next quarter as a result of a higher average ore grade crushed in the fourth quarter, McEwen says. Meanwhile, production from the San José mine in Argentina in 2015 was 47,353 gold ounces and 3,285,751 silver ounces, for a total of 91,163 gold-equivalent ounces. Compared to 2014, gold and silver production was up 3% and 4% respectively. For the October-December period, production was 14,424 gold ounces and 976,879 silver ounces, for a total of 27,449 gold-equivalent ounces. “The newly elected government in Argentina has taken several steps that improve operating conditions for mining companies by eliminating the 5% export taxes on gold in doré, and by officially revaluing the Argentine peso lower,” McEwen Mining says.
By Allen Sykora of Kitco News; asykora@kitco.com
Argonaut Gold Reports Hitting Expected Production Level During 2015
Wednesday January 13, 2016 08:28
Argonaut Gold Inc. (TSX: AR) says it met production guidance with 139,059 gold-equivalent ounces in 2015, up from 136,706 in 2014, and increased its cash balance to $46 million. Argonaut also lists 2016 guidance of between 130,000 and 140,000 gold-equivalent ounces at cash cost of $750-$800 an ounce. Fourth-quarter output was 30,399 gold-equivalent ounces, down 31% from the prior-year period. “We overcame many obstacles while meeting production guidance and completing key capital programs, including the payment of the final installment for the acquisition of the San Agustin project,” says Pete Dougherty, president and chief executive officer. “We have reorganized our operations to operate in a lower gold-price environment and have completed the bulk of our capital projects at our operating assets. These actions have placed us on solid footing to move forward and continue to maintain a strong balance sheet, even in a lower gold price environment.”
By Allen Sykora of Kitco News; asykora@kitco.com
Dundee Precious Metals Achieves 2015 Production Guidance
Wednesday January 13, 2016 08:28
Dundee Precious Metals Inc. (TSX: DPM) says the company achieved its 2015 production guidance. Dundee reports gold output of 139,800 ounces, copper output of 42.5 million pounds, zinc production of 11.9 million pounds and silver output of 703,300 ounces. “In the face of deteriorating metal prices, our focus remains on optimizing the performance of all of our assets and reducing our spending,” says Rick Howes, president and chief executive officer. “With the major capital investments associated with our non-discretionary capital spend at the smelter coming to an end, we are working towards delivering positive free cash flow in 2016.”
By Allen Sykora of Kitco News; asykora@kitco.com
Steven Osterberg Named Chief Executive Officer Of Timberline Resources
Wednesday January 13, 2016 08:28
Timberline Resources Corp. (NYSE MKT: TLR; TSXV: TBR) announces that Steven Osterberg will become president, chief executive officer and director effective Jan. 21, succeeding Kiran Patankar as CEO. Osterberg’s 25 years of mining industry experience includes small, mid-sized and major mining companies, plus mining engineering consulting firms. He has served the past four years as Timberline’s vice president of exploration. “His successful history at Timberline, together with his diverse professional experience and intimate knowledge of our precious metals projects, will provide continuity within the company and allow a smooth transition in management moving forward,” says Timberline’s chairman of the board, William M. Sheriff.
By Allen Sykora of Kitco News; asykora@kitco.com
Rubicon Announces NYSE MKT Notification Suspending Trading, Planned Delisting
Wednesday January 13, 2016 08:28
Rubicon Minerals Corp. (TSX: RMX; NYSE MKT: RBY) reports that it received notice, dated Jan. 11, that the staff of NYSE Regulation, Inc. has decided to suspend trading of Rubicon shares immediately and begin proceedings to delist the common stock from NYSE MKT LLC. “The exchange notified the company that it no longer complied with the continued listing standards…due to the low selling price of the company’s common stock. Therefore, the company’s securities are subject to being delisted from the exchange,” Rubicon says. Rubicon’s common shares will continue to be listed on the Toronto Stock Exchange. Also, the company says, management expects that shares will continue to be quoted on U.S. over-the-counter markets following the delisting.
By Allen Sykora of Kitco News; asykora@kitco.com
