ALL NEWS RELEASES

  • Bear Creek Mining Announces Results of Updated Corani Feasibility Study

    VANCOUVER, June 2, 2015 /CNW/ - Bear Creek Mining Corporation (TSX Venture: BCM) ("Bear Creek" or the "Company") is pleased to announce the results of an updated feasibility study for its 100% owned Corani silver-lead-zinc deposit (the "2015 Corani Feasibility Study"), which, among other things, results in a reduction in total costs and optimization of the metallurgy and mine plan. Corani hosts one of the world's largest Read More

  • Turkish High Court Issues Ruling Reinstating Kirazli EIA Permit

    TORONTO, ONTARIO--(Marketwired - June 2, 2015) - Alamos Gold Inc. (TSX:AGI)(NYSE:AGI) ("Alamos" or the "Company") today reported that the Turkish High Administrative Court has overturned a Lower Court ruling that cancelled permits granted to Alamos by the Ministry of the Environment and Urbanization (the "Ministry"). The Environmental Impact Assessment ("EIA") certificate for the Kirazli gold project has now been reinstated. The Ministry previously signed and issued formal approval Read More

  • Excellon Releases Positive Preliminary Economic Assessment on Platosa Optimization Project

    TORONTO, ON--(Marketwired - June 02, 2015) - Excellon Resources Inc. (TSX: EXN) (OTC: EXLLF) ("Excellon" or the "Company"), Mexico's highest grade silver producer, is pleased to announce the completion of an independent preliminary economic assessment ("PEA") by Roscoe Postle Associates Inc. of the previously announced optimization project on the Platosa Mine in Durango, Mexico (refer to press release dated April 27, 2015). The results of the PEA will Read More

  • Thompson Creek Metals Company Provides Update on Mount Milligan Operations

    DENVER, June 2, 2015 /CNW/ - Thompson Creek Metals Company Inc. (NYSE: TC) (TSX: TCM) ("Thompson Creek" or the "Company") announced today an update on mill operations and throughput at Mount Milligan Mine.  Over the past few months, various adjustments and modifications were made at Mount Milligan to address operational challenges experienced during the first quarter of 2015. While additional improvements are expected to be completed in Read More

  • Cabo Drilling Announces Third Quarter Results

    NEW WESTMINSTER, BRITISH COLUMBIA--(Marketwired - June 2, 2015) - Cabo Drilling Corp. ("Cabo" or the "Company") (TSX VENTURE:CBE) reports the results for its third quarter of fiscal year 2015, ended March 31, 2015. 3rd QUARTER HIGHLIGHTS Three months ended March 31 Nine months ended March 31 (CDN $000s, except earnings per share) 2015 2014 2015 2014 Revenue 2,975 4,806 10,643 18,277 Gross Margin 259 129 1,100 1,803 Gross Read More

  • Sphinx Acquires Marbridge High-Grade Nickel-Copper Mine Project From Royal Nickel Corporation

    MONTRÉAL, QUÉBEC--(Marketwired - June 2, 2015) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) is pleased to announce the execution of an arm's length property purchase agreement (the "Agreement") with Royal Nickel Corporation ("RNC") for the purchase of 100% of the Marbridge nickel-copper mine project ("Marbridge"). This project comprises eight (8) claims and two (2) mining concessions for a total surface area of about 5.8 km2 Read More

  • Energy Fuels to Present at Cantor Fitzgerald's 2nd Annual Global Uranium Conference on Thursday, June 4, 2015; Live Webcast Available

    LAKEWOOD, COLORADO--(Marketwired - June 2, 2015) - Energy Fuels Inc. (TSX:EFR)(NYSE MKT:UUUU) ("Energy Fuels" or the "Company") is pleased to announce that Stephen P. Antony, President and CEO of Energy Fuels, will be presenting at Cantor Fitzgerald's 2nd Annual Global Uranium Conference on Thursday, June 4, 2013 at 8:30 am (Eastern) in New York City. Mr. Antony will discuss the Company's recent major accomplishments, including its emergence as Read More

  • Inca One Hires Rafael Rossi as Director of Finance and Administration, Peru

    VANCOUVER, BC--(Marketwired - June 02, 2015) - INCA ONE GOLD CORP. (TSX VENTURE: IO) ("Inca One" or the "Company"), is pleased to announce that it has hired Rafael Rossi as Director of Finance and Administration, Peru overseeing the finance and administrative functions of the Company's Peruvian subsidiaries. Mr. Rossi is a senior finance executive with significant experience in the Peruvian mining sector, most recently with Barrick Gold Corp. Read More

  • Declan Announces Completion of Davidson River Work Program

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 2, 2015) - Declan Resources Inc. ("Declan" or the "Company") (TSX VENTURE:LAN) is pleased to provide an update on the winter exploration program completed at the Company's wholly owned Davidson River Property (the "Property"). The Property consists of 5 claims totaling 25,351 hectares along the southern margin of the Athabasca Basin, located between 18 and 38 kilometers due west of Fission Uranium's Patterson Read More

  • Lara Exploration Ltd.: Letter of Intent Signed for the Picha Project in Peru; Goldplata Letter of Intent Terminated

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 2, 2015) - Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) reports that it has signed a Letter of Intent ("LOI") whereby the Kiwanda Group ("Kiwanda"), can acquire the Company's rights to the Picha Copper Project ("the Project") in southern Peru. The Company has also terminated the LOI signed in December 2014 with Goldplata Mining International Corporation ("Goldplata"). Kiwanda LOI: Under the Read More

  • Leading Independent Advisory Firms ISS and Glass Lewis Recommend Shareholders of Allana Potash Corp. Vote FOR the Proposed Arrangement

    TORONTO, ONTARIO--(Marketwired - June 2, 2015) - Allana Potash Corp. ("Allana" or the "Company") (TSX:AAA) is pleased to announce that both Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis"), two leading independent proxy advisory firms, have recommended that shareholders of Allana support the proposed plan of arrangement (the "Arrangement") between Allana and Israel Chemicals Ltd. ("ICL") at the special meeting of shareholders scheduled Read More

  • Pershing Gold to Present at 2015 LD Micro Invitational

    LAKEWOOD, Colo., June 2, 2015 /CNW/ -- Pershing Gold Corporation (OTCQB:PGLC) ("Pershing Gold" or the "Company"), an emerging Nevada gold producer today announced that Stephen Alfers ("Alfers"), Pershing Gold's Executive Chairman, CEO and President, will present at the 2015 LD Micro Invitational (the "Conference"). The Conference will be held at the Lux Hotel in Los Angeles, California.  Alfers will make a presentation at the Conference on Wednesday, June Read More

  • 49 North Resources Inc. Announces the Completion of the Restructuring of its Series B Debentures

    SASKATOON, SK, June 2, 2015 /CNW/ - 49 North Resources Inc. ("49 North" or the "Company") (TSXV: FNR) has closed the exchange of its 9% Convertible Unsecured Subordinated Debentures due June 29, 2017 (the "Debentures") for 150 common shares (the "Common Shares") of the Company, 25 first preferred series 1 shares (the "Preferred Shares") of the Company and $25 principal amount of a new 2.5% senior secure Read More

  • Cerro Grande Mining Corporation Announces its Second Fiscal Quarter Ended March 31, 2015

    TORONTO, June 2, 2015 /CNW/ - Cerro Grande Mining Corporation (the "Company" or "CEG") (CSE: CEG) (OTCQB: CEGMF) reported its unaudited results for its second fiscal quarter ended March 31, 2015 compared to the same quarter in 2014 and results for the six months fiscal period ended March 31, 2015 compared to the same 6 months period in 2014. These financial statements and MD&A have been filed Read More

  • Kalimantan Gold Closes Private Placement

    White Rock, British Columbia (FSCwire) - Kalimantan Gold Corporation Limited (the “Company”) is pleased to announce that has closed a brokered private placement announced on May 28, 2015.  The Company has issued common shares at a price of £0.012 per share for total gross proceeds of approximately £1.3 million (approximately equivalent to CDN $2.5 million at CDN $0.023 per share).  The Company paid an aggregate of £65,000 Read More

  • Augustine Announces Red Pine Exploration Provides Wawa Gold Project Update

    Toronto, Ontario--(Newsfile Corp. - June 2, 2015) - Augustine Ventures Inc. (CSE: WAW) ("Augustine") recently entered into an assignment and assumption agreement with Red Pine Exploration Inc. (TSXV: RPX) ("Red Pine") and Citabar Limited Partnership ("Citabar") effective December 11, 2014 (the "Assumption Agreement") pursuant to which the parties agreed to amend the Surluga Property Option Agreement ("Option Agreement") to earn in an interest in the Wawa Gold Project. Read More

  • Red Eagle Mining continues to advance the San Ramon Gold Deposit during Q1 2015

    VANCOUVER, June 2, 2015  /CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) is pleased to announce financial results for the quarter ending March 31, 2015 and business highlights to date, including advancements at Red Eagle Mining's San Ramon Gold Mine in Antioquia, Colombia.  Highlights include: Appointed Mr. Chui Wong, Chartered Accountant, as Chief Financial Officer (news release dated May 25, 2015); Key long Read More

  • Oroco Amends Promissory Note Payment Terms

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - Oroco Resource Corp. (TSX VENTURE:OCO) ("Oroco" or "the Company") announces that it has agreed with Goldgroup Mining Inc. ("Goldgroup") to amend the payment terms for the $1,000,000 balance of principal remaining owing from the US$1,500,000 promissory note (the "Note") issued by Goldgroup pursuant to terms of the Cerro Prieto property sale (see the Company's news release dated September 3, 2013). Read More

  • True Gold Mining Reports Q1 2015 Financial & Operating Results

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") reported the financial results and business highlights for the three months ended March 31, 2015. FIRST QUARTER HIGHLIGHTS AND SUBSEQUENT EVENTS Strengthened Leadership Team Appointed Christian Milau as Chief Executive Officer, effective April 27, 2015. Mr. Milau joined True Gold from Endeavour Mining Corporation, where he served as Executive Read More

  • North American Tungsten Announces a Series of Temporary Layoffs

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) ("NTC" or "the Company") announces a series of temporary layoffs of employees at the Company's Cantung mine over a six week period of time. Depressed tungsten prices have had a significant negative impact on operating results during calendar 2015. In addition, operating results have been negatively impacted by a number of operational issues Read More

  • Hudbay Announces Collective Agreements with USW Unions in Manitoba

    TORONTO, ONTARIO--(Marketwired - June 1, 2015) - HudBay Minerals Inc. ("Hudbay" or the "company") (TSX:HBM)(NYSE:HBM) announced today that new 3-year collective agreements have been ratified by the members of United Steelworkers ("USW") Local 7106 and USW Local 9338. Combined, the two unions represent approximately 67% of Hudbay's 1,090 unionized employees at its Manitoba operations. USW Local 7106 represents production workers at the Manitoba operations and USW Local 9338 Read More

  • Vista Gold Corp. Announces Receipt of A$7.5 Million Net Tax Refund Under the Australian Government's Research & Development Incentive Program

    DENVER, June 1, 2015 /CNW/ -- Vista Gold Corp. (the "Company," "we" or "our") (NYSE MKT and TSX: VGZ) today announced that it has received an A$7.5 million (approximately US$5.7 million) Research & Development ("R&D") Tax Incentive refund, net of costs to prepare and file. This refund is related to costs we incurred in respect of the 2012 tax year.  The refund was paid under the Australian Read More

  • Thompson Creek Metals Company to Place Endako Molybdenum Mine on Care and Maintenance

    DENVER, June 1, 2015 /CNW/ - Thompson Creek Metals Company Inc. (NYSE: TC) (TSX: TCM) ("Thompson Creek" or the "Company") announced today that it and its joint venture partner, Sojitz Moly Resources, Inc. ("Sojitz"), have agreed to place the Endako molybdenum mine on care and maintenance effective July 1, 2015, due to continued weakness in the molybdenum market. Thompson Creek holds a 75% interest in the Endako Read More

  • Santacruz Silver's Shares Listed on Santiago Stock Exchange Venture

    VANCOUVER, June 1, 2015 /CNW/ - Santacruz Silver Mining Ltd. ("Santacruz" or the "Company") (TSX.V:SCZ) is pleased to announce the listing of its shares on the Santiago Stock Exchange Venture ("SSEV") under the symbol "SZCL" denominated in Chilean Pesos. The primary exchange for Santacruz will remain the TSX Venture Exchange with the symbol SCZ. This new listing will open access to a larger network of investors, which Read More

  • Red Tiger Reports Quarter Ended March 31, 2015 Results

    TORONTO, June 1, 2015 /CNW/ - Red Tiger Mining Inc., (TSXV:RMN), (the "Company" or "Red Tiger") today reported its financial and operating results for the three months ended March 31, 2015. This press release should be read in conjunction with the Company's unaudited Financial Statements for the three months ended March 31, 2015 and Management's Discussion and Analysis ("MD&A") for the corresponding period, available on the Company's Read More

  • NSX Silver: Early Warning Report

    Hammonds Plains, Nova Scotia (FSCwire) - Glenn Holmes of Hammonds Plains, Nova Scotia has acquired ownership and control of an aggregate of 450,000 common shares of NSX Silver Inc. (NSY:TSXV) (“NSX Silver”) representing 9.8% of the 4,592,957 issued and outstanding common shares of NSX Silver. The 450,000 common shares were acquired at a price per share of $0.035. Immediately after the acquisition, Mr. Holmes owns and controls 527,600 common Read More

  • Zephyr Minerals Ltd. announces results of annual and special meeting of shareholders

    HALIFAX, June 1, 2015 /CNW/ - Zephyr Minerals Ltd. ("Zephyr" or the "Corporation") (TSX-V: ZFR) is pleased to announce that at the annual and special meeting of the Corporation's shareholders held on May 29, 2015, the shareholders re-elected Loren Komperdo, David Felderhof, John Clark, David Grand and Will Felderhof as directors of the Corporation to hold office until their successors are duly elected or appointed.  Glenn Williams Read More

  • Rubicon Announces the Appointment of Bill Shand to Vice President, Operations

    TORONTO, ONTARIO--(Marketwired - June 1, 2015) - Rubicon Minerals Corporation (TSX:RMX) (NYSE MKT:RBY) ("Rubicon" or the "Company") announces the appointment of Bill Shand, P. Eng. to Vice President, Operations and the retirement of Daniel Labine, P. Eng. "Now that the construction phase is essentially complete, the Company will benefit from the experience of an operator," stated Michael A. Lalonde, President and Chief Executive Officer of Rubicon. "Bill brings Read More

  • Oracle Mining Corrects Disclosure Regarding Shares Issuable to Insider

    VANCOUVER, BC--(Marketwired - June 01, 2015) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICAOracle Mining Corp. ("Oracle Mining" or the "Corporation") (TSX: OMN) (FRANKFURT: OMC) today clarified disclosure in its news release disseminated on December 8, 2014 (the "Announcement Release"), which described the Corporation signing a non-binding indicative term sheet for a secured convertible loan facility for an Read More

  • Argex Files Preliminary Short Form Prospectus

    MONTREAL, QUEBEC--(Marketwired - June 1, 2015) - Argex Titanium Inc. (TSX:RGX) THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not Read More

  • Harte Gold Announces Date Change for Annual Meeting of Shareholders

    TORONTO, ONTARIO--(Marketwired - June 1, 2015) - HARTE GOLD CORP. ("Harte Gold") (TSX:HRT)(FRANKFURT:H4O)(OTC:HRTFF) announced today it has re-scheduled the date of its annual meeting of shareholders (the "Meeting"). The Meeting has been changed from June 24, 2015 to July 29, 2015 in order to facilitate a request from the Toronto Stock Exchange that Harte Gold seek shareholder approval of the "Heads of Agreement" (the "Agreement") with Technica Mining Read More

  • West African Files Amended and Restated 43-101 Technical Report on Mankarga 5 Heap Leach Starter Project

      Perth, Western Australia (FSCwire) - Gold developer, West African Resources Limited (ASX, TSX: WAF) announces further to its news release dated April 4, 2015, it has filed an amended and restated NI 43-101 technical report dated May 29, 2015 entitled "Amended and Restated NI 43-101 Pre-Feasibility Study, Mankarga 5 Gold Deposit, Tanlouka Gold Project, Burkina Faso" (the "Amended Report"). The Amended Report addresses comments raised by Read More

  • Trevali to Undertake Revised Halfmile-Stratmat Preliminary Economic Assessment Study

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - Trevali Mining Corporation ("Trevali" or the "Company") (TSX:TV)(OTCQX:TREVF)(LMA:TV)(FRANKFURT:4TI) wishes to confirm that given the recent results of an independent mineral resource estimate update for its Stratmat Deposit in the Bathurst Mining Camp of New Brunswick, Canada and changes in key assumptions and other underlying information, it plans to undertake a revised Halfmile-Stratmat Preliminary Economic Assessment ("PEA") study. As such, the Read More

  • Mandalay Resources Corporation and West Face Capital Inc Announce $18 Million Secondary Offering

    TORONTO, ONTARIO--(Marketwired - June 1, 2015) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) and a fund advised by West Face Capital Inc. ("West Face") today announced that West Face has entered into an agreement with BMO Capital Markets (the "Underwriter") and the Company to complete a secondary offering, on a bought deal Read More

  • KWG Appeal to Be Heard October 20, 2015

    TORONTO, ONTARIO--(Marketwired - June 1, 2015) - KWG Resources Inc. (CSE:KWG)(FRANKFURT:KW6) reports that the Registrar of the Ontario Court of Appeal has notified the parties that October 20th, 2015 has been fixed for the hearing of the appeal of Canada Chrome Corporation ("KWG/CCC") of the decision of the Divisional Court of the Ontario Superior Court made in July 2014 overturning the decision of the Ontario Mining and Lands Read More

  • Marlin Gold Announces Non-Brokered Private Placement to Controlling Shareholders

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES Marlin Gold Mining Ltd. (TSX VENTURE:MLN) ("Marlin" or the "Company") is pleased to announce a proposed non-brokered private placement of common shares (the "Equity Offering"). Pursuant to the Equity Offering, Marlin expects to issue Read More

  • Lara Exploration Ltd.: Drilling Intersects 56 Metres at 16.51% Copper at Curionopolis in Brazil

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to report results from fourteen diamond drill holes (total 2,156.9 metres) completed by partner Tessarema Resources Inc. ("Tessarema"), at the Osmar target within the Curionópolis Copper Project, in Pará State, Brazil. The best intercepts from this program and summarized in the following table: Hole # Section From (m) To (m) Read More

  • Silver Spruce Resources Bi-Weekly Filing Update - Year End Financials Filed

    BRIDGEWATER, NOVA SCOTIA--(Marketwired - June 1, 2015) - Silver Spruce Resources Inc. ("Silver Spruce or the Company") (TSX VENTURE:SSE) is pleased to advise that financial statements for the year ending October 31, 2014 are now complete and available on SEDAR. The Company is also pleased to report that 1st quarter financial statements for the period ending January 31, 2015 are substantially complete and expected to be released within Read More

  • McEwen Mining and McEwen Mining - Minera Andes Acquisition Corp. Announce Results of Their Annual General Meetings

    TORONTO, ONTARIO--(Marketwired - June 1, 2015) - McEwen Mining Inc. (NYSE:MUX)(TSX:MUX) ("McEwen Mining") and McEwen Mining - Minera Andes Acquisition Corp. (TSX:MAQ) ("ExchangeCo.") are pleased to announce the results of their annual general meetings held on May 28, 2015. McEwen Mining reports that Robert McEwen, Allen Ambrose, Michele Ashby, Leanne Baker, Richard Brissenden, Gregory Fauquier, Donald Quick and Michael Stein were elected as directors of McEwen Mining. The shareholders Read More

  • Major Drilling to Release Fourth Quarter and Year-End Results

    MONCTON, NEW BRUNSWICK--(Marketwired - June 1, 2015) - Major Drilling Group International Inc. (TSX:MDI) (the "Company") today reported that it will release its fourth quarter and year-end results, ended April 30, 2015, on Thursday, June 4, 2015 after the close of the markets. Webcast/Conference Call Details Francis McGuire, President & Chief Executive Officer, and Denis Larocque, Chief Financial Officer, invite you to participate in a webcast/conference call on Read More

  • Nevada Zinc Intersects Long High-Grade Interval of Zinc-Lead Mineralization 118.9m (390 ft) Grading 9.58% Zinc and 0.74% Lead (10.32% Zinc+Lead)

    Toronto, Ontario--(Newsfile Corp. - June 1, 2015) - Nevada Zinc Corporation (TSXV: NZN) (“Nevada Zinc” or the “Company”) announces that the first Phase 3 drill hole results show the continuation of the zinc mineralization at the Discovery Zone both down-dip and near-surface. Highlight drill hole LM-15-27 intersected significant high-grade zinc and lead mineralization averaging 9.58% zinc and 0.74% lead (10.32% zinc+lead) over a 118.87 metre (390 foot) interval. Read More

  • Majestic Gold Corp. Reports Second Quarter 2015 Results

    Vancouver, British Columbia / TheNewswire / June 1, 2015 - Majestic Gold Corp. ("Majestic" or the "Company") (TSX.V: MJS, FSE: A0BK1D) reports its financial and operational results for the second quarter ended March 31, 2015. This release should be read in conjunction with the Company's unaudited condensed consolidated interim financial statements and associated management discussion and analysis for the same period that are available on SEDAR (www.sedar.com) and www.majesticgold.com. Read More

  • Saint Jean Files NI 43-101 Technical Report on the Clot Graphite Property in Quebec

    OAKVILLE, ONTARIO--(Marketwired - June 1, 2015) - Saint Jean Carbon Inc. ("Saint Jean" or the "Company") (TSX VENTURE:SJL) is pleased to report that it has filed a National Instrument 43-101 ("NI 43-101") technical report describing the exploration work and graphite potential related to the Clot graphite property. The independent technical report, entitled "Technical Report on the Clot Graphite Property, located, in Joly Township, about 150 km northwest of Read More

  • Inventus Mining Provides Drill Results from the Pardo JV and Corporate Updates

    SUDBURY, ONTARIO--(Marketwired - June 1, 2015) - Inventus Mining Corp. (TSX VENTURE:IVS) ("Inventus" or the "Company") is providing drilling results for the 007 Zone target area on the Pardo Joint Venture ("Pardo JV") property, located approximately 65 km northeast of Sudbury, Ontario. Assays for the five (5) drill holes in the 007 Target Area have now been received. Mineralization considered significant approximates true width of the intersection and Read More

  • Fission Uranium Expands R600W Zone; Step Out Hits 14.84% U3O8 Over 3.5 meters

    KELOWNA, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce assays from seven angled holes drilled on the R600W and R780E zones at its' PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region. Of particular note is hole PLS15-364 (line 630W) - a 15m step out at the land-based R600W zone, where shallow, high-grade mineralization Read More

  • AurCrest Announces Closing of Debt Settlement

    TORONTO, ONTARIO--(Marketwired - June 1, 2015) - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX VENTURE: AGO) wishes to announce that, further to its press release dated May 22, 2015, it has extinguished an aggregate of $429,545.74 of debt owed to certain insiders of the Company and other parties (including former insiders) in consideration for the issuance of 8,590,914 common shares of the Company at a deemed price Read More

  • Romarco closes US$200 million project finance, requests initial borrowing of US$10 million and provides construction update

    TORONTO, June 1, 2015 /CNW Telbec/ - ROMARCO MINERALS INC. (TSX: R) (the "Company") is pleased to announce the closing of the previously announced $200 million senior secured project finance facility (the "Debt Facility") with no mandatory gold hedging. The Debt Facility is with Caterpillar Financial Services Corporation, ING Capital LLC, Macquarie Bank Limited, and Société Générale Corporate & Investment Banking and will be used for the development Read More

  • Nevada Copper Intersects 210 Feet of 1.39% Copper in the Connector Zone

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - Nevada Copper Corp. (TSX:NCU) ("Nevada Copper" or the "Company") is pleased to announce additional results of diamond drilling on the North and South open pit deposits and provide a project update at the Company's 100% owned Pumpkin Hollow project located near Yerington Nevada. Open Pit Drilling Results Drilling continues to test the open extent of mineralization in the North and Read More

  • Aureus Mining Inc. - New Liberty pours first gold

    TORONTO, June 1, 2015 /CNW/ - Aureus Mining Inc., ("Aureus" or the "Company"), the TSX and AIM listed West African Gold Producer, is pleased to announce that its 100% owned New Liberty Gold Project ("New Liberty" or "the Project") in the Republic of Liberia has successfully completed its first gold pour. Key Highlights Include: First Gold Pour.  First gold has been poured from the New Liberty process Read More

  • Rockhaven Commences 15,000 m Diamond Drill Program at Klaza Project, Yukon

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - Rockhaven Resources Ltd. (TSX VENTURE:RK) ("Rockhaven") is pleased to announce the commencement of the 2015 exploration and engineering program at its 100% owned Klaza gold-silver property, located in the Dawson Range Gold Belt of southern Yukon. The 2015 program will include 15,000 m of diamond drilling plus related geotechnical, metallurgical and environmental studies. The drilling will primarily focus on expanding Read More

  • Scorpio Gold Reports Initial Results from 2015 Exploration Drilling at the Oromonte Satellite Deposit, Mineral Ridge Project, Nevada

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 1, 2015) - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) reports initial results from its 2015 exploration drilling program on the Oromonte satellite deposit at the 70% owned Mineral Ridge project, located in Nevada. Oromonte continues to be the least explored of the satellite deposits at Mineral Ridge. It lies within a sparsely drilled target area of approximately 300 x Read More

  • Zenyatta Announces Positive Preliminary Economic Assessment for Albany Graphite Project

    THUNDER BAY, ON--(Marketwired - June 01, 2015) - Zenyatta Ventures Ltd. ("Zenyatta" or "Company") (TSX VENTURE: ZEN) (OTCQX: ZENYF) is pleased to announce the results of a positive preliminary economic assessment ('PEA') on its Albany hydrothermal Graphite Project located in northern Ontario, Canada. The PEA was prepared by the independent engineering firm RPA Inc. ('RPA') in Toronto with mill design input from SGS Canada Inc. ('SGS'). The RPA Read More

  • Drilling Begins at Seabridge Gold's KSM Project

    TORONTO, June 1, 2015 /CNW/ - Seabridge Gold reports that today core drilling has started at its 100%-owned KSM Project in northwestern British Columbia. This year's main goal is to determine the potential for a high-grade core zone beneath the known Mitchell deposit, which is KSM's largest. Seabridge has successfully targeted higher grade core zones beneath KSM's near surface porphyry deposits over the past two years, resulting Read More

  • Endeavour Silver Infill Drilling Confirms Thick, High Grade, Silver-Gold Mineralization at Terronera Property, Jalisco State, Mexico

    VANCOUVER, BC--(Marketwired - June 01, 2015) - Endeavour Silver Corp. (TSX: EDR)(NYSE: EXK) announces that infill drilling on the Terronera property in Jalisco State, Mexico continues to define high grade, silver-gold mineralization within the Terronera vein system. The main mineralized zone extends over 1,400 metres (m) in length, and is still open along strike to the southeast and down dip.Recent drilling highlights from the Terronera vein are summarized Read More

  • Paladin Energy: Agreement for Strategic Acquisition to Enhance Manyingee Project

    PERTH, WESTERN AUSTRALIA--(Marketwired - June 01, 2015) - Paladin Energy Ltd ("Paladin" or "the Company") (TSX: PDN)(ASX: PDN) is pleased to announce the acquisition of strategically important tenements in Western Australia. HIGHLIGHTSAcquisition of the Carley Bore uranium deposit in Western Australia consolidates control of an emerging uranium province around Paladin's Manyingee Uranium Project in the Carnarvon Basin where preparation work for an In Situ Recovery (ISR) field leach Read More

  • Release of Woodlawn Preliminary Economic Assessment

    Sydney, Australia (FSCwire) - Heron Resources Limited (Heron or the Company) is pleased to announce the lodgment of the full Woodlawn Preliminary Economic Assessment[1] (PEA) study on the System for Electronic Document Analysis and Retrieval (SEDAR). SEDAR is the document filing and retrieval system for Canadian public (and listed) companies and can be accessed at ‘www.sedar.com’. The Company announced the PEA summary results in the release of Read More

  • Brazil Resources and Areva Receive Permit for Proposed Drill Program on the Rea Uranium Project in the Western Athabasca Basin

    VANCOUVER, June 1, 2015 /CNW/ - Brazil Resources Inc. (the "Company" or "Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce the Company has received authorization from the Alberta Department of Environment and Sustainable Resource Development for a proposed drill program on the Rea uranium project ("Project") in northeast Alberta. The Project is located in the western portion of the Athabasca Basin, which the Company believes Read More

  • Metanor Resources Provides Update

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  • 1

TORONTO, ON--(Marketwired - May 06, 2015) -

(Please note that all dollar amounts in this news release are expressed in U.S. dollars unless otherwise indicated. Refer to the Company's first quarter 2015 management discussion and analysis ("MD&A") and financial statements for more information.)

Primero Mining Corp. ("Primero" or the "Company") (TSX: P) (NYSE: PPP) today reports financial and operational results for the first quarter ended March 31, 2015. The Company is pleased to report strong production of 61,073 gold equivalent ounces1, a 54% increase compared to the first quarter of 2014, at total cash costs2 of $699 per gold equivalent ounce. Primero also reports first quarter revenues of $73.3 million, operating cash flow before changes in working capital3 of $18.8 million ($0.12 per share), and net income of $3.6 million ($0.02 per share). 

First Quarter Highlights:

  • Production Growth: Strong first quarter performance included 61,073 gold equivalent ounces (54,365 ounces of gold and 1.93 million ounces of silver) from San Dimas and Black Fox combined, compared to 39,758 gold equivalent ounces produced in the same period of 2014.
  • Record Quarter at San Dimas: San Dimas achieved record quarterly production totaling 46,569 gold equivalent ounces (39,861 ounces of gold and 1.93 million ounces of silver), compared to 35,662 gold equivalent ounces produced in Q1 2014, representing a 31% increase. The mine achieved industry lowest quartile total cash costs of $582 per gold equivalent ounce or $659 on an all-in sustaining cost basis4.
  • 2015 Guidance Maintained: Primero remains on-track to achieve 2015 production guidance of between 250,000 and 270,000 gold equivalent ounces, at total cash costs in the range of $650 to $700 per gold equivalent ounce, or between $1,000 and $1,100 per ounce on an all-in sustaining cost basis.
  • Strong Revenue and Operating Cash Flow Generation: Primero generated strong quarterly revenues of $73.3 million and operating cash flow before working capital changes of $18.8 million ($0.12 per share). The Company reported net income of $3.6 million ($0.02 per share) and adjusted net income of $1.1 million ($0.01 per share)5.
  • Balance Sheet Remains Strong: Total liquidity position of $132.6 million as at March 31, 2015, includes the addition of $75 million of convertible unsecured subordinated debentures ($71 million net proceeds), maturing on February 28, 2020.
  • Costs Managed: First quarter total cash costs of $699 per gold equivalent ounce and all-in sustaining costs of $1,044 per ounce, remain within the Company's 2015 guidance range.
  • San Dimas Mill Operating Above Design: The San Dimas mill achieved an average daily throughput rate of 2,863 tonnes per day during the quarter, well above its nameplate capacity of 2,500 tonnes per day, and setting the stage for timely completion of the planned expansion to 3,000 tonnes per day by mid-2016.
  • Black Fox Focused on Transition to Underground: Underground development at Black Fox continues to progress on-schedule and the underground mine remains on-track to achieve production rates of 1,000 tonnes per day during the third quarter of 2015. 
  • Improved Reserve and Resource Grades: Primero's focus on delivering high quality, high margin underground ounces resulted in a 4% increase, to 5.7 grams per tonne, in the gold mineral reserve grade at its platform San Dimas mine in Mexico, as well as a 19% increase in the underground gold mineral reserve grade to 7.5 grams per tonne at its Black Fox mine, located near Timmins, Ontario.

"Primero has delivered a strong start to 2015," stated Joseph F. Conway, Chief Executive Officer. "Our platform San Dimas mine achieved record production levels and continues to exceed operational expectations, delivering significant cash flow for the Company. I am extremely proud of our operating team for the success they have achieved at this mine, as it continues to show improved grades, higher throughput, lower costs and more operational flexibility. We are employing the same optimization approach used at San Dimas at the Black Fox mine, which is on-track with underground development and is positioned to increase mined grade and improve cash flow from mid-2015 onwards. At a corporate level we successfully completed the convertible debenture financing early in the first quarter, ensuring that we have the financial capacity to invest and expand our assets in a volatile gold price environment. Our strong first quarter performance has positioned us to deliver the 20% organic growth planned in 2015, creating a period of strong cash flow and value creation for our shareholders."

Production Growth

Primero produced 61,073 gold equivalent ounces (54,365 ounces of gold and 1.93 million ounces of silver) from San Dimas and Black Fox combined during the first quarter of 2015, at total cash costs of $699 per gold equivalent ounce and all-in sustaining costs of $1,044 per ounce. This compares favourably to Q1 2014 production of 39,758 gold equivalent ounces, at total cash costs of $686 per gold equivalent ounce and all-in sustaining costs of $1,381 per ounce. During the first quarter of 2014, Primero only owned the Black Fox mine for 26 days. Quarterly production remains in-line with Q4 2014 levels of 62,209 gold equivalent ounces at total cash costs of $701 per gold equivalent ounce. The Company remains on-track to meet 2015 production and cost guidance (see below).

"We have successfully established operations at the San Dimas mine at 2,900 tonnes per day, well ahead of schedule," stated Ernest Mast, President and Chief Operating Officer. "The remaining 100 tonnes per day will require optimizations that we will complete during 2015, with the final tailings belt filter currently scheduled for completion in early 2016. At Black Fox we have continued to drill the central high-grade zone at depth, expanding the known mineralization. We now have 50 intercepts with an average of 12 grams per tonne gold over 7 metres. This is materially higher grade than the mineralization above the 550 metre level. For this reason the Company is now determining the best ramp route and planning to start the Black Fox ramp down to the 600 metre level in 2015. We expect to be in a position to access this higher grade mineralization in 2016."

San Dimas Mine and Mill Outperform - Both Achieve Record Quarterly Production

San Dimas produced 46,569 gold equivalent ounces (39,861 ounces of gold and 1.93 million ounces of silver) during the first quarter of 2015, 31% more than the same period in 2014, achieving record quarterly production. The increase in production was largely attributable to consistent mill operation above its nameplate capacity of 2,500 tonnes per day ("TPD"). During the quarter, the San Dimas mill achieved average throughput of 2,863 TPD, a 30% increase versus Q1 2014. Importantly, the San Dimas mine maintained pace with the mill, achieving record quarterly production of 2,931 TPD, 21% higher than in Q1 2014. Head grades increased as expected and consistent with recent exploration success, averaging 5.01 grams per tonne ("g/t") of gold during the quarter. Metallurgical recoveries also reverted to their historical high levels with the completion of a final leach tank, averaging 96% for gold and 93% for silver in the quarter.

San Dimas total cash costs declined in the first quarter 2015 to $582 per gold equivalent ounce, down 8% from $632 in the first quarter 2014. All-in sustaining costs at San Dimas declined to the industry's lowest quartile at $659 per ounce in the first quarter 2015, compared with $893 per ounce in the same period of 2014, due to lower sustaining capital expenditures and higher production.

The San Dimas mine and mill are on-track to complete the planned expansion to 3,000 TPD of throughput in mid-2016.

Black Fox Focused on Transition to Underground

Black Fox produced 14,504 ounces of gold during the first quarter at total cash costs of $1,077 per ounce and all-in sustaining costs of $1,552 per ounce. As previously announced, the mine is in a transitional phase as production shifts from primarily open-pit to high grade underground production. The underground mine remains on schedule to achieve the targeted 1,000 TPD production rate during the third quarter of 2015, thereafter all-in sustaining costs are expected to decrease materially. The Black Fox mill operated at 2,121 TPD in Q1 2015, despite challenging winter conditions. Approximately 94% of the ore was mined from the open-pit and the remainder from underground development, according to plan, as the Company focuses on building its underground stope inventory. The Company will continue producing predominantly from the open-pit until mid-2015 when higher grade production from the underground is expected to increase. As a result, gold production at Black Fox is expected to be weighted towards the second half of the year.

Strong Financial Results

Revenue in the first quarter of 2015 was $73.3 million, 52% higher than the $48.3 million in the first quarter 2014, as a result of the addition of the Black Fox Complex and the expansion of the San Dimas mill (see above). The Company sold 55,037 ounces of gold at an average realized price of $1,186 per ounce and 1.90 million ounces of silver at an average realized price of $4.20 per ounce in the first quarter of 2015, in accordance with the San Dimas silver purchase agreement6 and the Black Fox gold stream agreement7.

Gold produced at Black Fox is subject to a gold purchase agreement and as a result 1,858 ounces were sold to Sandstorm Gold Ltd. ("Sandstorm") at a fixed price of $518 per ounce in the first quarter of 2015. Silver produced at San Dimas is subject to a silver purchase agreement and as a result 1.90 million ounces of silver were sold to Silver Wheaton Caymans ("Silver Wheaton") at a fixed price of $4.20 per ounce during the first quarter 2015. As of March 31, 2015, the Company has delivered 4.3 million ounces of silver into the San Dimas silver purchase agreement's 6.0 million ounce annual threshold (August 5 annual threshold renewal date), after which the Company will begin selling 50% of the silver produced at San Dimas at spot market prices until the next threshold renewal date (August 5).

The Company realized net income of $3.6 million ($0.02 per share) for the first quarter of 2015 compared with a net loss of $8.3 million ($0.06 per share loss) for the first quarter of 2014, mainly as a result of increased gold and silver sales.

The adjusted net income for the first quarter was $1.1 million ($0.01 per share), compared to an adjusted net loss of $2.0 million ($0.02 per share loss) in the first quarter of 2014. Adjusted net loss/income primarily excludes the mark to market on the 5.75% convertible debentures, transaction costs, the impact of impairment charges, the impact of foreign exchange rate changes on deferred tax balances in both periods, and the gain on derivative liability. 

Operating cash flow before working capital changes in the first quarter of 2015 was $18.8 million ($0.12 per share), compared to $6.5 million ($0.05 per share) in the first quarter of 2014. 

Balance Sheet Strengthened

The Company's liquidity position at March 31, 2015 was $132.6 million, comprising of $57.6 million in cash, up from the December 31, 2014 balance of $27.4 million, plus $75 million of undrawn revolving credit facility. The notable increase in liquidity is largely attributable to the receipt of net proceeds from the $75 million convertible debenture financing completed during the quarter. 

On February 9, 2014, Primero closed a $75 million offering of 5.75% convertible unsecured subordinated debentures, maturing on February 28, 2020. As previously reported, the Company intends to use the proceeds to fund underground development and mill expansion plans at San Dimas, to fund development and capital expenditures at the Black Fox complex, and to repay the indebtedness outstanding under its $75 million revolving credit facility, with the balance to be used for general corporate purposes. In March 2015, the outstanding amount on the revolving credit facility of $40 million was repaid.

Capital expenditures during the first quarter of 2015 totaled $19.0 million, in line with the $20.3 million spent during the same period in 2014. Total capital expenditures during 2015 are expected to be approximately $66.7 million excluding capitalized exploration costs of $18.6 million.

2015 Guidance Maintained

Primero maintains its production guidance of between 250,000 and 270,000 gold equivalent ounces, up to 20% higher than 2014, due to increased production from both San Dimas and Black Fox. Total cash costs for 2015 are expected to be in the range of $650 to $700 per gold equivalent ounce, or between $1,000 and $1,100 per ounce on an all-in sustaining cost basis. 

             
Production Outlook  Black Fox  San Dimas  Estimated 2015  Actual 2014
Attributable gold equivalent production1
(gold equivalent ounces)
 75,000-85,000  175,000-185,000  250,000-270,000  225,054
Gold Production
(ounces)
 75,000-85,000  145,000-155,000  220,000-240,000  189,943
Silver Production6
(million ounces)
    6.5-7.5  6.5-7.5  6.15
Total cash costs2
(per gold equivalent ounce)
 $820-$870  $590-$640  $650-$700  $687
All-in Sustaining Costs4
(per gold ounce)
 $1,075-$1,125  $840-$890  $1,000-$1,100  $1,222
         

Material assumptions used to forecast total cash costs for 2015 include: an average gold price of $1,200 per ounce; an average silver price of $5.21 per ounce (calculated using the silver purchase agreement contract price of $4.20 per ounce and assuming excess silver beyond contract requirements is sold at an average silver price of $18 per ounce); and conservative foreign exchange rates of 1.10 Canadian dollars and 13 Mexican pesos to the US dollar.

Black Fox Complex Plan

The Company is currently filling the 2,200 TPD Black Fox mill with ore from the Black Fox open-pit and underground operations. During the third quarter of 2015 the Company will deplete the current open-pit and production from the underground mine will increase to approximately 1,000 TPD. The Company will then supplement underground production with the Black Fox stockpile, currently estimated to be 1.0 million tonnes of 1.1 g/t gold, which is capable of sustaining the mill until late 2017.

As a result of positive exploration results from the central zone at Black Fox, the Company is now planning to accelerate the ramp down to the 600 metre level during 2015. The Company expects to complete an updated internal resource estimate and announce any associated capital requirements for this ramp by the third quarter of 2015.

The Company has begun an internal scoping study designed to assess strategies to optimize its Timmins assets. The Black Fox Complex scoping study will assess:

  • The timing and economic returns of developing an open-pit at Grey Fox;
  • The timing and economic returns of developing an underground operation at Grey Fox;
  • The cost of installing a shaft to access mineralization below 700 metres below surface at Black Fox.

Given the exploration success at Black Fox and Grey Fox, the Company is confident that alternate economic ore sources to complement the Black Fox underground operation will be available before the end of 2017.

Conference Call and Webcast Details

The Company's senior management will host a conference call today, Wednesday, May 6, 2015 at 9:00 a.m. ET to discuss the first quarter financial and operational results.

Participants may join the call by dialing North America toll free 1-888-789-9572 or 416-695-7806 for calls outside Canada and the U.S., and entering the participant passcode 7803315.

A live and archived webcast of the conference call will also be available at www.primeromining.com under the News and Events section or by clicking here:

http://www.gowebcasting.com/6388

A recorded playback of the Q1 2015 results call will be available until August 3, 2015 by dialing 1-800-408-3053 or 905-694-9451 and entering the call back passcode 7803315.

This release should be read in conjunction with Primero's first quarter 2015 financial statements and MD&A report on the Company's website, www.primeromining.com, or on the SEDAR website at www.sedar.com.

  
(1)"Gold equivalent ounces" include silver ounces produced at San Dimas, and converted to a gold equivalent based on a ratio of the average commodity prices realized for each period. The ratio for the first quarter 2015 was 282:1 based on the average realized prices of $1,186 per ounce of gold and $4.20 per ounce of silver. The ratio used for the 2015 guidance projection is 230:1 based on estimated average prices of $1,200 per ounce of gold and $5.21 per ounce of silver.
  
(2)Total cash costs per gold equivalent ounce and total cash costs per gold ounce on a by-product basis are non-GAAP measures. Total cash costs per gold equivalent ounce are defined as costs of production (including refining costs) divided by the total number of gold equivalent ounces produced. Total cash costs per gold ounce on a by-product basis are calculated by deducting the by-product silver credits from operating costs and dividing by the total number of gold ounces produced. The Company reports total cash costs on a production basis. In the gold mining industry, these are common performance measures but do not have any standardized meaning. As such, they are unlikely to be comparable to similar measures presented by other issuers. In reporting total cash costs per gold equivalent and total cash costs per gold ounce on a by-product basis, the Company follows the recommendations of the Gold Institute Production Cost Standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to the Company's first quarter 2015 MD&A for a reconciliation of cash costs per gold ounce on both a by-product and gold equivalent basis to reported operating expenses (the most directly comparable GAAP measure).
  
(3)"Operating cash flow" is operating cash flow before working capital changes. This and operating cash flows before working capital changes per share are non-GAAP measures which the Company believes provides a better indicator of the Company's ability to generate cash flow from its mining operations. See the Company's first quarter 2015 MD&A for a reconciliation of operating cash flows to GAAP.
  
(4)The Company, in conjunction with an initiative undertaken within the gold mining industry, has adopted an all-in sustaining cost non-GAAP performance measure that the Company believes more fully defines the total cost associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company reports this measure on a gold ounces produced basis. Refer to the Company's first quarter 2015 MD&A for a reconciliation of all-in sustaining costs per gold ounce.
  
(5)Adjusted net income/loss and adjusted net income/loss per share are non-GAAP measures. Neither of these non-GAAP performance measures has any standardized meaning and is therefore unlikely to be comparable to other measures presented by other issuers. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to the Company's first quarter 2015 MD&A for a reconciliation of adjusted net income/loss to reported net income.
  
(6)Upon the acquisition of the San Dimas mine, the Company was required to assume a silver purchase agreement with Silver Wheaton. According to the silver purchase agreement until August 6, 2014 Primero will deliver to Silver Wheaton a per annum amount equal to the first 3.5 million ounces of silver produced at San Dimas and 50% of any excess at $4.04 per ounce (increasing by 1% per year). Thereafter Primero will deliver to Silver Wheaton a per annum amount equal to the first 6.0 million ounces of silver produced at San Dimas and 50% of any excess at $4.20 per ounce (increasing by 1% per year). The Company will receive silver spot prices only after the annual threshold amount has been delivered.
  
(7)Upon the acquisition of the Black Fox mine the Company was required to assume a gold purchase agreement with Sandstorm. According to the gold purchase agreement, Sandstorm is entitled to acquire 8% of production at the Black Fox mine and 6.3% at the Black Fox Extension for a fixed price of $518 per ounce in 2015 (subject to an inflationary adjustment, not to exceed 2% per year).
  

About Primero

Primero Mining Corp. is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico and 100% of the Black Fox mine and adjoining properties in the Township of Black River‐Matheson near Timmins, Ontario, Canada. Primero offers immediate exposure to un-hedged, below average cash cost gold production with a substantial resource base in politically stable jurisdictions. The Company is focused on becoming a leading intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas. 

Primero's website is www.primeromining.com

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business and operations of Primero Mining Corp. and its consolidated subsidiaries (collectively, "Primero" or the "Company"). All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "are anticipated", "may", "could", "would", "might" or "will require", "occur" or "be achieved" or the negative connotation thereof. Forward-looking information is also identifiable in statements of currently occurring matters which will continue in future or other statements that may be stated in the present tense and are not historical facts.

Forward-looking statements in this news release include, but are not limited to, statements regarding the level of gold equivalent production at San Dimas and Black Fox; the realization of silver sales at spot prices; the amount of gold equivalent ounces produced in 2015, the cash costs and all-in sustaining costs for 2015; the capital expenditures in 2015; the underground development in 2015; the amount of ore from the Company's operations in 2015; the probability of encountering high grade mineralization in, and the exploration potential of, the Company's exploration targets; optimization and expansion initiatives; and the Company's intentions to become an intermediate gold producer. 

The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management; the specific assumptions set forth above in this news release; the expectations regarding the ability to decrease costs; that there are no significant disruptions affecting operations; that development and expansion projects proceed on a basis consistent with current expectations and the Company does not change its development and exploration plans; that the exchange rate between the Canadian dollar, Mexican peso and the United States dollar remain consistent with current levels or as set out in this news release; that prices for gold and silver remain consistent with the Company's expectations; that production meets expectations; that the Company will sell some of its silver production at spot prices in 2015; that the Company identifies higher grade veins in sufficient quantities of minable ore at its operations; that there are no material variations in the current tax and regulatory environment; that the Company will receive required permits and access to surface rights; that the Company can access financing, appropriate equipment and sufficient labour; that the political environment within Mexico will continue to support the development of environmentally safe mining projects. 

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including: the Company may not be able to achieve planned production levels, or generate significant free cash flow, or may not realize cost reductions or material cost reductions; the Company may not be able to expand production, or realize anticipated production levels; the Company may not be able to complete development projects or realize anticipated production levels, the Company may be required to change its development and exploration plans with a negative impact on production; the Company may not discover mineralization in minable quantities; the exchange rate between the Canadian dollar, the Mexican peso and the United States dollar may change with an adverse impact on the Company's financial results; the optimization and expansion initiatives may not provide the benefits anticipated; the Company may not be able to become an intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas. Certain of these factors are discussed in greater detail in Primero's registration statement on Form 40-F on file with the U.S. Securities and Exchange Commission, and its most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. In addition, although Primero has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Primero does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

SUMMARIZED FINANCIAL AND OPERATING RESULTS AND FINANCIAL STATEMENTS FOLLOW

 
SUMMARIZED FINANCIAL AND OPERATING RESULTS
 
(in thousands of United States dollars, except per share and per ounce amounts - unaudited)
 
SUMMARIZED FINANCIAL DATA
   
  Three Months Ended March 31,
  2015 20141
  Key Performance Data    
Tonnes of ore milled 448,589 238,566
Produced    
 Gold equivalent (ounces) 61,073 39,758
 Gold (ounces) 54,365 32,278
 Silver (million ounces) 1.93 1.51
Sold    
 Gold equivalent (ounces) 61,651 37,249
 Gold (ounces) 55,037 30,583
 Silver (million ounces) 1.90 1.34
Average realized prices    
 Gold ($/ounce)2 $1,186 $1,295
 Silver ($/ounce)2 $4.20 $6.44
Total cash costs (per gold ounce)    
 Gold equivalent basis $699 $686
 By-product basis $639 $543
All-in sustaining costs (per gold ounce) $1,044 $1,381
     
  Financial Data    
(in thousands of US dollars except per share amounts)    
Revenues 73,310 48,269
Earnings from mine operations3 11,470 9,481
Net income (loss)3 3,584 (8,253)
Adjusted net income (loss)3 1,139 (2,048)
Basic income (loss) per share 0.02 (0.06)
Diluted income (loss) per share 0.02 (0.06)
Adjusted net income (loss) per share 0.01 (0.02)
Operating cash flows before working capital changes 18,777 6,509
Assets    
 Mining interests 881,408 1,068,865
 Total assets 1,026,559 1,258,647
Liabilities    
 Long-term liabilities 169,080 134,286
 Total liabilities 272,329 303,539
Equity 754,230 955,108
Weighted average shares outstanding (basic)(000's) 161,783 128,112
Weighted average shares outstanding (diluted)(000's) 161,873 128,112
     
  1. Includes the results for the period for which the Black Fox Complex assets, acquired on March 5, 2014, were owned by Primero (March 5, 2014 to March 31, 2014). 
  2. Average realized gold and silver prices reflect the impact of the gold purchase agreement with Sandstorm at the Black Fox mine and the silver purchase agreement with Silver Wheaton Caymans at the San Dimas mine (see "Other liquidity considerations" in the Company's first quarter 2015 MD&A").
  3. Adjustment to 2014 figures - as a result of the finalization of the Black Fox purchase price allocation the depletion at Black Fox was adjusted relating to the period March 5, 2014 to March 31, 2014. Earnings from mine operation increased by $1.2 million, net loss and adjusted loss decreased by $834,000. (see Note 1(i) to the condensed consolidated interim financial statements).
 
SUMMARIZED OPERATING DATA
 
SAN DIMAS
     
    Three months ended
  31-Mar-15 31-Dec-14 30-Sep-14 30-Jun-14 31-Mar-14
Key Performance Data          
Tonnes of ore mined 263,747 253,531 229,589 196,025 218,032
Tonnes of ore milled 257,670 261,859 219,656 218,830 198,570
Average mill head grade (grams/tonne)          
 Gold 5.01 4.49 4.34 4.97 4.76
 Silver 250 224 216 230 260
Average recovery rate (%)          
 Gold 96% 95% 95% 94% 93%
 Silver 93% 92% 92% 92% 91%
Produced          
 Gold equivalent (ounces) 46,569 41,875 37,385 46,248 35,662
 Gold (ounces) 39,861 35,806 29,176 32,895 28,182
 Silver (million ounces) 1.93 1.74 1.41 1.49 1.51
Sold          
 Gold equivalent (ounces) 45,256 39,178 40,221 45,737 31,926
 Gold (ounces) 38,642 33,767 31,713 31,542 25,260
 Silver at fixed price (million ounces) 1.90 1.56 1.17 0.82 1.15
 Silver at spot (million ounces) - - 0.29 0.76 0.19
Average realized price (per ounce)          
 Gold $1,207 $1,207 $1,275 $1,286 $1,300
 Silver1 $4.20 $4.20 $7.43 $11.56 $6.44
Total cash costs (per gold ounce)          
 Gold equivalent basis $582 $654 $690 $551 $632
 By-product basis $479 $576 $526 $252 $455
All-in sustaining costs (per ounce)2 $659 $897 $919 $626 $893
Revenue ($000's) $54,640 $47,289 $51,273 $58,803 $41,499
Earnings from mine operations ($000's) $14,615 $6,478 $10,599 $20,350 $11,768
           

  1. Average realized silver prices reflect the impact of the silver purchase agreement with Silver Wheaton Caymans (see "Other liquidity considerations in the Company's first quarter 2015 MD&A").
  2. Total cash costs per gold ounce on a gold equivalent and by-product basis and all-in sustaining costs are non-GAAP financial measures. Refer to the Company's first quarter 2015 MD&A for a reconciliation to operating expenses.
 
BLACK FOX
       
    Three months ended For the period
  31-Mar-15 31-Dec-14 30-Sep-14 30-Jun-14 March 5, 2014 -
March 31, 2014
Key Performance Data          
Open pit mining          
Tonnes of ore mined 275,865 228,798 232,985 247,029 55,422
Strip ratio 5.87 10.00 6.78 8.10 12.66
Average gold grade (grams/tonne) 1.99 1.91 2.61 1.85 2.17
Underground mining          
Tonnes of ore mined 11,525 51,719 20,880 41,739 8,096
Average gold grade (grams/tonne) 4.84 5.92 5.78 4.33 5.65
Open pit and underground          
Tonnes of ore milled 190,919 221,063 223,083 209,948 39,996
Average mill head grade (grams/tonne) 2.49 3.00 3.24 2.69 3.36
Average gold recovery rate (%) 95% 96% 96% 95% 95%
Produced          
 Gold (ounces) 14,504 20,334 22,288 17,166 4,096
Sold          
 Gold at spot price (ounces) 14,537 19,491 18,432 15,720 5,008
 Gold at fixed price (ounces) 1,858 1,148 1,556 1,334 315
Average realized gold price (per ounce)2 $1,137 $1,157 $1,212 $1,224 $1,272
Total cash costs (per gold ounce)1 $1,077 $799 $688 $998 $1,154
All-in sustaining costs (per ounce) $1,552 $1,374 $1,202 $1,771 $1,480
Revenue ($000's) $18,670 $23,882 $24,230 $20,866 $6,770
Earnings (loss) from mine operations ($000's)3 $(3,145) $(1,143) $2,604 $4,294 $(2,287)
           

  1. The Company reports total cash costs on a production basis, where the prior owner of Black Fox reported total cash costs on a sales basis, consequently the reported total cash costs, cash costs per gold ounce, and all-in sustaining costs per ounce for Black Fox for historical periods will differ from those reported by the prior owner.
  2. Total cash costs per gold ounce on a gold equivalent and by-product basis and all-in sustaining costs are non-GAAP financial measures. Refer to the Company's first quarter 2015 MD&A for a reconciliation to operating expenses. 
  3. Adjustment to 2014 figures - as a result of the finalization of the Black Fox purchase price allocation the depletion at Black Fox was adjusted. Earnings from mine operations increased by $1.2 million in Q1 2014, $5.0 million in Q2 2014, $7.0 million in Q3 2014 and decreased by $13.2 million in Q4 2014. (see Note 1(i) to the condensed consolidated interim financial statements). 
 
PRIMERO MINING CORP. 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS 
THREE MONTHS ENDED MARCH 31, 2015 AND 2014 
(In thousands of United States dollars, except for share and per share amounts) 
   Unaudited  
   Three months ended March 31,  
       2014  
   2015   (As restated)  
   $   $  
Revenue  73,310   48,269  
          
Operating expenses  (42,767 ) (27,683 )
Depreciation and depletion  (19,073 ) (11,105 )
Total cost of sales  (61,840 ) (38,788 )
          
Earnings from mine operations  11,470   9,481  
Exploration expenses  (121 ) (17 )
General and administrative expenses  (8,013 ) (13,335 )
          
Earnings (loss) from operations  3,336   (3,871 )
Transaction costs and other expenses  (3,906 ) (7,267 )
Foreign exchange gain (loss)  2,418   (358 )
Finance income  167   118  
Finance expense  (2,870 ) (524 )
Gain on derivative liability  1,329   -  
Mark-to-market gain on convertible debentures  8,205   -  
Impairment in value of investment in Fortune Bay  (534 ) -  
Share in results of Santana Minerals  (79 ) (602 )
          
Earnings (loss) before income taxes  8,066   (12,504 )
          
Income tax (expense) recovery  (4,482 ) 4,251  
          
Net income (loss) for the period  3,584   (8,253 )
          
Other comprehensive income (loss), net of tax         
Items that may be subsequently reclassified to profit or loss:         
 Exchange differences on translation of foreign operations, net of tax of $nil (2014 - $nil) (514 ) 204
 
 Reclassification of unrealized loss on investment in Fortune Bay to impairment, net of tax of $nil  456   -  
Total comprehensive income (loss) for the period  3,526   (8,049 )
          
Basic income (loss) per share  0.02   (0.06 )
Diluted income (loss) per share  0.02   (0.06 )
Weighted average number of common shares outstanding         
 Basic  161,783,009
  128,112,079  
 Diluted  161,872,810   128,112,079  
       
 
PRIMERO MINING CORP. 
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION 
(In thousands of United States dollars)
   Unaudited      
   March 31,   December 31,  
   2015   2014  
   $   $  
Assets         
Current assets         
 Cash and cash equivalents  57,619   27,389  
 Trade and other receivables  1,472   59  
 Taxes receivable  32,397   33,272  
 Prepaid expenses  7,457   6,633  
 Inventories  19,947   20,366  
Total current assets  118,892   87,719  
          
Non-current assets         
 Restricted cash  6,469   17,646  
 Mining interests  881,408   881,480  
 Deferred tax asset  1,718   611  
 Long-term stockpile  16,297   14,309  
 Long-term prepayments  879   -  
 Investment in Santana Minerals  302   384  
 Investment in Fortune Bay  594   671  
Total assets  1,026,559   1,002,820  
          
Liabilities         
Current liabilities         
 Trade and other payables  43,779   50,743  
 Income tax payable  4,218   1,670  
 Other taxes payable  3,179   6,593  
 Derivative liability  154   -  
 Current portion of long-term debt 51,919   5,616  
 Total current liabilities  103,249   64,622  
          
Non-current liabilities         
 Other taxes payable  11,874   11,295  
 Deferred tax liability  49,767   50,374  
 Decommissioning liability  31,409   32,566  
 Long-term debt  71,068   89,771  
 Derivative liability  -   1,405  
 Other long-term liabilities  4,962   4,802  
Total liabilities  272,329   254,835  
          
Equity         
Share capital  861,795   858,761  
Warrant reserve  34,782   34,782  
Contributed surplus  21,211   21,526  
Accumulated other comprehensive income (5,219 ) (5,161 )
Deficit  (158,339 ) (161,923 )
Total equity  754,230   747,985  
Total liabilities and equity  1,026,559   1,002,820  
       
 
PRIMERO MINING CORP. 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
THREE MONTHS ENDED MARCH 31, 2015 AND 2014 
(In thousands of United States dollars) 
   Unaudited  
   Three months ended March 31,  
       2014  
   2015   (As restated)  
   $   $  
Operating activities         
Earnings (loss) before income taxes  8,066   (12,504 )
Adjustments for:         
 Depreciation and depletion  19,073   11,105  
 Share-based payments - Stock Option plan  352   153  
 Share-based payments - Phantom Share Unit plan  2,275   7,989  
 Payments made under the Phantom Share Unit Plan  (1,513 ) (2,626 )
 Unrealized loss on investment in Santana Minerals  79   602  
 Unrealized gain on derivative liabilities  (1,329 ) -  
 Mark-to-market gain on convertible debentures  (8,205 ) -  
 Loss on write-down of inventory  -   1,225  
 Unrealized foreign exchange gain  (1,169 ) 220  
 Other  534   372  
 Taxes paid  (5,847 ) (433 )
 Other adjustments         
Transaction costs (disclosed in financing activities)  3,639   -  
Finance income (disclosed in investing activities)  (48 ) (118 )
Finance expense  2,870   524  
Operating cash flow before working capital changes  18,777   6,509  
Changes in non-cash working capital  (3,513 ) (13,943 )
Cash provided by (used in) operating activities  15,264   (7,434 )
          
Investing activities         
Expenditures on mining interests  (19,907 ) (20,285 )
Acquisition of Brigus Gold Corp (net)  -   (7,773 )
Interest received  48   118  
Increase in long-term stockpile  (1,988 ) -  
Cash used in investing activities  (21,847 ) (27,940 )
          
Financing activities         
Repayment of debt  (40,000 ) (2,611 )
Proceeds on exercise of options  826   7,686  
Issuance of $75 million convertible debt  75,000   -  
Transaction costs on issuance of convertible debt  (3,639 ) -  
Payments on capital leases  (1,867 ) -  
Change in deferred tax liability  -   -  
Funds released from reclamation bond  8,544   -  
Proceeds on issuance of flow-through shares  -   8,037  
Interest paid  (2,971 ) (1,837 )
Cash provided by financing activites  35,893   11,275  
          
Effect of foreign exchange rate changes on cash  920   (240 )
          
Increase (decrease) in cash  30,230   (24,339 )
Cash, beginning of period  27,389   110,711  
Cash, end of period  57,619   86,372  
       

Attachment Available: http://www.marketwire.com/library/MwGo/2015/5/5/11G040643/PR9-15_Q1_2015_Results_Final-753916075434.pdf

For further information, please contact:
Tamara Brown
VP, Investor Relations
Tel: (416) 814 3168
This email address is being protected from spambots. You need JavaScript enabled to view it. 

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FEATURED JUNIOR

Montan Mining

Exchange/Ticker: TSX.V: MNY
Main Asset: Alicia Property
Stage:
Exploration
Operating Region: Peru
Profile: Montan Mining is a Peru-focused development company led by an experienced management team with a proven track record of mine development. Montan has acquired a large concession package spanning over 26 square kilometers in the prolific Andahuaylas-Yauri copper mining belt of southern Peru, the most active region...VIEW FULL PROFILE