ALL NEWS RELEASES

  • Goldcorp Declares Seventh Monthly Dividend Payment for 2015

    VANCOUVER, July 6, 2015 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) is pleased to declare its seventh monthly dividend payment for 2015 of $0.05 per share. Shareholders of record at the close of business on Thursday, July 16, 2015 will be entitled to receive payment of this dividend on Friday, July 24, 2015. Goldcorp has paid a monthly dividend to its shareholders since 2003.  Canadian resident Read More

  • Crocodile Gold Corp. Announces Results of Shareholder Meeting and Anticipated Closing of the Arrangement With Newmarket Gold Inc.

    TORONTO, ONTARIO--(Marketwired - July 6, 2015) - Crocodile Gold Corp. ("Crocodile Gold" or the "Company")(TSX:CRK)(TSX:CRK.DB)(TSX:CRK.WT)(OTCQX:CROCF)(FRANKFURT:XGC) is pleased to announce that, at its special meeting of shareholders held today (the "Meeting"), holders of common shares of Crocodile Gold approved the arrangement resolution ("Arrangement Resolution") and new incentive plans resolution ("New Incentive Plans Resolution") with respect to Crocodile Gold's previously-announced amalgamation with Newmarket Gold Inc. ("Newmarket") (TSX VENTURE:NGN) to be Read More

  • Tango Mining Limited: Oena Operational Update

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - Tango Mining Limited ("Tango" or the "Company") (TSX VENTURE:TGV) announces commencement of the bulk sampling program at the Oena Project ("Oena") following receipt of the required necessary regulatory and ministerial approvals, and the subsequent completion of the transfer of the controlling interest in African Star Minerals (Pty) Ltd. ("African Star"). ASM holds a 100% interest in the Oena project, Northern Read More

  • Falco Announces Initial Horne 5 Drilling Results

    MONTREAL, QC--(Marketwired - July 06, 2015) - Falco Resources (TSX VENTURE: FPC) ("Falco") is pleased to announce the first results of its current confirmation drilling program on the Company's 100% owned Horne 5 project. The program consists of 18 holes totaling 16,000 meters. To date 6 holes have been completed, logged, analyzed and assayed. Four additional holes are in progress with results pending. Luc Lessard, President and CEO, Read More

  • Montan Mining Corp. Closes First Tranche of Private Placement

    VANCOUVER, July 6, 2015 /CNW/ - Montan Mining Corp. (TSXv: MNY) (FSE: S5GM) (the "Company" or "Montan") is pleased to announce that it has closed the first tranche of its private placement first announced on June 11, 2015. The Company issued 2,947,778 units (each, a "Unit") at a price of $0.18 per Unit for gross proceeds of $530,600.04 (the "Offering"). Each Unit consists of one common share Read More

  • Mkango Resources Announces New Private Placement to Raise Up to C$1.5 M and Intention to Dual List on the London Stock Exchange

    CALGARY, ALBERTA--(Marketwired - July 6, 2015) - THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES Mkango Resources Ltd. (TSX VENTURE:MKA) (the "Corporation" or "Mkango") is pleased to announce that it proposes to raise, in a non-brokered private placement, gross proceeds of up to C$1.5 million (the "Private Placement"). Under the terms of the proposed Private Placement, the Read More

  • MGX Minerals Acquires 100% Interest in Longworth Silica Property

    VANCOUVER, BRITISH COLUMBIA - July 6, 2015 - MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT:1MG) is pleased to announce the Company has entered into a Purchase Agreement (the “Agreement”) with Zimtu Capital Corp. (“Zimtu”) (TSX.V: ZC) to acquire a 100% undivided interest in the Longworth silica property (“Longworth” or the “Property”). The Longworth property consists of 15 contiguous claims encompassing 1,084 hectares. The Property is Read More

  • North American Nickel Inc. Provides Update on $10M Brokered Private Placement

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP: 65704T 108) (the "Company") is pleased to provide, further to the Company's news release dated June 8, 2015, an update on the recently announced private placement. The Company has agreed with its agents (the "Agents") that the previously announced private placement (the "Offering") will consist of the issuance and sale of up to Read More

  • Woulfe Announces Updated Sangdong Project 2015 Feasibility Study Results

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - Woulfe Mining Corp. ("Woulfe" or the "Company") (CSE:WOF)(FRANKFURT:OZ4) announces the completion of its NI 43-101 compliant 2015 Resource Update and Feasibility Study for the Sangdong tungsten project, in the Republic of Korea. This study enhances the economic and technical viability of the project and increases the confidence that the Sangdong Mine will be one of the most robust and competitive Read More

  • Matachewan Consolidated Mines, Limited Announces Dividend

    TORONTO, ONTARIO--(Marketwired - July 6, 2015) - Matachewan Consolidated Mines, Limited (TSX VENTURE:MCM.A) is pleased to announce the declaration of a dividend in the amount of $0.03 per common share, payable on July 30, 2015 to shareholders of record on July 23, 2015, the ex dividend date will be July 21, 2015. It is the current intention of the company to continue to pay dividends, the amounts and Read More

  • Silver Standard Reports Expanded Marigold Exploration Program

    VANCOUVER, July 6, 2015 /CNW/ - Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) ("Silver Standard") provides an exploration update for recent Mineral Resource development activities at its Marigold mine ("Marigold") in Nevada, U.S. Highlights: Mineral Resource development drilling at 8 South pit area extends higher-grade gold mineralization. Drillhole MR-6034 intersected 2.48 grams per tonne gold over 91.4 metres from 140.2 metres below surface, as previously reported. Read More

  • Marlin Gold Executes Letter of Intent to Sell Non-Core El Compas Gold-Silver Mining Project to Canarc Resource Corp.

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 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") announces the signing of a letter of intent ("LOI") with Canarc Resource Corp. ("Canarc") (TSX:CCM) whereby Canarc may acquire 100% of the shares in Read More

  • Western Potash Corp. Receives Strategic Investment from Beijing Tairui Innovation Capital Management Ltd.

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - Western Potash Corp. ("Western" or the "Company") (TSX:WPX) (FRANKFURT:AHE) is pleased to announce that Beijing Tairui Innovation Capital Management Ltd. ("Tairui") has agreed to make a strategic equity investment of C$80,000,000 (the "Investment Amount") in Western at a price of C$0.3213 per common share of Western (a "Common Share") for a total of 248,989,860 common shares in the capital of Read More

  • Western Copper and Gold and Tr'ondek Hwech'in Sign Co-Operation Agreement for Casino

    VANCOUVER, BC--(Marketwired - July 06, 2015) - Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE MKT: WRN) and the Tr'ondëk Hwëch'in ("TH") wish to jointly announce that Western's wholly-owned subsidiary, Casino Mining Corp. ("CMC") and TH have entered into an initial Agreement for Co-Operation in Project Assessment and Other Matters (the "Agreement") relating to the Casino Project.A portion of the Casino property is situated Read More

  • Orezone Arranges C$6.5M Investment that Includes Ross Beaty

    OTTAWA, ONTARIO--(Marketwired - July 6, 2015) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Orezone Gold Corporation (TSX:ORE) announces that it has arranged a C$6.5M investment into the Company by way of a non-brokered private placement, with Ross Beaty and other long term shareholders including officers and directors of Orezone by issuing up to 21,666,667 ordinary common shares of the Read More

  • Kaizen Discovery Enters Into Definitive Acquisition Agreement With AM Gold to Acquire the Pinaya Copper-Gold Project in Peru

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - Kaizen Discovery Inc. (TSX VENTURE:KZD) and AM Gold Inc. (TSX VENTURE:AMG)(FRANKFURT:AMX) jointly announced today that they have entered into a definitive acquisition agreement that will provide Kaizen with 100% ownership of the Pinaya Copper-Gold Project (the Pinaya Project) in Peru's provinces of Caylloma and Lampa (see figure 1 below). The Pinaya Project covers 192 square kilometres and includes more than Read More

  • Argonaut Gold Provides Update on San Agustin Project; Potential 50% Resource Increase

    TORONTO, ONTARIO--(Marketwired - July 6, 2015) - Argonaut Gold Inc. (TSX:AR) ("Argonaut", "Argonaut Gold" or the "Company"), is pleased to provide a drilling update for its 100% owned San Agustin project. The project is located just 10 kilometres southwest from the Company's El Castillo Mine ("El Castillo") in Durango, Mexico. The Company completed a Preliminary Economic Assessment ("PEA") on the project in February, 2015. The San Agustin PEA Read More

  • Sabina Gold & Silver Announces Private Placement Financing to Raise Approximately $1.35 Million

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Sabina Gold & Silver Corp (the "Company") (TSX:SBB) announces that it has arranged a non-brokered private placement (the "Financing') pursuant to which it will sell up to approximately 2.7 million flow through common shares (the "Flow-Through Common Shares") at a price of $0.50 to raise Read More

  • Revelo Completes Acquisition of Properties and Private Placement with Chilean Subsidiary of Altius Minerals

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - Revelo Resources Corp. ("Revelo" or the "Company") (TSX VENTURE:RVL) is pleased to announce the completion of the acquisition of four properties (the "Properties") from Altius Minerals Corporation's ("Altius") (TSX:ALS) 49% owned Chilean subsidiary BLC SpA ("BLC") (the "Acquisition"), and the completion of a private placement with BLC (the "Placement") for proceeds of C$750,000, as previously announced (see news release dated Read More

  • Rokmaster and Kaizen Discovery Enter Into an Agreement Regarding Pinaya Project

    VANCOUVER, BC--(Marketwired - July 06, 2015) - Rokmaster Resources Corp. (TSX VENTURE: RKR) (LMA: RKR) ("Rokmaster" or the "Company") is pleased to announce it has entered into an agreement with Kaizen Discovery Inc. ("Kaizen") dated July 3, 2015 (the "Letter Agreement") to facilitate Kaizen's acquisition of the Pinaya Gold/Copper Project in Peru from AM Gold Inc. ("AM Gold"). Under the terms of the Letter Agreement, Rokmaster is to:mutually Read More

  • Discovery Ventures Makes Formal Application for a 10,000 Tonne Bulk Mine Permit for Willa Project

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV)(OTCQX:DTVMF) ("Discovery") is pleased to announce that the company has made formal application with the Ministry of Mines for a 10,000 tonne bulk mine permit on Willa Mine project. The 10,000 tonne bulk sample is recovered under a usual Notice of Work, which entails identifying all works that are proposed, along with detailed plans of the Read More

  • Abitibi Royalties Announces Update on "The Royalty Search"- 2% NSR Purchased East of Bachelor Mine

    VAL-D'OR, QUÉBEC--(Marketwired - July 6, 2015) - Abitibi Royalties Inc. (TSX VENTURE:RZZ) ("Abitibi Royalties" or the "Company") is pleased to announce that it has entered into a binding Letter of Intent with Ivars Azis (the "Claim Holder") to acquire a 2% net smelter royalty ("NSR") on its mineral claims, located approximately 3.5 kilometres east of Metanor Resources Inc., Bachelor mine in Québec (Fig. 1). 2% NSR East of Read More

  • IAMGOLD clarifies impact of mining code revisions in Burkina Faso

    TORONTO, July 6, 2015 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") provides clarification regarding the vote by the Transitional Assembly on an updated Mining Code in Burkina Faso.  While the Code has not yet been formalized into law, it reduces regulatory uncertainty, creates an innovative community development fund, and, importantly, respects clauses in existing Mining Conventions.  As a result, IAMGOLD does not expect a material impact Read More

  • Balmoral Rolls Out 3 Drills on Detour Trend Project, Quebec

    VANCOUVER, BC--(Marketwired - July 06, 2015) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) advised today that the summer/fall 2015 drill program on the Company's Detour Trend Project in Quebec is underway with several holes already completed. Three drills are now active on the Project and will remain so throughout the summer and fall. The focus of the summer/fall program will be to expand Read More

  • Lomiko Receives Drilling Permit for 75 - 100 Drill Holes at La Loutre Crystalline Flake Graphite Property and Monitors Sales and Revenue Developments at Graphene 3D Lab

    Vancouver, British Columbia, New York, New York & Montreal, Quebec--(Newsfile Corp. - July 6, 2015) - LOMIKO METALS INC. (TSXV: LMR) (OTCQX: LMRMF) (FSE: DH8B) (the "Company") and Canada Strategic Metals (TSXV: CJC) are pleased to announce they have received two drilling permit for 5,000 metres each at the La Loutre Crystalline Flake Graphite Properties located in Quebec. "Approximately 10,000 metres of drilling are planned at La Loutre. Read More

  • Erdene Appoints Layton Croft to the Board of Directors

    HALIFAX, NOVA SCOTIA--(Marketwired - July 6, 2015) - Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased to announce the appointment of Layton Croft to the Company's Board of Directors. Mr. Croft will serve as a non-executive, independent member of the Erdene board, effective immediately. "It is with great pleasure that I announce that Mr. Croft has joined the Company's Board," said Chris Cowan, Chairman, "As a Read More

  • Roxgold Announces Mobilization of Underground Mining Contractor

    TORONTO, July 6, 2015 /CNW/ - Roxgold Inc. (ROG: TSX.V) ("Roxgold" or the "Company") is pleased to announce that it has mobilized its underground mining contractor, a subsidiary of African Underground Mining Services ("AUMS"), to its Yaramoko Gold Project in Burkina Faso, West Africa.  The previously announced mining services contract entered into with the underground mining contractor (the "Mining Contract") has an initial term of four years Read More

  • Ontario Superior Court of Justice Grants Final Order for Coastal Gold Plan of Arrangement With First Mining Finance

    TORONTO, ONTARIO--(Marketwired - July 6, 2015) - COASTAL GOLD CORP. (TSX VENTURE:COD) ("Coastal Gold") and First Mining Finance Corp. (TSX VENTURE:FF) ("First Mining") are pleased to announce that on July 3, 2015, Coastal Gold has received the final order of the Ontario Superior Court of Justice for the acquisition of Coastal Gold by First Mining by way of a plan of arrangement under the Business Corporations Act (Ontario) Read More

  • Geomega Resources Inc.: Final Closing of a Private Placement

    MONTREAL, QUÉBEC--(Marketwired - July 6, 2015) - Further to the news release of June 19th, 2015 Geomega Resources Inc. ("GéoMégA" or the "Company") (TSX VENTURE:GMA) announces the final closing (the "Final Tranche") of a private placement consisting of 1,294,444 units (the "Units") at a price of $0.18 per Unit for aggregate gross proceeds of $233,000. Considering the first tranche of the private placement, the total gross proceeds are Read More

  • Ontario Superior Court of Justice Grants Final Order for Coastal Gold Corp. Plan of Arrangement With First Mining Finance Corp.

    TORONTO, ONTARIO--(Marketwired - July 6, 2015) - COASTAL GOLD CORP. (TSX VENTURE:COD) ("Coastal Gold") and First Mining Finance Corp. (TSX VENTURE:FF) ("First Mining") are pleased to announce that on July 3, 2015, Coastal Gold has received the final order of the Ontario Superior Court of Justice for the acquisition of Coastal Gold by First Mining by way of a plan of arrangement under the Business Corporations Act (Ontario) Read More

  • Sandspring Announces Proposed Acquisition of PNO Resources Ltd.

    DENVER, COLORADO and VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS. Sandspring Resources Ltd. (TSX VENTURE:SSP) ( "Sandspring") and PNO Resources Ltd. (TSX VENTURE:PNO.H) ("PNO") are pleased to announce that they have entered into a binding letter agreement dated as Read More

  • Cadillac Ventures Inc. Announces Change in Directors

    TORONTO, ONTARIO--(Marketwired - July 6, 2015) - Cadillac Ventures Inc. (TSX VENTURE:CDC)(OTC:CADIF) ("Cadillac" or the "Company") announces that, Ms. Lulu Yan has resigned as a Director of Cadillac. The Company thanks Ms. Yan for her contributions while being a Director and wishes her success in her future endeavours. Ms. Yan, pursuant to an agreement made as of March 4, 2013 between the Company and Sino-Canada Resources Fund 1 Read More

  • MGX Minerals Mobilizes for Exploration at White Moon Magnesium Deposit

    VANCOUVER, BRITISH COLUMBIA - July 6, 2015 - MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT:1MG) is pleased to report that mobilization is underway to conduct a phase one exploration program at its White Moon magnesium deposit (“White Moon”) (formerly the Needles deposit). Exploration is scheduled commence July 13th, 2015. The Company has acquired the right to explore, develop and mine the White Moon magnesium deposit Read More

  • Positive Trenching Results from Itogon Gold Project, Philippines

    Laguna Hills, California (FSCwire) - TIGER INTERNATIONAL RESOURCES, INC. (TGR.V) is pleased to provide the following update on activities at the Itogon gold project, Philippines. The Itogon project is 100% held by Tiger International’s Philippine subsidiary Cordillera Tiger Gold Resources, Inc. (“Cordillera Tiger”) under an exploration permit granted by the Philippine government.  ECR Minerals plc (“ECR”) of London, United Kingdom has the right to earn a 50% Read More

  • Canarc to Acquire Oro Silver and its El Compas Gold-Silver Mining Project in Zacatecas, Mexico from Marlin Gold

    Vancouver, Canada, July 6, 2015 (GLOBE NEWSWIRE) -- Canarc Resource Corp. ("Canarc") (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) announces the signing of a letter of intent ("LOI") with Marlin Gold Mining Ltd. ("Marlin") (TSX.V: MLN) whereby Canarc may acquire 100% of the shares in Marlin's wholly owned subsidiary company, Oro Silver Resources Ltd. ("Oro Silver"), which owns the fully permitted El Compas Gold-Silver Mine Project  ("El Compas") Read More

  • Stream Sediment Sampling Results Identify 5 New Anomalous Gold Areas on Angel Gold's El Porvenir Project in Colombia

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - Angel Gold Corp. (TSX VENTURE:ANG) ("Angel" or the "Company") is pleased to announce results from our recently completed stream geochemical sampling program. These results highlight five new priority gold targets. Individual assays ranged to 1480 ppb Au. In addition, analysis of the multi-element data has identified multi-element patterns and provide geochemical evidence for three large distinct, multi-element mineralized zones. Results: Read More

  • TriStar Raises $1,400,000

    Houston, TX / TheNewswire / July 6, 2015 - TriStar Gold Inc. (the "Company" or "TriStar") announces that it has raised $1,404,962 under the private placement announced February 12, 2015 (the "Private Placement") by the issuance of 9,366,413 units (the "Units") of the Company at a price of $0.15 per Unit. Each Unit consists of one (1) common share (a "Share") in the capital of the Company and one Read More

  • Stockport Exploration announces completion of private placement

    HALIFAX, July 6, 2015 /CNW/ - Stockport Exploration Inc. (TSX: SPT) ('Stockport' or the 'Company') is pleased to announce that it has closed its previously announced non-brokered private placement of 2,843,750 units priced at $0.04 CAD per unit, for total gross proceeds of $113,750. Each unit will consist of one common share, and one two-year warrant with an exercise price of $0.06. Net proceeds of the private placement Read More

  • Caledonia Mining Corporation: Q2 2015 Production Update

    TORONTO, ONTARIO--(Marketwired - July 6, 2015) - Caledonia Mining Corporation (TSX:CAL)(OTCQX:CALVF)(AIM:CMCL)("Caledonia") announces gold production from its 49 per cent owned subsidiary, the Blanket Mine ("Blanket") in Zimbabwe for the quarter ended June 30, 2015 ("Q2 2015" or the "Quarter"). All numbers are expressed on a 100 per cent basis. Gold production in the first six months of 2015 remains on track to achieve target production for 2015 of Read More

  • Anfield Resources and Uranium One Sign Amendment to Asset Purchase Agreement

    VANCOUVER, BRITISH COLUMBIA /TheNewswire / July 6, 2015 -- Anfield Resources Inc. (TSX.V: ARY)(OTC Pink: ANLDF)(FRANKFURT: 0AD)("Anfield" or "the Company") is pleased to announce that it has amended and signed the definitive agreements (the "Amendment") with Uranium One Americas, Inc. ("Uranium One") announced on August 18, 2014. The Amendment sets the stage for the parties to close the transaction for the acquisition of the Shootaring Canyon Mill and Read More

  • NioGold Reports Preliminary Leach Test Results at Marban

    Val d'Or, Quebec / TheNewswire / July 6, 2015 - NioGold Mining Corp. (TSX-V: NOX) (OTCQX: NOXGF) ("NioGold" or the "Company") is pleased to release the results of fifty (50) bottle-roll leach tests on representative mineralized core samples from the Marban deposit, located on NioGold's 100% owned Marban Block property in the Malartic gold camp, Abitibi District, Quebec. Samples were ground to an average of 65 microns and leached Read More

  • Woodlawn Phase II Drilling Continues to Deliver: 7.1m @ 40.6% ZnEq in Kate Lens extension

    Sydney, Australia (FSCwire) - Further to the report released on the 25 June 2015, Heron Resources Limited (“Heron” or the “Company”) is pleased to report a number of excellent results from the second phase of diamond drilling at its wholly owned Woodlawn Project, located 50km northeast of Canberra and 250km southwest of Sydney, in New South Wales, Australia.  This drilling forms a key input into the fully Read More

  • Uranium Participation Corporation Reports Net Asset Value at June 30, 2015

    TORONTO, ONTARIO--(Marketwired - July 3, 2015) - Uranium Participation Corporation ("UPC") (TSX:U) reports its estimated net asset value at June 30, 2015 was CAD$686.9 million or CAD$5.90 per share. As at June 30, 2015, UPC's investment portfolio consisted of the following: (in thousands of Canadian dollars, except quantity amounts) Quantity Fair Value Investments in Uranium:         Uranium oxide in concentrates ("U3O8") 9,570,024 lbs $ 435,724   Read More

  • Fortune Minerals Receives Notice of Default Under Prepay Facility and Reaches Agreement in Principle to Settle Debt Obligations

    LONDON, ON, July 3, 2015 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) reports that its wholly-owned subsidiary, Fortune Revenue Silver Mines, Inc. ("FRSMI"), the owner of the Revenue Silver Mine (the "RSM") in southwest Colorado, has received notice from LRC-FRSM LLC ("Lascaux") that events of default have occurred under the Amended and Restated Senior Secured Metal Prepay Agreement (the "Prepay Read More

  • Centerra Announces Extension to Year-End of Kumtor Environmental Permits

    TORONTO, ON--(Marketwired - July 03, 2015) - Centerra Gold Inc. (TSX: CG) reports that its Kumtor operations received today extensions of its permits for emissions into the atmosphere and waste disposal into the tailings pond until December 31, 2015. As previously reported, the Kyrgyz Republic State Agency of Environmental Protection and Forestry (SAEPF) continues to review Kumtor's annual mine plan. SAEPF has advised Kumtor that it is not Read More

  • Sherritt Provides Notice of Release of Second Quarter 2015 Results, Conference Call, and Webcast

    TORONTO, ON--(Marketwired - July 03, 2015) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX: S):     Second Quarter 2015 Results Release: July 28, 2015, after markets close   Conference Call and Webcast: July 29, 2015, 10:00 a.m. (ET)   North American callers, please dial: 1-866-530-1553 International callers, please dial: 416-847-6330 Live Read More

  • Candente Copper Provides Voting Results for the Election of Directors

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2015) - Candente Copper Corp. (TSX:DNT)(LMA:DNT) ("Candente Copper" and/or the "Company" ) is pleased to provide the voting results for the election of directors at its annual general meeting of shareholders held on June 29, 2015. The director nominees were presented in the Company's Management Information Circular dated May 20, 2015, and shareholders re-elected all directors nominated by management. The directors will serve Read More

  • Golden Star Resources: Update on Bogoso Refractory Business

    TORONTO, July 3, 2015 /CNW/ - Golden Star is pursuing a strategy of transforming to a low cost non-refractory gold producer.  In line with this strategy, the refractory mining and processing operations at Bogoso were due to be closed in the fourth quarter of 2015.  Expectations were that this operation would produce 145,000 - 155,000 ounces of gold in 2015 at a cash cost of between $870 and Read More

  • WPC Resources to File Updated Technical Report and Clarifies Technical Disclosure for Ulu Gold Property

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2015) - WPC Resources Inc. (the "Company" or "WPC") (TSX VENTURE:WPQ) announces that, as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is clarifying disclosure relating to its previous technical disclosure for the Ulu Gold Property ("Ulu"). The BCSC has placed the Company on the Commission's Issuers in Default List as a result of NI 43-101 Read More

  • Silver Spruce Resources Announces Shares for Debt Settlement

    BRIDGEWATER, NOVA SCOTIA--(Marketwired - July 3, 2015) - Silver Spruce Resources ("Silver Spruce" or the "Company") (TSX VENTURE:SSE)(FRANKFURT:S6Q) is pleased to announce that it has arranged a settlement for outstanding indebtedness of $150,000.00 through the issuance of 3,000,000 common shares of the company at a deemed price of $0.05 per common share (the debt settlement). This debt settlement is subject to TSX-Venture Exchange approval and the shares will Read More

  • Adamera Minerals Reports Results of Annual General Meeting

    Vancouver, BC / TheNewswire / July 3, 2015 - Adamera Minerals Corp (ADZ-TSX: V) is pleased to announce that all of the matters submitted to the shareholders for approval as set out in the Company's Notice of Meeting and Information Circular dated May 19, 2015 were approved at the Annual General Meeting held in Vancouver, British Columbia on June 29, 2015. Shareholders received the report of directors and the Read More

  • Bowmore Closes First Tranche of Private Placement and Resignation of Board Member

    MONTREAL, QUEBEC--(Marketwired - July 3, 2015) - Bowmore Exploration Ltd. (TSX VENTURE: BOW)(FRANKFURT:0B5) ("Bowmore" or the "Company") has closed the first $355,600 tranche of a non-brokered private placement (the "Placement") with Canadian investors the first tranche consisted of $230,000 by way of the issuance of 2,875,000 units (the "Units") at a price of $0.08 per Unit and $125,600 by way of issuance of 1,046,667 Flow Through Units (the Read More

  • Discovery Ventures Inc. Clarifies Technical Disclosure

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 3, 2015) - Discovery Ventures Inc. (TSX VENTURE:DVN)(FRANKFURT:0DV)(OTCQX:DTVMF) ("Discovery") reports that as a result of a review by the British Columbia Securities Commission (the "BCSC"), it is issuing the following news release to clarify certain of its previous disclosure. On June 30, 2014, Discovery filed an amended and restated Preliminary Economic Assessment and Technical Report for the WillaMAX Project (the "Amended PEA"), which Read More

  • Search Announces Grant of Stock Options

    VANCOUVER, July 3, 2015 /CNW/ - (TSXV: SMY) Search Minerals Inc. ("Search" or the "Company") announces that it has granted a total of 6,850,000 stock options to directors, officers and consultants.  All of the stock options are exercisable for a period of 5 years at a price of $0.10. The options have been granted pursuant to the Company's Stock Option Plan. About Search Search is a TSX Read More

  • Stockport Exploration announces $100,000 private placement

    HALIFAX, July 3, 2015 /CNW/ - Stockport Exploration Inc. (SPT.TSX) ('Stockport' or the 'Company') is pleased to announce that it intends to complete a non-brokered private placement of up to 2,500,000 units priced at $0.04 CAD per unit, for total gross proceeds of up to $100,000.  Each unit will consist of one common share and one two-year warrant with an exercise price of $0.06.   The Company has Read More

  • Novo Announces Non-Brokered Private Placement

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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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Gold Royalties LLC

FEATURED JUNIOR

MGX Minerals Inc.

Exchange/Ticker: CSE: XMG
Main Asset: Driftwood Creek
Stage:
 Permitting
Operating Region: Canada/B.C.
Profile: MGX Minerals is a diversified Canadian mining company engaged in the development of industrial mineral deposits that offer near-term production potential, low barriers to entry and minimal capital requirements. The Company is rapidly advancing it's flagship Driftwood Creek magnesium project towards commerical production... VIEW FULL PROFILE