ALL NEWS RELEASES

  • Lundin Mining Reports Second Quarter 2016 Results

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - Lundin Mining Corporation ("Lundin Mining" or the "Company") (TSX:LUN)(OMX:LUMI) today reported cash flows of $153.2 million generated from operations in the quarter, not including the Company's attributable cash flows from Tenke Fungurume. A net loss attributable to Lundin shareholders of $791.2 million ($1.10 per share) for the quarter ended June 30, 2016, included an asset impairment on the Company's interest in Read More

  • Barrick Gold Reports Second Quarter 2016 Results

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) All amounts expressed in US dollars Barrick reported net earnings of $138 million ($0.12 per share), and adjusted net earnings1 of $158 million ($0.14 per share) for the second quarter. Second quarter EBITDA2 was $881 million. The company reported revenues of $2.01 billion in the second quarter, and net cash provided by operating activities ("operating cash flow") Read More

  • Hudbay Mining Announces Second Quarter 2016 Results

    TORONTO, ON--(Marketwired - July 27, 2016) - HudBay Minerals Inc. ("Hudbay" or the "company") (TSX: HBM) (NYSE: HBM) today released its second quarter 2016 financial results. All amounts are in US dollars, unless otherwise noted. Summary: Increased production in both Peru and Manitoba across all metals compared to the second quarter of 2015 Cost efficiencies and economies of scale resulted in consolidated cash cost, net of by-product credits, Read More

  • Kinross Gold Reports 2016 Second-Quarter Results

    TORONTO, ON--(Marketwired - July 27, 2016) - Kinross Gold Corporation (TSX: K) (NYSE: KGC) today announced its results for the second quarter ended June 30, 2016. (This news release contains forward-looking information about expected future events and financial and operating performance of the Company. We refer to the risks and assumptions set out in our Cautionary Statement on Forward-Looking Information located on page 17 of this release. All Read More

  • Agnico Eagle Reports Q2 2016 Operating and Financial Results; Production Guidance Raised and Dividend Increased by 25%

    TORONTO, July 27, 2016 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM, TSX:AEM) ("Agnico Eagle" or the "Company") today reported quarterly net income of $19.0 million, or net income of $0.09 per share for the second quarter of 2016 (on an undiluted basis).  This result includes a non-cash foreign currency translation loss on deferred tax liabilities of $7.0 million ($0.03 per share), various mark-to-market and other adjustment losses Read More

  • First Quantum Minerals Reports Second Quarter 2016 Results

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - (In United States dollars, except where noted otherwise) First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM) today announced comparative earnings1 of $38 million ($0.06 per share) and cash flows from continuing operating activities2 of $304 million ($0.44 per share1) for the three months ended June 30, 2016. SECOND QUARTER 2016 HIGHLIGHTS2 • Set new quarterly records for copper production and Read More

  • New Gold Delivers Higher 2016 Q2 Cash Flow and Significantly Lowers Full-Year Cost Guidance

    TORONTO, July 27, 2016 /CNW/ - New Gold Inc. ("New Gold") (TSX:NGD) (NYSE MKT:NGD) today announces its 2016 second quarter results and provides an update on the construction of the company's Rainy River project. 2016 SECOND QUARTER HIGHLIGHTS Gold production of 99,423 ounces increased by 15% relative to 2015 and copper production of 25.7 million pounds increased by 9%   All-in sustaining costs(1) decreased to $717 per ounce, Read More

  • Coeur Mining Reports Second Quarter 2016 Results

    CHICAGO--(BUSINESS WIRE)--Coeur Mining, Inc. (the “Company” or “Coeur”) (NYSE: CDE) reported second quarter 2016 revenue of $182.0 million, net income of $14.5 million, or $0.09 per share, and adjusted net income1 of $17.3 million, or $0.11 per share. Continued cost reductions resulted in a 16% decline in costs applicable to sales ("CAS") per silver equivalent ounce1 ("AgEqOz"), a 21% decrease in CAS per gold equivalent ounce1 Read More

  • Wesdome Gold Mines Announces Appointment of Duncan Middlemiss as President and CEO

    TORONTO, July 27, 2016 /CNW/ - Wesdome Gold Mines Ltd. (TSX: WDO) ("Wesdome" or the "Company") is pleased to announce the appointment of Duncan Middlemiss as President and Chief Executive Officer effective August 15, 2016. Rolly Uloth who has held the position for the past three years, will continue as a director of the Company as part of a planned succession resulting from his retirement. Mr. Charles Read More

  • Nevada Zinc Intersects 12.38% Zinc+Lead Over 12.19 Metres (40 Feet) Extending High Grade Shallow Zinc-Lead Mineralization

    TORONTO, July 26, 2016 (GLOBE NEWSWIRE) -- Nevada Zinc Corporation (“Nevada Zinc” or the “Company”) (TSX-V:NZN) is pleased to report assay results from six reverse circulation drill holes recently completed on the Company’s Mountain View Mine which constitutes a small portion of the Company’s Lone Mountain zinc project (“the Project”) located near Eureka, Nevada. The holes all tested for the presence of shallow non-sulfide zinc-lead mineralization in Read More

  • Buenaventura Announces Q2 and H1 2016 Results

    LIMA, Peru--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE:BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, announced today results for the second quarter (2Q16) and six-month (6M16) periods ended June 30, 2016. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non GAAP basis and are stated in U.S. dollars (US$). Second Quarter Read More

  • Columbus Gold Granted Permits Covering Potential Extensions of the Montagne d'Or Gold Deposit, French Guiana

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 27, 2016) - Columbus Gold Corp. (TSX:CGT)(OTCQX:CBGDF) ("Columbus") is pleased to announce that two Exclusive Exploration Permits ("PER") on strike of the east and west extensions of Columbus Gold's Montagne d'Or gold deposit, were granted on July 6th, 2016, by decree of the French Minister of Economy, and published in the Journal officiel de la République française on July 13th (JORF n°0162). The Read More

  • Era Resources Announces Initial Results from 2016 Drill Program at Yandera Project, PNG

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Era Resources Inc. ("Era" or the "Company") (TSX VENTURE:ERX) is pleased to announce the first results from the 2016 Infill and Proximal Drill Campaign at the Yandera Project, which is advancing a large porphyry copper system in the highlands of Papua New Guinea. Yandera Drilling Update Read More

  • NexGen Discovers New High-Grade A5 Shear Zone at Arrow

    VANCOUVER, July 27, 2016 /CNW/ - NexGen Energy Ltd. ("NexGen" or the "Company") (TSX:NXE) is pleased to report assay results for one hole from our recently completed winter 2016 drilling program on our 100% owned, Rook I property, Athabasca Basin, Saskatchewan. Assay results have established that hole AR-16-81c2 has discovered a new zone of high-grade uranium mineralization in what has been named the A5 shear.  The A5 Read More

  • Orvana Announces US$ 12.5 million Prepayment Financing with Samsung C&T

    TORONTO, July 27, 2016 /CNW/ - Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") is pleased to announce that it has entered into a $12.5 million copper concentrates and gold doré prepayment agreement (the "Facility") with Samsung C&T U.K. Ltd. ("Samsung C&T"). All dollar figures are in US unless otherwise expressed. Jeff Hillis, Interim Chief Executive Officer, said, "We are very pleased to announce this commercial and Read More

  • Americas Silver Provides Second Quarter Operating Results and Corporate Update

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - Americas Silver Corporation (TSX:USA)(OTCQX:USAPF) ("Americas Silver" or "the Company") today announced production and operating cost results for the second quarter of 2016 for its Cosalá Operations and Galena Complex. All figures are in U.S. dollars unless otherwise indicated. Highlights Consolidated silver production for the quarter was approximately 556,000 silver ounces and 1.1 million silver equivalent1 ounces, representing decreases of 16% and Read More

  • Hecla Mining Provides Update for Its Dolly Varden Investment

    COEUR D’ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (“Hecla”) is providing an update regarding its investment in common shares (“Shares”) and warrants of Dolly Varden Silver Corporation (the “Issuer”). On July 26, 2016, Hecla’s indirect wholly owned subsidiary 1080980 B.C. Ltd. (the “Offeror”), formally terminated its take-over offer (the “Offer”) commenced on July 8, 2016, for all of the issued and outstanding Shares not already owned by Hecla Read More

  • Osisko Mining Completes $25 Million Private Placement of "Flow-Through" Shares

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Osisko Mining Inc. (TSX:OSK) ("Osisko" or the "Corporation") is pleased to announce, further to its announcements on June 27, 2016, that the Corporation has completed a "bought deal" private placement financing of 7,570,000 flow-through common shares of the Corporation (the "Flow-Through Shares), at an average price Read More

  • Belo Sun Mining closes C$75 million bought deal financing

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, July 27, 2016 /CNW/ - Belo Sun Mining Corp. (TSX:BSX) (the "Company") has closed its previously announced bought deal financing with a syndicate of underwriters co-led by TD Securities Inc. and Canaccord Genuity, and including BMO Nesbitt Burns Inc., Scotia Capital Inc., CIBC World Markets Inc., Dundee Securities Ltd., and Read More

  • Pershing Gold Announces Start of 2016 Drilling Program

    LAKEWOOD, Colo., July 27, 2016 /CNW/ -- Pershing Gold Corporation (NASDAQ: PGLC) (FWB:7PG1) ("Pershing Gold" or the "Company"), the emerging Nevada gold producer advancing the Relief Canyon Mine, today announces the start of its 2016 Drilling Program (the "Program"). The 2016 Drilling Program is currently planned to have two phases.  Phase 1 is focused on increasing the resource at Relief Canyon and continuing to upgrade the project's Read More

  • Kilo Goldmines Announces Private Placement and Closing of First Tranche

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL) (FRANKFURT:02K) announced today that it is proceeding with a non-brokered private placement of equity units ("Units") to raise up to $7,500,000 (the "Offering") of which it has completed a first tranche raising gross proceeds of $930,000. The Read More

  • Rupert Resources Announces Private Placement of Convertible Debentures Worth Up to $8 Million

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - (NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA) Rupert Resources Ltd. ("Rupert" or the "Company") (TSX VENTURE:RUP), announces that it intends to complete a non-brokered private placement of convertible debentures ("Convertible Debentures") for gross proceeds of up to $8 million (the "Private Placement"). The Convertible Debentures will have a maturity date of 36 months from the closing date of the Read More

  • Angkor Gold Completes Oversubscribed Private Placement

    GRANDE PRAIRIE, AB--(Marketwired - July 27, 2016) - ANGKOR GOLD CORP. (TSX VENTURE: ANK) ("ANGKOR") announces that it has completed its non-brokered private placement, as previously announced (the "Private Placement"). The previously announced $1,200,000 Private Placement was oversubscribed and the Company raised total gross proceeds of $1,250,400 through the issuance of 3,126,000 units (the "Units") at a price of $0.40 per each unit consists of one common share Read More

  • Anaconda Mining completes $2.03 million brokered flow through private placement

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, July 27, 2016 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (ANX: TSX) is pleased to announce that it has issued 29,103,787 flow through units of the Company (the "Units") at a price of $0.07 per Unit for aggregate gross proceeds of $2,037,265.09 pursuant to its previously announced private placement Read More

  • Gold Resource Corporation Declares July Monthly Dividend

    COLORADO SPRINGS, CO--(Marketwired - Jul 27, 2016) -  Gold Resource Corporation (NYSE MKT: GORO) (the "Company") declares its monthly instituted dividend of 1/6 of a cent per common share for July 2016 payable on August 23, 2016 to shareholders of record as of August 11, 2016. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA.  The Company has returned Read More

  • Telson Resources Secures C$10.5 Million Line of Credit

    VANCOUVER, BRITISH COLUMBIA / TheNewswire / July 27, 2016 - Telson Resources Inc. (TSX Venture - TSN) ("Telson" or the "Company") is pleased to announce that its 99% owned Mexican Subsidiary has entered into an agreement (the "LOC Agreement") with the Company's largest shareholder, Estrategica Corporativa en Finanzas, S.A.P.I. de C.V. (the "Lender") that provides Telson access to a line of credit over a period of five years commencing on Read More

  • Merrex Gold Provides Diakha 2016 Drill Program Update

    HALIFAX, NOVA SCOTIA / TheNewswire / July 27, 2016 - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces: 2016 Drill Program Update The 2016 drill program had three objectives. The first objective was to further evaluate the geological model and controls on gold mineralization within the current Diakha resource area using core ("DD") drilling. The DD component of the 2016 Read More

  • Agnico Eagle Mines Mid-Year 2016 Exploration Update: Expansion of Whale Tail and V Zones at Amaruq; Initial Results Reported from the Odyssey Zone; New Zones of Mineralization Outlined at Madrono and El Barqueno in Mexico; Sisar Zone Continues to Expand a

    TORONTO, July 27, 2016 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM, TSX:AEM) ("Agnico Eagle" or the "Company") is pleased to provide an update on its 2016 exploration activities at the Amaruq project in Nunavut, the Sisar Zone at Kittila, the Barsele project in Sweden, the 50% owned Odyssey prospect adjoining the Canadian Malartic mine, the Madrono prospect adjoining the Pinos Altos and Creston Mascota operations and Read More

  • First Quantum Minerals Declares an Interim Dividend of CDN $0.005 per Share

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM) will pay an interim dividend of CDN $0.005 per share in respect of the financial year ending December 31, 2016. The dividend will be paid on September 19, 2016 to shareholders of record on August 26, 2016. The ex-dividend date is August 24, 2016. The Company has established a Dividend Reinvestment Read More

  • Rainmaker Reports Major Expansion of Its Sarcobatus Flats, Nevada, Lithium Project

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 27, 2016) - Rainmaker Resources Ltd. (TSX VENTURE:RIR) ("Rainmaker") is pleased to announce a substantial increase to its land holdings at its Sarcobatus Flats, NV lithium property. The staking of an additional 186 placer claims, expanding the total land holdings to 234 claims (4680 acres, 1967 ha), represents a nearly five-fold increase. "We have added this land as a result of our belief Read More

  • Equitas Resources Announces Non-Brokered Private Placement - Oversubscribed

    Vancouver, BC (FSCwire) - Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) is pleased to announce that the non-brokered private placement that was announced on July 22, 2016 has been oversubscribed. Subject to acceptance of the TSX Venture Exchange, the Company will close on 6,610,000 units (“Units”) at $0.10 per Unit for proceeds of $661,000 and 1,818,181 Flow-Through Units (“FT Unit”) at Read More

  • Copper Lake Announces Voting Results of Annual General and Special Meeting of Shareholders

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - Copper Lake Resources Ltd. (TSX VENTURE:CPL)(FRANKFURT:W0I) ("Copper Lake" or the "Company") is pleased to announce the voting results from its 2016 Annual General and Special Meeting of Shareholders held in Toronto, Ontario on July 26, 2016. The number of Directors was set at five, and the nominees listed in to the Information Circular were elected as Directors. Shareholders also approved the Read More

  • Regulus Closes $14.4 Million Financing

    CALGARY, ALBERTA--(Marketwired - July 27, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. Regulus Resources Inc. ("Regulus" or the "Company") (TSX VENTURE:REG) announces that it has closed its previously announced brokered unit private placement offering (the "Offering"). An aggregate of 11,537,500 units (the "Units") were sold under the Offering at a price of $1.20 per Unit (the "Issue Price") for Read More

  • Battle Mountain Gold Announces Geophysical Results from Lewis Gold-Silver Project in Nevada; Increases Planned Drilling Program to More Than 5,000 Meters

    Vancouver, BC / TheNewswire / July 27 2016 - Battle Mountain Gold Inc. (the "Company") (TSX-V: BMG) is pleased to announce recent exploration activities and plans for future work in the Lewis gold-silver property, which lies near the town of Battle Mountain in Nevada. Highlights: -Processing and imaging completed for recently conducted helicopter-borne magnetic and radiometric survey and ground-based gravity survey over the Lewis claim group and surrounding areas. Read More

  • Northern Shield Defines More Copper Mineralization at Huckleberry- Identifies 15 VTEM Conductors of Interest

    OTTAWA, July 27, 2016 /CNW/ - Northern Shield Resources Inc. ("Northern Shield" or the "Company") [TSX-V: NRN] is very pleased to provide an update on exploration activities on the Company's Huckleberry property in the Labrador Trough. The programs were executed under the terms of the Option Agreement with South32 announced on June 7th, 2016. The first two phases of sampling and mapping have been completed at Huckleberry Read More

  • Comstock Metals Closes $1.06 Million Private Placement

    VANCOUVER, BC--(Marketwired - July 27, 2016) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES Comstock Metals Ltd. (TSX VENTURE: CSL)("Comstock" or the "Company") is pleased to announce that it has completed its previously announced unit offering issuing a total of 4,240,000 units at a price of $0.25 per unit, raising gross proceeds of $1,060,000. Each Unit consists of one common share and one-half Read More

  • Chalice Gold Mines Provides June 2016 Quarterly Report

    PERTH, Western Australia, July 27, 2016 /CNW/ - Chalice Gold Mines Limited (ASX: CHN, TSX: CXN) ("Chalice" or the "Company") advises that advises that its Activity and Cash Flow Reports for the quarter ended June 30, 2016 have been issued today.  The full texts of these reports are available at the Company's website www.chalicegold.com and under the Company's profile at www.sedar.com. Quarterly Highlights: Forward Looking Statements Sale Read More

  • Rapier Gold Announces Private Placement, Closes First Tranche

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 27, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Rapier Gold Inc. (TSX VENTURE:RPR) (the "Company") is pleased to announce that it has arranged a non-brokered private placement of non-flow through units (the "NFT Units"). The NFT units will be offered at a price of $0.05 and include a non-transferable common share purchase Read More

  • Meadow Bay Gold Receives Shareholder Approval and Closes Private Placement; Results from Voting for the Election of Directors at AGM; Changes in Director and Officer

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 27, 2016) - Meadow Bay Gold Corporation ("Meadow Bay Gold" or the "Company") (TSX:MAY)(OTCQB:MAYGF)(FRANKFURT:20M)(WKN A1C3DN) announces the closing of the non-brokered private placement financing (the "Private Placement") announced in the Company's news release dated June 29, 2016, consisting of the sale of 5,949,849 Units ("Units") at a price of $0.06 per Unit, raising gross proceeds of $356,990.94. Each Unit consisted of one common Read More

  • Scorpio Gold Reports Results of AGM

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 27, 2016) - Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX VENTURE:SGN) reports the re-election of Peter J. Hawley, Paul Parisotto, Brian Lock, Luc Pelchat, David W. Smalley, Andrew Lee Smith and Peter Brieger as Directors of the Company at Scorpio Gold's annual and special meeting of shareholders held July 25, 2016. At the meeting, the Company's shareholders also approved the renewal Read More

  • Altitude Resources Provides Palisades Project Update

    CALGARY, AB--(Marketwired - July 27, 2016) - Highlights: Altitude begins 2016 drill program at Palisades Coal Project near Hinton, Alberta Quarterly metallurgical coal prices increase to $92.50US in 2016 Q3 from $84US in Q2 Altitude Resources Inc. (TSX VENTURE: ALI) ("Altitude") is pleased to provide an update on the 2016 exploration program at the Palisades Project in west central Alberta, conducted with its joint venture partner, JOGMEC. On Read More

  • Unity Identifies Lithium Through Short-Hole Drilling at Miller's Crossing Lithium Project, Nevada

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 27, 2016) - Unity Energy Corp. (TSX VENTURE:UTY)(FRANKFURT:UJN2) ("Unity" or the "Company") is pleased to announce that it has received chemical analysis from its first pass drilling and sampling program on its 100% owned Miller's Crossing Lithium Project in Esmeralda County, Nevada. The drilling was intended to follow up on positive surface sampling, which was carried out in April 2016 and confirmed presence Read More

  • Integra Gold Commences Development of Underground Exploration Ramp at Lamaque-South Gold Project, Awards Promec Mining Inc. With Contract

    VANCOUVER, BC--(Marketwired - July 27, 2016) - Press Release Highlights: Creation of more than 65 new jobs for the Val-d'Or region Ramp will expedite close-spaced and exploration drilling along with bulk sampling of gold mineralized material to reconcile against the resource estimate Extensive surface exploration campaign to continue alongside underground exploration Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF) ("Integra" or the "Company") is pleased to announce that Read More

  • Probe Metals Completes Sale of Certain Properties in the Casa-Cameron Project, Quebec

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - Probe Metals Inc. (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has completed the previously announced agreement to sell three blocks of mining claims forming part of the Casa-Cameron Project, being the Vezza Extension Property, the Vezza North Property and the Bachelor Extension Property (each a "Property" and together, the "Properties") to GFK Resources Inc. (TSX VENTURE:GFK) Read More

  • Fortuna Announces Retirement of Director

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 27, 2016) - Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI) Mr. Simon Ridgway, Chairman of the Board, announces that Mr. Michael Iverson has retired from the Board of Directors. Mr. Iverson joined the board of the predecessor company of Fortuna back in 1998. Jorge A. Ganoza, President, CEO and Director of Fortuna, commented, "On behalf of Management and Board members of the company, I would Read More

  • Serengeti Begins Drilling at Kwanika Copper-Gold Project

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 27, 2016) - Serengeti Resources Inc. (TSX VENTURE:SIR) reports that drilling has commenced at its Kwanika copper-gold resource-stage project located in Quesnel Trough of British Columbia. This program is being fully funded by Daewoo Minerals Canada, a subsidiary of Posco-Daewoo, one of South Korea's leading corporations. A 2200 metre minimum, deep drilling program started earlier this month, testing for possible extensions of the Read More

  • Cyprium Mining announces the appointment of Jonathan George to its board of directors

    MONTREAL, July 27, 2016 /CNW Telbec/ - Cyprium Mining Corporation ("Cyprium" or the "Company") (TSXV: CUG CUG.DB) is pleased to announce the appointment of Mr. Jonathan George as a director of the Company. Mr. George is a consulting geologist and entrepreneur who has been involved in international mineral exploration and development for over 35 years. He has raised more than $60 million for various projects around the world, Read More

  • Monarques Gold Receives $1,057,578 from the Exercise of Warrants

    MONTREAL, July 27, 2016 /CNW/ - MONARQUES GOLD CORPORATION ("Monarques" or the "Corporation") (TSX-V: MQR) (FRANKFURT: MR7) is pleased to report that as of July 19th, 2016, it had received a total of $1,057,578.28 from the exercise of warrants and options, in consideration of which it has issued 7,054,817 common shares to the warrant and option holders. "The fact that these warrants were exercised reflects the confidence investors Read More

  • Alexandria Minerals Identifies Prospective Targets on Its "Triangle Too" Drill Program

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(OTC PINK:ALXDF)(FRANKFURT:A9D) ("AZX" or the "Company") is pleased to report on its exploration efforts searching for Triangle Zone-like gold-quartz veins on the western portion of its 35 kilometer long Cadillac Break Property package, with focus on its Airport property ("Triangle Too"). Four of the initial 8 targets in the planned first-round, 3,000 meter long, Triangle Too drill Read More

  • Strategic Metals Sells Lithium Property To Equitorial Exploration

    Vancouver, British Columbia (FSCwire) - Strategic Metals Ltd. (TSX-V: SMD) (“Strategic”) announces that it has sold 100% of its interest in the Li property to Equitorial Exploration Corp. (“Equitorial”).  The Li property hosts the Little Nahanni Pegmatite Group lithium-cesium-tantalum pegmatite dykes and is located in the western Northwest Territories, adjacent to the Yukon border. Under the terms of a property purchase agreement, Equitorial will issue 7,500,000 of Read More

  • Skeena Receives Drill Permits for Snip Gold Project

    VANCOUVER, BC--(Marketwired - July 27, 2016) - Skeena Resources Limited (TSX VENTURE: SKE) ("Skeena" or the "Company") is pleased to announce that exploration permits have been granted for the proposed diamond drill program on the Company's Snip gold project in the Golden Triangle of northwest British Columbia. As a result, crews are now mobilizing to site to prepare drill pads for the initial 6,000 metre drill program. It Read More

  • Sherritt Obtains Final Court Order Approving Maturity Extension

    TORONTO, ON--(Marketwired - July 27, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX: S) is pleased to announce that it has obtained a final court order from the Ontario Superior Court of Justice approving the plan of arrangement (the "Plan of Arrangement") under the Canada Business Corporations Act pursuant to which Read More

  • Coronet Metals Provides Corporate and Current Developments Update

    Vancouver, British Columbia--(Newsfile Corp. - July 27, 2016) - Coronet Metals Inc. (TSXV: CRF) (FWB: 2CM) (OTC Pink: CORMF) ("Coronet" or "the Company"), is pleased to provide overview on its Corporate strategy and summary on current developments. Coronet's strategy is acquiring precious metals mining projects which have the potential for both near-term cash flow and exploration upside in safe, mining friendly, jurisdictions. The goal is to derive low Read More

  • Canadian International Minerals Retracts NI 43-101 Mineral Resource Estimate

    Vancouver, British Columbia / TheNewswire / July 27, 2016- Canadian International Minerals Inc. (the "Company") (CIN - TSX Venture) advises that pursuant to a review by the British Columbia Securities Commission, the report entitled "Technical Report, Sturgeon Lake Li-K-B-Br-Ca-Mg-Na Oilfield Brine Inferred Mineral Resource, Leduc Property, West-Central Alberta" dated January 22, 2016, as filed on SEDAR January 25, 2016 (the "Report"), does not comply with National Instrument 43-101. Additionally, Read More

  • Pacific Bay Shareholders Pass All Resolutions at AGM; Jade Update

    Vancouver, British Columbia--(Newsfile Corp. - July 27, 2016) - David H. Brett, President and CEO, Pacific Bay Minerals Ltd. (TSXV: PBM) ("Pacific Bay" or the "Company") reports that shareholder's passed all resolutions put before the Company's Annual General Meeting held July 21, 2016 in Vancouver, including the election management's slate of six directors: David Brett, Doug Blanchflower, Alan Qiao, Joel Tarrida, Guilford Brett and Cissy Qiao. Shareholders also Read More

  • Latin American Minerals Announces Changes to Board and Grants Options

    TORONTO, ONTARIO--(Marketwired - July 27, 2016) - 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. Latin American Minerals Inc. (TSX VENTURE:LAT) (the "Company") announces the resignation of Richard Boulay from the board of directors of the Company. Management would like to thank Mr. Boulay for his contributions Read More

  • Evolving Gold Receives Final Payment on Sale of Rattlesnake Hills Property

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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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