ALL NEWS RELEASES

  • Sona Becomes Tier 2 Issuer

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) - Sona Resources Corp. ("the Company" or "Sona") (TSX VENTURE:SYS)(FRANKFURT:QS7) announces that it has been reclassified as a Tier 2 Issuer by the TSX Venture Exchange, effective September 3, 2015, as a result of the Company failing to meet the Continued Listing Requirements as outlined in Exchange Policy 2.5. In accordance with Exchange Policy 2.5, the Company must remain as a Read More

  • Rambler Metals and Mining Plc and Thundermin Resources Inc. Enter Into Letter of Intent Regarding Proposed Merger

    TORONTO, ONTARIO--(Marketwired - Sept. 2, 2015) - Rambler Metals and Mining Plc ("Rambler") (TSX VENTURE:RAB) (AIM:RMM) and Thundermin Resources Inc. ("Thundermin") (TSX VENTURE:THR) announce that on September 1, 2015 they signed a non-binding letter of intent (the "LOI") which sets out the principal terms upon which Thundermin will amalgamate with a wholly-owned subsidiary of Rambler (the "Merger"). The Merger will be effected on the basis that the holders Read More

  • GoviEx Uranium and Toshiba Agree to Two-Year Bond Extension

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) - GoviEx Uranium Inc. (CSE:GXU) announced today that its strategic partner, Toshiba Corporation - one of the world's largest nuclear reactor vendors - has agreed to a two-year extension of an early redemption right of Toshiba's uranium loan (B Bond), to December 31, 2017. "By agreeing to this extension, GoviEx and its strategic partner Toshiba reaffirm our commitment to the commercial development of Read More

  • Ministry of Labour and Ontario Provincial Police Investigate Employee Death at Detour Lake Mine

    TORONTO, ONTARIO--(Marketwired - Sept. 2, 2015) - Detour Gold Corporation (TSX:DGC) ("Detour Gold" or the "Company") reports that on September 1, 2015, representatives from the Ministry of Labour were at the Detour Lake mine to obtain additional information related to the death of a Detour Gold employee that occurred at the mine on June 3, 2015. The Company participated in the original investigation by the Ministry of Labour Read More

  • Potash Ridge Closes Previously Announced Acquisition of Valleyfield Fertilizer Corporation

    TORONTO, ONTARIO--(Marketwired - Sept. 2, 2015) - Potash Ridge Corporation ("Potash Ridge" or the "Corporation") (TSX:PRK)(OTCQX:POTRF) today announced that it has closed the previously announced transaction pursuant to which Potash Ridge has acquired all of the issued and outstanding common shares of Valleyfield Fertilizer Corporation ("Valleyfield"), a privately owned corporation registered in Quebec. Over the last two years under the leadership of Mr. Jay Hussey, Valleyfield has advanced Read More

  • North American Nickel Inc.: Spotty Hill Zone Extended and New Nickel-Copper Mineralization Intersected at P-059

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) - North American Nickel Inc. (TSX VENTURE:NAN) (OTCBB:WSCRF) (CUSIP:65704T 108) (the "Company" or "NAN") is pleased to report that first assays have been received from the diamond drilling program that commenced in late June at their 100% owned Maniitsoq nickel-copper-cobalt-PGM sulphide project in southwest Greenland. A total of 4,981 metres have been completed in twenty-seven holes to the end of August. Read More

  • BCM Resources Corporation: Clarification of News Release Announcing Finalization of Thompson Knolls Agreement & Non-Brokered Private Placement

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) - BCM Resources Corporation (TSX VENTURE:B), in its most recent news release issued September 2, 2015, the "Company" announced that it finalized terms of an Agreement with Inland Explorations Ltd., a private BC company ("Inland"), for an option to acquire up to 60% interest in the drill-ready Thompson Knolls Property ("TK Property") located in central Utah's Great Basin, one of the Read More

  • Kivalliq Energy Appoints Jonathan Singh as Corporate Secretary

    VANCOUVER, BC--(Marketwired - September 02, 2015) - Kivalliq Energy Corporation (TSX VENTURE: KIV) ("Kivalliq") today announced the appointment of Mr. Jonathan Singh as Interim Corporate Secretary, effective immediately. As Corporate Secretary, Mr. Singh will be responsible for legal and regulatory compliance activities and assisting with equity financings, joint ventures and general corporate and commercial work. Mr. Singh currently holds the role of Chief Financial Officer for Kivalliq, Kaminak Read More

  • Energy Fuels to Present on September 9 at the 17th Annual Rodman & Renshaw Global Investment Conference; Live Webcast Available

    LAKEWOOD, COLORADO--(Marketwired - Sept. 2, 2015) - Energy Fuels Inc. (NYSE MKT:UUUU)(TSX:EFR) ("Energy Fuels" or the "Company"), a leading integrated conventional and in situ recovery ("ISR") uranium producer that operates in the United States, invites you to watch Curtis H. Moore, Vice President of Marketing and Corporate Development, present at 17th Annual Rodman & Renshaw Global Investment Conference being held at the St. Regis Hotel in New York Read More

  • NewCastle Gold Amends Payment Terms With Sprott Resource

    TORONTO, ONTARIO--(Marketwired - Sept. 2, 2015) - NewCastle Gold Ltd. ("NewCastle" or the "Company") (TSX VENTURE:NCA)(OTCQX:CTMQF) is pleased to announce that the Company and Sprott Resource Lending Corp. ("Sprott") have amended the future property payment terms under the share purchase agreement dated September 6, 2012, pursuant to which NewCastle acquired the Castle Mountain Venture. NewCastle and Sprott have agreed to amend the payment terms as follows: The second Read More

  • Orsu Metals Corporation: Grant of Options

    LONDON, UNITED KINGDOM--(Marketwired - Sept. 2, 2015) - Orsu Metals Corporation (the "Company") (TSX:OSU)(AIM:OSU), the London-based precious and base metals exploration and development company, announces the grant of 13,000,000 options to purchase common shares of no par value in the Company (each an "Option") to the Directors and senior management of the Company as follows: Name No. of Options granted No. of Options held after the grant Directors Read More

  • MAG Copper Consolidates Shares

    TORONTO, ONTARIO--(Marketwired - Sept. 2, 2015) - Mag Copper Limited ("MAG" or the "Company") (CSE:QUE), announces that it has filed articles of amendment giving effect to the consolidation (the "Consolidation") of its issued and outstanding common shares ("Common Shares"), on a one (1) for five (5) basis. The Consolidation was approved by shareholders at the annual and special meeting held on June 11, 2015. Subject to final confirmation Read More

  • Canada Rare Earth Acquires Additional Capabilities, Expertise and Relationships to Process Rare Earths

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) - Canada Rare Earth Corp. ("Canada Rare Earth" or the "Company") (TSX VENTURE:LL) is pleased to announce that it has entered into an agreement dated September 1, 2015 (the "Acquisition Agreement") to acquire the assets of CEC Rare Earth Corp. ("REC"), an affiliated private British Columbia company (the "Acquisition"). Peter Shearing is a director of both the Company and REC and Read More

  • Handa Copper Corporation Announces Results from Annual General Meeting

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) - Handa Copper Corporation ("Handa Copper" or the "Company") (TSX VENTURE:HEC) is pleased to announce the results of the Annual General Meeting (the "Meeting") of its shareholders which was held on August 28, 2015. All resolutions presented to the Company's shareholders at the Meeting, including resolutions approving the board membership, appointment of auditors, confirmation of the Company's stock option plan, were Read More

  • Metanor Completes the Last Payment on Ressource Quebec Loan, and Announces Management Change

    VAL-D'OR, QUEBEC--(Marketwired - Sept. 2, 2015) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to announce that on August 31st, it completed the last payment on a loan of $7,000,000 from Ressources Québec. Ghislain Morin declares: « By completing this last payment, we cross another important milestone in improving our balance sheet. We wish to thank the team at Ressources Québec for their financial support during the Read More

  • Golden Dawn Minerals Inc. Upgrades Its Current Frankfurt Listing to the Global Xetra Electronic System on the Frankfurt Exchange in Germany

    Vancouver, British Columbia--(Newsfile Corp. - September 2, 2015) - Wolf Wiese, CEO of Golden Dawn Minerals Inc., (TSXV: GOM) (FSE: 3G8N) (the "Company" or "Golden Dawn") announces that the Company has entered into an agreement with TREMMEL WERTPAPIER HANDELSBANK GmbH to list its equity presently trading in Frankfurt on the OTC markets, on the Frankfurt XETRA ELCTRONIC SYSTEM. TREMMEL WERTPAPIER HANDELSBANK GmbH will act as designated sponsor for Read More

  • Temex Resources Corp. Announces Leading Independent Advisory Firms ISS and Glass Lewis Recommend Shareholders Vote FOR the Proposed Plan of Arrangement with Lake Shore Gold Corp.

    TORONTO, Sept. 2, 2015 /CNW/ - Temex Resources Corp. ("Temex" or the "Company") (TSX-V: TME, FWB: TQ1) is pleased to announce that it has been advised that both of the leading independent proxy advisory firms, Institutional Shareholder Services Inc. ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis") have recommended that shareholders support Temex's proposed plan of arrangement (the "Arrangement") at the annual and special meeting of Read More

  • Rambler Metals & Mining PLC: Purchase Agreement With Off-Take Partner

    BAIE VERTE, NL--(Marketwired - Sep 2, 2015) -  Rambler Metals and Mining plc (TSX VENTURE: RAB) (LSE: RMM) 2 September 2015 TSX-V: RAB; LSE: RMM Rambler Enters Into Purchase Agreement with its Off-take Partner Transamine Trading S.A. London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc, a Canadian copper and gold producer, explorer and developer (TSXV: RAB; LSE: RMM) ("Rambler" or the "Company") Read More

  • Canada Zinc Metals Intersects High Grade Zinc Mineralisation including 17.06% Zn+Pb over 12.98 Metres in First Hole of the 2015 Drill Program

    Vancouver, British Columbia (FSCwire) - Canada Zinc Metals Corp. (TSX Venture Exchange: CZX) is pleased to announce that assays results have been received from the first two drill holes of the 2015 Akie drill program. The Company previously announced plans for 5,000 metres of large-diameter HQ diamond drilling on the property focused on resource expansion down-dip of the current indicated resource and expansion of the robust and Read More

  • BCM Resources Corporation Finalizes Thompson Knolls Agreement & Announces Non-Brokered Private Placement

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) - BCM Resources Corporation (TSX VENTURE:B), the "Company", is pleased to announce that it has finalized terms of an Agreement with Inland Explorations Ltd., a private BC company ("Inland"), for an option to acquire up to 60% interest in Inland's drill-ready Thompson Knolls Property ("TK Property") located in central Utah's Great Basin, one of the premier metallogenic provinces in the world. Read More

  • Sirios: Beginning of Fieldworks on the Cheechoo Gold Property

    MONTREAL, QUEBEC--(Marketwired - Sept. 2, 2015) - SIRIOS (TSX VENTURE:SOI) announces the beginning of the fieldworks on the Cheechoo gold property in compliance with its three-year plan announced on last June which comprised of four tasks for the first year. The first step, currently underway, includes stripping and trenching as well as complementary geochemical sampling of soil and till. These samplings will allow to validate and to confirm Read More

  • Corvus Gold Announces Closing of CAD $2M Non-Brokered Private Placement

    VANCOUVER, Sept. 2, 2015 /CNW/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces the closing of a CAD $2,000,000 non-brokered private placement priced at market based on the 5-day volume weighted average price ending August 28, 2015 of CAD $0.47. Under the terms of the agreement, the Company issued 4,255,320 common shares with no warrant and with a 6-month hold period to Read More

  • Commerce Resources Corp. Announces Filing of Preliminary Short Form Prospectus

    VANCOUVER, Sept. 2, 2015 /CNW/ - Commerce Resources Corp. (TSXv: CCE; FSE: D7H) (the "Company") has filed a preliminary short form prospectus with the securities regulatory authorities in the Provinces of British Columbia, Alberta and Ontario in connection with a best efforts offering of units (the "Units") of the Company at a price of $0.10 per Unit for gross proceeds of a minimum of $1 million and Read More

  • Capital and Operating Cost Reductions at Lydian's Amulsar Project Supported by Positive Metallurgical Test Results

    TORONTO, ONTARIO--(Marketwired - Sept. 2, 2015) - Lydian International Limited (TSX:LYD) ("Lydian" or "the Company") reports that results to date of its continuing metallurgical testing program and a blast fragmentation study demonstrate potential to favorably reduce initial capital costs and future operating expenses at its 100% owned Amulsar Gold Project in Armenia. Based on the projected outcome from this year's metallurgical testwork program and assessment of the rock Read More

  • Rugby Mining Announces CAD$0.8 Million Non-Brokered Private Placement

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) - This news release is not for distribution to United States newswire service or for dissemination in the United States Rugby Mining Limited ("Rugby" or the "Company") (TSX VENTURE: RUG) announces that its board of directors have approved a proposed private placement offering of up to 10,000,000 units (the "Units") at a price of $0.08 per Unit for gross proceeds of Read More

  • TerraX Appoints Elif Levesque to Board of Directors

    YELLOWKNIFE, NORTHWEST TERRITORIES--(Marketwired - Sept. 2, 2015) - TerraX Minerals Inc. (TSX VENTURE:TXR)(Frankfurt:TX0)(OTC PINK:TRXXF) is pleased to announce the appointment of Ms. Elif Lévesque as a director of the Company. Elif Lévesque has 18 years of experience in finance, treasury and strategic management, including 13 years in the mining industry (exploration, development/construction and operation stage). Since June 2014, she has served as Chief Financial Officer and Vice President Read More

  • Pasinex Announces Six Month 2015 Financial Results

    Toronto, Ontario--(Newsfile Corp. - September 2, 2015) - Pasinex Resources Ltd. (CSE: PSE) (FSE: PNX) (the "Company" or "Pasinex") announced financial results for the six months ended June 30, 2015. The Company's condensed interim consolidated financial statements and management discussion and analysis (MD&A) for the period have been filed with SEDAR and will be available at www.sedar.com and on the Company's website at www.pasinex.com. This news release should Read More

  • Star - Orion South Diamond Project Orion South Large Diameter Drilling Diamond Results Including 3.25, 1.15, 1.09 and 1.04 Carat Stones

    SASKATOON, Sept. 2, 2015 /CNW/ - George H. Read, P. Geo., Senior Vice President Exploration and Development of Shore Gold Inc. ("Shore" or the "Company") is pleased to announce the diamond results for the 12 hole Large Diameter Drilling ("LDD") program which was recently completed on the Orion South ("OS") Kimberlite and which are detailed and explained in Table 1. "We are very encouraged by these LDD Read More

  • Dajin Starts Teels Marsh Geoprobe Exploration

    Vancouver, BC / TheNewswire / September 2, 2015 - Dajin Resources Corp. ("Dajin") (TSX-V: DJI) (OTC: DJIFF) is pleased to report that the company's wholly owned subsidiary, Dajin Resources (US) Corp. has started its deep geoprobe program at Dajin's 100% owned Teels Marsh claims, located in Mineral County, Nevada. Dajin has retained Pediment Gold LLC., of Sparks, Nevada to carry out the exploration work on Teels Marsh. Pediment Gold Read More

  • Nevada Sunrise Agreement On Lithium Claims In Clayton Valley, Nevada

    VANCOUVER, Sept. 2, 2015 /CNW/ - Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSXV: NEV) is pleased to announce it has entered into a letter agreement for an option to purchase the Neptune property ("Neptune, or the "Property") located in the Clayton Valley, Esmeralda County, Nevada, USA. Neptune (formerly known as the Clayton Deep property) is located approximately 37 miles (55 kilometres) southwest of Tonopah, Read More

  • New Millennium Iron Corp. Issues Open Letter to Shareholders

    CALGARY, ALBERTA--(Marketwired - Sept. 2, 2015) - New Millennium Iron Corp. ("NML" or the "Company") (TSX:NML)(OTCQX:NWLNF) today announced the following open letter to all shareholders: September 2, 2015 AN OPEN LETTER TO THE SHAREHOLDERS OF NEW MILLENNIUM IRON CORP. Dear Shareholder: At our recent Annual General Meeting, New Millennium's ("NML") Board of Directors and senior management made a commitment to keeping you informed of our efforts aimed at Read More

  • Troymet Updates Projects Status

    NANAIMO, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2015) - Troymet Exploration Corp. (TSX VENTURE:TYE) ("Troymet") or the ("Company" ) is pleased to review the current status of its on-going exploration activities and its plans going forward. Troymet is focused on advancing the Redhill copper-gold-zinc-silver volcanogenic massive sulphide ("VMS") project in British Columbia and the Wildcat gold-silver project located in the northern Drum Mountains of central Utah. Both are considered to Read More

  • Barkerville Gold Mines Enters into Settlement Agreement

    TORONTO, ON / TheNewswire / September 2, 2015 -Barkerville Gold Mines Ltd. (TSXV: BGM) ("BGM" or the "Company") announces that it has entered into a settlement agreement (the "Settlement Agreement") with Istana Investments Ltd. ("Istana"). Pursuant to an option agreement dated September 12, 2000, between Istana and Golden Cariboo Exploration Ltd. ("Golden Cariboo"), which agreement and the rights and obligations thereunder were assigned to the Company, Golden Cariboo Read More

  • Barkerville Gold Mines Enters into Settlement Agreement

    TORONTO, ON / TheNewswire / September 2, 2015 - Barkerville Gold Mines Ltd. (TSXV: BGM) ("BGM" or the "Company") announces that it has entered into a settlement agreement (the "Settlement Agreement") with Istana Investments Ltd. ("Istana"). Pursuant to an option agreement dated September 12, 2000, between Istana and Golden Cariboo Exploration Ltd. ("Golden Cariboo"), which agreement and the rights and obligations thereunder were assigned to the Company, Golden Cariboo Read More

  • Dolly Varden Silver Responds to Skeena’s Announcement

    Vancouver, British Columbia (FSCwire) - Dolly Varden Silver Corporation (TSX.V: DV | U.S.: DOLLF) (the “Company” or “Dolly Varden”) today responded to a press release from Skeena Resource Limited (“Skeena”)(TSX.V: SKE) dated August 31, 2015. On Thursday, August 27, Skeena delivered to the Company an unsolicited proposal to acquire Dolly Varden.  The proposal had a short-response deadline of 9:00 am on Monday, August 31, 2015.    The Board Read More

  • Uranium Energy Corp to Present at the 17th Annual Rodman & Renshaw Global Investment Conference in New York City September 8 - 10, 2015

    CORPUS CHRISTI, TX, Sept. 1, 2015 /CNW/ - Uranium Energy Corp (NYSE MKT: UEC, the "Company" or "UEC") is pleased to announce the Company will be featured as a presenting company at the 17th Annual Rodman & Renshaw Global Investment Conference, sponsored by H.C. Wainwright & Co., LLC.  The conference is being held September 8-10, 2015, at The St. Regis Hotel in New York City. President and CEO Read More

  • Peruvian Precious Metals Corp. Announces Shares for Debt Settlement

    Vancouver, British Columbia (FSCwire) - Peruvian Precious Metals Corp. (the "Company") is pleased to announce that it has entered into a settlement agreement with a former employee of the Company, which includes settling $25,117.94 in debt by the issuance of 251,179 common shares of the Company. The transaction is subject to the approval of the TSX Venture Exchange. On behalf of the Board of Directors Brian J. Read More

  • First Mining Announces Business Combination With Gold Canyon Resources Inc. and PC Gold Inc.

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 1, 2015) - First Mining Finance Corp. (TSX VENTURE:FF) ("First Mining"), Gold Canyon Resources Inc. (TSX VENTURE:GCU)(OTC PINK:GDCRF) ("Gold Canyon") and PC Gold Inc. (TSX VENTURE:PKL) ("PC Gold") are pleased to announce that the companies have entered into definitive agreements (the "Agreements") pursuant to which First Mining has agreed to acquire all of the issued and outstanding common shares of both Gold Canyon Read More

  • Talon Metals Update: Step-Out Drilling at Tamarack Intersects Further Massive Nickel-Copper-PGE Sulphide Mineralization

    ROAD TOWN, BRITISH VIRGIN ISLANDS--(Marketwired - Sept. 1, 2015) - Talon Metals Corp. ("Talon" or the "Company") (TSX:TLO) is pleased to provide an exploration update on the Tamarack North Nickel-Copper-PGE project ("Tamarack North Project"), located in Minnesota, USA. This update focuses on the results of the recent follow-up drilling in the newly discovered 221 Zone (see Annex A for the precise location of the 221 Zone) (also see Read More

  • Prophecy Announces $2,000,000 Private Placement

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 1, 2015) - Prophecy Development Corp. ("Prophecy" or the "Company") (TSX:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) announces that it is undertaking a non-brokered private placement (the "Placement") involving the issuance of up to 40,000,000 units (each a "Unit") at a price of $0.05 per Unit. Each Unit will consist of one Common share in the capital of the Company (a "Share") and one Share purchase warrant (a "Warrant"). Read More

  • Cornerstone Capital Resources Inc.: Hole 12 Continues to Intersect High Grade Target at Cascabel (Alpala Central)

    MOUNT PEARL, NEWFOUNDLAND AND LABRADOR--(Marketwired - Sept. 1, 2015) - Cornerstone Capital Resources Inc. ("Cornerstone" or "the Company") (TSX VENTURE:CGP)(FRANKFURT:GWN)(BERLIN:GWN)(OTCBB:CTNXF) announces the following project update for the Cascabel copper-gold porphyry joint venture exploration project in northern Ecuador, in which the Company has a 15% interest financed through to completion of a feasibility study. SolGold Plc is funding 100% of the exploration and is the project operator. HIGHLIGHTS: CSD-15-012 Read More

  • Fission's Mineralized Trend Hits 2.31km; R600W Zone Grows East and West

    KELOWNA, BRITISH COLUMBIA--(Marketwired - Sept. 1, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from a further ten holes of the 20,000m 60-hole summer drill program at its PLS property in Canada's Athabasca Basin region: six holes drilled on the R600W zone and four drilled on the R780E zone. Importantly, the high-grade, central near-surface R600W zone has grown, east and west Read More

  • Pretium Resources Inc.: Brucejack Receives Environmental Management Act and Mines Act Permits

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 1, 2015) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to announce that it has been issued all of the major regulatory permits required to begin development work towards commercial production at the Brucejack Project located in northern British Columbia. The British Columbia Minister of Energy and Mines has issued a Mines Act Permit approving Pretivm's mine plan and reclamation Read More

  • OceanaGold Filed and Mailed Meeting Materials for Upcoming Special Meeting of Shareholders

    MELBOURNE, Sept 1, 2015 /CNW/ - OceanaGold Corporation (TSX/ASX/NZX: OGC) ("OceanaGold") is pleased to announce that it has completed the SEDAR filing and mailing of the shareholder meeting materials for the previously announced Plan of Arrangement (the "Arrangement") with Romarco Minerals Inc. ("Romarco"). As indicated by the respective OceanaGold and Romarco press releases dated 30 July 2015, the boards of directors for both companies unanimously recommend the friendly Read More

  • Integra Gold Intersects 12.86 g/t Au Over 6.0 metres in Triangle Zone Step-Out Drilling and Identifies New C5 Zone Below Existing Resources

    VANCOUVER, BC--(Marketwired - September 01, 2015) - Press Release Highlights: Results continue to provide confidence in the lateral continuity of the steeply dipping C4 mineralized structure at the Triangle Zone ("Triangle") with step-out drilling over 125 metres ("m") east of the existing resource limit intersecting 12.86 grams per tonne gold ("g/t Au") over 6.0 m in hole TM-15-22 Significant mineralization reported in the sub-parallel steeply dipping C2 structure Read More

  • Grizzly Provides Update on Non-Binding LOI With Kinross

    EDMONTON, ALBERTA--(Marketwired - Sept. 1, 2015) - Grizzly Discoveries Inc. (TSX VENTURE:GZD)(OTCQX:GZDIF)(FRANKFURT:G6H) ("Grizzly" or the "Company") is pleased to provide an update on its progress with Kinross Gold Corporation ("Kinross") on a non-binding Letter of Intent ("LOI") announced July 21, 2015, to grant Kinross or its affiliate KG Exploration (Canada) Inc. the sole and exclusive right and option to acquire an undivided 75% legal and beneficial interest in Read More

  • Mawson drills 19.0 metres at 5.3 g/t gold at Palokas, Finland

    VANCOUVER, Sept. 1, 2015 /CNW/ - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces the latest high-grade drill results from the 100% owned Palokas gold discovery in Northern Finland. Key Points: First drill hole of current program, PRAJ0109, returned: 19.0 metres @ 5.3 g/t gold from 38.7 metres; PRAJ0109 was drilled down-dip from recent drill results.  Immediate up dip results have included: 19.6 metres Read More

  • Northern Dynasty signs definitive agreement with Cannon Point

    VANCOUVER, Sept. 1, 2015 /CNW/ - Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) ("Northern Dynasty" or the "Company") announces, further to its press release of August 10, 2015, that it has entered into a definitive arrangement agreement (the "Agreement") with Cannon Point Resources Ltd. ("Cannon Point") with respect to the acquisition of 100% of the outstanding securities of Cannon Point. The transaction will be implemented Read More

  • Galane Gold Ltd. Releases Financial and Operating Results for Second Quarter 2015

    TORONTO, Aug. 31, 2015 /CNW/ - Galane Gold Ltd. ("Galane Gold" or the "Company") (TSX-V: GG) is pleased to announce the release of its financial results for the three and six months ended June 30, 2015. All amounts are in United States dollars unless otherwise indicated. A copy of the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2015 prepared Read More

  • Commerce Resources Corp. Intersects 2.44% TREO over 45 metres at the Ashram Rare Earth Deposit, Northern Quebec

    VANCOUVER, Sept. 1, 2015 /CNW/ - Commerce Resources Corp. (TSXv: CCE, FSE: D7H, OTCQX: CMRZF) (the "Company") is pleased to announce results for an additional eleven drill holes from the recently completed winter/spring drill program at the Ashram Rare Earth Deposit located in northern Quebec.  Highlights are as follows: 199.11 metres (m) of 1.98% TREO(1), including  45.42 m of 2.44% TREO (EC15-129) 149.42 m of 1.88% TREO, Read More

  • Red Eagle Mining extends superior offer to acquire CB Gold

    VANCOUVER, Sept. 1, 2015 /CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) has extended the expiry of its share exchange takeover bid (the "Offer") to acquire all of the issued and outstanding common shares ("Shares") of CB Gold Inc. ("CB Gold") from August 31, 2015 to September 14, 2015.  A notice of variation and extension has been filed and mailed to CB Gold Read More

  • Candente Copper Announces the Execution of Definitive Royalty Agreements on the Canariaco Project With Entree Gold Affiliate

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 1, 2015) - Candente Copper Corp. (TSX:DNT)(LMA:DNT) ("Candente Copper", or "Company") is pleased to announce the execution of definitive Royalty Agreements between two of the Company's subsidiaries and Exploraciones Apolo Resources S.A.C. ("Apolo"), an affiliate of Entrée Gold Inc. (TSX:ETG) ("Entrée"). Pursuant to these agreements, the Company has granted a royalty for a 0.5% net smelter return ("NSR") on its wholly-owned Cañariaco Copper Read More

  • Sarama Resources' Oxide-Focused Drilling Confirms 5.6km-long Parallel Mineralised Horizon at the South Houndé Project in Burkina Faso

    VANCOUVER, Sept. 1, 2015 /CNW/ - Sarama Resources Ltd. ("Sarama" or the "Company") is pleased to report that follow-up drilling at the MC and Kenobi Prospects has returned additional, predominantly oxide gold intersections and confirmed the presence of a semi-continuous eastern mineralised horizon measuring 5.6km in length.  The drill program built upon previous exploration programs at the South Houndé Project (the "Project") and further illustrates the exploration Read More

  • Goldsource Provides Construction Update at Eagle Mountain Gold Project

    VANCOUVER, Sept. 1, 2015 /CNW/ - Goldsource Mines Inc. ("Goldsource" or the "Company") is pleased to announce that construction at its Eagle Mountain Gold Project ("Eagle Mountain") located in Guyana, South America continues to progress well. As planned, the Company anticipates commissioning for Phase I production to take place during Q4, 2015. Phase I contemplates a 1,000 tonnes per day open pit ‑ gravity plant with estimated pre-production capital costs Read More

  • Independence Gold Commences Follow-Up Drilling at the Sunrise Zone, Boulevard Project, Yukon

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 1, 2015) - Independence Gold Corp. (TSX VENTURE:IGO) (the "Company") is pleased to announce the commencement of a $600,000 reverse circulation (RC) drilling program at its 100% owned Boulevard Project, located in the White Gold District 135 kilometres (km) south of Dawson City, Yukon and contiguous to the Coffee Gold Project currently being advanced by Kaminak Gold Corporation. Detailed ground magnetic surveying and Read More

  • Scorpio Gold Reports Results of AGM, Appoints Paul Parisotto to the Board of Directors and Engages Torrey Hills Capital for Investor Relations

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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

Condor Gold

Exchange/Ticker: LON: CNR
Main Asset: La India Gold District
Stage:
Exploration
Operating Region: Nicaragua
Profile: Condor Gold is revitalizing the historic La India gold mining district of Nicaragua. To date the company has delineated a global N.I. 43-101 mineral resource of 2.33 million ounces of gold and a positive Preliminary Economic Assessment that boasted production at all-in sustaining cash costs under $700 per ounce. In 2015... VIEW FULL PROFILE