ALL NEWS RELEASES

  • Marlin Gold Intersects 8.59 g/t Gold Over 23 Meters at the La Trinidad Open Pit Heap Leach Gold Mine in Sinaloa, Mexico

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES Marlin Gold Mining Ltd. ("Marlin" or the "Company) (TSX VENTURE:MLN) is extremely pleased to report assay results from the first exploration drilling campaign the company has done since 2011 at its wholly owned 118,000 Read More

  • Yamana Gold Announces Second Quarter 2015 Results

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or "the Company") is herein reporting its financial and operating results for the second quarter 2015, with some highlights provided as follows. Total gold production of 298,818 ounces representing a 7% increase in gold production from continuing operations compared to the second quarter of 2014; including 9% increase in gold production at core operations(1) compared to Read More

  • Goldcorp Achieves Record Quarterly Gold Production; Updates 2015 Cost Guidance

    VANCOUVER, July 30, 2015 /CNW/ - GOLDCORP INC. (TSX: G, NYSE: GG) today reported record second quarter gold production1 of  908,000 ounces, compared to gold production of 648,700 ounces for the second quarter of 2014.  Adjusted quarterly revenues1 were $1.3 billion, generating adjusted net earnings1,2 of $65 million, or $0.08 per share, compared to adjusted net earnings of $164 million, or $0.20 per share, for the second quarter Read More

  • Barrick Announces Sale of 50 Percent of Zaldívar Mine, Formation of New Partnership with Antofagasta Plc

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - All amounts expressed in US dollars Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick" or the "company") today announced that it has reached an agreement to sell a 50 percent interest in the Zaldívar copper mine in Chile to Antofagasta Plc ("Antofagasta") for a total consideration of $1.005 billion in cash, forming a new partnership with one of the world's leading copper companies. "The Read More

  • Sandstorm Gold Announces Record Production in Second Quarter

    VANCOUVER, July 30, 2015 /CNW/ - Sandstorm Gold Ltd. ("Sandstorm" or the "Company") (NYSE MKT: SAND, TSX: SSL) has released its results for the second quarter ended June 30, 2015 (all figures in U.S. dollars).   — SECOND QUARTER HIGHLIGHTS Record Attributable Gold Equivalent ounces sold1 of 12,901; Revenue of $15.4 million; Average cash cost per Attributable Gold Equivalent ounce1 of $304 resulting in cash operating margins1 of Read More

  • Endeavour Mining Q2 2015 AISC/oz of $898, Profit of $33M And $20M Debt Payment in July

    VANCOUVER, July 30, 2015 /CNW/ - Endeavour Mining Corporation ("Endeavour" or the "Corporation") (TSX:EDV) (ASX:EVR) (OTCQX:EDVMF) announces Q2 2015 gold production of 131,165 ounces resulting in an all-in sustaining margin of $38.2 million. The AISC of $898/oz during Q2 2015 demonstrates the cost savings trend has continued (see Figure 1).  Endeavour's operations continue to perform well and the group is positioned to deliver at the upper-end of Read More

  • Kivalliq Drilling at Dipole Discovers New Radioactive Zone

    VANCOUVER, BC--(Marketwired - July 30, 2015) - Kivalliq Energy Corporation (TSX VENTURE: KIV) ("Kivalliq") today announced that the first exploration drilling of the previously untested Dipole target has discovered multiple, steeply dipping, parallel radioactive intercepts contained within a new zone that is between 35 to 48 metres wide. This new discovery at Dipole clearly demonstrates that complementary geophysical and geochemical surveys are very effective tools for successfully targeting Read More

  • Dundee Precious Metals Announces 2015 Second Quarter Results

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT.A) - (All monetary figures are expressed in U.S. dollars unless otherwise stated) FINANCIAL AND OPERATING HIGHLIGHTS: Metals production - Achieved gold and copper production in the second quarter of 2015 of 32,699 ounces and 10.6 million pounds; All-in sustaining cost per ounce of gold - Remains below the industry average at $664; Smelter - Smelted 53,721 tonnes of complex concentrate Read More

  • GeoMegA Files NI 43-101 Report for Updated Resource Estimate for Montviel

    MONTREAL, QUEBEC--(Marketwired - July 30, 2015) - Geomega Resources Inc. ("GéoMégA" or the "Company") (TSX VENTURE:GMA) announces that, further to its news release of June 17, 2015, it has filed its National Instrument 43-101 technical report titled "Montviel Rare Earth Project Québec, Canada" dated June 15, 2015, on SEDAR at www.sedar.com. The report can also be found here. The resource estimate was prepared by Elzéar Belzile, Eng., independent Read More

  • Braveheart Resources Inc. Closes Financing

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Braveheart Resources Inc. (TSX VENTURE:BHT) ("Braveheart" or, the "Company") has completed non-brokered private placement financing consisting of 4,190,000 units at $0.05 per unit and an additional 40,000 flow-through units at $0.05 per unit for gross proceeds of $211,500. The units are comprised of one common share and one common share purchase warrant. The flow-through units are comprised of one common share Read More

  • Kaizen Discovery Receives Remaining Permits for Exploration at Its Coppermine Project in Nunavut, Northern Canada

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Kaizen Discovery (TSX VENTURE:KZD) announced today that it has received the remaining land and water use permits and mineral rights required for its exploration program at the Coppermine Project in Canada's Arctic territory of Nunavut. The company's planned diamond drilling program, consisting of 14 holes totalling 1,500 metres, is now underway. Kaizen's wholly owned Nunavut operating entity, Tundra Copper Corp., Read More

  • Red Pine Exploration Closes First Tranche of Financing

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Red Pine Exploration Inc. (the "Red Pine" or the "Company") (TSX VENTURE:RPX) announces that it has closed the first tranche of its non-brokered financing (the "Financing") for total gross proceeds of $139,971. This tranche was closed to meet the specific timing requirements of an investor. A second tranche will close within the next 10 business days. Pursuant to the Financing, the Read More

  • North American Palladium Reports Voting Results From Meeting of Debentureholders and Annual & Special Meeting of Shareholders

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - North American Palladium Ltd. ("NAP" or the "Company") (TSX:PDL)(OTC PINK:PALDF) released today the final voting results of the Meeting of Debentureholders and the Annual & Special Meeting of Shareholders. Both meetings were held on July 30, 2015 in Toronto, Ontario. The Company also provided an update on the planned reconstitution of its Board of Directors upon closing of the plan of Read More

  • Pinetree Capital Ltd. Announces Unaudited Financial Results for the Three and Six Months Ended June 30, 2015

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Pinetree Capital Ltd. ("Pinetree") (TSX:PNP) today announces its unaudited condensed consolidated interim financial results for the three and six months ended June 30, 2015. For the three months ended June 30, 2015, Pinetree had a net loss of $4.7 million, as compared to a net profit of $2.7 million for the same quarter last year. Net loss for the three months Read More

  • Yamana Gold Declares Third Quarter Dividend

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or the "Company") declared a third quarter 2015 dividend of $0.015 per share. Shareholders of record at the close of business on September 30, 2015 will be entitled to receive payment of this dividend on October 14, 2015. The dividend is an "eligible dividend" for Canadian tax purposes. About Yamana Yamana is a Canadian-based gold producer Read More

  • Yamana Gold Provides Brazilian Exploration Update

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or the "Company"), today provided an exploration update for its Chapada and Jacobina mines. Results from the recent exploration programs at these mines continue to support a positive operational outlook and strong long-term potential for these operations. Significant results to date from the Company's Brazilian exploration program include: Chapada - exploration drilling at the recently discovered Sucupira Read More

  • Aben Resources Announces Share Consolidation

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Aben Resources Ltd. (TSX VENTURE:ABN)(FRANKFURT:E2L1)(OTCBB:ABNAF) (the "Company") advises that the Company will be filing for and seeking approval of a consolidation of the Company's issued and outstanding share capital with the TSX Venture Exchange. The intended consolidation will be on a basis of one post-consolidation common share for every six pre-consolidation common shares. This consolidation will reduce the issued and Read More

  • Great Panther Silver to Release Second Quarter Financial Results on August 5, 2015; Conference Call on August 6, 2015

    VANCOUVER, July 30, 2015 /CNW/ - GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE MKT: GPL) ("Great Panther", the "Company") announces that it has scheduled the release of its second quarter 2015 financial results for Wednesday, August 5, 2015 after market close. A conference call and webcast will be held Thursday, August 6, 2015 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss these results.  Hosting Read More

  • Pinetree Capital Announces August $10 Million Partial Redemption of Convertible Debentures

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Pinetree Capital Ltd. (TSX:PNP)(TSX:PNP.DB) announces that it is once again exercising its right to partially redeem the company's 10.0% Convertible Secured Debentures due May 31, 2016 (the "Debentures"), in accordance with the terms of the indenture governing the Debentures. On August 31, 2015 (the "Redemption Date"), Pinetree will redeem $10 million of the $24.784 million aggregate principal amount of Debentures currently Read More

  • AQM Copper Inc. Grants Options and Deferred Share Units

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - AQM Copper Inc. ("AQM" or the "Company") (TSX VENTURE:AQM) announces that it has granted stock options to certain officers of the Company to purchase an aggregate of 1,250,000 common shares in the capital of the Company, each at an exercise price of $0.10 per share for a period of five years pursuant to the Company's Stock Option Plan. In addition, Read More

  • Cameco Australia Pty Ltd Earns 51% Interest in Kintyre Rocks Project, Western Australia

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Mega Uranium Ltd. (TSX:MGA) is pleased to announce that Cameco Australia Pty Ltd ("Cameco"), a wholly owned subsidiary of Cameco Corporation (TSX:CCO)(NYSE:CCJ) has earned a 51% interest in Mega's Kintyre Rocks project, located in the East Pilbara region of Western Australia ("Project") and held by Boxcut Mining Pty Ltd ("Boxcut"), a wholly-owned subsidiary of Mega. The Project immediately surrounds the lease Read More

  • Dolly Varden Silver Begins 2015 Field Exploration Program

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Dolly Varden Silver Corporation (TSX VENTURE:DV)(OTCBB:DOLLF) (the "Company" or "Dolly Varden") is pleased to announce the start of its 2015 field exploration program, which is focused on the discovery of both hot spring VMS (volcanogenic massive sulphide) (Eskay) and high grade epithermal (Brucejack) styles of mineralization. These styles of mineralization are consistent with those known to exist and historically mined Read More

  • Condor Sells Chilean Subsidiary, 100% Focus on Peru

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Condor Resources Inc. ("Condor" or the "Company") (TSX VENTURE:CN) is pleased to advise it has sold its 99.99% owned Chilean subsidiary, Minera Condor Limitada, to a private Chilean company, for gross proceeds of approximately US$44,000. In 2014, both the Brahma and the Cristal projects in Chile were returned by our partners, who had been working the projects under joint venture Read More

  • Durango Purchases Limestone Near Terrace, BC for a Piece of the $40 Billion LNG Business

    Vancouver, BC / TheNewswire / July 30, 2015 - Durango Resources Inc. (the "Company" or "Durango") is pleased to announce that it has entered into an agreement with two arm's length vendors to purchase 100% of the Mayner's Fortune limestone property near Terrace, B.C for 1,400,000 shares, subject to TSX Venture Exchange approval. The Mayner's Fortune limestone property is located in the Skeena Mining Division approximately 7.5 kilometres south Read More

  • Nemaska Lithium Receives Positive Federal Environmental Assessment Decision for Whabouchi Project

    QUÉBEC, QUÉBEC CITY--(Marketwired - July 30, 2015) - Nemaska Lithium Inc. ("Nemaska Lithium" or the "Corporation") (TSX VENTURE:NMX)(OTCQX:NMKEF) is pleased to announce that is has received a positive federal environmental assessment decision for the Whabouchi Project from the Minister of Environment of Canada. The decision is the most significant permit for mining projects in Canada and allows Nemaska Lithium to pursue project financing discussions to start mine construction. Read More

  • Mawson Restarts Drilling at the Palokas Gold Prospect in Finland

    VANCOUVER, July 30, 2015 /CNW/ - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces that the Company will recommence drilling at the Palokas high grade gold discovery within the Rajapalot project area in Finland on Monday August 03, 2015.  Drilling will be performed down dip and down plunge from recent drill results, which have included: 19.5 metres @ 7.4 g/t gold from 18.1 metres, Read More

  • Equitas Resources Corp. Mobilizing for Drill Program at the Garland Property in Labrador, Canada

    VANCOUVER, July 30, 2015 /CNW/ - Equitas Resources Corp. (TSXv: EQT) (FSE: T6UN) ("Equitas" or the "Company") is pleased to announce that crew and equipment mobilization for the Phase 2 exploration program at its 100% owned Garland nickel-copper-cobalt property in Labrador, Canada has commenced. On May 13th, 2015 Equitas announced that the VTEM Plus airborne survey resulted in the identification of nine areas of conductivity prospective for Read More

  • Metanor Intersects 12 g/t Over 3.25 Meters at Bachelor Mine

    VAL-D'OR, QUEBEC--(Marketwired - July 30, 2015) - Metanor Resources Inc. ("Metanor") (TSX VENTURE:MTO) is pleased to present an update of the exploration activity at Bachelor Mine. The second drill located on level 6 has intersected 12 g/t over 3.25 meters. The drill holes intersected the vein above levels 6. The results are in the table below: Hole No From (m) To (m) length (m)* Au grade capped (g/t) Read More

  • Oceanagold to acquire Romarco creating the lowest cost gold producer globally

    MELBOURNE and TORONTO, July 30, 2015 /CNW Telbec/ - OceanaGold Corporation (TSX/ASX/NZX: OGC) ("OceanaGold") and Romarco Minerals Inc. (TSX: R) ("Romarco") are pleased to announce that the companies have entered into a definitive agreement (the "Agreement") pursuant to which OceanaGold has agreed to acquire all of the issued and outstanding common shares of Romarco in an all-share transaction to be completed by way of a statutory Plan Read More

  • Hudson Signs 10-Year Global Supply Agreement for the White Mountain Anorthosite Project

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - HUDSON RESOURCES INC. (the "Company") - (TSX VENTURE:HUD)(OTCQX:HUDRF) is pleased to announce that it has entered into a binding purchase agreement with a previously disclosed (NR2014-04), large North American materials company for the supply of Hudson's White Mountain anorthosite product, to be used in the production of fiberglass. The purchase agreement establishes a minimum 10-year commitment for significant annual purchase of Read More

  • PotashCorp Reports Second-Quarter 2015 Earnings of $0.50 per Share

    Key Highlights        Second-quarter earnings of $0.50 per share1 Record first-half offshore potash shipments of 3.4 million tonnes Full-year 2015 earnings guidance adjusted to $1.75 - $1.95 Third-quarter earnings guidance set at $0.35 - $0.45 per share Proposal to acquire K+S Aktiengesellschaft (K+S) CEO Commentary                                          "Our earnings for the quarter hit the midpoint of our guidance range but trailed last year's total, primarily due to weaker Read More

  • Lake Shore Gold Reports First Half and Second Quarter 2015 Financial and Operating Results

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Lake Shore Gold Corp. (TSX:LSG)(NYSE MKT:LSG) ("Lake Shore Gold" or the "Company") today announced financial and operating results for the first half ("H1/15") and second quarter ("Q2/15") of 2015. Full details of the results are provided in the Company's Consolidated Financial Statements and Management's Discussion & Analysis, which are available on the Company's website at www.lsgold.com and on SEDAR at www.sedar.com. Read More

  • Newmarket Gold Reports Strong Second Quarter Results; Record Low Operating Cash Costs of $681 Per Oz and Record First-Half Production of 115,674 Oz

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Newmarket Gold ("Newmarket" or the "Company") (TSX:NMI) is pleased to announce financial results for the three and six months ended June 30, 2015. Full Financial Statements and Management Discussion & Analysis documents can be found at www.sedar.com and the Company's website, www.newmarketgoldinc.com. Second Quarter Highlights ("Q2/15") (All figures are in United States ("U.S.") dollars, unless stated otherwise) Consolidated production of Read More

  • CWN Mining Acquisition Corporation Announces Advanced-Stage Discussions to Form Strategic Partnership with Graphene Technology Developer

    Vancouver, BC / TheNewswire / July 30, 2015 - CWN Mining Acquisition Corporation (the "Company") announces that management is in an advanced stage of discussions for a strategic partnership ("Proposed Transaction") with a graphene material research, development and manufacturing firm based in Shenzhen, China ("Shenzhen Co."). Initial terms of the Proposed Transaction will include a minority interest in a joint venture company to be formed by the Company and Read More

  • Denison Mines Corp. Announces Agreement to Sell Mongolian Interests to Uranium Industry a.s.

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Denison Mines Corp. ("Denison" or the "Company") (TSX:DML)(NYSE MKT:DNN) is pleased to announce the signing of a definitive share purchase agreement (the "Agreement") with Uranium Industry a.s. ("Uranium Industry"), of the Czech Republic, whereby Denison will sell its interest in the Gurvan Saihan joint venture ("GSJV") to Uranium Industry for US$20,000,000 (the "Transaction"). Pursuant to the terms of the Agreement, Denison Read More

  • Kaminak Reports Up to 85% Gold Recovery from Transitional Mineralization at Coffee Gold Project

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Kaminak Gold Corporation (TSX VENTURE:KAM) today announced results of the comprehensive metallurgical test work program conducted on transitional facies mineralization collected from the Coffee Gold Project, Yukon. The metallurgical results from bottle rolls, column testing and extensive cyanide (CN) soluble assaying will be used to better define the different facies of mineralization in the updated 2015 resource block model, which Read More

  • Cameco reports second quarter financial results

    SASKATOON, SASKATCHEWAN--(Marketwired - July 30, 2015) - ALL AMOUNTS ARE STATED IN CDN $ (UNLESS NOTED) higher revenue and gross profit for the quarter and first six months average realized uranium price outperforming spot and long-term market prices strong uranium production for the quarter, maintaining annual production and sales targets Cameco (TSX:CCO)(NYSE:CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2015 in Read More

  • SEMAFO Provides Notice of Second Quarter 2015 Results Release and Conference Call

    MONTREAL, QUEBEC--(Marketwired - July 30, 2015) - SEMAFO (TSX:SMF)(OMX:SMF) invites you to participate in a conference call on August 5, 2015 at 10:00 AM EDT with senior management during which they will review the Corporation's second quarter 2015 financial results. SEMAFO's financial statements and management's discussion and analysis for the second quarter 2015 will be released on August 5 prior to TSX open and will be available in Read More

  • Arena Minerals Provides Exploration Update: B2Gold Commences Drilling on Atacama Project

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Arena Minerals Inc. ("Arena" or the "Company") (TSX VENTURE:AN) is pleased to provide an update on exploration activities on the Company's Atacama copper project. B2Gold Corp. (TSX:BTO)(NYSE MKT:BTG) ("B2Gold") has informed the Company that it has mobilized a diamond drill and commenced drilling on the Atacama copper project claims under option, being the Pampa Paciencia and Cerro Barco prospects (the "B2Gold Read More

  • First Majestic Silver: Second Quarter Financial Results to Be Released on August 11

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - FIRST MAJESTIC SILVER CORP. (TSX:FR)(NYSE:AG)(FRANKFURT:FMV)(BVM:AG) (the "Company" or "First Majestic") is pleased to announce that its unaudited 2015 second quarter financial results will be released on Tuesday, August 11, 2015. First Majestic is a mining company focused on silver production in México and is aggressively pursuing the development of its existing mineral property assets and the pursuit through acquisition of Read More

  • Sunridge Signs Agreement to Purchase Net Profits Interest on the Asmara Project, Eritrea

    Vancouver, British Columbia (FSCwire) - Sunridge Gold Corp. (the “Company” or “Sunridge”) (SGC: TSX.V/SGCNF: OTCQX) is pleased to announce that it has executed an agreement with the Estate of Albert J Perry granting Sunridge a two-year option to purchase Perry’s 2% net profit interest (“NPI”) on Sunridge’s interest in the Asmara Project. Albert J. Perry was a geologist that recognized the potential of the Asmara Project when Read More

  • Golden Predator Adopts Advance Notice Policy

    Toronto, Ontario (FSCwire) - Golden Predator Mining Corp. (TSX.V: GPY) (the “Company” or “Golden Predator”) announces the approval by its board of directors of an advance notice policy (the “Policy”). The purpose of the Policy is to (i) facilitate an orderly and efficient annual general or, where the need arises, special meeting, process, (ii) ensure that all shareholders receive adequate notice of the director nominations and sufficient Read More

  • Paladin Energy Ltd Provides Progress Update: Material Reduction in Costs in FY16

    PERTH, WESTERN AUSTRALIA--(Marketwired - July 30, 2015) - Paladin Energy Ltd (TSX: PDN) (ASX: PDN) ("Paladin" or the "Company") is pleased to advise of a material reduction in its forecast FY16 cash flow break-even level through a sustainable reduction in its forward all-in cash costs (including capital expenditure, corporate costs and debt servicing). These measures (outlined below) will reduce Paladin's total cash costs by more than US$33M (compared Read More

  • Fortuna to Release Second Quarter Financial Results on August 7, 2015; Conference Call at 12 p.m. Eastern on August 10, 2015

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Fortuna Silver Mines Inc. (NYSE:FSM)(TSX:FVI) announces that it will release its financial statements and MD&A for the second quarter after the market closes on Friday, August 7, 2015. A conference call to discuss the financial and operational results will be held on Monday, August 10, 2015 at 9:00 a.m. Pacific | 12:00 p.m. Eastern. Hosting the call will be Jorge A. Read More

  • Minemakers Limited - June 2015 Quarterly Activities Report

    PERTH, AUSTRALIA--(Marketwired - July 30, 2015) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Minemakers Limited (TSX:MAK)(ASX:MAK) wishes to inform the market, that a copy of the following has been today lodged with the ASX: "June 2015 Quarterly Activities Report" A copy of this announcement can be viewed on our website at www.minemakers.com.au and on www.sedar.com. This news release does Read More

  • Royal Nickel Announces Positive Federal Environmental Assessment Decision for Dumont Project

    TORONTO, July 30, 2015 /CNW/ - Royal Nickel Corporation ("RNC") (TSX: RNX) announces the receipt of a positive Environmental Assessment Decision for the Dumont Nickel Project ("Dumont") from the Federal Minister of the Environment. The Minister has determined that the project is not likely to cause significant adverse environmental effects with the implementation of the mitigation measures outlined in the Comprehensive Study Report ("CSR") and has therefore Read More

  • Compliance Energy Share Consolidation

    VANCOUVER, July 30, 2015 /CNW/ - Compliance Energy Corporation (the "Company). announces that its share capital will be consolidated on the basis of one (1) new common share without par value for every ten (10) existing common shares without par value (the "Share Consolidation") effective at the opening of the market on July 31, 2015.  There are presently 78,139,283 common shares without par value issued and outstanding and Read More

  • HLM Raises $566,000 in Financing Oversubscribed by 26%

    Sudbury, Ontario (FSCwire) - Houston Lake Mining Inc. (TSX.V: HLM), is a mining exploration company which is actively exploring for rare metals lithium, tantalum, rubidium and cesium by currently advancing its 100% owned and optioned PAK Rare Metals Project in northwestern Ontario, Canada. HLM today reported the closing of a non-brokered private placement offering for a total of 3,144,444 units ("Units") of the Company priced at $0.18 Read More

  • Teranga Gold Reports Significant Improvement in Net Profit and Costs

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Financial and Operating Highlights For the three-months ended June 30, 2015 compared to three-months ended June 30, 2014 Net profit increased to $6.7 million ($0.02 per share) from a loss of $12.5 million ($0.04 loss per share) Cash flow from operations increased to $12.3 million compared to a loss of $9.8 million Free cash flow improved by $365 per ounce and Read More

  • OceanaGold to Acquire Romarco Minerals - Creating the Lowest Cost Gold Producer Globally

    MELBOURNE and TORONTO, July 30, 2015 /CNW/ - OceanaGold Corporation (TSX/ASX/NZX: OGC) ("OceanaGold") and Romarco Minerals Inc. (TSX: R) ("Romarco") are pleased to announce that the companies have entered into a definitive agreement (the "Agreement") pursuant to which OceanaGold has agreed to acquire all of the issued and outstanding common shares of Romarco in an all-share transaction to be completed by way of a statutory Plan of Read More

  • OceanaGold Reports Second Quarter 2015 Operational and Financial Results

    MELBOURNE, July 30, 2015 /CNW/ - OceanaGold Corporation (TSX/ASX/NZX: OGC) (the "Company") released its first half and second quarter 2015 financial and operational results for the quarter ending 30 June 2015. Details of the consolidated financial statements and the Management Discussion and Analysis ("MD&A") are available on the Company's website at www.oceanagold.com Key Highlights Produced 176,999 ounces of gold and 12,299 tonnes of copper in the first half Read More

  • Serabi Gold plc Cancellation of Share Premium Account and Deferred Shares

    LONDON, July 30, 2015 (GLOBE NEWSWIRE) -- At the Annual General Meeting of Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and development company, held on 11 June 2015, shareholders of the Company approved resolutions, subject to the confirmation of the High Court of Justice in England and Wales (the "Court"), that the amount standing to the credit of the share premium account of the Read More

  • Timmins Gold Reports 2015 Second Quarter Results

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Timmins Gold Corp. (TSX:TMM)(NYSE MKT:TGD) ("Timmins" or the "Company") is pleased to report its operating and financial results for the second quarter ended June 30, 2015 ("Q2 2015"). The comparative period is the second quarter ended June 30, 2014 ("Q2 2014"). All results are presented in United States dollars ("US Dollars") unless otherwise stated. Readers should refer to the 2015 Read More

  • Southern Silver Reports on Corporate Matters

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2015) - Southern Silver Exploration Corp. ("Southern Silver" or the "Company") (TSX VENTURE:SSV)(FRANKFURT:SEG) reports that at the Company's extraordinary general meeting held on July 29, 2015 shareholders voted to approve an earn-in agreement with an insider shareholder. Voting by disinterested shareholders was unanimous in favour of the resolution which was required on the basis that the shareholder has the right to acquire Read More

  • Benton Capital to Acquire Up to a 10% Gross Overriding Royalty in Graphite Micronization Facility

    THUNDER BAY, ONTARIO--(Marketwired - July 30, 2015) - Benton Capital Corp. (TSX VENTURE:BTC) ("Benton" or "the Company") is pleased to announce that it has executed a letter of intent ("LOI") with Great Lakes Graphite Inc. (TSX VENTURE:GLK) ("Great Lakes") through its wholly owned operating division, Great Lakes Innovations ("GLI"), to provide the Company with the right to acquire up to a 10% gross overriding royalty interest ("GOR") on Read More

  • Great Lakes Graphite Signs LOI for Additional Funding for Matheson Operations

    TORONTO, ONTARIO--(Marketwired - July 30, 2015) - Great Lakes Graphite Inc. ("Great Lakes", "GLK" or the "Company") (TSX VENTURE:GLK)(OTC PINK:GLKIF)(FRANKFURT:8GL) today announces that the Company has executed a letter of intent ("LOI") with Benton Capital Corp. ("Benton") (TSX VENTURE:BTC) to provide Benton with the right to acquire up to a 10% gross overriding royalty interest ("GOR") on the sale of micronized flake graphite and any other material processed Read More

  • Pure Energy Announces Dual Listing on the OTCQB Marketplace

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  • 1

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

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

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

First Quarter Highlights:

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

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

Production Growth

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

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

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

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

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

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

Black Fox Focused on Transition to Underground

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

Strong Financial Results

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

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

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

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

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

Balance Sheet Strengthened

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

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

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

2015 Guidance Maintained

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

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

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

Black Fox Complex Plan

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

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

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

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

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

Conference Call and Webcast Details

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

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

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

http://www.gowebcasting.com/6388

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

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

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

About Primero

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

Primero's website is www.primeromining.com

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

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

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

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

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

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

SUMMARIZED FINANCIAL AND OPERATING RESULTS AND FINANCIAL STATEMENTS FOLLOW

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

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

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

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

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

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Gold Royalties LLC

FEATURED JUNIOR

MGX Minerals Inc.

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