ALL NEWS RELEASES

  • Cameco présente ses résultats financiers pour le quatrième trimestre et l'exercice 2015

    SASKATOON, SASKATCHEWAN--(Marketwired - 14 fév. 2016) - Cameco (TSX:CCO)(NYSE:CCJ) a annoncé aujourd'hui ses résultats financiers et opérationnels consolidés pour le quatrième trimestre et l'exercice clos le 31 décembre 2015, conformément aux Normes internationales d'information financière (IFRS). « En 2015, la société a continué ses bonnes performances, étant donnés les enjeux auxquels notre industrie est confrontée », a déclaré Tim Gitzel, président et chef de la direction de Cameco. Read More

  • Rubicon Minerals and CPPIB Constructively Advance Discussions on Its Loan Agreement

    TORONTO, ONTARIO--(Marketwired - Feb. 12, 2016) - Rubicon Minerals Corporation (TSX:RMX)(OTC PINK:RBYCF) ("Rubicon" or the "Company") provides an update on its US$50 million secured loan agreement ("Loan Agreement") with CPPIB Credit Investments Inc. ("CPPIB"), a wholly-owned subsidiary of Canada Pension Plan Investment Board. As is customary in borrowings of this nature, the terms of the Loan Agreement contained multiple covenants relating to Rubicon and the Phoenix Gold Project Read More

  • Osisko Closes $50 Million Financing With Investissement Quebec

    MONTRÉAL, QUÉBEC--(Marketwired - Feb. 12, 2016) - Osisko Gold Royalties Ltd (the "Company" or "Osisko") (TSX:OR) is pleased to announce that it has closed its previously announced $50 million financing with Ressources Québec, a wholly-owned subsidiary of Investissement Québec. Under the terms of the financing, Ressources Québec subscribed to a $50 million convertible debenture which will mature in five years and will bear interest at an annual rate Read More

  • Mines Management Inc. Receives Final Record of Decision for the Montanore Silver-Copper Project

    SPOKANE, Wash., Feb. 12, 2016 (GLOBE NEWSWIRE) -- MINES MANAGEMENT, INC. (NYSE-MKT: "MGN", TSX: "MGT") (the "Company") is pleased to report that Records of Decision (ROD) approving development of the Montanore Mine Project were issued by the U.S. Forest Service (USFS) and the Montana Department of Environmental Quality (MDEQ). The agencies' decisions approve the project defined in the preferred alternative as outlined in the Joint Final Environmental Read More

  • Sierra Metals Announces Favourable Federal Court Ruling on Litigation Pertaining to its Bolivar Property in Mexico

    TORONTO, Feb. 12, 2016 /CNW/ - Sierra Metals Inc. (TSX: SMT) (BVL: SMT) ("Sierra Metals" or "the Company") is pleased to report a positive outcome in the legal dispute between Polo & Ron Minerals ("P&R") and Dia Bras Exploration Inc., (the Company's previous name) and Dia Bras Mexicana a subsidiary of Sierra Metals, that holds its Bolivar and Cusi properties in Mexico. The Second Federal Collegiate Court Read More

  • Taseko Seeks Damages From Government of Canada - Files Civil Suit in BC Supreme Court

    VANCOUVER, Feb. 12, 2016 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company") announced today that it has filed a civil claim in the BC Supreme Court against the Canadian federal government. The claim seeks damages in relation to the February 25, 2014 decision concerning the New Prosperity Project, a multi-billion dollar gold-copper deposit in the Cariboo region of British Columbia, Canada. Read More

  • Roxgold Inc. Announces $20 Million Bought Deal Financing

    TORONTO, ONTARIO--(Marketwired - Feb. 12, 2016) - Roxgold Inc. (the "Company" or "Roxgold ") (TSX VENTURE:ROG) is pleased to announce that it has entered into an agreement with a syndicate of underwriters pursuant to which they have agreed to purchase, on a bought deal basis, 25,000,000 common shares (the "Shares") at a price of $0.80 per share for gross proceeds to the Company of $20 million (the "Offering"). The Read More

  • Lucara 2015 Fourth Quarter Report to Be Released February 23, 2016

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2016) - Lucara Diamond Corp. (TSX:LUC)(BOTSWANA:LUC)(NASDAQ OMX Stockholm:LUC) ("Lucara" or the "Company") is pleased to announce that it will be publishing its 2015 Fourth Quarter results on Tuesday, February 23, 2016 after the market close in North America. The Company will host a conference call to discuss the results on Wednesday, February 24, at 6:00 a.m. Pacific, 9:00 a.m. Eastern, 3:00 p.m. Read More

  • New Pacific Reports Financial Results for the Three and Six Months Ended December 31, 2015-Appoints Corporate Secretary

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2016) - New Pacific Metals Corp. (TSX:NUX) ("New Pacific" or the "Company") today announced its unaudited condensed consolidated interim financial results for the three and six months ended December 31, 2015. This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on Read More

  • Newmarket Gold Announces Intent to Redeem Outstanding Convertible Debentures

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2016) - Newmarket Gold Inc. ("Newmarket Gold" or the "Company") (TSX:NMI)(OTCQX:NMKTF) today announced that on March 30, 2016 (the "Redemption Date") it intends to redeem in full all of its then outstanding convertible unsecured debentures due April 30, 2018 (the "Debentures") in accordance with the provisions of the indenture dated as of April 5, 2013, as supplemented and amended by the first Read More

  • Perseus Mining Limited Earns A$12.0 Million Profit for Half Year to December 31, 2015

    PERTH, WESTERN AUSTRALIA--(Marketwired - Feb. 12, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Perseus Mining Limited ("Perseus" or the "Company") (TSX:PRU) (ASX:PRU) is pleased to announce a profit after tax ("PAT") of A$12.0 million, or 2.3 cents per share, for the Half Year to December 31, 2015 ("HY2015"). Highlights of HY2015 results include: 5% increase in revenue FX Read More

  • Uranium Resources’ Stockholders Approve Reverse Stock Split; Company Announces 2016 Goals

    CENTENNIAL, Colo.--(BUSINESS WIRE)--Uranium Resources, Inc. (NASDAQ:URRE; ASX: URI), a leading exploration, development, and uranium production company, announced today that its stockholders have approved the charter amendment that will permit the company to conduct a reverse stock split of its issued and outstanding common stock. Of the outstanding shares entitled to vote at a special meeting of stockholders held on February 11, 2016, 93.2% were “FOR” the Read More

  • Energy Fuels Reports Production Updates for Nichols Ranch ISR Project and Positive Drill Results in Current and Near-Term Uranium Production Areas

    LAKEWOOD, CO, Feb. 12, 2016 /CNW/ - Energy Fuels Inc. (NYSE MKT:UUUU; TSX:EFR) ("Energy Fuels" or the "Company"), one of the largest producers of uranium in the United States, is pleased to announce that the Company has achieved several key licensing, development, and production milestones at its Nichols Ranch in situ recovery ("ISR") Project in Wyoming. The Company is pleased to announce that it has completed the Read More

  • Gold Standard Closes C$13.8 Million Strategic Investment With OceanaGold Corporation

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2016) - Gold Standard Ventures Corp. (TSX VENTURE:GSV)(NYSE MKT:GSV) ("Gold Standard" or the "Company") is pleased to report that it has closed its previously announced private placement financing (the "Financing") with a wholly owned subsidiary of OceanaGold Corporation (TSX:OGC)(ASX:OGC)(NZX:OGC) ("OceanaGold") for 13,831,931 common shares of Gold Standard (the "Purchased Shares") at a price of C$1.00 per share for gross proceeds of C$13,831,931. Read More

  • Sandspring Resources Announces Share Purchases by Frank Giustra

    DENVER, COLORADO and VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2016) - Sandspring Resources Ltd. (TSX VENTURE:SSP) (OTCQX:SSPXF) ("Sandspring" or the "Company") has been advised that Fiore Financial Corporation, a company owned and controlled by Mr. Frank Giustra, acquired 2,615,000 common shares from the exercise of share purchase warrants at an exercise price of $0.15 per common share, and Mr. Giustra has acquired 2,000,000 common shares of Sandspring in Read More

  • Crown Mining Completes $120,000 Non-brokered Private Placement

    Toronto, Ontario--(Newsfile Corp. - February 12, 2016) - Crown Mining Corp., (TSXV: CWM) ("Crown" or the "Company") is pleased to announce that it has completed a non-brokered private placement previously announced on February 1, 2016 (the "Private Placement") for aggregate gross proceeds of $120,000. The Private Placement involved the issuance of 2,000,000 units ("Units") at a price of $0.06 per Unit for gross proceeds of $120,000. Each Unit Read More

  • Goldgroup Issuance of Common Shares to Satisfy US$200,000 Owing to Oroco Resource Corp.

    VANCOUVER, Feb. 12, 2016 /CNW/ - Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) announces it has issued 4,691,000 common shares (the "Shares") at a deemed price of $0.06 per Share to satisfy debt owing to Oroco Resource Corp. ("Oroco") in the amount of US$200,000 (being the equivalent of Cdn$281,460 calculated using the Bank of Canada Noon Exchange Rate on January 28, 2016 of Read More

  • West Red Lake Gold Mines Closes $180,000 Financing

    Toronto, Ontario (FSCwire) - West Red Lake Gold Mines Inc. (“West Red Lake Gold” or the “Company”) (CSE: RLG) (FWB: HYK) (OTC: HYLKF) announces that it has completed a non brokered private placement of common share units for aggregated gross proceeds of $180,000. The Company issued 3,600,000 common share units (the “Common Share Units”) at a price of $0.05 per Common Share Unit for aggregated gross proceeds Read More

  • NewCastle's Gold Project NOT Included in New Castle Mountain Monument

    TORONTO, ONTARIO--(Marketwired - Feb. 12, 2016) - NewCastle Gold Ltd. (TSX VENTURE:NCA) (the "Company" or "we") reports that the President of the United States, Barack Obama, today proclaimed a new Castle Mountains National Monument (the "Monument"). We are pleased to report that the Company's claim holdings, private land held by the Company and certain adjacent BLM lands are not included in the Monument. Moreover, the proclamation states that Read More

  • Skeena Identifies Five High Priority Prospects on Northern Portion of GJ Property

    VANCOUVER, BC--(Marketwired - February 12, 2016) - Skeena Resources Limited (TSX VENTURE: SKE) ("Skeena" or the "Company") has compiled historic work on high-grade gold-silver and bulk tonnage copper-gold exploration targets on its GJ property, acquired in October 2015. The GJ property totals 38,374 hectares and is adjacent to British Columbia Provincial Highway 37 and the new Iskut Extension powerline and Tatogga substation, which feed the nearby Red Chris Read More

  • First Mining to Acquire Clifton Star Resources Inc.

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2016) - First Mining Finance Corp. ("First Mining") (TSX VENTURE:FF)(OTCQB:FFMGF) and Clifton Star Resources Inc. ("Clifton Star") (TSX VENTURE:CFO) are pleased to announce that the companies have entered into a definitive arrangement agreement (the "Agreement") pursuant to which First Mining has agreed to acquire all of the issued and outstanding common shares of Clifton Star in exchange for one common share of Read More

  • GoGold Announces Financial Results for the Quarter ended December 31, 2015

    HALIFAX, Feb. 12, 2016 /CNW/ - GoGold Resources Inc. (TSX: GGD) ("GoGold", "the Company") is pleased to announce the release of financial results for the quarter ending December 31, 2015. The Company recorded revenue of $3 million from the sale of 219,292 silver equivalent ounces at a cash cost of $6.54 per silver equivalent ounce. Financial highlights for the quarter ending December 31, 2015: Revenue of $3.0 Read More

  • Maritime Closes a Portion of Financing

    Vancouver, British Columbia--(Newsfile Corp. - February 12, 2016) - Maritime Resources Corp. (TSXV: MAE) reports that a portion of the non-brokered private placement announced on November 5, 2015 has closed for gross proceeds of $195,000. The Company has issued 1,300,000 Equity Units at $0.14 per Equity Unit and 1,300,000 Royalty Units at $0.01 per Royalty Unit. Each Equity Unit consists of one common share and one half of Read More

  • Avala Announces Proposed Acquisition by Dundee Precious Metals of Minority Equity Interest

    LONGUEUIL, QUÉBEC--(Marketwired - Feb. 12, 2016) - Avala Resources Ltd. ("Avala" or the "Company") (TSX VENTURE:AVZ) wishes to announce that, on February 11, 2016, it has entered into a definitive arrangement agreement (the "Agreement") with Dundee Precious Metals Inc. ("DPM") (TSX:DPM) the controlling shareholder of Avala, whereby DPM will acquire all of the issued and outstanding common shares of Avala that it does not already own by way Read More

  • First Quantum to Release Fourth Quarter and Year 2015 Financial and Operating Results on February 18, 2016

    TORONTO, ONTARIO--(Marketwired - Feb. 12, 2016) - First Quantum Minerals Ltd. ("First Quantum" or the "Company") (TSX:FM)(LSE:FQM) will publish its fourth quarter and year 2015 financial and operating results on Thursday February 18, 2016 following the close of the TSX. The Company's President, Clive Newall, will host a conference call and webcast to discuss the results on Friday February 19, 2016. Conference call and webcast details are as Read More

  • Abitibi Royalties Update on Royalties at Canadian Malartic

    VAL-D'OR, QUÉBEC--(Marketwired - Feb. 12, 2016) - Abitibi Royalties Inc. (TSX VENTURE:RZZ) ("Abitibi Royalties" or the "Company") is pleased to provide an update on the Company's net smelter royalties ("NSR") at the Canadian Malartic Mine near Val-d'Or, Québec. The information contained in this news release is based, without any independent verification, on disclosure made by Agnico Eagle Mines Limited ("Agnico Eagle") in its fourth quarter news release (February Read More

  • Early Warning-Gossan CEO Shareholdings Exceed 14% of Shares Outstanding

    WINNIPEG, MANITOBA--(Marketwired - Feb. 12, 2016) - Gossan Resources Limited (TSX VENTURE:GSS)(FRANKFURT:GSR)(FREIVERKEHR:GSR)(XETRA:GSR) has been advised by its CEO, Douglas Reeson, that he purchased a material number of shares on February 10th, and now holds 4,667,000 common shares or 14.1% of the shares issued and outstanding. Mr. Reeson purchased these shares for investment purposes and has no present intention to acquire ownership of, or control over, additional securities of Read More

  • Magellan Partially Closes Debt Settlement Agreement With Management

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2016) - Magellan Minerals Ltd. (TSX VENTURE:MNM) ("Magellan") is pleased to announce that following receipt of final approval from the TSX Venture Exchange, the Company has closed part of the debt settlement agreement with its management group which was previously announced on December 3, 2015 relating to the issuance of units in exchange for a significant portion of the debts owed to Read More

  • Stakeholder Gold Corp. Announces Financing

    Toronto, Ontario--(Newsfile Corp. - February 12, 2016) - Stakeholder Gold Corp. (TSXV: SRC) ("Stakeholder" or the "Company") announces a financing of up to 7.5M shares to raise proceeds of up to $750,000. The financing is comprised of shares without warrants, with shares priced at $0.10 (10 cents per share) and is eligible for hard dollar as well as flow-through investors. Funds will be applied to exploration initiatives on Read More

  • Great Panther reports on the assessment of explosives theft by the regulatory authority

    VANCOUVER, Feb. 12, 2016 /CNW/ - GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE MKT: GPL) ("Great Panther"; the "Company") announces that the Mexican regulatory authority responsible for permitting and regulating the use of explosives, has concluded its inspection regarding the previously announced theft of explosives from one of the mines at the Guanajuato Mine Complex ("GMC"). The Company was assessed a fine, which has been paid and Read More

  • Alderon Announces Resignation of COO

    VANCOUVER, BC--(Marketwired - February 12, 2016) - Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the "Company") announces the resignation of Mr. Brian Penney as Chief Operating Officer ("COO") of the Company in order to pursue another opportunity. Mr. Penney has served as the Company's COO from April 2013 and previously served as COO in 2011. The Board thanks Mr. Penney for his contributions during his tenure as Read More

  • Algold Announces Extension of Option on Gryphon Minerals' Mauritanian Exploration Licences

    Montreal, Canada / TheNewswire / February 12, 2016 - ALGOLD RESOURCES LTD. (ALG: TSXV - "Algold" or the "Corporation" www.algold.com) is pleased to announce that Gryphon Minerals Limited (ASX:GRY) ("Gryphon") has agreed to an extension of the option granted to Algold in October 2015 (the "Option"). Under the Option, Algold's wholly-owned subsidiary, Kanosak Barbados Inc., may acquire Gryphon's Mauritanian Tijirit and Akjoujt exploration licences (permit numbers EL447, EL1117 and EL448), Read More

  • Sentient Group Converts Debt To Golden Minerals Shares

    GOLDEN, Colo., Feb. 12, 2016 /CNW/ -- Golden Minerals Company (NYSE MKT: AUMN; TSX: AUM) ("Golden Minerals" or "the Company") is pleased to announce that The Sentient Group has elected to convert a portion of the principal plus interest due under the terms of a convertible loan into common shares, effective February 11, 2016. As previously announced, Golden Minerals received $5.0 million in a secured, one-year convertible Read More

  • Khan Files First Quarter 2016 Financial Results

    TORONTO, ONTARIO--(Marketwired - Feb. 12, 2016) - Khan Resources Inc. (CSE:KRI) ("Khan" or "the Company") announced today that it has filed its financial statements and management's discussion and analysis for the three months ended December 31, 2015 on SEDAR and has posted these documents to its website www.khanresources.com. Highlights International arbitration award - On March 2, 2015 the international arbitration tribunal rendered an award to Khan as compensation for Read More

  • Americas Silver Corporation Announces Closing of U.S. $2.9 Million Credit Facility

    TORONTO, ONTARIO--(Marketwired - Feb. 12, 2016) - Americas Silver Corporation (TSX:USA)(OTCQX:USAPF) ("Americas Silver" or the "Company") is pleased to announce that it has closed the previously announced (February 4, 2016) subordinated credit facility with its two existing lenders and equity holders for a principal amount of U.S. $2.9 million (the "New Credit Facility"). The New Credit Facility has a 12 month term with interest to accrue from closing Read More

  • Osisko Announces Filing of Preliminary Short Form Prospectus in Connection With Bought Deal Financing

    MONTRÉAL, QUÉBEC--(Marketwired - Feb. 11, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION TO UNITED STATES Osisko Gold Royalties Ltd (TSX:OR) ("Osisko" or the "Corporation") announces that it has filed a preliminary short form prospectus in each of the provinces of Canada and obtained a receipt from the Autorité des marchés financiers to qualify the distribution of 9,940,000 units of Osisko ("Units"), Read More

  • Newmont Declares Quarterly Dividend of $0.025 Per Share

    DENVER--(BUSINESS WIRE)--Newmont Mining Corporation (NYSE: NEM) (Newmont or the Company) announced its Board of Directors declared a quarterly dividend of $0.025 per share of common stock, payable on March 24, 2016, to holders of record at the close of business on March 10, 2016. Newmont's gold price-linked dividend policy includes a quarterly dividend payable based on the average LBMA P.M. Gold Price for the preceding quarter Read More

  • Franco-Nevada Announces Increase to Previously Announced Bought Deal Financing to US$800 Million

    TORONTO, ONTARIO--(Marketwired - Feb. 11, 2016) - Franco-Nevada Corporation ("Franco-Nevada" or the "Company") (TSX:FNV)(NYSE:FNV) is pleased to announce today that, due to strong demand, the Company has increased the size of its previously announced public offering to 16,720,000 common shares (the "Common Shares"), at a price of US$47.85 per common share (the "Offering Price"), for aggregate gross proceeds to Franco-Nevada of approximately US$800 million (the "Offering"). The Offering Read More

  • First Majestic Secures $60 Million Credit Facility

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 11, 2016) - (All dollar amounts are in US dollars unless stated otherwise) FIRST MAJESTIC SILVER CORP. (NYSE:AG)(TSX:FR)(FRANKFURT:FMV)(BVM:AG) (the "Company" or "First Majestic") is pleased to announce that it has entered into an agreement with The Bank of Nova Scotia and Investec Bank PLC for a Senior Secured Credit Facility (the "Facility") consisting of a $25 million revolving credit line and a $35 Read More

  • Richmont Announces 2016 Operational Outlook

    TORONTO, Feb. 11, 2016 /CNW/ - Richmont Mines Inc. (TSX - NYSE MKT: RIC) ("Richmont" or the "Corporation"), announces 2016 estimates that include a potential increase in production of up to 22% from the cornerstone Island Gold mine that is expected to drive a decrease in All-in Sustaining Costs ("AISC"). (All amounts are in Canadian dollars unless otherwise indicated). 2016 Consolidated Operational Estimates In 2016, company-wide production includes Read More

  • Rio Tinto delivers underlying earnings of $4.5 billion and maintains 2015 full year dividend at 215 US cents per share

    Rio Tinto chief executive Sam Walsh said “Against a highly challenging environment, Rio Tinto delivered a strong performance in 2015 with underlying earnings of $4.5 billion. We continued to take decisive action to preserve cash through further cost reductions, lower capital expenditure and the release of working capital. This focus on cash resulted in operating cash flows of $9.4 billion. “At the same time, we have Read More

  • Boliden’s Profits: Strong Performance for 2015 Despite Significant Impact from Falling Q4 Metal Prices

    Boliden’s (STO:BOL) (TSX:BLS) fourth quarter revenues totalled SEK 9,699 m (9,614) and the operating profit, excluding revaluation of process inventory, was SEK 596 m (1,134). Revenues for the year as a whole totalled SEK 40,242 m (36,891) while the operating profit, excluding revaluation of process inventory, was SEK 4,010 m (2,605). “Boliden has posted a strong result for 2015 in the face of difficult market conditions, Read More

  • Red Pine Initiates Program to Update Inferred Resource and Sample 42,000 Metres of Historic Core at Its Wawa Gold Project

    TORONTO, ONTARIO--(Marketwired - Feb. 11, 2016) - Red Pine Exploration Inc. (TSX VENTURE:RPX) (the "Company" or "Red Pine") will mobilize this week to begin the process of logging/sampling over 42,000 metres (m) of historic core. The historic core library available on-site will be a key element to define additional gold resources in the Wawa Gold Corridor and will save the Company an estimated 4.2 million dollars of drilling Read More

  • Calibre and Centerra Gold Drill 71.05 Metres Grading 2.89 g/t Au at Cerro Aeropuerto and Define a New Mineralized Trend, La Luz Gold Project, Siuna, Nicaragua

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 11, 2016) - Calibre Mining Corp. (TSX VENTURE:CXB) (the "Company" or "Calibre") is pleased to provide an update as the Company and Centerra Gold Inc. ("Centerra") continue to advance the La Luz Project, Borosi Concessions, Northeast Nicaragua. Centerra can earn a 70% Interest in the La Luz Project by investing $7.0 million in exploration on the property before December 31, 2019. Highlights The Read More

  • Atlantic Gold Announces Signing of Crown Lease Agreement With the Province of Nova Scotia

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 11, 2016) - Atlantic Gold Corporation (TSX VENTURE:AGB) ("Atlantic" or the "Company") is pleased to announce that the Company has entered into an agreement (the "Agreement") with the Province of Nova Scotia (the "Province") in respect of the leasing of certain parcels of land owned by the Province, situated within the footprint of the Company's Moose River Consolidated Project ("MRC Project") for a Read More

  • BonTerra Commences Accelerated Drill Program with 2nd Rig Added at Gladiator Gold Project in Quebec, Canada

    Vancouver, BC / TheNewswire / February 11, 2016: BonTerra Resources Inc. (TSX-V: BTR, US: BONXF, FSE: 9BR1) (the "Company" or "BonTerra") is pleased to announce that a 2nd drill rig has been mobilized ahead of schedule to its 100% owned Gladiator Gold Project located north of Val d'Or, Quebec. A second drill was mobilized ahead of schedule and is now underway on the Gladiator Deposit as part of Read More

  • Nevada Copper Forms Strategic Alliance With NV Energy on Solar Development Opportunity

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 11, 2016) - Nevada Copper Corp. (TSX:NCU) ("Nevada Copper" or the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") with NV Energy to conduct a study of the potential to develop a solar energy generation project on Nevada Copper's privately-owned land ("Solar Study"). This land is adjacent to the Company's proposed Pumpkin Hollow copper development project. Additional Read More

  • Kaizen Discovery Receives C$1.0 Million From Majority Shareholder HPX TechCo as a Partial Drawdown of Loan Facility

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 10, 2016) - Kaizen Discovery Inc. (TSX VENTURE:KZD) announced today that it has received C$1.0 million from its majority shareholder, HPX TechCo Inc., as a partial drawdown of a C$5.0 million unsecured, revolving loan facility from HPX. The C$5.0 million loan facility was established in 2013 as part of the reverse take-over transaction with HPX. On December 22, 2015, Kaizen announced that it Read More

  • True Gold Announces Stacking of Ore on Leach Pads at Karma

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 11, 2016) - True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") (all dollar figures in US dollars) is pleased to provide an update for the Karma Gold Mine, including the stacking of ore on the leach pad. "With construction nearing completion and commissioning underway, our team is now focusing on ramping up to commercial production," stated Christian Milau, President & Read More

  • Galway Gold Comments on Press Release Issued by Colombia's Constitutional Court

    TORONTO, ONTARIO--(Marketwired - Feb. 11, 2016) - Galway Gold Inc. (TSX VENTURE:GLW) ("Galway Gold" or the "Company") announces that on February 8, 2016, the Colombian Constitutional Court issued a press release (http://www.corteconstitucional.gov.co/) stating that certain provisions of the National Development Plan (Law 1753), issued in July, 2015, are unconstitutional. The National Development Plan defines, among other things, the existence of areas that may be excluded from mining activities, Read More

  • Nevsun Outlook Provides 2016 Production and Cost Guidance

    VANCOUVER, Feb. 11, 2016 /CNW/ - Nevsun Resources Ltd. (TSX: NSU / NYSE MKT: NSU) today announces its 2016 outlook guidance which includes revenues from copper, zinc and monetization of precious metal stockpiles from the Bisha Mine in Eritrea. The Bisha Mine, operated by Nevsun's 60 percent owned subsidiary Bisha Mining Share Company (BMSC or Bisha), remains an exceptional base metal mine with a track record of resource Read More

  • Rockex Mining Signs Letter of Intent to Fund the Development of Its Lake St. Joseph Iron Project

    THUNDER BAY, ONTARIO--(Marketwired - Feb. 11, 2016) - Rockex Mining Corporation ("Rockex" or the "Corporation") (CSE:RXM) is pleased to announce that it has signed a non-binding Letter of Intent with Diversified Innovative Marketing Enterprises Ltd. ("DIME") to fund the completion of a Feasibility Study and Environmental Assessment and subsequent development and production at its Lake St. Joseph Project, located 100 kilometres northeast of Sioux Lookout, Ontario. This financing Read More

  • Metals Creek Resources Corp. Continues to Expand the Thomas Ogden Zone: Drills 11.45 g/t Gold Over 1.53 m and 1.47 g/t Gold Over 17.83 m

    TORONTO, ONTARIO--(Marketwired - Feb. 11, 2016) - Metals Creek Resources Corp. (TSX VENTURE:MEK) (the "Company") is pleased to report assay results for the remaining two holes from the three diamond drill holes that were completed before the Christmas break (see news release by the Company, December 8, 2015) on the Thomas Ogden Zone located on the Ogden Property in the Timmins Gold Camp, Ontario. The Ogden claims cover Read More

  • Alianza Minerals Outlines Plans for 2016

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 11, 2016) - Alianza Minerals Ltd. (TSX VENTURE:ANZ) ("Alianza" or the "Company") is pleased to provide an update on its exploration and prospect generation activities planned for 2016. Alianza was re-organized in mid-2015 to creating a new company well positioned to take advantage of an improving resources market with only 13.8 million common shares outstanding. Alianza follows the prospect generator business model, whereby Read More

  • Atacama Pacific Unaware of Any Material Change

    TORONTO, ONTARIO--(Marketwired - Feb. 11, 2016) - Atacama Pacific Gold Corporation (TSX VENTURE:ATM) ("Atacama Pacific" or the "Company"), responding to a request from the Investment Industry Regulatory Organization of Canada, wishes to confirm that the Company's management is unaware of any material change in the Company's activities that would account for the recent increase in market activity. About Atacama Pacific Gold Corporation Atacama Pacific's business is the acquisition, Read More

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

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

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

First Quarter Highlights:

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

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

Production Growth

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

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

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

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

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

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

Black Fox Focused on Transition to Underground

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

Strong Financial Results

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

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

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

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

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

Balance Sheet Strengthened

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

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

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

2015 Guidance Maintained

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

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

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

Black Fox Complex Plan

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

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

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

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

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

Conference Call and Webcast Details

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

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

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

http://www.gowebcasting.com/6388

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

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

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

About Primero

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

Primero's website is www.primeromining.com

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

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

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

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

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

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

SUMMARIZED FINANCIAL AND OPERATING RESULTS AND FINANCIAL STATEMENTS FOLLOW

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

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

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

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

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

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FEATURED JUNIOR

Golden Queen Mining Co. Ltd.

Exchange/Ticker: TSX: GQM
Main Asset: Soledad Mountain
Stage:
Development
Operating Region: U.S./California
Profile: Golden Queen Mining is developing a gold-silver, open pit, heap leach operation on its fully-permitted 50%-owned Soledad Mountain property, located just outside the town of Mojave in Kern County in southern California. The Project will use the cyanide heap leach and Merrill-Crowe processes. Constructions is fully funded and well underway, with mine commissioning scheduled for early 2016... VIEW FULL PROFILE