ALL NEWS RELEASES

  • Osisko Mining Discovers Significant New Mineralization at Windfall- Drills 11.8 g/t Au Over 6.7 Metres

    MONTREAL, QUEBEC--(Marketwired - Aug. 25, 2016) - Osisko Mining Inc. (TSX:OSK) ("Osisko" or the "Corporation") is pleased to announce new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in the Urban Township, Québec. The current 100,000 metre drill program combines definition drilling above the Red Dog intrusion ('Red Dog'), expansion drilling above and below Red Dog and exploration drilling on the Read More

  • Ivanhoe Mines Announces Drilling Results From Kakula Discovery- Drills 8.75 Metres of 9.84% Copper and 18.78 Metres of 5.32% Copper

    KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO--(Marketwired - Aug. 25, 2016) - Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX:IVN), and Lars-Eric Johansson, Chief Executive Officer, today announced assay results from another twelve holes of the ongoing 2016 drilling campaign at the Kakula Discovery on the company's Tier One Kamoa Copper Project, near the mining centre of Kolwezi in the Democratic Republic of Congo (DRC). The Kamoa Project is a Read More

  • Marathon Gold Reports High Metallurgical Recoveries of up to 98.1% for the Marathon Deposit

    TORONTO, ON--(Marketwired - August 25, 2016) - Marathon Gold Corporation ("Marathon" or the "Company") (TSX: MOZ) today announced very positive results from its 2016 metallurgical test program, which yielded high gold recoveries from the Marathon Deposit, Valentine Gold Camp using a combination of conventional gold preconcentration and leaching technologies. The costs of this program are being underwritten in part by the Research and Development Corporation of Newfoundland and Read More

  • Copper Fox Announces Corporate Update of Shaft Creek and Van Dyke Projects

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 25, 2016) - Copper Fox Metals Inc. ("Copper Fox" or the "Company") (TSX VENTURE:CUU)(OTC PINK:CPFXF) is pleased to provide its shareholders with an update of corporate activities. Elmer B. Stewart, President and CEO of Copper Fox, stated, "In 2016 Copper Fox has exposure to approximately $2.2 million in expenditures on the Schaft Creek and Eaglehead projects located in British Columbia. Work on the Read More

  • Iconic Minerals Intercepts High Conductivity Zone at Bonnie Claire Lithium Property, Nevada

    Vancouver, British Columbia--(Newsfile Corp. - August 25, 2016) - Iconic Minerals Ltd. (TSXV: ICM) (OTC Pink: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") is pleased to announce that it has penetrated a higher conductivity zone believed to be the brine horizon in phase 1 drilling at the Company's Bonnie Claire Lithium Project in Nevada, U.S.A.  Drill hole BC 1601 has been completed to a depth of 1560 feet Read More

  • Canarc Options FG Gold Property in Central BC from Eureka Resources

    Vancouver, British Columbia (FSCwire) - Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) (the “Company”) announces the signing of an agreement with Eureka Resources Inc. (TSX-V: EUK) (“Eureka”) which grants Canarc an exclusive option (the “Option”) to acquire up to a 75% interest in the FG Gold Property (the “Property”) located approximately 100 kilometres east of Williams Lake in central British Columbia. The Agreement The Option Read More

  • Serengeti Announces Completion of Drilling Program at Kwanika and Initiation of Resource Update

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 25, 2016) - Serengeti Resources Inc. (TSX VENTURE:SIR) reports that the summer drilling program at its Kwanika copper-gold resource-stage project located in Quesnel Trough of British Columbia, has recently been completed. In addition, an independent resource estimate update study is underway which will focus on the higher grade copper-gold domain of the Central Zone on the property. This program is being fully funded Read More

  • Noram Ventures Completes Selection of Lithium Targets on its South Block Claims in Nevada’s Clayton Valley

    Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (TSX-V: NRM Frankfurt: N7R) ("Noram" or the "Company") is pleased to announce it has selected 55 initial core drilling targets on its South Block lithium claims in Nevada’s Clayton Valley (see Figure 1). The exploration and core drilling plan has been submitted to the U.S. Department of the Interior Bureau of Land Management, Nevada State Office Division of Minerals Read More

  • Alix Resources Acquires Cross Lake Lithium Property, Manitoba

    Vancouver, British Columbia--(Newsfile Corp. - August 25, 2016) - ALIX RESOURCES CORP. (TSXV: AIX) (FSE: 37N) ("Alix" or the "Company") is pleased to announce the acquisition of a 100% interest in the Cross Lake Lithium property ("Cross Lake Property") located about 528 km north of Winnipeg, Manitoba. The Cross Lake Property comprises one Mineral Exploration Licence (MEL 1050A) encompassing 5,040 hectares and is located about 4 km southwest Read More

  • Nevada Energy Metals Pays Full Annual BLM Fees for Seven Nevada Lithium Projects

    VANCOUVER, British Columbia, August 25, 2016 /PRNewswire/ -- Nevada Energy Metals Inc. "the Company"  (TSX-V: BFF) (OTCQB: SSMLF) (Frankfurt: A2AFBV) is pleased to announce that it has paid in full all annual Bureau of Land Management (BLM) maintenance fees for the Company's seven Lithium projects located in Nevada.  The annual maintenance fees, totaling USD $ 212,350 (CAD $274,550), are now paid to Sept 1st 2017.   Nevada Energy Read More

  • Happy Creek Minerals Completes $1,191,560 Private Placement

    August 25, 2016 / TheNewswire / Vancouver, British Columbia - Happy Creek Minerals Ltd. (TSX-V:HPY, the "Company") announces the completion of its non-brokered financing announced July 13, 2016 and August 23, 2016. The Company has completed a non-brokered private placement with gross proceeds of $1,191,560 through the sale of 5,991,250 shares at a price of sixteen cents per share and 1,058,908 flow through shares at a price of twenty-two Read More

  • Bold Ventures Provides Lac Surprise Update

    TORONTO, ONTARIO--(Marketwired - Aug. 25, 2016) - Bold Ventures Inc. (TSX VENTURE:BOL)("Bold") and Northern Superior Resources Inc. (TSX VENTURE:SUP)("Northern Superior") are pleased to announce that Bold has met the second year optional commitment of spending $500,000 on exploration at the Lac Surprise Property and has made the second year payment of 100,000 shares in satisfaction of the second year earn-in requirement. Bold and Northern Superior are also pleased Read More

  • Mirasol Resources Appoints Patrick Evans Board of Directors

    VANCOUVER, Aug. 25, 2016 /CNW/ - Mirasol Resources Ltd (TSX-V: MRZ, OTCPK: MRZLF) ("Mirasol" or the "Company") is pleased to announce that Patrick Evans has been appointed to the board of directors of the Company effective August 20, 2016. Mr. Evans has over 20 years of experience in the mining industry and is the President and CEO of Mountain Province Diamonds Inc, which in conjunction with its Read More

  • CKR Acquires 100% Ownership of Montpellier Graphite Project, Quebec

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 25, 2016) - CKR Carbon Corporation ("CKR" or the "Company") (TSX VENTURE:CKR)(FRANKFURT:CB8) is pleased to announce that it has renegotiated the terms of its option agreement to acquire 100% of the Montpellier graphite project in southern Quebec. The company will issue 400,000 common shares in the capital of the company (the "CKR Shares") to the optioner in lieu of the remaining work commitment Read More

  • Banyan Gold Receives Approval to Close $1.2 Million Financing

    Calgary, Alberta (FSCwire) - BANYAN GOLD CORP. (“Banyan” or “Banyan Gold” or the “Corporation”) is pleased to announce it has received TSX Venture approval to close its’ recently announced $1.2M non-brokered private placement (refer to the news releases of August 9th financing of up to $850k & August 11th    financing increased to $1.2M). Gross proceeds from the financing are $1,199,999.90 and a standard 4 month hold period Read More

  • Eureka Resources Announces Option Earn-in with Canarc on the FG Property and Private Placement

    VANCOUVER, Aug. 25, 2016 /CNW/ - Eureka Resources Inc. ("Eureka" or the "Company") (TSXV: EUK) is pleased to announce that it has entered into an option agreement dated August 24, 2016 (the "Agreement") with Canarc Resource Corp. ("Canarc") which provides Canarc the ability to earn up to a 75% interest in the Company's FG Property (the "Property"). The Agreement is subject to the approval of the TSX Venture Read More

  • Lamelee Iron Ore: Stephane Leblanc to File Early Warning Report

    MONTREAL, QUEBEC--(Marketwired - Aug. 24, 2016) - NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWSWIRE SERVICES. The Board of directors of Lamêlée Iron Ore Ltd. ("Lamêlée" or the "Company") (TSX VENTURE:LIR) today reports that Mr. Stéphane Leblanc ("Mr. Leblanc"), an insider of the Company, has acquired, during the period of August 2 to August 10, 2016, beneficial ownership of common shares Read More

  • Novo Resources To Purchase Previously-Optioned Projects From Talga Resources

    VANCOUVER, BC / TheNewswire / August 25, 2016 - Novo Resources Corp. (TSX-V: NVO; OTCQX: NSRPF) ("Novo" or the "Company") is pleased to announce that through its Australian subsidiary, Beatons Creek Gold Pty Ltd, it has entered into an agreement (the "Agreement") to purchase the Talga Talga, Warrawoona, and Mosquito Creek projects (each a "Talga Project" and, collectively, the "Talga Projects") from Talga Resources Ltd. ("Talga"), an Australian Stock Read More

  • Asiamet Resources Half-Year Results 2016

    White Rock, British Columbia (FSCwire) - The Asiamet Resources Limited (the "Company" or “ARS”) Financial Statements and Management Discussion & Analysis – Quarterly Highlights (“MD&A - QH”) for the six months ended June 30, 2016 are available for viewing on www.sedar.com or www.asiametresources.com. The highlight of the half year to June 30, 2016 was the announcement on April 5, 2016, of the results of the independently prepared Preliminary Economic Read More

  • Glen Eagle Secures Two Additional Sources of Mineral Supplies

    MONTREAL, QUEBEC--(Marketwired - Aug. 25, 2016) - Glen Eagle Resources Inc. (TSX VENTURE:GER) ("Glen Eagle" or the "Company") is pleased to announce that it has secured two more sources of mineral supplies following agreements signed between Cobra Oro and two newly added groups of small miners. Cobra Oro will pay approximately 30% of the gold content delivered on site which has averaged just over 10 grams gold per Read More

  • Knick Exploration Active at Triple Lake Gold and VMS Property

    Val-d'Or, Quebec / TheNewswire / August 25, 2016, - Knick Exploration Inc. (TSX-V: KNX) is pleased to report that Knick's field crew has submitted 18 rock grab samples and 24 "B" horizon soil samples from a claim on the Triple Lake Gold and VMS property in the Timmins mining camp, Ontario. A total of 22 historical old trenches/pits were located from (circa 2 periods of exploration, 1925 and 1959). Read More

  • Oceanic Iron Ore Announces Power China International Work Program

    MONTREAL, QUEBEC--(Marketwired - Aug. 25, 2016) - Oceanic Iron Ore Corp. ("Oceanic" or the "Company") (TSX VENTURE:FEO) is pleased to announce the commencement of Power China International Group Limited's ("Power China Int'l") work program (the "Program") pursuant to the terms of the Pre Engineering Procurement and Construction ("EPC") Framework Agreement (the "Agreement"). Power China Int'l has started to mobilize its technical and management team to Quebec to complete Read More

  • Benton Resources Provides Company Update

    THUNDER BAY, ONTARIO--(Marketwired - Aug. 25, 2016) - Benton Resources Inc. (TSX VENTURE:BEX) ("Benton" or "the Company") is pleased to provide shareholders with an update on its ongoing exploration and plans. As previously announced, the Company and its joint venture partner Nordmin Engineering Ltd. ("Nordmin") have mobilized a drill to the Cape Ray project to commence a 5,000 metre drill program. The current drill program is designed to Read More

  • Anglo Pacific Group PLC Half-Year Report: Interim Results for the Six Months Ended June 30, 2016

    LONDON, UNITED KINGDOM--(Marketwired - Aug 25, 2016) - Anglo Pacific Group PLC ("Anglo Pacific", the "Company", the "Group") (LSE: APF) (TSX: APY) is pleased to announce interim results for the six months ended June 30, 2016 which are available on both the Group's website at www.anglopacificgroup.com and on SEDAR at www.SEDAR.com. Click on, or paste the following link into your web browser, to view the associated PDF document. Read More

  • Wesdome Gold Mines Announces High Grade Gold Discovery at Kiena Complex in Val d'Or Quebec

    TORONTO, ON--(Marketwired - August 24, 2016) - Wesdome Gold Mines Ltd. (TSX: WDO) is pleased to announce exciting early underground drill results from the exploration program at its 100% owned Kiena Mine Complex located near Val d'Or, Quebec. HIGHLIGHTS: 94.35 grams per tonne (g/t) gold over 17.40 m uncut (18.03 g/t cut) in hole U-6124 223.12 g/t gold over 14.25 m uncut (18.59 g/t cut) in hole U-6125 Read More

  • PolyMet Submits Air Quality Permit Application to Minnesota Pollution Control Agency

    ST. PAUL, MINNESOTA--(Marketwired - Aug. 24, 2016) - PolyMet Mining Corp. (TSX:POM) (NYSE MKT:PLM) announced today that its wholly-owned subsidiary, Poly Met Mining, Inc. (together "PolyMet" or the "Company") submitted its air quality permit application to the Minnesota Pollution Control Agency, marking another step forward for the NorthMet Project. The permit is one of several major permits required to construct and operate the NorthMet copper-nickel-precious metals project located Read More

  • Skeena Releases Drill Results From Spectrum & Commences Drilling at Snip

    VANCOUVER, BC--(Marketwired - August 24, 2016) - Skeena Resources Limited (TSX VENTURE: SKE) ("Skeena" or the "Company") is pleased to announce initial drill results from the Spectrum gold-copper project ("Spectrum") and the commencement of drilling at the Snip gold project ("Snip"), both located in the Golden Triangle of northwest British Columbia. Walter Coles Jr., President & CEO of Skeena, stated, "We have two significant exploration programs underway. At Read More

  • Fission Uranium Hits >9000 cps 30m West of R840W; Drills New Area Beneath Triple R

    KELOWNA, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from the summer drill program for the final 11 exploration drill holes (7 core holes and 4 Reverse Circulation (RC) holes) at its PLS property, host to the Triple R deposit, in Canada's Athabasca Basin region. Three results are of particular importance: Approximately 600m west on strike Read More

  • Noront Resources Completes MacDonald Mines Acquisition and Provides Exploration Update

    TORONTO, ON--(Marketwired - August 24, 2016) - Noront Resources Ltd. ("Noront" or the "Company") (TSX VENTURE: NOT) is pleased to confirm the closing of the previously announced MacDonald Mines property acquisition, and provide an update about its ongoing exploration program. MacDonald Mines AcquisitionAs previously announced, Noront recently acquired the highly prospective Butler and Sanderson properties from Macdonald Mines increasing the Company's claim blocks in the Ring of Fire Read More

  • Pure Energy Minerals Options 1,520-acre Property in Clayton Valley from Cypress Development

    Vancouver, British Columbia--(Newsfile Corp. - August 24, 2016) - Pure Energy Minerals Limited (TSXV: PE) (FRANKFURT: A111EG) (OTCQB: PEMIF) (the "Company" or "Pure Energy") is pleased to announce that it has executed a definitive option agreement governing Cypress Development Corporation's ("Cypress") Clayton Valley Project ("Cypress Property" or "the Property"), subject to TSX Venture Exchange (the "Exchange") acceptance. The new option agreement grants Pure Energy the right to acquire Read More

  • IDM Mining Discovers High Grade Zone at Lost Valley; 33 Meter Long Trench Averages 18.7 g/t Au

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - IDM Mining Ltd. (TSX VENTURE:IDM) ("IDM" or the "Company") is pleased to announce that surface trenching has discovered a strongly mineralized structure at its Red Mountain Gold Project ("Red Mountain" or the "Property"). Named the Anda'adala'a Lo'op zone (Nisga'a Nation language for "money rock"), this structure is part of a series of stacked, high-grade structures overprinting vertical sets of porphyry-style Read More

  • Probe Metals and SOQUEM Drill 17.5 g/t Au Over 1 Metre Along Lower Detour Gold Trend and Commence Drilling on Phase II Program

    TORONTO, ONTARIO--(Marketwired - Aug. 24, 2016) - Probe Metals Inc. (TSX VENTURE:PRB) ("Probe" or the "Company"), in partnership with SOQUEM Inc. ("SOQUEM"), is pleased to announce the discovery of a new gold zone along the Lower Detour Gold Trend (LDGT) on its Detour Quebec project (the "Project") under option by SOQUEM. The new zone, grading 5.3 g/t Au over 3.4 metres, including 17.5 g/t Au over 1-metre, was Read More

  • Pacific Ridge Exploration Announces Acquisition of Poker Brown Gold-Silver Project in Nevada

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - Pacific Ridge Exploration Ltd. (TSX VENTURE:PEX) ("Pacific Ridge" or the "Company") reports that it has acquired an option to earn a 100% interest in the Poker Brown gold-silver project, Nevada. Poker Brown is road accessible and located 190 km from Reno, in Pershing County, Nevada. The target is a large, bulk tonnage, heap leachable gold deposit. Numerous gold mines and Read More

  • Radisson Intersects 16.15 g/t Gold Over 3.0 m in Lateral Extension of Current Mineral Resource of the O'Brien Gold Project

    ROUYN-NORANDA, QUEBEC--(Marketwired - Aug. 24, 2016) - Note to editors: There is a graph associated with this press release. Radisson Mining Resources Inc. (TSX VENTURE:RDS) ("Radisson or the Company") is pleased to announce assay results from first three holes of the Phase II (Figure 1) drill program where 12 drill holes were completed for a total of 5,616 metres at the O'Brien gold project located 8km west of Read More

  • Miranda Gold and Prism Resources Begin Drilling Epithermal System at the Cerro Oro Project, Colombia

    Vancouver, BC (FSCwire) - Miranda Gold Corp. ("Miranda") (TSX-V: MAD) and Prism Resources Inc. (“Prism”) (TSX-V: PRS) are pleased to announce drilling is underway on their Cerro Oro Project in Colombia.  Prism is the funding partner and Miranda is the operator of the joint venture.  The previously announced (April 27, 2016) commencement of the drill program was delayed while waiting for onsite inspections by the Caldas Department Read More

  • Apex Resources Acquires Three Properties in BC's Golden Triangle

    Vancouver, BC / TheNewswire / August 24, 2016: Apex Resources Inc. (TSX-V: APX; "the Company, "Apex") is pleased to announce it has entered into an option agreement (the "Agreement") with Mr. Richard Billingsley and Mrs. Gaye Richards (the "Vendors") of Surrey, British Columbia, to acquire 100% of the rights, title and interest in and to three exploration properties located in British Columbia's Golden Triangle area approximately 50 km Read More

  • Osisko Mining Decreases Interest in ValGold Resources

    TORONTO, ONTARIO--(Marketwired - Aug. 24, 2016) - Osisko Mining Inc. (TSX:OSK) (the "Corporation") announces that, on August 24, 2016, it sold an aggregate of 3,275,000 common shares ("Shares") in the capital of ValGold Resources Ltd. ("ValGold") at an average price of $0.0536 per Share for aggregate proceeds of $175,540 (the "Sale"). Based on information contained in documents publically filed by ValGold, the Shares sold represented approximately 8.6% of Read More

  • Marlin Gold Closes Previously Announced Brokered Private Placement and Concurrent Non-Brokered Private Placement

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES. Marlin Gold Mining Ltd. (TSX VENTURE:MLN) ("Marlin" or the "Company") is pleased to announce that it has completed its previously announced bought deal brokered private placement of common shares (the "Brokered Offering") with Red Read More

  • Merrex Gold Secures $4,000,000 Convertible Loan Facility

    HALIFAX, NOVA SCOTIA / TheNewswire / (August 24, 2016) - Greg Isenor, President and CEO of Merrex Gold Inc., ("Merrex" or the "Company") (TSX Venture: MXI) announces: Convertible Loan Facility The Company has reached an agreement on the commercial terms for a C$4,000,000 convertible loan facility. The loan proceeds will be available forthwith upon completion of legal documentation and due on April 28, 2018. The loan will bear interest Read More

  • Focus Graphite Releases Channel Sampling Results from Lac Tetepisca Nord Project, Quebec: 67.2 m(1) Channel Section Grading 6.75% Cg(2)

    OTTAWA, ONTARIO--(Marketwired - Aug. 24, 2016) - Focus Graphite Inc. (TSX VENTURE:FMS)(OTCQX:FCSMF)(FRANKFURT:FKC) ("Focus" or the "Company") is pleased to announce the results of a trenching program conducted in 2014 at its wholly owned Lac Tétépisca Nord graphite project ("the Project") located southwest of the Manicouagan reservoir in the Côte-Nord administrative region of north-eastern Québec. Although the trenching and channel sampling work was carried out in 2014, the samples Read More

  • Medgold Resources: Drilling Commences at Boticas Gold Project, Portugal

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - Medgold Resources Corp. (TSX VENTURE:MED) (the "Company" or "Medgold") is pleased to announce that drilling has started at the Boticas Gold Project in Portugal. Medgold is planning a 15 hole 2,500m diamond drilling program, targeting a medium-grade sheeted vein system. The first drill hole is designed to test grade continuity below a contiguous Medgold channel-chip result of 3.98 g/t Au Read More

  • Bellhaven Announces Paul Zweng as CEO and Chairman of the Board

    VANCOUVER, Aug. 24, 2016 /CNW/ - Bellhaven Copper & Gold Inc. (TSX-Venture: BHV) ("Bellhaven" or the "Company") is pleased to announce the immediate appointment of Dr. Paul Zweng to the position of Chief Executive Officer and Chairman of the Board. Bellhaven also is pleased to announce that Ms. Milagros "Millie" Paredes will assume the role of Chief Operating Officer and President effective immediately. Ms. Millie Paredes, Bellhaven's Read More

  • Mountain Boy Minerals - Surface Sampling on the Surprise Creek Claims Indicates Large Silver-Zinc-Lead Zone

    STEWART, BC, Aug. 24, 2016 /CNW/ - Mountain Boy Minerals Ltd. ("Mountain Boy") reports that it has transferred 50 % of the BA claims in the "Golden Triangle" area to its JV partner, Great Bear Resources Ltd ("Great Bear") as outlined in a 2010 option agreement. Under terms of this agreement, Great Bear has transferred a 50 % ownership in the Surprise Creek claims to Mountain Boy. The 2 Read More

  • Lion One Announces MOU for EPC Contract and Vendor Financing with Ansteel-CapitalAsia for Construction of the Tuvatu Gold Project

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - Lion One Metals Limited (TSX VENTURE:LIO)(ASX:LLO)(OTCQX:LOMLF)(FRANKFURT:LY1) (the "Company") is pleased to announce the signing of a non-binding Memorandum of Understanding (MOU) for an EPC Contract and Vendor Financing Agreement with Ansteel-CapitalAsia Global Engineering Inc. (the EPC Contractor, or Ansteel) covering a comprehensive Engineering, Procurement, Construction, and financing package for the development of the Company's 100% owned and fully permitted Tuvatu Read More

  • Edgewater Exploration Announces Private Placement and Share Consolidation

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - Edgewater Exploration Ltd. ("Edgewater" or the "Company") (TSX VENTURE:EDW) is pleased to announce a non-brokered private placement financing of 20,000,000 units (the "Units") at a price of $0.025 per Unit to raise gross proceeds of $500,000 (the "Private Placement"). Each Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to Read More

  • Mines Management: NYSE MKT Extends Mines Management's Compliance Plan

    Spokane, Washington, Aug. 24, 2016 (GLOBE NEWSWIRE) -- MINES MANAGEMENT'S COMPLIANCE PLAN EXTENDED BY NYSE MKT  PRESS RELEASE 16-10 Spokane, Washington, Aug. 24, 2016 (GLOBE NEWSWIRE) -- MINES MANAGEMENT, INC. (NYSE-MARKET: "MGN", TSX: "MGT")(also the "Company") has received notification from the NYSE MKT (the "Exchange") stating that, in accordance with Section 1009 of the Company Guide, the Company has made a reasonable demonstration of its ability to regain Read More

  • Mawson Resources continues drilling at the Rajapalot Gold Project in Finland

    VANCOUVER, Aug. 24, 2016 /CNW/ - Mawson Resources Limited ("Mawson") or (the "Company") (TSX:MAW) (Frankfurt:MXR) (PINKSHEETS: MWSNF) announces an update on the summer exploration drill programs at the 100% owned Rompas-Rajapalot gold project in Northern Finland. Key Points: A 225 base-of-till ("BOT") drill hole program is now underway at Raja, located east of Palokas; All permits have been received for hand-portable diamond drilling at the Palokas gold prospect. Read More

  • Great Bear Resources Begins Summer Field Program in Golden Triangle

    August 24, 2016 / TheNewswire / Vancouver, BC, Canada. - Great Bear Resources Ltd. (the "Company" or "Great Bear", TSX-V: GBR) today announces the commencement of field investigations at the Company's 50 percent owned BA and Surprise Creek projects in the Golden Triangle district of British Columbia. Figure 1: BA and Surprise Creek claim blocks owned 50% by Great Bear Click Image To View Full Size Great Bear's exploration Read More

  • Nexus Gold Closes $1.25 Million Private Placement

    Vancouver, Canada / TheNewswire / August 24, 2016 - Nexus Gold Corp. ("Nexus" or the "Company") (TSX-V: NXS) is pleased to announce that it has completed a non-brokered private placement of 25,100,000 units (each, a "Unit") in the capital of the Company at a price of $0.05 per Unit for gross proceeds of $1,255,000. Each Unit consists of one (1) common share in the capital of the Company and Read More

  • Galantas Reports Results for the Three and Six Months Ended June 30, 2016

    TORONTO, ONTARIO--(Marketwired - Aug. 24, 2016) - Galantas Gold Corporation (the 'Company') (TSX VENTURE:GAL)(AIM:GAL) is pleased to announce its financial results for the three and six months ended June 30, 2016. Financial Highlights Highlights of the 2016 second quarter's and first six months results, which are expressed in Canadian Dollars, are summarized below: All figures denominated in Canadian Dollars (CDN$) Second Quarter Ended June 30   Six Months Read More

  • Tower Resources Announces Non-Brokered Private Placement

    VANCOUVER, B.C. / August 24 2016 / TheNewswire - Tower Resources Ltd. (the "Company")(TSXV: TWR) announces that it has arranged, subject to regulatory approval, a non-brokered private placement of up to 8,750,000 units of the Company at a price of $0.08 per unit for gross proceeds of up to $700,000. Each unit is to consist of one common share and one non-transferable common share purchase warrant exercisable at $0.15 Read More

  • Anfield Resources Announces Strategic Financing

    VANCOUVER, BRITISH COLUMBIA / TheNewswire / August 24, 2016 - Anfield Resources Inc. (TSX.V: ARY) (OTCQB: ANLDF) (FRANKFURT: 0AD) ("Anfield" or "the Company"), is pleased to announce a strategic financing, offering 4,347,826 Units at $0.23, for total proceeds of $1 million. Each Unit consists of one common share and one share purchase warrant, with each warrant exercisable at $0.40 for a two-year term. Finders' fees may be paid in Read More

  • Angel Gold Secures Application for the Southerly Continuation of Iguanacito Silver-Gold Prospect

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - Angel Gold Corp. (TSX VENTURE:ANG) ("Angel" or the "Company") is pleased to announce that as of August 8, 2016, an application was made for newly available ground on trend with the southerly continuation of Angel's Iguanacito silver-gold prospect. The application was successfully made without any known competition from applications by other parties having been submitted. "We are very pleased to Read More

  • Sunvest Minerals Aquires the Roy Cobalt-Silver Property

    Vancouver, British Columbia--(Newsfile Corp. - August 24, 2016) - Sunvest Minerals Corp. (TSXV: SSS) ("Sunvest" or the "Company") is pleased to announce the acquisition of the past producing "Roy Mine Cobalt-Silver property" ("Roy Mine Property"), located about 11 km northwest of Elk Lake. The Roy Mine Property is a former producer of silver, cobalt, and copper with mineralization contained in north trending calcite veins. It was discovered in Read More

  • Coronet Metals Announces Private Placement Offering

    Vancouver, British Columbia--(Newsfile Corp. - August 24, 2016) - Coronet Metals Inc. (TSXV: CRF) (FWB: 2CM) (OTC Pink: CORMF) ("Coronet" or "the Company") is pleased to announce a non-brokered private placement offering (the "Private Placement") of up to 1,500,000 units ("Units") at a price of $0.29 per Unit to raise aggregate gross proceeds of up to $435,000. Each Unit will be comprised of one common share and one Read More

  • Paladin Energy Limited: Financial Report for the Year Ended 30 June 2016 and Outlook

    PERTH, WESTERN AUSTRALIA--(Marketwired - August 24, 2016) - Paladin Energy Ltd ("Paladin" or "the Company") (ASX: PDN) (TSX: PDN) announces the release of its Consolidated Financial Report for the year ended 30 June 2016. HIGHLIGHTS Operations Langer Heinrich Mine (LHM) produced(1) 4.763Mlb U3O8 for the year ended 30 June 2016, down 5% from 2015. C1 unit cost of production(2) for the year ended 30 June 2016 was a record Read More

  • Elcora Release Anode Test Results

    Halifax, Nova Scotia--(Newsfile Corp. - August 24, 2016) - Troy Grant, President and CEO of ELCORA ADVANCED MATERIALS CORP. (TSXV: ERA) (OTCQB: ECORF) (Frankfurt: ELM) (the "Company" or "Elcora"), is pleased to present the successful initial test results of Elcora's proprietary graphite processes for lithium ion battery anodes. The purpose of the tests was to validate Elcora's processes using grade, size analysis, BET surface area, calendar density and Read More

  • Nevada Exploration Inc. Establishes Geologic Context for Gold in Groundwater at the South Grass Valley Project and Stakes Additional Claims

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - Nevada Exploration Inc. ("NGE" or the "Company") (TSX VENTURE:NGE)(OTCQX:NVDEF) is pleased to announce that it has completed mapping, range front sampling and geophysical data reduction on its wholly-owned South Grass Valley Project establishing a favorable geologic context for its previously announced gold in groundwater chemistry anomaly and has added another 232 new claims covering 19.4 km2 (7.5 mi2) to its Read More

  • Plato Gold Reports on Second Quarter Results

    TORONTO, ONTARIO--(Marketwired - Aug. 24, 2016) - Plato Gold Corp. (TSX VENTURE:PGC) ("Plato" or the "Company"), an exploration company with a portfolio of properties in significant gold mining camps in Santa Cruz, Argentina and Northern Ontario is pleased to report the six and three months financial results for fiscal 2016 and 2015, as summarized below:   Six Months Ended (Unaudited) Three Months Ended(Unaudited)   June 30, 2016 June Read More

  • Millennial Lithium Provides Corporate Update

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - Millennial Lithium Corp. (TSX VENTURE:ML) ("Millennial" or the "Company") reports on activities that occurred during the recent trading halt. On July 19, 2016, Millennial announced entering into a binding property purchase agreement to 100% of the Pastos Grandes lithium project in Salta Province, Argentina (the "Acquisition"). The Salta Province of Argentina is a well known, favorable mining jurisdiction which hosts Read More

  • Cypress Options 1,520-Acre Lithium Property in Clayton Valley, Nevada to Pure Energy Minerals

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - Cypress Development Corp. (TSX VENTURE:CYP)(OTCBB:CYDVF)(FRANKFURT:C1Z1) ("Cypress" or the "Company") ") is pleased to announce that it has executed a definitive Option Agreement governing the Company's Clayton Valley, Nevada Project ("Cypress Property" or "the Property"), subject to TSX Venture Exchange (the "Exchange") acceptance. The new Option Agreement grants Pure Energy Minerals the right to acquire up to 70% undivided interest in the Read More

  • Aura Minerals Announces Rights Offering

    TORONTO, ON--(Marketwired - August 24, 2016) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Aura Minerals Inc. (the "Company") (TSX: ORA) announces that it will be offering rights to holders of its common shares at the close of business on August 31, 2016 (the "Record Date"), on the basis of one right for each common share held. Each eight (8) Read More

  • Canada Strategic Metals: Dwayne Melrose Appointed as Director

    MONTREAL, QUEBEC--(Marketwired - Aug. 24, 2016) - Canada Strategic Metals Inc. ("Strategic Metals" or the "Company") (TSX VENTURE:CJC)(FRANKFURT:YXEN)(OTCBB:CJCFF) is pleased to announce the appointment of Dwayne Melrose as Director of the Corporation. "We are very pleased to have Mr. Melrose joining the Canada Strategic's team, commented Jean-Sébastien Lavallée, President and CEO of Canada Strategic Metals. Mr. Melrose's experience in taking projects from exploration through development stage will provide Read More

  • Rockwell Diamonds shareholders pass all resolutions at AGM

    VANCOUVER, Aug. 24, 2016 /CNW/ - /CNW/ - Rockwell Diamonds Inc. ("Rockwell" or the "Company") (TSX: RDI; JSE: RDI) is pleased to announce that all the resolutions put forward in the Company's notice of meeting and management circular, both dated July 18, 2016, were passed by the shareholders at the annual general meeting held in Toronto today. Votes representing 18,916,200 (34.40% of the issued and outstanding shares at Read More

  • Golden Share Announces Share for Debt Transaction

    Toronto, Ontario--(Newsfile Corp. - August 24, 2016) - Golden Share Mining Corporation (TSXV: GSH) (the "Company" or "Golden Share"), announces the payment of two of its service providers with the issuance of an aggregate of 28,000 Common Shares (deemed price of C$0.25 per share), representing an aggregate of $7,000.00 (the "Settlement") and previously outstanding as an accounts payable. The Company has also settled accounts payable to certain insiders Read More

  • Toachi Mining Announces Appointment of Directors

    Toronto, Ontario / TheNewswire / August 24, 2016 - Toachi Mining Inc. ("Toachi" or the "Company") (TSX-V: TIM) is pleased to announce that Peter Nixon and Carolina Vargas have been appointed to the Company's Board of Directors, effective immediately. Both Mr. Nixon and Ms. Vargas are independent directors and expand Toachi's board to five directors. "Peter and Carolina's years of experience across important industry sectors will add a valuable Read More

  • Typhoon Exploration Announces Annual General Meeting Results

    LAVAL, CANADA--(Marketwired - Aug. 24, 2016) - Typhoon Exploration Inc. (TSX VENTURE:TYP) («Typhoon») announces the results of its Annual General Meeting, held August 23rd, 2016, in Laval, Quebec. At the meeting, the shareholders of the Company voted for the election as director of each of the 4 nominees listed in the Information Circular as well as for the appointment of Dallaire & Lapointe as Auditors of the Company. Read More

  • Northern Iron Announces Proposed Exploration On Lithium Brines Projects In Nevada And Arizona

    VANCOUVER, BRITISH COLUMBIA, CANADA - August 24, 2016. / TheNewswire / Northern Iron Corp. ("Northern Iron" or the "Company") (TSX-V: NFE) (FRANKFURT: N8I) is pleased to announce an exploration outline on the lithium brines projects in Nevada and Arizona together with an augering and soil sampling program on the lithium rich claystone project in Arizona. Basil Botha, President & CEO, said; "The proposed work programs will provide the company Read More

  • Omineca Announces Filing of Updated Technical Report for the Wingdam Property

    Cranbrook, British Columbia (FSCwire) - Omineca Mining and Metals Ltd. (“Omineca” or “the Company”) (TSX-V:OMM) reports that further to its News Release of March 15, 2016, it has filed on SEDAR a Technical Report in accordance with National Instrument 43-101 (“NI 43-101”) dated July 27, 2016 and titled Technical Report on the Wingdam Property.  About Omineca Mining and Metals Ltd. Omineca Mining and Metals Ltd. controls a Read More

  • Khalkos Exploration Announces Results from the Annual and Special Meeting of Shareholders

    MONTREAL, QUEBEC--(Marketwired - Aug. 24, 2016) - EXPLORATION KHALKOS. ("Khalkos") (TSX VENTURE:KAS) announces that all the resolutions that were presented at the annual and special meeting on August 23, were approved by the shareholders. These resolutions include the nomination of the directors and the auditors as well as the Stock Option Plan. Shareholders elected Robert Gagnon, Jean-Paul Lacasse, Dominique Doucet, Roger Doucet and Nicolas Cantin to the Board Read More

  • DuSolo Provides Corporate Update

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 24, 2016) - DuSolo Fertilizers Inc. (TSX VENTURE:DSF) ("DuSolo" or "the Company") is pleased to announce an update on its corporate activities and expected work programs for 2016 and 2017. The Company has been undergoing a restructuring of its operations in Brazil, as well as at the corporate level and reviewing the potential for each of its assets to add value to the Read More

  • Canadian International Minerals Announces Private Placement with Zimtu Capital

    Vancouver, British Columbia / TheNewswire / August 24, 2016 - Canadian International Minerals Inc. (the "Company") (CIN - TSX Venture) announces that it has arranged, subject to TSX Venture Exchange acceptance, a private placement of up to 2,000,000 units at $0.05 per unit for total gross proceeds of up to $100,000 to Zimtu Capital Corp (ZC-TSXV) Each unit will consist of one common share and one transferable share purchase warrant, Read More

  • NexGen Energy Drilling 180 Meters Southwest of Arrow Returns 10.0 Meters of 10.33% U3O8

    VANCOUVER, Aug. 23, 2016 /CNW/ - NexGen Energy Ltd. ("NexGen" or the "Company") (TSX:NXE, OTCQX:NXGEF) is pleased to report assay results for ten holes from our recently completed winter 2016 drilling program on our 100% owned, Rook I property, Athabasca Basin, Saskatchewan. Highlights: 180 m Southwest of Arrow Assays have confirmed that multiple drill holes at the new area 180 m southwest of Arrow have intersected significant Read More

  • Pure Gold Accelerates Exploration at the Madsen Gold Project, Adds Fourth Drill Rig and Moves to Re-Open Existing Portal

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 23, 2016) - Pure Gold Mining Inc. (TSX VENTURE:PGM) ("Pure Gold" or the "Company") is pleased to announce the addition of a fourth diamond drill rig at the Company's 100% owned Madsen Gold Project ("Madsen"), as well as an update on the re-opening of the existing McVeigh Portal. Additional Drill Rig Added to Test Russet South and Other Satellite Targets The addition of Read More

  • Gold Resource Corp. Reports Additional High-Grade Drill Intercepts at Switchback; Including 8.19 Meters of 9.07 G/T Gold

    COLORADO SPRINGS, CO--(Marketwired - Aug 23, 2016) - Gold Resource Corporation (NYSE MKT: GORO) (the "Company") today announced additional Switchback drill results from its Arista Mine at the Aguila Project. Gold Resource Corporation is a gold and silver producer with operations in Oaxaca, Mexico and exploration in Nevada, USA. The Company has returned $108 million to shareholders in monthly dividends since commercial production commenced July 1, 2010, and offers shareholders Read More

  • 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. 

GET DAILY NEWS FLOW

Receive Daily Newsletter With
All Morning Press Releases

FEATURED MINER

Goldrich Mining Company

Exchange/Ticker: OTCQB: GRMC
Main Asset: Chandalar Gold District
Stage:
 Production/Exploration
Operating Region: U.S./Alaska
Profile: Goldrich Mining is a U.S. based resource company focused on developing the historic Chandalar gold district in the Ambler Schist belt of central Alaska. Goldrich controls a land package that covers over 22,000 acres of prospective targets and historic mines. The Company is building shareholder value by monetizing placer assets, generating non-dilutive funds, and conducting district-scale exploration... VIEW FULL PROFILE