Alio Gold Selling Non-Core Assets To Coeur For $19 Million
Alio Gold Inc. (TSX, NYSE American: ALO) has agreed to sell non-core assetsin Nevada to Coeur Rochester, Inc., a subsidiary of Coeur Mining, Inc., for $19million payable in shares of Coeur common stock. The assets being sold includethe Lincoln Hill project, Wilco project, Gold Ridge property and other nearbyclaims. Alio also says it reduced its outstanding debt with Macquarie Bank Ltd.from $15 million as of June 30 to $5 million currently and expects to eliminatethe debt during the fourth quarter. In addition, Alio says it has settled a $5million contingent liability that the company acquired with itsacquisition of Rye Patch Gold Corp. and the Florida Canyon Mine earlier thisyear. “These transactions are consistent with our strategy to focus onoptimizing our operating mines to generate cash flow,” says Greg McCunn, chiefexecutive officer. “As a result of the reduction in debt and increasingour working capital, we are well positioned to ramp up Florida Canyon andto continue with the pit pushback that is under way at our San Francisco Mine.”
By Allen Sykoraof Kitco News; asykora@kitco.com
HarteAnnounces First Gold Pour At Ontario Mine
Tuesday October 16, 2018 08:31
Harte GoldCorp. (TSX: HRT; Frankfurt: H4O) says it has achieved the first gold pour atits Sugar Zone Mine in Ontario. “With this achievement, we have advanced frompermitting the project to gold production in under four weeks, a significantaccomplishment,” says Stephen G. Roman, president and chief executive officer.“Plant startup continues to run smoothly with no material issues reported.” Themill has been stabilized and gold is being recovered on site by gravityprocessing, Harte says. A flotation concentrate is being produced that will betransported off-site for processing.
By Allen Sykoraof Kitco News; asykora@kitco.com
Mandalay 3Q Output Declines; Improvement Seen In 4Q
Tuesday October 16, 2018 08:31
MandalayResources Corp. (TSX: MND) reports lower production in the third quarter thanin the same period a year ago. Output included 13,442 ounces of gold and 505tonnes of antimony, representing 16,874 gold-equivalent ounces. Production inthe same period of 2017 was 20,603 gold ounces and 804 tonnes of antimony, representing25,819 gold-equivalent ounces. “The third quarter of 2018 was lower than asexpected; however, the company expects to see production improvements at bothoperations over the next quarter and into 2019,” says Dominic Duffy, presidentand chief executive officer. “At Bj??rkdal, we’re anticipating a markedimprovement in the rate of higher grade ore feed that is delivered to the mill.At Costerfield, with the dewatering of the Brunswick Lode and capitaldevelopment work completed in the third quarter as planned, production of thehigher grade Brunswick stopes is expected in the fourth quarter.”
By Kitco NewsFor Kitco News
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