Tahoe Resources: Mining Resumes at La Arena
Tahoe Resources (TSX: THO; NYSE: TAHO) announces that operations at itsLa Arena mine in Peru have resumed following an agreement to end a protest. Thecompany says it does not expect an eight-day suspension of mining operations tohave a “material impact” on production but nevertheless says it the now expectsoutput at the mine to be near the low end of annual guidance of160,000 to 185,000 ounces. Meanwhile, the company reports that while theGuatemalan Constitutional Court has not reinstated the mining license for thegiant Escobal silver mine, the court has at least outlined a four-stageconsultation process. This includes a review of the environmental impact areaof influence, pre-consultation to define and agree to the terms, timeline andmechanisms under which the consultation will take place, consultation withXinca communities that reside in the area, and Supreme Court verification.
By Allen Sykoraof Kitco News; asykora@kitco.com
First Majestic, Evrim Resources Agree toExercise of Option Agreements
Monday September 10, 2018 08:33
First Majestic Silver Corp. (NYSE: AG; TSX: FR; FRANKFURT: FMV) has exercised an optionagreement and completed its 100% earn-in with Evrim Resources Corp. for theErmita??o and Cumobabi projects in Mexico, the companies announce. As a part ofthis, First Majestic has made a $1.5 million payment to Evrim and has grantedto Evrim a 2% net smelter royalty for the Ermita??o project and a 1.5% royaltyfor the Cumobabi project, as outlined in 2014 option agreements. Evrim’schief executive officer, Paddy Nicol, points out that an inferred 40.8 millionsilver-equivalent-ounce resource is located approximately four kilometers southof First Majestic’s operating mill at the Santa Elena mine. KeithNeumeyer, president and CEO of First Majestic, says exploration results at theErmita??o West project have been “extremely successful” over the past 18 monthsand “provides evidence of the regional potential across our vast 101,772hectares of mining concessions to build additional resources in close proximityto our Santa Elena operation. Ermita??o’s maiden inferred resource of 40.8 millionsilver-equivalent ounces is a significant discovery that has the potential tobecome a new, near-term source of production.”
By Allen SykoraFor Kitco News
Follow @AllenSykora
asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.