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Detour Gold Sets Special Meeting, Lists New Board Members

Kitco News

Detour Gold Corp. (TSX: DGC) this week announced a special meeting of shareholders in Toronto on Dec. 11 and also announced changes in the board of directors. The company has come under fire from well-known hedge fund manager John Paulson, who has nominated replacements for the entire board and wanted a meeting no later than Sept. 28, according to a Bloomberg report. The hedge fund calls the timing of the meeting “the latest entrenchment tactic,” according to Bloomberg. The meeting is in response to Paulson’s requisition, Detour says. New board members listed by the company are Alan Edwards and James Gowans, who each have more than three decades of mine experience, and Judy Kirk. Ingrid Hibbard and Robert Doyle have stepped down from the board, the company says. “These latest changes demonstrate that our board shares the objective of our shareholders -- to ensure the 2018 life-of-mine plan succeeds in maximizing the value of our unique asset,” says Chairman Alex Morrison. He later adds, “These changes to the board, coupled with the initiatives of Frazer Bourchier as chief operating officer and additional talent upgrades at the mine site, further enhance our ability to ensure that the Detour Lake Mine becomes a consistently performing operation.” The company also reports that Dale Ekmark has been appointed vice president and mine general manager. He has over 22 years of experience in the mining industry and has spent over two-thirds of his career working in large open-pit operations in both operational and corporate leadership capacities.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Endeavour Silver: Higher Reserves, Longer Terronera Mine Life

Thursday August 30, 2018 9:38

Endeavour Silver Corp. (NYSE: EXK, TSX: EDR) has completed a pre-feasibility study for its Terronera mine project in Mexico and announces an increase in reserves. Silver-equivalent probable mineral reserves increased 32% to 59.5 million ounces with increases in tonnes (16%), silver grades (8%) and gold grades (17%), the company says. Silver-equivalent indicated resources rose 23% to 60 million ounces with increases in tonnes (10%) silver grades (3%) and gold grades (16%). Also, silver-equivalent inferred resources increased 55% to 14.8 million ounces with increases in tonnes (49%) and gold grades (61%). Endeavour says the higher estimates support a longer mine life of 9.5 years, with average annual production of 5.1 million silver-equivalent ounces in the second phase, which is year three and onward. The higher grades and engineering also lowered projected costs, with the company listing all-in sustaining costs of $1.36 per silver ounce, after gold by-product credits. “Our efforts to optimize the Terronera mine project have resulted in significantly improved operating parameters and financial returns for this high-grade, district-scale exploration and mining project,” says Bradford Cooke, chief executive officer. He later adds, “Of special note are the estimated operating costs, expected to be amongst the lowest in the silver-mining sector, providing Endeavour with solid free-cash flow and a very positive impact on consolidated operating costs.”

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.

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