Tahoe Resources: Mining Resumes at La Arena
Tahoe Resources (TSX: THO; NYSE: TAHO) announces that operations at its La Arena mine in Peru have resumed following an agreement to end a protest. The company says it does not expect an eight-day suspension of mining operations to have a “material impact” on production but nevertheless says it the now expects output at the mine to be near the low end of annual guidance of 160,000 to 185,000 ounces. Meanwhile, the company reports that while the Guatemalan Constitutional Court has not reinstated the mining license for the giant Escobal silver mine, the court has at least outlined a four-stage consultation process. This includes a review of the environmental impact area of influence, pre-consultation to define and agree to the terms, timeline and mechanisms under which the consultation will take place, consultation with Xinca communities that reside in the area, and Supreme Court verification.
By Allen Sykora of Kitco News; email@example.com
First Majestic, Evrim Resources Agree to Exercise of Option Agreements
Monday September 10, 2018 08:33
First Majestic Silver Corp. (NYSE: AG; TSX: FR; FRANKFURT: FMV) has exercised an option agreement and completed its 100% earn-in with Evrim Resources Corp. for the Ermitaño and Cumobabi projects in Mexico, the companies announce. As a part of this, First Majestic has made a $1.5 million payment to Evrim and has granted to Evrim a 2% net smelter royalty for the Ermitaño project and a 1.5% royalty for the Cumobabi project, as outlined in 2014 option agreements. Evrim’s chief executive officer, Paddy Nicol, points out that an inferred 40.8 million silver-equivalent-ounce resource is located approximately four kilometers south of First Majestic’s operating mill at the Santa Elena mine. Keith Neumeyer, president and CEO of First Majestic, says exploration results at the Ermitaño West project have been “extremely successful” over the past 18 months and “provides evidence of the regional potential across our vast 101,772 hectares of mining concessions to build additional resources in close proximity to our Santa Elena operation. Ermitaño’s maiden inferred resource of 40.8 million silver-equivalent ounces is a significant discovery that has the potential to become a new, near-term source of production.”