Hecla Enters Into Toll Mining Agreement With Excellon
Hecla Mining Co. (NYSE: HL) says it entered into an agreement with Excellon Resources Inc. (TSX: EXN) in which sulphide ore from San Sebastian in Mexico would be trucked 26 miles to Excellon’s Miguel Auza flotation mill facility for processing. Under the deal, Excellon will provide 440 tons per day of milling capacity to Hecla, with the mill to eventually be upgraded to include a copper flotation circuit. “This is a significant step towards extending the life of the San Sebastian mine, and is in keeping with our strategy of maximizing the cash flow and minimizing capital investment by using third-party facilities,” says Phillips S. Baker, Jr., Hecla’s president and chief executive officer. “We will take a bulk sample in the third quarter, and if it is positive, could begin mining sulphide ore next year. San Sebastian sulphides have the potential for five years of mine life and considerable upside with the recent exploration discoveries.”
By Allen Sykora of Kitco News; email@example.com
Endeavour Silver Posts Fourth-Quarter Profit
Monday February 26, 2018 09:03
Endeavour Silver Corp. (NYSE: EXK; TSX: EDR) reversed to a profit in the fourth quarter as output rose and costs fell. Net earnings were put at $2.7 million, or 2 cents per share, compared to a loss of $5.2 million, or 4 cents, in the fourth quarter of 2016. Silver production increased 32% year-on-year to 1,436,962 ounces, while gold production increased 28% to 14,577 ounces. All-in sustaining costs decreased 37% to $12.70 per ounces of silver payable, net of gold credits. “After a tough start to the year in the first quarter, Endeavour posted three consecutive quarters of improved production, making the fourth quarter our best of the year,” says Bradford Cooke, chief executive officer. “Ore grades and throughput both improved in the second half. In 2017, silver-equivalent production met the low end of our original guidance and the high end of our revised guidance, despite overcoming operational challenges at the Guanacevi mine.” For full-year 2017, net earnings increased 148% to $9.7 million, or 8 cents, compared to $3.9 million, or 3 cents, in 2016. Silver production decreased 9% to 4,919,788 ounces, while gold production decreased 8% to 53,007 ounces.