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Alio Gold Selling Non-Core Assets To Coeur For $19 Million

Kitco News

Alio Gold Inc. (TSX, NYSE American: ALO) has agreed to sell non-core assets in Nevada to Coeur Rochester, Inc., a subsidiary of Coeur Mining, Inc., for $19 million payable in shares of Coeur common stock. The assets being sold include the Lincoln Hill project, Wilco project, Gold Ridge property and other nearby claims. 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 eliminate the debt during the fourth quarter. In addition, Alio says it has settled a $5 million contingent liability that the company acquired with its acquisition of Rye Patch Gold Corp. and the Florida Canyon Mine earlier this year.  “These transactions are consistent with our strategy to focus on optimizing our operating mines to generate cash flow,” says Greg McCunn, chief executive officer. “As a result of the reduction in debt and increasing our working capital, we are well positioned to ramp up Florida Canyon and to continue with the pit pushback that is under way at our San Francisco Mine.”

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

 

Harte Announces First Gold Pour At Ontario Mine

Tuesday October 16, 2018 08:31

Harte Gold Corp. (TSX: HRT; Frankfurt: H4O) says it has achieved the first gold pour at its Sugar Zone Mine in Ontario. “With this achievement, we have advanced from permitting the project to gold production in under four weeks, a significant accomplishment,” says Stephen G. Roman, president and chief executive officer. “Plant startup continues to run smoothly with no material issues reported.” The mill has been stabilized and gold is being recovered on site by gravity processing, Harte says. A flotation concentrate is being produced that will be transported off-site for processing.

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

 

Mandalay 3Q Output Declines; Improvement Seen In 4Q

Tuesday October 16, 2018 08:31

Mandalay Resources Corp. (TSX: MND) reports lower production in the third quarter than in the same period a year ago. Output included 13,442 ounces of gold and 505 tonnes of antimony, representing 16,874 gold-equivalent ounces. Production in the same period of 2017 was 20,603 gold ounces and 804 tonnes of antimony, representing 25,819 gold-equivalent ounces. “The third quarter of 2018 was lower than as expected; however, the company expects to see production improvements at both operations over the next quarter and into 2019,” says Dominic Duffy, president and chief executive officer. “At Björkdal, we’re anticipating a marked improvement in the rate of higher grade ore feed that is delivered to the mill. At Costerfield, with the dewatering of the Brunswick Lode and capital development work completed in the third quarter as planned, production of the higher grade Brunswick stopes is expected in the fourth quarter.”

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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