MAG Silver Corp. (TSX NYSE American: MAG) ("MAG", or the "Company") reports that it has received communication from Fresnillo Plc (" Fresnillo "), the operator of the Juanicipio Project, that all construction activities related to final tie-in to the electrical grid have been completed and all systems are ready to be energized. Prior to making the final tie-in to the electrical grid, as a precautionary measure to ensure uninterrupted service to the surrounding area, the state-owned electricity regulator, CFE (Comisión Federal de Electricidad), have requested additional testing to verify compatibility between new and updated substation equipment installed by Juanicipio and existing older CFE infrastructure. Specialized start-up protocols and operations controls may also need to be implemented during initial mill start-up to prevent local power fluctuations.
The Fresnillo project team indicates that power for final commissioning and start of operations should be available by the end of October, and that production ramp up will commence in Q4 of this year. Fresnillo further advise that stoping, underground development and material stockpiling at Juanicipio will continue uninterrupted with Fresnillo continuing to make available unused plant capacity at its Saucito and Fresnillo operations.
MAG remains in a strong financial position with $45 million in cash at June 30, 2022 and appreciable cash accumulation in Juanicipio with $38 million at June 30, 2022. The Juanicipio Project continues to deliver strong operating performance with over 1 million payable ounces of silver produced and sold in July 2022.
"Having a safe and successful commissioning is crucial and we are respectful of the prudent approach being taken by the regulators in Mexico," said George Paspalas, MAG's President and CEO. "Whilst we await the final tie-in, we are pleased with Juanicipio's continued strong operating performance and increased processing opportunities at Fresnillo's Saucito and Fresnillo facilities."
About MAG Silver Corp. ( www.magsilver.com )
MAG Silver Corp. is a Canadian development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo Plc (56%), the operator. The project is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where the operator is currently developing an underground mine and constructing a 4,000 tonnes per day processing plant. Underground mine production of mineralized development material commenced in Q3 2020, and an expanded exploration program is in place targeting multiple highly prospective targets at Juanicipio. MAG is also executing a multi-phase exploration program at the Deer Trail 100% earn- in Project in Utah and has recently acquired the Larder Project, located in the historically prolific Abitibi region of Canada.
Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address our expectations with respect to the timing and success of plant pre-commissioning and commissioning activities, processing rates of development materials, future mineral production, and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, impacts (both direct and indirect) of COVID-19, supply chain constraints and general costs escalation in the current inflationary environment heightened by the invasion of Ukraine by Russia, timing of receipt of required permits, changes in applicable laws, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the MAG Silver's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.
Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov .
LEI: 254900LGL904N7F3EL14
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Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce that it will be presenting at the Gold Forum Americas, which is being held at the Broadmoor Hotel & Resort in Colorado Springs, Colorado, from September 18 th to September 21 st 2022.
Jorge A. Ganoza, President, Chief Executive Officer and co-founder of Fortuna, will be presenting on Monday, September 19 th at 11:20 a.m. MDT.
Gold Forum Americas is the world´s oldest and largest gathering of precious commodity equities and their investors. Presented every year since 1989, the Gold Forum showcases seven-eighths of the world's publicly traded gold and silver companies when measured by production or reserves. The invitation-only 34th Annual Gold Forum is attended by the world's leading specialist precious metal investors as well as generalist institutional investors, private equity, and hedge funds. Buy- and sell-side analysts from around the world make up the balance of the participants.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine under construction in Côte d'Ivoire. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .
ON BEHALF OF THE BOARD
Jorge A. Ganoza President, CEO, and Director Fortuna Silver Mines Inc.
Investor Relations: Carlos Baca | info@fortunasilver.com | Twitter : @Fortuna_Silver | LinkedIn : fortunasilvermines
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Managing Director, Tony James commented, “With the flotation cells and the regrind mill landing in Australia, all the key pieces of equipment required for Abra processing facility have arrived. On site, construction activities have now past 83% with focus at the plant shifting to installation of the remaining mechanical items, piping and electrical installation. Operational readiness activities continue as the site prepares to start some early dry commissioning activities. It’s also pleasing to see the TSF earthworks essentially completed and the power station reaching 94% completion”.
Figure 1 – Abra plant screening and materials handling (photo: 9 September).
Update on Abra Project progress
Overall progress continues to remain in line for Project completion, with first commercial production expected in Q1 CY2023. The processing plant engineering, procurement and construction has reached 90% complete. All key overseas supplied equipment itemised in the regular project updates shown in table 1 below have arrived in Australia. All the items in table 1 are shown as “strike-out” for completion purposes.
Table 1 – Key equipment order and delivery schedule from overseas suppliers.
Mine decline development continued in the East Decline during August. A total of 242 metres was developed with the decline reaching 1,337mRL. The decline location is 213m vertically below the surface and approximately 24m vertically above the orebody.
During August the primary ventilation raise drill pilot hole reached the 1,390mRL and back- reaming of the 6m diameter hole commenced.
In August, 15 new underground diamond drill grade control holes were completed (2,141m). Assays from the holes drilled in July are expected to be returned in September for evaluation. The second underground drill is also scheduled to commence drilling in early September, following installation of the required power services.
Click here for the full ASX Release
This article includes content from GALENA MINING LTD., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American", or the "Company") today announced an updated mineral resource estimate for its 100% owned La Colorada Skarn deposit in Zacatecas, Mexico . The estimated indicated mineral resource totals 95.9 million tonnes containing 94.4 million ounces of silver, 2.7 million tonnes of zinc and 1.2 million tonnes of lead. In addition, the estimated inferred mineral resource now totals 147.8 million tonnes containing 132.9 million ounces of silver, 3.4 million tonnes of zinc and 1.5 million tonnes of lead. The updated mineral resource estimate is a significant increase relative to our previous mineral resource estimate released on August 4, 2020 .
The mineral resource estimate is based on a US$45 per tonne unit cut-off value and an underground sub-level cave (SLC) mining method followed by processing through a selective flotation beneficiation plant that generates zinc and lead concentrates.
"Our exploration team has done a remarkable job of delineating a large resource with notable growth potential in only four years. Our confidence in the geology has also improved, resulting in a large portion of the deposit now being classified as indicated resources," said Christopher Emerson , Pan American's Vice President Business Development and Geology. "Notably, the high-grade intersects we announced on July 21, 2022 are not included in today's mineral resource estimate, and the deposit remains open in nearly all directions for further resource expansion."
Michael Steinmann , President and CEO, said: "The prospect of an extensive polymetallic deposit located below our largest and highest-grade silver mine is very promising, and based on its size, we believe the Skarn could provide Pan American with production for many decades."
"Our next steps to advance the project involve incorporating the most recent drill results and high-grade intersects into the resource model, and continuing the development of preliminary project engineering studies. Our aim is to release an updated Technical Report on the La Colorada property in 2023 that includes a preliminary economic assessment of the Skarn deposit," added Mr. Steinmann.
The La Colorada Skarn is a large underground mineral deposit, and a range of mining methods is being considered for its extraction. The mineral resource estimate provided in this news release considers using the bulk SLC method throughout the deposit. However, the table below is provided for comparison purposes only to highlight how the mineral resource estimate would change using potentially mineable shapes and cut-off value estimates specific to two alternative mining methods. Applying some combination of these mining methods to the mineral resource may prove economically and technically optimal, depending on geometric, geographic and geotechnical factors specific to different areas of the deposit.
Mineral Resource Estimate at Different Cut-off Values and Mining Methods
General Notes with Respect to Technical Information
A total of 235 diamond drillholes with a total length of 190,000 metres were used in the geological interpretation and resource estimate. Several old historic drillholes were included in the modeling. Drilling of the La Colorada Skarn deposit has been completed from both surface and underground drill platforms.
All drill hole samples used in the mineral resource have been previously reported in news releases dated October 23, 2018 , February 21, 2019 , May 8, 2019 , August 1, 2019 , October 30 , 2019, February 13, 2020 , August 4, 2020 , May 12, 2021 , November 10, 2021 , February 24, 2022 , and May 9, 2022 .
The drill hole samples were prepared by the internal La Colorada mine laboratory, SGS of Durango, Activation Laboratories Ltd ("Actlabs") of Zacatecas , Bureau Veritas of Hermosillo and ALS Global, Mexico. Pan American implements a quality assurance and quality control ("QAQC") program, including the submission of certified standards, blanks, and duplicate samples to the laboratories.
Actlabs, SGS and ALS Global all used fire assay with gravimetric finish for gold, and acid digestion with ICP finish for silver, lead, zinc, and copper. Samples delivered to ALS Global were prepared in Zacatecas, Mexico laboratory and sent to Vancouver, BC laboratory for assay. Bureau Veritas used fire assay with gravimetric finish for gold and by acid digestion with ICP finish for silver, lead, zinc, and copper in their Vancouver, Canada laboratory. The La Colorada mine laboratory, which is operated by our employees, used fire assay with gravimetric finish for gold and silver, and acid digestion with atomic absorption finish for lead, zinc, and copper.
The results of the QAQC samples submitted to SGS, Actlabs, Bureau Veritas, ALS Global and the La Colorada mine laboratory all demonstrate acceptable accuracy and precision.
The Qualified Persons are of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of mineral resource and mineral reserve estimates. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein.
Mineral reserves and mineral resources are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM").
Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves. Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves have yet been estimated for the La Colorada Skarn deposit.
The Qualified Persons do not expect these mineral resource estimates to be materially affected by any known legal, political, environmental or other risks.
See the Company's Annual Information Form dated February 23, 2022 , available at www.sedar.com for further information concerning QAQC and data verification matters, the key assumptions, parametres and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's mineral reserves and resources.
Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson , FAusIMM, Vice President Business Development and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person for the purposes of NI 43-101.
Pan American Silver Corp. is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.
Pan American owns and operates silver and gold mines located in Mexico , Peru , Canada , Argentina and Bolivia . We also own the Escobal mine in Guatemala that is currently not operating. Pan American provides enhanced exposure to silver through a large base of silver reserves and resources, as well as major catalysts to grow silver production. We have a 28-year history of operating in Latin America , earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on NASDAQ and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com.
Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: estimates mineral resources; the expectation of the Company to complete a technical report, including preliminary economic assessment relating to the La Colorada Skarn mineral resources in 2023, and the timing and results of any such assessment; the prospects of any future production from the La Colorada Skarn deposit; the extent of, and success related to any future exploration or development programs with respect to the La Colorada Skarn; expectations with respect to future anticipated size of the La Colorada Skarn deposit; the selection of the ultimate mining method, if any, and in particular, whether the SLC mining method will be utilized or used in combination with other mining methods; expectations that legal, political, environmental, or other risks or issues will not materially affect estimates of mineral resources.
These forward-looking statements and information reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the accuracy of our mineral reserve and mineral resource estimates and the assumptions upon which they are based, including operating costs and mining methods; ore grades and recoveries are as anticipated; prices for lead, zinc, silver, gold, and other metals remaining as estimated; our continued ownership and rights to the La Colorada surface properties and mineral concessions; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation); all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to comply with environmental, health and safety laws; and that the COVID-19 pandemic, or other pandemics, do not materially impact underlying assumptions used in estimating mineral reserves and mineral resources, such as prices, the costs and availability of necessary labour, energy, supplies, materials and services, and exchange rates, among other things. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in lead, zinc, silver, gold and other metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and Bolivian boliviano versus the U.S. dollar); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); employee relations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; legal restrictions relating to mining, including in Guatemala ; risks relating to expropriation; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; relationships with, and claims by, local communities and indigenous populations, including with respect to the ongoing Agrarian Court and SEDATU processes related to La Colorada (as previously disclosed in our most recent Annual Information Form), where certain individuals have asserted community rights and land ownership over a portion of the La Colorada mine's surface lands and have also initiated a process before SEDATU to declare such lands as national property. In 2019, we filed an amparo against the SEDATU process but our amparo challenge was dismissed in October 2021 , primarily on the basis that no final declaration of national lands had yet been made by SEDATU that would affect our property rights. Our appeal of the amparo resolution was recently dismissed in early September 2022 . We will continue to oppose the SEDATU process and the claims in the Agrarian Court. The Agrarian Court and SEDATU processes are not related to our mineral concessions. While we believe that we hold proper title to the surface lands in question, if a declaration of national property was made by SEDATU or if the Agrarian Court determined that certain individuals had community rights on our surface properties and as a result we are unable to maintain, or maintain access to, those surface rights, there could be material adverse impacts on the La Colorada mine's future operations. In addition to the forgoing risks, readers should also refer to those risk factors identified under the caption "Risks Related to Pan American's Business" in the Company's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
Cautionary Note to US Investors Regarding References to Mineral Reserves and Mineral Resources
Unless otherwise indicated, all mineral resource estimates included in this news release have been prepared and disclosed in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum classification system. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and mineral reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this news release uses the terms "measured mineral resources," "indicated mineral resources" and "inferred mineral resources" as defined under Canadian regulations. The requirements of NI 43-101 for the identification of "reserves" are also not the same as those of the SEC, and mineral reserves reported by Pan American in compliance with NI 43-101 may not qualify as "mineral reserves" under SEC standards. In addition, disclosure of "contained ounces" in a mineral resource is permitted disclosure under Canadian regulations. Accordingly, information concerning mineral deposits set forth in this news release may not be comparable with information made public by companies that report in accordance with U.S. standards.
The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the "SEC Modernization Rules") with compliance required for the first fiscal year beginning on or after January 1, 2021 . Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in Industry Guide 7 under the U.S. Securities Act of 1933, as amended, were rescinded and replaced with disclosure requirements in subpart 1300 of SEC Regulation S-K. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding standards under NI 43-101. While the above terms are "substantially similar" to the standards under NI 43-101, there are differences in the definitions under the SEC Modernization Rules. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the "MJDS"), Pan American is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101. Accordingly, there is no assurance any mineral reserves or mineral resources that Pan American may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had Pan American prepared the mineral reserve or resource estimates under the standards adopted under the SEC Modernization Rules. If Pan American ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then Pan American will be subject to the SEC Modernization Rules, which differ from the requirements of NI 43-101.
U.S. investors should not assume that any part or all of an "inferred mineral resource", a "measured mineral resource" or an "indicated mineral resource" will ever be converted into a higher category of mineral resources or into mineral reserves or that it will ever be economically or legally mineable. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as a mineral reserve. Further, "inferred mineral resources" have an even greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, U.S. investors are also cautioned not to assume that all or any part of "inferred mineral resources" exist. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases.
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TSX: SIL | NYSE American: SILV
SilverCrest Metals Inc. ("SilverCrest" or the "Company") is pleased to provide an update on commissioning activities at the Company's Las Chispas Mine ("Las Chispas" or the "Mine") located in Sonora, Mexico . All currency amounts herein are presented in United States Dollars, unless otherwise stated.
* NI 43-101 Technical Report & Feasibility Study on The Las Chispas Project dated January 4, 2021 ("Feasibility Study")
** AgEq is based on the 2021 Feasibility Study Mineral Resource and Reserve gold to silver ratio of 86.9:1 calculated using US$1,410/oz Au and US$16.60/oz Ag
Pierre Beaudoin , COO, remarked, "Starting up a new mining operation is a dynamic period, and our team and contractors continue to navigate and address mostly typical ramp-up issues. Overall, we are pleased with the performance of the processing plant to date. Metal recoveries, plant throughput and the availability of the plant itself have generally tracked favorably when compared to the expectations outlined in the Feasibility Study. The project continues to benefit from the sizable surface stockpiles which have allowed the underground operation to be ramped up at a measured pace."
N. Eric Fier , CPG, P.Eng, and CEO, stated, "We are extremely proud of how our team and contractors having navigated the construction process and transition to commissioning, which remains on track at Las Chispas. We remain focused on managing risk and are happy to have the financial flexibility to address the challenges and opportunities that will come our way".
During the first three months of commissioning, the Las Chispas processing plant has performed in-line or ahead of the design curve on all metrics. Throughput, recoveries, and plant availability have all shown month over month improvements.
A total of 53,600 tonnes of material have been processed since start-up with August 2022 average throughput of 784 tpd, up 46% from July 2022 as shown in Figure 1 . It is still expected that the design plant throughput of 1,250 tpd will be reached in Q4, 2022. Grades to the plant have remained low during the initial months of processing as most ore continues to be intentionally sourced from historic low-grade stockpiles.
Recoveries are tracking ahead of the planned ramp-up projections as shown in Figure 2 with August 2022 recoveries averaging 96.2% Au and 85.6% Ag or 90.7% AgEq as compared to the August 2022 ramp-up projection of 81.5% AgEq.
Plant availability has continued to increase since the start of commissioning ( Figure 3 ), with availability in August 2022 of 81%, up from 65% in June 2022 .
While the processing plant ramp-up has generally been trending favorably when compared to the Feasibility Study ramp-up projections, minor modifications have been required to the circuit to address lower dissolved oxygen than planned. Temporary modifications were implemented in late August 2022 and have addressed the initial challenges encountered. The permanent modifications, while minor, are more intrusive, and will be implemented during planned down-time before the end of 2022.
Ore feed continues to be sourced primarily from the historic lower grade stockpiles as the processing plant and underground production continue to ramp-up. The stockpile at the end of August 2022 is estimated at 300,000 tonnes and is comprised of the historic low-grade stockpile and pre-production stockpiles which have been generated from mining, since 2019. The stockpiles will continue to represent the bulk of the processing plant feed in 2022, but underground ore will also be used to start focused batch grade reconciliation with the process plant.
As underground ore begins to be a source of processing plant feed, the focus will be on determining the reconciliation of the reserve mined grades to the processing plant. It is expected that when the processing plant feed is sourced more consistently from the underground, the results from these reconciliation efforts, including grades, will be available in greater detail.
Plant grades and produced ounces will be announced with quarterly production results in Q4, 2022.
The construction of the 55 kilometre ("km") powerline managed by SilverCrest was completed in Q2, 2022 and as of August 2022 was 100% operational inclusive of all required supporting equipment (Harmonic Filters and Power Factor Correctors). The Las Chispas operation is connected to the Comision Federal de Electricidad ("CFE") grid but at a capacity limited to 6.4 MW via a temporary CFE bypass. This limited grid power connection is adequate to support all major elements of the operation, however, the stability has been below target which has resulted in some minor production delays and disruptions. The final connection (7.6 MW) to the refurbished CFE Power line (now at 80% completion) is scheduled for Q4, 2022 and is expected to improve the stability of the connection.
The temporary diesel deneration system has now been disconnected and demobilized from Las Chispas. The processing plant and the Mine are equipped with Emergency Diesel Power generation systems.
In 2022, an additional 5.1 km of underground development has been completed at the Mine, bringing the total to 22.6 km. In-vein drifting represents 5.5 km of this total. A total of 109,000 tonnes of ore have been mined from development and stoping activities in 2022 up to the end of August 2022 , approximately 9% below the Feasibility Study target.
The ramp up of underground stoping continues to progress. As stated in the Feasibility Study, the focus during production ramp-up is the refinement of mining methods and implementation of grade control procedures. These procedures involve the collection and use of detailed geological, geotechnical and operational data to adjust mine plans and stope designs to minimize dilution and maximize ore recovery.
The Company now anticipates ramping-up the underground mine to between 600 and 700 tpd by the end of Q4, 2022, lower than the 750 tpd stated in the Feasibility Study.
Safety has remained a top priority at Las Chispas. With the commencement of production, our team has focused its attention on the changing nature of the risks encountered in the stoping processes and interaction with our main underground contractor. COVID-19 prevention measures remain in place and there have been no outbreaks that have impacted production efforts.
The Company is progressing work related to the potential impacts of climate change for both Las Chispas and the local community. The initial results for the physical risk assessment portion of the work related to the Task Force for Climate Related Financial Disclosures ("TCFD") are expected in Q4, 2022 along with a water stewardship plan that will include and consider the findings of the TCFD data. Work to address the risks and opportunities from our findings has already begun.
Our community efforts have continued in earnest in 2022, with the focus being execution of a multi-year major water infrastructure project that is focused on improving the sewage system and the water infrastructure for the local community and ranching, and farming industries. This investment includes upgrades to three main infrastructure areas which were considered priorities in discussion with the local community. Further details will be provided in the inaugural TCFD and water stewardship report. These initiatives were in addition to the completion of an assay lab built by SIlverCrest in Arizpe , a nearby community, to create a long-term employment opportunity for the region.
As of August 31, 2022 , SilverCrest had cash and cash equivalents of $101.6 million . Given the strong financial position, the Company will not draw the remaining $30.0 million under its $120.0 million Credit Facility, and the availability of this amount has now expired.
While production of silver and gold has been ongoing since first pour on June 30, 2022 , the first sale and resulting revenue from the Mine is expected in Q3, 2022. As projected in the Feasibility Study, it is expected that revenue will be limited and operating costs elevated through the end of 2022 as the mine and processing plant are ramped up and the processing plant is commissioned using lower grade material.
SilverCrest continues to advance the work required to complete the Updated Technical Report in H1, 2023. This report will include additional infill and delineation drilling, further in-vein drifting, initial months of stoping, processing data, and reconciliation completed since the Feasibility Study. This report will incorporate updated resources and reserves, updated metallurgical results, reconciliation (mine, stockpile and plant) including comparison to the 2021 Feasibility Study resource estimate, a revised mine plan, and updated operating and sustaining costs arising from any potential changes to the mine plan, the new outsourcing regulations and the impact of inflation from the Q3, 2020 cost base used in the Feasibility Study.
Las Chispas exploration in 2022 has mainly continued to support the transition to production through further infill and delineation drilling of planned mining stopes and updated resource modelling. Results of drilling completed to the end of July 2022 will be included in the planned Updated Technical Report.
Picacho exploration in 2022 has continued with focus on expansion and infill drilling of current areas for potential resources. As of August 2022 , one surface drill rig was operating.
Exploration has also focused on mapping and sampling unexplored areas around Las Chispas and Picacho to generate new drill targets. Limited drilling has been completed outside of the known mineralized zones, as SilverCrest remains focused on prudent capital allocation during ramp-up.
The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is N. Eric Fier , CPG, P.Eng, and CEO for SilverCrest, who has reviewed and approved its contents.
SilverCrest is a Canadian precious metals exploration and development company headquartered in Vancouver, BC , that is focused on new discoveries, value-added acquisitions and near-term production in Mexico's historic precious metal districts. The Company's top priority is on the high-grade, historic Las Chispas mining district in Sonora, Mexico , where it has completed construction of its Las Chispas Mine and is proceeding with commissioning. SilverCrest is the first company to successfully drill-test the historic Las Chispas Property resulting in numerous high-grade precious metal discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.
This news release contains "forward-looking statements" and "forward-looking information" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. These include, without limitation, statements with respect to: the strategic plans, timing and expectations for the Company receiving revenue in Q3, 2022, completing commissioning and ramp up and achieving commercial production of the processing plant in Q4, 2022, reaching 1,250 tpd throughput at the plant by end of Q4, 2022, results of TCFD in Q4, 2022, ramp-up of u/g mine at a rate of 600 tpd – 700 tpd by the end of Q4, 2022, final connection of the power line in Q4, 2022, and completing a technical report update by the end of H1, 2023 . Such forward looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: gold and silver prices, impact of the COVID-19 pandemic; the reliability of mineralization estimates, mining and development costs, the conditions in general economic and financial markets; availability of skilled labour; timing and amount of expenditures related to rehabilitation and drilling programs; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: uncertainty as to the impact and duration of the COVID-19 pandemic; the timing and content of work programs; results of exploration activities; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project cost overruns or unanticipated costs and expenses; fluctuations in gold and silver prices and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
N. Eric Fier, CPG, P.Eng Chief Executive Officer SilverCrest Metals Inc.
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Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to provide an update on its exploration program at the Séguéla gold Project located in Côte d'Ivoire.
Paul Weedon, Senior Vice President of Exploration at Fortuna, commented, "Drilling at Sunbird has continued to extend the high grade mineralized footprint to at least 400 meters below surface where it remains open with drill hole SGDD102 intersecting 5.1 g/t gold over an estimated true width of 10.5 meters demonstrating the potential upside at depth." Mr. Weedon continued, "Furthermore, results from drill hole SGRD1411 of 13.6 g/t gold over a true width of 6.3 meters highlight the definition of a second shoot to the south which also remains open at depth and along strike." Mr. Weedon concluded, "In addition to the exploration success at Sunbird, regional target generation on the Séguéla property has identified several new high grade prospects, including Kestrel with drill hole SGRC1456 intersecting 24.0 g/t gold over an estimated true width of 2.8 meters."
Sunbird Deposit drill highlights include:
Drilling further down-dip and down-plunge at Sunbird has continued to intersect high grade mineralization beyond the previously reported intersections (refer to Fortuna news release dated June 7, 2022 ) extending drill defined mineralization associated with the central high grade core a further 100 meters down-plunge where it remains open at depth, some 400 meters below surface (see Figure 1). Further drilling is planned in the fourth quarter of 2022 to test the projected extensions at depth.
In addition to extending the central high grade core, drilling has extended the down-plunge extent of the southern shoot a further 200 meters to the south, with drill hole SGRD1411 intersecting 13.6 g/t gold over an estimated true width of 6.3 meters where it remains open approximately 250 meters below surface. Further drilling is planned in the fourth quarter of 2022 to test the projected depth extensions.
This recent drilling has extended the defined mineralized strike at Sunbird to more than 1.1 kilometers. A further 480 meters to the south along the projected strike, a single exploration trench intersected two zones of mineralization interpreted from geophysics to be extensions of the Sunbird structure, returned true width intervals of 3.8 g/t gold over 7 meters and 1.3 g/t gold over 9 meters (see Prospect P14 in Figure 2). Drilling is planned for this area.
Full results received for this recent 15-hole, 5,093-meter drill program are listed in Appendix 1.
Figure 1: Sunbird Deposit long-section looking west showing recent drilling results
Figure 2: Seguela Project regional plan showing recent drilling results
A 6-hole, 1,957-meter program was completed at Ancien which was drilled to test the projection of several high grade zones to help improve the structural understanding of the mineralization controls. This program was designed to help support future testing for potential targets and mineralized extensions which may be amenable to underground mining in the future. Highlights include results from drill hole SGRD1432 of 4.1 g/t gold over an estimated true width of 11.9 meters, including 1.4 meters at 23.5 g/t gold and results from drill hole SGRD721 of 3.5 g/t gold over 4.9 meters, including 11.7 g/t gold over 0.7 meters (see Figure 3). Refer to Appendix 2 for full results.
Figure 3: Ancien Deposit long-section looking west showing recent drilling results at depth.
Séguéla Project Regional Exploration
Reverse circulation (RC) and diamond drilling (DD) at the Kestrel, G7 and Winy regional exploration targets returned encouraging results (see Figure 2).
Kestrel (formerly P12) : located approximately 500 meters to the south along strike of Antenna, a 10 hole, 1,137-meter first pass scout RC and DD program identified a new structure associated with strong silica alteration and quartz veining, with highlights over a 100-meter strike length including:
Regional geophysical interpretations suggest this structure may be a southerly extension of the structure hosting the main Antenna mineralization. Further drilling is planned in the fourth quarter of 2022. Refer to Appendix 3 for full results.
G7 : following up on the previous air core and scout RC drilling program (refer to Fortuna news release dated June 7, 2022 ), a follow-up 9-hole 840meter RC program was completed. The program was designed to test the continuity of mineralization associated with extensive surface gold anomalism with drilling results intersecting mineralization over a 200-meter zone which remains open along strike and at depth. True width intersections include 2.2 g/t gold over 6.3 meters from 115 meters in drill hole SGRC1442 and 1.8 g/t gold over 9.1 meters from 38 meters in drill hole SGRC1444 (see Figure 2). Further mapping and a review of the data is planned with G7 hosted in the easternmost volcaniclastic and schistose domain and represents a potentially new host setting. Refer to Appendix 4 for full results.
Winy: a 19-hole 1,961 meter scout RC program was completed over a 600 meter strike length at Winy, following up on previous air core results (refer to Fortuna news release dated June 7, 2022 ). Drilling intersected a relatively narrow but continuous silicification zone and associated quartz veining with pyrite, with results including 12.3 g/t gold over 1.4 meters from 26 meters in drill hole SGRC1460 and 14.9 g/t gold over 1.4 meters from 39 meters in drill hole SGRC1461 (see Figure 2). Refer to Appendix 5 for full results.
Quality Assurance & Quality Control (QA-QC)
All drilling data completed by the Company utilized the following procedures and methodologies. All drilling was carried out under the supervision of the Company's personnel.
Trench samples were collected in either 1, 2 or 4-meter composites along one wall of the trench, according to identified lithologies, and below any transported horizons for a final sample weight of 2-3 kilograms.
All RC drilling at Séguéla used a 5.25-inch face sampling pneumatic hammer with samples collected into 60-liter plastic bags. Samples were kept dry by maintaining enough air pressure to exclude groundwater inflow. If water ingress exceeded the air pressure, RC drilling was stopped, and drilling converted to diamond core tails. Once collected, RC samples were riffle split through a three-tier splitter to yield a 12.5% representative sample for submission to the analytical laboratory. The residual 87.5% sample were stored at the drill site until assay results were received and validated. Coarse reject samples for all mineralized samples corresponding to significant intervals are retained and stored on-site at the company-controlled core yard.
All DD drill holes at Séguéla were drilled with HQ sized diamond drill bits. The core was logged, marked up for sampling using standard lengths of one meter or to a geological boundary. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the company core yard at the project site. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until shipment.
All Séguéla trench, RC and DD core samples were shipped to ALS Laboratories' preparation laboratory in Yamoussoukro for preparation and then, via commercial courier, to ALS's facility in Ouagadougou, Burkina Faso for finishing. Routine gold analysis using a 50-gram charge and fire assay with an atomic absorption finish was completed for all Séguéla samples. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the ALS laboratory inserted its own quality control samples.
Paul Weedon, Senior Vice President of Exploration for Fortuna Silver Mines Inc., is a Qualified Person as defined by National Instrument 43-101 being a member of the Australian Institute of Geoscientists (Membership #6001). Mr. Weedon has reviewed and approved the scientific and technical information contained in this news release. Mr. Weedon has verified the data disclosed, and the sampling, analytical and test data underlying the information or opinions contained herein by reviewing geochemical and geological databases and reviewing diamond drill core. There were no limitations to the verification process.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine under construction in Côte d'Ivoire. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website .
ON BEHALF OF THE BOARD
Jorge A. Ganoza President, CEO and Director Fortuna Silver Mines Inc.
Investor Relations: Carlos Baca | info@fortunasilver.com | Twitter: @Fortuna_Silver | LinkedIn: fortunasilvermines
This news release contains forward looking statements which constitute "forward looking information" within the meaning of applicable Canadian securities legislation and "forward looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (collectively, "Forward looking Statements"). All statements included herein, other than statements of historical fact, are Forward looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward looking Statements. The Forward looking Statements in this news release may include, without limitation, statements about the Company's plans for the Séguéla gold Project and mineral properties, including the Sunbird and Ancien deposits and other areas of mineralization at Séguéla; the anticipated exploration and other development programs at the Sunbird and Ancien deposits and at other mineral prospects and areas at the Séguéla gold Project, together with the investment, nature, implementation and timing thereof; the timing for, and anticipated results of the exploration programs at the Séguéla gold Project, and the intention to expand mineralization at the Séguéla gold Project; the Company's business strategy, plans and outlook; the merit of the Company's mines and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these Forward looking Statements can be identified by the use of words such as "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; the duration and effects of the COVID-19 pandemic on our operations and workforce and the effects on the global economy and society; changes in prices for silver, gold and other metals; the timing of the Company's proposed exploration programs at the Sunbird and Ancien deposits and at the Séguéla gold Project in general; the success of the Company's proposed exploration programs; technological and operational hazards in Fortuna's mining and mine development activities; risks inherent in mineral exploration; fluctuations in prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; our ability to obtain all necessary permits, licences and regulatory approvals in a timely manner; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the results from the exploration programs conducted at the Séguéla gold Project; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's information derived from its exploration programs at the Séguéla gold Project; current mineral resource and reserve estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward looking Statements.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves.
Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
APPENDIX 1. Sunbird Deposit drill results, Séguéla gold Project, Côte d'Ivoire
APPENDIX 2. Ancien Deposit drill results, Séguéla gold Project, Côte d'Ivoire
APPENDIX 3. Kestrel Prospect drill results, Séguéla gold Project, Côte d'Ivoire
APPENDIX 4. G7 Prospect drill results, Séguéla gold Project, Côte d'Ivoire
APPENDIX 5. Winy Prospect drill results, Séguéla gold Project, Côte d'Ivoire
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Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to announce the publishing of its annual Sustainability Report for Fiscal 2022, detailing the Company's commitment and contributions to environmental, social, and governance ("ESG") factors, practices, and management, while delivering long-term value to shareholders.
"At Silvercorp, we believe that sustainability is one of our fundamental responsibilities," said Dr. Rui Feng , Chairman and CEO of Silvercorp. "Silvercorp's core objectives are to operate safely, sustainably, and responsibly with the environment and collaboratively with local communities. While our approach to sustainability will continue to evolve over time, our commitment to integrating ESG factors in our strategic planning, operations, and management remains the same."
Highlights of Silvercorp's 2022 Sustainability Report:
The ISO Certifications validate Silvercorp's operations and management achieving the requirements of the ISO series of international standards. They reflect Silvercorp's vision, mission and values: being a technologically-advanced and well-managed mining company, operating sustainably by prioritizing safety, the environment and the communities where it operates.
The Company's report has been prepared in accordance with the Core Accordance option of the GRI Standards of the Global Sustainability Standard Board (GSSB), the China Corporate Social Responsibility Reporting Guidelines 4.0 by the Chinese Academy of Social Sciences (CASS-CSR4.0), the SDG Compass by the United Nations Global Compact (UNGC), the Global Industry Standard on Tailings Management by the International Council on Mining and Metals (ICMM), and the Sustainability Accounting Standards Board (SASB) standard on Metals and Mining.
The full 2022 Sustainability Report is available for download at www.silvercorpmetals.com , along with the applicable ESG data tables and GRI indices at www.silvercorpmetals.com/sustainability/ .
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorp.ca .
For further information Silvercorp Metals Inc. Lon Shaver Vice President Phone: (604) 669-9397 Toll Free 1(888) 224-1881 Email: investor@silvercorp.ca Website: www . silvercorp .ca
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws (collectively, "forward-looking statements"). Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking statements relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining District and the GC Mine; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks relating to: global economic and social impact of COVID-19; fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada ; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting; and bringing actions and enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form under the heading "Risk Factors". Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management as of the date of this news release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
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