ENP Newswire -
Release date- 15082014 -
In addition, the Company has received notice from the underwriters of their intention to exercise the balance of the over-allotment option, representing an additional 706,000 commons shares to be issued at
The primary use of cash in the period ended
Subsequent to the quarter end, the Company advanced an additional
The Company's net loss for the three and six months ended
During the second quarter, the Company announced an updated independent Mineral Resource estimate for the Juanicipio Property completed by
The new estimate demonstrates conversion of previously classified Inferred Resources into the Indicated category and defines a separate deep lower grade resource. An amended and restated NI 43-101 technical report documenting the updated Mineral Resource estimate was filed on SEDAR on
Along with some detailed engineering work, the ramp advancement is the primary development activity ongoing at Juanicipio. The ramp decline is currently advancing with conventional drill and blast cycles as well as with the continuous miner. To date, over 440 metres have been advanced on the ramp, but an indicative advance rate of what can be achieved on a consistent basis, can only be established once the ramp advances through the poor quality rocks of the near surface zone.
As reported by Fresnillo based on geotechnical drill holes, as at the end of
No active exploration is currently being undertaken on the Company's 100% owned
The overall timeline to successful resolution and renewed surface access is not determinable at this time, and will depend upon various factors including but not limited to: the ability of the Company to arrive at a settlement agreement that would be fully supported by the majority of the Ejido and, the ability of the Ejido to conduct a properly constituted Assembly meeting, with quorum, and favourable outcome.
At Salamandra, where the Company has an option to earn up to 70% of the property, Phase 1 and Phase 2 drill programs are now complete. The system remains open in all directions but prior to further drilling, MAG will review the drilling data to date, and build a 3 dimensional model of the system. This model will be used to revisit and reinterpret existing geophysical data with much greater precision both in the known mineralized areas and potentially covered mineralized areas. The Company expects that a number of new drill targets will emerge from this review.
In addition, we are negotiating surface access in order to further delineate our district scale, 100% owned
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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 future mineral production, reserve potential, exploration drilling, exploitation activities 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, 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 Company's filings with the
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