The Company continues to work with the Guatemalan government regarding the issuance of the exploitation license. The Company was notified by the Guatemalan government in the first quarter of 2012 that all legal requirements for approval of the exploitation license have been fulfilled. "We have met with Guatemalan President Otto Perez Molina and he continues to assure us that the final Escobal permit will be issued soon," said Tahoe President and CEO Kevin McArthur. He added that no delays to the project schedule are expected.
Tahoe also announced today that Jaime Mondragon has resigned as the Company's vice president and chief financial officer effective immediately. He is replaced by Mark T. Sadler who has been vice president metal sales and concentrate marketing. Mr. Sadler joined the Company in 2012 following employment with Glencore Ltd. and over 18 years with Rio Tinto, plc. He holds an MBA from Westminster College and a B.S. in accounting from the University of Utah. Mr. Sadler is a member of the American Institute of Certified Public Accountants.
"On behalf of the Board, I wish to thank Jaime for his outstanding achievements since our IPO in June, 2010. Mr. Mondragon has been integral to Tahoe's startup activities and was a key participant in Tahoe's growth from an early-stage exploration story to one of near production," said Mr. McArthur.
About Tahoe Resources Inc.
Tahoe's strategy is to develop the Escobal project into a profitable mining operation and to position itself as a leading silver producer with high quality, low cost assets in the Americas. Tahoe is a member of the S&P/TSX Composite and TSX Global Mining indices and the Russell 3000 on the NYSE. The Company is listed on the TSX as THO and on the NYSE as TAHO.
Tahoe Resources is a Canadian corporation operating in Canada, the United States and Guatemala. This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Wherever possible, words such as "plans", "expects", or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. In particular, this news release describes potential future events related to: receiving an exploitation permit for Escobal; meeting the project schedule; achieving mill commissioning in the second half of 2013 and commercial production in early 2014; and Tahoe's strategy to develop the Escobal project. Forward-looking information is based on management's reasonable assumptions, estimates, expectations, analyses and opinions which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect.
Assumptions have been made regarding, among other things, Tahoe's ability to carry on exploration and development activities, the timely receipt of required approvals (including the exploitation permit for the Escobal project), the price of silver and other metals, costs of development and production, Tahoe's ability to operate in a safe, and effective manner and its ability to obtain financing on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive. Tahoe's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, risks and uncertainties, many of which are beyond the Company's control. These include, but are not necessarily limited to, results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles, receipt of licenses to conduct mining activities, country risks, civil unrest, project cost overruns or unanticipated costs and expenses, the availability of funds, fluctuations in metal prices, currency fluctuations, and general market and industry conditions. There is no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on this information. Tahoe does not undertake to update any forward-looking information, except as, and to the extent required by, applicable securities laws. For more information about the risks and challenges of Tahoe's business, investors should review Tahoe's current AIF available at www.sedar.com.
Tahoe Resources Inc.
Ira M. Gostin
Vice President Investor Relations
Most Popular Stories
- Ex-Mobster to Bulger: Just Say Sorry
- Google Stock Split Ahead
- Guns Are Hot in California
- OSH Selling Most of Its Stores to Lowe's
- El Paso Symposium Offers Help to Startups
- MillerCoors Taps New Hispanic Ad Agency
- Small Businesses Hiring, but Worry About Expense
- First Person Cured of AIDS Virus Wants to Help Others
- Honda Says Sorry About the Lack of Electric Fits
- LULAC Convention Starts With Focus on LGBT Youth