checkAd

     815  0 Kommentare Aurcana Files 2015 Annual Financial Statements

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 2, 2016) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN) is pleased to announce the filing of the Company's Annual Financial Statements the (Financial Statements) and Management's Discussion & Analysis (MD&A) for the year ended December 31, 2015 on SEDAR. These documents include financial information on both continuing and discontinued operations of the Company.

    Subsequent to the 2015 year-end, on January 7, 2016, Aurcana completed a restructuring transaction with Orion Mine Finance ("Orion"), pursuant to which, among other things, the Company's interest in the La Negra mine, located in Mexico, was transferred to Orion and all outstanding debt owed by Aurcana to Orion was extinguished. Aurcana is now debt free. The La Negra mine constitutes a "discontinued operation" of the Company for reporting purposes.

    The Company retains its 100% ownership interest in the Shafter Project located near Presidio, Texas as its primary asset. The Shafter Project has a long history of silver production and was most recently operational in 2013. In December 2013, the Shafter Project was put on care and maintenance due in part to low metal prices. Shafter constitutes a "continuing operation" of the Company for reporting purposes.

    The Shafter Project is fully permitted, with all permits in good standing. The Shafter Project includes a processing facility and considerable underground workings, along with a shaft and hoist access to the un-mined Gold Fields mineralized zones. Recently, a modified discharge permit was granted by the Texas Commission on Environmental Quality that allows the Company to de-water the underground workings of the Shafter Project and discharge the water or sell it to a third party for industrial uses.

    "In light of the recent increase in silver prices the Company is evaluating its options with regard to the Shafter Project and potential strategic transactions. Some of these options include the completion of a Preliminary Economic Assessment and a drill campaign with the goal of converting Inferred Resources to Indicated Resources (as such terms are defined in NI 43-101 - Standards of Disclosure for Mineral Projects), which will then result in a higher resource confidence level and potentially lead to a life-of-mine plan. The Company has also received enquiries from third-parties seeking a joint venture at Shafter or a possible merger or business combination involving the Company; discussions with such parties remain ongoing. The management and the Board of Directors of the Company are considering all available options. The Shafter Project is leveraged to the price of silver and we will continue to assess our options in the context of the currently-improving silver price," said Kevin Drover, President and CEO of the Company.

    Lesen Sie auch

    Seite 1 von 2



    Verfasst von Marketwired
    Aurcana Files 2015 Annual Financial Statements VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 2, 2016) - Aurcana Corporation ("Aurcana" or the "Company") (TSX VENTURE:AUN) is pleased to announce the filing of the Company's Annual Financial Statements the (Financial Statements) and Management's …