Quarterly Operations Update
2017 First Quarter Report
Three months ended March 31, 2017.
(Expressed in U.S. Dollars, unless otherwise noted.)
Fruta del Norte Project
- The Company continued to progress its Early Works program focusing on completion of basic engineering and continuation of site capture activities to maintain the project critical path.
- On February 22, 2017, the Company awarded the mine development contract for the portals and soft tunneling work and the development of the twin declines and the mine in preparation for operations. The mine development contractor has now mobilized to site and construction of the mine portals has begun.
- On January 16, 2017, the Company secured a $35 million short-term credit facility from an insider of the Company (the "Facility"). As at March 31, 2017, $19 million was drawn down and outstanding.
- Exploration activities focused on target definition, advancing inside and outside of the southern extension of the Suarez Pull-Apart basin hosting the Fruta del Norte deposit. New epithermal gold targets include Puma and Gata Salvaje.
On March 16, 2017, Ms. Chantal Gosselin was appointed to the Board of Directors. Ms. Gosselin brings over 25 years of combined experience in the mining industry and capital markets.