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TSXV:RD | TSX Venture | Common Stock |
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VANCOUVER, Aug. 30, 2016 /CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) is pleased to announce financial results for the three and six months ended June 30, 2016 and business highlights to date, including advancements at Red Eagle Mining's San Ramon Gold Mine in Antioquia, Colombia. Highlights include:
Construction of the San Ramon Gold Mine and Mill
The overall construction of the mill is approximately 90% complete, and remains within budget and on schedule. Initial gold production is currently scheduled for October, ramping up to commercial production by the end of 2016.
Mine Highlights:
Mill Highlights:
Project Financing
Construction of the 100% owned San Ramon Gold Mine and Mill is forecast to be fully funded through to full production. As at July 31, 2016, Red Eagle Mining has approximately US $29 million in cash with approximately US $14 million of project costs left to incur.
Equity Financing
In April 2016, a private placement for gross proceeds of $11,281,476, consisting of 29,688,095 common shares at a price of $0.38 per share, was completed. In July 2016, a second private placement for gross proceeds of $9,223,638, consisting of 13,176,626 common shares at a price of $0.70 per share, was completed. No warrants were issued in either private placement.
Delineation drilling at San Ramon
In June 2016, detailed ore production stope delineation drilling commenced at the San Ramon Gold Mine and will continue for the life of the mine. The initial results from the in-fill drill programme have exceeded expectations with intercepts significantly longer than the planned average mining width of 3m and grades significantly higher than the reserve grade of 5.2 g/t Au. Highlights from the first 23 holes (SRD-0001 to SRD-0023) include intercepts:
Acquisition of Santa Ana
In August 2016, Red Eagle Mining's controlled public subsidiary, CB Gold Inc., acquired 100% of the Santa Ana Silver Project which covers the core of the historic Mariquita Silver District, one of Colombia's most prolific colonial silver mining camps with production dating back to the sixteenth century. The property is located approximately 190 kilometres ENE of Bogota in Tolima, Colombia. The polymetallic silver-gold veins are characteristic of an intrusion related silver rich system later overprinted by a low sulphidation epithermal system in a thrust and fold setting. They are comprised of variable amounts of pyrite, sphalerite, galena, silver sulphosalts, native silver and gold in a gangue of quartz and adularia.
A 2012 drill programme tested the down-dip extension of vein mineralization below the historic Santa Ana mine tunnels. The results highlighted the potential for bonanza-type silver-gold veins, with drill intercepts including:
Selected financial data
The following selected financial data is derived from the unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2016, as prepared in accordance with International Financial Reporting Standards (all amounts in CA $).
For the three months ended |
For the six months ended | |||||||
June 30, 2016 |
June 30, 2015 |
June 30, 2016 |
June 30, 2015 | |||||
Net loss |
$ |
632,618 |
$ |
580,654 |
$ |
831,440 |
$ |
3,386,408 |
Comprehensive loss |
790,223 |
691,020 |
1,102,506 |
3,486,095 | ||||
Basic & diluted loss per share |
0.00 |
0.01 |
0.00 |
0.04 | ||||
As at |
June 30, 2016 |
December 31, 2015 | ||||||
Cash and cash equivalents |
$ |
18,963,164 |
$ |
10,347,916 | ||||
Total assets |
121,085,132 |
62,582,686 | ||||||
Total liabilities |
79,675,283 |
33,573,430 | ||||||
Shareholders' equity |
41,409,849 |
29,009,256 |
For the three and six months ended June 30, 2016, Red Eagle Mining reported a net loss of $0.7 million (2015: $0.6 million) and $0.9 million (2015: $3.4 million) respectively. The net loss for the six months ended June 30, 2016 was reduced compared to the six months ended June 30, 2015 as Red Eagle Mining commenced capitalization of direct costs associated with the development of the San Ramon Gold Mine. Total assets and shareholders' equity increased in value as a result of the capitalization and the acquisition of a controlling interest in CB Gold. The increase in total liabilities primarily relates to amounts outstanding on the construction credit facility and the recognition of a reclamation provision for the San Ramon Gold Mine and Vetas Gold Project.
This press release should be read in conjunction with the unaudited interim condensed consolidated financial statements and Management's Discussion and Analysis for the three and six months ended June 30, 2016. These documents can be found on Red Eagle Mining's website or profile at www.sedar.com.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a Qualified Person as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold and silver exploration and development corporation with an experienced mine development team. Management is focused on building shareholder value through discovering and developing projects with low costs and low technical risks in Colombia, a jurisdiction with prolific historic production but until recently limited modern exploration. Red Eagle Mining owns 100% of the Santa Rosa Gold Project, where construction is underway at the fully permitted and fully financed San Ramon Gold Mine with production expected to commence in the second half of 2016. Red Eagle Mining also controls CB Gold which owns 100% of the Vetas Gold and Santa Ana Silver Projects and is actively consolidating additional high grade precious metal deposits in Colombia.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although Red Eagle Mining 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE Red Eagle Mining Corporation
Copyright 2016 Canada NewsWire
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