Yamana Sells Mercedes to Premier Gold Mines

Yamana Gold has entered into a definitive agreement to sell its Mercedes underground gold-silver mine in Sonora, Mexico, to Premier Gold Mines, a Canadian junior company headquartered in Thunder Bay, Ontario. Pursuant to the agreement, Yamana will receive cash and equity securities valued at $140 million at the time of the negotiations, with cash accounting for $122.5 million of the total.

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Timmins Gold Initiates Pre-construction at Ana Paula

Timmins Gold has initiated a $9.2 million pre-construction program, including work on a feasibility study, at its Ana Paula gold project in Guerrero, Mexico. Development of the program is based on a positive preliminary economic assessment (PEA) completed in March that indicates that Ana Paula represents a robust, high-margin, open-pit mining project at a $1,200 gold price.

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New Sulphide Processing Plant Advances La Colorado Expansion

Pan American Silver has commissioned a new sulphide ore processing plant at its La Colorada operations in Zacatecas, Mexico—a major milestone in the company’s project to increase La Colorado’s processing rate to 1,800 mt/d by the end of 2017. The new plant began processing sulphide ore on July 1, achieving throughput rates of more than 1,400 mt/d; however, these rates will be slightly reduced until a new mine shaft and additional underground development have been completed to provide a higher ore supply.

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Las Bambas Reaches Commercial Production

MMG Ltd. reported that the new Las Bambas open-pit copper mine in the Apurimac region of south-central Peru reached commercial on July 1. The pro-
ject is scheduled to produce 250,000 mt to 300,000 mt of copper in concentrate in 2016 as production ramps up. Full commercial production at a rate of 400,000 mt/y will rank Las Bambas among the world’s largest copper mines.

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