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Guanajuato Silver Company Ltd. (formerly VanGold Mining Corp.) announced it has raised C$2.1 million through the exercise of approximately 8.5 million warrants between mid-March and June 8, 2021. The company had a cash position of approximately C$7.25 million as of June 8, 2021, which, along with a US$7.5 million loan facility, may total around C$16.33 million for ongoing operations. The El Cubo mill is expected to restart in Q4 2021, assisting in the development of mineral resources in Guanajuato, Mexico.
Vancouver, BC / Accesswire / June 3, 2021: VanGold Mining Corp. is changing its name to Guanajuato Silver Company, Ltd. and has reserved the new stock symbol GSVR. This decision reflects the company’s focus on silver production in the Guanajuato region, as stated by major shareholder Daniel Oliver, Jr. The name change requires regulatory approval but does not need shareholder consent. The company will also launch a new website, www.GSilver.com, to provide updates on its mining projects.
VanGold Mining Corp. has secured a US$7.5 million non-dilutive financing from OCIM Group in the form of a silver and gold loan. This funding aims to enhance liquidity during the refurbishment of the El Cubo mine located in Mexico. The loan has an 18-month term, including a six-month grace period. VanGold will repay approximately 25% of its projected gold and silver production from the El Cubo mill. The loan remains subject to TSX Venture Exchange acceptance and customary closing conditions.
VanGold Mining Corp. has upgraded its shares to the OTCQX Best Market, enhancing trading transparency for U.S. investors under the symbol VGLDF. This move aims to attract institutional and retail investors, marking a significant milestone for the Company. Additionally, VanGold has filed an amended NI 43-101 technical report for its El Cubo/El Pinguico project, confirming no material changes from prior analyses. However, the report emphasizes the preliminary nature of these economic analyses, indicating substantial risks and uncertainties regarding future viability and mineral resource categorization.
VanGold Mining Corp. has announced significant management appointments aimed at strengthening its leadership team. Ramon Davila joins the board of directors, bringing extensive experience in Mexican mining, including his previous role as COO at First Majestic Silver Corp. Hernan Dorado has been appointed COO, responsible for mining operations, while Richard Silas takes on the role of VP of Corporate Development. These internal promotions reflect growing confidence in VanGold’s potential as a leading silver and gold producer in Mexico, particularly with the El Cubo mill restart anticipated in Q4.
VanGold Mining Corp. has announced the addition of key personnel to its team, including Robert Sedgemore as Director of Mill Commissioning. With 25 years of experience in mining, Sedgemore will lead the effort to restart the El Cubo mill. Joining him are Monica Seleme, who will oversee environmental services, and Pedro Delgado, the new Mine Manager for El Cubo. The company's focus is on refurbishing the El Cubo mill to commence production and exploring additional resources. This strategic hiring aims to enhance operational efficiency and ensure compliance with environmental standards.
VanGold Mining Corp (TSXV:VGLD) announced the acquisition of the El Cubo Mine and Mill complex from Endeavour Silver Corp for a total of US$15 million, including cash and shares. This acquisition positions VanGold as a significant player in the silver-gold sector, enabling the integration of El Cubo with the El Pinguico project. The combined project has significant mineral resources, including 7.2 million ounces of silver equivalent. A preliminary economic assessment suggests a robust NPV of $32.9 million and an IRR of 105%, highlighting strong revenue potential following the planned Q4 2021 processing ramp-up.
VanGold Mining Corp. has appointed Lisa Dea as its new Chief Financial Officer, effective April 1, 2021. Dea, a Chartered Professional Accountant, brings extensive experience from her previous roles as CFO at El Tigre Silver Corp. and Silvermex Resources Inc. The company is finalizing the acquisition of the El Cubo mine from Endeavour Silver Corp., originally agreed upon in December 2020. Anticipated to close in mid-April 2021, this acquisition will enhance the company’s operational capacity and revenue generation potential, particularly from its El Pinguico and El Cubo properties.
VanGold Mining Corp has completed a non-brokered private placement, raising $16.95 million by issuing 56.5 million units at $0.30 per unit. Each unit includes one common share and a half common share purchase warrant, exercisable at $0.45 for three years. Notably, Endeavour Silver Corp. will become the largest shareholder, with approximately 11.3% ownership. Significant participation also came from Eric Sprott and VBS Exchange. The proceeds will be used for acquiring and refurbishing the El Cubo mine and further exploration activities.
VanGold Mining Corp has appointed Gerardo Dorado Cantu as President of the Guanajuato chapter of the College of Mining Engineers, enhancing its leadership. The company also hires Gabriela Ponce as Project Geologist for the El Pinguico Project, leveraging her extensive experience from Endeavour Silver. Additionally, VanGold announces the issuance of 2,225,000 stock options with a strike price of $0.30, vesting over one year. The El Pinguico Project is a historically significant gold and silver deposit, with potential for substantial resource delineation.
