Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, provides a construction update on the Relief Canyon gold mine in Nevada. The Company also reports Q3, 2k19 production and operating cost results on a merged and individual basis for its Cosalá Operations in Mexico and Galena Complex in Idaho. All figures are in U.S. dollars.
- Merged silver production of about 1.30M silver equivalent1 ounces and 300,000 silver ounces, representing a decline of 7.0 percent and 5.0 percent, respectively, a contrast to Q3, 2k18.
- Merged cash costs2 were about $12.830 for each silver ounce and merged all-in sustaining costs (“AISC”) were about $23.010 for each silver ounce, both representing a boost year-over-year and from the prior quarter. These turned up costs were mainly the result of lower realized by-product prices and expected lower production at the Galena Complex in preparation for the re-capitalization plan.
- The Relief Canyon mine development continues on budget and on time for 1st-gold pour before the end of the year. Construction continues at a rapid pace and the Company remains fully funded to bring the Relief Canyon Mine into commercial production by the end of Q1, 2k20.
- Milled tonnage at the Cosalá Operations turned up by 14.00 percent year-over-year resulting in the production of about 1.00M silver equivalent ounces, counting about 129,000 silver ounces. Cash costs were about negative ($10.820) for each silver ounce representing a boost of 41.00 percent when contrast to prior quarter, and AISC were about negative ($1.490) for each silver ounce, an 87.00 percent incline when contrast to the previous quarter, mostly because of lower by-product metal prices and higher treatment and refining charges.
- On September 9, 2k19, the Americas declared a planned joint venture agreement (the “Agreement”) with Mr. Eric Sprott to recapitalize the mining operations at the Galena Complex, effective October 1, 2k19. The aim of the Agreement is to position the Galena Complex to significantly grow reserves and resources, and incline production while reducing operating costs at the mine over the next two years.
- Gold equivalent reserves (counting silver reserves) turned up about 250.00 percent and turned up by 90.00 percent on a for each share basis year-over-year, counting an additional 653,000 gold ounces and 11.50M silver ounces, respectively.