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Recent 2016 Developments
- Forward Sales Contracts - In April 2016, entered into fixed forward spot trades covering 67,600 ounces of gold at an average price of $1,258 per ounce and 798,500 ounces of silver at an average price of $16.71 per ounce, both of which will be physically delivered into during the second, third, and fourth quarters of 2016.
Mr. Paul Huet, President and CEO commented, "Our operational performance for the first quarter of 2016 was in line with our mine plans. We are doing the necessary development work to position us to achieve our annual production and cost targets." Mr. Huet continued, "Additionally, our strong operational and financial performance over the last two years has been instrumental in creating a very strong balance sheet. With that, and increased certainty in our near-term metal price environment, we have made the choice to increase our capital spending this year in Nevada by $10 million to aggressively develop and explore our core assets. We believe this is the best use of our capital in the current metal price environment."