TORONTO: Primero Mining Corp. (“Primero” or the “Company”) (P) PPP, -0.37% has announced that it has been reinstated to the import and export registries in Mexico and that normal course imports and exports have resumed for its San Dimas mine located in Durango State, Mexico.
Primero’s wholly owned subsidiary Primero Empresa Minera S.A. de C.V. (“PEM”) has been reinstated to the Mexican customs registry, and the Company has commenced selling all inventoried silver. This includes approximately 2.0 million ounces, comprised of 1.2 million ounces to be delivered under its silver purchase agreement with Silver Wheaton Corp. and 0.8 million ounces to be sold into the spot market. The proceeds from the silver sales will be recorded as third quarter revenue for the Company.
PEM’s import and export licences were suspended by the Mexican customs authorities in May 2015 due to a discrepancy over the Company’s address related to its corporate office relocation from Mexico City to Durango, Mexico. The Company was able to source necessary supplies locally so that the San Dimas mine and mill continued to operate uninterrupted.
Primero Mining Corp. is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico and 100% of the Black Fox mine and adjoining properties in the Township of Black River-Matheson near Timmins, Ontario, Canada. Primero offers immediate exposure to un-hedged, below average cash cost gold production with a substantial resource base in politically stable jurisdictions. The Company is focused on becoming a leading intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.
