Issue link: http://resourceworld.uberflip.com/i/783264
12 www.resourceworld.com F E B R U A R Y / M A R C H 2 0 1 7 production target of Q3 2017. As of early December, primary ramp development is advancing on schedule with approximately 25% completed. New mobile equipment, including a new scoop and bolter, has arrived. Refurbishment of equipment from the Nuestra Señora operations is progressing. The electrical substation is now online and water storage facilities are complete. The company reduced the initial CAPEX requirements. The April 2016 prefeasibility study estimated capital at approximately US $22 million, excluding working capi - tal, which has been reduced to about US $18 million through improvements in mine design, lower Mexican Peso-USD exchange rates, and refurbishing existing equipment. Pre-tax IRR increases to over 100% after adjusting the Prefeasibility Study for the lower CAPEX and current commodity prices. Payback is less than one year. San Rafael is expected to contribute 250,000 oz silver, 15 million lbs zinc and 5 million lbs lead in 2017. Over the six-year mine life, production would be +1.0 million oz sil - ver, 50 million lbs zinc and 20 million lbs lead per year. ENDEAVOUR MINING CORP. Endeavour Mining Corp. [EDV-TSX; EDVMF-OTCQX; EVR-ASX] began con- struction of the 90%-owned Houndé Project in April 2016, 250 km southwest of Ouagadougou, capital of Burkina Faso, West Africa. The government has a 10% interest. The project is situated within the Houndé greenstone belt, just south of Semafo's Mana Mine where there is excel - lent infrastructure. The first gold pour is expected to take place in Q4 2017. Once in production, Houndé is expected to become Endeavour's flagship mine. The open pit operation will have a pro - cessing rate of 3 million tonnes per year using a gravity/CIL plant. The mine, which will have an expected life of +10 years, has a CAPEX of US $328 million which includes US $47 for the mining fleet. Proven and probable reserves total 30.6 million tonnes at 2.1 g/t gold for 2.1 million oz. Measured and indicated resources (incl. of reserves) are 37.9 million tonnes at 2.1 g/t gold for 2.6 million oz. Inferred resources are 3.2 million tonnes at 2.6 g/t gold for 0.3 million oz. After-tax NPV (5%) is US $342 million at a gold price of US $1,250/oz. After-tax IRR is 32% at the same gold price. YAMANA GOLD INC. Yamana Gold Inc. [YRI-TSX; AUY-NYSE] is building the Cerro Moro gold-silver mine located in Santa Cruz province, Argentina. High-grade epithermal gold and silver veins will be mined by a combination of open pit and underground mining. The 2016 work program included the ramp-up of site construction, continuation of detailed engineering and the advance - ment of underground mining in order to gain a better understanding of in-situ min- ing conditions. Probable mineral reserves total 1,954,000 tonnes grading 11.38 g/t gold, for 715,000 ounces. Initial production is expected to Producing Gold In California Golden Queen Mining Co. Ltd. TSX: GQM OTCQX: GQMNF TEL: (778) 373-1557 E: info@goldenqueen.com www.goldenqueen.com COMMERCIAL PRODUCTION ANNOUNCED DECEMBER 2016