Montreal Weather Average March
Marbella tonight’s and Today’s com forecast, weather Spain Weather, and Channel Weather Marbella Get com AccuWeather, from temperatures record and average including Weather March typical Spain. Montreal Weather 7. CENTRO DE CAPACITACIÓN: Beatriz Díaz: Cel. secretariacentro @hatenablog.com Gabriel Calvi: Cel. Weather. Montreal experiences a range of temperatures, particularly in the The average daily temperature in March is about -3ºC (27 F) and can drop to an.
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Avisos Montreal weather average march. Ver historial : Furthermore, unusual or infrequent weather phenomena, sabotage, government neglect or other interference in the maintenance or provision of necessary infrastructure could adversely affect our operations and profitability. Recruiting and retaining qualified personnel is critical to our success.
We are dependent on the services of key executives and other highly skilled personnel focused on managing our interests. The number of persons skilled in acquisition, development, and operation of mining properties is limited and competition for such persons is intense. As our business activity grows, we will require additional key financial, administrative, geologic and mining personnel as well as additional operations staff. There is no assurance that we will be successful in attracting, training and retaining qualified personnel as competition for persons with these skill sets increases.
If we are not successful in attracting, training and retaining qualified personnel, the efficiency of our operations could be impaired, which could have an adverse impact on our future cash flows, earnings, results of operations and financial condition. Unprecedented events in global financial markets in the past several years have had a profound impact on the global economy. Many industries, including the silver and gold mining industry, are impacted by these market conditions.
Some of the key impacts of the current financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations, high volatility in global equity, commodity, foreign exchange and precious metal markets and a lack of market liquidity.
A continued or worsened slowdown in the financial markets or other economic conditions, including but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect our growth montreal weather average march profitability.
These factors could have a material adverse effect on our financial condition and results of operations. An element of our business strategy is to make selected acquisitions. We expect to continue to evaluate acquisition opportunities on a regular basis and intend to pursue those opportunities that we believe are in our long-term best interests. There is a limited supply of desirable mineral lands available in areas where we would consider conducting exploration or development activities.
Because we face strong competition for new properties from other mining companies, some of which have greater financial resources than we do, we may be unable to acquire attractive new mining properties on terms that we consider acceptable. In addition, competition in the mining business for limited sources of capital could adversely impact our ability to acquire and develop suitable silver mines, silver developmental projects, silver producing companies or properties having significant exploration potential.
As a result, there is no assurance that we will be able to acquire additional mining properties. The success of any acquisition that we make will depend upon our ability to effectively manage the operations of entities we acquire and to realize other anticipated benefits. The process of managing acquired businesses may involve unforeseen difficulties and may require a disproportionate amount of management resources. There can be no assurance that we will be able to successfully manage the operations of businesses we acquire or that we achieve the anticipated benefits of our acquisitions.
Our ability to acquire critical resources such as input commodities, drilling equipment, tires and skilled labour due to increased worldwide demand, may cause unanticipated cost increases and delays in delivery times, thereby impacting operating costs, capital expenditures and development schedules. Fluctuations in currency exchange rates, particularly the weakening of the U.
We may from time to time engage in foreign currency trading activities in order to minimize these effects on our operating results. Developments Regarding Indigenous Peoples. To the best of our knowledge, although indigenous people may have inhabited the area at one time, there are no indigenous populations currently living in the immediate area of the Escobal mine site.
Nevertheless, laws and movements respecting the acquisition of lands and other rights of indigenous communities may alter decades-old arrangements made by prior owners of the lands where the Escobal mine is located. We used commercially reasonable efforts in our dealings to ensure all land-related agreements were entered into in accordance with applicable laws, but there is no guarantee that future laws and actions will not have a material adverse effect on our operations at the Escobal mine or on our financial position, cash flow and results of operations.
These communities and NGOs have taken such actions as road closures, destruction of property, work stoppages, and law suits for damages. These actions relate not only to current activities but often in respect to decades-old mining activities by prior owners of mining properties. We may be subject to claims or legal proceedings covering a wide range of matters that arise in the ordinary course of business activities, including claims relating to ex-employees. These matters may give rise to legal uncertainties or have unfavourable results.
We will carry liability insurance coverage and mitigate risks that can be reasonably estimated. In addition, we may be involved in disputes with other parties in the future that may result in litigation or unfavourable resolution which could materially adversely impact our financial position, cash flow and results of operations.
Consequently, there is a possibility that a conflict could arise for such directors and officers. Any Company-related decision made by any of these directors and officers should be made in accordance with their duties and obligations to deal fairly and in good faith and to act in the best interests of the Company and its shareholders.
The Company has not based its production decision on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.
Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that anticipated production levels and costs will be achieved. These factors include macroeconomic developments in North America and globally and market perceptions of the attractiveness of particular industries. The price of our Shares is also likely to be significantly affected by short-term changes in silver or other mineral prices or in our financial condition or results of operations.
As a result of any of these factors, the market price of the Shares at any given point in time may not accurately reflect our long-term value. Securities class action litigation often has been brought against companies following periods of volatility in the market price of their securities.
We may in the future be the target of similar litigation. The market price of the Shares is affected by many other variables which are not directly related to our success and are, therefore, not within our control. These include other developments that affect the market for all resource sector securities, the breadth of the public market for our Shares and the attractiveness of alternative investments. The effect of these and other factors on the market price of the Shares is expected to make montreal weather average march Share price volatile in the future, which may result in losses to investors.
We may sell additional equity securities in subsequent offerings including through the sale of securities convertible into Shares and may issue additional equity securities to finance our operations, development, exploration, acquisitions or other projects. We cannot predict the size of future sales and issuances of equity securities or the effect, if any, that future sales and issuances of equity securities will have on the market price of the Montreal weather average march. Sales or issuances of a substantial number of equity securities, or the perception that such sales could occur, may adversely affect prevailing market prices for the Shares.
With any additional montreal weather average march or issuance of equity securities, investors will suffer dilution of their voting power and may experience dilution in our earnings per Share. Significant Shareholder. Subject to applicable law and to contractual protections negotiated by us, Goldcorp may, as a practical matter, be able to cause the Company to effect corporate transactions without the consent of other shareholders and cause or prevent a change in control of the Company.
We intend to retain earnings to repay debt and finance the growth and development of our business. We do not have a policy to pay cash dividends on the Shares in the near future but expect to develop one in The development of a policy and payment of future cash dividends, if any, will be reviewed periodically by our Board and will depend upon, among other things, conditions then existing including earnings, financial condition and capital requirements, restrictions in financing agreements, business opportunities and conditions montreal weather average march other factors.
Throughoutthe operations group focused on development and construction activities including underground development, mill construction, and completion of surface and ancillary facilities.
Commissioning activities commenced mid-year and continued throughout the year, with crusher commissioning beginning in June and mill commissioning starting at the end of September. By year end all major mine and mill components had been commissioned and with one minor exception were operating to specification. During commissioning, we recognized that the mixer in the paste backfill plant was not adequately mixing the tailings, resulting in plugged delivery lines to the underground mine and a paste product that does not consistently meet specifications.
A short-term solution was implemented that will allow the plant to deliver the necessary quantity and quality of paste backfill to the mine and a long-term engineered solution to the problem montreal weather average march being actively pursued. We expect capital costs to remain within the guidance the Company provided in November and we do not expect this development to have a material effect on production or operating costs.
In anticipation of mill and plant commissioning during the fourth quarter, management identified criteria to determine when the mine was being operated as intended by management, thereby rising to the level of commercial production. On January 14,the Company announced that the operation had met all of the established criteria, that commercial production had commenced and that the mine was now operating as intended.
Work on the expansion began in Continuous production in excess of metric tons per day is expected by The Company employed approximately people in Guatemala at the end of In addition, over 1, montreal weather average march were employed in construction work, which was largely completed by year end. Extensive safety and training programs were implemented in areas of surface development, process plant operations, construction and underground mine operations. The Escobal mine montreal weather average march located in southeast Guatemala, approximately 40 kilometres east-southeast of Guatemala City and two kilometres east of the town of San Rafael las Flores in the Department of Santa Rosa.
San Rafael Las Flores has a population of over 3, people and is 70 km from Guatemala City by paved road. Access to the area is also possible from the northeast on a paved highway via the town of Mataquescuintla. The majority of the workforce is derived from communities within Santa Rosa department and elsewhere in Guatemala, with a small expatriate contingency. Annual precipitation averages 1, mm. Mining activities are expected to be able to be conducted year-round.
The project area lies within mountainous terrain interspersed with rolling hills and valleys. Elevations range from 1, metres in the valley on the west end of the Escobal Vein to 1, metres in the drilled east extension.
The high mountain range of Montana Soledad Grande north and east of the Escobal mine rises to an elevation of 2, metres.
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Vegetation is characterized by natural mountain forest species that consist of oak, pine and cypress tree varieties and lower strata scrub-brush species.
There is a high voltage electrical line that extends to the town of San Rafael las Flores, which has potential to be upgraded to handle the anticipated load requirements for the Escobal mine.
Power line installation along the highway right-of-way commenced in September but was interrupted by protestors. Given the civil unrest, the Company implemented plans to provide diesel generator power for the mine in order to prevent delay to the production schedule. Power generation is more than adequate to support full scale production and is expected to be available for as long as the Company chooses to utilize this option. Inthe Company established communication facilities at the mine site including telephone and internet services.
Water wells within the Escobal mine area are capable of providing sufficient water for the Escobal mine without impacting local residents or communities.
Sufficient land has been purchased to host the required tailings, waste rock, process plant facilities, and underground access for the mining operation.
Water wells have been developed within the Escobal mine area to provide water for mining and process needs. Potable water is brought to the project from outside sources as needed. The Escobal mine dates back to when Entre Mares prospected in the area and identified high-grade gold values associated with surface quartz veins in the western portion of the Escobal Vein.
In latesignificant silver and gold grades montreal weather average march detected from surface sampling along an extensive alteration zone developed over the Escobal Vein. An exploration license was applied for in October and was granted in March Exploration drilling commenced in May and is ongoing. In earlyGoldcorp, predecessor owner of the Escobal mine, reported a Measured and Indicated Mineral Resource estimate for the Escobal mine of 6. Goldcorp did not release a technical report to support the Mineral Resource declaration at that time.
The effective date of the Escobal PEA is May 7, and the effective date of the Mineral Resource estimate contained in the report is January 23, All M3 personnel who worked on the report were supervised by Conrad Huss. The Qualified Person responsible for the review of the civil and environmental controls for the Escobal mine is Daniel Montreal weather average march, P.
The Qualified Person responsible for the review of the metallurgical testing and flow sheets for the Escobal mine is Thomas L. The Qualified Person responsible for the review of the project history, geologic setting and deposit characterization is Richard K. The Qualified Person responsible for the review of the drilling, sampling method, sample preparation and analysis and data verification, and for preparing the Mineral Resource estimate for the Escobal mine, is Paul Tietz, C.
NI Required Disclosure: Investors are cautioned that the Escobal Preliminary Economic Assessment is considered preliminary in nature and includes mineral resources, including inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.
Climate graph // Weather by Month, Hinojares average temperature, Hinojares. > >Hinojares Most of the precipitation here falls in March, averaging 53 mm. Climate graph // Weather by Month, Marfa average temperature, Marfa. >>Marfa Climate The least amount of rainfall occurs in March. The average in this.
Mineral resources that are not mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to mineral resources, it cannot be assumed that all or any part of a mineral resource will be upgraded to mineral reserves.
Therefore, there is no certainty that the results concluded in the Escobal Preliminary Economic Assessment will be realized. There is no prefeasibility or feasibility study with respect to the Escobal mine. The Juan Bosco license was granted subsequent to the Acquisition on April 26, The Oasis License covers the entire Escobal Vein.
In addition, there are a number of applications for reconnaissance and exploration licenses associated with the Escobal mine. The granting of these license applications montreal weather average march still pending.
Exploration licenses in Guatemala are granted for an initial period of three years which can be extended for two additional periods for two years each, for a total holding period of seven years. The first three-year term of the Oasis License expired in Marchat which time a renewal application was filed to extend the exploration license for two additional years.
This renewal application was approved by MEM on Montreal weather average march 28, In Junean application was filed to extend the term of the Lucero license for two years from its July expiration date. The renewal application provides for a reduction in the area of the license from One new license application Valencia was filed to fill the approximate Similarly, an application was made in October to extend the Andres license for two years from the original license expiration in December In this case the Granada license was applied for to fill the gap left through reduction of the Andres license.
The renewal periods for the Lucero and Andres licenses were granted in March According to Guatemala law, afterno additional extensions will be permitted and an exploitation license application must be made.
Prior to the application for an exploitation license, a pre-feasibility study, mine plan and environmental impact assessment must be completed. In addition to the three granted exploration licenses, applications for the Soledad reconnaissance license and the El Olivo exploration license were submitted to MEM by Entre Mares in andrespectively.
San Rafael acquired the right to these applications as part of the Escobal Acquisition. San Rafael later filed an application for the Cristina exploration license October and the El Silencio reconnaissance license November The Company was subsequently notified by MEM that these applications could not be registered until the reconnaissance concessions were granted and requested exploration areas were formally excluded. All of these licenses will cover land within the Escobal mine area when and if they are issued.
Upon filing of the exploitation concession application, three new exploration concessions Oasis I, II, III were requested to occupy the area liberated through elimination of the original Oasis montreal weather average march.
Once full Montreal weather average march clearance was received, construction of the process plant and support facilities required for full production began.
March snowstorms in Montreal are not uncommon
By year end, earthwork at the main plant site and tailings areas, warehouse, access road and office facilities were well underway. In addition, construction of the electrical substation and power line on montreal weather average march Escobal mine site commenced. In the third quarter ofthe Company submitted an exploitation concession application and supporting documentation to MEM. After completing a technical and legal review, MEM issued the Escobal exploitation license on April 3, for a period of 25 years.
President Perez, who was inaugurated on January 14,has taken a public stance that his administration supports sound mining development in Guatemala. After introducing the legislation, MEM officials stated that the proposed amendment does not cover existing projects such as Escobal. No action was taken by Congress. In a further attempt to encourage revision of the mining law that had been proposed inGuatemala President Otto Perez Molina asked Congress in July to approve a two-year temporary moratorium on the granting of new mining and exploration licenses.
Congress has taken no action on the proposal. No physical survey of exploration license boundaries is required. All required payments for all granted licenses are current. Similar payments will be required for subsequent extension periods. There are no defined work requirements to keep an exploration license valid, although exploration activity sampling, mapping, etc.
Exploration activity reports have been filed with MEM for all exploration licenses as required. All of the surface rights that we require for our operations at the Escobal mine were acquired in A few additional parcels montreal weather average march acquired in early and to add flexibility and account for potential future growth in mineral resources.
In Montreal weather average march, the surface rights are independent of mining rights and must be negotiated separately. There is no allowance for expropriation in Guatemala. Land in the area of the Escobal mine is privately owned by local farmers and used for growing coffee in the higher elevations and vegetables and other crops in the flatter low lying areas.
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Approximately hectares of surface rights have been acquired or are under contract by the Company. These surface rights are sufficient to provide for our operations at the Escobal mine, including areas for tailings disposal, waste rock disposal, processing plant, and ancillary surface facilities.
In June ofa profit sharing program is montreal weather average march to commence in the form of an NSR royalty of 0. Congress may act to amend the mining law. All required permits for surface and underground activities are in place. On July 23, a Court of Appeals in Guatemala held that MEM should have montreal weather average march a hearing of a written opposition to the Escobal exploitation license during the permitting application process.
The court did not rule on the substance or validity of the opposition; montreal weather average march merely stated that MEM was obligated to hold an administrative hearing addressing the substance of the opposition under the Mining Law.
The Court did not invalidate or comment on the Escobal exploitation license in its decision. A public hearing was held on the issue in Montreal weather average march The Constitutional Court is expected to issue a ruling in the case sometime in the next several months.
The Escobal exploitation license is required for the Company to operate the mill and to produce concentrate from the mine. All other permits required for continued exploration, construction and operations are in place. As a result and under such circumstances, the Company expects this would adversely impact its business, results of operations, financial performance and may result in default on the montreal weather average march facility or reduction of workforce at the project.
We have implemented a comprehensive Environmental Impact Management Program developed specifically for the conditions at Escobal, which addresses operating, reporting, and mitigation procedures for surface and underground operations. Based on our due diligence in respect of the Acquisition, our completed and approved Exploitation EIS and our activities at the Escobal mine since that time, we have identified and, where applicable, mitigated potential material environmental liabilities through our Environmental Impact Management Program.
Our environmental management mandate is to meet or exceed North American standards, practices and regulations. No impacted materials will be directly discharged from the site. Impacted water will be treated to meet or exceed industry standards prior to being released into the environment. Our Environmental Impact Management Program for the Escobal project commenced in and includes the following:. As at December 31,we had recorded montreal weather average march full amount of this reclamation liability based on progress of the construction of the mine and plant at that time.
Montreal weather average march liability has been recorded for environmental disturbance associated with our exploration drill montreal weather average march and drill roads since they are concurrently reclaimed as part of the drilling process as soon as drilling is finished. The geological setting of Guatemala is comprised of two tectonic terrains juxtaposed across a major tectonic plate boundary.
The northern half of Guatemala is on the North American plate, and the southern half is on the Caribbean plate with three major east-west trending faults forming the collision boundary. The Escobal mine is on the Caribbean plate, south of the faults. The area is characterized by a series of volcanic units derived from multiple eruptive events. The Escobal deposit is an intermediate-sulfidation fault-related vein formed within Tertiary sedimentary and volcanic rocks within the Caribbean plate.
The Escobal Vein system hosts silver, gold, lead and zinc, with an associated epithermal suite of elements, within quartz and quartz-carbonate veins. Drilling to date has identified continuous precious and base metal mineralization over a 3, metre lateral distance and 2, metre vertical range in three zones; the East, West and Central zones.
The vein system is oriented generally east-west, with variable dips. Drilling at the Escobal mine was conducted by Entre Mares Goldcorp from up to the time of our acquisition of the Escobal mine and we have continued the drilling since that time.
Drilling has been carried out using a combination of contracted and company-owned drills. As of December 31,a total of surface exploration drill holesmetres have targeted the Escobal Vein system. An additional diamond drill holes 41, metres were completed from underground drill stations using company-owned drills for stope definition.
All vein intercepts at the Escobal mine were drilled by diamond drill core methods, with the majority of mineralized intercepts drilled using NTW-size drill core. Montreal weather average march exploration drilling at the Escobal mine explored extensions of the deposit where it was open laterally and to depth and to improve confidence in the mineral resource through in-fill drilling. A total of between two and four drills operated from the surface at the Escobal mine throughout the year.
The Escobal Vein is one of numerous vein showings recognized in the district. Using the geologic model developed for the Escobal mine, prospective areas were evaluated throughout the region to identify drill-viable targets that occur within our currently held license areas. The drill core for the Escobal mine is photographed, logged for geologic and geotechnical properties and sampled at the project site.
The drill core is sampled at 1. Once the sample intervals are determined, the core is marked and tagged in wood core boxes. Exploration core samples selected for analysis are cut lengthwise using mechanized diamond saws. One-half of the core is placed in a plastic sample bag with a sample tag while the remaining half core is replaced in the core box for future reference.
Inspectorate operates a sample preparation facility in Guatemala City and couriers the sample pulps to their facility in Reno, Nevada USA for analysis. Inspectorate holds sample pulps in secured storage in Guatemala City. Underground definition drill core is sampled in its entirety, with the samples placed in plastic bags with sample tags. Samples are stored in a secure location at the Escobal mine site until they are either picked up by, or delivered to, Inspectorate.
Inspectorate holds sample pulps in secured storage in Guatemala City and returns coarse reject to the mine. Inspectorate has been the primary analytical laboratory for all Escobal mine drill sample preparation and analysis, with only minor exceptions.
All samples have been prepared and analyzed using industry-standard practices suitable for the mineralization at the Escobal mine. The effective date of the Escobal mine Mineral Resource is January 23, A summary of the Indicated and Inferred resources, using a cutoff grade of grams per tonne silver-equivalent, is provided in the following table:. Mineral Resources at the Escobal mine were estimated using approximately 22, samples obtained from diamond drill core holes, totalingmeters.
MDA modeled and estimated the Escobal mine resources by refining the geologic model, evaluating the drill data statistically, interpreting mineral domains on cross sections and level plans, analyzing the modeled mineralization statistically to establish estimation parameters, and estimating silver, lead, gold, and zinc grades into a three-dimensional block model using inverse distance cubed ID3.
Silver-equivalent Indicated Mineral Resources total Mineralized rock is transported from the underground mine to a run of mine stockpile from where it is transported by front end loader or trucks to the processing facility.
Mineral concentrates containing gold, silver, lead and zinc are produced by mineral flotation technology. The run of mine material is reduced via a three stage montreal weather average march circuit followed by a single ball mill. This is followed by a conventional lead zinc differential flotation circuit consisting of tank cells with separate circuits for lead and zinc.
Lead and zinc concentrates produced at the concentrator facility are filtered, packaged into super sacks which are placed in containers, and loaded onto trucks for shipment to port for delivery to commercial concentrate smelters and metal refineries. The design basis for the processing facility is dry mtpd or 1, dry tonnes per year. The mine is expected to produce between 18 and 21 million ounces of silver in based on the tpd model. The Escobal deposit is accessed through two main portals.
Through the end ofprimary ramp development totals 3, metres. Primary development for approximately five years of mill feed at tpd has been completed to date. The East Central and West Central ramps connect to a system of secondary footwall laterals montreal weather average march are positioned on the south side of the Escobal vein and spaced 25 metres vertically in the Central zone.
Stopes are accessed from the footwall laterals at 20 metre intervals. The mining method at Escobal is longhole stoping; whereas transverse longhole stoping is used to mine areas where the horizontal dimension across the dip of the vein is greater than 15 metres and longitudinal longhole stoping is used to mine areas where the vein thickness is less than 15 metres.
Material produced from stope development and production is hauled directly from the working areas to a stockpile at the process plant by truck; development waste is hauled by truck to the surface. At montreal weather average march end ofa total of 4, metres of sublevel development and 4, metres of stope development were completed.
Duringthe Escobal mine produced approximatelytonnes of metal-bearing material from transverse longhole stoping and stope development. Filtered tails from the process plant are combined with cement and water to make a structural fill paste backfill for filling the underground voids produced from stope mining.
The paste backfill plant is centrally located on the surface above the Central zone and produces backfill for delivery via a system of ceramic-lined steel and HDPE pipe into the mine for placement in the mined-out stopes to provide stability to the excavated openings and allow for maximum recovery of the resource.
All other infrastructure to support mining operations, such as electrical power supply, water lines, compressed air lines, communications, paste backfill piping, etc. Current production levels have effectively been dewatered through surface wells and from underground locations. Unlike conventional tailings impoundments which are designed to retain water and tailings behind dam embankments and require large surface areas, dry stack facilities require a smaller footprint, have long-term structural integrity, and maximize water conservation.
The Escobal dry stack facility is built using development rock from the mine to construct rock buttresses at the face of the facility on 5 metre high lifts.
Filtered tailings are trucked to the facility and placed behind the rock buttresses in cm layers and compacted to minimize infiltration from precipitation. This process will be repeated throughout the life of the mine. The facility is underlain by a system of underdrains to collect water that may seep through the tailings and to divert shallow downslope-migrating groundwater.
Surface waters are diverted around the facility through a series of water diversion channels constructed along the upslope perimeter of the facility.
The construction method of the Escobal dry stack facility allows for concurrent reclamation as each lift is completed, which will greatly simplify the closure of the facility in an environmentally sound manner. As successive lifts of the dewatered tails are placed and compacted behind the perimeter rock buttresses, the lower rock slopes will be covered with stockpiled topsoil and revegetated.
At final closure, the vegetated slope will replicate the natural slopes of the surrounding topography. The engineering and design report for the dry stack tailings was submitted to MARN in the fourth quarter of Submission of the report was a prerequisite to the initiation of construction of the dry stack facility. Construction began in December At the end ofapproximately 84, cubic metres of tailings have been placed and compacted in the dry stack facility.
Montreal weather average march has ports on both the Pacific and the Caribbean coasts. Access to the mine site from both ports is on paved highway. Filtered concentrate is placed in one or two tonne super-sacks, placed in sea-going containers, and carried on highway tractor trailer units along paved highway to port for shipment to international smelters.
The entire facility for the Escobal mine has been designed and constructed with closure in mind, to the greatest extent practicable. The facilities are designed and operated to minimize the footprint and areas of disturbance and to utilize the most advanced planning and reclamation techniques available including dry stack tailings, concurrent reclamation and geomorphic landform grading.
Surface disturbance resulting from the mine will be small as all mining activity will be underground. Reclamation will montreal weather average march as soon as is practical during the development and operations by placing salvaged topsoil on outslopes and encouraging vegetation.
Concurrent reclamation began in and continued throughout Final reclamation will occur at final closure at the end of mine life. Upon receipt of the exploitation permit in April, the Company began capitalizing underground expenses associated with the Escobal project. We have not paid any dividends on our Shares. We currently intend to retain future earnings, if any, to repay our debt and to finance the expansion of our business and have not established policies for paying dividends at this time.
While we expect to develop a dividend policy ina decision to pay dividends on the Shares in the future will be made by the Board on the basis of the earnings and financial requirements of the Company as well as other conditions existing at such time.
The Company is authorized to issue an unlimited number of Shares. As at the date hereof, , Shares were issued and outstanding as fully paid and non-assessable. The holders of Shares are entitled to one vote per Share at meetings of the shareholders of the Company. Holders of Shares are entitled to dividends, if, as and when declared by the Board and, upon liquidation, to participate equally in such assets of the Company as are distributed to the holders of Shares.
In the twelve month period ended December 31,the Company grantedoptions and 59, share awards consisting of 24, Deferred Share Awards and 35, Restricted Share Awards under its Share Option and Incentive Share Plan adopted on April 20, The following table sets forth information regarding our directors and executive officers.
Brodsky, Vice President, Montreal weather average march and Ms. Lorne B. Anderson, Director. Anderson is a Chartered Accountant. He has been an Independent Financial Consultant to the minerals industry since Since he has served on the boards of several mineral companies listed on the TSX Venture Exchange.
From to Mr. He has over twenty montreal weather average march of experience in the mining industry, during which time he has been involved with administration, both equity and bank financings, and investor relations programs. John P. Bell, Director. Tanya Jakusconek, Director. She earned a B. Sc Honours in Geology and an M. Prior to working with Glamis, Mr. He holds a B. He is currently a Director of Pembrook Mining Corp. Dan Rovig, Director and Chair of the Board.
Prior to NovemberMr. Rovig served first as President of Glamis from September until his appointment as a director, and the President and Chief Executive Officer of Glamis and its subsidiaries from November to August when he retired. Prior toMr. Rovig was an executive officer of British Petroleum Ltd. Rovig holds a B.
Paul B. Sweeney, Director. Sweeney has been an independent business consultant since May James S. Voorhees, Director. Voorhees has been an independent consultant since Currently Mr. Voorhees is a director of Cloud Peak Energy. Voorhees holds a B. Kenneth F. Williamson, Montreal weather average march. Williamson has been a director of Goldcorp since November He was a director of Glamis Gold Ltd. He has worked in the securities industry for more than 25 years, concentrating on financial services and the natural resource industries in the United States and Europe.
Currently he is a director of Uranium One Inc. As an active board member he has chaired various committees including audit, governance, and compensation. Brian Brodsky, Vice President, Exploration. Brodsky was appointed Vice President of Exploration of the Company and began work for us on June 1, Brodsky is an economic geologist with over 35 years of precious metals exploration experience.
He worked for Goldcorp and its predecessor Glamis Gold from to as Exploration Manager, overseeing regional studies and detailed property assessments throughout Guatemala. His team was instrumental in the exploration and development of the Marlin Mine and Cerro Blanco gold-silver deposit as well as the grass-roots discovery and definition of the Escobal Vein. In early Mr. Brodsky was appointed to the position of Director of Exploration for the U.
Brodsky explored gold-silver, base metals and uranium deposits in various geologic environments throughout the United States, Peru and West Africa for Rio Algom Ltd. Ronald W. Clayton, President and Chief Operating Officer.
Clayton has extensive experience in development and operation of underground silver mines as well as operations in Latin America. Prior to joining the Company, Mr. Clayton was also Vice President — Operations for Stillwater Mining Company from to and held various production, engineering and management positions with the Climax Molybdenum Company and Homestake Mining Company from to Clayton holds a B.
Since she has worked with indigenous groups in developing nations to promote reforestation and sustainable community programs. Hofmeister holds a B. Mark T. Sadler has over 20 montreal weather average march of experience in the mining industry having worked for Glencore Ltd. As of the date hereof, our directors, executive officers and employees, as a group, beneficially owned, directly or indirectly, montreal weather average march exercised control or direction over 5, vested Shares, representing approximately 3.
The directors, executive officers and employees, as a group, held 75, Deferred Share Awards and 2, Options as at March 12, No director or executive officer of the Company, or a shareholder holding a montreal weather average march number of securities of the Company that would affect material control of the Company, i is, or within ten years prior to the date hereof has been, a director or executive officer of any company including the Company that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets, other than John P.
No director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, has been subject to i any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or ii any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.
In the event of such a conflict of interest, the Company will follow the requirements and procedures of applicable corporate and securities legislation and applicable exchange policies, including the relevant provisions of montreal weather average march BCA.
There are no material contracts which we have entered into within the financial year ended December 31, The Qualified Person for such report responsible for the review of the civil and environmental controls for the Escobal mine was Daniel Roth, P.
The Qualified Person for such report responsible for the review of the metallurgical testing and flow sheets for the Escobal mine was Thomas L. The Qualified Person for such report responsible for the review of the project history, geologic setting and deposit characterization is Richard K. The Qualified Person for the Escobal Economic Preliminary Assessment responsible for the review of the drilling, sampling method, sample preparation and analysis and data verification, and for the preparation of the Montreal weather average march Resource estimate described in the Escobal Economic Preliminary Assessment was Paul Tietz, C.
Selected audited consolidated financial information for the year ended December 31, is as follows:. The Audit Committee reviews all financial statements of the Company prior to their publication, reviews audits, considers the adequacy of the audit procedures, recommends the appointment of independent auditors, reviews and approves professional services to be rendered by them and reviews fees for audit services.
On April 20,the Board adopted a charter for the Audit Committee to follow in carrying out its audit and financial review functions. This amended charter is appended hereto as Appendix A. All Audit Committee members have significant management experience montreal weather average march the mining, securities or investment banking industry as well as extensive continuing financial education.
Details regarding the education and experience of each member of the Audit Committee that is relevant to the performance of his responsibilities as an Audit Committee member is as follows:. This policy requires the pre-approval by the Audit Committee of all audit and non-audit services provided by the external auditor, other than any de minimus non-audit services allowed montreal weather average march applicable law or regulation.
Pre-approval from the Audit Committee can be sought for planned engagements based on budgeted or committed fees. No further approval is required to pay pre-approved fees.
Additional pre-approval is required for any increase in scope or in final fees. The Audit Committee has reviewed the nature and amount of the audit and non-audit services provided by Deloitte LLP to ensure auditor independence. The following table sets out the aggregate fees billed for services performed during the year ended December 31, for the category of fees described:. Audit Fees include fees for accounting consultations on matters reflected in the financial statements.
Audit Fees also include audit or other attest services required by legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits. Tax planning and tax advice includes assistance with tax audits and appeals, transfer price management, tax advice related to mergers and acquisitions, and requests for rulings or technical advice from tax authorities.
All tax services are provided by KPMG. The Committee is established to fulfill applicable reporting issuer obligations respecting audit committees and to assist the Board in fulfilling its oversight responsibilities with respect to financial reporting including responsibility to:.
The function of the Committee is oversight. The Committee and its Chair are members of the Board of the Corporation, appointed to the Committee to provide broad oversight of the financial, risk and control related activities of the Corporation, and are specifically not accountable or responsible for the day-to-day operations or performance of such activities.
Management is also responsible for maintaining appropriate accounting and financial reporting principles and policies and systems of risk assessment and internal controls and procedures designed to provide reasonable assurance that assets are safeguarded and transactions montreal weather average march properly authorized, recorded and reported and to assure the effectiveness and efficiency of operations, the reliability of financial reporting and compliance with accounting standards and applicable laws and regulations.
Meetings may be held in person or by telephone and at any time deemed appropriate by the Committee.
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