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Americas Silver Announces 250% Increase in Gold Equivalent Reserves, Rebrands to Americas Gold and Silver, and Updates on Relief Canyon Construction
TORONTO--(BUSINESS WIRE)--Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas Gold and Silver” or the “Company”), a growing North A
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"TORONTO--(BUSINESS WIRE)--Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas Gold and Silver” or the “Company”), a growing North American precious metals producer, today announces increased gold and silver reserves, an update on the progress at Relief Canyon, and a name change and rebrand to Americas Gold and Silver Corporation. This name change reflects the increasing importance of gold in the Company’s portfolio and the transition from a silver focused developer and producer to a diversified gold and silver company. Please see the Company’s website at www.americas-gold.com for further information. Reserve and Resource Update Americas Gold and Silver today announces its 2019 Mineral Reserve and Resource statement showing increased gold and silver reserves. Highlights include: Gold proven and probable reserves increased to 653,000 ounces as a result of the acquisition of Pershing Gold Corporation and the Relief Canyon Mine on April 3, 2019. Silver proven and probable reserves increased 45%, from 25.6 million ounces to 37.1 million ounces, primarily from the inclusion of the EC120 project (“EC120”) silver reserves. This increase was partially offset by mine depletion and a reduction in silver reserves at the Galena Complex. Gold equivalent reserves (including silver reserves) increased approximately 250% from 320,000 ounces to 1.12 million ounces. Gold equivalent reserves increased by 90% on a per share basis year-over-year. “The recent acquisition of the Relief Canyon Mine and reserve growth from our existing operations have increased our gold equivalent reserves by approximately 250%, and is expected to increase our precious metals production by more than 500% by 2021,” said Darren Blasutti, President & CEO of Americas Gold and Silver. “This significant increase in our leverage to gold creates a unique re-rating opportunity for our shareholders as we transition to a diversified precious metals producer with multiple assets in North America.” The 2019 Mineral Reserve and Resource statement shows an increase of 653,000 ounces of gold from the previous year as a result of the acquisition of the Relief Canyon property. Silver contained in the consolidated proven and probable reserves increased by 45%, or 11.5 million ounces, to 37.1 million ounces. This was due to the addition of silver reserves at...