Boston, MA, 03/17/2014 – Primero Mining Corp (NYSE:PPP) a precious metal producing company based in Mexico has announced it has met its annual threshold of 3.5% ounces of Silver and now expects to begin selling 50% of the silver produced at San Dimas as of August 5, 2014. The company expects to sell an average of between 1.25 million and 1.5 million of silver at spot prizes as of August 5, 2014.
Primero Mining Corp (NYSE:PPP) took over silver purchase agreement as soon as it acquired San Dimas mine with the agreement being negotiated to allow the it participate in silver produced above the annual threshold amount. The silver purchase agreement as of August 5, 2014 will increase to 6 million where it is expected to remain for life. The increase in purchase agreement comes at the back of the company’s shareholders voting in favor of a plan agreement whereby Primero will acquire all the outstanding common shares of Brigus
Primero Reports increase in Gold reserves
Primero Mining Corp (NYSE:PPP) has announced the increase in year-end mineral reserves as well as mineral resources for its mine at San Dimas Mexico. The company reports that its Gold mineral reserves surged by 32% to a high of 870,000 ounces at a 23% higher grade.
The company’s measured and indicated mineral resources are also at a high of 28% to a high of 997,000 ounces. Primero over the past months has been increasing its reserves and resources as it continues to increase the life of its Mine
Primero Mining Corp (NYSE:PPP)’s stock has been downgraded by TheStreet from a buy to a hold with the company stock showing strength in increased stock prices over the past year as well as a stable revenue growth and a solid financial position. Weaknesses in the company can notably be seen in feeble growth over the past year in the company’s earnings per share as well as deteriorating net income and poor return on Equity.
Primero Mining Corp (NYSE:PPP) was up by 3.86% on Friday trading session closing the day at a high of $7.80