At the annual meeting in Toronto, shareholders of Sikaman Gold Resources approved management’s proposal to convert all Series A, B and C preference shares into common shares.
A total of 2.4 million preference shares will be converted, which will simplify the balance sheet and enhance the company’s ability to pursue further financings.
President Thomas Griffis updated shareholders about two projects in Argentina. At the Cerro Mayal mine, production is expected to begin shortly, with exploration on the Neuquen River gold project scheduled to follow. The 27%-owned Cerro Mayal is expected to yield 25,000 oz. gold during the first year at US$150-175 per oz.
At Neuquen River, previous test work indicated a potential resource of more than 1 billion cubic meters of gravel containing an estimated 12 million oz. of gold. Sikaman can earn a 39% interest in Neuquen River.
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