Month: December 2011

El Tigre Silver Corp. Announces First Closing of Financing

El Tigre Silver Corp. is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement of 2,936,000 units of the Company for aggregate gross proceeds of $734,000. Each Unit consists of common share of the Company and one-half of a common share purchase warrant. Each whole Warrant entitles the holder to acquire an additional common share of the Company for a period of 2 years from the date of issue at a price of $0.40 per share.

Letter Agreement Accord for 14,000 has. in Baja California Sur, Mexico

Silver Scott Mines, Inc. (OTC: SILS.pk) is pleased to announce the execution of a stock based 4 year earn in agreement for exploration covering more than 14,000 hectares in Baja California Sur. These two main concessions are located near the recently discovered gold deposit, Los Planes, by Pediment Gold Corp. in 2007 containing 1.66 million ounces of gold and the Concordia gold deposit with 2.28 million ounces of gold. Agreement allows the company to investigate high potential targets within these two mineralization trends, one of known gold deposits and the second trend having silver-gold deposits.

GoGold Announces the Closing of Private Placement for $4.5 million and Recaps a Great First Year of Growth and Achievement

HALIFAX, Dec. 23, 2011 /CNW/ – (CNW – December 23, 2011) – Terry Coughlan, President and CEO of GoGold Resources Inc. (“GoGold”), is pleased to announce that GoGold has closed its previously announced non-brokered private placement financing of $4,500,000. The private placement comprised the sale of 3,600,000 common shares at a price of $1.25 per share (the “Private Placement”) The common shares issued in this Private Placement are subject to a 4 month hold period which ends on April 24, 2012.

Citation Enters Into Option Agreement to Acquire 100% of Biricu Prospect, Mexico from Esperanza Resources

Citation Resources Inc. is pleased to announce that it has today entered into an option agreement with Esperanza Resources Corp. to acquire 100% of Esperanza’s Biricu Prospect mineral exploration concession located in Guerrero State, Mexico. The Biricu concessions comprise more than 41,000 hectares of highly prospectable ground and are the direct on-strike extension of five skarn deposits in the Guerrero Gold Belt (El Limon-Los Guajes – Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay – Goldcorp Inc.; Ana Paula – Newstrike Capital Inc.). To date, very limited exploration activity has been conducted on the concessions.

New Gold Closes Acquisition of Silver Quest Resources – Consolidates Ownership of Blackwater Project

New Gold Inc. and Silver Quest Resources Ltd. today announce that New Gold has completed the acquisition of all the shares of Silver Quest. Under the terms of the court approved arrangement, 10.5 million New Gold common shares were issued to former Silver Quest securityholders on the basis of 0.09 of a New Gold share for each Silver Quest share and nominal cash consideration.

Yale Summarizes Difficult 2011 and Looks Forward to 2012

In calendar year 2011 Yale generated modest revenue of approximately $193,000 as a result of cash payments and management fees from optionees, sale of shares in optionees, oil and gas revenue, and consulting for third party companies. In addition, current free trading, saleable, shares amount to approximately $227,000 as of Dec. 22.

Fortunate Sun Mining Company Ltd. Announces Closing of Initial Public Offering

The Board of Directors of Fortunate Sun Mining Company Ltd. are pleased to announce that it has successfully completed its Initial Public Offering for gross proceeds of $1,500,000 under a prospectus dated October 18, 2011. Fortunate Sun issued 7.5 million units at a price of $0.20 per unit, with each unit comprised of one common share and one-half of a warrant, with each whole warrant exercisable into a common share for 18 months at $0.30 per common share. Haywood Securities Inc. (“Haywood”) acted as agent for the offering. Haywood received a cash commission of 10% of the gross proceeds of the offering, a corporate finance fee of $20,000 and Fortunate Sun granted agent’s options to Haywood and sub-agents to purchase up to an aggregate of 750,000 agent’s units at a price of $0.20 per agent’s unit exercisable for a period of 24 months.

Mammoth Capital Announces Completion of Qualifying Transaction, Concurrent Private Placement and Initiation of Exploration Activities

Mammoth Capital Corp.is pleased to announce that, further to its announcement on September 14, 2011, it has completed the acquisition of the option from Yale Resources Ltd. pursuant to which the Company can acquire up to an undivided 100% interest in and to the Urique Project. The Urique Project currently consists of 11 mining concessions owned by Yale and its Mexican subsidiary Minera AV, including the San Pedro concession title which was formally released to Yale on December 19, 2011. The Urique Project covers approximately 289 square kilometres located within the southern Sierra Madre mineralized belt in southwestern Chihuahua State, Mexico and is prospective for gold and silver.

Soltoro reports Mexico Silver Resource of 77.4M ounces M&I, 1.18M ounces Inferred

Soltoro Ltd. announced a resource estimate for its El Rayo Silver Project in Jalisco State, Mexico. The 43-101 includes an updated silver estimate for Las Bolas and Highway Zone structures, an initial silver estimate for La Soledad structure and an initial gold estimate for El Rayo Northern Zone.The estimates for all zones use a 20 g/t silver cutoff. Total measured and indicated estimates showed 42.2 million tonnes grading 57.11 g/t for 77.4 million ounces silver. Total inferred estimates showed 580,000 tonnes grading 65.51 g/t for 1.18 million ounces silver.Las Bolas estimate showed 6.1 million tonnes grading 63.44 g/t for 12.4 million ounces silver measured and 29.3 million tonnes grading 49.49 g/t for 46.6 million ounces silver indicated.The Highway Zone estimate showed 2.9 million tonnes grading 57.39 g/t for 5.4 million ounces silver indicated and 210,000 tonnes grading 36.34 g/t for 245,000 ounces silver inferred.La Soledad estimate showed 3.9 million tonnes grading 104.2 g/t for 13 million ounces silver indicated and 370,000 tonnes grading 82.15 g/t for 935,000 ounces silver inferred.The silver estimates used prices of $27 an ounce. No credits were assigned for other metals.

Yale Terminates Agreement for Carol Property

Yale Resources Ltd. has terminated the option agreement for the Carol Property with El Condor Resources Inc. as certain financial milestones in the agreement were not met.

Oro Mining Reports Activities at Its Taunus Deposit

The Taunus deposit was previously owned and operated by Eldorado Gold from 1995 until 1998 when it was closed due to solution management matters and a low gold price. At the time it was known as the La Trinidad mine. Oro acquired the deposit in 2005 and by drilling the deposit to a depth of approximately 200 meters below surface, identified previously unknown gold mineralisation. Due to the brecciated nature of the rocktypes in the deposit area, including the mineralized material, a drilling technique known as sonic drilling was initiated in late 2010, and continued through September 2011. This drilling style was used in order to achieve maximum core recovery. This process is slow and costly but achieves the desired effect with depth limitations.

Riverside Resources Updates Drilling and Exploration Progress on Multiple Projects

Riverside Resources Inc. is pleased to provide an exploration update on partner funded drilling and exploration. The Company delivered strong deal flow in 2011 signing five different option agreements with other junior partners. Riverside and its partners were busy completing four separate drill programs during the second half of the year and are currently drilling a fifth project. The Company continues to generate and advance quality exploration prospects and will aim to deliver multiple partner funded drill programs in 2012. Recently completed drill programs along with exploration updates are summarized below.

Quitovac Mine Surface Land Agreement Signed, Sonora Mexico

Silver Scott Mines Inc. is pleased to announce the execution of a 10 year extendable surface land agreement for exploration within more than 4000 hectares held by the company, and within which up to 100 hectares is permitted with high impact work including mining. The agreement that was recently completed allows the mining activities within the 100 hectare tract in mineral concessions held by the company. The community vote was unanimous in favor of the proposal which included a .7 of 1 percent production royalty and a 5 year review process with the community. This completed agreement allows the company to move forward with drilling of the gold bearing oxidized mineralized zone and further detailed assessment of production with a technical report in 2012. In addition the concession application announced in Sept. 30, 2011, was recently granted two concession titles totaling 11,563 has. of the 12,000 application.

Mexigold and Riverside Resources Provides Update on Preliminary Drill Program at Catrina Property

Mexigold Corp. and its Joint Venture Partner (and operator) Riverside Resources Inc. are pleased to provide an update on the ongoing diamond drill program at the Catrina property, located in Durango State, Mexico. The drilling contract was awarded to Major Drilling of Hermosillo, Mexico. Drilling commenced on November 18th and to-date 5 holes have been completed. The drill is currently sitting on the 6th hole of the planned 8-hole drill program. Work has been temporarily halted to allow the exploration crew to take a short scheduled break for the Christmas season. Drilling will resume in January 2012.

Soltoro Reports NI 43-101 Compliant 77.4 Million Ounce in Pit Silver Resource at the El Rayo Primary Silver Deposit in Jalisco, Mexico

Soltoro Ltd. has received an in pit measured and indicated resource estimate of 77.4 million ounces silver on its 100% owned El Rayo silver project in the State of Jalisco, Mexico. The NI 43-101 compliant Mineral Resource was estimated by Roscoe Postle Associates Inc. and includes an updated estimate for the Las Bolas and Highway Zone structures and an initial estimate for the La Soledad structure. La Soledad is a newly discovered deposit where drilling is ongoing with the objective of extending silver mineralization along strike and at depth. To date the Company has only tested a 600 metre section of the La Soledad structure where an associated series of airborne magnetic anomalies has been traced for over six kilometres. The current resource does not include any estimate for the La Catarina mine area where seven holes were recently completed to confirm a historic resource.

Oremex Silver Acquires Additional Concessions Adjacent to Chalchihuites Silver Project

Oremex Silver Inc. is pleased to announce that its’ wholly owned Mexican subsidiary, Minera Mantos S. de R.L. de C.V., has entered into a letter agreement to acquire the Navidad Group concessions. The Navidad Group consists of four exploration concessions totaling 392.53 hectares in the Chalchihuites district and adjacent to Oremex’s Chalchihuites silver project (Figure 1).

Virgin Metals Updates the Los Verdes Plan & Schedule

“The material economic improvement resulting from our recent acquisition of the Potreritos project requires an adjustment to our schedule in order to accommodate its additional resources into the pre-feasibility study,” said Chris Frostad, President and CEO, Virgin Metals Inc.

ABOT Mining Acquires Gold and Silver Property in Mexico (ABOT)

ABOT Mining Co., a U.S.-based mining company engaged in the discovery, acquisition, development, production and marketing of precious and semi-precious metal properties, on Friday announced that it formulated an agreement with Rising Star S.A. de C.V., a Mexico-based company, under which it will acquire a 50% equity interest in Rising Star’s Mexican mineral property, the Aztlan 8B Project.

Guerrero Announces Final Closing of Financing

VANCOUVER, BRITISH COLUMBIA, Dec 16, 2011 (MARKETWIRE via COMTEX) — Guerrero Exploration Inc. (“Guerrero” or the “Corporation”) (tsx venture:GEX) announces that it has completed the last closing of its previously announced private placement financing. The Corporation issued 1,669,166 units ($250,375) for a total raise of 6,456,997 ($968,550) units at $0.15 per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant is exercisable for 12 months from closing at an exercise price of $0.30 per common share, subject to acceleration in the event the Corporation disseminates a press release advising that its shares have traded on the TSX Venture Exchange at a price per share greater than $0.60 for 10 consecutive trading days (including days where no shares are actually traded), in which case the warrants shall expire, without further notice, on the 31st day following the issuance of the press release. Notwithstanding the foregoing, in no event shall the Corporation be entitled to issue such a press release within four months of the date of closing. The Corporation plans to use the proceeds from this financing for general working capital and exploration. Guerrero paid finders’ fees in respect to this closing of $18,250 and issued 120,867 finders’ warrants, each of which will entitle the holder to subscribe for one additional unit at the issue price for a period of one year from closing.

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