Day: July 26, 2012

Baja Mining secures $90 mln lifeline for Mexico project

Says Korean consortium has committed to contribute amount by Aug. 30
* Says stake to fall to 49 pct when consortium pays half the amount
* Says second stage of financing not yet committed
* Shares rise as much as 12 pct

ArcelorMittal Posts Mixed Quarter

Steel bellwether ArcelorMittal (MT – Analyst Report) blew past the earnings estimates in the second quarter of 2012, but difficult economic conditions and softness in the steel industry led it to issue a cautious outlook for the rest of the year.

Goldcorp Reports 2012 Second Quarter Results

Goldcorp Inc. today reported adjusted net earnings1 in the quarter of $332 million, or $0.41 per share, compared to $413 million, or $0.52 per share, in the second quarter of 2011. Reported net earnings were $268 million compared to $489 million in the second quarter of 2011. Operating cash flow before working capital changes2 was $520 million. On July 10, 2012, the Company released second quarter gold production and estimated cash costs in addition to updated production and cash cost guidance for 2012.

Fresnillo Appoints Alvidrez CEO as Lomelin Retires

Mexican precious metals miner Fresnillo PLC (FRES.LN) announced Thursday the retirement of its chief executive, Jaime Lomelin, and announced the appointment of Octavio Alvidrez as CEO designate.

Cayden Intercepts 20 Meters of 6.39 G/T Gold in New Trench at La Magnetita

Cayden Resources Inc. is pleased to announce that it has sampled high grade gold values in a new trench from its La Magnetita target in the 100% owned Morelos Sur Gold project located in central Guerrero State, Mexico. Highlights include 20 meters of 6.39 g/t Au including 6 meters of 14.4 g/t Au. Also, further along the trench, Cayden intercepted 27 meters of 0.48 g/t Au, and 17 meters of 0.62 g/t Au (please see for a location map and previous news releases for locations of other trenches from the current program). These intercepts are located in the western portion of the 7.3 square kilometer gold in soil anomaly outlined earlier this year (see NR dated July 4, 2012). Cayden has begun drilling one of the western anomaly targets (seen NR dated June 6th) and is currently awaiting results. Extensive, additional trench samples from both the eastern and western anomaly targets have been completed and are pending assay.

Minas: contradicción trágica

Siete mineros murieron ayer a consecuencia de una explosión de gas metano en un pozo carbonero del municipio de Múzquiz. Coahuila. Aunque no se han determinado aún las causas del estallido, no parece descabellado atribuirlo a la negligencia de los propietarios del socavón y a la ausencia de condiciones mínimas de seguridad en el mismo. Significativamente, la Secretaría del Trabajo y Previsión Social (STPS) informó ayer, en un comunicado, que ese yacimiento había sido inspeccionado en 16 ocasiones, que se había ordenado la restricción del acceso a uno de los pozos por no tener salida de emergencia y que la empresa El Progreso, propietaria del pozo siniestrado, enfrenta actualmente dos procedimientos de sanción.

Marc Prefontaine Joins Santacruz Board of Directors

Santacruz Silver Mining Ltd. is pleased to announce that at its Annual General Meeting held July 24, 2012, Mr. Marc Prefontaine, M.Sc., P.Geo, was elected to the Company’s Board of Directors joining Messrs. Arturo Prestamo Elizondo, Francisco Ramos, James Hutton and Craig Angus, who were all re-elected.

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