Month: July 2012

McEwen Mining Discovers Additional Gold at El Gallo Phase 1 Production Area

McEwen Mining Inc. is pleased to announce exploration drill results from its 100% owned El Gallo Complex, in Sinaloa State, Mexico. Drilling has extended the known mineralized zones within the Phase 1 production area, where mine commissioning is underway (Fig. 1). The most impressive hole returned 1.1 gpt gold over 71.3 m, including 6.6 gpt gold over 4.9 m, which is believed to be the widest intersection of +1 gpt gold recorded at the property (Fig. 2 & 3).

Excellon corrects and responds to false allegations

Excellon Resources Inc. wishes to advise its stakeholders that the recent allegations against the Company by the Justice and Corporate Accountability Project, regarding the Company’s disclosure obligations are in all respects baseless and founded on false information.

MAG Silver Drills 61.6 Metre Silver, Gold, Zinc, Lead, Copper Massive Sulphide Intercept at Cinco de Mayo

MAG Silver Corp. is pleased to announce that exploration drill hole CM12-431 has intersected four distinct, closely spaced zones of massive sulphides ranging from 3.1 metres to 61.6 metres in thickness (See Diagram 1 and Table 1). These new discovery intercepts were drilled approximately 225 metres beneath the strongest mineralization previously drilled in the “Jose Manto-Bridge Zone” and show all of the hallmarks of the near-source part of the Carbonate Replacement Deposit system that MAG has been systematically seeking at Cinco de Mayo. The mineralization in the upper intercept of Hole CM12-431 is likely connected to the 4 kilometre long Bridge Zone-Jose Manto where high grade mineralization of lead, zinc and silver has previously been drilled.

Riverside Resources and Partner Sierra Madre Extend Main Zone at El Capitan Target in Durango, Mexico

Riverside Resources Inc. and its partner, Sierra Madre Developments are pleased to announce results of two step-out holes (CDDH 12-12 and CDDH 12-13) drilled approximately 50 meters to the east of the area referred to as the Main Zone of the El Capitan Target (see press release dated October 24, 2011). Results of CDDH-12 and CDDH 12-13 include some of the widest and best grade intervals encountered to date within El Capitan. CDDH 12-13 is a vertical hole drilled from a station approximately 50 meters east of CDDH 11-07 and CDDH 12-11 and intersected mineralization from surface to a depth of 130.20 meters. The entire hole returned an average grade of 0.555 g/t gold, including a 61.15 meter section that averaged 0.919 g/t gold. The hole was stopped in mineralization, which is open at depth below this hole. CDDH 12-12 was drilled at an inclination of 60 degrees from the same pad and intersected mineralization from surface to a depth of 161.8 meters. The entire drill hole averaged 0.329 g/t gold and included a 29.31 meter interval that averaged 0.737 g/t gold. The true thickness of these mineralized intervals is estimated to be approximately 90% of the reported core lengths. The eastern part of the Main Zone has returned the widest mineralized intervals encountered so far at El Capitan and appears to be open for expansion down dip of CDDH 12-13. Additional drilling in this area is planned upon completion of the current program.

First Point Announces Follow-on Private Placement Financing

First Point Minerals Corp. announces that Cliffs Natural Resources Exploration Inc., an affiliate of Cliffs Natural Resources Inc., has notified First Point of its intention to exercise its pre-emptive right, which was granted under the terms of the Option Agreement between the parties dated November 12, 2009, as amended, to acquire sufficient securities of the Company in order that Cliffs will hold a 15% ownership interest in First Point.

Scorpio Mining Intercepts 3.85 Meters of 2802 g/t Silver, 1.75 g/t Gold and 7.76% Combined Base Metals at the San Rafael Development Project

Scorpio Mining Corporation is pleased to report preliminary results from the recently completed drill program at its 100% owned San Rafael Project in Cosalá, Sinaloa, Mexico. The San Rafael Project is a zinc-lead-silver-copper project located approximately 16 km from Scorpio Mining’s operating Nuestra Señora plant which currently processes approximately 1,500 tonnes per day.

Kimber Announces $5 Million Bridge Loan Credit Facility

“We are pleased to have closed the $5 million Facility with SRLP at this time,” reported Gordon Cummings, President and CEO of Kimber Resources. “Kimber appreciates this supportive cash funding from the Sprott Group and will continue to advance the Monterde project in the prolific Sierra Madre gold-silver belt in Mexico.”

Tara Minerals – Don Roman District Production Action Plan Under Development

Tara Minerals Corp. is pleased to announce that work is under way to develop a district wide production plan. Tara currently has 100% ownership in over 25,770 acres in the Don Roman district. The first district project to reach commercial production is expected to be the Champinon iron ore property. The cash flow from this initial 2012 production project will be leveraged to mine the known gold, silver, zinc and lead veins within the district.

Arian Silver Corporation – Operations Update

Arian Silver Corporation a silver exploration, development and production company with a focus of projects in the silver belt of Mexico announces its wholly owned subsidiary, Arian Silver de Mexico SA de CV is in dispute with the owner of the toll mill which is contracted to process ore from the trial mining operation at the San Jose mine in Zacatecas State in Mexico; this has resulted in the suspension of milling operations.

San Marco Closes First Tranche of $306,000 in Private Placement

San Marco Resources Inc. has completed the first tranche of its non-brokered $700,000 private placement of units announced June 20, 2012 by selling 3,060,000 units at $0.10 per unit for gross proceeds of $306,000. The proceeds of the placement will be used for continued drill target definition on San Marco’s 100% owned Los Carlos II gold-silver property, drill target identification on its recently acquired Angeles property, and general working capital.

Timmins Gold announces Commencement of Drill Program on its Zacatecas Claim Package

Timmins Gold Corp. announces that it has started an initial 5,000 metre core drill program at its San Onesimo project in Zacatecas, Mexico. The San Onesimo project consists of 5 claims covering a surface of approximately 6,400 ha. The project is in a prolific mining district and is located 16 km to the northeast of Goldcorp’s Camino Rojo project and 80 km southeast of Goldcorp’s Penasquito mine.

Mexican Gangs Set Their Sights On Illegal Mining

As Mexican authorities crack down on drug trafficking, criminal gangs are increasingly moving into the illicit trade in minerals, with some even operating their own mines and selling the resources to international corporations.

SilverCrest Reports 50m @ 151.8 gpt Ag Eq(i) at La Joya Main Mineralized Trend Continues to Expand

SilverCrest Mines Inc. is pleased to announce the results of an additional 11 holes of the Phase II drill program currently underway at its La Joya Property in Durango, Mexico. The Phase II program is comprised of 80 holes totaling approximately 15,000 metres. Phase II drilling reported to date has extended the Main Mineralized Trend beyond the area containing the current Inferred Resource of 101.9 million ounces Ag Eq.

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