Day: November 7, 2012

Sierra Madre Announces Amended Financing for Continued Drilling at the Peñoles Project in Durango, Mexico

Sierra Madre Developments Inc. Further to the Company’s press release dated October 16, 2012, the Company advises its proposed $750,000 private placement to issue units at $0.03 per unit has not been accepted by the TSX Venture Exchange as fitting within the TSXV temporary hardship pricing policy. As a result, the Company intends to raise up to $750,000 through the distribution of up to 15,000,000 units at $0.05 per unit, on a post-consolidated basis.

Coeur D’alene Mines PT Lowered to $33.00 (CDE)

Analysts at RBC Capital lowered their price target on shares of Coeur D’alene Mines (NYSE: CDE) from $37.00 to $33.00 in a research report issued to clients and investors on Wednesday. The firm currently has a “sector perform” rating on the stock.

Kootenay Silver Announces 30,000 Meter, Multi-Phase Drilling and Resource Expansion Program Slated to Commence on Promontorio Silver Project, Sonora, Mexico

Kootenay Silver Inc. is pleased to announce that, further to its press release dated October 31, 2012, announcing that the Company had closed a fully subscribed, $8,253,000 brokered private placement financing, it has secured drilling contracts and has begun mobilizing drill rigs to commence a major, multi-phase, 30,000 meter drill and resource expansion program on its flagship Promontorio Silver Project in Sonora, Mexico. The upcoming drill and resource expansion program is expected to employ up to five drill rigs at full capacity, representing the single largest drilling campaign conducted on the Promontorio project to date.

Baja Mining Announces Further Standstill Extension

Baja Mining Corp. announces that the lenders to its 49% owned company, Minera y Metalurgica del Boleo S.A. de C.V. have agreed to two further extensions to the standstill agreement of August 7, 2012 until November 20, 2012.

Source Begins Ground Magnetic Geophysical Survey at Las Minas

Source Exploration Corp. is pleased to report that it has begun an important ground-based magnetic geophysical survey over the central part of its concessions at the Las Minas property, State of Veracruz, Mexico. The area targeted by the survey measures approximately 5.5 kilometres by 2.5 kilometres and includes the recently reported high-grade Santa Cruz discovery area. Drilling at Santa Cruz returned several high-grade intersections, including 15.89 g/t/t Au, 12.98 g/t Ag and 2.25% Cu over 10 m (see press release dated January 26, 2012) and 7.90 g/t Au, 14.9 g/t Ag and 1.68% Cu over 2.0 metres (see press release dated October 18, 2012).

SilverCrest Pays Out Gold Hedge Facility; Gold and Silver Production Now Completely Unhedged

SilverCrest Mines Inc. is pleased to announce that it has paid out the remaining balance of the gold hedge facility established with Macquarie Bank Limited in June, 2009 as a condition of finalizing the Project Loan Facility for the construction of the Company’s Santa Elena Mine. The Company is now a completely unhedged silver and gold producer. The original hedge facility was comprised of 55,000 ounces of gold sold forward at US$926.50 per ounce and deliveries into the hedge facility were scheduled to continue into 2014. During 2010 and 2011 the Company made scheduled deliveries of 26,000 ounces of gold into the hedge facility from gold production from the Santa Elena mine leaving a balance of 29,000 ounces of gold which the Company has settled in cash for US$ 23,254,800. This reflects an effective settlement price of US$ 1,728 per ounce of gold inclusive of all transaction costs. The payout of the hedge facility was financed with partial proceeds from the Company’s recent CAD$34.5 million bought deal, prospectus financing which closed on October 30, 2012.

Our company BYLSA DRILLING provides drilling services in a variety of environments, ranging from typical exploration sites to extreme topographic conditions, always with the highest quality and safety standards.

Layne, A Granite Company, provides sustainable solutions for water resources and mineral exploration. Originally established in 1882, Layne offers a rich history of delivering safe, professional, and reliable water and minerals solutions throughout North and South America. Granite acquired Layne and its subsidiaries in the fall of 2018, to further Granite’s strategy to grow through acquisition and diverse end market expansion.