Month: February 2013

Riverside Provides Results and Exploration Updates from Two Alliance-Funded Properties in Mexico

Riverside Resources Inc. is pleased to provide exploration results and program updates for recent work completed at the Company’s Naranjo and Huacana projects in Mexico. Both projects are being advanced under the iron-oxide copper gold (IOCG) Strategic Alliance with partner Cliffs Natural Resources Exploration Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. Riverside is currently managing a fully funded USD$450,000 work program now underway at the Huacana Project. The exploration work program consists of geologic mapping and rock-chip sampling, soil and stream-sediment sampling, re-examination of previous drill core, analytical studies, and an aeromagnetic-radiometric survey. Soil and stream-sediment sampling data have been received and are being interpreted; initial results are confirming and expanding the previously known positive results for a porphyry copper system.

Esperanza Enters into Agreement with Pan American Silver to Acquire Three Advanced Gold Projects, Pan American Invests $35 Million and Provides a $15 Million Standby Credit Facility to Esperanza

* Esperanza will acquire a portfolio of advanced stage gold projects including the La Bolsa project in Mexico, the Pico Machay project in Peru, the Calcatreu project in Argentina and related exploration properties from Pan American for consideration of 50,900,000 common shares and 10,000,000 warrants of Esperanza;

* Pan American will subscribe for 20,600,000 Common Shares of Esperanza at a price of $1.70 per Common Share representing a premium of 29% to the 20-day volume weighted average share price on the TSX Venture Exchange and a 48% premium to the closing price on February 22, 2013; and

* Esperanza and Pan American have committed to enter into a $15,000,000 standby convertible credit facility.

Hecla Declares Common and Preferred Stock Dividends

Hecla Mining Company is pleased to announce its Board of Directors has elected to declare a quarterly dividend of $0.0125 per share of common stock, payable on or about March 25, 2013, to stockholders of record on March 18, 2013. The payment includes a regular quarterly common stock dividend of $0.0025 per share and a special dividend of $0.01 per share.

Argonaut Gold Announces 2013 Production Guidance of 120-140,000 Ounces

Argonaut Gold Inc. is pleased to announce Company 2013 production guidance, project initiatives and exploration objectives across the Company’s properties throughout the Americas. Production in 2013 is planned to increase to between 120,000 and 140,000 ounces of gold up from 108,000 ounces of gold in 2012. Cash cost of production is also expected to increase slightly to between $630 and $660 per ounce.

Lake Shore Gold to Reduce Carrying Value of Assets

Lake Shore Gold Corp. announced today that, based on progress with the Company’s annual impairment assessment as required under International Financial Reporting Standards, it expects to reduce the carrying value of its Timmins and Mexican assets as part of its fourth quarter and year-end 2012 results. The extent of the non-cash accounting charge is not known at this time and will be based on the estimated recoverable value of the assets in the current market environment, which is valuing mining and exploration assets at lower multiples than in recent years.

Torex Executes Engagement Letter for US$250 Million Project Finance Facility

Torex Gold Resources Inc. announced today that it has signed an engagement letter with a club of five financial institutions in connection with a planned project finance facility for the development of the Company’s 100% owned Morelos Gold Project. The Banks consist of BMO Capital Markets, BNP Paribas, Commonwealth Bank of Australia, ING Capital LLC and Société Générale. The Engagement Letter establishes the terms under which the Banks have been appointed to deliver on a club basis a project finance facility of US$250 million and is subject to due diligence, the completion of definitive loan documentation, credit and certain other approvals and the terms and conditions all as set out in the indicative term sheet (the “Term Sheet”) attached to the Engagement Letter. The execution of a commitment letter and definitive documentation is expected in the third quarter of 2013. The Term Sheet includes standard and customary project finance terms and conditions with respect to fees, interest rate margins and conditions precedent to closing. There is no requirement for mandatory gold hedging.

Animas Joint Ventures Santa Gertrudis for Gold Production

Animas Resources Ltd. has signed a letter of intent with Dore King Min SA de CV, a private Mexican gold mining company, which will work towards permitting, development, construction, and restarting gold production at the Santa Gertrudis Gold Project.

Oroco Resource Corp.: Court Holds “Constitutional Hearing” in Amparo Proceeding

Oroco Resource Corp. is pleased to announce that the Seventh District Judge (Federal) of the State of Guerrero has held the constitutional hearing in the two amparo petitions related to the registration of the Celia Gene and Celia Generosa concessions (see the Company’s news release dated October 22, 2012 and its most recent MD&A). With this phase of the proceedings completed, the court is now in a position to make its decision on the amparos.

Globexplore is a customer focused, technology driven mineral exploration drilling contractor devoted to top of class drilling methods and techniques that only years of experience can achieve. Every day we strive to be the industry leader by providing the highest rate of performance, professionalism, safety and environmental responsibility.

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Maza Drilling is a Mexican company established in 2007 in Mazatlán, Sinaloa. Our Canadian founder, Mr. Guy de Launiere, has over 20 years of international experience managing diverse drilling operations. Maza Drilling strives to compete at the highest levels in terms of recovery, effectiveness, efficiency, and affordability at every project while keeping at the forefront of technology to meet our customer’s needs in this demanding market.