Month: July 2013

First Quantum Minerals Reports Second Quarter 2013 Results

First Quantum Minerals Ltd. today announced comparative net earnings1 of $106.1 million or $0.18 per share for the three months ended June 30, 2013 inclusive of $19.5 million or $0.04 per share of unfavorable, recurring acquisition-related adjustments.

Yamana Gold Declares Third Quarter Dividend

Yamana Gold Inc. declares its third quarter 2013 dividend of $0.065 per share. Shareholders of record at the close of business on September 30, 2013 will be entitled to receive payment of this dividend on October 11, 2013. The dividend is an “eligible dividend” for Canadian tax purposes.

Sierra Metals Continues To Expand Mineralization At Its Bolivar Mine, Chihuahua State, Mexico

Sierra Metals Inc. is pleased to announce that drilling and sampling at its Bolivar copper-zinc-silver mine in Chihuahua State, Mexico, continues to demonstrate significant mineralization outside the NI 43-101 resource volume. The Bolivar NW area continues to return potentially-economic results from both the Upper and Lower Skarn horizons, while surface sampling shows the El Gallo body is larger than previously recognized.

Sutter Gold Mining Inc. Announces Settlement And Provides Project Update

Sutter Gold Mining Inc. announces that, further to its news release dated July 3, 2013, it has reached an agreement with Leanne M. Baker to settle the severance owing to her with respect to her termination as Chief Executive Officer of the Company. As disclosed in the executive compensation section of the Company’s management information circulars dated May 2, 2012 and May 7, 2013, Ms. Baker is entitled to a one time severance payment in the amount of USD$500,000. The Company and Ms. Baker have agreed that the Severance will be payable in four installments: (i) USD$83,333 payable in cash immediately; (ii) USD$138,889 to be paid on each of January 15, 2014, January 15, 2015 and January 15, 2016, either in cash or in common shares of the Company. The determination of whether any of the future payments noted above will be made in cash or in shares will be at the sole discretion of the Company. The deemed price of the common shares that may be issued in connection with the above noted installments will be the average closing share price of the Company during the 10 trading days up to and including January 15 of each applicable year, but in any event, no more than 475,000 common shares will be issued (equating a deemed price of approximately $0.30 per share) in each of the three installments. The payment of the Severance is considered a related party transaction in accordance with the policies of the TSX Venture Exchange, however is exempt from the requirements for formal valuation or minority approval set out in sections 5.5(a) and (b) and 5.7(a) and (b), respectively, of MI 61-101 Protection of Minority Security Holders in Special Transactions. The payment of the Severance is subject to the approval of the TSX Venture Exchange.

Osisko enhances financial flexibility by improving long-term debt terms

Osisko Mining Corporation is pleased to announce that it has reached agreements with CPPIB Credit Investments Inc., a wholly-owned subsidiary of the CPPIB Investment Board, the Caisse de dépôt et placement du Québec and Ressources Québec, a subsidiary of Investissement Québec, to modify certain terms of its long-term debt facilities.

Gold Resource Corporation Declares Milestone July Monthly Dividend

Gold Resource Corporation declares its monthly instituted dividend of $0.03 per common share for July 2013 payable on August 23, 2013 to shareholders of record as of August 12, 2013. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico.

Golden Tag Obtains One Year Extension to Its 60% Earn-in San Diego Property, Mexico

Golden Tag Resources Ltd. announces the signing of a second amendment to its Joint Venture Agreement with Golden Minerals Company’s subsidiary ECU Silver. The JVA governs the parties’ San Diego multi-million ounce silver exploration project in Mexico. Under the first JVA amendment, Golden Tag acquired the right to increase its interest in the JV from 50% to 60% by solely funding the next US 3 million of additional exploration expenses by March 24, 2014. To date, the Company has expended approximately US 2 million of the exploration work requirement.

VVC Exploration Reports on Mexican Gold/Silver/Copper Property Exploration

VVC Exploration Corporation is pleased to announce the results of due diligence evaluations of the Samalayuca copper/silver property in Chihuahua State, and the Escondida gold/silver property in Sonora State, owned by Camex Mining Development Group Inc. as part of the acquisition of Camex by VVC, and the results of reverse circulation (RC) drilling on VVC’s Cumeral gold/silver Property, in Sonora State, Mexico. The three properties were visited and evaluated by Peter Dimmell, P.Geo., a QP and a director of VVC, over two days in early July 2013.

Capstone Mining Delivers Consistent 2013 Second Quarter Financial Results

Capstone Mining Corp. today announced its financial results for the three and six months ended June 30, 2013. Net earnings for the quarter were $9.2 million and operating cash flow before changes in working capital(1) was $28.6 million. Capstone ended the quarter with cash on hand of $459.7 million. Copper production for the quarter at Capstone’s two operating mines, Cozamin and Minto, totalled 19.3 million pounds in concentrates (18.6 million pounds of payable copper) at a C1 cash cost(1) of $1.70 per payable pound of copper produced.

Innophos Holdings, Inc. Reports Second Quarter 2013 Results

Innophos Holdings, Inc., a leading international producer of performance-critical and nutritional specialty ingredients, with applications in food, beverage, dietary supplements, pharmaceutical, oral care and industrial end markets, today announced its financial results for the second quarter 2013.

Avino Silver Recognized With Safety Award

Avino Silver and Gold Mines Ltd. today announced that ithas been recognized by the governor of Durango, Mexico, Mr. JorgeHerrera Caldera for its outstanding efforts to improve safetyconditions for workers and employees as well as its contributions tolocal communities. The prestigious award is granted annually to thecompany who best demonstrates commitment to safety and outreach. Mr.Herrera Caldera intends to visit the mine site in the coming weeks.

U.S. Antimony Announces Mexican Strategy

United States Antimony Corporation reported it has pursued a Mexican strategy to generate antimony raw materials from a diversified base of historically productive mines within commercial transport distance from our mills and smelter in Mexico. The Wadley acquisition is complete and USAC now has 4 properties, Los Juarez, Guadalupe, Guadalupana, Soyatal in production.

Gold Resource Corporation Sustains Fatality at its Arista Mine

Gold Resource Corporation is saddened to announce an employee was fatally injured today in a rock fall accident at the La Arista underground mine. Underground operations have been temporarily suspended until an investigation, conducted by Gold Resource Corporation’s management and the Mexican Ministry of Labor and Social Security is completed over the next several days.

Mammoth Resources Corp.: BCSC Requests Clarification on Prior Company Disclosure

Mammoth Resources Corp. has been asked to clarify certain disclosure in its corporate presentation dated June 2013 and posted on the company web site as a result of a review by the British Colombia Securities Commission. The corporate presentation has since been removed and an edited version of the presentation re-posted. Specifically, the BCSC has requested that wherein the company made reference on a slide in the presentation to the potential valuation increase that could arise in the company’s share price, relative to the valuation of two TSX listed companies with projects in Mexico with NI 43-101 resources, if the company’s Tenoriba project were to host a quantity of mineral resources. The BCSC advised the company that NI 43-101 restricts disclosure of quantities and grades of a deposit that is not a mineral resource or reserve, and only allows disclosure of ranges of quantity and grade for a potential exploration target if there is a valid basis and if the disclosure includes prominent mandatory cautionary language. The company’s disclosure in its June 2013 Corporate Presentation did not comply with these requirements and the company retracts all prior disclosure of hypothetical quantities and gold grades and would like to confirm that the company has no current or historical resource estimates of the size and grade ranges at Tenoriba. In the event that the company receives an initial material mineral resource estimate, it will promptly disclose such results and file supporting technical report.

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