Month: July 2013

Forbes – Goldcorp And Why Gold Miners Are Getting Crushed: Massive Cost Inflation, Dropping Prices

It hasn’t been a hospitable environment for gold miners, the embattled sector which has had to suffer both falling commodity prices and rising costs. Reporting second quarter earnings before the bell on Thursday, Goldcorp GG -0.28% proved to be the latest victim of the new paradigm in the gold miners’ world, being forced to take a $1.93 billion write-down on the declining value of its assets, as management reacted to its market capitalization falling below the company’s net asset value. Despite a recent rally in the sector, and in the yellow metal, it’ll take dramatically higher prices to push Goldcorp, and the broader sector, into true rally mode.

Almaden Hits 21.50 Meters of 2.2 g/t AuEq at Ixtaca, Mexico

Almaden Minerals Ltd. is pleased to announce the results from Almaden’s ongoing 2013 Ixtaca Zone drill program at the Company’s 100% owned Tuligtic project, Mexico. The 2013 drill program is focussed on expanding the known resource immediately along strike to known mineralisation, adjacent to the current resource shell and within what is considered a potential pit shell. Highlights from the holes released today include the following intercepts.

Sona Closes First Tranche of Private Placement

Sona Resources Corp. is pleased to announce that, further to its news release of July 17, 2013, it has closed the first tranche of its non-brokered private placement of 3,665,000 units at an offering price of $0.30 per Unit, for gross proceeds of $1,099,500. Each Unit consists of one common share and one-half of one warrant, with each whole Warrant entitling the holder to purchase, for a period of 24 months following the closing date, one additional common share of the Company at a price of $0.50 for the first 12 months and $0.60 thereafter. The sole subscriber in this tranche of the Private Placement was Lu’An (Canada) Capital & Energy Investment Inc. who, as a result of their subscription, is now an “insider” of the Company pursuant to applicable securities laws.

Xtierra Completes Successful Drilling Program on Bilbao Project

Xtierra Inc. is pleased to announce the successful completion of an additional drilling campaign in the southern part of its silver-zinc-lead-copper project in the state of Zacatecas, Mexico. All six drill-holes, with a total of 1784.10 metres, encountered thick intersections of good grade mineralization with notable high grade silver intersections throughout. Four of the drill-holes showed highly mineralized intervals comprising massive to semi-massive sulfide mineralization varying between 20 and 40m in thickness. A summary of the principal intersections for each of the drill-holes is listed below.

SilverCrest Announces Santa Elena Expansion Pre-Feasibility Study;

SilverCrest Mines Inc. is pleased to announce that it has filed its NI 43-101 Technical Report entitled “Santa Elena Expansion Pre-Feasibility Study and Open Pit Reserve Update” for its operating mine located in Sonora, Mexico. Summaries of the revised Life of Mine Plan, operating costs, capital costs and Expansion project economics are presented in tables below. All dollar amounts are expressed in U.S. dollars unless otherwise specified. The effective date of this Technical Report is April 30, 2013.

Goldcorp reports 2013 second quarter results

Goldcorp Inc. today reported quarterly revenues of $889 million, generating adjusted net earnings1,2 of $117 million, or $0.14 per share, compared to $332 million, or $0.41 per share, in the second quarter of 2012. A non-cash impairment charge, primarily related to exploration potential at Peñasquito, led to a net loss in the quarter of $1.93 billion compared to net earnings of $268 million in the second quarter of 2012. Adjusted operating cash flow1,3 was $388 million or $0.48 per share.

Alamos Reports Strong Second Quarter 2013 Results

Alamos Gold Inc. today reported its financial results for the quarter ended June 30, 2013 and reviewed its operating, exploration and development activities. All amounts are expressed in United States dollars unless otherwise specified.

Nyrstar announces 2013 Half Year Results

Challenging trading environment with downward movements in base and precious metal prices during H1 2013; strategic price hedges put in place for H2 2013

Average zinc price in H1 2013 slightly up on H2 2012 (USD 1,937/t compared to USD 1,916/t) due to strong start to year; however, since March the price has traded between USD 1,800 – 1,900/t
Average silver and gold prices declined by 15% and 10% respectively compared to H2 2012, impacting mining C1 cash costs and to a lesser extent Metals Processing by-product gross profit
Entered into strategic price hedges for zinc, and subsequently gold and silver, for H2 2013

Agnico Eagle reports second quarter 2013 results – Significant capital and operating cost reductions announced – 2013-2015 production guidance maintained

Agnico Eagle Mines Limited today reported a quarterly net loss of $24.4 million, or $0.14 per share for the second quarter of 2013. This result includes a non-cash foreign currency translation gain of $11.1 million ($0.06 per share), non-cash stock option expense of $4.3 million ($0.02 per share), non-cash impairment loss on available for sale securities and mark-to-market loss on warrants of $20.5 million ($0.12 per share) and other non-recurring expense of $6.1 million ($0.03 per share) mostly relating to the Kittila maintenance shutdown. Excluding these items would result in an adjusted net loss of $4.6 million, or $0.03 per share. In the second quarter of 2012, the Company reported net income of $43.3 million, or $0.25 per share.

Soltoro Discovers Talayote Gold Zone with up to 11.4 gpt Gold at the El Rayo Project in Jalisco Sate, Mexico

Soltoro Ltd. has discovered the previously unknown Talayote gold zone as part of its ongoing regional mapping and sampling program. Soil sampling detected several isolated gold anomalies in the area and follow-up geologic mapping and rock sampling revealed a series of northwest-trending quartz veins. Veins in the Talayote area are similar in orientation to those in the El Rayo gold deposit, located approximately 1.5 kilometres to the southeast. Thirty-two samples have been collected from the Talayote area to date.

Avino Files Technical Report on SEDAR

Avino Silver & Gold Mines Ltd. is pleased to announce it has filed the Technical Report on the Avino Property, Durango Mexico on the SEDAR system. Findings from the report were initially disclosed in the Company’s news release dated June 10 2013. The report has an effective date of July 19th 2013 and includes resource estimates from the San Gonzalo and Avino mine systems as well as the tailings resource; all of which are located on Avino’s property near Durango in west-central Mexico. The technical report was prepared by Tetra Tech, an independent engineering consultant commissioned by Avino.

Argentum Silver Reduces Land Holdings to Preserve Treasury

Argentum Silver Corp. is focused on advancing its Coyote silver-gold project while reducing holding costs on the balance of its property portfolio. As a result an internal claims review designed to reduce operating costs, Argentum has elected to reduce the size of one of its claims in Jalisco State and two of its claim in Oaxaca State.

Corex Approves Advance Notice Policy

Corex Gold Corp. board of Directors has approved an advance notice policy effective July 22, 2013. The Company intends to seek ratification of the Advance Notice Policy by the shareholders of the Company at the Company’s next general meeting of shareholders to be held on August 27, 2013.

All News

This new application brings the paper map online.

Up to date information of:

  • Resources.
  • Production.
  • Endowment.
  • Technical Reports.
  • Geology.
  • And More…

Check the Mining State Panoramas

The promotion and dissemination as essential elements to understand and disseminate our Mineral resources, that is why today it is pleased to make the document “Mining Panorama” available to society, by state.

Get to know GeoInfoMex in 3D

GeoInfoMex, is the consultation system of the Mexican Geological Service that allows users to know geoscientific information and make decisions with savings in time and resources, helping to promote mining activity.


México Minero is a non-governmental organization that promotes sustainable mining.

The DOF is the organ of the Constitutional Government of the United Mexican States, which has the function of publishing in the national territory, to so that they are properly observed and applied in their respective areas of competence.

Learn about the current situation of the mining industry as well as the activities carried out by Camimex.

Mexico Mining Center © 2019 / All Rights Reserved