Month: July 2013

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 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.

Monarchy Resources, Inc. today announced that the company has provided guidance of its first portfolio company New World Metals S.A.P.I. de C.V.

International Northair Mines Ltd. is pleased to announce that it has closed non-brokered private placements for gross proceeds of C$1,859,315. Proceeds raised from the Private Placements represent an increase of approximately $350,000 over the total amount previously declared by the Company in its press release dated July 10, 2013.

Freeport-McMoRan Copper & Gold Inc. (FCX)

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.

Mercator Minerals Ltd announces the resignation of Colin Benner, for personal health reasons, from the board of directors effective July 23, 2013.

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.