Month: September 2013

Lincoln Mining Receives $300,000 Loan

Lincoln Mining Corporation announces that it has received a C$300,000 demand loan from James Dales, a director of the Company, to fund Lincoln’s current working capital requirements. The Loan bears interest at 10% per annum, calculated and payable on the first day of each month, commencing September 27, 2013. Under the terms of the Loan, the Company has granted Mr. Dales a security interest in the Company’s portion of the proceeds from any future sale of the La Bufa property.

Pan American Goldfields Provides Corporate Update

Pan American Goldfields Ltd. today announces that it has introduced several initiatives to reduce costs and rationalise its corporate administration organization and cost structure. This strategic business decision is part of the mandate to lower operating costs due to the current mining environment. Outsourcing company finance, company secretarial services and corporate compliance functions will result in an annualized net reduction in costs. Commenting on these initiatives Mr. Emilio Alvarez, CEO stated, “This process of rationalising our cost structure is simply one component of a broader range of overall tightening in our finances which we have been implementing since the new Board appointments at the Annual General Meeting on June 17, 2013.

Almaden Infill Drilling Confirms High-Grade Chemalaco Zone, Hits 41.65 Meters of 3.25 g/t Au, 28.4 g/t Ag (3.8 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. Almaden has commenced an infill drilling program with two of the three rigs currently drilling on the project. The infill program has been designed to upgrade resources currently in the inferred category to the higher confidence measured and indicated categories. At the same time one drill rig is focussed on step out drilling to expand the resource. The holes announced today show the continuity of high-grade gold silver veining in the north-south Chemalaco zone defined with previous drilling. Highlights from the holes released today include the following intercepts.

Cliffs Natural Resources Inc. Board Elects New Director

Cliffs Natural Resources Inc. announced today that its Board of Directors has elected Stephen M. Johnson, 62, chairman, president and chief executive officer of McDermott International, Inc. to Cliffs Board. The appointment is effective Oct. 1, 2013. He will be a member of the Board’s Audit Committee and the Governance and Nominating Committee. With the addition of Mr. Johnson, Cliffs’ Board will be comprised of a total of 11 directors.

First Majestic Applies to Dismiss Appeal of Positive Judgment for US$93.84 million

First Majestic Silver Corp. today announced further to its April 26, 2013 and July 2, 2013 news releases, that First Majestic has applied to the Court of Appeal of British Columbia for an order dismissing the appeal by Hector Davila Santos and Minerales y Minas Mexicana, S.A. de C.V. of the April 24, 2013 trial judgment in favour of First Majestic in the amount of US$93.84 million.

Freyja Resources Inc. Provides Update to Offer to Acquire Shares of Cyprium Mining Corporation

Freyja Resources Inc. is pleased to announce that, pursuant to the terms of the Corporation’s offer to purchase all of the issued and outstanding common shares in the capital of Cyprium Mining Corporation, Freyja has elected to postpone the take-up and payment date for the Cyprium Shares until October 15, 2013 or such earlier date as the Corporation may determine. For further details regarding the Offer, please see Freyja’s press releases dated June 18, 2013, August 1, 2013, August 9, 2013, September 9, 2013 and September 18, 2013.

GoGold Closes US$35,000,000 Financing With Orion Mine Finance

GoGold Resources Inc. is pleased to announce the closing of the US$35 million equity and debt financing with Orion Mine Finance, the details of which were previously announced in news releases dated July 12, 2013 and September 18, 2013.

Mercator Minerals Advances Exploration of Strategic Alternatives

Mercator Minerals Ltd. announces that in light of the commodity price environment, capital market conditions and the challenges these pose for the Company, the board of directors has advanced and accelerated its ongoing process to review strategic alternatives. Its special committee of the board of directors (comprised of Robert J. Quinn, Stephen P. Quin and Ron Vankoughnett) will oversee the process on behalf of and in consultation with the full board. In addition, BMO Capital Markets has been engaged as financial advisor in connection with the process. The strategic alternatives being considered include, but are not limited to, a sale of the Company, a business combination with another entity, a sale of all or a portion of the assets of the Company, a strategic investment in the Company or any combination thereof.

Aurcana Announces Departure of VP Operations

Aurcana Corporation wishes to announce that Dr. Sadek El Alfy, Vice President Operations, has left Aurcana Corporation. The Company would like to wish him every success in his future endeavors.

Seeking Alpha – Coming Soon? Mexico’s 7.5% Mining Royalty Tax

For many years, Mexico has been considered a very friendly place to explore and mine precious metals and base metals. However, that may soon begin to change if the proposed 7.5% royalty is enacted. Under the terms of the proposal, which was presented to the Mexican legislature earlier this month, a 7.5% royalty would be applied to EBITDA income (earnings before interest, taxes, depreciation, and amortization) for all mining operations. An additional 0.5% royalty would be applied to income from gold, silver, and platinum, which would bring the total tax to 8%. Earlier in the year, a 5% royalty was proposed but now it has been raised to 7.5% minimum. The proposal is currently being studied and analyzed by the mining chamber.

Canadian Mining Receives Cancellation of Option Deal on Bullard Pass Gold and San Bernardo Projects from Ironwood Gold Corp.

Canadian Mining Company Inc. reports it has received notice of cancellation September 25, 2013 of the Option and Joint Venture Agreements with Ironwood Gold Corp. on the Company’s San Bernardo and Arizona Bullard Pass Gold Projects as released on February 5, 2013 and May 30, 2013. Ironwood has been unable to meet its obligations laid out in the Agreements due to the difficult conditions facing junior mining companies in funding exploration.

Prospero Completes Private Placement

Prospero Silver Corp. is pleased to announce that it has completed the non-brokered private placement first announced on September 4, 2013 of 5,000,000 Shares at a price of $0.05 per Share, for gross proceeds of CDN $250,000.

Mammoth Announces Results From Cyanide Leach Bottle Roll Tests on Its Tenoriba Project, Mexico

Mammoth Resources Corp. is pleased to announce results from bottle roll tests on 23 drill hole samples from the 2008 Masupari Gold drill program (refer to the company’s press release dated July 27, 2013, or the company website for drill locations) and 5 surface samples from the Los Carneritos target area on the company’s Tenoriba project in the Sierra Madre precious metal belt in southwestern Chihuahua State, Mexico.

Torex announces filing of technical report for its Media Luna Project

Torex Gold Resources Inc. is pleased to announce that it has filed a technical report prepared in accordance with National Instrument 43-101 in support of the Company’s September 16, 2013 news release, which included an inferred mineral resource estimate for its Media Luna Project in Mexico.

Gold Resource Corporation Declares September Monthly Dividend

Gold Resource Corporation declares its monthly instituted dividend of $0.03 per common share for September 2013 payable on October 23, 2013 to shareholders of record as of October 11, 2013. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico.

Candente Gold Update on Historic El Oro Tailings Recoveries

Candente Gold Corp. is pleased to report on historic metallurgical test work results from the Mexico Mine tailings which indicate potential for encouraging precious metal recoveries. A summary of the detailed metallurgical test work results can be found in a NI 43-101 F1 amended technical report on the El Oro property in Mexico filed on September 25th, 2013 (www.sedar.com).

Argentum Extends the El Tajo Zone 375 Metres; New Valenciana Zone Returns Grades 1.2 m of 527 g/t Ag

Argentum Silver Corp. has received assay results from a recent trenching program on its 100% owned Coyote property in Jalisco, Mexico. Surface trenching has extended the main El Tajo vein for an additional 375 meters to the south along strike. Mineralization at the El Tajo vein remains open at depth and along strike to the south. The trenching also exposed 2 new zones on the La Valenciana vein, one over 350 metres in strikelength and a second over 600 metres in strikelength.

Invecture Group to Make C$0.15 Per Share Cash Offer for Kimber Resources

Invecture Group, S. A. de C. V. and Kimber Resources Inc. jointly announced today that the parties have entered into a support agreement, pursuant to which Invecture Group has agreed, subject to the terms and conditions of the Support Agreement, to make an offer to acquire all of the outstanding common shares of Kimber for C$0.15 in cash per share by way of a take-over bid.

Orex Announces Non-Brokered Private Placement

Orex Minerals Inc. announces that it is undertaking a non-brokered private placement for gross proceeds of up to $5,000,000. The Offering consists of up to 20,000,000 Units of the Company at a price of $0.25 per Unit. Each Unit will consist of one common share and one half of a transferrable common share purchase warrant. Each whole Warrant will be exercisable for one common share at $0.30 for a period of 24 months from closing.

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