Month: March 2014

Endeavour Silver Reports Fatality at Guanacevi Mine

Endeavour Silver Corp. regrets to report the death of an employee on Friday, March 28, 2014 due to a rock fall underground at the Porvenir Cuatro mine, part of the Guanaceví mine operations in Durango State, Mexico.

Arian Silver Corporation announces operations update

Arian Silver Corporation a silver exploration, development and production company with a focus on projects in the silver belt of Zacatecas, Mexico, reports that good progress continues to be made on the refurbishment of the El Bote custom processing plant, which is expected to process up to 1,500 tonnes per day when operating at full capacity.

Alamos Gold Declares Semi-Annual Dividend

Alamos Gold Inc. is pleased to announce that the Company’s Board of Directors has declared a semi-annual dividend of US$0.10 per common share. This represents the Company’s 9th consecutive semi-annual dividend and once again demonstrates its commitment to returning value to shareholders. Including the current dividend, the Company has paid a total of $84 million in dividends to shareholders over the past five years.

Goldgroup Refutes Groundless Claim by Sonoran Resources

Goldgroup Mining Inc. advises that Sonoran Resources LLC and its Mexican subsidiary, SR Servicios Mineros, S.A. de C.V. have filed a lawsuit in Arizona, USA against Oroco Resource Corp., Minas de Oroco Resources S.A. de C.V. and Goldgroup. The lawsuit arises from Oroco’s sale of the Cerro Prieto project to Goldgroup and pertains to certain contracts that were in place between Oroco, Minas de Oroco and Sonoran prior to the Acquisition.

Sonoran Resources LLC. Commences Legal Action

Oroco Resource Corp. advises that Sonoran Resources LLC. and its Mexican subsidiary, SR Servicios Mineros, S.A. de C.V., have filed a lawsuit in Arizona against Oroco, Minas de Oroco Resources, S.A. de C.V., and Goldgroup Mining Inc. arising from events and services related to the engineering, procurement and construction management agreement and related service agreements between Oroco, Minas de Oroco and Sonoran in regard to the mine construction at Cerro Prieto, Sonora State, Mexico. In August of 2013, Oroco sold MOR, the owner of the Cerro Prieto Property, to Goldgroup.

Mexus Gold US Completes Sale of the San Felix Mine

Mexus Gold US announced today that on March 24, 2014, the Company entered in to an agreement with First Pursuit Silver de Mexico S. De R.L. De C.V. whereby Mexus Gold US and Mexus Gold Mining S.A. de C.V. sold 100% of its interest in Mexus Enterprises S.A. de C.V. Mexus Enterprises S.A. de C.V. is the company’s operating entity in Mexico which owned and operated the San Felix Project (“Project”). The total purchase price of $5,000,000 will be paid by the assumption of certain debt and in shares of common stock of Silver Pursuit Resources Limited and $4,000,000 in cash to be paid no later than March 24, 2015. Mexus will continue to hold a 50% security interest in the Project until such time as the full purchase price is paid by FPV. The agreement includes a full release of the Company and its affiliates from all potential claims and liabilities related to the Project, its former joint venture partners and allows the Company to retain possession of all owned machinery located at the San Felix Project.

Orex Closes $5,000,000 in Financings in March

Orex Minerals Inc. is pleased to announce that it has closed another private placement, issuing 1,342,000 units of the Company at a price of $0.25 per Unit for aggregate gross proceeds of $335,500, which brings the combined total raised in March to $5,000,000 with all financings. Each Unit consists of one common share and one half of a common share purchase warrant. Each whole warrant will be exercisable for one common share of the Company at $0.30 for a period of 24 months from closing, expiring March 31, 2016. The shares sold in the placement and warrants comprising the Units and any shares issued upon the exercise of the warrants are subject to a hold period which expires on August 1, 2014.

Big North Graphite Grants Stock Options

BIG NORTH GRAPHITE CORP. announces that its Board of Directors has approved the grant of 1,600,000 stock options to directors, officers, employees and consultants of the Company pursuant to the Company’s approved stock option plan. The options are exercisable at a price of $0.10 per share and have a term of five years from the date of grant.

Virgin Metals Inc. Announces Adoption of Advance Notice By-Law, Shareholders Rights Plan and Proposed Share Consolidation, Name Change

Virgin Metals Inc. is pleased to announce that its board of directors has approved and adopted an advance notice by-law. The By-law sets a deadline by which shareholders of the Company must submit a notice of director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for it to be valid.

Virgin Metals Inc.: Closes $375,000 Private Placement

Virgin Metals Inc. announces that further to its press release of March 6, 2014, the Company has closed its non-brokered private placement of 7,500,000 common shares at a price of $0.05 per Common Share for aggregate gross proceeds of up to $375,000.

AuRico Gold Announces Closing of $315 million Senior Secured Second Lien Notes Offering

AuRico Gold Inc. today announces the closing of its private offering of $315 million aggregate principal amount of Senior Secured Second Lien Notes due 2020. The Notes were issued with a coupon of 7.75% and sold at 96.524% of par, and are expected to result in net proceeds to the Company of approximately $297 million, after deducting the initial purchasers’ discounts and estimated offering expenses payable by the Company. AuRico intends to use the net proceeds of the Notes to repurchase its Convertible Notes due 2016 (the “Convertible Notes”) that are tendered to AuRico’s offer announced March 6, 2014 and which expires at 12:00 midnight Eastern Time on April 2, 2014, to purchase any and all of its Convertible Notes, to fund principal and interest payments on any Convertible Notes that remain outstanding following the offer to purchase, to repay amounts outstanding under its existing senior secured credit facility and for general corporate purposes, which may include funding capital expenditures to support organic growth.

Sierra Metals Reports 70% Increase in Silver Resource Ounces and 40% Increase in Silver Grade in Indicated Resources at its Cusi Mine, Chihuahua, Mexico

Sierra Metals Inc. is pleased to announce an updated silver resource estimate on its Cusihuiriachic property, Chihuahua State, Mexico. These resources are in two areas of the Cusi Mine currently in commercial production, Promontorio and Santa Eduwiges, as well as in other mines where the Company is doing underground development, such as La Gloria/Minerva, Monaco/Milagro and others. This resource estimate was prepared by Gustavson Associates, LLC of Lakewood, Colorado.

Drilling to Commence at Bearing’s Pedro Gold Project in Mexico

Bearing Resources Ltd. is pleased to announce that it has received notice from Newmont de Mexico, S.A. de C.V., a wholly owned subsidiary of Newmont Mining Corporation, that it plans to commence drilling on Bearing’s Pedro property in Durango Mexico this week. Newmont is exploring the Company’s wholly owned Pedro gold project in Durango, Mexico under an option agreement dated September 24, 2013 and plans to drill 600 metres of core and 2,400 metres of RC. Since signing the September agreement, Newmont has completed soil sampling in the gap area between the main Pedro grid and the smaller Pedro north grid where Bearing discovered extensive hydrothermal alteration and anomalous gold in rocks and soils. Newmont also completed a wide-spaced CSAMT geophysical survey over the anomalous area. CSAMT is a ground based geophysical system capable of estimating bedrock resistivity at depth and which could potentially detect silicified structures or horizons.

Bacanora Provides Update on Rare Earth Minerals Joint Venture Agreement

BACANORA MINERALS LTD. announced today that Rare Earth Minerals, Plc has satisfied all conditions under the terms of the joint venture agreement between Bacanora and REM in respect of the San Gabriel, Buenavista and Megalit concessions (details of which are set out in the Company’s press release dated March 12, 2014) to earn a 10% interest in the subsidiary that will hold the Concessions (Minera Megalit S.A. de C.V.). In particular, REM has provided the Company with an upfront cash payment of $250,000, together with a further $500,000, which has been allocated towards exploration and drilling on the Concessions. With this condition having been satisfied, the Concessions are now in the process of being transferred to Minera Megalit S.A. de C.V., following which shares therein will be issued to REM.

Aura Minerals Announces Year End 2013 Financial and Operating Results

•Operating cash flow1 of $66,847 for the year ended December 31, 2013 compared to $38,317 for the year ended December 31, 2012;
•Net sales revenue for 2013 increased by 8% over 2012. Gold sales and copper concentrate sales revenues increased by 7% and 11% over 2012, respectively;
•Gold ounce (“oz”) production for 2013 was 19% higher than in the prior year and Aranzazu’s copper production for the years ended December 31, 2013 and 2012 was 13,615,949 pounds and 10,980,100 pounds, respectively, an increase of 24%;

Gold Resource Corporation Declares March Monthly Dividend

Gold Resource Corporation declares its monthly instituted dividend of 0.01 per common share for March 2014 payable on April 23, 2014 to shareholders of record as of April 11, 2014. Gold Resource Corporation is a gold and silver producer with operations in the southern state of Oaxaca, Mexico.

Endeavour Silver Corp (NYSE:EXK) Reports Decrease In Its Gold And Silver Proven Reserves

Endeavour Silver Corp last month shared its latest National Instrument 43-101(NI 43-101) silver and gold reserve and resource estimates for its silver producing mines in Mexico as of 2013 end. The company’s management anticipating metal prices will likely be higher in the medium and longer terms the price tagged were 10% higher at US$1452 per oz gold and $24.20 per oz silver for the resource estimates. During 2013, the company’s Silver Proven and Probable Reserves were 11.6 million ounces witnessing a decrease of 50%. Gold Proven and Probable Reserves saw a dip by 37% reporting at 139,400 ounces. Silver Equivalent Proven and Probable Reserves reduced by 41% to 25.9 million oz. Silver Measured and Indicated Resources increased by 4% at 60.7 million oz. Gold Measured and Indicated Resources went up 6% to 556,300 oz. Silver Inferred Resources decreased by 13% to 40.6 million oz. Gold Inferred Resources also dipped by 15% to 396,320 oz. According to the company’s CEO Bradford Cooke, CEO, due to low precious metal prices, Reserve and resource growth impacted company’s operational and financial results.

Primero Announces Closing of Secondary Offering by Goldcorp Inc.

Primero Mining Corp. announced today that it has closed the previously announced secondary offering of Primero shares held by Goldcorp Inc. A total of 31,151,200 Primero common shares held by Goldcorp were sold at an offering price of C$7.20 per share. The Offering was completed through a syndicate of underwriters led by Canaccord Genuity Corp. and including CIBC World Markets Inc., GMP Securities L.P., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.

Goldcorp Completes Sale of Primero Shares

Goldcorp Inc. is pleased to announce that it has completed the previously announced secondary offering of 31,151,200 Common Shares of Primero Mining Corp. at a price of C$7.20 per share for gross proceeds to Goldcorp of approximately C$224 million. The underwriting syndicate was led by Canaccord Genuity Corp. and included CIBC World Markets Inc., GMP Securities L.P., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc. Goldcorp no longer owns any shares of Primero. Primero did not receive any proceeds from the offering.

American Consolidated Minerals Corp.

American Consolidated Minerals Corporation announces that it has arranged a non-brokered private placement of up to 20,000,000 units at a price of $0.05 per Unit for gross proceeds of up to $1,000,000.

Layne, A Granite Company, provides sustainable solutions for water resources and mineral exploration. Originally established in 1882, Layne offers a rich history of delivering safe, professional, and reliable water and minerals solutions throughout North and South America. Granite acquired Layne and its subsidiaries in the fall of 2018, to further Granite’s strategy to grow through acquisition and diverse end market expansion.
Major Drilling Group International Inc. is one of the world’s largest drilling services companies primarily serving the mining industry. Established in 1980, Major Drilling has over 1,000 years of combined experience and expertise within its management team alone.

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