Category: Exploration and Development

Sierra Metals Inc. regrets to report that on August 20, 2013, an employee of a third party contractor was fatally injured when he was driving a front-end loader on a surface yard near the Promontorio silver mine and the ground below the equipment unexpectedly subsided. The Company believes the accident was caused by a ground subsidence following heavy rains recently experienced in the Cusi area. As a result of the accident, Mexican authorities have been contacted and they have directed that the Promontorio Mine temporarily stop production, pending completion of geophysical and hydrological surveys. The surveys have commenced and the Company anticipates receiving approval to restart operations by the end of this week. The Company will keep the market informed of any developments as they occur.

Bacanora Minerals Ltd. is pleased to announce an initial inferred lithium resource estimate of total inferred resources in the amount of 88,271,000 tonnes bearing an average grade of 3,163 Li ppm or 1.68% Lithium Carbonate Equivalent for 1,486,000 tonnes of LCE(1) for the Fleur and El Sauz concessions in northern Mexico. The two concessions form the lands under joint venture with Rare Earth Minerals PLC. REM has earned a 10% interest in the Concessions and provided notice of its intention to exercise its option to increase its interest in the Concessions to 30%. The new inferred lithium resource estimate is tabulated below (Table 1) and combined with previously reported lithium resources for the La Ventana Deposit are listed in Table 2.

NWM Mining Corporation is pleased to provide an update on mining operations at the company’s new Gold Ridge open pit. The Gold Ridge zone of mineralization is located approximately 300m west and runs approximately parallel to the Lluvia de Oro open pit which has been the source of essentially all the ore mined to date at the Lluvia de Oro site. As of the end of July 2013 the company has mined approximately 3,700 ounces (240,000 tonnes at 0.48 g/t gold) from the new Gold Ridge pit to supplement production from the project’s primary Creston pit operations.

War Eagle Mining Company Inc. reports that, on August 8, 2013 the Company’s BVI subsidiary, Tombstone Mining Inc., entered into a preliminary agreement with Contratista y Operaciones Mineras SA de CV, a Mexican mining company, to sell all its shares of its Mexican subsidiary, Tombstone Exploration de Mexico SA de CV to COMSA. Tombstone Mexico is the owner of the Tres Marias zinc-lead-germanium project in Chihuahua, Mexico. Total consideration for the purchase of Tombstone Mexico of US$2,500,000 cash will be satisfied by (i) US$50,000 payable on signing a definitive agreement with the balance in periodic payments over three years and (ii) a 2% net smelter return royalty to a maximum of a further US$2,500,000 with a possible increase to a maximum of up to US$3,300,000 depending on metal sales volumes and prices.

New Gold Inc. today announces that a minor pit wall movement occurred at its Cerro San Pedro Mine in Mexico on August 23, 2013. Approximately 800,000 tonnes of material moved on the northeast pit wall. Importantly, no one was injured, however, as a precautionary measure, mining in the area below the pit wall movement has been temporarily suspended. New Gold is working with geotechnical experts to evaluate the area and assess the impact on the company’s near-term mine plan and production at Cerro San Pedro. The objective is to develop a plan for the safe resumption of mining in the area below the movement, however, if it is determined that this area will not be accessible until the next phase of mining, scheduled to take place in 2014, the company’s preliminary estimate is that approximately 15,000 ounces of gold production would be carried forward from 2013 into future periods. The cost to mine and recover these ounces is not expected to increase by a material amount.

Mexus Gold US, and its subsidiary, Mexus Enterprises, S.A. de C.V., negotiated a new agreement covering the San Felix Mine. The company also entered a joint venture agreement with Atzek Mineral S.A. de C.V., a well-known Mexican mining exploration and mineral evaluation company, for participation in mining operations of the Mexus–Atzek Mine (formerly named Trinidad Mine).

Golden Goliath Resources Ltd. has received the final report from Agnico Eagle Mines Limited on their 2013 drilling program on the Las Bolas/ Los Hilos property. The diamond drill program was carried out between May 5th and May 26th, 2013, and totaled 930 meters in 10 holes; from which 992 core samples were obtained and sent to ALS Chemex laboratory for assaying. Five of these drill holes aimed to test the “El Orito” area, three drill holes were located at “Los Hilos” area and two drill holes were located at “Las Bolas-El Gambusino” area. The program aimed to test mineralized structures including veins, stockwork zones, faults and fractures parallel to known mineralized structural trends.

Mexus Gold US (OTCQB:MXSG), and its subsidiary, Mexus Enterprises, S.A. de C.V., negotiated a new agreement covering the San Felix Mine. The company also entered a joint venture agreement with Atzek Mineral S.A. de C.V., a well-known Mexican mining exploration and mineral evaluation company, for participation in mining operations of the Mexus–Atzek Mine (formerly named Trinidad Mine).

Aura Silver Resources Inc. is pleased to confirm that the Aura Silver / Intrepid Mines Ltd. joint venture has received the payout of US $2.0 million net of prior concession fees owed to Pan American Silver Corp. as announced in Press Release #13-02 of July 16, 2013. The payment was triggered by the completion of Pan Am’s sale of the West Taviche concession to Fortuna Silver Mines Inc. and is in accordance with the agreement between the Taviche JV and Pan Am which was completed in April 2012. The April 2012 agreement allowed Pan Am to retain a 100% ownership of West Taviche with the proviso that upon a sale of an interest greater than 70% in the property, US $2.0 million would be paid to the Taviche JV. In turn, the Taviche JV received a 100% ownership interest in the East Taviche concession where the Taviche JV has had the greatest amount of drilling success. Pan Am retains a 1.5% net smelter royalty in respect of East Taviche.

Tarsis Resources Ltd. is pleased to announce it has commenced exploration at its Yago gold-silver property, located in Nayarit State, Mexico. Tarsis recently acquired a 100% interest in the project from Almaden Minerals Ltd. The claims are located approximately 50 km from the state capital Tepic and feature excellent infrastructure including paved highways and electrical transmission lines.