Hundreds of small mineral exploration companies may have their stock delisted by Canadas TSX Venture Exchange in the coming months, choking off a development pipeline that has long supplied major miners with new projects.
It hasnt 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 companys net asset value. Despite a recent rally in the sector, and in the yellow metal, itll take dramatically higher prices to push Goldcorp, and the broader sector, into true rally mode.
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.
Soltoro Ltd. holds a total of 7,000,000 common shares or 15% of Argentum Silver Corp. Soltoro also retains a 3% Net Smelter Return interest in the Coyote project whereby 1% can be purchased by Argentum Silver for US$1.5 million to a maximum of 2%.
Goldcorp Inc. reported an enormous net loss of US$1.93-billion in the second quarter after taking a big writedown on the Penasquito mine in Mexico.
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.
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.
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.
Teck Resources Limited reported second quarter adjusted profit of $197 million, or $0.34 per share, compared with $398 million or $0.68 per share in 2012.
Argentum Silver Corp. announces, the Company has filed a Technical Report under National Instrument 43-101 on its Coyote Project in Jalisco Mexico. The Report is now available on SEDAR and on the Company’s website.
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