MAG Silver Corp. announced today that George Paspalas will succeed Dan MacInnis as MAG Silver’s President and Chief Executive Officer effective October 15, 2013. George Paspalas was formerly President and Chief Executive Officer of Canadian based gold producer Aurizon Mines Ltd. which was recently acquired by Hecla Mining Company. Dan will remain as an integral member of the board of directors of the company.
NGEx Resources Inc. is pleased to announce that the nominees listed in the management information circular for the 2013 Annual and Special Meeting of Shareholders were elected as directors of NGEx. Detailed results of the vote for the election of directors held at the Annual Meeting earlier today are set out below.
Torex Gold Resources Inc. is pleased to announce the results of its 2013 annual and special meeting of shareholders held in Toronto, Ontario on June 19, 2013.
The second most active stock on the TSX Venture was Guerrero Exploration Inc. It rose 40% and was trading at $0.07 after 2.6 million shares changed hands after the exploration mining company provided a development update on its Cerro Azul property located in Guerrero, Mexico. The company plans to start exploration in quarter three of 2013 pending permit approval by the Mexican Government.
Gold Resource Corporation continues to intercept high grade gold and silver mineralization at its Arista deposit, drilling 4.7 meters of 3.1 grams per tonne gold and 2,658 grams per tonne silver in vein Splay 5. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $83 million to shareholders in monthly dividends since declaring commercial production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
Fortuna Silver Mines Inc. is pleased to announce that the company has made the final US$6.0 million option payment to purchase the remaining 45% interest in the Taviche Oeste Concession. Fortuna now holds a 100% undivided interest in the Taviche Oeste concession which contains the Trinidad North discovery. The company will continue to advance exploration efforts on the high-grade silver-gold Trinidad North discovery which remains open to the north and to depth.
Guerrero Exploration and its JV partner first initiated a field exploration program at the Cerro Azul property in February 2011. The program consisted of prospecting, geochemical sampling and induced polarization/resistivity geophysics. Seven anomalies were identified on the Property: Cerro Azul, Las Trojas, El Pedrillo, La Palma, Las Minillas, Loma Coyote and Llano Grande (GEX News Release 26 May 2011). Of these, three have been selected for drill testing: Las Trojas, Las Minillas and Loma Coyote. Collectively, these three anomalies define a northwest trending zone 5000 meters long and 600 meters wide hosted in Cretaceous sedimentary rocks on the southern portion of the concession. Mineralization consists mainly of chalcocite in veinlets and disseminations with minor disseminated pyrite. On surface, this is oxidized to malachite, azurite, chrysocolla, jarosite, goethite and hematite.
MAG Silver Corp. announced that the nominees listed in the management information circular for the 2013 Annual General and Special Meeting of Shareholders held on June 18, 2013 were re-elected as directors of MAG. MAG’s shareholders also re-appointed Deloitte and Touche LLP as the Company’s auditor and approved the continuation of the Company’s Shareholder Rights Plan. Detailed results of the vote for the election of directors held at the Annual General and Special Meeting are set out below.
Freyja Resources Inc. is pleased to announce that it has entered into a pre-acquisition agreement with Cyprium Mining Corporation dated June 14, 2013, pursuant to which Freyja has agreed to make an offer, on or before July 15, 2013, to acquire, by way of a take-over bid, all of the issued and outstanding common shares of Cyprium in exchange for common shares of Freyja on a one for one basis. Freyja has also agreed to exchange all of the currently issued and outstanding shares purchase warrants of Cyprium for warrants to purchase Freyja Shares which have identical terms. As at the date hereof, there are 7,480,000 Cyprium Shares and 2,860,000 Cyprium Warrants issued and outstanding.
Kimber Resources Inc. announces that it has notified Sprott Resource Lending Partnership that it is exercising its right to obtain a six month extension of the maturity date of its $5 million loan credit facility with SRLP announced on July 18, 2012 by the issuance to SRLP of common shares of the Company having a value of $150,000. The number of Extension Shares issued to SRLP will be determined by dividing $150,000 by the 5-day volume weighted average price of the Company’s shares on the TSX for the five trading days preceding June 28, 2013, the date on which the Extension Shares are required to be issued to SRLP. As a result of such extension, the new maturity date of the Credit Facility will be December 28, 2013.
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