AuRico Gold Inc. reports financial results for the three and nine months ended September 30, 2012 and provides an update on the Young-Davidson mine. All amounts are in U.S. dollars. The Company will host a conference call on Tuesday, November 13, 2012 beginning at 10:00 a.m. Eastern Time.
Looking at the Golden Minerals (AUMN) chart since September 13, you would think that their mine had caved in or someone had stolen all the cash they had in the bank. What has actually happened, however, is they raised $37M by issuing 19% more shares at $5.75, with investors buying those shares hand-over-fist, in a single day, as a great bargain. In my previous article I explained why the issuance of extra shares at $5.75 does not imply that the fair value of the stock has to drop to $5.75. In fact, such an issuance might actually increase the fair value of the stock, if it increases the expected future cashflow for the company (which it did in the case of AUMN, as the newly raised cash will allow them to perform the production expansion to 850 tpd throughput and beyond in 2013).
International Northair Mines Ltd. is pleased to announce assay results from seven additional core holes completed in the Las Carolinas Zone at its La Cigarra silver project, located in north central Mexico. This latest round of drilling is designed to tighten drill spacing in key areas important for the successful completion of the Company’s ongoing resource study.
IMPACT Silver Corp. announces the financial and production results for the third quarter ended September 30, 2012. IMPACT currently operates three underground silver mines within the Royal Mines of Zacualpan Silver District in Mexico. Throughout 2012, IMPACT has also been constructing two new mines; the Oscar Mine in the Royal Mines of Zacualpan District and the Capire Mine in the Mamatla Mineral District. Upon beginning pilot production at the Capire Mine in mid winter, IMPACT will have successfully entered its next phase of significant growth potential. Additionally, with the future commencement of production at the Oscar Mine, IMPACT anticipates higher silver production. IMPACT continues to maintain a strong positive net working capital balance, a robust cash position of approximately $20 million in the treasury and no debt. All amounts presented are in Canadian dollars.
Southridge Minerals, Inc. is pleased to announce that Mr. Enrique Aubry de Castro has been appointed to its Board of Directors, effective as of today.
In the front room of Avigahil Vasquez’s Sanchez home in San Jose del Progreso, she’s installed half a dozen little phone booths used by town residents who have no phone of their own. Outside the windows above the telephones, the tree-lined street leads out to fields at the foot of cloud-topped hills. San Jose, at the edge of a valley an hour south of Oaxaca’s capital city, is a pretty town.
Bradford Cooke, CEO and Director of Endeavour Silver Corp. is pleased to announce the appointment of Luis R. Castro Valdez, Ing., as Vice President of Exploration for the Company, effective immediately.
Paramount Gold and Silver Corp. today reported results from 18 new core holes drilled in the ongoing exploration of its 100%-owned San Miguel Project in northern Mexico. Of the 18 new holes, 15 returned good silver grades including 18 intercepts greater than I oz. of silver per tonne. These holes were completed after the San Miguel resource update by MDA and they are likely to increase the overall size and quality of the projects resource.
Gold Resource Corporation today announced it has hired Mr. Barry Devlin as the Company’s new Vice President of Exploration. Mr. Devlin will join the Company on or before January 5, 2013. Mr. David Reid, the Company’s current Vice President of Exploration and co-founder of the Company, will be taking a less active role in the Company’s day to day operations. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico. The Company has returned over $63 million to shareholders in monthly dividends since declaring commercial production July 1, 2010, and may be the only Company offering shareholders the option to convert their cash dividends into physical gold or silver.
Oremex Gold Inc. announces that Mr. David Terry has resigned from his position of Chief Executive Officer & President of the Company to pursue external commitments.
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