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Alexco Resource Corporation, a Canada-based metals exploration company, has agreed to increase the size of flow-through common shares to 2,375,000 at $4 per share representing aggregate proceeds of $9.5 million.
More to come.
Gold Resource Corporation Approved for Arista Underground Mine; Development Underway
DENVER, CO--(Marketwire - 12/14/09) - Gold Resource Corporation (GRC) (OTC.BB:GORO - News) (Frankfurt:GIH - News) is pleased to announce that its El Aguila Project, in Oaxaca, Mexico, has been granted approval to develop the underground, high-grade Arista deposit. Surface work at the portal area is underway. GRC targets production from the Arista high-grade polymetallic ore deposit during the second year of operations. Gold Resource Corporation's first year of production comes from its El Aguila open pit deposit.
This change of land use approval allows GRC to develop its Arista vein deposit. GRC has completed mine design and engineering and initial preparations for surface facilities are underway. The first 80 meters of the decline ramp have been prepared as an open cut down to the portal entrance from which the decline ramp will then go underground. The Arista mine's surface facilities are under construction as well (see photos). Independent mine contractor bids are under final review and GRC expects to sign with an underground contractor shortly.
Gold Resource Corporations president, Mr. William W. Reid, stated, "Though we remain focused on near term gold production from our El Aguila open pit deposit, which is currently being mined, and we are pleased that the Project's initial flotation section of the mill is currently being commissioned, there is the necessity to accelerate the development of the Arista vein deposit. Currently the Arista deposit is our largest, high-grade deposit. It is very important we prepare for a seamless transition from open pit production after year one to underground production in years two through nine."
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in five potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 46,095,489 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K filed with the Securities and Exchange Commission
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1136086
Contact:
Contact:Jason ReidVP / Corporate Development303-320-7708
Gold Resource Corporation Approved for Arista Underground Mine; Development Underway
DENVER, CO--(Marketwire - 12/14/09) - Gold Resource Corporation (GRC) (OTC.BB:GORO - News) (Frankfurt:GIH - News) is pleased to announce that its El Aguila Project, in Oaxaca, Mexico, has been granted approval to develop the underground, high-grade Arista deposit. Surface work at the portal area is underway. GRC targets production from the Arista high-grade polymetallic ore deposit during the second year of operations. Gold Resource Corporation's first year of production comes from its El Aguila open pit deposit.
This change of land use approval allows GRC to develop its Arista vein deposit. GRC has completed mine design and engineering and initial preparations for surface facilities are underway. The first 80 meters of the decline ramp have been prepared as an open cut down to the portal entrance from which the decline ramp will then go underground. The Arista mine's surface facilities are under construction as well (see photos). Independent mine contractor bids are under final review and GRC expects to sign with an underground contractor shortly.
Gold Resource Corporations president, Mr. William W. Reid, stated, "Though we remain focused on near term gold production from our El Aguila open pit deposit, which is currently being mined, and we are pleased that the Project's initial flotation section of the mill is currently being commissioned, there is the necessity to accelerate the development of the Arista vein deposit. Currently the Arista deposit is our largest, high-grade deposit. It is very important we prepare for a seamless transition from open pit production after year one to underground production in years two through nine."
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in five potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 46,095,489 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K filed with the Securities and Exchange Commission
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1136086
Contact:
Contact:Jason ReidVP / Corporate Development303-320-7708
New presentation - http://www.goldresourcecorp.com/presentation/progress/player.html
Looks awesome there!
Well it seems they've got everything started up and going, just remains to be seen whether or not it all works perfectly together. Usually takes a few days to work out the kinks, and these guys know how to do just that. Hopefully they can get something produced this year and then be positioned for full time work at the start of next year. I'd expect a pr stating just that in a week or two.
Yes!
Gold Resource Corporation Begins Commissioning Its El Aguila Project Mill
DENVER, CO--(Marketwire - 12/09/09) - Gold Resource Corporation (GRC) (OTC.BB:GORO - News) (Frankfurt:GIH - News) reports that commissioning of the initial flotation circuit is underway at its El Aguila Project mill in the southern state of Oaxaca, Mexico.
Gold Resource Corporation's President, Mr. William W. Reid, stated, "The commissioning of our El Aguila Mill has begun. We have initiated startup of our diesel generated power plant. The large ball mill, the initial flotation circuit and the concentrate filter press are in final shakedown as well. We target first concentrate production soon and if everything goes well this could be before the end of the year."
Mr. Reid continued, "This is an exciting time for Gold Resource Corporation, its shareholders and its employees. We have come a long way in a short amount of time. We expect to emerge as a low cost producer and be in the position to take advantage of these historically high gold prices."
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 46,095,489 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan," "target," "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K filed with the Securities and Exchange Commission
Contact:Jason ReidVP / Corporate Development303-320-7708
Yes!
Gold Resource Corporation Begins Commissioning Its El Aguila Project Mill
DENVER, CO--(Marketwire - 12/09/09) - Gold Resource Corporation (GRC) (OTC.BB:GORO - News) (Frankfurt:GIH - News) reports that commissioning of the initial flotation circuit is underway at its El Aguila Project mill in the southern state of Oaxaca, Mexico.
Gold Resource Corporation's President, Mr. William W. Reid, stated, "The commissioning of our El Aguila Mill has begun. We have initiated startup of our diesel generated power plant. The large ball mill, the initial flotation circuit and the concentrate filter press are in final shakedown as well. We target first concentrate production soon and if everything goes well this could be before the end of the year."
Mr. Reid continued, "This is an exciting time for Gold Resource Corporation, its shareholders and its employees. We have come a long way in a short amount of time. We expect to emerge as a low cost producer and be in the position to take advantage of these historically high gold prices."
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 46,095,489 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan," "target," "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K filed with the Securities and Exchange Commission
Contact:Jason ReidVP / Corporate Development303-320-7708
Gold is down big in anticipation of, and then confirmation of, a better than expected jobs number. Big surprise in today's markets, ya right!
Fact is gold needed a good correction, and some sideways action for a few days at least from here will be welcome.
The thing encourging me at the moment is that the miners are not down much. XAU and HUI only down 3% rather than 7,8,9% some might expect. GORO down less than 1%. Volatile SLW down only about 2%.
I like what I see!
$10!
GORO is making new all-time highs today. What's there to complain about?
Impact IPT.v has been doing well, but not as well as some other quality silver names lately and has much further to go imo.
Just matched the old all-time high at $9.75.
Almost back to the all-time high at $1.48.
Gold Resource Corporation Updates Mineralized Material Estimate for El Aguila Project
DENVER, CO--(Marketwire - 12/01/09) - Gold Resource Corporation (GRC) (OTC.BB:GORO - News) (Frankfurt:GIH - News) is pleased to announce results from an internal analysis of step-out drilling at its Arista deposit. The Arista deposit's vein system is part of GRC's 100% owned El Aguila Project in Oaxaca, Mexico. Estimates of in-place mineralized material at the Arista deposit, based on the Company's modeling of the Arista and Baja veins, equals 2,962,000 tonnes grading 6.50 g/t gold (Au), 506 g/t silver (Ag), 0.60% copper (Cu), 2.24% Lead (Pb), 6.75% zinc (Zn) over a nominal 3.6 meters true width. Total metal values yield a 23.02 g/t gold equivalent (AuEq*) (0.74 oz/t AuEq*) using the metal prices given in the Mineralized Material Estimate table below. This AuEq* per tonne value multiplied by the estimated 2,962,000 tonnes equates to an estimated 2,192,000 AuEq* ounces. This Mineralized Material Estimate does not meet the United States SEC definitions of Proven and Probable Reserves. GRC targets production at its El Aguila Project in 2009.
El Aguila Project's Arista Vein System
Internal Mineralized Material Estimate
Updated: Dec. 1, 2009
Specific Gravity: 2.6
Mineralized Envelope Limit Projected: 50 meters
Mineralized True
Material Width Gold Au Silver Ag Copper Cu Lead Zinc
Meter g/t g/t % Pb % Zn % Tonnes
----- --------- ----------- ---------- ------ ------ ---------
La Arista
Vein System 3.64 6.50 506 0.60 2.24 6.75 2,962,000
----- --------- ----------- ---------- ------ ------ ---------
Metal Values
Used in $ 1.00 $ 0.95
AuEq* $ 950 /oz $ 17.00 /oz $ 2.70 /lb /lb /lb
----- --------- ----------- ---------- ------ ------ ---------
Internal Estimate: Not SEC Proven & Probable Reserves; see Risk Factors
in Company's 10K
The Arista deposit's estimated 2,192,000 AuEq* ounces is an internal estimate of in-place metal values using a simple polygonal method of calculation, uncut assay values and with a 0.30 oz/t AuEq* cutoff grade* (see Longitudinal Sections of Baja and Arista veins below). The Arista vein system remains open laterally as well as with depth. The Aguila Project's open pit deposit, from which the first 12 months of production is targeted, and the El Aire vein system deposit add an additional 200,000 gold equivalent ounces, resulting in a total internal estimate for the Aguila Project of approximately 2,392,000 AuEq* ounces.
Gold Resource Corporation's president William W. Reid stated, "We made our production decision in 2007 with just a mineralized material estimate of 300,000 AuEq ounces. We could do that because we followed our financial performance criteria of being able to pay back the project capital in one year or less. By October of 2008 we announced our mineralized material estimate of 1.6 million AuEq ounces (metal prices used at that time were different from those used in the present calculation). This allowed for an expanded production profile with mine life of 4.7 years. We are pleased that drilling over the past year, with only one drill, has allowed that estimate to now increase to approximately 2.4 million AuEq* ounces and an estimated 9 year mine life. Based on our increased understanding of this exciting, high-grade geologic system, which we believe we have only just begun to test with drilling, we have no hesitation increasing our near term mineralized material target to 3.5 million gold equivalent ounces."
Mr. Reid continued, "Our first year production target of 70,000 ounces of gold comes from the El Aguila open pit's gold and silver deposit which contains no base metals. Our second year through year nine production targets come from our Arista deposit's polymetallic veins with a breakdown of values of approximately 68% precious metals (gold and silver) and 32% base metals (copper, lead and zinc). We are fortunate that these base metal revenues, when used as byproduct credits, are anticipated to pay for the project's total cash operating costs so we are targeting our gold and silver cash costs to be 'zero' from the second year of operations. Production targets are 110,000 oz/AuEq** in the second year with a target of 180,000 to 200,000 oz/AuEq** in the third through ninth year."
The estimated mineralized material number is an in-place number without regard to recoveries, mining dilution or mining economics. These internal estimates are dependent on many assumptions that may differ from actuality when mined. This mineralized material estimate is not equivalent to U.S. SEC Proven and Probable Reserves and should not be considered as such. The geologic interpretation and modeling by the Company has suggested two veins but may actually be several en echelon veins or could be interpreted differently by different modelers.
AuEq* is a gold equivalent for aggregate in situ value of all metals. Gold Resource, like many in the industry, subscribe to the use of gold equivalent (AuEq*) as a means to present the aggregate value of polymetallic (gold, silver, copper, lead, zinc) mineralization in the ground. Gold equivalent valuation quantifies the precious metal ounces and base metal percentages of the mineralization into one gold equivalent (AuEq*) value. This calculation converts the metals quantity into its dollar value and converts that dollar value back into an equivalent gold value. Gold equivalent is a valuation calculation that places the emphasis on the total dollar value per tonne of the mineralization. The company believes this AuEq* calculation best conveys the aggregate, in-place estimate of the deposit's hypothetical value. The following mineral values were used in this gold equivalent conversion: gold at $950/ounce, silver at $17/ounce, copper at $2.70/pound, lead at $1.00/pound, and zinc at $0.95/pound. Different metal prices will result in different gold equivalent values.
AuEq** is a gold equivalent for production targets. AuEq** gold equivalent production targets are calculated using only precious metals (gold and silver) as the AuEq**gold equivalent.
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in five potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 46,095,489 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan," "target," "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K filed with the Securities and Exchange Commission.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1127030
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1127024
Contact:
Contact:Jason ReidVP / Corporate Development303-320-7708
Gold Resource Corporation Updates Mineralized Material Estimate for El Aguila Project
DENVER, CO--(Marketwire - 12/01/09) - Gold Resource Corporation (GRC) (OTC.BB:GORO - News) (Frankfurt:GIH - News) is pleased to announce results from an internal analysis of step-out drilling at its Arista deposit. The Arista deposit's vein system is part of GRC's 100% owned El Aguila Project in Oaxaca, Mexico. Estimates of in-place mineralized material at the Arista deposit, based on the Company's modeling of the Arista and Baja veins, equals 2,962,000 tonnes grading 6.50 g/t gold (Au), 506 g/t silver (Ag), 0.60% copper (Cu), 2.24% Lead (Pb), 6.75% zinc (Zn) over a nominal 3.6 meters true width. Total metal values yield a 23.02 g/t gold equivalent (AuEq*) (0.74 oz/t AuEq*) using the metal prices given in the Mineralized Material Estimate table below. This AuEq* per tonne value multiplied by the estimated 2,962,000 tonnes equates to an estimated 2,192,000 AuEq* ounces. This Mineralized Material Estimate does not meet the United States SEC definitions of Proven and Probable Reserves. GRC targets production at its El Aguila Project in 2009.
El Aguila Project's Arista Vein System
Internal Mineralized Material Estimate
Updated: Dec. 1, 2009
Specific Gravity: 2.6
Mineralized Envelope Limit Projected: 50 meters
Mineralized True
Material Width Gold Au Silver Ag Copper Cu Lead Zinc
Meter g/t g/t % Pb % Zn % Tonnes
----- --------- ----------- ---------- ------ ------ ---------
La Arista
Vein System 3.64 6.50 506 0.60 2.24 6.75 2,962,000
----- --------- ----------- ---------- ------ ------ ---------
Metal Values
Used in $ 1.00 $ 0.95
AuEq* $ 950 /oz $ 17.00 /oz $ 2.70 /lb /lb /lb
----- --------- ----------- ---------- ------ ------ ---------
Internal Estimate: Not SEC Proven & Probable Reserves; see Risk Factors
in Company's 10K
The Arista deposit's estimated 2,192,000 AuEq* ounces is an internal estimate of in-place metal values using a simple polygonal method of calculation, uncut assay values and with a 0.30 oz/t AuEq* cutoff grade* (see Longitudinal Sections of Baja and Arista veins below). The Arista vein system remains open laterally as well as with depth. The Aguila Project's open pit deposit, from which the first 12 months of production is targeted, and the El Aire vein system deposit add an additional 200,000 gold equivalent ounces, resulting in a total internal estimate for the Aguila Project of approximately 2,392,000 AuEq* ounces.
Gold Resource Corporation's president William W. Reid stated, "We made our production decision in 2007 with just a mineralized material estimate of 300,000 AuEq ounces. We could do that because we followed our financial performance criteria of being able to pay back the project capital in one year or less. By October of 2008 we announced our mineralized material estimate of 1.6 million AuEq ounces (metal prices used at that time were different from those used in the present calculation). This allowed for an expanded production profile with mine life of 4.7 years. We are pleased that drilling over the past year, with only one drill, has allowed that estimate to now increase to approximately 2.4 million AuEq* ounces and an estimated 9 year mine life. Based on our increased understanding of this exciting, high-grade geologic system, which we believe we have only just begun to test with drilling, we have no hesitation increasing our near term mineralized material target to 3.5 million gold equivalent ounces."
Mr. Reid continued, "Our first year production target of 70,000 ounces of gold comes from the El Aguila open pit's gold and silver deposit which contains no base metals. Our second year through year nine production targets come from our Arista deposit's polymetallic veins with a breakdown of values of approximately 68% precious metals (gold and silver) and 32% base metals (copper, lead and zinc). We are fortunate that these base metal revenues, when used as byproduct credits, are anticipated to pay for the project's total cash operating costs so we are targeting our gold and silver cash costs to be 'zero' from the second year of operations. Production targets are 110,000 oz/AuEq** in the second year with a target of 180,000 to 200,000 oz/AuEq** in the third through ninth year."
The estimated mineralized material number is an in-place number without regard to recoveries, mining dilution or mining economics. These internal estimates are dependent on many assumptions that may differ from actuality when mined. This mineralized material estimate is not equivalent to U.S. SEC Proven and Probable Reserves and should not be considered as such. The geologic interpretation and modeling by the Company has suggested two veins but may actually be several en echelon veins or could be interpreted differently by different modelers.
AuEq* is a gold equivalent for aggregate in situ value of all metals. Gold Resource, like many in the industry, subscribe to the use of gold equivalent (AuEq*) as a means to present the aggregate value of polymetallic (gold, silver, copper, lead, zinc) mineralization in the ground. Gold equivalent valuation quantifies the precious metal ounces and base metal percentages of the mineralization into one gold equivalent (AuEq*) value. This calculation converts the metals quantity into its dollar value and converts that dollar value back into an equivalent gold value. Gold equivalent is a valuation calculation that places the emphasis on the total dollar value per tonne of the mineralization. The company believes this AuEq* calculation best conveys the aggregate, in-place estimate of the deposit's hypothetical value. The following mineral values were used in this gold equivalent conversion: gold at $950/ounce, silver at $17/ounce, copper at $2.70/pound, lead at $1.00/pound, and zinc at $0.95/pound. Different metal prices will result in different gold equivalent values.
AuEq** is a gold equivalent for production targets. AuEq** gold equivalent production targets are calculated using only precious metals (gold and silver) as the AuEq**gold equivalent.
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in five potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 46,095,489 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan," "target," "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K filed with the Securities and Exchange Commission.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1127030
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1127024
Contact:
Contact:Jason ReidVP / Corporate Development303-320-7708
http://www.montanasnewsstation.com/global/story.asp?S=11569003
Group preparing to dig for gold in Butte Highlands
With gold reaching record high prices as recently as Tuesday there is an increasing demand for the precious metal, and there is a new group preparing to go in after it.
According to Timberline Resources of Idaho and Butte Highlands LLC, ore sample testing suggests more gold is likely to exist in the Butte Highlands Mountain area than initially thought. But that can't truly be known until the mine is fully operational.
Project manager Henry Bogert says he hopes the state can provide a permit to enable the mine to start producing gold in just over a year. In the meantime, it is about gaining access to the ore.
It all begins by creating a portal or entryway into the mountainside, using concrete and steel to give it strong support for the next five to six years of expected activity.
"They've identified a resource in the order of a million or more tons of ore. So we'll be tunneling into that about 6,000 feet in to gain access to the ore. When we get to the ore we'll be between 1,000 and 2,000 feet below the surface of the mountain. We'll haul it by truck from here over to the Golden Sunlight Mine and they'll crush it up and grind it and they'll extract the gold out of it," Butte Highlands joint venture manager Henry Bogert said.
So as Golden Sunlight Mine and many other local businesses are expected to benefit from the workload in the Butte Highlands, it may not be as rewarding for those trying to join the workforce.
Project superintendent Lou Myers says hopes have risen a bit too high with regard to the mine's expected employment.
"We're trying to be very realistic even with people who are talking to us and trying to rustle jobs. It's small, and we don't want them to get the idea that this thing's a big bloom. We're looking at a five to six-year project possibly for 25 people," Myers said.
On January 3 the group hopes to start digging out the portal to the mountain. By March, blasting should be underway to dig that 6,000 foot long, 2,000 foot deep tunnel, which could be completed around this time next year.
News flash - silver is up and SLW is making tons of money!
I've had some thougts on this as well. Not confident enough on anythig to pull the trigger, but I've contemplated going long on the VIX (volatility index) as the play. I'm still hoping that gold and the miners will decouple should the stuff hit the fan again. We shall see.
Nice close! Production news soon, please?
Analyst upgrades Silver Wheaton on production rise
HARTFORD, Conn. (AP) -- Shares of Silver Wheaton Corp., which acquires mineral properties, rose Monday as an analyst upgraded the Canadian company on rising silver production.
Analyst Michael D. Curran of RBC Capital Markets upgraded the Vancouver, British Columbia, company to "Outperform" from "Sector Perform."
"In our view, Silver Wheaton shares are likely to be re-rated to higher trading multiples, as silver production increases with the start up of new silver mines, and the company becomes the largest silver producer by the end of 2010," he said.
Silver output is set to double to 32 million ounces between this year and 2012, he said.
Silver Wheaton's growth is expected to be above average relative to its peer group in the coming years, Curran said.
Shares increased 54 cents, or 3 percent, to $16.13 in afternoon trading.
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Am I missing something here? Lake Shore Gold, with a $4 share price, is selling shares at $4.43 and $5.94?
Lake Shore Gold Announces Plans to Aggressively Advance Timmins Projects, Arranges $100 Million In Financing
Press Release
Source: Lake Shore Gold Corp.
On 8:58 am EST, Thursday November 19, 2009
TORONTO, ONTARIO--(Marketwire - 11/19/09) - Lake Shore Gold Corp. (TSX:LSG - News) ("Lake Shore Gold," "the Company" or "LSG") today announced an agreement with Hochschild Mining Holdings Ltd. ("Hochschild"), a wholly owned subsidiary of Hochschild Mining plc (LSE:HOC - News), to raise $85.0 million through a private placement transaction for 19.2 million shares at a price of $4.43 per share. In addition, the Company announced a non-brokered structured flow-through financing co-led by Wellington West Capital Markets Inc. and Canaccord Capital Corporation for the issuance of 2.7 million shares at an average price of $5.94 per share for net proceeds of $15.0 million.
Hochschild will, through the private placement, increase its interest in the Company to approximately 36% of the common shares (on a fully diluted basis) from the current level of approximately 32%. Under the terms of the Strategic Alliance Agreement, entered into as part of a financing completed in February 2008, Hochschild's ownership in Lake Shore Gold is limited to 40% of the outstanding common shares (on a fully diluted basis). The limitation under the Strategic Alliance Agreement expires on November 22, 2010.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "Hochschild's additional investment in Lake Shore Gold, at a premium to market, is a strong endorsement of the quality of Lake Shore Gold's projects and the progress we are making. We appreciate Hochschild's ongoing support, which benefits all shareholders, and its continued commitment to the Strategic Alliance Agreement we signed early last year. Together, the two transactions announced today represent a blended 18% premium to yesterday's close. When compared to the expected price and costs related to a marketed transaction, the premium is approximately 30%.
"The funds being received from these transactions will support our plans to move all of our projects forward as aggressively as possible. We expect to produce 100,000 ounces of gold in 2010 and then to build production over the following three years to upwards of 350,000 ounces annually. Over the next 12 months, we will bring the Timmins Mine to commercial production, establish National Instrument 43-101 resources at Thunder Creek and the Bell Creek Complex, commence processing ore from the advanced exploration programs at Thunder Creek and the Bell Creek Complex and complete the expansion of the Bell Creek Mill to 3,000 tonnes per day. We also plan to significantly increase our exploration spending to $29 million with a focus on our Timmins West properties, including the Timmins Mine, Thunder Creek and additional targets acquired through the recently completed business combination with West Timmins Mining, as well as our Bell Creek Complex properties, including a large land position we have agreed to acquire from Goldcorp."
In addition to the $29 million of exploration spending in 2010, Lake Shore Gold also today announced that the Company is forecasting 2010 project spending of $134 million (before proceeds from anticipated gold sales). Of the project spending, new projects account for approximately $58 million, including $30 million for the expansion of the Bell Creek Mill in 2010 to 3,000 tonnes per day and $28 million for an underground advanced exploration program at Thunder Creek (see Figure 1.), which commenced earlier this month. The remaining $76 million relates to continued progress at the Bell Creek Complex and work to advance the Timmins Mine to commercial production, which the Company expects to achieve in the fourth quarter of 2010.
Both transactions announced today are subject to final documentation as well as to TSX and other customary regulatory approvals. The funds raised from the issuance of the flow-through shares shall be used for general exploration expenditures, which will constitute Canadian Exploration Expenditures ("CEE") as defined in the Income Tax Act. Finder's fees will be payable to certain parties, including Wellington West Capital Markets Inc. and Canaccord Capital Corporation, in relation to the offering of flow-through shares.
About Lake Shore Gold
Lake Shore Gold is a rapidly growing mining company with large land positions on the west and east-sides of the Timmins gold mining camp. The Company is currently carrying out an underground advanced exploration program at its 100%-owned Timmins Mine project, where it has both a shaft and a ramp, and is commencing advanced exploration at the adjacent Thunder Creek property. The Bell Creek Mill, located on the east side of Timmins, has been refurbished to a capacity of 1,500 tonnes per day. The Company is also making progress with an underground advanced exploration program at its Bell Creek Complex, including the Bell Creek Mine, Schumacher and Vogel properties, which is moving forward to become the Company's second mining operation in the Timmins Camp. The Company continues to invest aggressively in exploration primarily in Timmins and in select other areas of Northern Ontario and Quebec, and owns a large land position in Mexico. The Company's common shares trade on the TSX under the symbol LSG.
Forward-looking Statements
Certain statements in this press release relating to the Company's exploration activities, project expenditures, business plans, financing initiatives and financial and operating performance are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in Lake Shore Gold's most recent Annual Information Form and other regulatory filings which are posted on SEDAR at www.sedar.com.
To view Figure 1. (Thunder Creek Underground Advanced Exploration Program) please visit the following link:
http://media3.marketwire.com/docs/LAKESHORE.PDF
Contact:
Contacts:Lake Shore Gold Corp.Tony MakuchPresident & CEO(416) 703-6298Email: info@lsgold.comLake Shore Gold Corp.Mark UttingVice-President, Investor Relations(416) 703-6298Email: info@lsgold.comWebsite: www.lsgold.com
Sounds like a pretty project specific issue, and not a country wide one. Mexico is probably the most mining friendly country in the world.
I spy... a new all-time high!
Does Kimber just develop properties, or do they have real plans to get to actual production? It seems they may just work to prove them out in hopes of selling them to someone else?
Has anyone taken a serious look at theses guys?
I'm not touching this company with a 10 foot pole, but FYI...
Apollo Gold Announces Third Quarter 2009 Financial and Operating Results Conference Call
DENVER--(BUSINESS WIRE)--Apollo Gold Corporation (the “Company”) (TSX:APG) (AMEX:AGT) will be updating the market on the third quarter 2009 financial and operating results on Thursday, November 19, 2009. The Company’s management will host the conference call at 10:00 a.m. MT (9:00 a.m. PT and 12:00 Noon ET). The 2009 third quarter 10-Q and press release earnings report are available on the Company website at www.apollogold.com.
Conference Call Details:
Call-in Number – North America 877-407-0778
Call-in Number – International 201-689-8565
The conference call will be available for replay until November 26, 2009 by calling 877-660-6853 for North American callers and 201-612-7415 for International callers. You will need both account 286 and conference id# 338057 for playback. A link to the live webcast of the conference call will be available also on the Company website until December 19, 2009.
Derivative/hedge losses...
I just don't get why some invest in companies that have these hedges on that cause them too lose money, and increasingly more amounts of money, as the metal prices rise. Isn't the goal to have upside leverage to rising metals prices, and not downside leverage that can lead to toxic hedge books? There are literally hundreds, over a thousand probably, of mining companies out there at some level. Why bother with those that participate in these harmful contracts when there are so many other better options?
Companies DO exist and thrive without hedge books and outrageous share counts etc. Why not go with them, and only them?
EAS.v up about 10% on these ultra long dill results. Anyone still following these guys? I never pulled the trigger but am always looking for a good time to get in.
East Asia Minerals Intersects 183.5 Metres Grading 1.28 g/t Gold, Including 2.11 g/t Gold Over 77.7 Metres in 165 Metre Step Out at Miwah
Press Release
Source: East Asia Minerals Corporation
On 8:50 am EST, Friday November 13, 2009
Buzz up! 0 Print.VANCOUVER, BRITISH COLUMBIA--(Marketwire - 11/13/09) - East Asia Minerals Corporation (TSX-V:EAS - News) reports that diamond drilling continues to significantly expand the Miwah gold mineralization in Aceh Province, Northern Sumatra, Indonesia. Results have been received for drill hole EMD012A collared 165 metres east-northeast of previous EAS drilling where 2.11 g/t gold over 100 metres, including 4.81 g/t gold over 30 metres was intersected in EMD008. EMD012A encountered 1.28 g/t gold over 183.5 metres, including 2.11 g/t gold over 77.7 metres. To date East Asia has drilled more than 900 metres strike length along the shallow, laterally extensive 1.2 kilometre long Main Miwah Gold Zone. East Asia has encountered wide intercepts of gold mineralized rock in all of the holes it has drilled to date on the Main Miwah Gold Zone. The Main Miwah Gold Zone remains open in all directions.
Hole EMD012A replicated EMD012, which was abandoned at 32 metres because of drilling difficulties, and was drilled with a 250 degree azimuth and 30 degree dip. It was collared 165 metres east-northeast and 85 metres lower in elevation from holes EMD008/011. EMD012A ended in alteration/mineralization at 216.3 metres downhole depth. 1.28 g/t gold was encountered from 32.8 to 216.3 metres of which the top 77.7 metres (32.8 to 110.5 metres) contained 2.11 g/t gold. The mineralized interval contained minor cavities that were attributed a zero gold value in the composite calculation.
EMD012A was designed to test the eastern extension of gold mineralization encountered in holes EMD008/011 and in surface sampling where a set of normal faults are interpreted to down-drop the gold zone in a series of steps toward the eastern limit of the zone's exposure. The laterally extensive, near-horizontal layer of gold mineralization has now been drill validated for over 900 metres strike length. Similar to previous drilling, hole EMD012A supports the interpretation of an extensive, higher grade sub-horizontal layer, grading 2 to 5 g/t gold in the upper levels of the mineralized system. The mineralization in EMD012A is open in all directions and at depth, and is interpreted to be contiguous westward to surface, towards EMD008/011.
Drill hole EMD013 has been competed and was drilled from the same surface location as EMD012A, with an 86 degree azimuth and 47 degree dip to test the eastern extension of EMD012A gold mineralization (Refer to map on Company's website at www.EAminerals.com). Assays are pending.
A second drill rig will be helicopter mobilized to Miwah in the coming weeks to accelerate delivery of drill data necessary to calculate a NI43-101 resource estimate.
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,000 metres of drilling in eleven holes by a previous explorer in 1997. All holes drilled during this program intersected significant alteration and mineralization with intercepts including 71 metres of 1.4 g/t gold and 58 metres of 1.1 g/t gold. The previous explorer suggested potential for 100 Mt at 1.1 to 1.2 g/t gold, however a review of the historical data indicates that early drilling was parallel to higher grade (greater than 5 g/t gold) structures at surface. Hence, in addition to greater mineralized tonnage, significantly higher overall grades are anticipated from better geological understanding, results of the Company's detailed sampling, and properly oriented drill holes.
Based on the Company's work Miwah is resolving into two components; a large 1,200 metre long, 300 to 400 metre wide, approximately 200 metre thick tabular zone; and vertical diatreme breccia feeder zones that are beneath and cut through this. Within the tabular zone East Asia has over 2,000 metres of rock sawn channel samples which average 1.2 g/t gold. Ongoing sampling verified the Company's confidence that higher overall gold grades can be achieved due to the presence of multiple high grade rock sawn channel samples throughout the strike, including 4.11 g/t gold over 200 metres at the eastern part of the gold zone, and 4.35 g/t gold over 27 metres at the western part. Recent drilling has supported this. In addition to the tabular zone the Company has begun to characterize some of the diatreme breccia feeder zones, with rock sawn channel samples including 83.59 g/t gold over 24 metres and 20.14 g/t gold over 12 metres. Recent drilling has supported this. These feeder zones have great potential to develop into substantial tonnages of higher grade gold mineralization in an area adjacent to the Main Miwah Gold Zone.
The Miwah Property is in a very similar volcanic setting to the Martabe gold-silver deposit, also located in North Sumatra (Purnama and Baskara resources: 127.8 million tonnes at 1.4 g/t gold (5.5 million ounces gold) and 15 g/t silver (60 million ounces silver), and the alteration system is of a comparable size. Miwah also exhibits a likeness to the size, style and geometry of the alteration system developed at the Pierina gold deposit in Peru (67.7 Mt grading 2.98 g/t gold and 22 g/t silver, giving a total 6.49 million ounces gold and 47.9 million ounces silver).
Samples reported were assayed at Intertek assay laboratories in Jakarta. Lionel Martin, P.Geo., the designated QP within the meaning of NI 43-101, has reviewed and approves the content of this release. East Asia has not verified the classification of the resource references and is not treating them as NI 43-101 defined resources verified by a QP. Although the references of resources are relevant to recognizing the potential of the Miwah project, they should not be relied upon.
About East Asia Minerals Corporation
East Asia Minerals (TSX-V:EAS - News) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. Two of these, the Sangihe (Binebase-Bawone) and Barisan 1 (Abong) gold projects, are being advanced to define NI43-101 compliant resources. The Company owns eleven uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, four phosphate properties, and a 75% interest in the Khok Adar copper oxide discovery in Mongolia. East Asia currently has 67,024,122 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
Forward Looking Statements - This News Release contains forward looking information within the meaning of the British Columbia Securities Act, the Ontario Securities Act and the Alberta Securities Act, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with our expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of new or updated feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations (including uranium, fuel, steel and construction items), currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The words anticipate, believe, estimate and expect and similar expressions, as they relate to us or our management, are intended to identify forward looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
To receive or stop receiving EAS news via email, please email Info@EAminerals.com and state your preference in the subject line.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Fortuna has net loss due to hedge losses...
Fortuna Reports Record Revenue of US$ 13.23 Million and Mine Operating Income of US$ 7.07 Million in Q3 of 2009
Press Release
Source: Fortuna Silver Mines Inc.
On 3:19 pm EST, Thursday November 12, 2009
Buzz up! 0 Print.VANCOUVER, Nov. 12 /PRNewswire-FirstCall/ - Fortuna Silver Mines Inc. (TSX.V: FVI / Lima Exchange: FVI) - is pleased to announce that it has filed its financial statements and MD&A for the three months ended September 30, 2009. The full documents are available on SEDAR and have also been posted on the Company's website at www.fortunasilver.com.
Third quarter 2009 highlights:
- Mine operating income of US$ 7.07 million compared to US$ 1.73
million in Q3 2008
- Historic record sales of US$ 13.23 million compared to US$ 7.49
million in Q3 2008
- Cash flow from operations before changes in non-cash working capital
of US$ 2.66 million, compared to US$2.58 million in Q3 2008
- Net loss of US$ 0.56 million compared to net loss of US$ 0.30 million
in Q3 2008
- Adjusted net income (*) of US$ 1.22 million compared to US$ 0.23
million in Q3 2008
- Cash position and working capital as at September 30, 2009 were US$
33.68 million and US$ 34.86 million respectively
(*) Adjusted net income is a non-GAAP (Generally Accepted Accounting
Principles) measure. Read below for reconciliation with the net
loss in the consolidated statement of operations. For more detail,
refer to the MD&A document filed on SEDAR.
Jorge Ganoza, President, CEO and Director, commented, "The Company reported record breaking sales of US$ 13.23 million. The average realized price of silver in the third quarter was US$ 14.70. Fortuna is well positioned to continue capitalizing on this bull trend in silver and base metals."
A conference call has been scheduled for Monday, November 16, at 11:00 a.m. EST / 8:00 a.m. PST to discuss the quarterly results. Details of the call are available at the end of this release.
Financial Results
-----------------
During the third quarter of 2009, the Company generated record quarterly sales of US$13.23 million compared to US$7.49 million in the same period of 2008; an increase of 77%.
The Company recorded a net loss in the current quarter of US$0.56 million which was due primarily to negative mark-to-market movements on our commodity hedge book. The Company's base metal price protection program generated a loss on commodity contracts of US$3.47 million during the third quarter of 2009 compared to a gain of US$0.69 million for the same period of 2008.
Adjusting for the mark-to-market effect on derivatives, the third quarter of 2009 resulted in adjusted net income of US$1.22 million compared to US$0.23 million for the same period of 2008. The increase of US$0.99 million is primarily a result of record mine operating income of US$7.07 million compared to US$1.73 million in the same period of 2008.
Summary of financial results (US$):
Expressed in '000's
-----------------------------------------
Three months ended Nine months ended
September 30, September 30,
-----------------------------------------
2009 2008 2009 2008
-------------------------------------------------------------------------
$ $ $ $
Revenue 13,230 7,492 35,072 22,072
Mine operating income 7,074 1,734 17,534 6,886
Operating income 4,388 (383) 8,820 636
Adjusted net income (loss) 1,224 231 1,849 (302)
Cash flow from operations before
changes in non-cash
working capital items 2,658 2,577 10,909 (7,659)
Cash cost per Ag oz net
of by-product credits (US$/oz) (5.34) - - -
-------------------------------------------------------------------------
Reconciliation of adjusted net income to net income in the consolidated
statement of operations (US$):
Expressed in '000's
-----------------------------------------
Three months ended Nine months ended
September 30, September 30,
-----------------------------------------
2009 2008 2009 2008
-------------------------------------------------------------------------
NET (LOSS) INCOME FOR THE PERIOD $ (556) $ (297) $ (414) $ 1,558
Items of note:
Mark-to-Market effect
on derivatives 1,780 528 2,263 (1,860)
-------------------------------------------------------------------------
ADJUSTED NET INCOME (LOSS)
FOR THE PERIOD(1) $ 1,224 $ 231 $ 1,849 $ (302)
-------------------------------------------------------------------------
Operating Results
-----------------
The mine continues to be on target to achieve its silver production forecast of 1.6 million ounces for 2009. Silver production reached 438,186 ounces in the third quarter of 2009, an 80% increase over the same period in 2008.
Cash cost per ounce of payable silver net of by-product credits at Caylloma was negative US$5.34 for the third quarter of 2009 compared to negative US$2.98 for second quarter of 2009. This reduction in cash cost is due to higher credits from by-products. Cash cost per tonne of treated ore for the third quarter of 2009 was US$45.09 compared to US$44.43 for the corresponding quarter of 2008.
San Jose Project
----------------
Management plans to have all the engineering and permits required to initiate construction at San Jose concluded by year end. Project staffing for the construction phase is being conducted and the Company has initiated selective searches for long lead equipment.
Conference Call to Review Quarterly Financial Results
-----------------------------------------------------
The Company will hold a conference call to discuss the financial results on Monday, November 16, 2009, at 11:00 a.m. EST / 8:00 a.m. PST. Hosting the call will be Jorge Ganoza, President, Chief Executive Officer and Director, and Luis Dario Ganoza, Chief Financial Officer.
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at the Investor Calendar website or over the phone by dialing just prior to the starting time.
Conference call details:
Date: Monday, November 16, 2009
Time: 11:00 a.m. EST / 8:00 a.m. PST
Dial in number (Toll Free): 877-407-8035
Dial in number (International): 201-689-8035
Replay number (Toll Free): 1-877-660-6853
Replay password (International): 1-201-612-7415
Replay Passcodes (both are required for playback):
Account: # 286
Conference ID: # 337303
Playback of the webcast will be available until February 17, 2010. Playback of the conference call will be available until 11:59 p.m. EST on November 30, 2009. In addition, the call will be archived in the Company's website.
Stock Option Cancellation
-------------------------
The Company advises that it has cancelled 1,075,000 incentive stock options which were exercisable at $3.22 per share.
Fortuna Silver Mines Inc.
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
ON BEHALF OF THE BOARD
Jorge Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
Symbol: TSX.V: FVI / Lima Exchange: FVI
.
Endeavour Silver Reports Financial and Operating Results for Q3, 2009; Silver Production Up 6%, Cash Costs Down 46% Compared to Q3, 2008
Press Release
Source: Endeavour Silver Corp.
On 4:05 pm EST, Tuesday November 10, 2009
Buzz up! 0 Print.Companies:Endeavour SilverEndeavour Silver Corp.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 11/10/09) - Endeavour Silver Corp. ("Endeavour" or the "Company") (TSX:EDR - News)(TSX:EDR.WT - News)(AMEX:EXK - News)(DBFrankfurt: EJD) announced today its financial and operating results and unaudited financial statements for the Third Quarter, 2009. Endeavour owns and operates two high-grade, underground, silver-gold mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.
Related Quotes
Symbol Price Change
EJD.F 2.17 -0.01
{"s" : "ejd.f,exk","k" : "c10,l10,p20,t10","o" : "","j" : ""} The financial results are expressed in US dollars ("US$") and are based on Canadian generally accepted accounting practices (Canadian "GAAP"). For a more detailed review, shareholders are referred to the Third Quarter, 2009 Financial Statements - http://www.edrsilver.com/s/FinancialStatements.asp and Management Discussion and Analysis ("MD&A") posted on the Company's website, http://www.edrsilver.com/s/MDA.asp.
Third Quarter, 2009 Highlights (Compared to Q3, 2008)
- Silver production climbed 6% to 661,903 ounces (oz)
- Gold production jumped 46% to 3,604 oz
- Silver and equivalent production rose 14% to 878,143 oz (60:1 silver: gold ratio, no base metals)
- Mineral sales declined 8% to $9.8 million, but finished goods increased to $9.1 million
- Mine operating cash-flow increased 11% to $3.3 million
- Cash costs fell 46% to $5.20 per oz silver produced (net of gold credits)
- 2009 Capital investments 71% complete, several mine and plant projects finished on time and budget, new high grade ore zones accessed for mining at Porvenir Dos and Bolanitos
- 2009 Exploration expenditures 65% complete, discovered new high grade mineralized zone on Porvenir Cuatro, exploration budget increased by 45% to $2.65 million, 7 drills now working
- Guanajuato mine rescue team won 3rd place for First Aid Practice in Mexico's National Mine Rescue Competition, even though it was their first competition
Bradford Cooke, Chairman and CEO, commented, "Endeavour posted yet another strong quarter of growing silver and gold production, rising mine operating cash-flow and falling cash costs in Q3, 2009. I would like to congratulate our operations team for driving our cash costs down 46% year-on-year and 25% quarter-on-quarter, thanks in part to higher ore grades and metal recoveries at both mining operations. As a result, our cash flow from operations is now positive and growing quarter on quarter."
"We also enjoyed exploration success in Q3, 2009 with the discovery of a new high grade mineralized zone on the recently acquired Porvenir Cuatro property, located only three kilometres from the Porvenir mine. As a result, the 2009 exploration budget has been expanded by 45% and we now have seven drills working, four on exploration projects and three defining the ore limits at the two mining operations."
"Management is optimistic Q4, 2009 will be another record quarter for growing production, rising cash-flows and falling cash costs now that the bulk of our 2009 capital programs are complete or nearing completion. We remain focused on unfolding the full organic growth potential of our two core operating assets in Mexico, as well as making some key acquisitions to further augment our future growth profile."
To view a video of Chairman Bradford Cooke and his commentary on these results, click here: http://www.youtube.com/watch?v=mquTmZ3U1Yk
Financial Results (see Consolidated Statement of Operations)
Mineral Sales declined 8% to $9.8 million in Q3, 2009 (Q3, 2008 - $10.6 million) as the Company sold 525,191 silver oz and 2,334 gold oz at average realized prices of $14.34 and $969 respectively. Costs of Sales were down 16% to $6.5 million (Q3, 2008 - $7.6 million) primarily due to higher production being offset by the depreciation of the Mexican peso. Finished goods for silver rose by 51% to 384,343 oz and for gold escalated by 80% to 2,782 oz as the Company chose to optimize revenues given the rising price trends of silver and gold.
Mine Operating Cash Flows increased 10% to $3.3 million (Q3, 2008 - $3.0 million); and Mine Operating Earnings rose to $1.3 million (Q3, 2008 - $0.4 million). The Company realized a 76% lower Operating Loss of $1.1 million (Q3, 2008 - $4.6 million), primarily due to higher Mine Operating Cash Flows and lower exploration expenses and administrative expenses. The Loss Before Taxes decreased similarly by 76% to $1.7 million (Q3, 2008 - $7.0 million) as in the prior year, the Company incurred a loss on marketable securities and an impairment of asset backed commercial paper. The Company incurred an 80% lower Net Loss in Q3, 2009 of $1.5 million (Q3, 2008 - $7.4 million).
Cash costs fell 46% to $5.20 per oz silver produced in Q3, 2009 (Q3, 2008 - $9.55 per oz) thanks to higher plant throughputs at Guanajuato, higher ore grades and metal recoveries at both Guanacevi and Guanajuato, the depreciation of the Mexican peso, and significantly increased gold production and gold prices. Endeavour reports its cash operating costs according to the Gold Institute cash cost reporting guidelines so they include offsite costs such as transportation, smelting and refining costs, net of by-product credits.
The Company made capital investments totalling $4.8 million in property, plant and equipment during the Third Quarter, 2009. The main focus of the capital programs was the construction of pump stations and related infrastructure at North Porvenir and Santa Cruz in Guanacevi; accelerated mine development at North Porvenir, Porvenir Dos and Alex Breccia in Guanacevi and Lucero, Bolanitos and Cebada in Guanajuato; expansion of the 2009 tailing pond at the Guanacevi plant; and installation of a new cone crusher at the Guanajuato plant. Approximately $3.5 million was spent at Guanacevi, including $2.9 million on mine development, $0.5 million on equipment and $0.1 million on office equipment. Some $1.3 million was spent at Guanajuato, including $1.0 million on mine development and $0.3 million on equipment.
At September 30, 2009, the Company held cash and cash equivalents of $3.3 million and working capital totalled $12.0 million. Subsequent to quarter end, the Company completed a prospectus financing and a private placement for total gross proceeds of CAD$22.4 million.
Operating Results (see Consolidated Table of Operations)
Silver production in Q3, 2009 climbed 6% to 661,903 oz and gold production jumped 46% to 3,604 oz compared to Q3, 2008 thanks to higher plant throughput and silver grades at Guanajuato, higher gold grades at both Guanacevi and Guanajuato, and higher silver and gold recoveries at Guanacevi. As a result, silver and equivalent production rose 14% to 878,143 oz (60:1 silver: gold ratio, no base metals) year-on-year.
Plant throughputs in Q3, 2009 totalled 93,276 tonnes, down 4% compared to Q3, 2008 due to the re-allocation of men and equipment at Guanacevi from ore production to mine development and capital projects, and several unexpected outages on the local power grid. Guanacevi averaged 596 tonnes per day (tpd) and Guanajuato averaged 485 tpd (based on a 6 day work week) in Q3, 2009. Silver grades averaged 271 grams per tonne (gpt) silver (7.9 oz per ton), comparable to Q3, 2008 but gold grades averaged 1.42 gpt gold (0.04 oz per ton), some 53% higher than Q3, 2008 as a result of higher gold grades at both Guanacevi and Guanajuato and higher plant throughput at Guanajuato. Silver recoveries in Q3, 2009 rose 6% to 79.6%, reflecting improved plant performance at Guanacevi and gold recoveries remained constant compared to Q3, 2008 at 84.6%.
Several capital projects were completed on time and budget during the Third Quarter, 2009 including construction of the North Porvenir access ramp, ventilation raise, vent bagging, and electrical substation; and Porvenir Dos access ramp; and a new cone crusher at the Guanajuato plant. The Porvenir pump station is now operating and will be completed by year end. The Alex Breccia access ramp was also completed but production was subsequently halted in favour of focusing men and equipment on the higher grade ores at Porvenir Dos. The Santa Cruz access ramp work was also halted to allow for the construction of its pump station and related infrastructure (now 30% complete). A total of 3,232 meters (m) of mine development was completed during the quarter, 1,930 m at Guanacevi and 1,302 m at Guanajuato.
Recent mine development along the Bolanitos vein in Guanajuato has opened up a new zone 55 m long averaging 3.7 m wide and grading 219 gpt Ag and 4.25 gpt Au. This area was outlined by the 2008 exploration drilling program and drill hole intercepts indicate that the zone should continue for at least another 50 m, still open along strike and down dip.
Recent mine development at Porvenir Dos in Guanacevi has opened up ore on two levels, averaging 2.68 m wide and grading 416 gpt Ag and 0.75 gpt Au on the 3401 level over a length of 213 m and averaging 2.28 m wide at grades of 501 gpt Ag and 0.86 gpt Au over a length of 185 m on the second level (3402).
During Q3, 2009, Endeavour reported the discovery of a new high grade mineralized zone on the recently acquired Porvenir Cuatro property, located only three kilometres from the Porvenir mine. Drilling highlights include 713 gpt silver and 3.85 gpt gold over a 5.67 m true width in hole PC50-2, including 3,250 gpt silver and 39.7 gpt gold over 0.31 m true width.
As a result, management has increased the 2009 exploration budget by 45% and the Company now has seven drill rigs working, four on exploration projects and three defining the ore limits at the two mining operations. Drill permits were recently received for the Guanajuato exploration program and drilling is now underway to test for extensions of the Lucero, Bolanitos and other veins.
Q4, 2009 Outlook
Endeavour management is optimistic that production and cash flow will continue to rise and cash costs will continue to fall in Q4, 2009, barring any unforeseen circumstances. Planning and design work is now underway for the 2010 mine plans and capital programs to facilitate next year's plans.
Guanacevi currently draws 80% of its ore production from the Porvenir Mine, although Porvenir Dos production continues to grow as the ramp advances and new levels are accessed. The recent use of a portable jaw crushing circuit at the Guanacevi plant is intended to augment current production capacity until the permanent expanded crushing circuit is completed in 2010. Work should re-commence on the Santa Cruz ramp in Q4, 2009 to allow for ore development starting in Q1, 2010 so that three mines can feed the Guanacevi plant in 2010.
At Guanajuato, the Lucero vein continues to contribute 60% of the ore production with the balance coming from Cebada and Bolanitos. With the recent expansion of the Guanajuato plant capacity to 600 tpd through the installation of a new cone crusher, production is expected to climb with the development of the new ore zone on the Bolanitos vein. However, plant capacity is not expected to be achieved until new mine equipment arrives in Q1, 2010.
The Phase 2 expanded exploration program for 2009 is now well underway. It includes an additional 6000 meters of core drilling in 20 drill holes on the northern continuation of the Santa Cruz vein on the Porvenir Cuatro properties north of the operating Porvenir mine and 3000 meters of core drilling in 10 drill holes to target extensions of several veins, mantos and stock-works in the San Pedro area of Guanacevi. In Guanajuato, proposed drilling will aim to extend the Bolanitos, San Jose and Lucero veins to the south where they still remain open. Mapping and sampling along the Veta Madre northwest of Endeavour's Cebada mine discovered a new zone of alteration with coincident gold and silver geochemical anomalies. This new discovery possibly represents another ore-shoot on the Veta Madre which has never been drilled.
Godfrey Walton, M.Sc., P. Geo., the President and COO for Endeavour, is the Qualified Person who reviewed this news release and oversaw the mining operations. Barry Devlin, M.Sc., P. Geo., the Vice President of Exploration for Endeavour, is the Qualified Person who reviewed this news release and supervised the exploration programs.
Q3, 2009 Conference Call at 10:30 am PST, Thursday, November 12, 2009
A conference call to discuss the results will be held at 1:30 PM Eastern Standard Time (10:30 AM Pacific Standard Time) on Thursday, November 12, 2009. To participate in the conference call, please dial the following:
- 800-396-7098 Canada and USA (Toll-free)
- 416-695-7848 Toronto area/International callers
- No pass-code is necessary
A replay of the conference call will be available for the week following the call by dialling 1-800-408-3053 in Canada & USA (Toll-free) or 416-695-5800 in the Toronto area. The required pass-code is 3238212. A podcast and a simultaneous webcast of the conference call will be posted on the home page of the company's website, www.edrsilver.com.
Endeavour Silver Corp. is a small-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted four consecutive years of aggressive silver production and resource growth. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition program should help Endeavour achieve its goal to become the next premier mid-tier primary silver producer.
ENDEAVOUR SILVER CORP.
BRADFORD COOKE, Chairman and CEO
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include, but are not limited to, statements regarding Endeavour's anticipated performance in 2009, including silver and gold production, timing and expenditures to develop new silver mines and mineralized zones, silver and gold grades and recoveries, cash costs per ounce, capital expenditures and sustaining capital and the use of proceeds from the Company's recent financing. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others: fluctuations in the prices of silver and gold, fluctuations in the currency markets (particularly the Mexican peso, Canadian dollar and U.S. dollar); changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected geological conditions, pressures, cave-ins and flooding); inadequate insurance, or inability to obtain insurance; availability of and costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, diminishing quantities or grades of mineral reserves as properties are mined; the ability to successfully integrate acquisitions; risks in obtaining necessary licenses and permits, and challenges to the company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Contact:
Contacts:Endeavour Silver Corp.Hugh ClarkeToll free: 877-685-9775 or (604) 685-9775(604) 685-9744 (FAX)hugh@edrsilver.comwww.edrsilver.com
Silver Wheaton still hunting for acquisitions, sees 2010 production jump
By Brenda Bouw, THE CANADIAN PRESS
2009-11-10 12:50:00
VANCOUVER, B.C. - Silver Wheaton Corp. (TSX:SLW) is still on the hunt for more acquisitions, saying its recent deal to buy silver from Barrick Gold Corp. (TSX:ABX) has opened the door to other "good quality" purchases.
"People who we have been talking to for a while see Barrick do a deal and say 'You know what, if it makes sense for Barrick, maybe it makes sense for us?"' Silver Wheaton president and CEO Peter Barnes told investors during a conference call Tuesday.
"We are seeing more good quality opportunities now than we've ever seen... . I don't think that is going to slow down. I think we are going to have more good quality acquisitions to announce over the next year or two."
Barnes said the company's acquisition goals will delay any plans to start paying dividends to its shareholders in the short term.
"It is something we will always think about... but right now we are focused on increasing shareholder value through future acquisitions."
His comments came after the company announced record production, sales and earnings for the third quarter ended Sept. 30, despite lower than predicted production at three of its mines.
The Vancouver-based company, which keeps it books in U.S. dollars, reported a third-quarter profit of $33.6 million or 11 cents per share, up from $20.2 million or eight cents per share a year ago.
Sales totalled $69.8 million, up from $39.4 million.
Production reached 4.3 million silver equivalent ounces - including four million ounces of silver and 3,698 ounces of gold - at a total cash cost of US$3.971 per silver ounce, a 59 per cent increase over the same quarter last year.
Sales came in at 4.6 million ounces - four million ounces of silver and 9,953 ounces of gold - up 70 per cent from last year.
The company also revised its 2009 guidance to the lower end of its 17 to 19 million production target, after changing the basis for its guidance on silver equivalent production, instead of sales.
"It's literally impossible to predict a year ahead what sales could be," Barnes said in explaining the change.
"I focus on production because once it's produced it is going to get sold... whether it's this quarter or next quarter, it is going to get sold."
However, Barnes said 2010 production will increase "very significantly" from the current year due to the expected production startup at Goldcorp's (TSX:G) Penasquito mine in Mexico, as well as production from two Silver Wheaton acquisitions this year, including the Barrick deal.
Silver Wheaton said in September it would pay $625 million over three years to buy silver produced from four Barrick mines in South America.
That deal, Silver Wheaton's largest to date, will boost its production to 40 million ounces by 2013.
The key part of the deal for Silver Wheaton is the 25 per cent life-of-mine silver production it is buying from Barrick's Pascua-Lama project, which straddles the border of Chile and Argentina. Production there is expected to begin production in late 2012.
Silver Wheaton is also buying 100 per cent of the silver production from Barrick's Lagunas Norte, Pierina and Veladero mines until the end of 2013.
The Barrick deal comes after Silver Wheaton bought its only competitor, Silverstone Resources Corp. (TSXV:SST), for $190 million earlier this year.
Silver Wheaton also has a deal with buy silver from the Penasquito mine, which is slated to begin production next year.
Production at Penasquito is expected to be about five million ounces of silver next year, increasing to average annual production of about 7.2 million ounces over the estimated 22-year mine life.
Overall, Silver Wheaton is forecasting production of 40 million ounces by 2012 and sales of 39 million ounces.
"Given SLW's recent acquisitions, we expect further quarterly production records could be set over the next few years," UBS analyst Dan Rollins said in a research note Tuesday.
Silver Wheaton shares were trading down 19 cents at $15.27 on the Toronto Stock Exchange Tuesday.
Gold Resource Partners is NOT Gold Resource Corporation, the real GORO
New all-time of $9.60 today, $10 tomorrow?
GORO at a new all-time high as well, up 6.67% to $9.60.
Alexco Announces Additional 2009 Drill Results, Keno Hill District, Yukon: Keno 700 Drilling Intersects 1.03 Meters of 18.48 g/t Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 11/05/09) - Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce additional results from its 2009 exploration core drilling program at the Keno Hill Project, Yukon. Exploration drilling in the vicinity of the historical Keno 700 mine has intersected gold-rich mineralization approximately 450 meters southwest of similar mineralization encountered in 2008. The Keno 700 area is located approximately 2 kilometers southeast of the Lucky Queen and 3 kilometers northeast of the Bellekeno historical mine areas.
Keno 700 Drill Results
- Complete assay results have been received for three core holes drilled approximately 450 meters southwest of the historical Keno 700 mine. Results include the following:
-- DDH K09-201 cut an interval grading: 18.48 grams per tonne gold (0.54 ounces per ton), 200.3 grams per tonne silver (5.8 ounces per ton), 2.79% lead and 3.92% zinc over 1.03 meters from 237.20 to 238.23 meters.
-- DDH K08-200 cut an interval grading: 4.55 grams per tonne gold (0.13 ounces per ton), 18.6 grams per tonne silver (0.5 ounces per ton), 0.15% lead and 0.15% zinc over 2.03 meters from 81.86 to 83.89 meters.
-- DDH K08-199 cut an interval grading: 2.01 grams per tonne gold (0.06 ounces per ton), 15.7 grams per tonne silver (0.5 ounces per ton), 0.08% lead and 0.78% zinc over 2.20 meters from 51.00 to 53.20 meters.
Mineralization in the Keno 700 area is hosted in two sets of veins: easterly trending, gold/silver-enriched longitudinal veins; and northeast-trending, silver/base metal-enriched transverse veins. The bulk of the silver-rich production from the historical Keno 700 mine came from the Keno 700 #9 vein (transverse vein) with additional production from several other veins including the Keno 700 #6 and #1 longitudinal veins. The Keno 700 #6 vein/fault is a major through-going structure with a known strike length in excess of 2.5 kilometers.
The three 2009 holes, located approximately 450 meters southwest from the historic Keno 700 mine, were designed to test the extension of the Keno 700 #6 vein/fault, at or near the projected intersection with possible transverse vein(s) in an area containing local silver anomalies from historical, shallow overburden drilling. The holes were drilled in a fence from a single location and intersected a broad structural zone up to 20 meters wide containing extensive quartz/carbonate veining with local galena, sphalerite and arsenopyrite. DDH K09-201, the deepest of the three holes, contained the best intercept where mineralization remains open at depth and along strike. These latest drill holes are located approximately 450 meters southwest of the Keno 700 drilling from 2008 which intersected mineralization grading up to 57.50 grams per tonne gold (1.68 ounces per ton) over 1.10 meters (see news release dated January 21, 2009 entitled "Alexco Announces Final 2008 Drill Results from Keno Hill Silver District: Gold-rich Intercepts Encountered at Historical Keno 700 Mine Area"). This earlier drilling targeted the Keno 700 #6 vein near the projected intersection with the #9 vein in the area of the Keno 700 workings.
Exploration potential in the area of the historical Keno 700 mine continues to be evaluated, specifically the relatively unexplored southwest extension of the #6 vein.
Keno 700 Production and Historical Resource
The 2008/2009 Keno 700 drilling intersected high-grade gold mineralization along strike of the historical silver-rich Keno 700 mine where reported past production totaled 283,762 tons averaging 44.4 ounces per ton silver, 10.7% lead and 3.7% zinc. A historical resource estimate, for the area encompassing the underground workings in the Keno 700 area, was calculated by the previous property owner's staff in the 1990's. This historical resource estimate, including proven, probable and inferred mineralization, totaled 69,483 tons grading 31.64 ounces per ton silver, 0.42% lead, 0.00% zinc and 0.047 ounces per ton gold. Although believed to be relevant and reliable by Alexco management, this historical resource estimate predates National Instrument 43-101 ("NI 43-101") and is not compliant with NI 43-101 resource categories.
Results of all of the released 2009 Keno Hill drill hole results are available on the Alexco Resource Corporation website at www.alexcoresource.com. Plans/sections for the areas drilled showing locations of the completed drill holes are also available for review.
Notes
True widths have not been determined for all the above reported drill intercepts but are believed to be representative of actual drill thicknesses.
The 2009 exploration drill program and sampling protocol has been reviewed, verified and compiled by Alexco's geologic staff under the oversight of Stan Dodd, Vice President, Exploration for Alexco and a Qualified Person as defined by NI 43-101. A rigorous quality control and quality assurance protocol is used on the project, including blank, duplicate and standard reference samples in each batch of 20 samples that were delivered to the lab. All drill core samples were shipped to Eco Tech Laboratory at Whitehorse, YT for preparation with fire assay and multi-element ICP analyses done at Eco Tech Laboratory's facility at Kamloops, BC.
Keno Hill Silver District History
Between 1921 and 1988, the Keno Hill Silver District produced more than 217 million ounces of silver with average grades of 40.5 ounces per ton silver, 5.6% lead and 3.1% zinc (Yukon Government's Minfile database). The historical production grades would rank Keno Hill in the top 3% by grade of today's global silver producers. The Keno Hill district is the second-largest historical silver producer in Canada.
About Alexco
Alexco's business is to unlock value and manage risk at mature, closed or abandoned mine sites through integration and implementation of the Company's core competencies which include management of environmental services, execution of mine reclamation and closure operations and if appropriate, rejuvenation of exploration and development of new mining opportunities.
Some statements in this press release contain forward-looking information. These statements include, but are not limited to, statements with respect to the entering into of agreements, the closing of transactions and the expenditure of funds. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing of transactions, the ability to fulfill certain conditions, the ability to raise funds and the timing and amount of expenditures.
Contact:
Contacts:Alexco Resource Corp.Clynton R. NaumanPresident and Chief Executive Officer604-633-4888604-633-4887 (FAX)info@alexcoresource.comwww.alexcoresource.com
Not crazy at all as gold is a much better currency than the dollar can ever be. Gold now making new all-time highs above $1077!
EAS.v has pulled back from $3.10 to $1.75 over the past few months. What's a good entry point/valuation for these guys?
East Asia Completes Planning for NI43-101 Resource Drilling at Miwah
Press Release
Source: East Asia Minerals Corporation
On 8:30 am EST, Tuesday November 3, 2009
Buzz up! 0 Print.VANCOUVER, BRITISH COLUMBIA--(Marketwire - 11/03/09) - East Asia Minerals Corporation (TSX-V:EAS - News) is pleased to announce that planning has been completed for Phase 2 diamond drilling of the Main Miwah Gold Zone. The Phase 2 program will begin immediately upon the completion of hole EMD013, the end of the Phase 1 program. Based on the strong and consistent gold mineralization encountered to date, the Phase 2 program is designed to provide drill results required to complete a NI43-101 compliant resource estimate. A second rig is planned to arrive at Miwah prior to end-year with the intention to complete the NI43-101 resource estimate drilling by mid-year 2010. The Company is well funded to undertake much of the planned drilling.
To date more than 700 metres of strike length have been drilled and assay validated by East Asia Minerals along the shallow, laterally extensive 1.2 kilometre long Main Miwah Gold Zone. In addition the drill rig has been stepped out a further 140 metres to the east where EMD012 has been completed after drilling a wide intercept of visually altered and mineralized rock. EMD013 is currently progressing in similar visually altered and mineralized rock (Refer to map on Company's website at www.EAminerals.com). The Miwah project demonstrates a robust gold system that continues to grow rapidly and that has provided a 100 percent hit rate of strong gold values. Drilling in the Main Miwah Gold Zone has also demonstrated a laterally extensive, higher grade near-horizontal layer, grading 2 to 5 g/t gold in the upper levels of the mineralized system.
Detailed mapping and sampling are continuing at the new South Miwah Bluff gold discovery, and planning is underway for a grid-based soil sampling program in conjunction with ongoing rock sawn channel sampling of outcrop. The results will be used to generate targets for follow-up diamond drilling. Recent electron microprobe studies of gold-bearing samples from the new discovery area display a high percentage of free gold. Secondary and back-scattered electron images clearly show that the free gold infills cavities and fractures. Together with preliminary metallurgical test work undertaken by a previous explorer for the Main Miwah Gold Zone, which indicated gold recoveries of 74% to 84% from cyanidation testing of mixed oxide sulphide samples, and greater than 90% recovery for oxide, the recognition of significant amounts of free gold in samples is pointing to favourable metallurgical properties at the project. Formal metallurgical testing will be conducted as the Miwah project is advanced.
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,000 metres of drilling in eleven holes by a previous explorer in 1997. All holes drilled during this program intersected significant alteration and mineralization with intercepts including 71 metres of 1.4 g/t gold and 58 metres of 1.1 g/t gold. The previous explorer suggested potential for 100 Mt at 1.1 to 1.2 g/t gold, however a review of the historical data indicates that early drilling was parallel to higher grade (greater than 5 g/t gold) structures at surface. Hence, in addition to greater mineralized tonnage, significantly higher overall grades are anticipated from better geological understanding, results of the Company's detailed sampling, and properly oriented drill holes.
Based on the Company's work Miwah is resolving into two components; a large 1,200 metre long, 300 to 400 metre wide, approximately 200 metre thick tabular zone; and vertical diatreme breccia feeder zones that are beneath and cut through this. Within the tabular zone East Asia has over 2,000 metres of rock sawn channel samples which average 1.2 g/t gold. Ongoing sampling verified the Company's confidence that higher overall gold grades can be achieved due to the presence of multiple high grade rock sawn channel samples throughout the strike, including 4.11 g/t gold over 200 metres at the eastern part of the gold zone, and 4.35 g/t gold over 27 metres at the western part. Recent drilling has supported this. In addition to the tabular zone the Company has begun to characterize some of the diatreme breccia feeder zones, with rock sawn channel samples including 83.59 g/t gold over 24 metres and 20.14 g/t gold over 12 metres. Recent drilling has supported this. These feeder zones have great potential to develop into substantial tonnages of higher grade gold mineralization in an area adjacent to the Main Miwah Gold Zone.
The Miwah Property is in a very similar volcanic setting to the Martabe gold-silver deposit, also located in North Sumatra (Purnama and Baskara resources: 127.8 million tonnes at 1.4 g/t gold (5.5 million ounces gold) and 15 g/t silver (60 million ounces silver), and the alteration system is of a comparable size. Miwah also exhibits a likeness to the size, style and geometry of the alteration system developed at the Pierina gold deposit in Peru (67.7 Mt grading 2.98 g/t gold and 22 g/t silver, giving a total 6.49 million ounces gold and 47.9 million ounces silver).
Samples reported were assayed at Intertek assay laboratories in Jakarta. Lionel Martin, P.Geo., the designated QP within the meaning of NI 43-101, has reviewed and approves the content of this release. East Asia has not verified the classification of the resource references and is not treating them as NI 43-101 defined resources verified by a QP. Although the references of resources are relevant to recognizing the potential of the Miwah project, they should not be relied upon.
About East Asia Minerals Corporation
East Asia Minerals (TSX-V:EAS - News) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. Two of these, the Sangihe (Binebase-Bawone) and Barisan 1 (Abong) gold projects, are being advanced to define NI43-101 compliant resources. The Company owns eleven uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, four phosphate properties, and a 75% interest in the Khok Adar copper oxide discovery in Mongolia. East Asia currently has 66,584,122 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
Forward Looking Statements - This News Release contains forward looking information within the meaning of the British Columbia Securities Act, the Ontario Securities Act and the Alberta Securities Act, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with our expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of new or updated feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations (including uranium, fuel, steel and construction items), currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The words anticipate, believe, estimate and expect and similar expressions, as they relate to us or our management, are intended to identify forward looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
To receive or stop receiving EAS news via email, please email Info@EAminerals.com and state your preference in the subject line.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:East Asia Minerals Corporation - VancouverMichael HawkinsPresident and CEO+1-604-684-2183Hawkins@EAminerals.comEast Asia Minerals Corporation - TorontoNick KohlmannCorporate Communications+1-416-792-8734Kohlmann@EAminerals.comwww.EAminerals.com
Why bother? They have much better things to focus on at the moment. Starting production, exploring, etc.
I believe they've talked about an uplisting to the Amex at some point, but not any time soon as far as I know.
Crushing Plant Start-Up at Gold Resource Corporation's El Aguila Project Mill
Gold Resource Corporation (GRC) (OTCBB: GORO) (FRANKFURT: GIH) reports start-up and commissioning of the crushing plant at its El Aguila Project's mill. Stockpiling of the Aguila open pit ore continues in preparation for commencement of production at the El Aguila Project in the southern state of Oaxaca, Mexico. The Aguila mill is in the final phase of construction and is targeting gold production in 2009 subject to equipment delivery and construction schedules.
Gold Resource Corporation's President Mr. William W. Reid stated, "With the start-up and commissioning of the crushing plant, we begin the final steps to achieving gold production in 2009. As the crushing plant becomes fully operational, we will stockpile crushed ore in preparation of mill production. We are excited with the reality that Gold Resource will soon emerge as a low cost gold producer."
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in four potential high-grade gold and silver properties in Mexico's southern state of Oaxaca. The company has 46,095,489 shares outstanding and no warrants. For more information, please visit GRC's website, located at www.Goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation's strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that commercial production at the El Aguila Project will be achieved in the time frames estimated, at the rates and costs estimated, or even at all. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company's 10-K filed with the Securities and Exchange Commission
Contact:
Jason Reid
VP / Corporate Development
303-320-7708
SOURCE: Gold Resource Corporation
What a come back. This thing had been down over 10% to as low as $7.21, and now its almost back to unchanged!
Nice pull back and healthy consolidation. Stock is now back to 50dma, RSI and MACD have gone from overbought to oversold, and we've pulled back to previous resistance around $7.50 that should now serve as support.
Imminent production news and a rising gold price will take this thing to $20 before you know it.