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Gold News

Aurelia raises A$70m to fund Peak mines acquisition

By: Mariaan Webb     22nd November 2017 New South Wales-based explorer and developer Aurelia Metals has received strong support from investors for its capital raising to fund the acquisition of the Peak mines, in Cobar, from Canadian miner New Gold. An oversubscribed institutional placement raised A$70-million, which together with a... 

Canadian federal agency rejects NGO complaint regarding KSM project permitting process

By: Henry Lazenby     21st November 2017 A Canadian federal agency has rejected a request for review (RfR) by nongovernmental organisation (NGO) the Southeast Alaska Conservation Council (SEACC) of the permitting process regarding Seabridge Gold’s Kerr-Sulphurets-Mitchell (KSM) project, in British Columbia. The Canadian National Contact... 

Polyus starts two-year drilling campaign at large gold deposit

By: Creamer Media Reporter      21st November 2017 A two-year, 180 000 m drilling campaign at the Sukhoi Log deposit – Russia’s biggest greenfield gold project – has started. A three-dimensional block model, which used historical drilling results, has estimated an inferred mineral resource of 58-million ounces, grading 2 g/t. 

West Wits taps into Witwatersrand expertise for Pilbara projects

By: Mariaan Webb     21st November 2017 Gold junior West Wits intends to leverage its Witwatersrand basin geology expertise when it embarks on scaling up operations at its new Pilbara conglomerate gold projects, chairperson Michael Quinert said on Tuesday, announcing that the company is buying more gold leases south-east of Port... 

Altus to acquire Legend Gold

By: Anine Kilian     21st November 2017 Aim-listed Altus Strategies has executed a definitive binding agreement to acquire TSX-V-listed Legend Gold, which holds a portfolio of prospective gold exploration projects in western and southern Mali. It has offered Legend shareholders three of its shares for every Legend share held. 

Underground ore reserves extend Prominent Hill life to 2029

By: Mia Breytenbach     21st November 2017 An 18% increase in the underground ore reserve at Prominent Hill could extend the mine’s life to 2029, copper/gold miner Oz Minerals reported on Tuesday. The increase in underground ore reserves to 39-million tonnes at 1.7% copper equivalent has enabled an expected underground production rate of... 

New WA gold royalty proposal announced, miners unimpressed

By: Mariaan Webb     21st November 2017 The Western Australian government has made a fresh attempt to increase the gold royalty rate, but the state’s gold miners are unimpressed, describing the new proposal as “no more than a repackaged version of the original” plan. Treasurer Ben Wyatt on Tuesday unveiled a revised gold royalty rate,... 

New WA gold royalty proposal announced, miners unimpressed
The St Ives gold mine, near Kambalda, in Western Australia.

New Gold sells Peak mines for $58m

By: Anine Kilian     21st November 2017 TSX-and NYSE-listed intermediate gold miner New Gold has entered into a binding agreement with ASX-listed Aurelia Metals to sell its Peak mines in Cobar, New South Wales, Australia for a cash consideration of $58-million. Aurelia intends to fund the transaction through a combination of an... 

Shanta reaches cost-reduction goal

By: Anine Kilian     20th November 2017 In keeping with its previously announced strategy of optimising the financial performance of its operations, Aim-listed Shanta Gold has reduced annualised costs by $5.1-million, the company said in a statement on Monday. The company noted that the full benefit of this reduction would be achieved... 

Gold Road locks in portion of Gruyere’s production

By: Creamer Media Reporter      20th November 2017 Gold development and exploration company Gold Road, which is building the Gruyere gold mine in a joint venture with South Africa’s Gold Fields, has entered into forward sales with two major banks for up to 200 000 oz of Australian dollar denominated forward sales. To date, the company has locked... 

Crusader appoints former Stratex MD, plans London listing

By: Mariaan Webb     20th November 2017 ASX-listed gold play Crusader Resources on Monday announced the appointment of Marcus Engelbrecht as MD and said a planned secondary listing on the Aim to capture the benefits of the thwarted merger with Stratex International. Engelbrecht left the employment of Aim-listed Stratex earlier this... 

Crusader appoints former Stratex MD, plans London listing

Wet commissioning of Yanfolila CIL circuit under way

By: Creamer Media Reporter      20th November 2017 Wet commissioning of the carbon-in-leach (CIL) circuit at Aim-listed Hummingbird Resources’ Yanfolila mine, in Mali, has started ahead of the planned first gold pour by year-end. The precommissioning of the installed ball mill, as well as the commissioning of the raw water supply for the... 

Employee dies in fall-of-ground-related incident at Harmony's Masimong mine

     20th November 2017 An employee at Harmony Gold's Masimong mine, in the Free State, was killed in a fall-of-ground-related incident on Saturday. An investigation into the accident is under way. 

Crater Gold secures funding for PNG works programme

By: Megan van Wyngaardt     20th November 2017 ASX-listed Crater Gold Mining has secured a $4-million unsecured loan facility with major shareholder Freefire Technology that will enable it to continue to advance its flagship Crater Mountain gold project, in Papua New Guinea. The loan will be used to restart exploration activities at the mine,... 

Galantas highlights need to secure sufficient funding

By: Megan van Wyngaardt     17th November 2017 Following disappointing results for the third quarter ended September 30, dual-listed miner Galantas Gold Corporation on Friday said its future viability depended on the consolidated results of its wholly-owned subsidiary Cavanacaw Corporation, which holds 100% in Galantas’ Omagh Minerals and... 

Avesoro starts drilling programme at New Liberty

By: Megan van Wyngaardt     17th November 2017 Four diamond drill rigs have been mobilised to dual-listed Avesoro Resources’ wholly owned New Liberty mine, in Liberia, where a 14 000 m diamond core drilling campaign has started. The campaign is targeting an area of the New Liberty resource model containing an inferred mineral resource of some... 

More ounces added at Antipa's Citadel project

By: Esmarie Swanepoel     17th November 2017 ASX-listed Antipa Minerals has reported a 50% increase in gold grade and ounces at its Citadel project’s Calibre deposit, in Western Australia, following an exploration programme funded by major Rio Tinto. The Calibre deposit is now estimated to host an inferred mineral resource of 47.7-million... 

Alamos shareholders support Richmont acquisition

By: Henry Lazenby     17th November 2017 The majority of Alamos Gold shareholders have voted in favour of its planned $747-million acquisition of boutique gold producer Richmont Mines. Richmont shareholders also on Thursday approved the transaction. 

Need for collaboration in CSR initiatives emphasised

By: Mia Breytenbach     17th November 2017 With the mining industry now recovering from the downturn in commodity prices, and a new balance emerging in the global demand and supply of minerals, now is the time to reflect, innovate and plan for a more resilient industry in the future, says Mineral Resources Deputy Minister Godfrey... 

AngloGold’s capex project progressing as planned, within budget

By: Mia Breytenbach     17th November 2017 JSE- and New York-listed AngloGold Ashanti says its high-return and low-capital projects in its international portfolio to extend mine lives and improve margins remain on track and within budget. “We expect . . . continued delivery to tight timelines and budgets on our portfolio-improvement... 

AngloGold’s capex project progressing as planned, within budget
IN PROGRESS Anglogold is extending the life of its Mponeng mine, in Gauteng, initially through the Phase 1 project to access deeper, higher-grade ore

Collaboration with engineering firm yields nigh-R100m cost saving for Harmony

By: Mia Breytenbach     17th November 2017 JSE-listed Harmony Gold has partnered with Pretoria-based engineering company ETA Operations (ETA), formerly known as HVAC International, to improve the operational efficiency of Harmony’s deep-level gold mines in South Africa, subsequently resulting in significant cost savings. The operational... 

Collaboration with engineering firm yields nigh-R100m cost saving for Harmony
Photo by Harmony Gold
IMPROVING EFFICIENCY ETA Operations aided Harmony Gold in maintaining previously-implemented electricity cost savings projects that yielded significant results

'A good number of investors' considering countries offering better return-on-investment prospects than SA

By: Dylan Slater     17th November 2017 Mining policies imposed by the Department of Mineral Resources (DMR) on local industry are creating increased uncertainty for investors, a growing number of whom are considering investing in mining projects and exploration in other countries, with a greater chance of a healthier return on... 

'A good number of investors' considering countries offering better return-on-investment prospects than SA
Photo by Duane Daws
PAUL MILLER A significant volume of additional capital needs to be earmarked for every new mining project to account for risk associated with policy uncertainty

Geomysore’s Jonnagiri has potential to be India’s first private gold mine

By: Mariaan Webb     16th November 2017 Gold firm Geomysore Services India, in which Aim-listed Lionsgold has a 21.15% shareholding, has completed a feasibility study for the Jonnagiri gold project, demonstrating the project’s potential to be developed into India’s first privately-owned gold mine. The Jonnagiri project, in the state of... 

Gascoyne extends Dalgaranga mine life

By: Esmarie Swanepoel     16th November 2017 Gold developer Gascoyne Resources has added ounces to its Dalgaranga project, in Western Australia, which could extend gold production to beyond the planned six years. The ASX-listed miner on Thursday announced that the mine plan for the Dalgaranga project had been updated to include the... 

Kingsgate facing board spill

By: Esmarie Swanepoel     16th November 2017 Embattled gold miner Kingsgate Consolidated is facing a board spill after shareholder Metal Tiger requested a general meeting to remove a number of the company’s directors. Metal Tiger is hoping for shareholder support to remove Ross Smyth-Kirk, Sharon Skeggs and Peter Warren as directors of... 

Lily mine remains in limbo, parties need to get together – Solidarity

By: Natasha Odendaal     15th November 2017 As the future of the distressed Lily mine hangs in the balance, trade union Solidarity has called on all parties to expedite the processes under way and make a decision on the mine’s future. With every potential transaction thus far having failing to rescue the idled operation over the past 18... 

Osisko Mining hits 301 g/t gold over 6.2 m at Lynx

By: Henry Lazenby     15th November 2017 Gold explorer Osisko Mining has reported more high-grade intercepts at its show-stopping Windfall Lake property, in Urban Township, Quebec, this time hitting 301 g/t gold over 6.2 m at the Lynx zone. The intercept was made in drill hole OSK-W-17-909, which forms part of an ongoing 800 000 m drill... 

Gowest aims to unlock refractory gold potential of legendary Timmins Camp

By: Henry Lazenby     14th November 2017 Little-known exploration and development company Gowest Gold is preparing to become the newest gold producer in the legendary Timmins Gold Camp, which, since its discovery in the early 1900s, has produced almost half of all the gold mined in Canada. The TSX-V-listed company is moving its North... 

Gowest aims to unlock refractory gold potential of legendary Timmins Camp
Photo by Gowest Gold
Construction underway at Gowest Gold's North Timmins gold project, in Ontario

Brazil-focused Serabi to bolt-on Anfield’s Coringa gold project for $22m

By: Henry Lazenby     14th November 2017 Dual-listed mining and development company Serabi Gold is looking to double output with the acquisition of the Coringa gold project, located in the Tapajos gold province of Para state, in Brazil. The LSE Aim- and TSX-listed miner announced early on Tuesday morning that it will acquire the... 

Brazil-focused Serabi to bolt-on Anfield’s Coringa gold project for $22m
Photo by Anfield Gold
Drill core from Anfield Gold's Coringa project, in Brazil, which is being acquired by Serabi Gold for $22-million

Polyus shares to be included in MSCI Russia index

     14th November 2017 Gold miner Polyus announced on Tuesday that Morgan Stanley Capital International (MSCI) would include the company’s shares into its Russia and emerging markets indices at the end of the month. Polyus CEO Pavel Grachev said that the inclusion in the MSCI Index has been a long standing objective... 

Exploration boosts Ariana’s confidence in Salinbas project

By: Creamer Media Reporter      14th November 2017 Turkey-focused explorer Ariana Resources is encouraged by the results of its latest exploration across the so-called hot gold corridor in Turkey, where its one-million-ounce Salinbas project is located. The Salinbas gold project comprises the Salinbas gold/silver deposit and the Ardala... 

Winmar withdraws from Spain JV, reduces salaries by 50%

By: Mariaan Webb     14th November 2017 Australia’s Winmar Resources has slashed its staff salaries and directors fees by half to minimise cash outflows until it has secured a new lead project. The announcement on Tuesday comes a day after the company said that it had withdrawn from the Lomero joint venture project with Kimberly... 

Xtract Resources raises £1.7m to pay debt, fund Manica opportunities

By: Megan van Wyngaardt     14th November 2017 Aim-listed Xtract Resources has conditionally raised £1.7-milion, before expenses, through the placement of 59.64-million new ordinary shares at 2.85p a share. The net proceeds from the placing will be used to pay off outstanding debt of £530 000 and to take advantage of commercial opportunities... 

Sibanye declares US resource under Proudly South African code

By: Martin Creamer     14th November 2017 Precious-metals mining company Sibanye-Stillwater has completed a Competent Person’s Report on its platinum group metals (PGM) mineral assets, in Montana, in the United States. The report has been compiled under the South African Code for the Reporting of Exploration Results, Mineral Resources... 

Sibanye declares US resource under Proudly South African code
Photo by Duane Daws
Sibanye-Stillwater CEO Neal Froneman

Newcrest hunting for investments, including acquisitions

By: Esmarie Swanepoel     14th November 2017 Gold miner Newcrest Mining MD Sandeep Biswas said on Tuesday that the company was hunting for new investment opportunities, but stressed that it would remain “very disciplined” in its evaluation and execution of any new opportunities. In a copy of a speech delivered at the company’s annual... 

Newcrest hunting for investments, including acquisitions

Kusasalethu employees return to work

By: Creamer Media Reporter      14th November 2017 Employees at Harmony Gold's Kusasalethu mine have returned to work after two days of unprotected industrial action. Employees reported for work on the night shift on Monday. 

Anova starts development at Second Fortune

By: Esmarie Swanepoel     14th November 2017 Junior gold developer Anova Metals has reported the start of mine development at the Second Fortune operation, in Western Australia. Anova, which in June this year merged with fellow-listed Exterra Resources, on Tuesday told shareholders that mining contractor GBF had been mobilised to site and... 

Endeavour expands mineralised zones at key Burkina Faso mines

By: Henry Lazenby     14th November 2017 West Africa-focused gold producer Endeavour Mining has expanded the mineralised trends at both its Houndé and Karma gold mines, in Burkina Faso, the company announced on Monday. At its flagship Houndé operation, which declared commercial production ahead of schedule and below budget on November... 

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