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Fortune issues shares to former Revenue owners

By: Creamer Media Reporter Canadian silver firm Fortune Minerals has issued 17.74-million common shares of the company to the former owners of Colorado-based Revenue silver mine, which it bought earlier this year. The shares were issued at a deemed price of C$0.25 a piece and completes the final instalment of the... 

Visible Gold Mines airborne survey for new James Bay project 50% complete

By: Creamer Media Reporter Prospectair Geosurveys of Gatineau, Québec, has completed about 1 977 linear kilometres, representing 50%, of a detailed helicopter-borne magnetic (MAG) and time-domain electromagnetic (TDEM) survey of TSX -V-listed Visible Gold Mines’ 100% owned 167 EXTENSION project in the region of the Plan... 

Paramount further expands San Francisco bulk tonnage potential at San Miguel

By: Creamer Media Reporter New core drilling at TSX- and NYSE-listed Paramount Gold & Silver’s 100%-owned San Miguel project in northern Mexico continues to expand the potential size of the bulk minable San Francisco deposit. The US-based exploration and development company reported on Wednesday that three new holes... 

Silver demand to fall 7% in 2014 – Thomson Reuters GFMS

By: Reuters Demand for silver will post a 7% decline in 2014 because of a slower pace of buying by jewellers and industrial fabricators in the first three quarters of the year, metals consultant Thomson Reuters GFMS said on Tuesday.     Harmonized European sales tax rates that started in January have driven... 

Geological tests at Guadalupe de los Reyes indicate high-grade mineralisation

By: Leandi Kolver Geological mapping and rock sampling along several structures at junior mineral exploration and development company Cangold’s 6 302 ha Guadalupe de los Reyes (GDLR) gold/silver project, in Mexico, has again returned high-grade gold and silver assays, the company announced on Tuesday. During these... 

Continental Gold announces positive PEA for Buriticá project

By: Creamer Media Reporter JOHANNESBURG (miningweekly.com) – The results of the independent preliminary economic assessment (PEA) at TSX-listed Colombia-focused Continental Gold’s 100%-owned Buriticá project, in Antioquia, Colombia, outlined a future mine that will employ more than 500 people, with the size, cost... 

Alcyone calls in administrators as it fails to raise cash

By: Esmarie Swanepoel Struggling silver miner Alcyone Resources has been forced to appoint administrators, after failing to raise cash. In December last year, Alcyone signed a A$25-million financing deal with global hedge fund Platinum Partners, and has also agreed to a A$5-million buy of the Red Arrow mine, in the US. 

Primero’s exploration campaign extends top-producing vein at San Dimas

By: Henry Lazenby An exploration programme at the San Dimas precious metals mine, in Durango state, Mexico, had extended the mine’s top-producing vein beyond a minor vault that was previously regarded as its limit, TSX- and NYSE-listed Primero Mining reported this week. The 2014 exploration programme was... 

Tahoe Resources declares maiden dividend

By: Henry Lazenby After declaring commercial production at its flagship Escobal silver/lead/zinc mine, in south-eastern Guatemala in January, TSX- and NYSE-listed miner Tahoe Resources has declared a maiden dividend of $0.02 a share. The Vancouver-based company said its board had on Monday approved a monthly... 

First Majestic Silver aims at 2006 cost levels to compete with falling silver price

By: Henry Lazenby Staring down the reality of sustained lower precious metals prices, Mexico-focused silver producer First Majestic Silver’s president and CEO Keith Neumeyer on Wednesday said the company was focused on bringing company-wide cost structures down to 2006 levels. In an effort to cut costs in the low... 

Swiss regulator flags attempt to manipulate bullion benchmarks

By: Reuters Switzerland's financial watchdog said on Wednesday it had found a "clear attempt" to manipulate precious metals price benchmarks during a cross-market investigation into trading at UBS bank. The FINMA regulator revealed its findings just days after the precious metals industry decided to... 

Silver Wheaton’s Q3 net earnings slide on asset impairments

By: Henry Lazenby The world’s biggest precious metals streaming firm Silver Wheaton on Wednesday reported a 94% slide in its third-quarter net earnings, after falling metals prices had forced asset write-downs. For the three months ended October 30, silver prices had dropped 19% and gold prices fell 9%, prompting... 

Silver Wheaton’s Q3 net earnings slide on asset impairments

US Mint plans to restart silver coin sales on Nov 17

By: Reuters The US Mint said on Monday it expects to restart sales of American Eagle silver bullion coins on an allocation basis from November 17. The Mint suspended sales on November. 5 after running out of coins after a market rout pushed prices to four-and-a-half-year lows, unleashing a flurry of retail... 

Struggling miners see silver lining in FX, cheaper oil

By: Reuters Global mining companies stung by slumping commodity prices are looking forward to a modest consolation prize - weaker local currencies and falling oil prices that will help trim their costs. Metal prices have plunged to multi-year lows as the US dollar strengthened against a basket of... 

Canadian mining M&A momentum continues with more deals

By: Henry Lazenby The mergers and acquisitions (M&A) momentum Canada’s mining industry had built so far during 2014 continued to gather pace on Monday, after Vancouver-based New Gold announced a C$16.6-million all-scrip offer for exploration firm Bayfield Ventures that would enhance New Gold’s land holdings in the... 

Samco Gold confident in setting itself apart from peers in next 12 months

By: Henry Lazenby With prospective projects located on the Deseado Massif of Santa Cruz, Argentina, a potential joint-venture (JV) partner with which to move forward on its flagship asset, and with an innovative financing agreement in place, Canadian project developer Samco Gold is on the cusp of differentiating... 

Primero Q3 profit drops after booking $99m impairment on Brigus deal

By: Henry Lazenby Canadian precious metals miner Primero Mining on Thursday reported a net loss of $105.9-million, or $0.66 a share, in the three months ended September 30, which included a goodwill impairment charge of $99-million related to its $220-million Brigus Gold acquisition in March. The latest quarter’s... 

New Talisman sells first gold/silver from NZ mine

By: Esmarie Swanepoel Junior New Talisman Mines has sold its first precious metal from the Talisman mine, in New Zealand. The ASX-listed company said on Thursday that 50 t of ore, containing 64.5 oz of gold and 227.3 oz of silver had been dispatched from the Talisman mine, generating revenues of some NZ$100 000 for... 

Tahoe lifts Guatemala mine’s reserves, publishes feasibility study

By: Henry Lazenby Silver miner Tahoe Resources, which operates the Escobal silver/lead/zinc mine, in south-eastern Guatemala, has reported an 18% increase in the compliant measured and indicated resources at its flagship operation, supported by a feasibility study. The TSX- and NYSE-listed miner said on Wednesday... 

Silver lining in precious metals rout catches out mints

By: Reuters A tumble in silver prices to four-year lows has triggered a global scramble by consumers to purchase silver coins and bars as the metal has reached its cheapest level relative to gold in more than five years. The US Mint said on Wednesday it has temporarily sold out of its American Eagle silver... 

Silver lining in precious metals rout catches out mints

Sunridge Gold reports Eritrea fieldwork proceeding apace

By: Henry Lazenby Canadian project developer Sunridge Gold, which is developing the Asmara copper/zinc/gold/silver project, in Eritrea, in the Horn of Africa, says fieldwork is proceeding apace on several fronts. The Asmara project consists of six defined deposits, four of which are the subject of a feasibility... 

IDM Mining starts environmental permitting for BC gold project

By: Henry Lazenby TSX-listed IDM Mining has initiated the environmental permitting phase for the Red Mountain underground gold project, near Stewart, in British Columbia, following the submission of its project description document to the British Columbia Environment Assessment Office (EAO). IDM, which was... 

Mawson West starts commissioning of DRC flagship

By: Henry Lazenby Commissioning of Africa-focused miner Mawson West's Kapulo mine, in the Democratic Republic of Congo (DRC), has started, with construction capital costs having been reduced by about $14-million. The Perth, Australia-based company said on Tuesday that the ramp-up to nameplate capacity was expected... 

Contractor dies at Great Panther Silver’s Topia mine, Mexico

By: Henry Lazenby A contract miner died on Saturday when struck by falling rock that became dislodged while he was working in a raise at TSX- and NYSE-listed Great Panther Silver’s Hormiguera underground mine, one of ten independent mines comprising the Topia mine district, in Durango state, Mexico. All... 

Botswana mining output jumps 16.7% year-on-year in Q1

By: Reuters Botswana's mining production rose 16.7% year-on-year in the first quarter mainly due to the completion of maintenance at the Orapa diamond mine, the first set of industry figures from Statistics Botswana showed on Friday. Diamond output was the biggest contributor to growth in the first quarter,... 

Goldcorp stock falls on Q3 earnings miss

By: Henry Lazenby The NYSE-listed stock of miner Goldcorp on Thursday fell 10% after the world’s largest gold producer by market capitalisation swung to a net loss for the three months ended September 30. Vancouver-based Goldcorp had a loss for the third quarter of $44-million, or $0.05 a share, compared with net... 

Goldcorp stock falls on Q3 earnings miss

Rambler Metals reports solid full-year performance

By: Henry Lazenby Having reported strong results for its financial year ended July 31 and with a fully repaid debt facility and a stack of cash in the bank, Aim- and TSX-V-listed Rambler Metals is looking towards the 2015 fiscal year to take the company to the next level. Rambler, which currently operates the Ming... 

Morro Bay Resources finds more resource upside at multivein Mexico project

By: Henry Lazenby Mexico-focused mineral exploration firm Morro Bay Resources this week released results from a drilling campaign at the San Rafael historic mine area, at the multiveined Peñoles project, in Durango state, indicating the presence of multiple mineralised zones. The Calgary, Alberta-based explorer on... 

Morro Bay Resources finds more resource upside at multivein Mexico project
Photo by Morro Bay Resources
Peñoles, Mexico

Hochschild’s Q3 output down, working to overcome construction delays at Peru project

By: Henry Lazenby Latin America-focused precious metals producer Hochschild Mining on Thursday said attributable output for the three months ended September 30 fell 24% to 4.8-million silver-equivalent ounces, mainly owing to no contribution from the depleted Ares mine, in Peru. Despite output being lower than the... 

Fortress Minerals to buy stalled Ecuador project for $240m from Kinross

By: Henry Lazenby TSX-V-listed Fortress Minerals has agreed to buy the stalled Fruta del Norte (FDN) gold/silver project, in Ecuador, for $240-million in cash and scrip from TSX- and NYSE-listed Kinross Gold. Kinross last year booked a $720-million charge related to the discontinued FDN. Kinross shelved the... 

Fortress Minerals to buy stalled Ecuador project for $240m from Kinross

Treasury Metals files EIS for Goliath gold project, Ontario

By: Henry Lazenby TSX-listed project developer Treasury Metals on Tuesday announced that it had achieved a significant milestone in developing its flagship Goliath Gold project, in north-western Ontario, after filing an environmental-impact statement (EIS) with the Canadian Environmental Assessment Agency (CEAA).... 

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