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Silver News

Excellon agrees to buy Silver Eagle, gets access to mill

By: Liezel Hill     5th March 2009 Shares in TSX-listed Silver Eagle Mines dropped 28,6% on Thursday, after the firm announced it had agreed to an all-share buyout by Excellon Resources. Shareholders in Silver Eagle, which received government approval in December to halt its flagship Miguel Auza mine, in Mexico, for six months,... 

Yamana reports $179,4m profit for Q4

By: Liezel Hill     5th March 2009 Toronto-based Yamana Gold earned $179,4-million in the last three months of 2008, compared with just $47,1-million a year earlier, after it increased output and benefited from rising gold prices. However, the firm did record a $74,1-million negative pricing adjustment, as a result of falling... 

Coeur d'Alene readies for start-up at Palmarejo mine

By: Liezel Hill     27th February 2009 US precious-metals miner Coeur d'Alene Mines expects to increase silver and gold production this year, to take advantage of buoyant prices, the firm said on Friday. Couer, which operates mines in Chile, Argentina, the US and Bolivia, expects the silver production will increase 66% in 2009, to... 

Funding crisis averted, Hecla gets down to business

By: Liezel Hill     25th February 2009 It is back to business as usual for Idaho-based Hecla Mining, after it raised $65,6-million in an equity offering to repay bridging debt and rescheduled term loan payments to next year. After spending the first part of 2009 in a self-described “crisis mode”, the focus is now squarely on... 

Sino Gold targets ‘significantly’ improved output in ’09

By: Chanel de Bruyn     24th February 2009 Australia-based gold exploration and mining company Sino Gold expects to “significantly” increase its gold production for the 2009 financial year. The gold miner, which focuses on mining in China, said in a statement to shareholders on Tuesday that it planned to increase the combined gold... 

Production ramping up at Minefinders' Dolores mine

By: Liezel Hill     23rd February 2009 Vancouver-based Minefinders Corp produced 2 700 oz of gold and 50 000 oz of silver in January at its new Dolores mine, in Mexico, the firm reported on Monday. Further, by mid-February, production had already topped January's performance, and Minefinders expects the rate of production of gold and... 

Volatile markets produce 'best growth prospects ever' – Silver Wheaton

By: Liezel Hill     20th February 2009 Vancouver-based Silver Wheaton will likely be even more active this year on the corporate activity front, as difficult market conditions for mining and development companies produce a growing number of acquisition opportunities, president and CEO Peter Barnes said on Thursday. Silver Wheaton,... 

Goldcorp sees first concentrate by year-end at Penasquito mine

By: Liezel Hill     19th February 2009 Canada's second-biggest gold-miner, Goldcorp, will produce the first concentrate at its $1,6-billion Penasquito mine, in Mexico, by the end of 2009, and remains “on track in all respects” to complete the project on time and in budget, CEO Chuck Jeannes said on Thursday. Once completed,... 

Silver Wheaton posts quarterly loss after write-down

By: Liezel Hill     19th February 2009 Vancouver-based Silver Wheaton Corp recorded a net loss of $54,2-million in the fourth quarter of 2008, compared with profit of $24,9-million a year earlier, the firm reported on Thursday morning. Earnings were impacted by a $64-million noncash writedown of long-term investments, as well as... 

Goldcorp earnings jump thanks to currency tax gain

By: Liezel Hill     19th February 2009 Canada's second-biggest gold-miner, Goldcorp, posted a $958,1-million net profit for the fourth quarter of 2008, compared with $256,5-million a year earlier, after recording a noncash foreign exchange gain on the reevaluation of future income tax liabilities. Stripping out once-off items,... 

Silver Standard to start concentrate output at Pirquitas by end-March

By: Liezel Hill     18th February 2009 Vancouver-based Silver Standard Resources will begin producing concentrate at its Pirquitas mine, in Argentina, during the current quarter, the company confirmed on Wednesday. Operations will continue to ramp up through the second quarter, and Pirquitas is expected to produce more than... 

Great Panther to produce 20% more silver this year

By: Liezel Hill     18th February 2009 Vancouver-based Great Panther Resources expects 2009 silver output will increase 20%, to 1,45-million silver equivalent ounces, compared with a best-ever 1,21-million ounces of silver produced last year. The group is forecasting total metal production of 2,07-million silver equivalent ounces,... 

Hochschild withdraws offer for Minera Andes

By: Liezel Hill     18th February 2009 Precious-metals miner Hochschild Mining has withdrawn an offer to buy partner Minera Andes, the firm announced on Wednesday, after Minera revised its plans to raise funds by selling shares to director and shareholder Rob McEwen. McEwen had originally proposed to buy 121,2-million Minera shares... 

Yamana's Mercedes project may produce 118 000 oz/y - study

By: Liezel Hill     12th February 2009 Toronto-based Yamana Gold has completed a prefeasibility study on its Mercedes gold/silver project, in Sonora, Mexico, which indicated the mine could produce about 112 000 oz/y of gold and 366 000 oz/y of silver, the firm said on Thursday. At an assumed gold to silver ratio of 55:1 (based on a... 

Pacific Rim freezes study on El Salvador gold mine until markets stabilise

By: Liezel Hill     12th February 2009 Vancouver-based Pacific Rim Mining will defer the completion of a feasibility study for its El Dorado project, because of volatility in the capital cost estimates, as well as permitting uncertainty, the firm announced on Thursday. Pacific Rim will conserve its cash until the input costs for the... 

Silver Wheaton raises C$287,5m to repay debt, fund growth 

By: Liezel Hill     12th February 2009 Vancouver-based Silver Wheaton has successfully closed a C$287,5-million bought-deal financing deal, and will use the proceeds to repay a revolving debt facility and for funding further growth opportunities. While other miners wallow amidst low metals prices and reluctant financial markets, a... 

Hochschild may be trying to force payment default – Minera Andes

By: Liezel Hill     11th February 2009 An announcement by precious-metals miner Hochschild that it had offered to buy out joint-venture partner Minera Andes, but that the smaller firm failed to disclose the proposal to its minority shareholders, may be a ploy to weaken Minera's position, the company suggested in a statement on... 

Fresnillo slams MAG's 'inappropriate delaying tactic'

By: Liezel Hill     6th February 2009 Silver-miner Fresnillo has asked the Ontario Securities Commission to review a decision by Vancouver-based MAG Silver, which said earlier this week it would suspend work on an independent valuation of itself. The valuation was required after Fresnillo announced it planned to make an offer for... 

Hecla to raise $65,6m in share sale, reschedules debt payments

By: Liezel Hill     5th February 2009 US precious-metals miner Hecla Mining plans to raise $65,6-million in an equity offering, to repay a bridge loan facility and for general working requirements, the firm said on Wednesday evening. Hecla announced earlier in the week that it would amend its loan agreement to reschedule all 2009... 

Pan American Silver plans share sale

By: Liezel Hill     4th February 2009 Vancouver-based Pan American Silver plans to raise about $90-million in a public offering of shares, and will use the money to fund acquisitions and project development, as well as for working capital requirements, the firm said on Wednesday. It will also grant its underwriters an option to buy... 

Silver Standard boosts resource at BC gold prospect

By: Liezel Hill     3rd February 2009 Vancouver-based Silver Standard Resources has increased the measured and indicated resource estimate at its Snowfield gold project, in northern British Columbia, to 4,36-million gold equivalent ounces. At a cut-off grade of 0,5 g/t of gold, inferred resources at the project are estimated at... 

MAG Silver suspends independent valuation process

By: Liezel Hill     2nd February 2009 Vancouver-based MAG Silver has suspended a formal valuation that was required after Fresnillo plc made an unsolicited offer for the company, because Fresnillo did not provide certain information, the company said. “The independent committee believes that a proper valuation cannot be completed... 

Argentex outlines new sulphide-rich mineralisation on Argentina property

By: Liezel Hill     28th January 2009 Vancouver-based explorer Argentex Mining has identified several gossan rock outcrops at its Plata Leon property, in Argentina, the firm reported on Wednesday. The Plata Leon property adjoins the company's flagship Pinguino property, which hosts an large silver/zinc/lead/indium mineralised... 

Silver Wheaton to raise up to C$287,5m in bought-deal financing

By: Liezel Hill     26th January 2009 Vancouver-based Silver Wheaton has entered an agreement with a syndicate of underwriters who will buy 31,25-million shares in the company, at C$8,00 apiece, on a bought deal basis. The financing will raise C$250-million, but this could increase to around $287,5-million in the underwriters... 

Lundin will close Galmoy zinc mine in May

By: Liezel Hill     22nd January 2009 Base-metals miner Lundin Mining will permanently stop production at its Galmoy zinc/lead/silver mine, in Ireland, in May this year. The company, which is battling depressed metals prices, indicated in November that it would likely close the mine earlier than planned, after announcing that it... 

Hochschild targets 7% output gain this year

By: Liezel Hill     21st January 2009 Precious-metals miner Hochschild Mining expects to produce 28-million silver-equivalent ounces in 2009, which represents a year-on-year increase of 7%, the LSE-listed firm said on Wednesday. However, the company's silver and gold production declined 3% in the fourth quarter of of last year,... 

Endeavour Silver not aware of reason for share gain

By: Liezel Hill     16th January 2009 Precious-metals miner Endeavour silver does not know of any material reason for a sharp gain and high levels of trading in its stock on Friday, the firm said in a statement, issued at the request of the Investment Industry Regulatory Organization of Canada. Endeavour's shares were trading at... 

PanAust to press ahead with expansion plans in Laos

By: Esmarie Iannucci     16th January 2009 ASX-listed mining company PanAust would apply a “cautious and responsible” approach to expenditures, including decision on the timing of capital development commitments and exploration, the copper and gold producer said on Friday However, it remained committed to progressing capital efficient... 

Fresnillo silver output slid in Q4, mulls acquisitions

By: Liezel Hill     14th January 2009 Precious-metals-miner Fresnillo produced 8,49-million ounces of silver in the final three months of 2008, 2,4% less than a year earlier, after mining lower grades at one mine and a one-day strike at another. However, full-year production rose to a best-ever 38,85-million ounces, compared with... 

Gammon Gold increased Q4 gold output 59%

By: Liezel Hill     12th January 2009 Halifax, Nova Scotia-based Gammon Gold produced 43 768 oz of gold in the final three months of 2008, 59% more than a year earlier. Silver production rose 45%, to 1,65-million ounces. Gammon Gold, which produces precious metals from two mines in Mexico, said on Monday it produced 154 428 oz of... 

Kinross plans for 32% jump in output

By: Liezel Hill     8th January 2009 Toronto-based gold-miner Kinross Gold expects gold production to increase about 32% this year, to between 2,4-million and 2,5-million ounces of the yellow metal and silver, compared with an estimated 1,8-million to 1,9-million gold-equivalent ounces in 2008. The company, which owns mines in the... 

Hecla reschedules debt repayment, but at increased rate

By: Liezel Hill     2nd January 2009 Precious-metals miner Hecla Mining reached an agreement with its bank syndicate to move a principal repayment of $18,3-million, due on December 31, to February 13. However, the amended loan agreement changed the interest rate on the term loan, from between 2,25% and 3% above the London Interbank... 

Coeur raises $20m through gold loan from Mitsubishi

By: Liezel Hill     18th December 2008 Precious-metals miner Coeur d'Alene Mines has raised $20-million for its Palmarejo silver/gold project, in Mexico, through a gold-lease agreement with Mitsubishi International. Coeur received the cash from the sale of 23 529 oz of gold lent to it by Mitsubishi, and will then deliver these gold... 

Silver Eagle gets approval to suspend Mexico mine

By: Liezel Hill     16th December 2008 TSX-listed Silver Eagle Mines has reached an agreement with its unionised workers and received approval from the Mexican government to suspend operations at its Miguel Auza mine until June 15, 2009. The company now plans to put the silver/lead/zinc mine on care-and-maintenance, after low prices... 

Hecla to raise $21m in sale of shares, warrants

By: Liezel Hill     11th December 2008 NYSE-listed Hecla Mining has agreed to sell shares and warrants to institutional investors for total proceeds of $21-million, the company announced on Thursday. The company will sell about 10,24-million common shares, at $2,05 a share, along with series one warrants to purchase up to... 

Hochschild pays $5m for 5% stake in Gold Resource

By: Liezel Hill     10th December 2008 LSE-listed precious-metals producer Hochschild Mining has bought about 5% of smaller rival Gold Resource Corporation (GRC), for $5-million, the firm announced on Wednesday. GRC has gold and silver projects in southern Mexico, and will use the cash to fund development of its flagship El Aguila... 

Linear Metals posts maiden resource for KM61 project in Ontario

By: Liezel Hill     9th December 2008 Canadian explorer Linear Metals has established an indicated mineral resource of 66,6-million tons, at a 0,063% molybdenum equivalent, for the main zone at its KM61 project, near Armstrong, Ontario. At a cut-off grade of 0,02% molybdenum, the indicated resource includes in-situ metal quantities... 

MAG 'mystified' by Fresnillo offer

By: Liezel Hill     4th December 2008 Vancouver's MAG Silver insisted on Thursday that it had no discussions with its joint-venture partner and the world's biggest primary silver producer, Fresnillo, about a potential buyout of the smaller company. Fresnillo has said that it will offer $4,54 a share in cash for the MAG shares, in... 

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