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Alicanto tumbles on Barrick exit

By: Esmarie Swanepoel     Updated 4 hours ago The share price of ASX-listed Alicanto Minerals dropped by more than 20% on Tuesday after Canadian miner Barrick Gold Corporation withdrew from the Arakaka earn-in agreement, in Guyana. Barrick had the option of earning a 65% interest in the project by spending $10-million on the project area,... 

Latin America the leading region in new global wave of exploration

By: Rebecca Campbell     20th April 2018 Worldwide, the mining industry has been recovering from the slump that started in 2012. “After a challenging 2013/14 when the prices of commodities plummeted across the board, 2016 and 2017 have seen resurging prices for aluminium, copper, zinc, nickel, lead, palladium and, more modestly, gold,”... 

Latin America the leading region in new global wave of exploration

By: Rebecca Campbell     20th April 2018 Worldwide, the mining industry has been recovering from the slump that started in 2012. “After a challenging 2013/14 when the prices of commodities plummeted across the board, 2016 and 2017 have seen resurging prices of aluminium, copper, zinc, nickel, lead, palladium, and more modestly in gold,”... 

Troy breaks more records at Karouni

By: Esmarie Swanepoel     9th April 2018 Gold miner Troy Resources has reported record production at its Karouni operations, in Guyana, during the three months to March. The company told shareholders on Monday that the mine produced a record 21 703 oz during the March quarter, which was some 35% higher than the December quarter... 

Exxon to quit Russian oil ventures frozen by US sanctions

By: Bloomberg     1st March 2018 Exxon Mobil said it’s abandoning joint ventures with Russia’s Rosneft PJSC after international sanctions against the nation’s energy sector paralysed a historic drilling project. Exxon’s decision to quit its biggest exploration region was made late last year as the US expanded sanctions, the... 

Middle Island to exit West Africa as focus shifts to Australia project

By: Megan van Wyngaardt     13th February 2018 ASX-listed Middle Island (MDI) has signed a heads of agreement (HoA) to sell its remaining gold interests in West Africa, as its focus shifts to Western Australia. The HoA with TSX-V-listed Tajiri Resources grants that company an option to acquire a 100% interest in the Reo gold project, in... 

Troy Resources delivers sizeable production in January

By: Megan van Wyngaardt     8th February 2018 South America-focused gold miner Troy Resources achieved gold production of 6 124 oz of gold in January, in line with budget and at a similar level to the previous month's production of 6 224 oz. The production for both these months was impacted by a mill closure for two days to undertake the... 

Guyana Goldfields reports significant intercepts at greenfield targets

By: Henry Lazenby     5th February 2018 TSX-listed Guyana Goldfields has reported "significant intercepts" following a 2 500 m reconnaissance-style drill campaign at its Iroma and Wynamu prospects, in Guyana, the company reported on Monday. At the Iroma prospect, which is located about 10 km northeast of the company's flagship Aurora... 

Goldsource expands strategic Guyana landholdings; appoints exec chair

By: Henry Lazenby     1st February 2018 Junior gold producer Goldsource Mines has entered into an option to acquire the Bishop Growler property located about 3 km from its operating Eagle Mountain gold project, in Guyana. The Vancouver-based miner's joint venture partner Kilroy Mining agreed to the option on behalf of the company,... 

Barrick approves exploration funding for Guyana earn-in

By: Creamer Media Reporter      11th December 2017 US gold major Barrick Gold has elected to continue funding the Arakaka gold project, in Guyana, in which it could earn up to 65% by spending $10-million. ASX-listed junior Alicanto Minerals, which is the operator of the Arakaka project, said on Monday that Barrick had agreed to fund the third... 

Reunion’s profile bolstered as Barrick sinks C$9.12m to take 15% stake

By: Henry Lazenby     1st December 2017 The TSX-V-listed equity of Canadian exploration and development company Reunion Gold jumped more than 10% on Friday after announcing that the world’s largest gold producer by output, Barrick Gold, has taken a 15% stake. NYSE- and TSX-listed Barrick has acquired 48-million Reunion shares, through... 

Guyana Goldstrike reports more gold royalty payments from Marudi

By: Henry Lazenby     2nd November 2017 Following maiden gold sales of 910 oz of gold in June, Guyana Goldstrike has received further royalty payments underpinned by the sale of 618.2 oz of gold recovered by local small-scale alluvial, or artisanal, miners on the company’s Marudi gold project, as part of a corporate social... 

Troy hopes to increase mine life at Karouni

By: Esmarie Swanepoel     5th September 2017 Gold miner Troy Resources is hoping to increase the mine life of its Karouni project, in Guyana, beyond the current timeframe of 2020. Troy said this week that the results of recent grade control drilling programmes and a higher gold price supported additional pit expansions in the Smarts 2, 3... 

Lower grades, higher costs weigh on Guyana Goldfields’ Q2 performance

By: Creamer Media Reporter      1st August 2017 Despite lower grades dragging down production at its Aurora mine, in Guyana, in the second quarter of this year, TSX-listed Guyana Goldfields has maintained its production guidance for the full-year, albeit at the lower end of the range of 160 000 oz to 180 000 oz of gold. The mine produced 29... 

Upstream oil industry continuing on the road to recovery – Woodmac

By: Esmarie Swanepoel     11th July 2017 New data by advisory firm Wood Mackenzie (Woodmac) has shown that the number of upstream oil projects reaching final investment decision (FID) in 2017 could double to 25, compared with only 12 last year. In its latest report ‘A big year for FIDs: 2017 marks a turning point’, Woodmac points out... 

ExxonMobil sanctions $4.4bn Liza development, offshore Guyana

By: Henry Lazenby     16th June 2017 American multinational oil and gas corporation ExxonMobil has made a construction decision for the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana. The Irving, Texas-based company said on Friday that the Liza Phase 1... 

Guyana Goldstrike reports first sales from Marudi

By: Henry Lazenby     15th June 2017 Guyana Goldstrike has recorded maiden sales of 910 oz of gold, which were mined and recovered by local small-scale alluvial, or artisanal, miners on the company’s Marudi gold project, as part of a corporate social responsibility drive. Through a cooperative agreement, artisanal miners have been... 

Mining Maverick lured out of hiatus by billion-dollar gold dream

By: Bloomberg     18th May 2017 Frank Giustra likes to see big where others think small. The Canadian mining magnate’s latest target is a subterranean patch of red earth in southwestern Mexico. In January his new undertaking, Leagold Mining, bought the Los Filos mine from Goldcorp for $350-million. It wasn’t the openpits... 

Troy MD steps aside

By: Esmarie Swanepoel     3rd May 2017 Gold miner Troy Resources has announced the resignation of MD Martin Purvis and CFO and company secretary Stacey Apostolou. The ASX-listed Troy on Wednesday told shareholders that with the installation of the new management team, recovery from the recent pit wall failure at the Karouni project,... 

Durban-based plant delivered to Guyana mine

28th April 2017 A $2.5-million project, facilitating, executing and unloading a shipment of assets for an 800 t/d modularised gold plant relocated from Durban, in South Africa, to Buck Hall, in Guyana, was concluded toward the end of last year by Canadian engineering, procurement and construction firm JDS Energy... 

Gold company manager charged in vast Peruvian smuggling plot

By: Bloomberg     17th March 2017 The operations manager at a metals-refining company was charged with helping run a gold smuggling network that reaped-billions of dollars for illegal mines controlled by drug dealers and other criminals in South America. A criminal complaint against Juan Pablo Granda, 35, outlines a vast... 

Sandspring on the hunt for major minerals, partner in Guyana

By: Henry Lazenby     14th March 2017 Canada-listed project developer Sandspring Resources is firming up the resource base at the Toroparu gold project, in Guyana, with the focus on enticing a major partner to join the development of the nearly seven-million-ounce project. “We’ve got the backing of major mining investors such as... 

Troy suffers H1 loss

By: Esmarie Swanepoel     1st March 2017 Gold miner Troy Resources has reported a net loss of A$76.7-million for the six months to December 31, on the back of a noncash impairment charge of A$57.3-million on the carrying value of its Karouni asset, in Guyana, and the unwinding of a deferred tax liability. The net loss was widened from a... 

Troy hopes for Smarts restart in Feb

By: Esmarie Swanepoel     1st February 2017 Independent geotechnical assessments of the south wall failure in the Smarts stage 3 operation, at the Karouni project, in Guyana, have confirmed that full-scale mining operations can resume this month, gold miner Troy Resources has reported. At the end of last year, Troy warned of unstable... 

Lower costs, higher grades are key for U3O8 to attract attention in difficult market 

By: Henry Lazenby     14th January 2017 Uranium-focused resource companies paid attention to the changing uranium landscape this week after major producer Kazakhstan said it would curtail output by 10%, pushing spot prices higher. One of them was project developer U3O8 Corp, which is focused on uranium and by-product commodities at its... 

Guyana Goldfields sales hit high-end of improved guidance

By: Henry Lazenby     10th January 2017 TSX-listed Guyana Goldfields has celebrated the first year of commercial operations at the cornerstone Aurora gold mine, in Guyana, by hitting the top end of its upwards revised guidance for 2016. For 2016, Guyana Goldfields sold 156 000 oz at Aurora, close to the top end of its guidance of... 

Troy adjusts expectations as ground slips

By: Esmarie Swanepoel     15th December 2016 Gold miner Troy Resources has downgraded its 2016 production expectations from between 70 000 oz and 80 000 oz, to between 63 000 oz and 65 000 oz, on the back of unstable ground conditions at its Karouni operation, in Guyana. Troy said on Thursday that regular monitoring checks and telementry... 

Goldsource lifts loan facility to buy more plant equipment

By: Henry Lazenby     15th December 2016 Vancouver-headquartered gold producer Goldsource Mines has increased its existing $1-million loan facility with Mitan Holdings, a company controlled and directed by a director of the company, by a further $300 000. The funds will be used for the purchase, delivery and installation, early in the... 

Troy raises cash to fund growth

By: Esmarie Swanepoel     7th September 2016 Gold miner Troy Resources is looking to raise up to A$40.7-million through an institutional placement and nonrenounceable entitlement offer to accelerate growth opportunities. The ASX-listed company will issue up to 113-million new shares, priced at 36c each. Some A$18.4-million will be raised... 

With new articulated truck on site, Goldsource hits planned throughput

By: Henry Lazenby     3rd September 2016 With a brand new 40 t articulated truck arriving in Guyana after clearing customs on Thursday, Canadian gold miner Goldsource Mines was confident that it would once more hit planned throughput rates at its flagship Eagle Mountain mine and mill over the weekend, the company said on Friday. While... 

High-grade Sona Hill a potential game changer for Sandspring’s Toroparu project

By: Henry Lazenby     1st September 2016 The discovery of the nearby Sona Hill satellite deposit has blown new life into developer Sandspring Resources’ flagship Toroparu project, in Guyana, providing the prospect of higher grades of gold-only mineralisation – a potential game changer. 

Goldsource stock stumbles on revised lower guidance

By: Henry Lazenby     27th August 2016 The TSX-V-listed stock of junior gold producer Goldsource Mines on Friday fell by as much as 20% after the company revised lower its full-year guidance, citing weather-related issues, a delay in the shipment of a 40 t truck to site and low-grade ore. The Vancouver-based company reported that... 

Troy to adjust Karouni’s 2016 production guidance

By: Mariaan Webb     13th July 2016 ASX-listed Troy Resources reported on Wednesday that it would adjust its 2016 production guidance at the Karouni mine, in Guyana, after disruptions to the mill and ongoing processing difficulties hindered its June quarter performance. Troy said progress to advance the Smarts pit into fresh rock... 

Goldsource gaining momentum at Eagle Mountain

By: Henry Lazenby     11th July 2016 Having declared commercial production in June, Vancouver-based gold miner Goldsource Mines on Monday reported that it was gaining momentum at its flagship Eagle Mountain mine, in Guyana, where it had poured 145.2 oz of gold and sold 200.3 oz during the second quarter ended June 30. The company... 

Goldsource buoyant as Eagle Mountain reaches commercial production

By: Henry Lazenby     21st June 2016 Project developer Goldsource Mines has declared commercial production at its flagship Eagle Mountain mine, in Guyana. The company’s announcement on Tuesday resulted in buoyant trading on the TSX-V, pushing the stock 6% higher to C$0.48 apiece. 

Troy says Karouni output to be at lower end of guidance

By: Mariaan Webb     27th May 2016 Gold miner Troy Resources advised shareholders on Friday that gold production at its Karouni mine, in Guyana, would be at the lower end of its guidance for 2016, owing to ongoing disruptions in the milling circuit. The company explained that contaminated lubrication oil was found to be the cause... 

Karouni lifts Troy production

By: Esmarie Swanepoel     28th April 2016 The Karouni gold project, in Guyana, was delivering ahead of expectations, owner Troy Resources said on Thursday, with the product to date producing some 35% more ounces than predicted by the ore reserve model. The Karouni project, which poured its first gold in November last year, produced 20... 

With first sales under belt, Goldsource eyes adding an excavator at Eagle Mountain

By: Henry Lazenby     20th April 2016 Since starting commissioning activities late January, Guyana-focused gold producer Goldsource Mines has recorded sales of 81.7 oz of the yellow metal on April 14, at $1 240/oz. With a declaration of commercial production imminent, the TSX-V-listed project developer said Wednesday it would add a... 

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