Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY): First Day of Dealings on the Official List
TORONTO, ONTARIO--- Nov. 6, 2009 - Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY) announces that its entire issued ordinary share capital will today be admitted to the Official List of the Financial Services Authority and to London Stock Exchange plc's main market for listed securities ("Admission"). Cancellation of trading in the ordinary shares of Centamin on AIM and dealings in the ordinary shares of the Company on the London Stock Exchange's main market will take place simultaneously today at 8.00 am.
Copies of the prospectus prepared by the Company in connection with the Admission are available free of charge from the office of Baker & McKenzie LLP, English legal advisors to the Company, at 100 New Bridge Street, London, EC4V 6JA, United Kingdom during normal business hours and on the Company's website www.centamin.com. The prospectus is also available for inspection at the United Kingdom Listing Authority's Document Viewing Facility situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
Josef El-Raghy, Managing Director/CEO of Centamin, commented:
"For the last 8 years Aim has provided Centamin with the platform to grow its business and help raise the capital required to build what is the largest gold resource outside of the major gold companies to come into production this year. With the Sukari Gold Project coming on-stream today's promotion to the Main Market of the London Stock Exchange marks the next chapter for growing our business into a significant mid-tier gold producer."
Tracey Pierce, Head of Equity Capital Markets at London Stock Exchange Group, said:
"We are delighted to welcome Centamin Egypt to the Main Market today. As the sixth company this year to make the move from AIM to the Main Market, Centamin has been one of AIM's biggest success stories, increasing its market capitalisation by over sixty times since its admission in 2001, illustrating the valuable role the market plays in facilitating the growth of smaller companies.
"The company's choice to consolidate its international listings in London is a reflection of the strength and international profile of the London markets, and Centamin follows a number of other ambitious mining companies that have used the London Stock Exchange as a springboard for their global ambitions."
For Centamin Egypt Limited
Josef El-Raghy, Managing Director/CEO
Important Notice
This announcement does not constitute or form part of any offer or invitation or solicitation of any offer or invitation to sell or subscribe for or purchase any securities in the Company or any other entity. This announcement has been issued by, and is the sole responsibility of, the Company.
Investec Bank plc which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company as its sponsor and joint financial advisor and no-one else in connection with the Admission and will not regard any other person as its client or be responsible to any person other than the Company for providing the protections afforded to its clients or for advising any other person on the contents of this document.
Ambrian Partners Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company as its joint financial advisor and no-one else in connection with the Admission and will not regard any other person as its client or be responsible to any person other than the Company for providing the protections afforded to its clients or for advising any other person on the contents of this document.
ABN 86 007 700 352
Contacts
Josef El-Raghy Centamin Egypt Limited + 61 (8) 9316 2640 + 61 (8) 9316 2640 www.centamin.com
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
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Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Sunday, November 08, 2009
Mining Stocks News- Osisko Mining (TSX: OSK.TO) Releases Third Quarter 2009 Results
Mining Stocks News- Osisko Mining (TSX: OSK.TO) Releases Third Quarter 2009 Results
MONTREAL, QUEBEC-- - Nov. 6, 2009 - Osisko Mining Corporation (TSX: OSK.TO) (FRANKFURT: EWX.F) is pleased to report its third quarter financial results for the period ended September 30, 2009.
Highlights
- Receipt of Quebec Government authorizations to proceed with the Canadian Malartic Project (the "Project");
- Commencement of construction of the Canadian Malartic Mine on August 27, 2009;
- Approaching completion of the Malartic relocation program;
- Completion of a $149.5 million equity financing; and
- Successful negotiation of two major debt financing agreements totalling $225 million.
During the third quarter of 2009, the Company incurred a loss of $5.7 million ($0.02 per share) compared to a loss of $0.1 million ($0.00 per share) in the corresponding period of 2008. For the first nine months of 2009, the Company has incurred a loss of $12.4 million ($0.05 per share) compared to a net income of $3.5 million ($0.02 per share) generated in the corresponding period of 2008.
Higher costs were incurred both in the quarter and the nine-month period as a result of a significant increase in pre-mining construction activities as the Company moves from an exploration company towards becoming an intermediate gold development and operating company. The 2008 nine-month period results included an income tax recovery of $4.5 million following renunciation of the tax attributes to the subscribers of the $25 million flow-through financing of July 2007. The recovery in 2009 was lower at $2.0 million as a result of a lower flow-through financing of $12.25 million in 2008.
Following the receipt of the Conseil des ministres du Quebec order in council authorizing the completion of the Canadian Malartic gold mine project and the necessary permits, Osisko commenced construction of the Project on August 27, 2009.
The Company mobilized several contractors to complement its own workforce to initiate work at site. The successful mobilization has resulted in a very good start to the Project with the following milestones having been achieved:
1. Initiation of the foundation work on the mill and ancillary buildings. Some 14,000 m3 of concrete were poured, highlighted by a continuous 2,760 m3 pour for the three ball mill foundations on September 29, 2009;
2. Initiation of the excavation work for the crusher;
3. Commencement of the construction of the polishing pond dams necessary to allow for the dewatering of the existing East Malartic tailings area;
4. Start of the steel erection at the truck shop/administration building.
Some 200 contractors were on site by the end of the third quarter.
Significant progress has been achieved in the relocation program, including the following milestones:
- Completion of the home relocation program with some 135 single/multi-unit residences being relocated to the new subdivision;
- Completion of the primary school, adult learning centre and day care facility. Exchange of ownerships of new and old facilities have been completed;
- Significant advancement on the three additional institutions with expected completion of the subsidized housing unit and the community centre in the fourth quarter of 2009, and the health facility in second quarter of 2010;
- Transfer of ownership of the new town subdivision to the Town of Malartic. Financial guarantees have been placed to secure completion of work obligation to be done in the spring of 2010;
- Initiation of closure activities of the southern neighbourhood.
The Company also entered into several financing agreements during the period to complete the funding requirements for the development of the Project, including:
i. $149.5 million equity financing with a syndicate of underwriters through the sale of 21.4 million shares at $7.00 per share completed on September 1, 2009;
ii. An agreement with Societe generale de financement du Quebec ("SGF") for a $75 million senior non-guaranteed debenture, convertible at the discretion of the SGF into Osisko shares at a price of $9.18 per share, carrying an interest rate of 7.5%. The initial capital is to be reimbursed five years after the drawdown.
iii. A $150 million financing agreement with CPPIB Credit Investment Inc. ("CPPIB"), a wholly-owned subsidiary of the CPP Investment Board. Under the terms of the agreement, the Company will have the ability to draw the loan in two tranches:
1)Tranche A - An initial amount of $75 million to be drawn in November 2009. The Company has issued 7 million warrants exercisable before September 24, 2014 at a price of $10.75 per share, representing a 30% premium to the 15-day volume weighted average price ("VWAP") prior to issuance. Proceeds are to be used for the development of the Project.
2)Tranche B - An amount of $75 million may be drawn at the discretion of Osisko on March 31, 2010, for general corporate purposes. If the amount is drawn, the Company will issue 5.5 million five-year warrants to purchase common shares at a price of average 15-day VWAP prior to drawdown, plus a 30% premium.
The CPPIB loan carries a 7.5% interest rate, is secured by assets of the Company and is repayable from 50% of net cash flows (operating cash flows less approved capital) from the Canadian Malartic Project. The SGF and CPPIB transactions are expected to be completed in November 2009.
Mr. Sean Roosen, President and CEO, commented: "We have again achieved significant milestones during this past quarter, on our road towards building Osisko into what we believe will soon become the next premier intermediate gold producer. Our focus now is on executing the construction phase of this $1 billion dollar project on time and on budget. Exploration on the other known zones on the main property is continuing at full pace, and our experienced team is also working diligently to identify new opportunities for the future growth of our company."
Highlights from the Company's financial position are as follows (in millions of dollars):
--------------------------------------------------------------------- September 30, 2009 December 31, 2008---------------------------------------------------------------------Cash Position(1) 454.1 95.7
Working Capital 427.5 92.7
Total Assets 878.8 318.2
Shareholders' Equity 809.7 267.3---------------------------------------------------------------------
(1) Includes Cash and cash equivalents, Short-term investments, Restricted cash and Cash collateral investments.
The financial statements and Management Discussion and Analysis for the period ended September 30, 2009, will be filed on SEDAR by November 13, 2009.
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and evaluating adjacent areas for a large-scale open pit, bulk-tonnage mining operation.
Forward Looking Statements
Certain statements contained in this Press Release, may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all technical, economical and financial conditions will be met in order to put the Canadian Malartic Project into commercial production, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled mining development and mill production personnel, results of exploration and development activities, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct
www.osisko.com
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Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
MONTREAL, QUEBEC-- - Nov. 6, 2009 - Osisko Mining Corporation (TSX: OSK.TO) (FRANKFURT: EWX.F) is pleased to report its third quarter financial results for the period ended September 30, 2009.
Highlights
- Receipt of Quebec Government authorizations to proceed with the Canadian Malartic Project (the "Project");
- Commencement of construction of the Canadian Malartic Mine on August 27, 2009;
- Approaching completion of the Malartic relocation program;
- Completion of a $149.5 million equity financing; and
- Successful negotiation of two major debt financing agreements totalling $225 million.
During the third quarter of 2009, the Company incurred a loss of $5.7 million ($0.02 per share) compared to a loss of $0.1 million ($0.00 per share) in the corresponding period of 2008. For the first nine months of 2009, the Company has incurred a loss of $12.4 million ($0.05 per share) compared to a net income of $3.5 million ($0.02 per share) generated in the corresponding period of 2008.
Higher costs were incurred both in the quarter and the nine-month period as a result of a significant increase in pre-mining construction activities as the Company moves from an exploration company towards becoming an intermediate gold development and operating company. The 2008 nine-month period results included an income tax recovery of $4.5 million following renunciation of the tax attributes to the subscribers of the $25 million flow-through financing of July 2007. The recovery in 2009 was lower at $2.0 million as a result of a lower flow-through financing of $12.25 million in 2008.
Following the receipt of the Conseil des ministres du Quebec order in council authorizing the completion of the Canadian Malartic gold mine project and the necessary permits, Osisko commenced construction of the Project on August 27, 2009.
The Company mobilized several contractors to complement its own workforce to initiate work at site. The successful mobilization has resulted in a very good start to the Project with the following milestones having been achieved:
1. Initiation of the foundation work on the mill and ancillary buildings. Some 14,000 m3 of concrete were poured, highlighted by a continuous 2,760 m3 pour for the three ball mill foundations on September 29, 2009;
2. Initiation of the excavation work for the crusher;
3. Commencement of the construction of the polishing pond dams necessary to allow for the dewatering of the existing East Malartic tailings area;
4. Start of the steel erection at the truck shop/administration building.
Some 200 contractors were on site by the end of the third quarter.
Significant progress has been achieved in the relocation program, including the following milestones:
- Completion of the home relocation program with some 135 single/multi-unit residences being relocated to the new subdivision;
- Completion of the primary school, adult learning centre and day care facility. Exchange of ownerships of new and old facilities have been completed;
- Significant advancement on the three additional institutions with expected completion of the subsidized housing unit and the community centre in the fourth quarter of 2009, and the health facility in second quarter of 2010;
- Transfer of ownership of the new town subdivision to the Town of Malartic. Financial guarantees have been placed to secure completion of work obligation to be done in the spring of 2010;
- Initiation of closure activities of the southern neighbourhood.
The Company also entered into several financing agreements during the period to complete the funding requirements for the development of the Project, including:
i. $149.5 million equity financing with a syndicate of underwriters through the sale of 21.4 million shares at $7.00 per share completed on September 1, 2009;
ii. An agreement with Societe generale de financement du Quebec ("SGF") for a $75 million senior non-guaranteed debenture, convertible at the discretion of the SGF into Osisko shares at a price of $9.18 per share, carrying an interest rate of 7.5%. The initial capital is to be reimbursed five years after the drawdown.
iii. A $150 million financing agreement with CPPIB Credit Investment Inc. ("CPPIB"), a wholly-owned subsidiary of the CPP Investment Board. Under the terms of the agreement, the Company will have the ability to draw the loan in two tranches:
1)Tranche A - An initial amount of $75 million to be drawn in November 2009. The Company has issued 7 million warrants exercisable before September 24, 2014 at a price of $10.75 per share, representing a 30% premium to the 15-day volume weighted average price ("VWAP") prior to issuance. Proceeds are to be used for the development of the Project.
2)Tranche B - An amount of $75 million may be drawn at the discretion of Osisko on March 31, 2010, for general corporate purposes. If the amount is drawn, the Company will issue 5.5 million five-year warrants to purchase common shares at a price of average 15-day VWAP prior to drawdown, plus a 30% premium.
The CPPIB loan carries a 7.5% interest rate, is secured by assets of the Company and is repayable from 50% of net cash flows (operating cash flows less approved capital) from the Canadian Malartic Project. The SGF and CPPIB transactions are expected to be completed in November 2009.
Mr. Sean Roosen, President and CEO, commented: "We have again achieved significant milestones during this past quarter, on our road towards building Osisko into what we believe will soon become the next premier intermediate gold producer. Our focus now is on executing the construction phase of this $1 billion dollar project on time and on budget. Exploration on the other known zones on the main property is continuing at full pace, and our experienced team is also working diligently to identify new opportunities for the future growth of our company."
Highlights from the Company's financial position are as follows (in millions of dollars):
--------------------------------------------------------------------- September 30, 2009 December 31, 2008---------------------------------------------------------------------Cash Position(1) 454.1 95.7
Working Capital 427.5 92.7
Total Assets 878.8 318.2
Shareholders' Equity 809.7 267.3---------------------------------------------------------------------
(1) Includes Cash and cash equivalents, Short-term investments, Restricted cash and Cash collateral investments.
The financial statements and Management Discussion and Analysis for the period ended September 30, 2009, will be filed on SEDAR by November 13, 2009.
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and evaluating adjacent areas for a large-scale open pit, bulk-tonnage mining operation.
Forward Looking Statements
Certain statements contained in this Press Release, may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all technical, economical and financial conditions will be met in order to put the Canadian Malartic Project into commercial production, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled mining development and mill production personnel, results of exploration and development activities, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct
www.osisko.com
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase each directory in a PDF format for just $29.95, with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page feature a Paypal link and buy now button for easy online purchase.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
New Mining stocks added to mining stocks directory- Bell Copper Corporation (TSX:BCU.V),Merc International Minerals Inc. (TSX:MRK.V)
New Mining stocks added to mining stocks directory at www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com
The mining stocks and gold stocks directory now has over 900 stocks and is growing weekly.
Recent Additions :
Bell Copper Corporation (TSX:BCU.V) is focused on the exploration and development of copper assets in the Americas through internal efforts and via strategic partnerships.
Merc International Minerals Inc. (TSX:MRK.V) is a Canadian mineral exploration company focused on advancing its Damoti Lake Gold Project in the NT. The Damoti Lake Gold Project hosts a significant historic high-grade gold resource that the Company is in the process of expanding and upgrading to a 43-101 compliant resource. Merc’s goal is to outline 6 to 10 million tonnes grading 9 to 15 g/t gold along strike, in parallel structures and at depth, and advance the Damoti Lake Gold Project towards a 3 million ounce gold resource, making it comparable to other northern Canadian iron formation hosted gold mines/deposits
Southern Hemisphere Mining Limited (TSX: SH.V) has an extensive portfolio of copper/gold properties as well as the Los Pumas Manganese Project in Chile. Work is currently focussing on the manganese project as there is indication that this property can be developed into a profitable mining operation in the short to medium term. A feasibility study on this project is a priority. Work will also recommence on further drilling on the copper/gold properties in 2010.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase each directory in a PDF format for just $29.95, with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page feature a Paypal link and buy now button for easy online purchase.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
The mining stocks and gold stocks directory now has over 900 stocks and is growing weekly.
Recent Additions :
Bell Copper Corporation (TSX:BCU.V) is focused on the exploration and development of copper assets in the Americas through internal efforts and via strategic partnerships.
Merc International Minerals Inc. (TSX:MRK.V) is a Canadian mineral exploration company focused on advancing its Damoti Lake Gold Project in the NT. The Damoti Lake Gold Project hosts a significant historic high-grade gold resource that the Company is in the process of expanding and upgrading to a 43-101 compliant resource. Merc’s goal is to outline 6 to 10 million tonnes grading 9 to 15 g/t gold along strike, in parallel structures and at depth, and advance the Damoti Lake Gold Project towards a 3 million ounce gold resource, making it comparable to other northern Canadian iron formation hosted gold mines/deposits
Southern Hemisphere Mining Limited (TSX: SH.V) has an extensive portfolio of copper/gold properties as well as the Los Pumas Manganese Project in Chile. Work is currently focussing on the manganese project as there is indication that this property can be developed into a profitable mining operation in the short to medium term. A feasibility study on this project is a priority. Work will also recommence on further drilling on the copper/gold properties in 2010.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase each directory in a PDF format for just $29.95, with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page feature a Paypal link and buy now button for easy online purchase.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
Saturday, November 07, 2009
Gold Stocks and Mining Stocks Directory Features over 900 Publicly Traded Mining Companies at www.Investorideas.com
Gold Stocks and Mining Stocks Directory Features over 900 Publicly Traded Mining Companies at www.Investorideas.com
DELTA, BC – November 7, 2009, www.InvestorIdeas.com, and its mining stocks portals www.Gold-MiningStocks.com , www.MiningSectorStocks.com, feature the mining stocks directory, currently estimated at 900 mining stocks for investors on the hunt for the next great gold or metal stock.
As gold prices reach historic highs , investors and gold bugs are once again turning to mining and metals stocks.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format for $29.95, featuring hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Investorideas.com has created some of the most comprehensive online stock directories for investors in leading sectors. The renewable energy stocks directory has an estimated 900 stocks and the oil and gas stock directories has over 500 stocks.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Become an Investorideas.com Member- Get 9 stock directories and investor newsletter for just $99 year
Members - Get the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
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-Public companies please contact us with updates, corrections and additions.
DELTA, BC – November 7, 2009, www.InvestorIdeas.com, and its mining stocks portals www.Gold-MiningStocks.com , www.MiningSectorStocks.com, feature the mining stocks directory, currently estimated at 900 mining stocks for investors on the hunt for the next great gold or metal stock.
As gold prices reach historic highs , investors and gold bugs are once again turning to mining and metals stocks.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format for $29.95, featuring hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Investorideas.com has created some of the most comprehensive online stock directories for investors in leading sectors. The renewable energy stocks directory has an estimated 900 stocks and the oil and gas stock directories has over 500 stocks.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
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Gold Stocks news - Avion Run-Rate for October Greater Than 7,500 Ounces of GoldAverage Daily Production of 251 Ounces
Avion Run-Rate for October Greater Than 7,500 Ounces of GoldAverage Daily Production of 251 Ounces
TORONTO, ONTARIO--- Nov. 6, 2009- Avion Gold Corporation (TSX VENTURE:AVR) ("Avion" or the "Company") is pleased to announce that it produced approximately 6,278 ounces of gold during 25 days of production in the month of October (an average of 251 ounces per day). This number indicates a predicted run-rate for the month of October of approximately 7,500 ounces, based on a full month of production. Avion did not produce during the first six days of October as a result of weather related supply interruptions (See News Release dated October 7, 2009).
For the month of October, the Company realized an average grade of 3.90 g/t, with a 96.8% mill recovery. Production for the months of November and December is estimated to be approximately 7,100 ounces per month, and the Company maintains its belief that it will achieve the predicted target of 50,000 ounces for 2009.
Commenting on the October production numbers, Avion's President and CEO, Mr. John Begeman stated: "We are pleased with October's production results. The team in Mali has worked hard to get our productivity to this level and we are encouraged and believe this production rate will be maintained."
Andrew Bradfield, P.Eng., the Chief Operating Officer of the Company and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.
About Avion Gold Corporation
Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali . Gold production at these projects has commenced, with approximately 50,000 ounces of production forecast for 2009 rising to 101,400 ounces in 2012. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa. Avion expects to publish its 3rd quarter financial statements on November 19th with a conference call to discuss results, the date and time of which is to be determined prior to the release.
Cautionary Notes
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the effect of the results on the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs, anticipated production schedule and terms. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; acquisition risks; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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TORONTO, ONTARIO--- Nov. 6, 2009- Avion Gold Corporation (TSX VENTURE:AVR) ("Avion" or the "Company") is pleased to announce that it produced approximately 6,278 ounces of gold during 25 days of production in the month of October (an average of 251 ounces per day). This number indicates a predicted run-rate for the month of October of approximately 7,500 ounces, based on a full month of production. Avion did not produce during the first six days of October as a result of weather related supply interruptions (See News Release dated October 7, 2009).
For the month of October, the Company realized an average grade of 3.90 g/t, with a 96.8% mill recovery. Production for the months of November and December is estimated to be approximately 7,100 ounces per month, and the Company maintains its belief that it will achieve the predicted target of 50,000 ounces for 2009.
Commenting on the October production numbers, Avion's President and CEO, Mr. John Begeman stated: "We are pleased with October's production results. The team in Mali has worked hard to get our productivity to this level and we are encouraged and believe this production rate will be maintained."
Andrew Bradfield, P.Eng., the Chief Operating Officer of the Company and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.
About Avion Gold Corporation
Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali . Gold production at these projects has commenced, with approximately 50,000 ounces of production forecast for 2009 rising to 101,400 ounces in 2012. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa. Avion expects to publish its 3rd quarter financial statements on November 19th with a conference call to discuss results, the date and time of which is to be determined prior to the release.
Cautionary Notes
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the effect of the results on the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs, anticipated production schedule and terms. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; acquisition risks; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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Mining stocks News- Hochschild (LSE:HOC) Purchases an Additional Stake in West Timmins Mining
Mining stocks News- Hochschild (LSE:HOC) Purchases an Additional Stake in West Timmins Mining
LONDON, UNITED KINGDOM- Nov. 6, 2009 - This press release is issued by Hochschild Mining plc (LSE:HOC), with registered office located at 46 Albemarle Street, London, England, W1S 4JL, as required under applicable Canadian securities laws.
As at October 28 2009, Hochschild owned 19.9 million common shares of West Timmins Mining Inc. ("WTM"), representing approximately 14.1% of the outstanding common shares of WTM (the "Common Shares").
Hochschild announces today that it has purchased a further 6.2 million common shares in WTM ("the Transaction") for a total cash consideration of C$17.6 million (or C$2.85 per Common Share) giving it ownership and control of 26.1 million outstanding Common Shares (18.3%) of WTM.The consideration for the purchase announced today was paid by Hochschild Mining Holdings Limited, a wholly owned subsidiary of Hochschild Mining plc which is a publicly listed company whose shares are listed for trading on the London Stock Exchange.
The Transaction took place on the Toronto Stock Exchange.Hochschild has acquired ownership and control over the Common Shares for investment purposes, and to acquire additional shares of Lake Shore Gold Corp. that will be issued in exchange for the Common Shares of WTM following completion of an announced plan of arrangement between the two companies.
Hochschild may acquire additional ownership and control of WTM Common Shares.About Hochschild Mining plc:Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years' experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.
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LONDON, UNITED KINGDOM- Nov. 6, 2009 - This press release is issued by Hochschild Mining plc (LSE:HOC), with registered office located at 46 Albemarle Street, London, England, W1S 4JL, as required under applicable Canadian securities laws.
As at October 28 2009, Hochschild owned 19.9 million common shares of West Timmins Mining Inc. ("WTM"), representing approximately 14.1% of the outstanding common shares of WTM (the "Common Shares").
Hochschild announces today that it has purchased a further 6.2 million common shares in WTM ("the Transaction") for a total cash consideration of C$17.6 million (or C$2.85 per Common Share) giving it ownership and control of 26.1 million outstanding Common Shares (18.3%) of WTM.The consideration for the purchase announced today was paid by Hochschild Mining Holdings Limited, a wholly owned subsidiary of Hochschild Mining plc which is a publicly listed company whose shares are listed for trading on the London Stock Exchange.
The Transaction took place on the Toronto Stock Exchange.Hochschild has acquired ownership and control over the Common Shares for investment purposes, and to acquire additional shares of Lake Shore Gold Corp. that will be issued in exchange for the Common Shares of WTM following completion of an announced plan of arrangement between the two companies.
Hochschild may acquire additional ownership and control of WTM Common Shares.About Hochschild Mining plc:Hochschild Mining plc is a leading precious metals company listed on the London Stock Exchange (HOCM.L / HOC LN) with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years' experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.
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Friday, November 06, 2009
Mining Stocks News- Lake Shore Gold (TSX:LSG) and West Timmins Mining Complete Business Combination
Mining Stocks News- Lake Shore Gold (TSX:LSG) and West Timmins Mining Complete Business Combination
TORONTO, ONTARIO-- Nov. 6, 2009 - Lake Shore Gold Corp. (TSX:LSG) and West Timmins Mining Inc. (TSX:WTM) today jointly announced that the companies have completed the business combination originally announced August 27, 2009. Under terms contemplated by the Business Combination Agreement, Lake Shore Gold has acquired all of the outstanding common shares of West Timmins with West Timmins shareholders receiving 0.73 of a Lake Shore Gold common share for each common share of West Timmins. Lake Shore Gold is issuing approximately 104 million common shares through the transaction.
Tony Makuch, President and Chief Executive Officer of Lake Shore Gold, commented: "We are pleased to welcome the shareholders of West Timmins to Lake Shore Gold. Completing the transaction has created the next major, wholly owned gold mining complex in Timmins, the Timmins West Gold Mine Complex (the "Complex"), comprised of approximately 130 square kilometers of highly prospective property along the Timmins gold structure west of the Mattagami River Fault. The discoveries at the Timmins Mine and Thunder Creek confirm the exploration potential of this large land package. The many surface showings and historic drill results from the other properties within the Complex highlight the potential for additional gold discoveries and resource development throughout the land package.
"Very importantly, consolidating Thunder Creek with the Timmins Mine and accessing it using our existing infrastructure will allow us to accelerate Thunder Creek's development and achieve significant synergies. We are currently preparing to commence an underground advanced exploration program at Thunder Creek, including drifting across to the high-grade Thunder Creek gold mineralization from the 200 Level and 650 Level at the Timmins Mine. An extensive underground and surface diamond drilling program will be ongoing throughout the next year, and will support underground development on ore grade mineralization. Our goal by the end of 2010 will be to have completed a National Instrument 43-101 resource estimate for Thunder Creek and to have commenced processing advanced exploration ore from the property."
"We are very pleased to see the closing of the business combination with Lake Shore Gold," said Darin Wagner, former President and CEO of West Timmins. "The overwhelming support from our shareholders for this transaction indicates that they recognize the inherent value in combining the assets under one banner and we all look forward to the months ahead as Lake Shore Gold drives aggressively forward on the production and exploration fronts."
Closing of the transaction follows a vote by West Timmins Mining shareholders on Wednesday, November 4, 2009, in which approximately 98% of votes cast were in favour of the business combination. Court approval of the plan of arrangement was received yesterday, Thursday, November 5, 2009. Shares of West Timmins are anticipated to be delisted from the Toronto Stock Exchange on Wednesday, November 11, 2009.
Through the Business Combination Agreement, Lake Shore Gold has acquired West Timmins' 40% interest in the Thunder Creek property as well as approximately 120 square kilometres of additional highly prospective exploration property in close proximity to Thunder Creek and the Company's Timmins Mine. Among these additional properties are the Thorne Property, which hosts a 400,000 ounce, near surface inferred gold resource and which has returned recent encouraging drill results from several mineralized zones, and the 144 Property, which covers 4.0 kilometres of the same volcanic/ultramafic, intrusive/sedimentary contact which hosts the Timmins and Thunder Creek deposits. In addition, the transaction also provides Lake Shore Gold with 100% ownership of the high-grade Lluvia de Oro gold-silver and polymetallic Montana de Oro projects in Mexico.
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. 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 have the potential to become the Company's second mining project in the Timmins Camp. In addition, Lake Shore Gold is pursuing a number of other highly prospective exploration properties in Timmins and other parts 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 Business Combination transaction between Lake Shore Gold and West Timmins, as well as Lake Shore Gold's operating and development plans, general exploration activities and business strategy 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.
For more information, please contact
Lake Shore GoldTony MakuchPresident and CEO (416) 703-6298 (416) 703-6298 info@lsgold.com
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
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TORONTO, ONTARIO-- Nov. 6, 2009 - Lake Shore Gold Corp. (TSX:LSG) and West Timmins Mining Inc. (TSX:WTM) today jointly announced that the companies have completed the business combination originally announced August 27, 2009. Under terms contemplated by the Business Combination Agreement, Lake Shore Gold has acquired all of the outstanding common shares of West Timmins with West Timmins shareholders receiving 0.73 of a Lake Shore Gold common share for each common share of West Timmins. Lake Shore Gold is issuing approximately 104 million common shares through the transaction.
Tony Makuch, President and Chief Executive Officer of Lake Shore Gold, commented: "We are pleased to welcome the shareholders of West Timmins to Lake Shore Gold. Completing the transaction has created the next major, wholly owned gold mining complex in Timmins, the Timmins West Gold Mine Complex (the "Complex"), comprised of approximately 130 square kilometers of highly prospective property along the Timmins gold structure west of the Mattagami River Fault. The discoveries at the Timmins Mine and Thunder Creek confirm the exploration potential of this large land package. The many surface showings and historic drill results from the other properties within the Complex highlight the potential for additional gold discoveries and resource development throughout the land package.
"Very importantly, consolidating Thunder Creek with the Timmins Mine and accessing it using our existing infrastructure will allow us to accelerate Thunder Creek's development and achieve significant synergies. We are currently preparing to commence an underground advanced exploration program at Thunder Creek, including drifting across to the high-grade Thunder Creek gold mineralization from the 200 Level and 650 Level at the Timmins Mine. An extensive underground and surface diamond drilling program will be ongoing throughout the next year, and will support underground development on ore grade mineralization. Our goal by the end of 2010 will be to have completed a National Instrument 43-101 resource estimate for Thunder Creek and to have commenced processing advanced exploration ore from the property."
"We are very pleased to see the closing of the business combination with Lake Shore Gold," said Darin Wagner, former President and CEO of West Timmins. "The overwhelming support from our shareholders for this transaction indicates that they recognize the inherent value in combining the assets under one banner and we all look forward to the months ahead as Lake Shore Gold drives aggressively forward on the production and exploration fronts."
Closing of the transaction follows a vote by West Timmins Mining shareholders on Wednesday, November 4, 2009, in which approximately 98% of votes cast were in favour of the business combination. Court approval of the plan of arrangement was received yesterday, Thursday, November 5, 2009. Shares of West Timmins are anticipated to be delisted from the Toronto Stock Exchange on Wednesday, November 11, 2009.
Through the Business Combination Agreement, Lake Shore Gold has acquired West Timmins' 40% interest in the Thunder Creek property as well as approximately 120 square kilometres of additional highly prospective exploration property in close proximity to Thunder Creek and the Company's Timmins Mine. Among these additional properties are the Thorne Property, which hosts a 400,000 ounce, near surface inferred gold resource and which has returned recent encouraging drill results from several mineralized zones, and the 144 Property, which covers 4.0 kilometres of the same volcanic/ultramafic, intrusive/sedimentary contact which hosts the Timmins and Thunder Creek deposits. In addition, the transaction also provides Lake Shore Gold with 100% ownership of the high-grade Lluvia de Oro gold-silver and polymetallic Montana de Oro projects in Mexico.
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. 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 have the potential to become the Company's second mining project in the Timmins Camp. In addition, Lake Shore Gold is pursuing a number of other highly prospective exploration properties in Timmins and other parts 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 Business Combination transaction between Lake Shore Gold and West Timmins, as well as Lake Shore Gold's operating and development plans, general exploration activities and business strategy 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.
For more information, please contact
Lake Shore GoldTony MakuchPresident and CEO (416) 703-6298 (416) 703-6298 info@lsgold.com
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
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Mining Stocks News - Gold Wheaton (TSX.V:GLW ) Enters Into Gold Purchase Agreement With Respect to First Uranium's Ezulwini Gold and Uranium Mine
Mining Stocks News - Gold Wheaton (TSX.V:GLW ) Enters Into Gold Purchase Agreement With Respect to First Uranium's Ezulwini Gold and Uranium Mine
VANCOUVER, BRITISH COLUMBIA--- Nov. 6, 2009 - Gold Wheaton Gold Corp. (TSX.V:GLW ) is pleased to announce that Gold Wheaton (Barbados) Corporation ("Gold Wheaton"), a wholly-owned subsidiary of GWC, has signed a definitive agreement with First Uranium Corporation (TSX:FIU - News; JSE:FUM) ("First Uranium") and its subsidiary Ezulwini Mining Company (Proprietary) Limited ("EMC"). Gold Wheaton will purchase seven percent of the life of mine gold production from EMC's mining right over the Ezulwini Mine (the "Transaction") and which covers an area of approximately 3,718 hectares, located approximately 40 kilometres from Johannesburg, in the Province of Gauteng, in the Western portion of the Witwatersrand basin, South Africa.
The Transaction is expected to close in late November 2009.
Under the terms of the Transaction, Gold Wheaton will pay First Uranium US$50 million on closing and will make an ongoing payment equal to the lesser of US$400 per delivered ounce and the prevailing spot price of gold, subject to an annual inflation adjustment of one percent, starting on the fourth anniversary of closing. Gold Wheaton will not be required to contribute to any capital or exploration expenditures in respect of the Ezulwini Mine.
EMC has redeveloped the old North Section of the Western Areas gold mine (in operation since the early 1960s) with a new mining area being opened up and a new gold and uranium processing plant recently constructed and commissioned. The operation has extensive existing infrastructure, relatively shallow mining operations and by-product uranium credits. The mining and processing operations are currently ramping up to design production levels.
"With this new gold stream from Ezulwini, one of First Uranium's two South African operations, we add an average of approximately 25,000 ounces per year over the life of the operation to our existing annual production. The long life gold and uranium mine should be at the lower end of the production cost curve and has significant potential upside for additional production from its large resource base. The transaction will be financed from cash on hand, leaving us well funded to continue to grow," commented David Cohen, Chairman and CEO of GWC. "As the mine is currently ramping up production, we expect to receive immediate additional production from the transaction, a guaranteed minimum delivery of 16,500 ounces in 2010 and 19,500 ounces in 2011 and an average annual delivery of approximately 26,000 ounces thereafter. We are pleased to solidify our existing relationship through this second transaction with First Uranium, adding to the initial agreement with respect to their Mine Waste Solutions project in November 2008."
Closing of the Transaction is subject to receipt of all required governmental, regulatory and stock exchange approvals and third-party consents.
GWC will also call and hold a special meeting of shareholders to approve a consolidation of the common shares of GWC on the basis of 1 new common share for every 10 issued and outstanding common shares. No fractional shares will be issued and any fractions of a share will be rounded down to the nearest whole number of common shares.
At today's date, GWC has 1,430,496,668 issued and outstanding shares and post-consolidation, GWC will have 143,049,666 issued and outstanding shares. Upon the consolidation outstanding stock options and warrants will, in accordance with their terms, be exercisable into post-consolidation shares at appropriately adjusted exercise prices.
The share consolidation is subject to shareholder approval and TSX Venture Exchange acceptance.
GWC will release third quarter results on Tuesday November 10th, 2009 after the market closes and will host a telephone conference call, Thursday November 12th, 2009, at 10:00am PST (1:00pm EST) to discuss the results. The impact of the Ezulwini transaction will also be discussed at that time. The conference call may be accessed by dialing 1-800-319-4610 1-800-319-4610 in Canada and the United States, or +1-604-638-5340 +1-604-638-5340 internationally.
The conference call will be archived for later playback until Thursday November 19th, 2009 and can be accessed by dialling +1-604-638-9010 +1-604-638-9010 or 1-800-319-6413 1-800-319-6413 and using the pass code 3504 followed by the number sign, #.
Cautionary Note Regarding Forward-Looking Statements
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, platinum or palladium, the timing and amount of estimated future production, costs of production, reserve determination reserves conversion rates and the proposed consolidation involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GWC or First Uranium to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other risks, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold, platinum or palladium, as well as those factors discussed in the section entitled "Description of Business - Risk Factors" in GWC's Annual Information Form dated August 19, 2008 as filed on SEDAR. Although GWC has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the content of this news release.
www.goldwheaton.com
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VANCOUVER, BRITISH COLUMBIA--- Nov. 6, 2009 - Gold Wheaton Gold Corp. (TSX.V:GLW ) is pleased to announce that Gold Wheaton (Barbados) Corporation ("Gold Wheaton"), a wholly-owned subsidiary of GWC, has signed a definitive agreement with First Uranium Corporation (TSX:FIU - News; JSE:FUM) ("First Uranium") and its subsidiary Ezulwini Mining Company (Proprietary) Limited ("EMC"). Gold Wheaton will purchase seven percent of the life of mine gold production from EMC's mining right over the Ezulwini Mine (the "Transaction") and which covers an area of approximately 3,718 hectares, located approximately 40 kilometres from Johannesburg, in the Province of Gauteng, in the Western portion of the Witwatersrand basin, South Africa.
The Transaction is expected to close in late November 2009.
Under the terms of the Transaction, Gold Wheaton will pay First Uranium US$50 million on closing and will make an ongoing payment equal to the lesser of US$400 per delivered ounce and the prevailing spot price of gold, subject to an annual inflation adjustment of one percent, starting on the fourth anniversary of closing. Gold Wheaton will not be required to contribute to any capital or exploration expenditures in respect of the Ezulwini Mine.
EMC has redeveloped the old North Section of the Western Areas gold mine (in operation since the early 1960s) with a new mining area being opened up and a new gold and uranium processing plant recently constructed and commissioned. The operation has extensive existing infrastructure, relatively shallow mining operations and by-product uranium credits. The mining and processing operations are currently ramping up to design production levels.
"With this new gold stream from Ezulwini, one of First Uranium's two South African operations, we add an average of approximately 25,000 ounces per year over the life of the operation to our existing annual production. The long life gold and uranium mine should be at the lower end of the production cost curve and has significant potential upside for additional production from its large resource base. The transaction will be financed from cash on hand, leaving us well funded to continue to grow," commented David Cohen, Chairman and CEO of GWC. "As the mine is currently ramping up production, we expect to receive immediate additional production from the transaction, a guaranteed minimum delivery of 16,500 ounces in 2010 and 19,500 ounces in 2011 and an average annual delivery of approximately 26,000 ounces thereafter. We are pleased to solidify our existing relationship through this second transaction with First Uranium, adding to the initial agreement with respect to their Mine Waste Solutions project in November 2008."
Closing of the Transaction is subject to receipt of all required governmental, regulatory and stock exchange approvals and third-party consents.
GWC will also call and hold a special meeting of shareholders to approve a consolidation of the common shares of GWC on the basis of 1 new common share for every 10 issued and outstanding common shares. No fractional shares will be issued and any fractions of a share will be rounded down to the nearest whole number of common shares.
At today's date, GWC has 1,430,496,668 issued and outstanding shares and post-consolidation, GWC will have 143,049,666 issued and outstanding shares. Upon the consolidation outstanding stock options and warrants will, in accordance with their terms, be exercisable into post-consolidation shares at appropriately adjusted exercise prices.
The share consolidation is subject to shareholder approval and TSX Venture Exchange acceptance.
GWC will release third quarter results on Tuesday November 10th, 2009 after the market closes and will host a telephone conference call, Thursday November 12th, 2009, at 10:00am PST (1:00pm EST) to discuss the results. The impact of the Ezulwini transaction will also be discussed at that time. The conference call may be accessed by dialing 1-800-319-4610 1-800-319-4610 in Canada and the United States, or +1-604-638-5340 +1-604-638-5340 internationally.
The conference call will be archived for later playback until Thursday November 19th, 2009 and can be accessed by dialling +1-604-638-9010 +1-604-638-9010 or 1-800-319-6413 1-800-319-6413 and using the pass code 3504 followed by the number sign, #.
Cautionary Note Regarding Forward-Looking Statements
Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, platinum or palladium, the timing and amount of estimated future production, costs of production, reserve determination reserves conversion rates and the proposed consolidation involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of GWC or First Uranium to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other risks, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold, platinum or palladium, as well as those factors discussed in the section entitled "Description of Business - Risk Factors" in GWC's Annual Information Form dated August 19, 2008 as filed on SEDAR. Although GWC has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the content of this news release.
www.goldwheaton.com
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Thursday, November 05, 2009
The hottest selling investor tools at www.investorideas.com; Global Stock Directories for Mining Stocks and Renewable Energy Stocks
The hottest selling investor tools at www.investorideas.com; Global Stock Directories for Mining Stocks and Renewable Energy Stocks
Directories Feature over 900 Listed Stocks Listed on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges
DELTA, BC – November 5, 2009, www.InvestorIdeas.com reports the hottest selling investor tools include the mining stocks directory and the renewable energy stocks directory, each directory listing over 900 publicly traded companies on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks and or renewable energy stocks can purchase each directory in a PDF format for just $29.95, with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page and the Renewable Energy Stocks Directory feature a Paypal link and buy now button for easy online purchase.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Investors also have the option to also access the directories as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features 9 stock directories and an investor newsletter, the Insiders Corner.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
About Our Green Investor Portals:
www.RenewableEnergyStocks.com is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy sector.
Visit the Investorideas.com Green Investor Portals: www.RenewableEnergyStocks.com ®, www.FuelCellCarNews.com ®, www.EnvironmentStocks.com, www.Water-Stocks.com and www.GreentechInvestor.com all within the Investorideas.com hub.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com or cvanzant@investorideas.com
-Public companies please contact us with updates, corrections and additions.
Directories Feature over 900 Listed Stocks Listed on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges
DELTA, BC – November 5, 2009, www.InvestorIdeas.com reports the hottest selling investor tools include the mining stocks directory and the renewable energy stocks directory, each directory listing over 900 publicly traded companies on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks and or renewable energy stocks can purchase each directory in a PDF format for just $29.95, with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page and the Renewable Energy Stocks Directory feature a Paypal link and buy now button for easy online purchase.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Investors also have the option to also access the directories as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features 9 stock directories and an investor newsletter, the Insiders Corner.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
About Our Green Investor Portals:
www.RenewableEnergyStocks.com is one of several green investor portals within Investorideas.com and provides investors with stock news, exclusive articles and financial columnists, audio interviews, investor conferences, Blogs, and a directory of stocks within the renewable energy sector.
Visit the Investorideas.com Green Investor Portals: www.RenewableEnergyStocks.com ®, www.FuelCellCarNews.com ®, www.EnvironmentStocks.com, www.Water-Stocks.com and www.GreentechInvestor.com all within the Investorideas.com hub.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com or cvanzant@investorideas.com
-Public companies please contact us with updates, corrections and additions.
Wednesday, November 04, 2009
Mining Stocks News - Pele Mountain Confirms Significant Concentrations of All Rare Earth Oxides at Eco Ridge Mine Project in Elliot Lake
Mining Stocks News - Pele Mountain Confirms Significant Concentrations of All Rare Earth Oxides at Eco Ridge Mine Project in Elliot Lake
TORONTO, ONTARIO-- Nov. 4, 2009 - Pele Mountain Resources Inc. (TSX VENTURE:GEM) ("Pele" or the "Company") today announced the confirmation of significant concentrations of all rare earth oxides ("REO") in each of the 30 drill holes analyzed for REO to-date at its Eco Ridge Mine uranium project in Northern Ontario. As announced on October 7, the analysis of certain drill intersections at Eco Ridge has confirmed the presence of extensive REO in conjunction with uranium oxide (U3O8) in the Main Conglomerate Bed ("MCB"). The Eco Ridge Mine project is 100-percent owned by First Canadian Uranium Inc., a wholly owned subsidiary of Pele.
A total of 29 of the 30 analyzed holes were drilled over an area 2 kilometres across strike and 1 kilometre down dip within the area of the defined NI 43-101 uranium resources. The outlying hole was located north of the classified resources and intersected the down-dip continuation of both uranium and REO mineralization beyond the resource area. A table containing individual REO analyses for each of the 30 analyzed drill holes is available at http://www.pelemountain.com/pdfs/allREE_tableSW.pdf
Although Yttrium and heavy REE comprise a minority of the overall REO content of the Eco Ridge deposit, these minerals have far greater economic value than the light REO and have demonstrated good recoverability. Preliminary leach testing at SGS Canada Inc. indicates potential recoveries of approximately 64-percent of combined Yttrium and heavy REE.
REOs are critical components in many high-tech applications including hybrid motor vehicles, flat screen monitors, high-power magnets and a wide range of military applications. Although demand for REO is growing rapidly, over 90-percent of global production is controlled by China, which has recently imposed restrictions on their export.
With its excellent regional infrastructure, well-understood geology, and politically-stable and mining-friendly jurisdiction, Elliot Lake is an ideal location for the development of a long-term secure and reliable supply of uranium and REE. Pele's 100-percent owned Eco Ridge Mine project contains a NI 43-101 compliant resource of 6.4 million pounds of "indicated" U3O8 (5.68 million tonnes grading 0.051-percent U3O8) and 36.1 million pounds of "inferred" U3O8 (37.26 tonnes grading 0.044-percent U3O8) with the potential for significant expansion. More than 300 million pounds of U3O8 were mined from similar deposits near Elliot Lake by Rio Algom and Denison Mines from 1956 to 1996. Elliot Lake was a global producer of Yttrium during the 1980s as a by-product of uranium production.
The samples were analyzed at SGS Canada Inc. and Activation Laboratories Ltd., both independent and ISO 17025 accredited laboratories. The Company is performing routine QA and QC on laboratory assay results. The calculations of REO grades shown in the table were independently reviewed by Scott Wilson Roscoe Postle Associates Inc. This press release has been reviewed and approved by Fergus Kerr, P.Eng., Vice President of Uranium Operations for Pele and a qualified person under NI 43-101.
About Pele
Pele Mountain Resources is discovering and developing the mineral wealth of Northern Ontario. At its Eco Ridge Mine uranium project, Pele is advancing toward the sustainable development of a safe, secure, and reliable operation near Elliot Lake. At its East Highland Gold project, Pele has located several high-grade showings and is working to identify mineable gold resources. The Company also holds the Ardeen Gold and Sudbury Nickel projects, which are actively explored under option agreements with Coventry Resources Ltd. and Wallbridge Mining Company, respectively. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM".
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Pele's future plans, objectives or goals, including words to the effect that Pele or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The economic viability of the 43-101 mineral resource at Pele's Elliot Lake Project has not yet been demonstrated by a preliminary feasibility study.
Common Shares Outstanding: 95,486,944
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
TORONTO, ONTARIO-- Nov. 4, 2009 - Pele Mountain Resources Inc. (TSX VENTURE:GEM) ("Pele" or the "Company") today announced the confirmation of significant concentrations of all rare earth oxides ("REO") in each of the 30 drill holes analyzed for REO to-date at its Eco Ridge Mine uranium project in Northern Ontario. As announced on October 7, the analysis of certain drill intersections at Eco Ridge has confirmed the presence of extensive REO in conjunction with uranium oxide (U3O8) in the Main Conglomerate Bed ("MCB"). The Eco Ridge Mine project is 100-percent owned by First Canadian Uranium Inc., a wholly owned subsidiary of Pele.
A total of 29 of the 30 analyzed holes were drilled over an area 2 kilometres across strike and 1 kilometre down dip within the area of the defined NI 43-101 uranium resources. The outlying hole was located north of the classified resources and intersected the down-dip continuation of both uranium and REO mineralization beyond the resource area. A table containing individual REO analyses for each of the 30 analyzed drill holes is available at http://www.pelemountain.com/pdfs/allREE_tableSW.pdf
Although Yttrium and heavy REE comprise a minority of the overall REO content of the Eco Ridge deposit, these minerals have far greater economic value than the light REO and have demonstrated good recoverability. Preliminary leach testing at SGS Canada Inc. indicates potential recoveries of approximately 64-percent of combined Yttrium and heavy REE.
REOs are critical components in many high-tech applications including hybrid motor vehicles, flat screen monitors, high-power magnets and a wide range of military applications. Although demand for REO is growing rapidly, over 90-percent of global production is controlled by China, which has recently imposed restrictions on their export.
With its excellent regional infrastructure, well-understood geology, and politically-stable and mining-friendly jurisdiction, Elliot Lake is an ideal location for the development of a long-term secure and reliable supply of uranium and REE. Pele's 100-percent owned Eco Ridge Mine project contains a NI 43-101 compliant resource of 6.4 million pounds of "indicated" U3O8 (5.68 million tonnes grading 0.051-percent U3O8) and 36.1 million pounds of "inferred" U3O8 (37.26 tonnes grading 0.044-percent U3O8) with the potential for significant expansion. More than 300 million pounds of U3O8 were mined from similar deposits near Elliot Lake by Rio Algom and Denison Mines from 1956 to 1996. Elliot Lake was a global producer of Yttrium during the 1980s as a by-product of uranium production.
The samples were analyzed at SGS Canada Inc. and Activation Laboratories Ltd., both independent and ISO 17025 accredited laboratories. The Company is performing routine QA and QC on laboratory assay results. The calculations of REO grades shown in the table were independently reviewed by Scott Wilson Roscoe Postle Associates Inc. This press release has been reviewed and approved by Fergus Kerr, P.Eng., Vice President of Uranium Operations for Pele and a qualified person under NI 43-101.
About Pele
Pele Mountain Resources is discovering and developing the mineral wealth of Northern Ontario. At its Eco Ridge Mine uranium project, Pele is advancing toward the sustainable development of a safe, secure, and reliable operation near Elliot Lake. At its East Highland Gold project, Pele has located several high-grade showings and is working to identify mineable gold resources. The Company also holds the Ardeen Gold and Sudbury Nickel projects, which are actively explored under option agreements with Coventry Resources Ltd. and Wallbridge Mining Company, respectively. Pele's shares are listed on the TSX Venture Exchange under the symbol "GEM".
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Pele's future plans, objectives or goals, including words to the effect that Pele or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The economic viability of the 43-101 mineral resource at Pele's Elliot Lake Project has not yet been demonstrated by a preliminary feasibility study.
Common Shares Outstanding: 95,486,944
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Mining Stocks News - Goldcorp (TSX:G)(NYSE:GG) Cash Flow Increases 35% in the Third Quarter;
Mining Stocks News - Goldcorp (TSX:G)(NYSE:GG) Cash Flow Increases 35% in the Third Quarter;
Strong Production Increase of 11% and Cash Cost Performance Lead to Increased 2009
Guidance
VANCOUVER, BRITISH COLUMBIA-- Nov. 4, 2009 - Goldcorp Inc. (TSX:G)(NYSE:GG) today reported gold production of 621,100 ounces for the third quarter at a total cash cost of $295 per ounce. Adjusted net earnings(1) in the third quarter were $140.6 million, or $0.19 per share, while reported net earnings totalled $114.2 million.
Third Quarter Highlights
- Gold production increased by 11% over the 2008 third quarter, to 621,100 ounces.
- Total cash costs(2) for the quarter were $295 per ounce on a by-product basis, and $297 per ounce year to date.
- Total cash costs(2) on a co-product basis were $384 per ounce compared to $380 per ounce year to date.
- Operating cash flows before changes in working capital(3) totaled $321.1 million or $0.44 per share, a 35% increase over the third quarter of 2008.
- Dividends paid amounted to $32.9 million.
- Penasquito concentrate production ramp-up on schedule; concentrate shipments commence.
- Full-year gold production guidance revised upward; cash cost guidance also improves.
"Consistent with our 2009 theme of execution throughout our operations, Goldcorp's gold production and cash costs were again very strong in the third quarter," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "Red Lake experienced an outstanding quarter, driven by excellent results in the High Grade zone and continued productivity enhancements. Also in Ontario, Porcupine's quarterly gold production was its best in almost three years. Marlin in Guatemala and Los Filos in Mexico were also important contributors to our quarterly results, with the Los Filos open pit operation achieving record quarterly gold production. We saw continued success among our next generation of growth drivers as well. At Penasquito, I am pleased to report that shipments of both lead and zinc concentrates began this week. Achieving this important milestone supports our continued confidence in the outlook for this world-class operation. Also advancing impressively is the Cochenour project in the Red Lake camp. Development will begin to accelerate, as a plan is now in place detailing the best way to access the deposit. Cochenour is a key component of our development plans in the prolific Red Lake district, and upon completion it will be an important contributor to our growth profile at Red Lake for many years to come."
"Our strong performance through the first nine months of the year has led us to revise our production guidance, to approximately 2.4 million gold ounces at a total cash cost of approximately $300 per ounce on a by-product basis and less than $400 per ounce on a co-product basis. Gold prices have exhibited continued strength and sustainability above $1,000 per ounce, and with our production and cash costs trending positively, the stage is set for continued strength in cash flow and profitability through the end of the year and beyond."
Financial Review
Gold sales in the third quarter compared to the third quarter of 2008, increased to 621,100 ounces at a total cash cost of $295 per ounce on a by-product basis, and $384 per ounce on a co-product basis. On both a by-product and co-product basis, Goldcorp remains the lowest cost, highest margin senior gold producer in the industry.
Adjusted net earnings(1) totaled $140.6 million, or $0.19 per share, compared to $64.7 million or $0.09 per share, in the third quarter of 2008. Adjusted net earnings primarily exclude the effect of a non-cash foreign exchange loss on revaluation of future income tax liabilities, but include the impact of non-cash stock option expenses, which amounted to approximately $0.02 per share for the quarter. Operating cash flow before non-cash working capital adjustments(3) increased 35% to $321.1 million compared to $237.3 million in last year's third quarter. Reported net earnings in the quarter were $114.2 million compared to net earnings of $297.2 million in the third quarter of 2008.
For the nine months ended September 30, 2009, revenues increased 7% to $1.9 billion, a result of increased realized gold prices and increased gold sales volumes. On a by-product basis, total cash costs were $297 per ounce compared to a total cash cost of $298 per ounce in 2008. Total cash costs on a co-product basis were $380 per ounce year to date versus $409 per ounce in the 2008 period.
For the first nine months of the year, adjusted net earnings(1) totaled $405.5 million, or $0.55 per share, compared to $312.6 million, or $0.44 per share, in 2008. Adjusted net earnings primarily exclude the effect of a non-cash foreign exchange loss on revaluation of future income tax liabilities and transaction costs for issuance of convertible debt. Adjusted net earnings for 2008 primarily exclude the effect of a non-cash foreign exchange gain on revaluation of future income tax liabilities, the first quarter gain on the sale of the Silver Wheaton shares, and an unrealized loss on securities. Net earnings in the nine months ended September 30, 2009 were $173.5 million or $0.24 per share, compared to net earnings of $517.5 million, or $0.73 per share, in 2008. Cash flow from operations before working capital changes(3) increased 24% to $872.6 million, or $1.19 per share, from $702.7 million, or $0.99 per share, in the nine months ended September 30, 2008.
Operations Review
Goldcorp's cornerstone asset delivered a strong performance in the third quarter. Gold production at Red Lake totalled 178,800 ounces at a total cash cost of $255 per ounce compared to gold production of 160,100 ounces at a total cash cost of $297 in the third quarter of 2008. Exploration drilling from the 4199 drift is advancing well with three drills off the platform: two drilling the High Grade zone and one drilling targets in the high-potential Party Wall area.
Also in the Red Lake district, dewatering of the Cochenour shaft continued in the third quarter with completion expected during the first quarter of 2010. The Company has completed a study to determine the best way to access and develop the Cochenour ore body. The study indicates that the best method of developing the Cochenour/Bruce Channel deposit is to enlarge and upgrade the existing Cochenour shaft and construct a 5 kilometer high speed tram on the 5400 Level connecting to the Red Lake mine. This will enable the Bruce Channel deposit ore to be hauled directly to the Red Lake mine and processed at the existing mill facility. Preparatory work for the haulage drift project has commenced.
A 31% increase in gold production at Porcupine in Ontario over the 2008 third quarter highlights the strong pattern of sequential improvement over the last year. Gold production at Porcupine totalled 90,600 ounces-its best performance in almost three years-while cash costs fell to $406 per ounce. Grade continued to improve through mining in higher grade stopes and through the development of the new higher grade VAZ zone.
At Los Filos, gold production was 60,200 ounces, driven by its best performance yet in the open pit operations. El Sauzal's production of 45,500 ounces was in line with the forecast production decrease consistent with its declining mine life. At San Dimas, higher grades in the Roberta, Robertita and Marina veins drove a strong improvement in production versus the prior year third quarter. Gold production was 27,500 ounces in the third quarter at a total cash cost of $313 per ounce. At the Marlin mine in Guatemala, quarterly gold and silver production increased both from the second quarter of 2009 and the year-ago quarter, with production of 68,800 ounces of gold and 1,083,200 ounces of silver. These production increases were largely attributable to process enhancements leading to both gold and silver recovery improvements.
Project Update
Positive exploration drilling continued at Eleonore in Quebec. Strong assay results in the deep mineralized zone to the north continued to support ongoing work on an internal prefeasibility study planned for the end of 2009. The study is evaluating the best options for accessing the deep high grade in the north while simultaneously ramping up gold production from the Roberto Zone. Environmental and social impact assessment work is continuing.
In the Dominican Republic, development of the Pueblo Viejo project continued to track on budget and on schedule for initial gold production in the fourth quarter of 2011. Construction of the autoclave and related structures is now well advanced, and the mills have now arrived in the Dominican Republic. Goldcorp's 40% share of gold production in the first five full years of the mine's life is expected to average approximately 400,000 ounces at total cash costs of between $275 and $300 per ounce. Goldcorp's share of proven and probable gold reserves at Pueblo Viejo amounts to nearly 9 million ounces.
Penasquito Update
Since achieving mechanical completion during the third quarter, full commissioning of the first sulphide process line (Line 1) has steadily advanced at Penasquito. On November 2nd, the Company began dispatching the first lead and zinc concentrates from the mine site. The initial lead concentrate shipments are being sold to Industrias Penoles' Met-Mex subsidiary in Torreon, Mexico, while initial zinc concentrates are being trucked to the port of Manzanillo in preparation for shipment to Korea Zinc Co. Ltd. Preliminary metals grades, recoveries and concentrate quality have met or exceeded expectations.
Construction of the second sulphide process line (Line 2) is well underway and progressing toward planned start-up in the third quarter of 2010. Completion of construction of the high pressure grinding rolls circuit is expected in the fourth quarter of 2010, allowing for a ramp-up to the mill's full 130,000 tonnes per day capacity in early 2011. For the latest photographs from the site, please visit www.goldcorp.com and click on Operations/Penasquito.
Mining activities continue to provide sulphide ore for the start-up of the Line 1 plant with rates in excess of 500,000 tonnes per day. Initial pre-stripping has uncovered more sulphide ore than was modeled, and the resulting ore stockpile has added a significant degree of ore feed flexibility. At September 30, 2009, 6.2 million tonnes of ore were stockpiled and an additional 2 million tonnes were exposed in the pit and available for mining.
"The rate of progress we continue to make at Penasquito remains consistent with our ramp-up schedule," added Jeannes. "The team there continues to exceed our expectations as the transition from project to world-class mine remains well on track. This ongoing success supports our expectation that Penasquito will contribute to our five-year 50% growth profile just as we anticipated. Upon completion of the updated Penasquito mine plan, the data will be integrated into our 2010 corporate budget and specific full-year expectations disclosed in January 2010."
Corporate Social Responsibility Update
During the third quarter, Marlin mine in Guatemala became Goldcorp's third gold mine to be fully certified under the International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold. Marlin's achievement makes it the first mine in Central America to be so certified, following Marigold mine as the first-ever gold mining operation to be certified and El Sauzal as the first-ever mine in Mexico to be certified. Goldcorp is an industry leader in its commitment to the safe handling and use of cyanide in applicable mining operations.
2009 Outlook
In light of continued strength in production at many of its key gold mines, the Company today revised operating guidance for the 2009 year. Gold production guidance has been increased from 2.3 million ounces to approximately 2.4 million ounces. Guidance on total cash costs has also changed in light of the Company's stronger operating performance. Total cash costs for 2009 are now expected to be approximately $300 per ounce of gold on a by-product basis compared to previous guidance of $365 per ounce. On a co-product basis, total cash costs are now expected to be less than $400 per ounce compared to previous guidance of $400 per ounce. Price assumptions used in the calculation of these new estimates for the fourth quarter are $15 silver, $2.75 copper, $75 per barrel oil, and US Dollar exchange rates of $1.10 Canadian Dollars and $12.50 Mexican pesos.
This release should be read in conjunction with Goldcorp's third quarter 2009 unaudited MD&A report on the Company's website, www.goldcorp.com, in the "Investors" section under "Financials".
A conference call will be held on November 5, 2009 at 10:00 a.m. (PDT) to discuss the third quarter results. Participants may join the call by dialing toll free 888-300-0053 888-300-0053 or 647-427-3420 647-427-3420 for calls from outside Canada and the US. A recorded playback of the call can be accessed after the event until December 5, 2009 by dialing 800-642-1687 800-642-1687 or 706-645-9291 706-645-9291 for calls outside Canada and the US. Passcode: 34518604. A live and archived audio webcast will also be available at www.goldcorp.com.
Goldcorp is the lowest-cost and fastest growing multi-million ounce gold producer with operations throughout the Americas. Its gold production remains 100% unhedged.
(1) Adjusted net earnings is a non-GAAP measure. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to page 34 of the 2009 third quarter MD&A for a reconciliation of adjusted earnings to reported net earnings.
(2) The Company has included a non-GAAP performance measure, total cash cost per gold ounce, throughout this document. The Company reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning, and is a non-GAAP measure. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to page 33 of the 2009 third quarter MD&A for a reconciliation of total cash costs to reported operating expenses.
(3) Operating cash flows before working capital changes and operating cash flows before working capital changes per share are non-GAAP measures which the Company believes provides a better indicator of the Company's ability to generate cash flow from its mining operations. Cash provided by operating activities reported in accordance with GAAP was $341.9 million and $903.7 million, respectively for the three months and nine months ended September 30, 2009.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp Inc. ("Goldcorp"). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Goldcorp to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, silver, copper, lead and zinc; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes; delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other risks of the mining industry, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Goldcorp's annual information form for the year ended December 31, 2008 available at www.sedar.com.Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Goldcorp does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
FINANCIAL STATEMENTS - see news at www.goldcorp.com
For more information, please contact
Goldcorp Inc.Jeff WilhoitVice President, Investor Relations (604) 696-3074 (604) 696-3074(604) 696-3001 (FAX)info@goldcorp.comwww.goldcorp.com
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Strong Production Increase of 11% and Cash Cost Performance Lead to Increased 2009
Guidance
VANCOUVER, BRITISH COLUMBIA-- Nov. 4, 2009 - Goldcorp Inc. (TSX:G)(NYSE:GG) today reported gold production of 621,100 ounces for the third quarter at a total cash cost of $295 per ounce. Adjusted net earnings(1) in the third quarter were $140.6 million, or $0.19 per share, while reported net earnings totalled $114.2 million.
Third Quarter Highlights
- Gold production increased by 11% over the 2008 third quarter, to 621,100 ounces.
- Total cash costs(2) for the quarter were $295 per ounce on a by-product basis, and $297 per ounce year to date.
- Total cash costs(2) on a co-product basis were $384 per ounce compared to $380 per ounce year to date.
- Operating cash flows before changes in working capital(3) totaled $321.1 million or $0.44 per share, a 35% increase over the third quarter of 2008.
- Dividends paid amounted to $32.9 million.
- Penasquito concentrate production ramp-up on schedule; concentrate shipments commence.
- Full-year gold production guidance revised upward; cash cost guidance also improves.
"Consistent with our 2009 theme of execution throughout our operations, Goldcorp's gold production and cash costs were again very strong in the third quarter," said Chuck Jeannes, Goldcorp President and Chief Executive Officer. "Red Lake experienced an outstanding quarter, driven by excellent results in the High Grade zone and continued productivity enhancements. Also in Ontario, Porcupine's quarterly gold production was its best in almost three years. Marlin in Guatemala and Los Filos in Mexico were also important contributors to our quarterly results, with the Los Filos open pit operation achieving record quarterly gold production. We saw continued success among our next generation of growth drivers as well. At Penasquito, I am pleased to report that shipments of both lead and zinc concentrates began this week. Achieving this important milestone supports our continued confidence in the outlook for this world-class operation. Also advancing impressively is the Cochenour project in the Red Lake camp. Development will begin to accelerate, as a plan is now in place detailing the best way to access the deposit. Cochenour is a key component of our development plans in the prolific Red Lake district, and upon completion it will be an important contributor to our growth profile at Red Lake for many years to come."
"Our strong performance through the first nine months of the year has led us to revise our production guidance, to approximately 2.4 million gold ounces at a total cash cost of approximately $300 per ounce on a by-product basis and less than $400 per ounce on a co-product basis. Gold prices have exhibited continued strength and sustainability above $1,000 per ounce, and with our production and cash costs trending positively, the stage is set for continued strength in cash flow and profitability through the end of the year and beyond."
Financial Review
Gold sales in the third quarter compared to the third quarter of 2008, increased to 621,100 ounces at a total cash cost of $295 per ounce on a by-product basis, and $384 per ounce on a co-product basis. On both a by-product and co-product basis, Goldcorp remains the lowest cost, highest margin senior gold producer in the industry.
Adjusted net earnings(1) totaled $140.6 million, or $0.19 per share, compared to $64.7 million or $0.09 per share, in the third quarter of 2008. Adjusted net earnings primarily exclude the effect of a non-cash foreign exchange loss on revaluation of future income tax liabilities, but include the impact of non-cash stock option expenses, which amounted to approximately $0.02 per share for the quarter. Operating cash flow before non-cash working capital adjustments(3) increased 35% to $321.1 million compared to $237.3 million in last year's third quarter. Reported net earnings in the quarter were $114.2 million compared to net earnings of $297.2 million in the third quarter of 2008.
For the nine months ended September 30, 2009, revenues increased 7% to $1.9 billion, a result of increased realized gold prices and increased gold sales volumes. On a by-product basis, total cash costs were $297 per ounce compared to a total cash cost of $298 per ounce in 2008. Total cash costs on a co-product basis were $380 per ounce year to date versus $409 per ounce in the 2008 period.
For the first nine months of the year, adjusted net earnings(1) totaled $405.5 million, or $0.55 per share, compared to $312.6 million, or $0.44 per share, in 2008. Adjusted net earnings primarily exclude the effect of a non-cash foreign exchange loss on revaluation of future income tax liabilities and transaction costs for issuance of convertible debt. Adjusted net earnings for 2008 primarily exclude the effect of a non-cash foreign exchange gain on revaluation of future income tax liabilities, the first quarter gain on the sale of the Silver Wheaton shares, and an unrealized loss on securities. Net earnings in the nine months ended September 30, 2009 were $173.5 million or $0.24 per share, compared to net earnings of $517.5 million, or $0.73 per share, in 2008. Cash flow from operations before working capital changes(3) increased 24% to $872.6 million, or $1.19 per share, from $702.7 million, or $0.99 per share, in the nine months ended September 30, 2008.
Operations Review
Goldcorp's cornerstone asset delivered a strong performance in the third quarter. Gold production at Red Lake totalled 178,800 ounces at a total cash cost of $255 per ounce compared to gold production of 160,100 ounces at a total cash cost of $297 in the third quarter of 2008. Exploration drilling from the 4199 drift is advancing well with three drills off the platform: two drilling the High Grade zone and one drilling targets in the high-potential Party Wall area.
Also in the Red Lake district, dewatering of the Cochenour shaft continued in the third quarter with completion expected during the first quarter of 2010. The Company has completed a study to determine the best way to access and develop the Cochenour ore body. The study indicates that the best method of developing the Cochenour/Bruce Channel deposit is to enlarge and upgrade the existing Cochenour shaft and construct a 5 kilometer high speed tram on the 5400 Level connecting to the Red Lake mine. This will enable the Bruce Channel deposit ore to be hauled directly to the Red Lake mine and processed at the existing mill facility. Preparatory work for the haulage drift project has commenced.
A 31% increase in gold production at Porcupine in Ontario over the 2008 third quarter highlights the strong pattern of sequential improvement over the last year. Gold production at Porcupine totalled 90,600 ounces-its best performance in almost three years-while cash costs fell to $406 per ounce. Grade continued to improve through mining in higher grade stopes and through the development of the new higher grade VAZ zone.
At Los Filos, gold production was 60,200 ounces, driven by its best performance yet in the open pit operations. El Sauzal's production of 45,500 ounces was in line with the forecast production decrease consistent with its declining mine life. At San Dimas, higher grades in the Roberta, Robertita and Marina veins drove a strong improvement in production versus the prior year third quarter. Gold production was 27,500 ounces in the third quarter at a total cash cost of $313 per ounce. At the Marlin mine in Guatemala, quarterly gold and silver production increased both from the second quarter of 2009 and the year-ago quarter, with production of 68,800 ounces of gold and 1,083,200 ounces of silver. These production increases were largely attributable to process enhancements leading to both gold and silver recovery improvements.
Project Update
Positive exploration drilling continued at Eleonore in Quebec. Strong assay results in the deep mineralized zone to the north continued to support ongoing work on an internal prefeasibility study planned for the end of 2009. The study is evaluating the best options for accessing the deep high grade in the north while simultaneously ramping up gold production from the Roberto Zone. Environmental and social impact assessment work is continuing.
In the Dominican Republic, development of the Pueblo Viejo project continued to track on budget and on schedule for initial gold production in the fourth quarter of 2011. Construction of the autoclave and related structures is now well advanced, and the mills have now arrived in the Dominican Republic. Goldcorp's 40% share of gold production in the first five full years of the mine's life is expected to average approximately 400,000 ounces at total cash costs of between $275 and $300 per ounce. Goldcorp's share of proven and probable gold reserves at Pueblo Viejo amounts to nearly 9 million ounces.
Penasquito Update
Since achieving mechanical completion during the third quarter, full commissioning of the first sulphide process line (Line 1) has steadily advanced at Penasquito. On November 2nd, the Company began dispatching the first lead and zinc concentrates from the mine site. The initial lead concentrate shipments are being sold to Industrias Penoles' Met-Mex subsidiary in Torreon, Mexico, while initial zinc concentrates are being trucked to the port of Manzanillo in preparation for shipment to Korea Zinc Co. Ltd. Preliminary metals grades, recoveries and concentrate quality have met or exceeded expectations.
Construction of the second sulphide process line (Line 2) is well underway and progressing toward planned start-up in the third quarter of 2010. Completion of construction of the high pressure grinding rolls circuit is expected in the fourth quarter of 2010, allowing for a ramp-up to the mill's full 130,000 tonnes per day capacity in early 2011. For the latest photographs from the site, please visit www.goldcorp.com and click on Operations/Penasquito.
Mining activities continue to provide sulphide ore for the start-up of the Line 1 plant with rates in excess of 500,000 tonnes per day. Initial pre-stripping has uncovered more sulphide ore than was modeled, and the resulting ore stockpile has added a significant degree of ore feed flexibility. At September 30, 2009, 6.2 million tonnes of ore were stockpiled and an additional 2 million tonnes were exposed in the pit and available for mining.
"The rate of progress we continue to make at Penasquito remains consistent with our ramp-up schedule," added Jeannes. "The team there continues to exceed our expectations as the transition from project to world-class mine remains well on track. This ongoing success supports our expectation that Penasquito will contribute to our five-year 50% growth profile just as we anticipated. Upon completion of the updated Penasquito mine plan, the data will be integrated into our 2010 corporate budget and specific full-year expectations disclosed in January 2010."
Corporate Social Responsibility Update
During the third quarter, Marlin mine in Guatemala became Goldcorp's third gold mine to be fully certified under the International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold. Marlin's achievement makes it the first mine in Central America to be so certified, following Marigold mine as the first-ever gold mining operation to be certified and El Sauzal as the first-ever mine in Mexico to be certified. Goldcorp is an industry leader in its commitment to the safe handling and use of cyanide in applicable mining operations.
2009 Outlook
In light of continued strength in production at many of its key gold mines, the Company today revised operating guidance for the 2009 year. Gold production guidance has been increased from 2.3 million ounces to approximately 2.4 million ounces. Guidance on total cash costs has also changed in light of the Company's stronger operating performance. Total cash costs for 2009 are now expected to be approximately $300 per ounce of gold on a by-product basis compared to previous guidance of $365 per ounce. On a co-product basis, total cash costs are now expected to be less than $400 per ounce compared to previous guidance of $400 per ounce. Price assumptions used in the calculation of these new estimates for the fourth quarter are $15 silver, $2.75 copper, $75 per barrel oil, and US Dollar exchange rates of $1.10 Canadian Dollars and $12.50 Mexican pesos.
This release should be read in conjunction with Goldcorp's third quarter 2009 unaudited MD&A report on the Company's website, www.goldcorp.com, in the "Investors" section under "Financials".
A conference call will be held on November 5, 2009 at 10:00 a.m. (PDT) to discuss the third quarter results. Participants may join the call by dialing toll free 888-300-0053 888-300-0053 or 647-427-3420 647-427-3420 for calls from outside Canada and the US. A recorded playback of the call can be accessed after the event until December 5, 2009 by dialing 800-642-1687 800-642-1687 or 706-645-9291 706-645-9291 for calls outside Canada and the US. Passcode: 34518604. A live and archived audio webcast will also be available at www.goldcorp.com.
Goldcorp is the lowest-cost and fastest growing multi-million ounce gold producer with operations throughout the Americas. Its gold production remains 100% unhedged.
(1) Adjusted net earnings is a non-GAAP measure. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the Company and certain investors use this information to evaluate the Company's performance. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to page 34 of the 2009 third quarter MD&A for a reconciliation of adjusted earnings to reported net earnings.
(2) The Company has included a non-GAAP performance measure, total cash cost per gold ounce, throughout this document. The Company reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning, and is a non-GAAP measure. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to page 33 of the 2009 third quarter MD&A for a reconciliation of total cash costs to reported operating expenses.
(3) Operating cash flows before working capital changes and operating cash flows before working capital changes per share are non-GAAP measures which the Company believes provides a better indicator of the Company's ability to generate cash flow from its mining operations. Cash provided by operating activities reported in accordance with GAAP was $341.9 million and $903.7 million, respectively for the three months and nine months ended September 30, 2009.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp Inc. ("Goldcorp"). Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Goldcorp to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, silver, copper, lead and zinc; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes; delays in obtaining governmental approvals or financing or in the completion of development or construction activities and other risks of the mining industry, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Goldcorp's annual information form for the year ended December 31, 2008 available at www.sedar.com.Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Goldcorp does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
FINANCIAL STATEMENTS - see news at www.goldcorp.com
For more information, please contact
Goldcorp Inc.Jeff WilhoitVice President, Investor Relations (604) 696-3074 (604) 696-3074(604) 696-3001 (FAX)info@goldcorp.comwww.goldcorp.com
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Mining Stocks News - St. Elias Mines Ltd.(TSX VENTURE: SLI.V): Strawberry Flats Gold Project, British Columbia
Mining Stocks News - St. Elias Mines Ltd.(TSX VENTURE: SLI.V): Strawberry Flats Gold Project, British Columbia
VANCOUVER, BRITISH COLUMBIA-- Nov. 4, 2009 - Lori McClenahan, President of St. Elias Mines Ltd. ("St. Elias" or the "Company") (TSX VENTURE: SLI.V)(FRANKFURT: EKL.F)(U.S. CLEARING SYMBOL:SELSF), is pleased to announce that St. Elias has acquired, by staking, a 100% interest in the Strawberry Flats Gold Project ("SFG Project") located in southcentral British Columbia.
The SFG Project, comprising four mineral claims covering approximately 886 ha (2,200 acres), is located just north (approximately 12km) of the historic Rossland Gold Camp which produced 2,700,000 ounces of gold between 1897 and the early 1940's.
Previous work at the SFG Project included a small trenching program completed by Cameco in 1989. The program was designed to determine the bedrock source of gold in soil anomalies in an area within the Strawberry Flats Gold Project. Cameco's trench #5 returned 8m of 10.45g/t Au including 2m of 39.16g/t Au from continuous 1m long chip samples. Cameco's report indicates that the 7m wide WNW trending gold rich structure exposed in trench #5 is of sufficient grade to warrant follow-up along strike in both directions and at depth.
- The geological information and analytical results reported above predate National Instrument 43-101 and are not National Instrument 43-101 compliant. St. Elias Mines has not undertaken any independent investigations of the dimensions, quantity or grade of this gold mineralization, and therefore these historical data should not be relied upon.
The SFG Project adjoins the Jumping Josephine Project owned by Astral Mining Corp. and Kootenay Gold Inc. who announced on October 29, 2009 their application for a 10,000 tonne bulk sampling permit from their JJ Main zone. Drilling at this zone during 2007 - 2008 from within the proposed test pit area included 10m of 9.95g/t gold and 8m of 8.31g/t gold. As with trench #5 at the SFG Project, there is local high-grade concentration of gold including 1m of 56.4g/t gold, 61.8g/t gold and 57.5g/t gold.
In keeping with St. Elias' business strategy, the Company is actively seeking a joint venture partner for the Strawberry Flats Gold Project.
Qualified Person
The data contained in this News Release has been reviewed and verified by Duncan Bain, B.Sc., P.Geo., a "qualified person" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators.
For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call 1-888-895-5522 1-888-895-5522 (toll free US and Canada).
ST. ELIAS MINES LTD.
Lori McClenahan, President
This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
VANCOUVER, BRITISH COLUMBIA-- Nov. 4, 2009 - Lori McClenahan, President of St. Elias Mines Ltd. ("St. Elias" or the "Company") (TSX VENTURE: SLI.V)(FRANKFURT: EKL.F)(U.S. CLEARING SYMBOL:SELSF), is pleased to announce that St. Elias has acquired, by staking, a 100% interest in the Strawberry Flats Gold Project ("SFG Project") located in southcentral British Columbia.
The SFG Project, comprising four mineral claims covering approximately 886 ha (2,200 acres), is located just north (approximately 12km) of the historic Rossland Gold Camp which produced 2,700,000 ounces of gold between 1897 and the early 1940's.
Previous work at the SFG Project included a small trenching program completed by Cameco in 1989. The program was designed to determine the bedrock source of gold in soil anomalies in an area within the Strawberry Flats Gold Project. Cameco's trench #5 returned 8m of 10.45g/t Au including 2m of 39.16g/t Au from continuous 1m long chip samples. Cameco's report indicates that the 7m wide WNW trending gold rich structure exposed in trench #5 is of sufficient grade to warrant follow-up along strike in both directions and at depth.
- The geological information and analytical results reported above predate National Instrument 43-101 and are not National Instrument 43-101 compliant. St. Elias Mines has not undertaken any independent investigations of the dimensions, quantity or grade of this gold mineralization, and therefore these historical data should not be relied upon.
The SFG Project adjoins the Jumping Josephine Project owned by Astral Mining Corp. and Kootenay Gold Inc. who announced on October 29, 2009 their application for a 10,000 tonne bulk sampling permit from their JJ Main zone. Drilling at this zone during 2007 - 2008 from within the proposed test pit area included 10m of 9.95g/t gold and 8m of 8.31g/t gold. As with trench #5 at the SFG Project, there is local high-grade concentration of gold including 1m of 56.4g/t gold, 61.8g/t gold and 57.5g/t gold.
In keeping with St. Elias' business strategy, the Company is actively seeking a joint venture partner for the Strawberry Flats Gold Project.
Qualified Person
The data contained in this News Release has been reviewed and verified by Duncan Bain, B.Sc., P.Geo., a "qualified person" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators.
For additional information on St. Elias and its projects, please visit us at www.steliasmines.com or call 1-888-895-5522 1-888-895-5522 (toll free US and Canada).
ST. ELIAS MINES LTD.
Lori McClenahan, President
This News Release may contain forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this document.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Monument (TSX-V: MMY and FSE: D7Q1) Pours First Gold From Gravity Circuit
Monument Pours First Gold From Gravity Circuit
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" announces that it has poured the first gold from the newly commissioned gravity circuit of the 1200 tpd gold treatment plant at its wholly owned Selinsing Gold Project located in Pahang State, Malaysia.
The Selinsing Gold Project was acquired by the Company in June 2007. Since then the Company has been developing the open pit gold mine together with building a 1,200 tpd gold treatment plant in two construction phases, and commenced mining in July 2009. Commissioning of the Phase I gravity circuit commenced in August 2009 with the first gold pour occurring in October 2009. The Company now continues to operate and optimize the performance of the Phase I gravity circuit in conjunction with the construction of the Phase II carbon in leach circuit ("CIL circuit"). The Selinsing Gold Project currently has a work force of over 120 trained employees and mine contractors on site.
Robert Baldock, President and CEO of Monument Mining states, "We are very pleased to announce the fast track completion of construction of Phase I of the Selinsing gold treatment plant, less than 28 months after the property acquisition. Phase I was completed on budget and Phase II is expected on target for completion by the end of December 2009. This first gold pour is an event of great importance in the development and growth of the Company and is a testament to the experienced hard working team at Monument Mining." (Photographs of the first gold pour are available on the company's website at www.monumentmining.com in the photo gallery section).
Monument is 100 per cent unhedged and will be selling gold production into the market during a period of historically high gold prices to help fund Phase II construction.
With the planned commissioning of Phase II of the gold processing plant in December 2009, the project will ramp up to the full circuit production capacity of 40,000 ounces per year.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 490- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Not for distribution to U.S. news wire services or dissemination in the United States. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained herein. Certain disclosures in this release, including management's assessment of the Company's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such.
Forward-Looking Statement
This press release contains forward-looking statements about Monument Mining Limited ("Monument"), its business and future plans, including the contemplated phase I and phase II development plans resulting in the commencement of mining and gold production, and in respect of the dates and amounts projected for these two phases resulting in the plant construction, gold production, gold sales and costs of the Selinsing Project. Forward-looking statements are statements that are not historical facts and include the timing of the proposed programs and events. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to different materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation, uncertainty to the actual cost of t he gravity circuit and the estimated cash flows which may be generated from the gravity circuit, the risk that the Selinsing Project will not be completed successfully or in a timely manner, general economic factors and other factors that may be beyond the control of Monument. Forward-looking statements are based upon the beliefs, opinions and expectations of the management of Monument at the time they are made and Monument does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations or circumstances should change.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" announces that it has poured the first gold from the newly commissioned gravity circuit of the 1200 tpd gold treatment plant at its wholly owned Selinsing Gold Project located in Pahang State, Malaysia.
The Selinsing Gold Project was acquired by the Company in June 2007. Since then the Company has been developing the open pit gold mine together with building a 1,200 tpd gold treatment plant in two construction phases, and commenced mining in July 2009. Commissioning of the Phase I gravity circuit commenced in August 2009 with the first gold pour occurring in October 2009. The Company now continues to operate and optimize the performance of the Phase I gravity circuit in conjunction with the construction of the Phase II carbon in leach circuit ("CIL circuit"). The Selinsing Gold Project currently has a work force of over 120 trained employees and mine contractors on site.
Robert Baldock, President and CEO of Monument Mining states, "We are very pleased to announce the fast track completion of construction of Phase I of the Selinsing gold treatment plant, less than 28 months after the property acquisition. Phase I was completed on budget and Phase II is expected on target for completion by the end of December 2009. This first gold pour is an event of great importance in the development and growth of the Company and is a testament to the experienced hard working team at Monument Mining." (Photographs of the first gold pour are available on the company's website at www.monumentmining.com in the photo gallery section).
Monument is 100 per cent unhedged and will be selling gold production into the market during a period of historically high gold prices to help fund Phase II construction.
With the planned commissioning of Phase II of the gold processing plant in December 2009, the project will ramp up to the full circuit production capacity of 40,000 ounces per year.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 490- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Not for distribution to U.S. news wire services or dissemination in the United States. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of the information contained herein. Certain disclosures in this release, including management's assessment of the Company's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to the Company's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such.
Forward-Looking Statement
This press release contains forward-looking statements about Monument Mining Limited ("Monument"), its business and future plans, including the contemplated phase I and phase II development plans resulting in the commencement of mining and gold production, and in respect of the dates and amounts projected for these two phases resulting in the plant construction, gold production, gold sales and costs of the Selinsing Project. Forward-looking statements are statements that are not historical facts and include the timing of the proposed programs and events. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to different materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation, uncertainty to the actual cost of t he gravity circuit and the estimated cash flows which may be generated from the gravity circuit, the risk that the Selinsing Project will not be completed successfully or in a timely manner, general economic factors and other factors that may be beyond the control of Monument. Forward-looking statements are based upon the beliefs, opinions and expectations of the management of Monument at the time they are made and Monument does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations or circumstances should change.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors on the Hunt for Next Great Gold Stock as Gold Prices Rise Again
Investors on the Hunt for Next Great Gold Stock as Gold Prices Rise Again
Investorideas.com Gold Stocks and Mining Stocks Directory Features over 900 Publicly Traded Mining Companies to Research
DELTA, BC – November 4, 2009, www.InvestorIdeas.com, and its mining stocks portals www.Gold-MiningStocks.com , www.MiningSectorStocks.com, present the mining stocks directory, with over 900 mining stocks for investors on the hunt for the next great gold stock. As gold prices continue to rise, investors and online traders are once again turning to resource stocks in the market.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Investorideas.com has created some of the most comprehensive online stock directories for investors in leading sectors. The renewable energy stocks directory has an estimated 900 stocks and the oil and gas stock directories has over 500 stocks.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Become an Investorideas.com Member- Get 9 stock directories and investor newsletter for just $99 year
Members - Get the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com or cvanzant@investorideas.com
-Public companies please contact us with updates, corrections and additions.
Investorideas.com Gold Stocks and Mining Stocks Directory Features over 900 Publicly Traded Mining Companies to Research
DELTA, BC – November 4, 2009, www.InvestorIdeas.com, and its mining stocks portals www.Gold-MiningStocks.com , www.MiningSectorStocks.com, present the mining stocks directory, with over 900 mining stocks for investors on the hunt for the next great gold stock. As gold prices continue to rise, investors and online traders are once again turning to resource stocks in the market.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Investorideas.com has created some of the most comprehensive online stock directories for investors in leading sectors. The renewable energy stocks directory has an estimated 900 stocks and the oil and gas stock directories has over 500 stocks.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Become an Investorideas.com Member- Get 9 stock directories and investor newsletter for just $99 year
Members - Get the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com or cvanzant@investorideas.com
-Public companies please contact us with updates, corrections and additions.
Tuesday, November 03, 2009
Mining Stock News - Silvercorp Lists on New York Stock Exchange
Mining Stock News - Silvercorp Lists on New York Stock Exchange
VANCOUVER, BRITISH COLUMBIA- Silvercorp Metals Inc. (TSX:SVM)(NYSE Amex:SVM) ("Silvercorp") is pleased to announce that it will transfer its NYSE Amex listing to the New York Stock Exchange ("NYSE"). Trading of the Company's common shares under the symbol SVM is expected to begin at the opening of the NYSE on November 5, 2009. The Company's Canadian exchange will remain the Toronto Stock Exchange.
"The listing of Silvercorp on the NYSE will increase Silvercorp's visibility in the capital markets and raise our profile among current and prospective investors. We are proud of our growth and development into one of the lowest cost primary silver producers internationally and we remain focused on continuing to add value for our shareholders," commented Dr. Rui Feng, Chairman and Chief Executive Officer of Silvercorp.
Conference Call – Time revised to 9:00 am PT/12:00 pm ET on November 10, 2009
Silvercorp's management will hold a conference call to discuss the Company's second quarter results with analysts on Tuesday, November 10, 2009, at 9:00 a.m. PT/12:00 p.m. ET instead of the previously announced time in news released October 29, 2009.
Shareholders, media and interested investors are invited to listen to the live conference call over the internet by going to www.silvercorp.ca and clicking on the conference call link on the home page or over the phone by dialing (612) 288-0329 (612) 288-0329 just prior to the starting time. Analysts who wish to receive the toll-free dial-in number for this conference call are invited to contact Silvercorp at (604) 669-9397 (604) 669-9397 or via email to ir@silvercorp.ca no later than 2:00 p.m. PST on Monday, November 9, 2009. All participants will be asked to register with the conference call operator.
About Silvercorp Metals Inc.
Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and production of silver-related mineral properties located in the People's Republic of China. Silvercorp is operating and developing four silver-lead-zinc mines at the highly profitable Ying Mining Camp in the Henan Province of China. The company is also applying for a mining permit at the Gaocheng property in the Guangdong Province of China to commence production from mining operations of silver, lead and zinc. Silvercorp is the largest primary silver producer operating in China. Silvercorp's shares are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
VANCOUVER, BRITISH COLUMBIA- Silvercorp Metals Inc. (TSX:SVM)(NYSE Amex:SVM) ("Silvercorp") is pleased to announce that it will transfer its NYSE Amex listing to the New York Stock Exchange ("NYSE"). Trading of the Company's common shares under the symbol SVM is expected to begin at the opening of the NYSE on November 5, 2009. The Company's Canadian exchange will remain the Toronto Stock Exchange.
"The listing of Silvercorp on the NYSE will increase Silvercorp's visibility in the capital markets and raise our profile among current and prospective investors. We are proud of our growth and development into one of the lowest cost primary silver producers internationally and we remain focused on continuing to add value for our shareholders," commented Dr. Rui Feng, Chairman and Chief Executive Officer of Silvercorp.
Conference Call – Time revised to 9:00 am PT/12:00 pm ET on November 10, 2009
Silvercorp's management will hold a conference call to discuss the Company's second quarter results with analysts on Tuesday, November 10, 2009, at 9:00 a.m. PT/12:00 p.m. ET instead of the previously announced time in news released October 29, 2009.
Shareholders, media and interested investors are invited to listen to the live conference call over the internet by going to www.silvercorp.ca and clicking on the conference call link on the home page or over the phone by dialing (612) 288-0329 (612) 288-0329 just prior to the starting time. Analysts who wish to receive the toll-free dial-in number for this conference call are invited to contact Silvercorp at (604) 669-9397 (604) 669-9397 or via email to ir@silvercorp.ca no later than 2:00 p.m. PST on Monday, November 9, 2009. All participants will be asked to register with the conference call operator.
About Silvercorp Metals Inc.
Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and production of silver-related mineral properties located in the People's Republic of China. Silvercorp is operating and developing four silver-lead-zinc mines at the highly profitable Ying Mining Camp in the Henan Province of China. The company is also applying for a mining permit at the Gaocheng property in the Guangdong Province of China to commence production from mining operations of silver, lead and zinc. Silvercorp is the largest primary silver producer operating in China. Silvercorp's shares are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Mining Stocks News- HudBay (TSX:HBM) Exercises Warrants of Polar Star Mining
Mining Stocks News- HudBay (TSX:HBM) Exercises Warrants of Polar Star Mining
TORONTO, ONTARIO-- Nov. 3, 2009- HudBay Minerals Inc. ("HudBay", "the company") (TSX:HBM) today announced that, following the exercise of warrants of Polar Star Mining Corporation ("Polar Star"), it has acquired 1,004,366 common shares of Polar Star, bringing its aggregate holding of common shares to 6,873,704, representing 11.52% of Polar Star's issued and outstanding common shares as at June 30, 2009. In addition, HudBay holds warrants exercisable for an additional 1,930,302 common shares which upon exercise, together with the common shares presently owned by the company, would represent 14.75% of Polar Star's issued and outstanding common shares. The exercise price per warrant was $0.45 for an aggregate exercise price of approximately CDN$450,000. The acquisition of the common shares on the exercise of the warrants was made for investment purposes.
HudBay Minerals Inc.: Strength to Build the Future
HudBay Minerals Inc. (TSX:HBM) is a Canadian integrated mining company with assets in North and Central America principally focused on the discovery, production and marketing of base metals. The company's objective is to maximize shareholder value through efficient operations, organic growth and accretive acquisitions, while maintaining its financial strength. A member of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index, HudBay is committed to high standards of corporate governance and sustainability.
www.hudbayminerals.com
(HBM-G)
For more information, please contact
HudBay Minerals Inc.John VincicVice President, Investor Relations andCorporate Communications (416) 362 0615 (416) 362 0615john.vincic@hudbayminerals.com
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
TORONTO, ONTARIO-- Nov. 3, 2009- HudBay Minerals Inc. ("HudBay", "the company") (TSX:HBM) today announced that, following the exercise of warrants of Polar Star Mining Corporation ("Polar Star"), it has acquired 1,004,366 common shares of Polar Star, bringing its aggregate holding of common shares to 6,873,704, representing 11.52% of Polar Star's issued and outstanding common shares as at June 30, 2009. In addition, HudBay holds warrants exercisable for an additional 1,930,302 common shares which upon exercise, together with the common shares presently owned by the company, would represent 14.75% of Polar Star's issued and outstanding common shares. The exercise price per warrant was $0.45 for an aggregate exercise price of approximately CDN$450,000. The acquisition of the common shares on the exercise of the warrants was made for investment purposes.
HudBay Minerals Inc.: Strength to Build the Future
HudBay Minerals Inc. (TSX:HBM) is a Canadian integrated mining company with assets in North and Central America principally focused on the discovery, production and marketing of base metals. The company's objective is to maximize shareholder value through efficient operations, organic growth and accretive acquisitions, while maintaining its financial strength. A member of the S&P/TSX Composite Index and the S&P/TSX Global Mining Index, HudBay is committed to high standards of corporate governance and sustainability.
www.hudbayminerals.com
(HBM-G)
For more information, please contact
HudBay Minerals Inc.John VincicVice President, Investor Relations andCorporate Communications (416) 362 0615 (416) 362 0615john.vincic@hudbayminerals.com
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
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