Mining Stocks News- Lake Shore Gold (TSX:LSG)Continues to Achieve Development and Exploration Success and to Grow Property Position
Plans to Commence Accelerated Thunder Creek Advanced Exploration Program
TORONTO, ONTARIO - Nov. 11, 2009 - Lake Shore Gold Corp. (TSX:LSG) today reported financial and operating results for the third quarter and first nine months of 2009 and announced plans to commence an accelerated underground advanced exploration program for the Thunder Creek property. Key operating highlights are provided below.
- Work on the Timmins Mine shaft 650 Level commenced during the third quarter and involved development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to those predicted by the Resource and Reserve model that supports the most recent National Instrument ("NI") 43-101 Report.
- The Timmins Mine ramp reached 1,370 metres ("m") of advance by the end of the third quarter of 2009, representing a vertical depth of approximately 200 m, in line with the Company's target for the year. Work continued to largely focus on development and advanced exploration work to define and expose the near-surface vein systems within the vein zones. The reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009.
- Refurbishing of the Bell Creek Mill to a capacity of 1,500 tonnes per day was completed near the end of the third quarter. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
- The advanced exploration program at the Company's Bell Creek Complex continued with the Bell Creek shaft currently (as of November 9, 2009) de-watered to the 250 m level and the ramp at Bell Creek having advanced a total of 880 m, with an additional 110 m of advance towards the Vogel property.
- Exploration Results released from Thunder Creek during third quarter included 12.17 grams per tonne ("gpt") gold ("Au") over 9.00 m, with Hole TC09-73 successfully extending the main Porphyry structure, with gold mineralization, to a 1,125 m vertical depth.
- Encouraging results from Bell Creek, including intercepts of 12.63 gpt Au over 11.65 m (July 21, 2009), 12.67 Au gpt over 14.40 m (October 1, 2009) and 5.13 gpt Au over 26.40 m (November 5, 2009). The mineralization at Bell Creek has been extended to a plunge length of approximately 1,250 m with a continuous high-grade mineralized system established from the 500 m level to 1,000 m which remains open at depth and along strike.
Project spending in the first nine months of 2009, including exploration expenditures of $11.9 million, totaled $66.0 million (excluding non-cash charges and changes in working capital). The Company expects its expenditures in 2009 to be in line with the previously announced budget of $89 million.
Subsequent Events
On November 6, 2009, Lake Shore Gold completed a business combination with West Timmins Mining Inc. ("West Timmins") through which the Company acquired all of the outstanding common shares of West Timmins with shareholders of West Timmins receiving 0.73 of a Lake Shore Gold common share for each common share of West Timmins they held. Lake Shore Gold issued approximately 104 million common shares pursuant to the transaction. With the transaction's completion, Lake Shore Gold has established a new gold mining complex in the Timmins Camp. The Timmins West Gold Mine Complex comprises the Company's Timmins Mine, the consolidated Thunder Creek project and approximately 120 square kilometers of additional highly prospective land along the Timmins mine trend west of the Mattagami River fault.
On October 23, 2009, the Company entered into an agreement with Goldcorp Canada Ltd. and Goldcorp Inc., to purchase approximately 28 square kilometers of prospective exploration property in the surrounding vicinity of the Company's Bell Creek Complex ranging from a project with a historic resource, Marlhill Mine, to early stage targets with significant exploration potential. Consideration for the transaction totals $20 million ($15 million in cash and the remainder in shares of Lake Shore Gold). The transaction is subject to regulatory approval, with closing expected in December.
On October 7, 2009, the Company issued a National Instrument 43-101 ("NI 43-101) technical report (the "Report") for the Timmins Mine, which was required for incorporation by reference in a circular mailed to shareholders of West Timmins. Highlights of the Report included: an updated reserve estimate totaling 3.4 million tonnes at 7.52 grams per tonne containing 812,000 ounces on a cut basis (826,000 ounces previously); peak annual production of 120,000 ounces of gold, cash operating costs, at peak output, of US$322 per ounce, an additional capital requirement in 2010 to bring the project to commercial production of $33 million with $29 million of sustaining capital expected over the remaining project life, and an internal rate of return, assuming a gold price of US$950 per ounce and based on the $62 million of capital expected from the end of 2009, of 240%.
Outlook
The Company has commenced an underground advanced exploration program for the Thunder Creek property with two drifts planned from the Timmins Mine at the 650 Level and 200 Level targeting high-grade mineralization at Thunder Creek. The Company expects to reach mineralization at Thunder Creek by the third quarter of 2010.
Prioritizing development at Thunder Creek as part of the overall Timmins West Mine Gold Complex is intended to accelerate growth in the Company's production capacity. The Company's goal for Thunder Creek is by the end of 2010 to have completed a NI 43-101 resource estimate for the property and to have commenced processing ore from the Thunder Creek advanced exploration program.
Given the near-term prioritizing of drifting from Timmins Mine to Thunder Creek, focusing work at the 650 Level at Timmins Mine on drilling and on accessing and expanding resources in the Ultramafic and Footwall zones, and the complexity and continuity of the near-surface vein systems in the ramp, the Company has revised its target for 2009 to 7,500 ounces. The targets for 2010 and 2011 of 100,000 ounces and 200,000 ounces, respectively, remain unchanged and will be updated as progress is made underground at Thunder Creek, Bell Creek and the other Bell Creek Complex properties.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "We continue to make excellent progress with our exploration, advanced exploration and development programs. With the completion of the West Timmins transaction, we are now going to move aggressively to access Thunder Creek underground. Our efforts are aimed at building the production capacity of Lake Shore Gold as much as possible over the next year. By the end of 2010, we expect to be in commercial production at Timmins Mine, to be approaching pre-production at the Bell Creek Complex and to have commenced processing ore from the Thunder Creek advanced exploration program.
"At the Timmins Mine, results of underground drilling, sampling, mapping and development to date in the Ultramafic Zone suggest that grades and widths are consistent with the recently released NI 43-101 reserve and suggest that the tonnage and ounces for the Ultramafic Zone resource could be expanded at similar grades. At Bell Creek, exploration results continue to be excellent and confirm the presence of a large gold system extending to depth. Our belief in the significant potential of the Bell Creek Complex properties and the New Mine Trend in Timmins was a key factor in our decision to acquire a large land package in the area from the Porcupine Gold Mines Joint Venture."
Third Quarter and First Nine Months 2009 Operations Review Nine months endedProject and Exploration Spending ($'000) September 30, 2009(i)------------------------------------------------------------------------- Resource property and deferred exploration Timmins Mine $37,130 Bell Creek Mill 13,196 Bell Creek mine and exploration properties 8,796 Thunder Creek Joint Venture (Company's share) 1,963 Casa Berardi net 920 Other projects 253 --------------------- $62,258 --------------------- --------------------- Property, plant and equipment Timmins Mine 2,047 Bell Creek Mill 397 Bell Creek Mine 1,287 --------------------- $3,731 --------------------- ----------------------------------------------------------------------------------------------Total Project and Exploration Spending $65,989--------------------------------------------------------------------------------------------------------------------------------------------------(i) Project and Exploration Spending reported above for the nine months ended September 30, 2009 exclude noncash charges of $2.8 million for resource property and deferred exploration, $8.3 million for property, plant and equipment and changes in working capital.
Timmins Mine Project
During the nine months ended September 30, 2009, the Company spent $39.2 million on the Timmins Mine project (including advanced exploration, ramp development and exploration drilling expenditures as well as $2.0 million on property, plant and equipment).
The Company is carrying out an advanced exploration program for delineation of bulk sampling of the Footwall, Ultramafic and Main Zones of the property, along with supporting an underground diamond drilling program to both expand the currently identified probable reserve and identify new resources. During the nine months ended September 30, 2009, the Company's spending on advanced exploration at Timmins totaled $17.5 million.
On May 13, 2009, the Timmins shaft reached the 650 Level. The 650 Level shaft station was completed as of June 2, 2009 and development from the 650 Level towards the ore in the Ultramafic Zone, representing approximately 60% of the Timmins Mine deposit, commenced in July. Work on the Timmins Mine shaft during the third quarter of 2009 included development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Approximately 10,000 tonnes of material has been extracted from the Ultramafic Zone resource area at the 650 Level and stockpiled on surface with limited processing to date. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to that predicted by the Resource and Reserve model that supports the most recent National Instrument 43-101 Report.
In addition, recent block modeling and resource estimation for the 50 m horizontal slice of the Ultramafic Zone surrounding the 650 Level, incorporating results of recent underground diamond drilling and using inverse distance squared and a 50 gpt top capping, have been completed and indicate that tonnage and ounces for the Ultramafic Zone resource could be expanded from the most recent NI 43-101 resource calculation at similar grades.
The Company is continuing to carry out advanced exploration work along the 650 Level resource/reserve areas. This includes development along all of the mineralized ore zones, sampling, mapping and diamond drilling at this elevation, and sublevels at intervals both above and below the level. This work will be ongoing throughout the fourth quarter of 2009 and will carry on into the first half of 2010.
To date, the Timmins ramp has advanced approximately 1,370 metres to a vertical depth of approximately 200 metres, in line with the Company's target for the year. The vein systems in vein zones have shown weaker continuity and greater complexity than predicted in the original surface drilling. As a result, the reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009. Project spending related to the ramp during the nine months ended September 30, 2009 was $18.3 million (including $2.0 million for property, plant and equipment).
During the third quarter (August 24, 2009), the Company announced results from four underground holes (906.5 m) from the 525 Level and 650 Level of Timmins Mine. All four holes intersected zones of mineralization consistent in grade and width with intersections from previous surface drilling, with two holes also intersecting high-grade mineralization in areas outside the existing resource and two others intersecting mineralization on the edge of existing resource blocks for the Footwall Zone.
Subsequent to the end of the third quarter (October 29, 2009), results from an additional 21 underground holes (4,417 m) were released. The results continued to confirm that the overall size and shape of the main Ultramafic Zone is similar to the existing resource model and to expand the resource potential of the project.
Bell Creek Mill
The Bell Creek Mill, acquired in 2007 together with the Bell Creek Mine, was made operational in December 2008 at a capacity of 800 tonnes per day. Processing of low-grade material from development and advanced exploration work in the Timmins Mine ramp commenced at the Bell Creek Mill near the end of the first quarter of 2009. The Mill was initially running in campaigns processing material as stockpiles were established. The Mill is running on a more continuous basis as deliveries from the Timmins Mine increase, both from the ramp and shaft. In addition, work to refurbish the secondary ball mill circuit at the Bell Creek Mill was completed near the end of the third quarter which increased the Mill's capacity to 1,500 tonnes per day. To date in the fourth quarter, the Mill has continued to operate at approximately 800 tonnes per day with the secondary circuit expected to come on stream as production volumes increase. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
Spending at the Bell Creek Mill in the nine months ended September 30, 2009 totaled $13.2 million including processing costs as well as new surface buildings, the construction of a cyanide destruction plant and other mill improvements and repairs.
Bell Creek Mine, Vogel and Schumacher
The Company's project spending for the advanced exploration program at the 100% owned Bell Creek Mine and contiguous Vogel and Schumacher properties for the nine months ended September 30, 2009 totaled $4.8 million. The Bell Creek Complex advanced exploration program includes de-watering and rehabilitating the existing Bell Creek Mine shaft and workings and collaring a ramp at Bell Creek to be connected to the Bell Creek Mine workings and then to be driven across the Bell Creek property to the contiguous Schumacher and Vogel properties in order to access known mineralization at Vogel. As at November 9, 2009, the Bell Creek shaft had been de-watered to a depth of 250 m and the ramp at Bell Creek had advanced 880 m with an additional 110 m of advance towards the Vogel property.
Exploration Expenditures
Exploration spending for the nine months ended September 30, 2009 totaled $11.9 million (representing 92,610 metres of drilling) and included $3.4 million at the Timmins Mine project, $2.0 million at Thunder Creek, $5.3 million at the Bell Creek Complex, and $0.9 million at Casa Berardi, with the remainder at other projects.
During the nine months ended September 30, 2009, the Company announced results from the drilling (16 holes and three wedge holes, for a total of 13,592 metres) on the now 100% owned Thunder Creek property, which is located immediately adjacent to the Timmins Mine project (refer to the press releases dated March 31, May 5, June 24 and August 25, 2009 on the Company's website at www.lsgold.com). The drilling is part of the Company's ongoing 22,000 metre diamond drill program commenced in August 2008.
Results announced on August 25, 2009 included 12.17 gpt Au over 9.00 m within an overall drill intersection of 3.73 gpt Au over 80.30 m. In addition, TC09-73 successfully extended main Porphyry structure, with gold mineralization, to 1,125 metre vertical depth with potential for additional high-grade zones at this depth and below considered excellent. The August 25th results followed the most encouraging results from Thunder Creek to date, released on June 24, 2009, which included TC09-68b which intersected 12.75 gpt Au over 83.40 m.
Encouraging exploration results were also reported from the Company's 100% owned Bell Creek Complex (including the Bell Creek, Vogel and Schumacher properties). To date in 2009, the Company has announced results from 79 holes, 18 wedge holes and one hole extension (46,760 metres). Included in the results were 12.67 gpt Au over 14.5 m, including 16.73 gpt Au over 10.0 m on October 1, 2009 and 12.63 gpt Au over 11.65 m on July 21, 2009. Subsequent to the end of the third quarter, on November 5, 2009, the Company released additional results at Bell Creek, including 5.13 gpt Au over 26.40 m, including higher grade zones of 9.75 gpt Au over 5.60 m and 12.80 gpt Au over 1.5 m. The November 5th results extended the mineralization at Bell Creek to a total plunge length of approximately 1,250 m and defined a continuous high-grade mineralized system from the 500 m level to 1,000 m with the system remaining open at depth and along strike.
More information about Lake Shore Gold's third quarter and first nine month 2009 results and financial condition and liquidity is available in the Company's consolidated financial statements and management's discussion and analysis, which have been filed on SEDAR at www.sedar.com and posted to the Company's website at www.lsgold.com.
Lake Shore Gold will also host a conference call and webcast on Thursday, November 12, 2009 at 10:00 am EST to discuss the Company's third quarter 2009 performance. Those wishing to access the call can do so using the telephone numbers listed below. The call will also be webcast and available on the Company's website.
Participant call-in: 416-340-8018 or 866-225-0198 Replay number: 416-695-5800 or 800-408-3053 Replay ID: 8076047 Available until: 11:59 pm, November 19, 2009
About Lake Shore Gold
Lake Shore Gold is a mining company with a goal to become a North American mid-tier gold producer through property acquisition, exploration, new mine development and construction, and production from its Timmins, Ontario properties. 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 Company's exploration activities, project expenditures, business plans and financial and operating performance 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.
There is no guarantee that drill results reported in this news release will lead to the identification of a deposit that can be mined economically, and further work is required to identify a reserve or resource.
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Wednesday, November 11, 2009
Mining Stocks News- Lake Shore Gold (TSX:LSG)Continues to Achieve Development and Exploration Success and to Grow Property Position
Mining Stocks News- Lake Shore Gold (TSX:LSG)Continues to Achieve Development and Exploration Success and to Grow Property Position
Plans to Commence Accelerated Thunder Creek Advanced Exploration Program
TORONTO, ONTARIO - Nov. 11, 2009 - Lake Shore Gold Corp. (TSX:LSG) today reported financial and operating results for the third quarter and first nine months of 2009 and announced plans to commence an accelerated underground advanced exploration program for the Thunder Creek property. Key operating highlights are provided below.
- Work on the Timmins Mine shaft 650 Level commenced during the third quarter and involved development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to those predicted by the Resource and Reserve model that supports the most recent National Instrument ("NI") 43-101 Report.
- The Timmins Mine ramp reached 1,370 metres ("m") of advance by the end of the third quarter of 2009, representing a vertical depth of approximately 200 m, in line with the Company's target for the year. Work continued to largely focus on development and advanced exploration work to define and expose the near-surface vein systems within the vein zones. The reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009.
- Refurbishing of the Bell Creek Mill to a capacity of 1,500 tonnes per day was completed near the end of the third quarter. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
- The advanced exploration program at the Company's Bell Creek Complex continued with the Bell Creek shaft currently (as of November 9, 2009) de-watered to the 250 m level and the ramp at Bell Creek having advanced a total of 880 m, with an additional 110 m of advance towards the Vogel property.
- Exploration Results released from Thunder Creek during third quarter included 12.17 grams per tonne ("gpt") gold ("Au") over 9.00 m, with Hole TC09-73 successfully extending the main Porphyry structure, with gold mineralization, to a 1,125 m vertical depth.
- Encouraging results from Bell Creek, including intercepts of 12.63 gpt Au over 11.65 m (July 21, 2009), 12.67 Au gpt over 14.40 m (October 1, 2009) and 5.13 gpt Au over 26.40 m (November 5, 2009). The mineralization at Bell Creek has been extended to a plunge length of approximately 1,250 m with a continuous high-grade mineralized system established from the 500 m level to 1,000 m which remains open at depth and along strike.
Project spending in the first nine months of 2009, including exploration expenditures of $11.9 million, totaled $66.0 million (excluding non-cash charges and changes in working capital). The Company expects its expenditures in 2009 to be in line with the previously announced budget of $89 million.
Subsequent Events
On November 6, 2009, Lake Shore Gold completed a business combination with West Timmins Mining Inc. ("West Timmins") through which the Company acquired all of the outstanding common shares of West Timmins with shareholders of West Timmins receiving 0.73 of a Lake Shore Gold common share for each common share of West Timmins they held. Lake Shore Gold issued approximately 104 million common shares pursuant to the transaction. With the transaction's completion, Lake Shore Gold has established a new gold mining complex in the Timmins Camp. The Timmins West Gold Mine Complex comprises the Company's Timmins Mine, the consolidated Thunder Creek project and approximately 120 square kilometers of additional highly prospective land along the Timmins mine trend west of the Mattagami River fault.
On October 23, 2009, the Company entered into an agreement with Goldcorp Canada Ltd. and Goldcorp Inc., to purchase approximately 28 square kilometers of prospective exploration property in the surrounding vicinity of the Company's Bell Creek Complex ranging from a project with a historic resource, Marlhill Mine, to early stage targets with significant exploration potential. Consideration for the transaction totals $20 million ($15 million in cash and the remainder in shares of Lake Shore Gold). The transaction is subject to regulatory approval, with closing expected in December.
On October 7, 2009, the Company issued a National Instrument 43-101 ("NI 43-101) technical report (the "Report") for the Timmins Mine, which was required for incorporation by reference in a circular mailed to shareholders of West Timmins. Highlights of the Report included: an updated reserve estimate totaling 3.4 million tonnes at 7.52 grams per tonne containing 812,000 ounces on a cut basis (826,000 ounces previously); peak annual production of 120,000 ounces of gold, cash operating costs, at peak output, of US$322 per ounce, an additional capital requirement in 2010 to bring the project to commercial production of $33 million with $29 million of sustaining capital expected over the remaining project life, and an internal rate of return, assuming a gold price of US$950 per ounce and based on the $62 million of capital expected from the end of 2009, of 240%.
Outlook
The Company has commenced an underground advanced exploration program for the Thunder Creek property with two drifts planned from the Timmins Mine at the 650 Level and 200 Level targeting high-grade mineralization at Thunder Creek. The Company expects to reach mineralization at Thunder Creek by the third quarter of 2010.
Prioritizing development at Thunder Creek as part of the overall Timmins West Mine Gold Complex is intended to accelerate growth in the Company's production capacity. The Company's goal for Thunder Creek is by the end of 2010 to have completed a NI 43-101 resource estimate for the property and to have commenced processing ore from the Thunder Creek advanced exploration program.
Given the near-term prioritizing of drifting from Timmins Mine to Thunder Creek, focusing work at the 650 Level at Timmins Mine on drilling and on accessing and expanding resources in the Ultramafic and Footwall zones, and the complexity and continuity of the near-surface vein systems in the ramp, the Company has revised its target for 2009 to 7,500 ounces. The targets for 2010 and 2011 of 100,000 ounces and 200,000 ounces, respectively, remain unchanged and will be updated as progress is made underground at Thunder Creek, Bell Creek and the other Bell Creek Complex properties.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "We continue to make excellent progress with our exploration, advanced exploration and development programs. With the completion of the West Timmins transaction, we are now going to move aggressively to access Thunder Creek underground. Our efforts are aimed at building the production capacity of Lake Shore Gold as much as possible over the next year. By the end of 2010, we expect to be in commercial production at Timmins Mine, to be approaching pre-production at the Bell Creek Complex and to have commenced processing ore from the Thunder Creek advanced exploration program.
"At the Timmins Mine, results of underground drilling, sampling, mapping and development to date in the Ultramafic Zone suggest that grades and widths are consistent with the recently released NI 43-101 reserve and suggest that the tonnage and ounces for the Ultramafic Zone resource could be expanded at similar grades. At Bell Creek, exploration results continue to be excellent and confirm the presence of a large gold system extending to depth. Our belief in the significant potential of the Bell Creek Complex properties and the New Mine Trend in Timmins was a key factor in our decision to acquire a large land package in the area from the Porcupine Gold Mines Joint Venture."
Third Quarter and First Nine Months 2009 Operations Review Nine months endedProject and Exploration Spending ($'000) September 30, 2009(i)------------------------------------------------------------------------- Resource property and deferred exploration Timmins Mine $37,130 Bell Creek Mill 13,196 Bell Creek mine and exploration properties 8,796 Thunder Creek Joint Venture (Company's share) 1,963 Casa Berardi net 920 Other projects 253 --------------------- $62,258 --------------------- --------------------- Property, plant and equipment Timmins Mine 2,047 Bell Creek Mill 397 Bell Creek Mine 1,287 --------------------- $3,731 --------------------- ----------------------------------------------------------------------------------------------Total Project and Exploration Spending $65,989--------------------------------------------------------------------------------------------------------------------------------------------------(i) Project and Exploration Spending reported above for the nine months ended September 30, 2009 exclude noncash charges of $2.8 million for resource property and deferred exploration, $8.3 million for property, plant and equipment and changes in working capital.
Timmins Mine Project
During the nine months ended September 30, 2009, the Company spent $39.2 million on the Timmins Mine project (including advanced exploration, ramp development and exploration drilling expenditures as well as $2.0 million on property, plant and equipment).
The Company is carrying out an advanced exploration program for delineation of bulk sampling of the Footwall, Ultramafic and Main Zones of the property, along with supporting an underground diamond drilling program to both expand the currently identified probable reserve and identify new resources. During the nine months ended September 30, 2009, the Company's spending on advanced exploration at Timmins totaled $17.5 million.
On May 13, 2009, the Timmins shaft reached the 650 Level. The 650 Level shaft station was completed as of June 2, 2009 and development from the 650 Level towards the ore in the Ultramafic Zone, representing approximately 60% of the Timmins Mine deposit, commenced in July. Work on the Timmins Mine shaft during the third quarter of 2009 included development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Approximately 10,000 tonnes of material has been extracted from the Ultramafic Zone resource area at the 650 Level and stockpiled on surface with limited processing to date. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to that predicted by the Resource and Reserve model that supports the most recent National Instrument 43-101 Report.
In addition, recent block modeling and resource estimation for the 50 m horizontal slice of the Ultramafic Zone surrounding the 650 Level, incorporating results of recent underground diamond drilling and using inverse distance squared and a 50 gpt top capping, have been completed and indicate that tonnage and ounces for the Ultramafic Zone resource could be expanded from the most recent NI 43-101 resource calculation at similar grades.
The Company is continuing to carry out advanced exploration work along the 650 Level resource/reserve areas. This includes development along all of the mineralized ore zones, sampling, mapping and diamond drilling at this elevation, and sublevels at intervals both above and below the level. This work will be ongoing throughout the fourth quarter of 2009 and will carry on into the first half of 2010.
To date, the Timmins ramp has advanced approximately 1,370 metres to a vertical depth of approximately 200 metres, in line with the Company's target for the year. The vein systems in vein zones have shown weaker continuity and greater complexity than predicted in the original surface drilling. As a result, the reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009. Project spending related to the ramp during the nine months ended September 30, 2009 was $18.3 million (including $2.0 million for property, plant and equipment).
During the third quarter (August 24, 2009), the Company announced results from four underground holes (906.5 m) from the 525 Level and 650 Level of Timmins Mine. All four holes intersected zones of mineralization consistent in grade and width with intersections from previous surface drilling, with two holes also intersecting high-grade mineralization in areas outside the existing resource and two others intersecting mineralization on the edge of existing resource blocks for the Footwall Zone.
Subsequent to the end of the third quarter (October 29, 2009), results from an additional 21 underground holes (4,417 m) were released. The results continued to confirm that the overall size and shape of the main Ultramafic Zone is similar to the existing resource model and to expand the resource potential of the project.
Bell Creek Mill
The Bell Creek Mill, acquired in 2007 together with the Bell Creek Mine, was made operational in December 2008 at a capacity of 800 tonnes per day. Processing of low-grade material from development and advanced exploration work in the Timmins Mine ramp commenced at the Bell Creek Mill near the end of the first quarter of 2009. The Mill was initially running in campaigns processing material as stockpiles were established. The Mill is running on a more continuous basis as deliveries from the Timmins Mine increase, both from the ramp and shaft. In addition, work to refurbish the secondary ball mill circuit at the Bell Creek Mill was completed near the end of the third quarter which increased the Mill's capacity to 1,500 tonnes per day. To date in the fourth quarter, the Mill has continued to operate at approximately 800 tonnes per day with the secondary circuit expected to come on stream as production volumes increase. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
Spending at the Bell Creek Mill in the nine months ended September 30, 2009 totaled $13.2 million including processing costs as well as new surface buildings, the construction of a cyanide destruction plant and other mill improvements and repairs.
Bell Creek Mine, Vogel and Schumacher
The Company's project spending for the advanced exploration program at the 100% owned Bell Creek Mine and contiguous Vogel and Schumacher properties for the nine months ended September 30, 2009 totaled $4.8 million. The Bell Creek Complex advanced exploration program includes de-watering and rehabilitating the existing Bell Creek Mine shaft and workings and collaring a ramp at Bell Creek to be connected to the Bell Creek Mine workings and then to be driven across the Bell Creek property to the contiguous Schumacher and Vogel properties in order to access known mineralization at Vogel. As at November 9, 2009, the Bell Creek shaft had been de-watered to a depth of 250 m and the ramp at Bell Creek had advanced 880 m with an additional 110 m of advance towards the Vogel property.
Exploration Expenditures
Exploration spending for the nine months ended September 30, 2009 totaled $11.9 million (representing 92,610 metres of drilling) and included $3.4 million at the Timmins Mine project, $2.0 million at Thunder Creek, $5.3 million at the Bell Creek Complex, and $0.9 million at Casa Berardi, with the remainder at other projects.
During the nine months ended September 30, 2009, the Company announced results from the drilling (16 holes and three wedge holes, for a total of 13,592 metres) on the now 100% owned Thunder Creek property, which is located immediately adjacent to the Timmins Mine project (refer to the press releases dated March 31, May 5, June 24 and August 25, 2009 on the Company's website at www.lsgold.com). The drilling is part of the Company's ongoing 22,000 metre diamond drill program commenced in August 2008.
Results announced on August 25, 2009 included 12.17 gpt Au over 9.00 m within an overall drill intersection of 3.73 gpt Au over 80.30 m. In addition, TC09-73 successfully extended main Porphyry structure, with gold mineralization, to 1,125 metre vertical depth with potential for additional high-grade zones at this depth and below considered excellent. The August 25th results followed the most encouraging results from Thunder Creek to date, released on June 24, 2009, which included TC09-68b which intersected 12.75 gpt Au over 83.40 m.
Encouraging exploration results were also reported from the Company's 100% owned Bell Creek Complex (including the Bell Creek, Vogel and Schumacher properties). To date in 2009, the Company has announced results from 79 holes, 18 wedge holes and one hole extension (46,760 metres). Included in the results were 12.67 gpt Au over 14.5 m, including 16.73 gpt Au over 10.0 m on October 1, 2009 and 12.63 gpt Au over 11.65 m on July 21, 2009. Subsequent to the end of the third quarter, on November 5, 2009, the Company released additional results at Bell Creek, including 5.13 gpt Au over 26.40 m, including higher grade zones of 9.75 gpt Au over 5.60 m and 12.80 gpt Au over 1.5 m. The November 5th results extended the mineralization at Bell Creek to a total plunge length of approximately 1,250 m and defined a continuous high-grade mineralized system from the 500 m level to 1,000 m with the system remaining open at depth and along strike.
More information about Lake Shore Gold's third quarter and first nine month 2009 results and financial condition and liquidity is available in the Company's consolidated financial statements and management's discussion and analysis, which have been filed on SEDAR at www.sedar.com and posted to the Company's website at www.lsgold.com.
Lake Shore Gold will also host a conference call and webcast on Thursday, November 12, 2009 at 10:00 am EST to discuss the Company's third quarter 2009 performance. Those wishing to access the call can do so using the telephone numbers listed below. The call will also be webcast and available on the Company's website.
Participant call-in: 416-340-8018 or 866-225-0198 Replay number: 416-695-5800 or 800-408-3053 Replay ID: 8076047 Available until: 11:59 pm, November 19, 2009
About Lake Shore Gold
Lake Shore Gold is a mining company with a goal to become a North American mid-tier gold producer through property acquisition, exploration, new mine development and construction, and production from its Timmins, Ontario properties. 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 Company's exploration activities, project expenditures, business plans and financial and operating performance 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.
There is no guarantee that drill results reported in this news release will lead to the identification of a deposit that can be mined economically, and further work is required to identify a reserve or resource.
For more information, please contact
Lake Shore Gold Corp.Tony MakuchPresident & CEO(416) 703-6298info@lsgold.com
or
Lake Shore Gold Corp.Mark UttingVice-President, Investor Relations(416) 703-6298info@lsgold.comwww.lsgold.com
Plans to Commence Accelerated Thunder Creek Advanced Exploration Program
TORONTO, ONTARIO - Nov. 11, 2009 - Lake Shore Gold Corp. (TSX:LSG) today reported financial and operating results for the third quarter and first nine months of 2009 and announced plans to commence an accelerated underground advanced exploration program for the Thunder Creek property. Key operating highlights are provided below.
- Work on the Timmins Mine shaft 650 Level commenced during the third quarter and involved development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to those predicted by the Resource and Reserve model that supports the most recent National Instrument ("NI") 43-101 Report.
- The Timmins Mine ramp reached 1,370 metres ("m") of advance by the end of the third quarter of 2009, representing a vertical depth of approximately 200 m, in line with the Company's target for the year. Work continued to largely focus on development and advanced exploration work to define and expose the near-surface vein systems within the vein zones. The reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009.
- Refurbishing of the Bell Creek Mill to a capacity of 1,500 tonnes per day was completed near the end of the third quarter. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
- The advanced exploration program at the Company's Bell Creek Complex continued with the Bell Creek shaft currently (as of November 9, 2009) de-watered to the 250 m level and the ramp at Bell Creek having advanced a total of 880 m, with an additional 110 m of advance towards the Vogel property.
- Exploration Results released from Thunder Creek during third quarter included 12.17 grams per tonne ("gpt") gold ("Au") over 9.00 m, with Hole TC09-73 successfully extending the main Porphyry structure, with gold mineralization, to a 1,125 m vertical depth.
- Encouraging results from Bell Creek, including intercepts of 12.63 gpt Au over 11.65 m (July 21, 2009), 12.67 Au gpt over 14.40 m (October 1, 2009) and 5.13 gpt Au over 26.40 m (November 5, 2009). The mineralization at Bell Creek has been extended to a plunge length of approximately 1,250 m with a continuous high-grade mineralized system established from the 500 m level to 1,000 m which remains open at depth and along strike.
Project spending in the first nine months of 2009, including exploration expenditures of $11.9 million, totaled $66.0 million (excluding non-cash charges and changes in working capital). The Company expects its expenditures in 2009 to be in line with the previously announced budget of $89 million.
Subsequent Events
On November 6, 2009, Lake Shore Gold completed a business combination with West Timmins Mining Inc. ("West Timmins") through which the Company acquired all of the outstanding common shares of West Timmins with shareholders of West Timmins receiving 0.73 of a Lake Shore Gold common share for each common share of West Timmins they held. Lake Shore Gold issued approximately 104 million common shares pursuant to the transaction. With the transaction's completion, Lake Shore Gold has established a new gold mining complex in the Timmins Camp. The Timmins West Gold Mine Complex comprises the Company's Timmins Mine, the consolidated Thunder Creek project and approximately 120 square kilometers of additional highly prospective land along the Timmins mine trend west of the Mattagami River fault.
On October 23, 2009, the Company entered into an agreement with Goldcorp Canada Ltd. and Goldcorp Inc., to purchase approximately 28 square kilometers of prospective exploration property in the surrounding vicinity of the Company's Bell Creek Complex ranging from a project with a historic resource, Marlhill Mine, to early stage targets with significant exploration potential. Consideration for the transaction totals $20 million ($15 million in cash and the remainder in shares of Lake Shore Gold). The transaction is subject to regulatory approval, with closing expected in December.
On October 7, 2009, the Company issued a National Instrument 43-101 ("NI 43-101) technical report (the "Report") for the Timmins Mine, which was required for incorporation by reference in a circular mailed to shareholders of West Timmins. Highlights of the Report included: an updated reserve estimate totaling 3.4 million tonnes at 7.52 grams per tonne containing 812,000 ounces on a cut basis (826,000 ounces previously); peak annual production of 120,000 ounces of gold, cash operating costs, at peak output, of US$322 per ounce, an additional capital requirement in 2010 to bring the project to commercial production of $33 million with $29 million of sustaining capital expected over the remaining project life, and an internal rate of return, assuming a gold price of US$950 per ounce and based on the $62 million of capital expected from the end of 2009, of 240%.
Outlook
The Company has commenced an underground advanced exploration program for the Thunder Creek property with two drifts planned from the Timmins Mine at the 650 Level and 200 Level targeting high-grade mineralization at Thunder Creek. The Company expects to reach mineralization at Thunder Creek by the third quarter of 2010.
Prioritizing development at Thunder Creek as part of the overall Timmins West Mine Gold Complex is intended to accelerate growth in the Company's production capacity. The Company's goal for Thunder Creek is by the end of 2010 to have completed a NI 43-101 resource estimate for the property and to have commenced processing ore from the Thunder Creek advanced exploration program.
Given the near-term prioritizing of drifting from Timmins Mine to Thunder Creek, focusing work at the 650 Level at Timmins Mine on drilling and on accessing and expanding resources in the Ultramafic and Footwall zones, and the complexity and continuity of the near-surface vein systems in the ramp, the Company has revised its target for 2009 to 7,500 ounces. The targets for 2010 and 2011 of 100,000 ounces and 200,000 ounces, respectively, remain unchanged and will be updated as progress is made underground at Thunder Creek, Bell Creek and the other Bell Creek Complex properties.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "We continue to make excellent progress with our exploration, advanced exploration and development programs. With the completion of the West Timmins transaction, we are now going to move aggressively to access Thunder Creek underground. Our efforts are aimed at building the production capacity of Lake Shore Gold as much as possible over the next year. By the end of 2010, we expect to be in commercial production at Timmins Mine, to be approaching pre-production at the Bell Creek Complex and to have commenced processing ore from the Thunder Creek advanced exploration program.
"At the Timmins Mine, results of underground drilling, sampling, mapping and development to date in the Ultramafic Zone suggest that grades and widths are consistent with the recently released NI 43-101 reserve and suggest that the tonnage and ounces for the Ultramafic Zone resource could be expanded at similar grades. At Bell Creek, exploration results continue to be excellent and confirm the presence of a large gold system extending to depth. Our belief in the significant potential of the Bell Creek Complex properties and the New Mine Trend in Timmins was a key factor in our decision to acquire a large land package in the area from the Porcupine Gold Mines Joint Venture."
Third Quarter and First Nine Months 2009 Operations Review Nine months endedProject and Exploration Spending ($'000) September 30, 2009(i)------------------------------------------------------------------------- Resource property and deferred exploration Timmins Mine $37,130 Bell Creek Mill 13,196 Bell Creek mine and exploration properties 8,796 Thunder Creek Joint Venture (Company's share) 1,963 Casa Berardi net 920 Other projects 253 --------------------- $62,258 --------------------- --------------------- Property, plant and equipment Timmins Mine 2,047 Bell Creek Mill 397 Bell Creek Mine 1,287 --------------------- $3,731 --------------------- ----------------------------------------------------------------------------------------------Total Project and Exploration Spending $65,989--------------------------------------------------------------------------------------------------------------------------------------------------(i) Project and Exploration Spending reported above for the nine months ended September 30, 2009 exclude noncash charges of $2.8 million for resource property and deferred exploration, $8.3 million for property, plant and equipment and changes in working capital.
Timmins Mine Project
During the nine months ended September 30, 2009, the Company spent $39.2 million on the Timmins Mine project (including advanced exploration, ramp development and exploration drilling expenditures as well as $2.0 million on property, plant and equipment).
The Company is carrying out an advanced exploration program for delineation of bulk sampling of the Footwall, Ultramafic and Main Zones of the property, along with supporting an underground diamond drilling program to both expand the currently identified probable reserve and identify new resources. During the nine months ended September 30, 2009, the Company's spending on advanced exploration at Timmins totaled $17.5 million.
On May 13, 2009, the Timmins shaft reached the 650 Level. The 650 Level shaft station was completed as of June 2, 2009 and development from the 650 Level towards the ore in the Ultramafic Zone, representing approximately 60% of the Timmins Mine deposit, commenced in July. Work on the Timmins Mine shaft during the third quarter of 2009 included development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Approximately 10,000 tonnes of material has been extracted from the Ultramafic Zone resource area at the 650 Level and stockpiled on surface with limited processing to date. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to that predicted by the Resource and Reserve model that supports the most recent National Instrument 43-101 Report.
In addition, recent block modeling and resource estimation for the 50 m horizontal slice of the Ultramafic Zone surrounding the 650 Level, incorporating results of recent underground diamond drilling and using inverse distance squared and a 50 gpt top capping, have been completed and indicate that tonnage and ounces for the Ultramafic Zone resource could be expanded from the most recent NI 43-101 resource calculation at similar grades.
The Company is continuing to carry out advanced exploration work along the 650 Level resource/reserve areas. This includes development along all of the mineralized ore zones, sampling, mapping and diamond drilling at this elevation, and sublevels at intervals both above and below the level. This work will be ongoing throughout the fourth quarter of 2009 and will carry on into the first half of 2010.
To date, the Timmins ramp has advanced approximately 1,370 metres to a vertical depth of approximately 200 metres, in line with the Company's target for the year. The vein systems in vein zones have shown weaker continuity and greater complexity than predicted in the original surface drilling. As a result, the reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009. Project spending related to the ramp during the nine months ended September 30, 2009 was $18.3 million (including $2.0 million for property, plant and equipment).
During the third quarter (August 24, 2009), the Company announced results from four underground holes (906.5 m) from the 525 Level and 650 Level of Timmins Mine. All four holes intersected zones of mineralization consistent in grade and width with intersections from previous surface drilling, with two holes also intersecting high-grade mineralization in areas outside the existing resource and two others intersecting mineralization on the edge of existing resource blocks for the Footwall Zone.
Subsequent to the end of the third quarter (October 29, 2009), results from an additional 21 underground holes (4,417 m) were released. The results continued to confirm that the overall size and shape of the main Ultramafic Zone is similar to the existing resource model and to expand the resource potential of the project.
Bell Creek Mill
The Bell Creek Mill, acquired in 2007 together with the Bell Creek Mine, was made operational in December 2008 at a capacity of 800 tonnes per day. Processing of low-grade material from development and advanced exploration work in the Timmins Mine ramp commenced at the Bell Creek Mill near the end of the first quarter of 2009. The Mill was initially running in campaigns processing material as stockpiles were established. The Mill is running on a more continuous basis as deliveries from the Timmins Mine increase, both from the ramp and shaft. In addition, work to refurbish the secondary ball mill circuit at the Bell Creek Mill was completed near the end of the third quarter which increased the Mill's capacity to 1,500 tonnes per day. To date in the fourth quarter, the Mill has continued to operate at approximately 800 tonnes per day with the secondary circuit expected to come on stream as production volumes increase. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
Spending at the Bell Creek Mill in the nine months ended September 30, 2009 totaled $13.2 million including processing costs as well as new surface buildings, the construction of a cyanide destruction plant and other mill improvements and repairs.
Bell Creek Mine, Vogel and Schumacher
The Company's project spending for the advanced exploration program at the 100% owned Bell Creek Mine and contiguous Vogel and Schumacher properties for the nine months ended September 30, 2009 totaled $4.8 million. The Bell Creek Complex advanced exploration program includes de-watering and rehabilitating the existing Bell Creek Mine shaft and workings and collaring a ramp at Bell Creek to be connected to the Bell Creek Mine workings and then to be driven across the Bell Creek property to the contiguous Schumacher and Vogel properties in order to access known mineralization at Vogel. As at November 9, 2009, the Bell Creek shaft had been de-watered to a depth of 250 m and the ramp at Bell Creek had advanced 880 m with an additional 110 m of advance towards the Vogel property.
Exploration Expenditures
Exploration spending for the nine months ended September 30, 2009 totaled $11.9 million (representing 92,610 metres of drilling) and included $3.4 million at the Timmins Mine project, $2.0 million at Thunder Creek, $5.3 million at the Bell Creek Complex, and $0.9 million at Casa Berardi, with the remainder at other projects.
During the nine months ended September 30, 2009, the Company announced results from the drilling (16 holes and three wedge holes, for a total of 13,592 metres) on the now 100% owned Thunder Creek property, which is located immediately adjacent to the Timmins Mine project (refer to the press releases dated March 31, May 5, June 24 and August 25, 2009 on the Company's website at www.lsgold.com). The drilling is part of the Company's ongoing 22,000 metre diamond drill program commenced in August 2008.
Results announced on August 25, 2009 included 12.17 gpt Au over 9.00 m within an overall drill intersection of 3.73 gpt Au over 80.30 m. In addition, TC09-73 successfully extended main Porphyry structure, with gold mineralization, to 1,125 metre vertical depth with potential for additional high-grade zones at this depth and below considered excellent. The August 25th results followed the most encouraging results from Thunder Creek to date, released on June 24, 2009, which included TC09-68b which intersected 12.75 gpt Au over 83.40 m.
Encouraging exploration results were also reported from the Company's 100% owned Bell Creek Complex (including the Bell Creek, Vogel and Schumacher properties). To date in 2009, the Company has announced results from 79 holes, 18 wedge holes and one hole extension (46,760 metres). Included in the results were 12.67 gpt Au over 14.5 m, including 16.73 gpt Au over 10.0 m on October 1, 2009 and 12.63 gpt Au over 11.65 m on July 21, 2009. Subsequent to the end of the third quarter, on November 5, 2009, the Company released additional results at Bell Creek, including 5.13 gpt Au over 26.40 m, including higher grade zones of 9.75 gpt Au over 5.60 m and 12.80 gpt Au over 1.5 m. The November 5th results extended the mineralization at Bell Creek to a total plunge length of approximately 1,250 m and defined a continuous high-grade mineralized system from the 500 m level to 1,000 m with the system remaining open at depth and along strike.
More information about Lake Shore Gold's third quarter and first nine month 2009 results and financial condition and liquidity is available in the Company's consolidated financial statements and management's discussion and analysis, which have been filed on SEDAR at www.sedar.com and posted to the Company's website at www.lsgold.com.
Lake Shore Gold will also host a conference call and webcast on Thursday, November 12, 2009 at 10:00 am EST to discuss the Company's third quarter 2009 performance. Those wishing to access the call can do so using the telephone numbers listed below. The call will also be webcast and available on the Company's website.
Participant call-in: 416-340-8018 or 866-225-0198 Replay number: 416-695-5800 or 800-408-3053 Replay ID: 8076047 Available until: 11:59 pm, November 19, 2009
About Lake Shore Gold
Lake Shore Gold is a mining company with a goal to become a North American mid-tier gold producer through property acquisition, exploration, new mine development and construction, and production from its Timmins, Ontario properties. 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 Company's exploration activities, project expenditures, business plans and financial and operating performance 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.
There is no guarantee that drill results reported in this news release will lead to the identification of a deposit that can be mined economically, and further work is required to identify a reserve or resource.
For more information, please contact
Lake Shore Gold Corp.Tony MakuchPresident & CEO(416) 703-6298info@lsgold.com
or
Lake Shore Gold Corp.Mark UttingVice-President, Investor Relations(416) 703-6298info@lsgold.comwww.lsgold.com
Monday, November 09, 2009
Mining Stock news - Silvore Fox Minerals Corp. (TSX .V:SFX)Announces Amendment to the Proposed $1,350,000 Private Placement to China Nonferrous Metals
Mining Stock news - Silvore Fox Minerals Corp. (TSX .V:SFX)Announces Amendment to the Proposed $1,350,000 Private Placement to China Nonferrous Metals Exploration Corp.
HALIFAX, NOVA SCOTIA--\(Marketwire - Nov. 9, 2009 - Silvore Fox Minerals Corp. (TSX .V:SFX) announces further to its news release issued September 29, 2009 that the terms of the proposed non-brokered private placement with China Nonferrous Metals Exploration Corp. ("CNME") have been amended. The proposed private placement will be a unit offering, whereby CNME will purchase 33,750,000 Units of SFX at a price of $0.04 per Unit, each Unit to consist of one common share and two-thirds of one common share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.10 per share, with an expiry date of two years from the closing. It is anticipated that a formal agreement and closing will be completed on or before December 18, 2009.
About China Nonferrous Metals Exploration Corp.
CNME is a Canadian corporation majority-owned by Chinese shareholders, including Beijing Donia Resources Co ("Donia"), a state owned entity whose mandate includes exploring for base metal resources worldwide. The Chairman of Donia, Dr. Jingbin Wang, also serves as Executive Director of the China Nonferrous Metals Resource Geological Survey, President of the Beijing Institute of Geology of Mineral Resources, President of Sinotex Mineral Exploration Co, Vice- President of the China Nonferrous Metals Industry Association and Assistant Director of the China Geology Association. Donia's General Manager, Mr. Side Wang, also serves as Vice-Director of the Mineral Resources Management Committee of the China Mining Association.
CNME seeks to invest in mineral exploration and development opportunities in Canada. Its principal office is located at 7-145 Riviera Drive, Markham, Ontario, L3R 5J6. For further information, please contact Helen Gao at (905) 968-1197 (905) 968-1197.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company.
On June 4th, 2008, the Corporation acquired 3214399 Nova Scotia Limited as a wholly owned subsidiary, including 100% earned mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). The Corporation has an experienced management and geological team.
The Coxheath deposit model is believed to be analogous to Pacific Rim volcanogenic porphyry copper deposits. Alteration patterns in association with the regional geological setting further suggest a possible model linking the diorite-hosted porphyry-style mineralization at Coxheath and an epithermal system approximately 4 km to the east.
Silvore Fox Minerals further recent option and joint venture agreements for the 'Oceanview', 'Nictaux' and 'Shortliff' properties, strengthens SFX's position as a regional mineral exploration company.
Forward-Looking Statements
Certain information regarding Silvore Fox Minerals Corp. (SFX) contained herein may be deemed forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although SFX believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. SFX cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what SFX currently foresees.
Factors that could cause actual results to differ materially from those in forward-looking statements could include exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
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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HALIFAX, NOVA SCOTIA--\(Marketwire - Nov. 9, 2009 - Silvore Fox Minerals Corp. (TSX .V:SFX) announces further to its news release issued September 29, 2009 that the terms of the proposed non-brokered private placement with China Nonferrous Metals Exploration Corp. ("CNME") have been amended. The proposed private placement will be a unit offering, whereby CNME will purchase 33,750,000 Units of SFX at a price of $0.04 per Unit, each Unit to consist of one common share and two-thirds of one common share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.10 per share, with an expiry date of two years from the closing. It is anticipated that a formal agreement and closing will be completed on or before December 18, 2009.
About China Nonferrous Metals Exploration Corp.
CNME is a Canadian corporation majority-owned by Chinese shareholders, including Beijing Donia Resources Co ("Donia"), a state owned entity whose mandate includes exploring for base metal resources worldwide. The Chairman of Donia, Dr. Jingbin Wang, also serves as Executive Director of the China Nonferrous Metals Resource Geological Survey, President of the Beijing Institute of Geology of Mineral Resources, President of Sinotex Mineral Exploration Co, Vice- President of the China Nonferrous Metals Industry Association and Assistant Director of the China Geology Association. Donia's General Manager, Mr. Side Wang, also serves as Vice-Director of the Mineral Resources Management Committee of the China Mining Association.
CNME seeks to invest in mineral exploration and development opportunities in Canada. Its principal office is located at 7-145 Riviera Drive, Markham, Ontario, L3R 5J6. For further information, please contact Helen Gao at (905) 968-1197 (905) 968-1197.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company.
On June 4th, 2008, the Corporation acquired 3214399 Nova Scotia Limited as a wholly owned subsidiary, including 100% earned mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). The Corporation has an experienced management and geological team.
The Coxheath deposit model is believed to be analogous to Pacific Rim volcanogenic porphyry copper deposits. Alteration patterns in association with the regional geological setting further suggest a possible model linking the diorite-hosted porphyry-style mineralization at Coxheath and an epithermal system approximately 4 km to the east.
Silvore Fox Minerals further recent option and joint venture agreements for the 'Oceanview', 'Nictaux' and 'Shortliff' properties, strengthens SFX's position as a regional mineral exploration company.
Forward-Looking Statements
Certain information regarding Silvore Fox Minerals Corp. (SFX) contained herein may be deemed forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although SFX believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. SFX cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what SFX currently foresees.
Factors that could cause actual results to differ materially from those in forward-looking statements could include exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
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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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.
Mining Stock News- Osisko (TSX:OSK) (FRANKFURT:EWX) Concludes SGF Financing Agreement for $75 M
Mining Stock News- Osisko (TSX:OSK) (FRANKFURT:EWX) Concludes SGF Financing Agreement for $75 M
MONTREAL, QUEBEC-- - Nov. 9, 2009 - Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that it has concluded the previously announced $75 million financing agreement with Societe generale de financement du Quebec ("SGF"). The financing is a senior non-guaranteed debenture, convertible at the discretion of the SGF into Osisko shares at a price of $9.18 per share. It carries an interest rate of 7.5%. The initial capital is to be reimbursed no later than November 9, 2014. The proceeds will be used to fund the construction and the development of the Canadian Malartic Project.
Mr. Sean Roosen, President and Chief Executive Officer of Osisko stated: "We are extremely pleased to have SGF as a financial partner in the development of the Canadian Malartic Project. This Project has a significant impact on the Quebec economy, in particular the Abitibi-Temiscamingue region, and will provide long-term benefits to Malartic with the creation of some 465 permanent jobs for more than 10 years."
About SGF
Societe generale de financement du Quebec (www.sgfqc.com) is an industrial and financial holding company. Its mission is to carry out economic development projects, with emphasis on the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Quebec's economic development policy. As part of its new mandate, SGF is authorized by the Government of Quebec to expand its traditional role as a share capital investor by offering complementary solutions, such as loans, debentures, or preferred share capital investments.
About Osisko
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and adjacent mineralized zones into a large-scale open pit, bulk-tonnage mining operation. The Company is carrying out an aggressive mine development, reserve definition and exploration campaign. The Canadian Malartic deposit currently represents one the biggest gold reserves in Canada for a single deposit, and is still growing through ongoing drilling on new mineralized zones. Current reserves for the Canadian Malartic property are 6.28 million ounces, plus (including the Barnat deposit) a measured and indicated resource of 3.65 million ounces and an inferred resource of 0.84 million ounces.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work on the stated resources will lead to mineral reserves that can be mined economically.
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", "scheduled" 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 consultants, 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 personnel, 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 and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press 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.
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.
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.
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.
MONTREAL, QUEBEC-- - Nov. 9, 2009 - Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that it has concluded the previously announced $75 million financing agreement with Societe generale de financement du Quebec ("SGF"). The financing is a senior non-guaranteed debenture, convertible at the discretion of the SGF into Osisko shares at a price of $9.18 per share. It carries an interest rate of 7.5%. The initial capital is to be reimbursed no later than November 9, 2014. The proceeds will be used to fund the construction and the development of the Canadian Malartic Project.
Mr. Sean Roosen, President and Chief Executive Officer of Osisko stated: "We are extremely pleased to have SGF as a financial partner in the development of the Canadian Malartic Project. This Project has a significant impact on the Quebec economy, in particular the Abitibi-Temiscamingue region, and will provide long-term benefits to Malartic with the creation of some 465 permanent jobs for more than 10 years."
About SGF
Societe generale de financement du Quebec (www.sgfqc.com) is an industrial and financial holding company. Its mission is to carry out economic development projects, with emphasis on the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Quebec's economic development policy. As part of its new mandate, SGF is authorized by the Government of Quebec to expand its traditional role as a share capital investor by offering complementary solutions, such as loans, debentures, or preferred share capital investments.
About Osisko
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and adjacent mineralized zones into a large-scale open pit, bulk-tonnage mining operation. The Company is carrying out an aggressive mine development, reserve definition and exploration campaign. The Canadian Malartic deposit currently represents one the biggest gold reserves in Canada for a single deposit, and is still growing through ongoing drilling on new mineralized zones. Current reserves for the Canadian Malartic property are 6.28 million ounces, plus (including the Barnat deposit) a measured and indicated resource of 3.65 million ounces and an inferred resource of 0.84 million ounces.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work on the stated resources will lead to mineral reserves that can be mined economically.
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", "scheduled" 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 consultants, 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 personnel, 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 and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press 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.
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.
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.
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.
Gold & Mining News
Recent Mining stocks news
Gold & Mining News:
GlobeStar Mining's Conference Call for Investors on November 13, 2009
How to find the Next Great Gold Stock or Mining Stock
Kitcommentary from Kitco Metals Inc. - "Of Quads and a Moscow Hold'em"
Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY): First Day of Dealings on the Official List
Mining Stocks News - Osisko Mining (TSX: OSK.TO) Releases Third Quarter 2009 Results
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News and commentary from well known industry experts including Kitco and Doug Casey are featured in addition to news releases and press releases from publicly traded mining companies on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
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Publish Mining News Online :http://www1.investorideas.com/NewsUploader/Default.aspx
Investorideas.com is currently offering publicly traded mining stocks and related IR firms interested in learning about becoming a showcase mining company a complimentary mining news release publication on the Investor Ideas Newswire and the new mining stocks RSS news feed.
Mining Stocks Investor Awareness Programs Promo- call us at 800 665 0411 to get a free news release published and test us out !
Gold & Mining News:
GlobeStar Mining's Conference Call for Investors on November 13, 2009
How to find the Next Great Gold Stock or Mining Stock
Kitcommentary from Kitco Metals Inc. - "Of Quads and a Moscow Hold'em"
Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY): First Day of Dealings on the Official List
Mining Stocks News - Osisko Mining (TSX: OSK.TO) Releases Third Quarter 2009 Results
Subscribe to Gold & Mining News
Publish Your Mining News Today at Investor Ideas
more
News and commentary from well known industry experts including Kitco and Doug Casey are featured in addition to news releases and press releases from publicly traded mining companies on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Visit the news feed-Gold & Mining Stocks News at Investorideas.com
http://www.investorideas.com/RSS/feeds/Gold-Mining-Stocks.xml
Mining Stocks – Reach investors following mining stocks at Investorideas.com:
Submit Mining and Gold Stock News – Publish news and pay online. News is featured on the Investor Ideas News wire and the New Gold and Mining RSS feed.
Publish Mining News Online :http://www1.investorideas.com/NewsUploader/Default.aspx
Investorideas.com is currently offering publicly traded mining stocks and related IR firms interested in learning about becoming a showcase mining company a complimentary mining news release publication on the Investor Ideas Newswire and the new mining stocks RSS news feed.
Mining Stocks Investor Awareness Programs Promo- call us at 800 665 0411 to get a free news release published and test us out !
New mining stocks added to Investorideas.com gold and mining stocks directory- TSX:AVR, LSE:HOC
New mining stocks added
Avion Gold Corporation (TSX:AVR.V) 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.
Hochschild Mining plc (LSE:HOC.L) is a leading precious metals company listed on the London Stock Exchange 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.
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.
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.
Avion Gold Corporation (TSX:AVR.V) 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.
Hochschild Mining plc (LSE:HOC.L) is a leading precious metals company listed on the London Stock Exchange 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.
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.
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.
Sunday, November 08, 2009
Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY): First Day of Dealings on the Official List
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.
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 features 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.
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.
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 features 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 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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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.
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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:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com or cvanzant@investorideas.com
-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.
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.
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.
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.
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.
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.
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