Month: October 2016

Goldcorp Reports Updated Reserves and Resources; Provides Overview of Renewed Exploration Strategy and Results

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http://www.goldcorp.com/English/Investor-Resources/News/News-Details/2016/Goldcorp-Reports-Updated-Reserves-and-Resources-Provides-Overview-of-Renewed-Exploration-Strategy-and-Results/default.aspx

VANCOUVER, Oct. 26, 2016 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported updated reserves and resources as of June 30, 2016.

Highlights

  • Proven and probable gold mineral reserves increased by 4% to 42.3 million ounces. The increase was primarily related to the recently acquired Coffee project, with the operating mines and projects essentially replacing depletion due to production.
  • Maintained gold reserve grade of 1.06 g/t. Following an increase of $100 per ounce in the gold price assumption, the focus on increasing net asset value (“NAV”) continued to deliver high quality economic ounces.
  • Measured and indicated gold mineral resources increased by 16% to 44.0 million ounces and inferred gold mineral resources increased by 22% to 22.5 million ounces. The significant increase in mineral resources was primarily related to Porcupine’s new Dome Century project (see below) and the acquisition of Coffee.
  • Inaugural gold indicated mineral resource of 4.5 million ounces and 0.9 million ounces of gold inferred mineral resource announced at Porcupine’s new Dome Century project; concept study for potential new large-scale open pit mine underway. The dimensions of this mineralized envelope and a preliminary analysis indicate the potential to extend mineralization well below the existing pit.

Goldcorp Reports Third Quarter 2016 Results and Reconfirms Production and Cost Guidance

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http://www.goldcorp.com/English/Investor-Resources/News/News-Details/2016/Goldcorp-Reports-Third-Quarter-2016-Results-and-Reconfirms-Production-and-Cost-Guidance/default.aspx

VANCOUVER, Oct. 26, 2016 /CNW/ – GOLDCORP INC. (TSX: G, NYSE: GG) today reported its third quarter 2016 results.

Third Quarter 2016 Highlights

  • Net earnings attributable to shareholders of Goldcorp for the third quarter were $59 million, or $0.07 per share, compared to a net loss of $192 million, or loss of $0.23 per share in 2015.  Net earnings were negatively affected by $0.04 per share of non-cash or other items that the Company believes are not reflective of the performance of the underlying operations.
  • Third quarter operating cash flows of $267 million and adjusted operating cash flows(1,2) of $341 million,of which $226 million(3) was used to repay debt, $56 million was used to fund the growth pipeline and $14 millionwas paid in dividends.  Available liquidity at September 30, 2016 stood at $3.4 billion.
  • Gold production(1)  of 715,000 ounces at all-in sustaining costs(1)(5)  (“AISC”) of $812 per ounce, compared to 922,000 ounces at AISC of $858 per ounce in 2015.  2016 guidance reconfirmed for gold production of between 2.8 and 3.1 million ounces at AISC of between $850 and $925 per ounce.  The lower AISC reflects the Company’s focus on cost reductions and the positive effects of the strengthening US dollar.  The decrease was partially offset by lower production due to planned lower grades at Peñasquito and the exhaustion of surface stockpiles at Cerro Negro and Éléonore.

Coeur Reports Third Quarter 2016 Results

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http://investors.coeur.com/Cache/1001215817.PDF?Y=&O=PDF&D=&FID=1001215817&T=&IID=4349317

Chicago, Illinois – October 26, 2016 – Coeur Mining, Inc. (the “Company” or “Coeur”) (NYSE: CDE) reported third quarter 2016 revenue of $176.2 million, net income of $69.6 million, or $0.42 per share, and adjusted net income1 of $38.6 million, or $0.23 per share. Cash flow from operating activities was $47.8 million, a 4% quarter-over-quarter increase. Free cash flow1 totaled $14.6 million in the third quarter, 20% higher than the second quarter. The Company raised its 2016 full-year production guidance on October 6 and is now reducing its full-year cost guidance at three of its five operations as outlined in the Full-Year 2016 Outlook section of this release.

Agnico Eagle Reports Third Quarter 2016 Results: Strong Operational Performance Continues; Ongoing Exploration Yields Positive Results at Amaruq, Sisar Zone at Kittila, Olmeca Zone at El Barqueno and Barsele Project in Sweden

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Click to access Q3-2016-10-26-AEM-Results.pdf

Toronto (October 26, 2016) – Agnico Eagle Mines Limited (NYSE:AEM, TSX:AEM) (“Agnico Eagle” or the “Company”) today reported quarterly net income of $49.4 million, or net income of $0.22 per share for the third quarter of 2016. This result includes noncash stock option expense of $3.2 million ($0.01 per share), non-cash foreign currency translation losses of $2.5 million ($0.01 per share), a non-cash foreign currency translation loss on deferred tax liabilities of $1.3 million ($0.01 per share), various markto-market and other adjustment gains of $1.1 million (nil per share), non-recurring losses of $0.7 million (nil per share) and losses on financial instruments of $0.6 million (nil per share). Excluding these items would result in adjusted net income1 of $56.6 million, or adjusted net income of $0.25 per share for the third quarter of 2016. In the third quarter of 2015, the Company reported net income of $1.3 million or $0.01 per share. For the first nine months of 2016, the Company reported net income of $96.2 million, or $0.43 per share. This compares to the first nine months of 2015, when net income was $40.1 million, or $0.19 per share. Financial results in the 2016 period were positively affected by higher revenues as a result of higher realized gold prices (approximately 8%), silver prices (approximately 9%) and other higher by-product metals revenues.

Southern Silver Commences a US$2.0 million Exploration Program on Cerro Las Minitas

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http://www.marketwired.com/press-release/-2169901.htm

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 26, 2016) – Southern Silver Exploration Corp. (TSX VENTURE:SSV)(OTCQB:SSVFF)(FRANKFURT:SEG1)(SSE:SSVCL) (the “Company” or “Southern Silver”) reported today that funding has been approved by Electrum Global Holdings L. P., as Optionee (“Electrum”), and final preparations are underway for a US$2.0 million, 2016-17 exploration program on the Cerro Las Minitas Project, Durango, Mexico.

The exploration program comprises 16 holes totaling approximately 10,000 metres of core drilling and will mobilize in early November. Drilling is designed to confirm the extent and dimension of the Blind Shoulder target and to confirm the continuity of mineralization at the Mina La Bocona target with the goal of significantly enhancing the current Mineral Resource estimate.

Premier Gold Mines to Acquire Portfolio of Nevada and Mexico Properties from Goldcorp and Kinross

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1309-tsx/pg/25958-premier-gold-mines-to-acquire-portfolio-of-nevada-and-mexico-properties-from-goldcorp-and-kinross.html

THUNDER BAY, ON, Oct. 26, 2016 – PREMIER GOLD MINES LIMITED (TSX:PG) (“Premier”, “the Company”) is pleased to announce that it has entered into two separate and definitive agreements with Goldcorp Inc. (TSX:G, NYSE: GG) (“Goldcorp”) and Kinross Gold Corporation (TSX:K, NYSE: KGC) (“Kinross”) to acquire highly prospective exploration projects in Nevada and Mexico.  The projects have had recent exploration work that identified high-grade mineralization where both could represent significant new discoveries for Premier.

Colibri Announces that its Previously Announced Private Placement is Oversuscribed

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Click to access article_10262016111436.pdf

DIEPPE, N.B., Oct 26, 2016. (CBI: TSX-V) Colibri Resource Corporation (Colibri) is pleased to announce that its non-brokered private placement of up to 2,000,000 units of the Company at a price of $0.15 per unit for gross proceeds of up to $300,000 (the Financing) is oversubscribed. Colibri will now issue 2,667,166 units for total gross proceeds of $400,074.90 Each unit will consist of one common share and a whole non-transferable warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 for a period of 24 months from the closing date. The Company may pay a commission or finder’s fee in connection with the private placement, subject to the approval of the TSX Venture Exchange and in compliance with applicable securities laws.

Capstone Mining Announces Board Changes in Line With Director Succession Strategy

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https://www.juniorminingnetwork.com/junior-miner-news/press-releases/550-tsx/cs/25953-capstone-mining-announces-board-changes-in-line-with-director-succession-strategy.html

VANCOUVER, Oct. 25, 2016 – Capstone Mining Corp. (“Capstone”) (TSX: CS) is pleased to announce the appointment of Robert Gallagher and Jill Gardiner to the company’s board of directors.

Bob Gallagher has worked in the mining industry for more than 40 years and has extensive experience in the development and operation of large-scale mining projects. Most recently, he was President & CEO and a director of New Gold, an intermediate gold producer with projects on three continents. Mr. Gallagher continues to serve as a director of New Gold Inc. Prior to the merger of Peak Gold, Metallica Resources and New Gold, Mr. Gallagher was the President and CEO of Peak Gold. Previously, he spent 15 years with Placer Dome Inc. and seven years with Newmont Mining Corporation, most recently as Vice President Operations of Newmont Asia Pacific. During his time at Newmont, Mr. Gallagher oversaw the completion of development and operation of the Batu Hijau Mine, the billion-ton, world-class copper-gold mine located in Indonesia and was responsible for seven smaller mines in Australia and New Zealand.

MX Gold Corp. Acquires Near Term Gold Production in Mexico

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https://globenewswire.com/news-release/2016/10/25/882558/0/en/MX-Gold-Corp-Acquires-Near-Term-Gold-Production-in-Mexico.html

VANCOUVER, British Columbia, Oct. 25, 2016 (GLOBE NEWSWIRE) — MX Gold Corp. (TSX-V:MXL) (FSE:ODV) (OTCQX:MXLGF) (the “Company” or “MX Gold”) is pleased to announce a binding agreement with Gracepoint Mining Corp., a subsidiary of Firma Holdings Corp. (OTC:FRMA) to acquire a 50% interest in the Magistral, Del Oro tailings project, which is located within the “Golden Triangle” in Santa Maria Del Oro, Durango, Mexico.

The project includes a fully permitted, 500 tonne/day Dynamic Cyanide counter current system plant constructed in 2013 at a cost of approximately $4.5 million, which appears to be in excellent condition.  The plant is unencumbered and it is estimated that the plant can be fully operational within 4 to 6 months. Additionally, the Magistral project includes the exclusive rights to process the mineralized mill tailings.

Capstone Mining Reports Third Quarter Net Income of $11.2 Million

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Click to access article_10252016171217.pdf

Vancouver, British Columbia – Capstone Mining Corp. (“Capstone” or the “Company”) (TSX: CS) today announced its financial results for the three and nine months ended September 30, 2016. Operating cash flow before changes in working capital1 for the quarter was $41.5 million or $0.11 per share, with net income of $11.2 million. Copper production for the quarter totalled 32,027 tonnes (30,939 tonnes of payable copper) at a C1 cash cost1 of $1.32 per payable pound produced with copper sales for the quarter of 30,359 tonnes at a C1 cash cost1 of $1.49 per payable pound sold.