Intercepts of 8.65 Meters of 13.02 g/t Gold and 7.75 Meters of 29.51 g/t Gold Among Best Ever Drilled by Paramount in Palmarejo District
Vancouver, BC, February 16, 2012 — Geologix Explorations Inc. (TSX: GIX) (the “Company”) is pleased to announce remaining drill assay results from the latest resource expansion and infill drilling program at its 100% owned Tepal property in Michoacán state, Mexico. All drill assay data from the 160 holes drilled in the latest program are now being compiled in preparation of the forthcoming updated resource estimation.
On August 11, 2011, we, along with our joint venture partner Pan American Silver Corp. released a Preliminary Economic Assessment for the La Preciosa project. The results of the PEA were very favorable for the project, showing an after-tax net present value at a 5% discount rate of US$315 million (assuming prices of US$25/oz silver and US$1,250/oz gold). The project generates a 24.3% IRR assuming the above metal prices.
Vancouver, British Columbia – Parlane Resource Corp. (the “Company”) is pleased to announce that it has arranged a non-brokered private placement of up to 10,000,000 units (the “Units”) at a price of $0.15 per Unit for gross proceeds of up to $1,500,000.
Cream Minerals Ltd. is pleased to provide results for seven exploration drill holes completed on Cafetal-Veta Olvidada, The Cafetal-Veta Olvidada zone is located to the east of Once Bocas South and trends SE/NW. This new zone is not included in the current NI 43-101 Inferred Mineral Resource.
Agnico-Eagle Mines Limited (“Agnico-Eagle” or the “Company”) today reported a quarterly net loss of $601.4 million, or a loss of $3.53 per share for the fourth quarter of 2011. This result includes a $644.9 million partial writedown of the Meadowbank mine ($3.79 per share), a non-cash foreign currency translation loss of $3.6 million ($0.02 per share), stock option expense of $8.1 million ($0.05 per share), non-recurring tax audit expenses of $11.1 million ($0.07 per share), and other non-recurring expense items of $10.0 million ($0.06 per share). Excluding these items would result in normalized net income of $76.2 million ($0.45 per share) in the fourth quarte r of 2011. In the fourth quarter of 2010, the Company reported net income of $88.0 million ($0.53 per share).
North Springs Resources Corp. is pleased to announce that it has initiated negotiations to acquire an interest in an option on multiple producing gold properties and a related mill operation in Chihuahua, Mexico.
Oro Mining Ltd. (“Oro Mining” or the “Company”) (TSX VENTURE:OGR) announces that further to the news release dated February 2, 2012, the Company has increased the brokered private placement of units at $0.11 per unit from up to 52,272,728 units to up to 71,837,000 units for aggregate gross proceeds of up to $7,902,070. As previously disclosed, each unit is comprised of one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $0.20 for two years from the date of closing.
High Desert Gold Corporation (TSX VENTURE:HDG)(OTCQX:HDGCF) (“HDG” or the “Company”) is pleased to report that HDG and Haywood Securities Inc. have agreed to increase the size of HDG’s previously announced private placement (the “Private Placement”) to an aggregate size of up to 21 million units of the Company (each a “Unit”) for total gross proceeds of up to approximately $4.7 million.
GOLDCORP INC. reported fourth quarter gold production of 687,900 ounces at a total cash cost1 of $261 per ounce, leading to record revenues of $1.5 billion and operating cash flows before working capital changes2 of $831 million. Reported net earnings in the quarter were $405 million compared to $560 million in the fourth quarter of 2010. Adjusted net earnings3 were $531 million, or $0.66 per share, compared to $431 million, or $0.59 per share, in the fourth quarter of 2010.
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