First Mexican Gold Corp. would like to announce that additional drilling has been completed at its Guadalupe property in Sonora State Mexico.
Baja Mining Corp said its South Korean partners for the Boleo project in Mexico were unable to decide on the second stage of financing for the copper-cobalt-zinc project.
Canasil Resources Inc. announces that MAG Silver Corp. has received the drill permit for the planned Phase 2 drill program at Canasils La Esperanza silver-zinc-lead project in Durango and Zacatecas States, Mexico. MAG has also completed the required CAD$150,000 option payment to Canasil for the third year of the option agreement and will now be required to spend an additional CAD$1,500,000 in exploration expenditures from September 1, 2012, to September 1, 2013, in order to maintain the agreement in good standing. A final option payment of CAD$200,000 will be required on September 1, 2013, together with additional exploration expenditures of CAD$1,750,000 by September 1, 2014, should MAG decide to continue and complete the earn-in of a 60% interest in the project under the agreement. MAG reported that drilling is expected to resume at La Esperanza during the third quarter 2012 to test the Fatima, San Pascual and Los Alamitos veins in the north-western part of the project area.
Mercator Minerals Ltd. is pleased to announce the results of an updated feasibility study to the feasibility study completed November 2011, which further enhances the potential development of a robust, large-scale, low-cost copper mine at the El Pilar project (“Project”), located in a mining friendly jurisdiction of the northern Mexican state of Sonora.
Torex Gold Resources Inc. is pleased to report that its Board of Directors has accepted the Morelos Gold Project’s bankable feasibility study dated August 30, 2012, and has instructed management to initiate procedures that will, pending the arrangement of acceptable project financing, lead to the implementation of BFS recommendations to develop and bring the Morelos Gold Project to commercial production.
The Canada-based silver and gold exploration and development company has targeted near-term production (within one year)as part of its ongoing development plan to develop the sizeable and historically proven gold and silver potential held in its 431 square kilometer silver and gold project in Sonora, Mexico.
Scorpio Gold Corporation is pleased to announce the appointment of Mr. Steve Roebuck, P.Geo., as President of Scorpio Gold effective September 4, 2012. Peter Hawley will remain as CEO and will become Executive Chairman of the Company.
261% Increase in Net Present Value Reduction in Operating and Capital Costs, Coupled with Improved Recoveries
Primero Mining Corp. is pleased to provide a mid-year update of estimated Mineral Resources and Mineral Reserves for its San Dimas mine as at June 30, 2012. The Company reported contained gold in Probable Mineral Reserves of 584,000 ounces – an increase over year-end 2011 of 79,000 ounces (126,000 ounces before depletion). The increase in contained gold in Indicated Mineral Resources (which include Probable Mineral Reserves) was 17% to 678,000 ounces; and in Inferred Mineral Resources it was 23% to 866,000 ounces. The Company also reported contained silver in Probable Mineral Reserves of 34.7 million ounces, Indicated Mineral Resources of 40.6 million ounces and Inferred Mineral Resources of 67.5 million ounces.
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