Month: October 2012

Millions of years ago, tectonic events created significant gold and silver mineralization in the Guerrero Gold Belt in Mexico. Today, two gold companies have reported 16 Moz of gold there, and other discoveries are sure to follow. In this exclusive Gold Report interview, Merrill McHenry, an independent analyst and geologist, explains the region’s geology and its hot prospects

Orex Minerals Inc. reports that its investor relations agreement with Jada Jennings, Senior Communications & Investor Relations Consultant, dated May 1, 2012 has been cancelled today, pursuant to the terms of the agreement.

Mexican mining company Industrias Penoles on Friday reported a 58.4 percent drop in third-quarter profit due to a fall in metal prices and a rise in costs for investment in expansion and exploration.

Carlos Slim has often been described as having a Midas touch but his very own gold mining company, Minera Frisco, didn’t make much money in the third quarter from producing the yellow metal.

Westminster Resources Ltd. announced that it has negotiated a non-brokered private placement of 10 million shares at $0.10 per share for gross proceeds of $1 million with Capstone Mining Corp.

Mexican mining company Minera Frisco SAB (MFRISCO.MX, MSNFY) made a net profit in the third quarter, compared with a year-ago loss, as currency gains offset lower revenue and operating profits.

Starcore International Mines Ltd. has filed the results for the year ended July 31, 2012, for the Company and its mining operations. The Company reports revenues of $57 million, earnings from mining operations of $21.7 million and earnings for the year of $14.34 million, which includes a net $1.33 million loss in financing costs due to net losses in gold forward sales contracts up to May 15th , 2012, when the gold forward sales contracts were repurchased by the Company at a close out price averaging US$1,562 per ounce. The basic and diluted income per share for the year ended July 31, 2012 was $0.11 and $0.10, respectively.

Canadian gold producer Alamos Gold (TSE:AGI) shares were up almost 4 per cent after it released significantly stronger third quarter results and said it expects to achieve the highest annual production in its history in 2012.
The Toronto-based company owns and operates the Mulatos Mine in Mexico, and has exploration and development activities in Mexico and Turkey.

Kootenay Silver Inc. is pleased to announce that, further to the press release dated October 4, 2012, it has received subscriptions for $8,253,000 under the brokered private placement offering of units and has today closed the first tranche of the Offering of $7,203,000 and issued an aggregate of 6,860,000 Units at a purchase price of $1.05 per Unit. The Company anticipates closing the balance of the Offering shortly and will provide an update in due course. The Offering was conducted by Dundee Securities Ltd., on behalf of a syndicate including PI Financial Corp.