Why junior miners are struggling to survive
March 6, 2013
They have, on average, only 5.7 months worth of cash on their balance sheets
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They have, on average, only 5.7 months worth of cash on their balance sheets
VVC Exploration Corporation is pleased to announce the optioning by VVC Exploración de México S. de R.L of the La Tuna Property to Exploración Río Placer S. A. de C. V. in consideration for payments aggregating US$3,520,000 payable over a 12 year period ending on December 31, 2025, and the retention by VVC Mexico of a 1% Net Smelter Return Royalty with a buy-back option for US$1,000,000. During the term of the option the Optionee will have exclusive mining rights to the La Tuna Property. The US$3,520,000 aggregate payment includes (1) the US$500,000 required to acquire 100% interest in the Concessions, and (ii) the 1% installment payment payable on a monthly basis on every dry metric tonne of ore processed. The Optionee can at his discretion terminate the option at any time by provide the proper notices provided in the Option Agreement.
Ross River Minerals Inc. announces that it has closed the first tranche of the private placement announced on February 5, 2013. The Company has issued 4,290,000 units at $0.05 per unit for total proceeds of $214,500. Each unit consists of one common share and one transferable share purchase warrant with each share purchase warrant entitling the holder to purchase one common share for a period of eighteen months at $0.10 per share. The securities have a four month hold period until June 15, 2013. The Company has paid a finder’s fee by the issuance of 140,000 common shares at a deemed value of $7,000.
Alphamin Resources Corp. wishes to announce that it has entered into a debt settlement agreement with a creditor of the Company pursuant to which the Company has agreed to issue an aggregate of 2,500,000 common shares at a deemed price of $0.20 per Share. The amount of indebtedness settled by the Agreement is $500,000, which was forwarded by the creditor to the Company in the form of a bridge loan. The Company decided to satisfy this outstanding indebtedness with Shares in order to preserve its cash for operations.
A Mexican Indian community is demanding that a Candian mining company be stripped of seven concessions, accusing it of carrying out illegal exploration work.
Sierra Metals Inc. is pleased to report that a Federal Court in the State of Chihuahua has granted to the Company a temporary suspension of the adverse resolution issued by the State Court of Chihuahua, Mexico. A final verdict by the Federal Court is pending. The Company will continue to vigorously defend this claim by applying the proper legal resources necessary to defend its position. Sierra continues to believe that the original claim is without merit.
Mundoro Capital Inc. announces the filing of the Company’s Annual Audited Financial Results for fiscal year ended December 31, 2012. Highlights provided in this news release should be read in conjunction with the Company’s Annual Audited Financial Statements and the Management Discussion and Analysis, which is available on SEDAR at www.sedar.com. All dollar amounts are in U.S. dollars unless otherwise stated.
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