Elgin Mining Inc. announces that the Company has taken and will continue to undertake the following steps in order to effectively manage the Company’s treasury in light of the current market turbulence and weakening of the price of gold:
Animas Resources Ltd. announces that the non-brokered private placement announced on April 4, 2013 for gross proceeds of $600,000 has been amended and it will be closed shortly. The terms of the offering were amended to change the unit price from $0.06 to $0.05 per unit. Each unit includes one common share and one common share purchase warrant to buy another common share at $0.10 for 36 months.
NSX Silver Inc. is pleased to report that it has signed an amending agreement with Minera Pena Blanca SA de CV whereby each of the remaining cash option payments for the Dios Padre Silver Property have been extended by a period of 3 years. Total option payments of US$500,000 have been made to date in accordance with the Dios Padre Property Option Agreement and six semi-annual option payments aggregating US$5,500,000 are remaining. The due date for the next option payment in the amount of US$250,000 was originally July 31, 2013 and it is now July 31, 2016.
Kootenay Silver has just put to bed a $4.75 million strategic private placement with established miner Agnico-Eagle Mines, a deal the Canadian juniors chief hails as very beneficial for the company, which is developing the flagship Promontorio silver mine in Mexico.
Cerro Resources NL releases its Quarterly Activities Report, including the financial statements for the quarter ending March 31, 2013.
Stroud Resources Ltd. announced today plans to raise up to $400,000 in a nonbrokered private placement. Stroud is proposing to offer up to 20,000,000 units at a price of $0.02 per unit, with each unit consisting of one common share and one half of one nontransferable common share purchase warrant. Each whole share purchase warrant will entitle the holder to acquire one common share at a price of $0.05 for a period of 12 months from the closing date of the offering and thereafter at a price of $0.10 until the date that is 24 months from the closing date.
The Company has, pursuant to its news release dated January 28, 2013 (the “January 2013 News Release”), announced that it entered into an agreement with Oroco Resource Corp. to acquire Oroco’s Cerro Prieto Project. The Company wishes to clarify that this transaction has not yet completed and its completion is subject to approval of the shareholders of Oroco and the TSX Venture Exchange as well as standard closing conditions. The January 2013 News Release and the Company’s Corporate Presentation “An Emerging Gold Producer in Mexico, Corporate Update – February 2013” made reference to a “current resource” at the Cerro Prieto Project. The Company wishes to clarify that the resource estimate is historical in nature, as it was not prepared by or on behalf of the Company, and is based on a technical report titled “Preliminary Economic Assessment Technical Report on the Cerro Prieto Project Magdelena de Kino Area, Sonora State Mexico” dated January 28, 2011 on the Cerro Prieto Project prepared by Moose Mountain Technical Services for Oroco and filed on SEDAR by Oroco. Accordingly, the Company is not treating this historical estimate as current mineral resources, as a qualified person has not done sufficient work on behalf of the Company to classify the historical estimate as current mineral resources. After the Oroco Technical Report was completed and filed, Oroco subsequently carried out a surface sampling and exploration and infill drilling program from December 2011 to April 2012, with a focus on the area south of the resource area which was the subject of the Oroco Technical Report. The Company expects to have a National Instrument 43-101 compliant technical report completed on the Cerro Prieto Project by approximately August 31, 2013. The Company’s technical report on the Cerro Prieto Project will incorporate the results of Oroco’s 2011 and 2012 exploration and infill drilling program, as well as a new geological interpretation, in order to update and verify the Oroco resource estimate as current mineral resources.
Baja Mining Corp. has been informed by Minera y Metalúrgica del Boleo, S.A.P.I. de C.V. that on April 18, 2013, Korea Resources Corporation contributed an additional US$30 million in construction funding to MMB.
Endeavour Silver Corp said it is cutting jobs and reducing operating costs as it expects metal prices to fall during the year.
Gold Resource Corporation declares its monthly dividend for April 2013 payable on May 23, 2013 to shareholders of record as of May 13, 2013. The Company is modifying its monthly instituted dividend from $0.06 per share per month to $0.03 per share per month starting with the April dividend due to precious metal price market volatility and capital needed for current expansion activities. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $81 million to shareholders in monthly dividends since declaring commercial production July 1, 2010, and offers shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
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