Day: July 25, 2013

Lincoln Mining Corporation announces the appointment of Mr. Ron Coombes as a director of the Company.

Goldcorp Inc. (USA) (GG)
Q2 2013 Earnings Conference Call
July 25, 2013 1:00 pm ET

Hundreds of small mineral exploration companies may have their stock delisted by Canada’s TSX Venture Exchange in the coming months, choking off a development pipeline that has long supplied major miners with new projects.

It hasn’t been a hospitable environment for gold miners, the embattled sector which has had to suffer both falling commodity prices and rising costs. Reporting second quarter earnings before the bell on Thursday, Goldcorp GG -0.28% proved to be the latest victim of the new paradigm in the gold miners’ world, being forced to take a $1.93 billion write-down on the declining value of its assets, as management reacted to its market capitalization falling below the company’s net asset value. Despite a recent rally in the sector, and in the yellow metal, it’ll take dramatically higher prices to push Goldcorp, and the broader sector, into true rally mode.

Sona Resources Corp. is pleased to announce that, further to its news release of July 17, 2013, it has closed the first tranche of its non-brokered private placement of 3,665,000 units at an offering price of $0.30 per Unit, for gross proceeds of $1,099,500. Each Unit consists of one common share and one-half of one warrant, with each whole Warrant entitling the holder to purchase, for a period of 24 months following the closing date, one additional common share of the Company at a price of $0.50 for the first 12 months and $0.60 thereafter. The sole subscriber in this tranche of the Private Placement was Lu’An (Canada) Capital & Energy Investment Inc. who, as a result of their subscription, is now an “insider” of the Company pursuant to applicable securities laws.

Soltoro Ltd. holds a total of 7,000,000 common shares or 15% of Argentum Silver Corp. Soltoro also retains a 3% Net Smelter Return interest in the Coyote project whereby 1% can be purchased by Argentum Silver for US$1.5 million to a maximum of 2%.

Goldcorp Inc. reported an enormous net loss of US$1.93-billion in the second quarter after taking a big writedown on the Penasquito mine in Mexico.

Goldcorp Inc. today reported quarterly revenues of $889 million, generating adjusted net earnings1,2 of $117 million, or $0.14 per share, compared to $332 million, or $0.41 per share, in the second quarter of 2012. A non-cash impairment charge, primarily related to exploration potential at Peñasquito, led to a net loss in the quarter of $1.93 billion compared to net earnings of $268 million in the second quarter of 2012. Adjusted operating cash flow1,3 was $388 million or $0.48 per share.