Month: November 2013

Throughout the past year, there has been speculation that hundreds of cash-strapped junior mining companies on the TSX Venture Exchange will run out of money and simply disappear.

The third quarter began with gold production at the production facilities exceeding expectations for Mexus. President Paul Thompson said “This production level should continue, and with the introduction of fresh ore from the San Felix mine, production is forecast to continue to increase”. Recently, Mexus has been approached by several parties inquiring as to the future plans of the Company regarding the San Felix mine and the related production facilities. While these discussions are very preliminary in nature and may or may not result in any changes to the existing structure of the operation or ownership of the mine, Mexus will continue to keep all options open for consideration.

Thanks, Darren. Our earnings before interest and taxes, adjusted for foreign exchange and the one-time Pinto Valley transaction cost, were $5 million for the quarter. Operating cash flow before changes in working capital was $12.7 million or $0.03 a share for the quarter and $61.3 million for the year-to-date, which gives us a significant flexibility to fund our capital programs and to continue to grow the company.

Aurcana Corporation wishes to announce that the Company has applied to the TSX Venture Exchange and is seeking Warrant holder approval to amend the terms of certain outstanding common share purchase warrants which were issued as part of a private placement of equity units, priced at $0.31 per unit, that closed in December of 2010. At the time of issuance, each Warrant entitled the holder thereof to purchase one common share of the Company at an exercise price of $0.41 until December 7, 2013.

Vista Gold Corp. stock came under immense pressure at the browsers on October 31 trading, post its third quarter results announcements after close of business on October 30. The trigger for the sell off was the disclosing of the fact that the development stage gold mining firm has instituted a strategic review of its gold portfolio including mining assets at its most potential Mt.Todd property in Australia. The review will also expect to look into the profitability of its 24.9% stake in Midas Gold Corp which is engaged in gold mining activities in Idaho. In addition the $35.15 million small capped mining firm also wants to evaluate the production feasibility of its investments in the “Guadalupe de los Reyes based gold and silver mining project” in Mexico. The prelim economic feasibility was conducted for this project in earlier this year. It also has mandated its strategic review team to establish if it makes sense to continue pursuing the acquisition of the Indonesia gold mining investment opportunity in addition to its assets in California mines.

Golden Minerals Company announces that its board of directors has established a board committee to plan for the succession of senior management of the Company. Golden Minerals Company’s Chairman, Chief Executive Officer and President, Jeffrey G. Clevenger, is currently 64 years old. The Committee will be reviewing internal and external candidates to ensure the smooth transition of the leadership of the Company.

Cortez Gold Corp announces the appointment of Michael Sweatman as a director of the Company. Mr. Sweatman joins the Board of Directors with over 25 years of experience as a Chartered Accountant in both the private and public sectors, having worked with numerous companies listed on the TSX Venture and Toronto Stock Exchanges. He is currently serving as a director of a number of public companies, including Mega Uranium Ltd., listed on the Toronto Stock Exchange, and Mega Precious Metals Inc., Brownstone Energy Inc. and Red Hut Metals listed on the TSX Venture Exchange. He is Chief Financial Officer and a director of Netco Energy Inc.