Category: Exploration and Development

Key developments for Phase 1 construction and exploration results include:

– Construction of Phase 1 remains on time and budget and is scheduled to be completed by mid-2012. Phase 1 production is expected to average 30,000 ounces of gold per year. Phase 2, for which a feasibility study is being completed, is expected to contribute an additional 5 million ounces of silver and 5,000-10,000 ounces of gold per year.

– The mining fleet for Phase 1 has arrived and pre-stripping of the open pit mine began on December 9th and will continue during the first half of the year. Stockpiling of ore is expected to begin in the coming weeks. Ore is expected to be delivered to the heap leach pad by mid-2012.

– Engineering for the crushing, process plant and heap leach facilities has been completed. Pre-existing equipment has been disassembled and removed from site. The new crushing and process plant is expected to be completed by May-2012. (A photo library showing bi-weekly progress can be viewed by clicking here).

Prospero Silver Corp. announced today the results of an 870m diamond drill program at its Campana project in central Durango State, Mexico. Holes CAM-11-01 and CAM-11-02 focussed to the east and north of historic drilling (2007) that showed disseminated gold and silver mineralization over intersections up to 330m in length. The two-hole program, just finished, tested a zone characterized by chargeability and resistivity highs (Figure 1) as outlined by Z-TEM and IP surveys conducted earlier this year (refer to news releases of July 13, 2011 and August 29, 2011).

Baja Mining Provides Update on Governance and Boleo Project • Independent Chair of the Board Appointed • • Boleo Project Progress Continues • • Drilling Program Advances, With Assays Expected in Q1 2012 • Vancouver, January 3, 2012 – Baja Mining Corp. today announced the appointment of former independent Lead Director Giles Baynham as independent Chair of Baja’s Board of Directors, the adoption of several new policies relating to corporate governance, and provided an update on the Company’s 70% owned, Boleo copper-cobalt-zinc project located in Baja California Sur, Mexico.

Lone Star Gold, Inc. is pleased to announce the Company has decided to move forward with signing a Definitive Agreement to acquire an undivided 65% interest in the San Antonio del Potrero mine tailings project based on positive due diligence sampling results. The Definitive Agreement will be signed in early January 2012.

Westridge Resources Inc. is pleased to announce it plans a further diamond drilling program on its Charay project, located near the seaside city of Los Mochis, Sinaloa Mexico, in the first quarter of 2012 as a result of the December 23rd closing of the first tranche of the previously announced financing (gross proceeds of $1,001,369).

Silver Scott Mines, Inc. (OTC: SILS.pk) is pleased to announce the execution of a stock based 4 year earn in agreement for exploration covering more than 14,000 hectares in Baja California Sur. These two main concessions are located near the recently discovered gold deposit, Los Planes, by Pediment Gold Corp. in 2007 containing 1.66 million ounces of gold and the Concordia gold deposit with 2.28 million ounces of gold. Agreement allows the company to investigate high potential targets within these two mineralization trends, one of known gold deposits and the second trend having silver-gold deposits.

Citation Resources Inc. is pleased to announce that it has today entered into an option agreement with Esperanza Resources Corp. to acquire 100% of Esperanza’s Biricu Prospect mineral exploration concession located in Guerrero State, Mexico. The Biricu concessions comprise more than 41,000 hectares of highly prospectable ground and are the direct on-strike extension of five skarn deposits in the Guerrero Gold Belt (El Limon-Los Guajes – Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay – Goldcorp Inc.; Ana Paula – Newstrike Capital Inc.). To date, very limited exploration activity has been conducted on the concessions.

G4G Resources Ltd. pursuant to the announcement of the joint venture agreement with Almaden Minerals Ltd. on June 21, 2011, whereby G4G could acquire a 70% interest in Almaden’s 100% owned Yago gold-silver project located in Nayarit State, Mexico, announces that Almaden and G4G have mutually agreed to cancel this agreement.

Silver Scott Mines, Inc. is pleased to announce the initiation of a 6000 meter RC drill program at the Quitovac gold mine project. The drilling began after the signing of a long term surface land agreement with the local controlling Quitovac community.

Mammoth Capital Corp.is pleased to announce that, further to its announcement on September 14, 2011, it has completed the acquisition of the option from Yale Resources Ltd. pursuant to which the Company can acquire up to an undivided 100% interest in and to the Urique Project. The Urique Project currently consists of 11 mining concessions owned by Yale and its Mexican subsidiary Minera AV, including the San Pedro concession title which was formally released to Yale on December 19, 2011. The Urique Project covers approximately 289 square kilometres located within the southern Sierra Madre mineralized belt in southwestern Chihuahua State, Mexico and is prospective for gold and silver.