Gold American Mining Corp. (SILA.OB) has recently announced that its geophysics plan has been completed at the Guadalupe property in Mexico. The company has completed the magnetic and induced polarization surveys on 20.5 kilometers of the property. The company is very optimistic about the completion of its geophysics program and hopes to get the final plans and results of the sampling by the beginning of August, 2010.
The President of Gold American Mining Corp, Johannes Petersen stated, “We are very satisfied with the work progress on our properties as we continue to evaluate other interesting exploration properties with a view to add them to our portfolio, the results to date at our Guadalupe property are in line with what we expected to find. The values at surface, the historical information acquired and the recent identification of the geophysics anomalies, all suggest that the vein systems at the property has the potential to continue at much greater depths. We are confident that we will soon be in a position to start drilling operations at the property to test this concept.”
SILA recently entered into a $7.5 million equity financing agreement with a European institutional investment group that specializes in backing precious metals and mining ventures. SILA reported they received funds in the amount of $300,000 in virtue of this agreement and that SILA still has a balance of $7.2 million that SILA could call upon to fund their exploration and acquisition strategy. During 2010, SILA have received total equity subscription proceeds of $500,000.
The funding will be utilized by Gold American in its ongoing acquisition strategy and specifically in the further exploration and development of its existing Keeno Strike Property in Nevada, which could potentially contain ~1.1 million ounces of gold and ~69.0 million ounces of silver accessible via open-pit bulk handling methods, and its Guadalupe Property in Mexico, which is located approximately 5 miles north of the world’s richest underground silver mine, operated by the +$10 billion London Stock Exchange-traded company, Fresnillo plc.
Last Trade: $0.90
Change: Up 0.05 (5.88%)
Day’s Range: 0.81 - 0.98
For more information about this company please visit http://www.gold-american.com/
Coeur d`Alene Mines Corporation (NYSE: CDE) is one of the world’s leading silver companies and also a significant gold producer. Coeur is also a recognized leader in environmental stewardship and worker safety, with nine national and international awards earned over the past year. The Company’s three new long-life mines include the San Bartolomé silver mine in Bolivia which began operations in 2008, the Palmarejo silver/gold mine in Mexico, which began operations in 2009, and the Kensington gold mine in Alaska. The Company also owns underground mines in Argentina and one surface mine in Nevada, and owns a non-operating interest in a low-cost mine in Australia. The Company conducts exploration activities in Alaska, Argentina, Chile and Mexico.
CDE recently reported that production has commenced ahead of schedule at its Kensington Gold Mine in Alaska. The Company anticipates that Kensington will produce 50,000 ounces of gold during the remainder of 2010 and will average approximately 125,000 ounces of gold annually over the mine’s initial 12.5 year life. Once in full production, cash costs are expected to average approximately $490 per ounce over the mine life.
CDE will report its second quarter 2010 results on Monday, August 9, 2010 after the New York Stock Exchange closes trading.
Last Trade: $15.23
Change: Up 0.14 (0.93%)
Day’s Range: 14.97 - 15.39
For more information about this company please visit http://www.coeur.com/
Kinross Gold Corporation (NYSE: KGC) recently reported that it has reached an agreement in principle with Harry Winston Diamond Corporation pursuant to which Kinross will sell its 22.5% interest in the partnership holding Harry Winston’s 40% interest in the Diavik Diamond Mines joint venture to Harry Winston for US$220 million, comprised of US$50 million cash, approximately 7.1 million Harry Winston common shares with a value of approximately US$100 million, and a note payable in the amount of US$70 million. The completion of the transaction is subject to execution of definitive binding documentation, as well as the approval of the boards of both Harry Winston and Kinross, the receipt of all required third party consents, the receipt of required regulatory approvals (including the approval of the Toronto Stock Exchange) and other customary conditions of closing.
Last Trade: $16.39
Change: Up 0.22 (1.36%)
Day’s Range: 16.18 - 16.48
For more information about this company please visit http://www.kinross.com/
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