Gold American Mining Corp. (SILA.OB) is a publicly traded precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich gold and silver production potential. Based in Reno, Nevada, Gold American has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations.
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.
In addition, SILA 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.
Furthermore, SILA has entered into a definitive option agreement to purchase an undivided 72% interest in 12 mining claims and a mill site containing 245 acres in Clark County, Nevada. The Company estimates that there may be more than 1 million ounces of gold and almost 70 million ounces of silver in the Nevada property.
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.
For more information about this company please visit http://www.coeur.com/
Barrick Gold Corporation (NYSE: ABX) vision is to be the world’s best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.
ABX recently reported Q2 net income rose 59% to a record $783 million ($0.79 per share). Adjusted Q2 net income rose 76% to $759 million ($0.77 per share) compared to $431 million ($0.49 per share) in Q2 2009. Operating cash flow rose 42% to $1.02 billion from $718 million in the prior year period and exceeded $2 billion in the first half of 2010.
In addition, ABX reported Q2 gold production of 1.94 million ounces at total cash costs of $457 per ounce or net cash costs of $358 per ounce, was ahead of plan on strong performance from the North and South America regions. Barrick remains on track with its original full year production guidance of 7.6-8.0 million ounces at total cash costs of $425-$455 per ounce or net cash costs of $345-$375 per ounce.
For more information about this company please visit http://www.barrick.com/
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