SI
SI
discoversearch

 Gold/Mining/Energy | Mining News of Note


Previous 10 | Next 10 
To: LoneClone who wrote (91810)2/23/2012 6:41:50 AM
From: Alex Molnar
4 Recommendations   of 108934
 
LC,

Your contribution has been highly valued, appreciated and unsurpassed, but you must take care of yourself first and foremost. take some time off if needed, explore
ways of ease the stress of operations, we will patiently wait and hope that you will find a way to return without undue pain to your usual excellent contribution to this thread.
God bless and help you,

Alex

Share Recommend | Keep | Reply | Mark as Last Read


To: LoneClone who wrote (91810)2/23/2012 8:02:43 PM
From: LoneClone
   of 108934
 
Richmont Mines Reports Record Full Year 2011 and Strong Fourth Quarter Results

Press Release: Richmont Mines Inc. – 11 hours ago

finance.yahoo.com

RIC.TO 12.16 +0.09


MONTREAL, QUEBEC--(Marketwire -02/23/12)- Richmont Mines Inc. (TSX: RIC.TO - News)(AMEX: RIC.TO - News),("Richmont" or the "Corporation"), is pleased to announce its fourth quarter and fiscal year results for the period ended December 31, 2011. Financial results are based on International Financial Reporting Standards ("IFRS") and dollars are reported in Canadian currency, unless otherwise noted.

Highlights:

 

-- Full year 2011 revenue increased 31% to $118.6 million; Net earnings of
$25.9 million, or $0.81 per share, are a record for the Corporation, and
are well above the $9.3 million, or $0.33 per share in 2010;

-- Q4 2011 revenue growth of 24% to $32.3 million; Net earnings of $6.1
million, or $0.19 per share, versus $4.6 million, or $0.15 per share, in
the comparable period of 2010;

-- 2011 gold sales of 76,143 ounces, 12% above the 68,123 ounces of gold
sold in 2010;

-- $68.7 million in working capital at December 31, 2011, and $63.5 million
of cash and cash equivalents;

-- Wasamac property resource base expanded significantly to 556,385 Au
ounces of Measured and Indicated Resources and 2,130,532 Au ounces of
Inferred Resources; PEA expected towards the end of Q1 2012.

Martin Rivard, President and CEO of Richmont Mines commented: "Our operations delivered strong results in 2011, with net earnings increasing 178% year-over-year and our cash flow up a notable 112% to $38.8 million. In addition, our drilling efforts during the year enabled both of our operating mines to more than replace their annual production in addition to delivering a 12% increase in gold sales over 2010 levels. This performance is all the more noteworthy in light of the health and safety milestones achieved at our operations - one and two years of no lost-time accidents at our Island Gold Mine and at our Camflo Mill, respectively, and an impressive four years of no lost-time accidents at our Beaufor Mine. We are very proud of these achievements, and would like to thank all of our employees for the essential roles that each and every one of them played toward realizing these notable successes while also generating Richmont's record 2011 results."

Q4 2011 Results

Revenue for the fourth quarter of 2011 was $32.3 million, a 24% improvement over last year's $26.1 million. Net earnings for the fourth quarter of 2011 were $6.1 million, or $0.19 per share, compared with the $4.6 million, or $0.15 per share earned in the fourth quarter of 2010. Total precious metals revenue increased $6.2 million, or 24% to $32.2 million in the fourth quarter of 2011 compared with $26.0 million in the fourth quarter of 2010. This was driven primarily by a 21% increase in the average sales price per ounce of gold in Canadian dollars. In the fourth quarter of 2011, 18,992 ounces of gold were sold at an average price of US$1,716 (CAN$1,697), versus gold sales of 18,591 ounces at an average price of US$1,359 (CAN$1,400) in the fourth quarter of 2010.

Cost of sales totalled $19.3 million in the fourth quarter of 2011, up from $16.3 million in the year-ago period, primarily a reflection of a 21% increase in the number of tonnes processed from the Island Gold Mine and higher costs at the Beaufor Mine. The average cash cost per ounce of gold sold decreased slightly to US$882 (CAN$872) in the fourth quarter from US$894 (CAN$884) in the third quarter of 2011, primarily as a result of improved recovered grades at the Beaufor Mine. On a year-over-year basis, however, fourth quarter average cash cost per ounce of gold sold increased from US$730 (CAN$752) in the comparable period of 2010, reflecting a decrease of the recovered grade at Island Gold Mine, and increased mining costs at the Beaufor Mine.

Exploration and project evaluation costs, net of exploration tax credits, totalled $3.0 million in the fourth quarter of 2011, up from $2.0 million in the comparable period in 2010, reflecting higher expenses associated with the Corporation's expanded exploration programs at the Wasamac property as well as at the Island Gold Mine, the effects of which were offset by lower exploration costs at the Beaufor Mine.

Full Year 2011 Results

Revenue for the 12 months ended December 31, 2011 totalled $118.6 million, a notable improvement from last year's $90.5 million. Net earnings for the year were $25.9 million, or $0.81 per share, a significant improvement over last year's $9.3 million, or $0.33 per share. Total annual precious metal revenue increased 36% to $118.2 million in 2011 from $87.2 million in 2010, driven by a 12% increase in the number of ounces of gold sold and a 21% increase in the average gold sales price. For the full year, 76,143 ounces of gold were sold at an average price of US$1,570 (CAN$1,553), versus gold sales of 68,123 ounces in 2010 at an average price of US$1,243 (CAN$1,280). Other revenue declined to $0.4 million in 2011 from $3.3 million in 2010, reflecting that there was no custom milling revenue during 2011.

Cost of sales for the full year totalled $71.7 million, versus $66.1 million in the year-ago period, primarily a reflection of higher costs at the Beaufor Mine, increased tonnage at Island Gold and higher depreciation and depletion at both mines stemming from increased gold sales and a higher rate. However, the average cash cost per ounce of gold sold in Canadian dollars decreased by $22 or 3% to US$821 (CAN$812) for the full year of 2011 from US$810 (CAN$834) in 2010, as lower costs at Island Gold offset the higher costs at Beaufor Mine that were driven by increased mining costs due to the greater amount of development necessary to access the ore zones and higher milling costs associated with operating the Camflo Mill at less than 30% capacity. Richmont expects the utilisation of the mill to increase with the ramping up at the Francoeur Mine throughout 2012.

Exploration and project evaluation costs, net of exploration tax credits, totalled $11.0 million in 2011, well above the $7.4 million in the comparable period of 2010, reflecting higher expenses associated with the Corporation's exploration programs at the Wasamac and Monique properties as well as at the Island Gold Mine, partially offset by lower exploration costs at the Beaufor Mine.

Strong Cash Position

At December 31, 2011, cash and cash equivalents were $63.5 million, compared with $40.0 million at December 31, 2010. At December 31, 2011, Richmont Mines had working capital of $68.7 million and only 33.1 million shares outstanding.

Operational Highlights

Island Gold Mine

 

----------------------------------------------------------------------------
Three months ended Fiscal year ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
----------------------------------------------------------------------------

Tonnes 67,019 55,553 261,731 251,237
Head grade (g/t) 5.82 6.72 6.10 5.95
Gold recovery (%) 95.56 96.51 95.91 95.49
Recovered grade (g/t) 5.56 6.49 5.85 5.68
Ounces sold 11,987 11,589 49,196 45,865
Cash cost per ounce
(US$) 847 680 766 783
----------------------------------------------------------------------------

The Island Gold Mine processed 67,019 tonnes of ore in the fourth quarter of 2011 at an average recovered grade of 5.56 g/t, versus comparable fourth quarter 2010 results of 55,553 tonnes and an average recovered grade of 6.49 g/t. Fourth quarter gold sales from this mine increased to 11,987 ounces at an average price of US$1,704 (CAN$1,685) per ounce in 2011, versus gold sales of 11,589 ounces at an average price of US$1,356 (CAN$1,397) per ounce in the comparable period of 2010. Cash costs at Island Gold increased to US$847 (CAN$837) from US$680 (CAN$700) in the fourth quarter of 2010, primarily a reflection of a lower recovered grade.

For the 12 months ended December 31, 2011, 261,731 tonnes of ore were processed at an average recovered grade of 5.85 g/t, and a record 49,196 ounces of gold were sold at an average price of US$1,566 (CAN$1,549) per ounce. This compared to 251,237 tonnes of ore processed an average recovered grade of 5.68 g/t, and gold sales of 45,865 ounces at an average price of US$1,238 (CAN$1,275) per ounce in 2010. The year-over-year improvement reflected a 4% increase in tonnage and a 3% improvement in recovered grades. Cash costs at Island Gold decreased by 6% in Canadian dollars year-over-year, to US$766 (CAN$758) from US$783 (CAN$806) in 2010, primarily a reflection of a slightly higher recovered grade and lower mining costs. In addition, the Island Gold Mine achieved the notable health and safety record of one year with no lost-time accidents in 2011.

As of December 31, 2011, total Proven and Probable reserves at the Island Gold Mine were 171,814 gold ounces, up 7% over the Proven and Probable reserves of 161,197 gold ounces at the end of December 2010. This increase was attributable to 13,080 metres of definition drilling completed during 2011, partially offset by 12 months of production at the mine. Estimated Measured and Indicated resources at the Island Gold Mine decreased to 153,920 ounces of gold at December 31, 2011 from 188,511 gold ounces at December 31, 2010, primarily reflecting the successful transformation of resources into reserves as a result of definition drilling carried out during the year. Estimated Inferred resources were 67,238 ounces of gold at the end of 2011 versus 138,732 gold ounces at the end of 2010, with the decrease primarily attributable to the reinterpretation of the Goudreau Zone following drilling and development work completed during 2011, the result of which was a year-over-year reduction in both tonnage and grade.

Exploration efforts in 2011 at Island Gold further confirmed the potential at depth at this mine. Specifically, drilling identified four main zones (G, C, D and E1E) between -500 metres and -900 metres of vertical depth over a corridor length of 150 metres that spans between the Lochalsh and Island Main zones. Richmont is focused on expanding the reserve and resource base of this asset, and remains optimistic about the long-term possibilities at Island Gold. To this end, a total of 51,500 metres of drilling are planned in 2012, which will include surface exploration, underground exploration and definition drilling. In particular, the Corporation will complete 35,000 of deep drilling at Island Gold during 2012 with the goal of establishing resources below this mine's current infrastructure.

Richmont is targeting annual production of 45,000 to 50,000 ounces of gold at the Island Gold Mine in 2012.

Beaufor Mine

 

----------------------------------------------------------------------------
Three months ended Fiscal year ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
----------------------------------------------------------------------------

Tonnes 25,944 30,486 100,888 104,945
Head grade (g/t) 8.55 7.26 8.45 6.72
Gold recovery (%) 98.18 98.39 98.36 98.19
Recovered grade (g/t) 8.40 7.14 8.31 6.60
Ounces sold 7,005 7,002 26,947 22,258
Cash cost of production
per ounce (US$) 941 815 921 867
----------------------------------------------------------------------------

A total of 25,944 tonnes of ore were processed from the Beaufor Mine at an average recovered grade of 8.40 g/t in the fourth quarter of 2011. This compared to 30,486 tonnes and a recovered grade of 7.14 g/t in the comparable period of 2010. Fourth quarter gold sales from this mine were unchanged at 7,005 ounces in 2011 at an average realized price of US$1,737 (CAN$1,718) per ounce, versus gold sales of 7,002 ounces an average price of US$1,365 (CAN$1,406) in the year-ago period. Cash costs at this mine increased to US$941 (CAN$931) in the fourth quarter of 2011, versus US$815 (CAN$839) in the comparable period last year, as the benefits realized from the notable 18% improvement in recovered grade were mitigated by the 15% decline in processed tonnage that resulted in higher costs per tonne.

For the full year 2011 a total of 100,888 tonnes of ore were processed from the Beaufor Mine at an average recovered grade of 8.31 g/t, and 26,947 ounces of gold were sold at an average price of US$1,576 (CAN$1,559). This compared to tonnage of 104,945, an average recovered grade of 6.60 g/t, and realized gold sales of 22,258 ounces at an average sales price of US$1,253 (CAN$1,290) in 2010. Cash costs at the Beaufor Mine for the 12 months of 2011 increased to US$921 (CAN$911) from US$867 (CAN$892) last year, reflecting higher costs per tonne, primarily as a result of the greater amount of development necessary to access the ore zones, partially offset by a notable improvement in the recovered grade. Richmont would like to highlight that the Beaufor Mine reached the noteworthy milestone of four years without a lost-time accident, a significant achievement for any mine, and a testament to the dedication of every member of the Beaufor team.

Proven and Probable reserves at the Beaufor Mine increased slightly to 69,191 gold ounces at December 31, 2011, from 68,998 gold ounces at December 31, 2010. This reflects the addition of reserves established within the mine's existing underground infrastructure as a result of definition drilling in 2011, offset by gold production from the mine during the year. The Corporation is planning 10,000 metres of definition drilling and 15,000 metres of exploration drilling at the Beaufor Mine in 2012, and an additional 4,000 and 5,000 metres, respectively, at the near-surface W Zone, located to the west of the mine's existing infrastructure. Richmont continues to be optimistic about the future potential of the Beaufor Mine and previously identified near-surface zones on the Beaufor property.

Drilling in 2011 similarly resulted in a 5% increase in Measured and Indicated resources to 182,334 ounces of gold at the end of December 2011 versus 173,453 ounces of gold at the end of 2010. Inferred resources as of December 31, 2011 remained unchanged year-over-year at 182,185 ounces of gold. Existing resources are mostly below the existing infrastructure of the mine, and Richmont plans to re-evaluate the future potential of this area in 2012.

Richmont is targeting annual production of 20,000 to 25,000 ounces of gold at the Beaufor Mine in 2012.

Camflo Mill

The Camflo Mill processed a total of 30,945 tonnes during the fourth quarter of 2011, down 4% from the 32,392 tonnes processed during the fourth quarter of 2010. For the full year, a total of 111,007 tonnes were processed at the Camflo Mill, down from tonnage of 191,093 in the year-ago period. This reflects that no custom milling was completed in 2011, whereas 82,939 tonnes were custom milled in 2010. The Camflo Mill began treating development ore from the Francoeur Mine in the third quarter, and processed a total of 13,077 tonnes of ore during the last two quarters of 2011.

2011 Exploration and Project Development Progress

Francoeur Mine

While progress was made at the Francoeur Mine during 2011, the development rate to provide access to the 16th and 17th levels of the mine was slower than anticipated. Consequently, as previously announced, the asset did not achieve its original target of recovering 10,000 to 15,000 Au ounces from development during the year. As of December 31, 2011, a total of 4,999 metres of underground development and 13,911 metres of definition drilling had been completed at Francoeur during the year, and 13,077 tonnes of low-grade development ore from Francoeur were processed at the Camflo Mill during the last two quarter of the year, which generated 1,265 ounces of gold. Development ore continues to be transported and processed at the Camflo Mill during the first quarter of 2012, and commercial production is expected to begin at Francoeur in mid-2012.

The Corporation plans to complete a total of 9,100 metres of exploration drilling and 25,000 metres of definition drilling at the Francoeur Mine in 2012. All of the definition drilling completed in 2011 and approximately 12,000 metres of additional definition drilling planned in early 2012 will be applied toward a re-estimation of Francoeur's reserves and resources, using updated mining costs, gold price and cut-off grade. Approximately 70% of the definition drilling in the upper levels of the mine (above the 16th level) has been completed, while only 10% has been completed in the lower portion. Based on the definition drilling information obtained to date, the mineralized zone appears to be more discontinuous than in the initial geological model, and grades are mostly in the range of 4.5 g/t to 5.5 g/t Au versus the 2009 probable reserve grade of 6.9 g/t Au. Richmont will reassess Francoeur's reserves and mining plan in the second quarter of 2012, and will provide production guidance and an updated reserve and resource estimate for this mine at that time.

Significant Increase in Wasamac Gold Resource Estimate

Richmont completed approximately 52,000 metres of drilling on its Wasamac property during 2011, and announced an updated resource estimate for the property in December. Specifically, Measured and Indicated resources increased 35% to 556,385 Au ounces as of December 2011, from 411,073 Au ounces at the end of 2010, and Inferred resources increased 111% year-over-year to 2,130,532 Au ounces, from 1,007,875 Au ounces previously. The increases were generated by the Corporation's extensive 2011 exploration drilling program as well as from the addition of existing geological data in the area surrounding the Main Zone. The results obtained at Wasamac during the year further strengthened Richmont's belief that Wasamac has the potential to play a pivotal role in the Corporation's objective to expand its production profile. Richmont will continue to be very active on Wasamac in 2012, beginning with a 32,000 metre exploration drilling program focused in the upper portions of zones 1, 2 and 3 and the deeper part of the Main Zone. This drilling is currently underway, and technical work required for a preliminary economic assessment ("PEA") for a 6,000 tonne per day underground operation is being completed. Richmont expects the PEA to be available at the end of the first quarter of 2012. For complete details regarding Wasamac's updated resource calculation, please refer to the December 15, 2011 press release entitled "Richmont announces significant gold resource increase at Wasamac", and the Regulation 43-101 report on the updated Wasamac resource estimate that was filed on SEDAR ( www.sedar.com) on January 27, 2012.

Monique Exploration Program and Open Pit Resource Estimate

During 2011, Richmont completed over 8,100 metres of exploration drilling on the G and J zones of the Monique project, located near Val-d'Or, Quebec, with the objective of evaluating the potential for a small open pit operation on the property. In late December 2011, the Corporation announced Indicated open pit estimated resources of 728,164 tonnes grading 2.35 g/t Au for 55,112 ounces of gold. Richmont submitted the required documentation for the permitting of an open pit operation in November 2011, and also began a 1,700 metre surface drilling program in early December 2011. Richmont's objectives for 2012 include processing a 5,000 tonne bulk sample from Monique at the Corporation's Camflo Mill, located approximately 50 km away, and completing more technical work on the property in order to evaluate the potential extension of the resources at depth using more selective underground mining methods. Please see the December 20, 2011 press release entitled "Richmont Mines announces open pit resources at its Monique property" and the Regulation 43-101 report on the Monique property resource estimate, filed on SEDAR on February 3, 2012, for additional details.

2012 Corporate Exploration and Definition Drilling Plan and Budget

Richmont plans to complete more than 100,000 metres of exploration drilling during 2012, and will also incur other costs related to the ongoing project advancement of the Monique property, the completion of technical work required for the Wasamac PEA and the realization of a 1,100 metre underground exploration drift at the Island Gold Mine, for a total approximate amount of $25 million. An additional 45,500 metres of definition drilling is planned in 2012. Please see Table 1 below for a breakdown on a property-by-property basis.

 

---------------------------------------------------------------------------
TABLE 1
2012 EXPLORATION & DEFINITION DRILLING PLAN
---------------------------------------------------------------------------
Exploration Definition
drilling drilling
(metres) (metres)
---------------------------------------------------------------------------

Mines and properties
Island Gold Mine 45,000 6,500
Beaufor Mine 15,000 10,000
W Zone - Beaufor property 5,000 4,000
Francoeur Mine 9,100 25,000
Wasamac Property 32,000 -
Monique Property 5,000 -
---------------------------------------------------------------------------

TOTAL 111,100 45,500
---------------------------------------------------------------------------

Recent Corporate News

In October 2011, Richmont completed a private placement of 980,500 common shares at $10.50 per share with the Fonds de solidarite FTQ and the Fonds regional de solidarite Abitibi-Temiscamingue, s.e.c. (collectively, the "Subscribers"), for a total cash consideration of $10.3 million. In addition, the private placement entitled the Subscribers to 245,125 warrants to purchase additional Richmont common shares at an exercise price of $13.00 per common share before December 31, 2012. The Corporation noted that the net proceeds will be used to fund advance exploration work at the Wasamac gold property. Please see the October 31, 2011 press release entitled "Richmont Mines Inc. completes CAN$10.3 million private placement" for full details.

In mid-January 2012, Richmont announced that Mr. Bob Buchan was appointed to the Board of Directors as Vice Chairman. In conjunction with this appointment, Mr. Buchan and two members of his immediate family invested $10 million in Richmont in the form of convertible debentures bearing an annual interest rate of 7.6% that are convertible into Richmont common shares at a conversion price of $12.17 per share. Full details are available in the January 11, 2012 press release entitled "Gold industry veteran Bob Buchan joins the Board of Directors of Richmont Mines as Vice Chairman", and the February 1, 2012 press release entitled "Richmont Mines completes CAN$10 million private placement with Mr. Bob Buchan".

Outlook

"We are enthusiastic about our plans for 2012", stated Martin Rivard. "In particular, we are looking forward to completing a PEA at the end of the first quarter for our Wasamac property; an asset that we believe has the potential to play a pivotal role in Richmont's gold production profile going forward, and where we are evaluating the possibility for an underground bulk-mine operation. We are also looking forward to advancing our Monique property in 2012, and are planning to process a 5,000 tonne bulk sample at our Camflo Mill during the year. Operationally, our focus in 2012 is threefold. Firstly, we are taking all necessary actions to ensure that the Francoeur Mine transitions smoothly into commercial production. Secondly, we will continue to focus on efficiency and productivity at our two producing mines with particular attention on managing cash cost levels. And lastly, we are planning approximately 45,500 metres of definition drilling and more than 100,000 metres of exploration drilling during 2012, highlighting our ongoing efforts to expand the reserve bases at both of our operating mines and further advance our exploration and development assets. I would also note that Richmont management continues to actively evaluate external sources of growth for the Corporation through our strategic evaluations of potential acquisitions and partnerships. The work completed and the accomplishments realized in 2011 have put Richmont on solid operational and financing footing for 2012, and management will continue to strive to deliver continued results for our shareholders going forward."

Martin Rivard, President and Chief Executive Officer

 


----------------------------------------------------------------------------
TABLE 2
RESERVE AND RESOURCE ESTIMATES(1)
----------------------------------------------------------------------------
December 31, 2011 December 31, 2010
Tonnes Grade Ounces Tonnes Grade Ounces
(metric) (g/t Au) contained (metric) (g/t Au) contained
----------------------------------------------------------------------------

Island Gold
Mine
Proven
Reserves(2) 498,727 5.66 90,776 354,698 6.48 73,848
Probable
Reserves(2) 460,796 5.47 81,038 463,368 5.86 87,349
Measured
Resources 4,750 5.12 781 6,621 4.52 963
Indicated
Resources 674,608 7.06 153,139 789,854 7.39 187,548
Inferred
Resources 344,382 6.07 67,238 604,729 7.14 138,732

Beaufor Mine
Proven
Reserves(2) 81,822 6.56 17,251 81,742 7.53 19,780
Probable
Reserves(2) 226,448 7.13 51,940 201,296 7.60 49,218
Measured
Resources 77,581 5.68 14,157 85,781 5.47 15,086
Indicated
Resources 777,444 6.73 168,177 731,560 6.73 158,367
Inferred
Resources 864,709 6.55 182,185 864,709 6.55 182,185

GOLD PROJECTS
Francoeur Mine
Probable
Reserves(3) 615,664 6.91 136,749 615,664 6.91 136,749
Indicated
Resources 76,449 7.54 18,541 76,449 7.54 18,541
Inferred
Resources 202,250 5.95 38,706 202,250 5.95 38,706
Wasamac
Measured
Resources 1,923,218 2.87 177,485 1,715,288 2.81 155,043
Indicated
Resources 4,839,237 2.44 378,900 3,377,892 2.36 256,030
Inferred
Resources 25,686,159 2.58 2,130,532 11,515,020 2.72 1,007,875

Monique
Indicated
Resources 728,164 2.35 55,112 - - -
Inferred
Resources 11,605 0.97 362 - - -
TOTAL GOLD
Proven +
Probable
Reserves 1,883,457 6.24 377,754 1,716,768 6.65 366,944
Measured +
Indicated
Resources 9,101,451 3.30 966,292 6,783,445 3.63 791,578
Inferred
Resources 27,109,105 2.78 2,419,023 13,186,708 3.23 1,367,498
----------------------------------------------------------------------------
(1) Resources presented are exclusive of reserves.
(2) In 2011, based on a price of US$1,200/oz and an exchange rate of 1.00
(in 2010, a price of US$1,000/oz and an exchange rate of 1.00 was used).
(3) Reserves were calculated based on a price of US$800/oz and an exchange
rate of 1.00.

About Richmont Mines Inc.

Richmont has produced over 1,200,000 ounces of gold from its operations in Quebec, Ontario and Newfoundland since beginning production in 1991. The Corporation currently produces gold from its Island Gold and Beaufor mines, and is currently advancing its Francoeur Mine to commercial production, which should increase Richmont's production to an annual rate of approximately 100,000 ounces of gold. With extensive experience in gold exploration, development and mining, the Corporation is well positioned to cost-effectively build its Canadian reserve base through a combination of organic growth, strategic acquisitions and partnerships. Richmont routinely posts news and other important information on its website ( www.richmont-mines.com).

Forward-Looking Statements

This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made.

The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the Canadian-United States exchange rate, grade of ore mined and unforeseen difficulties in mining operations that could affect revenue and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in Richmont Mines' Annual Information Form, Annual Reports and periodic reports.

Regulation 43-101 ("R 43-101")

The geological data in this news release has been reviewed by Mr. Daniel Adam, Geo., Ph.D, General Manager, Exploration and Sustainable Development, an employee of Richmont Mines Inc., and a qualified person as defined by R 43-101.

The reserve and resource calculations of the Island Gold Mine and the Beaufor Mine properties as of December 31, 2011 and December 31, 2010 were performed by qualified persons as defined by R 43-101 and were supervised by Mr. Daniel Adam, Geo., Ph.D., General Manager, Exploration and Sustainable Development, an employee of Richmont Mines Inc.

The reserve and resource calculation of the Francoeur Mine was based on an amended technical report filed on SEDAR on May 19, 2010 that was prepared by employees of Richmont Mines who are qualified persons as defined by R 43-101.

The resource estimate of the Wasamac property is based on the 43-101 technical report filed on SEDAR on January 27, 2012, and was performed by Mr. Daniel Adam, Geo., Ph.D., General Manager, Exploration and Sustainable Development, an employee of Richmont Mines Inc., and a qualified person as defined by R 43-101.

The resource estimate of the Monique property is based on the 43-101 technical report filed on SEDAR on February 3, 2012, and was performed by Mr. Raynald Vincent, Eng., M.G.P., Chief, Exploration Projects, an employee of Richmont Mines Inc., and a qualified person as defined by R 43-101.

Cautionary Note to U.S. Investors Concerning Resource Estimates

Information in this press release is intended to comply with the requirements of the Toronto Stock Exchange and applicable Canadian securities legislation, which differ in certain respects with the rules and regulations promulgated under the United States Securities Exchange Act of 1934, as amended ("Exchange Act"), as promulgated by the SEC. The reserve and resource estimates in this press release were prepared in accordance with R 43-101 adopted by the Canadian Securities Administrators. The requirements of R 43-101 differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC").

U.S. Investors are urged to consider the disclosure in our annual report on Form 20-F, File No. 001-14598, as filed with the SEC under the Exchange Act, which may be obtained from us (without cost) or from the SEC's web site: sec.gov.

Visit our Facebook page

FINANCIAL STATEMENTS FOLLOW.

 

EXPLORATION AND PROJECT EVALUATION
----------------------------------------------------------------------------
(in thousands of Canadian dollars)
Three months ended Fiscal year ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
$ $ $ $
----------------------------------------------------------------------------

Exploration costs -
Mines
Island Gold 1,642 1,124 5,549 4,561
Beaufor 203 841 991 2,584
Francoeur 38 33 186 151
----------------------------------------------------

1,883 1,998 6,726 7,296

Exploration costs -
Other properties
Wasamac 1,807 1,011 6,647 1,712
Monique 256 242 2,284 289
Other 15 75 119 942
Project evaluation 253 119 470 443
----------------------------------------------------

Exploration and project
evaluation before
depreciation and
exploration tax credits 4,214 3,445 16,246 10,682

Depreciation 42 36 155 139
Exploration tax
credits (1,234) (1,448) (5,354) (3,465)
----------------------------------------------------

3,022 2,033 11,047 7,356
====================================================



FINANCIAL DATA
--------------------------------------------------------------------------
Three months ended Fiscal year ended
December 31, December 31, December 31, December 31,
CAN$ 2011 2010 2011 2010
--------------------------------------------------------------------------
Results (in
thousands of $)
Revenue 32,286 26,087 118,590 90,480
Net earnings
attributable to
Richmont Mines
shareholders 6,106 4,633 25,918 9,334
Cash flow from
operating
activities 9,702 5,331 38,838 18,279

Results per share
($)
Net earnings basic 0.19 0.15 0.81 0.33
Net earnings
diluted 0.18 0.15 0.80 0.32
Cash flow from
operating
activities 0.30 0.17 1.22 0.64

Basic weighted
average number of
common shares
outstanding
(thousands) 32,691 31,040 31,813 28,687
Diluted weighted
average number of
common shares
outstanding
(thousands) 33,487 31,385 32,434 29,016

Average selling
price of gold per
ounce 1,697 1,400 1,553 1,280
Average selling
price of gold per
ounce (US$) 1,716 1,359 1,570 1,243
--------------------------------------------------------------------------



--------------------------------------------------------------------------
December 31, 2011 December 31, 2010
--------------------------------------------------------------------------
Financial position (in thousands of $)
Total assets 167,990 115,305
Working capital 68,711 43,880
Long-term debt - -
--------------------------------------------------------------------------



SALES AND PRODUCTION DATA
---------------------------------------------------------------------
Three-month period ended December 31,
Ounces of gold Cash cost
-------------------------------
(per ounce sold)
Year Sales Production US$ CAN$
---------------------------------------------------------------------
Island Gold Mine 2011 11,987 12,028 847 837
2010 11,589 11,237 680 700
---------------------------------------------------------------------
Beaufor Mine 2011 7,005 7,046 941 931
2010 7,002 7,398 815 839
---------------------------------------------------------------------
Total 2011 18,992 19,074 882 872
2010 18,591 18,635 730 752
---------------------------------------------------------------------



--------------------------------------------------------------------
Fiscal year ended December 31,
Cash cost
(per ounce
Ounces of gold sold)
----------------------------------------

--------------------------------------------------------------------
Year SalesProduction US$ CAN$
Island Gold Mine 2011 49,196 49,443 766 758
2010 45,865 43,762 783 806
--------------------------------------------------------------------
Beaufor Mine 2011 26,947 26,226 921 911
2010 22,258 23,087 867 892
--------------------------------------------------------------------
Total 2011 76,143 75,669 821 812
2010 68,123 66,849 810 834
--------------------------------------------------------------------
Note: Average exchange rate used for 2011: US$1 = CAN$0.9891
Average exchange rate used for 2010: US$1 = CAN$1.0299



CONSOLIDATED INCOME STATEMENT
----------------------------------------------------------------------------
(in thousands of Canadian dollars)
(Unaudited) Three months ended Fiscal year ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
$ $ $ $
----------------------------------------------------------------------------

REVENUE
Precious
metals 32,234 26,031 118,239 87,182
Other income 52 56 351 3,298
------------------------------------------------------------

32,286 26,087 118,590 90,480
------------------------------------------------------------

EXPENSES
Cost of sales 19,281 16,265 71,696 66,103
Exploration
and project
evaluation 3,022 2,033 11,047 7,356
Administration 1,519 1,442 5,456 4,913
Gain on
disposal of
long-term
assets (10) - (3,010) (489)
------------------------------------------------------------

23,812 19,740 85,189 77,883
------------------------------------------------------------

OPERATING
EARNINGS 8,474 6,347 33,401 12,597
------------------------------------------------------------


Accretion
expense - asset
retirement
obligations 32 30 127 117
Financial
revenue (213) (182) (1,187) (469)
------------------------------------------------------------



EARNINGS BEFORE
MINING AND
INCOME TAXES 8,655 6,499 34,461 12,949

MINING AND
INCOME TAXES 2,549 1,866 8,543 3,743
------------------------------------------------------------

NET EARNINGS FOR
THE PERIOD 6,106 4,633 25,918 9,206
============================================================

NET LOSS
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS - - - (128)
------------------------------------------------------------


NET EARNINGS
ATTRIBUABLE TO
RICHMONT MINES
SHAREHOLDERS 6,106 4,633 25,918 9,334
============================================================

EARNINGS PER
SHARE
basic 0.19 0.15 0.81 0.33
diluted 0.18 0.15 0.80 0.32


WEIGHTED AVERAGE
NUMBER OF
COMMON SHARES
OUTSTANDING (in
thousands) 32,691 31,040 31,813 28,687
------------------------------------------------------------



DILUTED WEIGHTED
AVERAGE NUMBER
OF COMMON
SHARES
OUTSTANDING (in
thousands) 33,487 31,385 32,434 29,016
------------------------------------------------------------




CONSOLIDATED STATEMENT OF FINANCIAL POSITION
---------------------------------------------------------------------------
(in thousands of Canadian dollars)
December 31, December 31,
2011 2010
$ $
---------------------------------------------------------------------------

ASSETS

CURRENT ASSETS
Cash and cash equivalents 63,532 40,030
Shares of publicly-traded
companies 893 1,311
Receivables and other current
assets 3,063 1,892
Income and mining tax assets 916 1,745
Exploration tax credits
receivable 13,176 3,474
Inventories 7,597 7,364
----------------------------------------

89,177 55,816

RESTRICTED DEPOSITS 290 290

PROPERTY, PLANT AND EQUIPMENT 77,456 59,199

DEFERRED INCOME AND MINING TAX
ASSETS 1,067 -
----------------------------------------

TOTAL ASSETS 167,990 115,305
========================================
LIABILITIES

CURRENT LIABILITIES
Payables, accruals and provisions 12,005 9,262
Income and mining taxes payable 8,461 2,674
----------------------------------------

20,466 11,936

ASSET RETIREMENT OBLIGATIONS 6,685 6,343

DEFERRED INCOME AND MINING TAX
LIABILITIES 6,705 2,235
----------------------------------------

TOTAL LIABILITIES 33,856 20,514
----------------------------------------

EQUITY

Share capital 104,872 91,010
Contributed surplus 6,688 6,709
Retained earnings (deficit) 22,173 (3,745)
Accumulated other comprehensive
income 401 817
----------------------------------------

TOTAL EQUITY ATTRIBUTABLE TO
RICHMONT MINES SHAREHOLDERS 134,134 94,791
----------------------------------------

TOTAL EQUITY AND LIABILITIES 167,990 115,305
========================================




CONSOLIDATED STATEMENT OF CASH FLOW

 

----------------------------------------------------------------------------
(in thousands of Canadian dollars)
(Unaudited) Three months ended Nine months ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
$ $ $ $
----------------------------------------------------------------------------

OPERATING ACTIVITIES
Net earnings for
the period 6,106 4,633 25,918 9,206
Adjustments for:
Depreciation,
depletion and
write-off 2,790 2,330 10,097 7,637
Taxes received
(paid) (38) (88) 1,597 (981)
Interest revenue (202) (90) (570) (259)
Stock-based
compensation 349 347 1,079 1,080
Accretion
expense - asset
retirement
obligations 32 30 127 117
Gain on disposal
of long-term
assets (10) - (3,010) (489)
Gain on disposal
of shares of
publicly-traded
companies (45) (130) (142) (210)
Mining and
income taxes 2,549 1,866 8,543 3,743
--------------------------------------------------------

11,531 8,898 43,639 19,844

Net change in non-
cash working
capital items (1,829) (3,567) (4,801) (1,565)
--------------------------------------------------------

Cash flow from
operating
activities 9,702 5,331 38,838 18,279
--------------------------------------------------------

INVESTING ACTIVITIES
Acquisition of
shares of
publicly-traded
companies - - (102) -
Disposition of
shares of
publicly-traded
companies 71 182 246 501
Restricted
deposits - - - (184)
Interests received 166 85 517 220
Property, plant
and equipment -
Francoeur Mine (5,445) (2,876) (19,237) (9,144)
Property, plant
and equipment -
Island Gold Mine (1,454) (987) (4,959) (4,650)
Property, plant
and equipment -
Beaufor Mine (908) (359) (3,090) (2,462)
Property, plant
and equipment - W
Zone (2,000) - (3,480) -
Property, plant
and equipment -
Other (593) (350) (904) (518)
Disposition of
long-term assets 32 - 3,032 533
Redemption of non-
controlling
interests - - - (325)
--------------------------------------------------------

Cash used in
investing
activities (10,131) (4,305) (27,977) (16,029)
--------------------------------------------------------

FINANCING ACTIVITIES
Issue of common
shares 10,644 980 13,099 17,981
Common shares
issue costs (458) - (458) (1,340)
--------------------------------------------------------

Cash flow from
financing
activities 10,186 980 12,641 16,641
--------------------------------------------------------


Net change in cash
and cash
equivalents 9,757 2,006 23,502 18,891

Cash and cash
equivalents,
beginning of period 53,775 38,024 40,030 21,139
--------------------------------------------------------

Cash and cash
equivalents, end of
period 63,532 40,030 63,532 40,030
========================================================



Contact:

Investor Relations:
Jennifer Aitken
RICHMONT MINES INC.
514 397-1410
jaitken@richmont-mines.com
www.richmont-mines.com

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)


To: LoneClone who wrote (91812)2/23/2012 8:37:24 PM
From: LoneClone
   of 108934
 
GoldQuest Mining Corp. (TSX VENTURE:GQC) Announces That It Will Commence a New 3,000 Meter Drill Program on Its 100% Owned La Escandalosa Property, on February 22, 2012

Press Release: GoldQuest Mining Corp. – 11 hours ago

finance.yahoo.com

GQC.V 0.11 0.00


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2012) - GoldQuest Mining Corp. (TSX VENTURE: GQC.V - News)(FRANKFURT: M1W.F - News)(BERLIN: M1W.F - News) ("GoldQuest " or the "Company") is pleased to announce the start of a 3,000 meter program consisting of fifteen diamond drill holes on its 100% owned La Escandalosa Concession , in the San Juan province of the Dominican Republic.

The program will be focused on testing the northern and southern extensions of the known mineralization at La Escandalosa Sur, including certain new targets determined based on the combination of favourable geology, hydrothermal alteration, and a ground geophysical corridor of high chargeability and low resistivity (IP anomalies). This corridor extends for at least three kilometres in a North - South direction and is also in concordances with low magnetic responses which have been interpreted as the most prospective areas for intercepting gold mineralization. The drill program is based on the recent integration, interpretation and modelling of the different exploration tools applied to the project area. This drill program will also be used to update and upgrade the NI 43-101 compliant inferred resource of 4.86 million tonnes grading 2.60 g/t gold at 0.3 g/t cut off published by the company on November 9th, 2010.

Julio Espaillat, GoldQuest's President and CEO, commented, "Testing the new targets at La Escandalosa may significantly enhance the potential of the project which through previous drilling returned excellent results. The best drill holes for the previous results were 53.0m @ 3.02 g/t gold, including 16.0m @ 9.39 g/t gold in hole LTP-41 at Escandalosa Sur (as previously released on PR of July 6, 2010) and 29.0 m @ 2.18 g/t gold, including 17.0 m @ 3.45 g/t gold in hole LTP-065, at the Hondo Valle zone, located 1.2 kilometres to the North of Escandalosa Sur (as previously published on PR of May 16, 2011). Both of these zones are located within the same 3.5 kilometer long corridor of targets."

Goldquest Mining Corp. and Energold Drilling Corp. signed a diamond drilling contract to carry out a 3,000 meter drill program at the La Escandalosa property starting February 22, 2012. An IP map showing the location of the first eleven holes and previous drilling can be displayed via goldquestcorp.com.

We are pleased to discuss details with our shareholders by phone or in person and are very excited to get the drills turning again. We are committed to taking the right steps to move our project forward.

About GoldQuest

GoldQuest is a Vancouver based mineral exploration company with projects in Spain and the Dominican Republic traded on the TSX-V under the symbol GQC.V and in Frankfurt / Berlin with the symbol M1W, with 103,508,601 shares outstanding and 113,576,851 on a fully diluted basis. The company has recently announced arrangements with two other companies.

The information in this press release has been approved by Mr. William Fisher, P. Geo., a qualified person for the technical information in this press release under NI 43-101 standards and the chairman and a director of GoldQuest Mining Corp.

On behalf of the Board of Directors,

Julio Espaillat, President & Chief Executive Officer

Forward-looking statements:

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that GoldQuest expects to occur, are forward looking statements.

Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although GoldQuest believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of GoldQuest's management on the date the statements are made. GoldQuest undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


Contact:
Julio Espaillat
GoldQuest Mining Corp.
President & Chief Executive Officer
+1 809 385 2222
jespaillat@goldquestcorp.com

Sebastian de Kloet
GoldQuest Mining Corp.
Investor Relations - Toronto, Canada
+1-416-970-5277
investorrelations@goldquestcorp.com
www.goldquestcorp.com

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)


To: LoneClone who wrote (91813)2/23/2012 8:41:49 PM
From: LoneClone
   of 108934
 
Augusta Provides Permitting Update on its Rosemont Copper Project

12 hours ago

finance.yahoo.com

AZC.TO 3.05 -0.01


DENVER, CO, Feb. 23, 2012 /CNW/ - Augusta Resource Corporation (TSX/NYSE Amex: AZC) ("Augusta") provides an update on the U.S. Forest Service (USFS) draft Environmental Impact Statement (EIS) regarding review from the regional Environmental Protection Agency (EPA) for its Rosemont Copper project.

The San Francisco Environmental Protection Agency office is the final agency to submit comments to the USFS on the draft EIS, joining the 25,000 comments of which approximately 10,000 have been characterized as form letters or duplicates by the USFS. The EPA review was provided approximately 30 days past the official close of the public comment period, due to a request from the EPA to the USFS for additional time. The receipt of these comments now allows the USFS to complete its response to comments, and a final EIS for the Rosemont Copper project along with the Record of Decision.

"This is a standard part of what a regional EPA office does," said Rod Pace, Rosemont Copper's president and CEO. "It's part of the rigorous review process that leads to a robust final EIS required by the National Environmental Policy Act."

The next steps for Rosemont Copper will be to finalize the air and aquifer protection permits by the State of Arizona, complete the Fish and Wildlife Service consultation process and develop the draft mitigation plans for species protection, mine reclamation and site closure. Much of the technical and analytical work to complete these next steps has already been completed and peer-reviewed, including hydrology studies and air modeling for the project site. The peer-review process has been on-going for more than two years.

"Our leadership has always understood that our project would receive the highest scrutiny from all local state and federal agencies," Mr. Pace added. "We want to build a mine, using the latest technologies and highest standards for conservation and protection ofairandwaterresources. The extensive review of the draft EIS by the EPA, as well as all of the other commenting agencies, produces the input needed by the USFS to produce the most defendable final decision documentation possible."

In addition to the final comments on the draft EIS, the EPA is continuing its role to provide comment on the ACOE's 404 permit application for Rosemont Copper. The EPA has submitted a 3b letter, which was issued last week, allowing the EPA to preserve their position for future discussions and negotiations as the final Section 404 permit documentation is drafted. An outline of the review/elevation process is included at the end of this press release.

The Rosemont team is committed to work with the USFS, ACOE and EPA to ensure that all questions are answered fully and successfully and that the project meets all standards addressed by the more than 300 studies and technical reports conducted over the past six years.

About Augusta
Augusta is a base metals company focused on advancing the Rosemont Copper deposit near Tucson, Arizona. Rosemont hosts a large copper/molybdenum reserve that may account for about 10% of US copper output once in production in 2014 (for details refer to www.augustaresource.com). The exceptional experience and strength of Augusta's management team, combined with the developed infrastructure and robust economics of the Rosemont project, propels Augusta to becoming a solid mid-tier copper producer. The Company trades on the Toronto Stock Exchange and the NYSE Amex under the symbol AZC.

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION

Certain of the statements made and information contained herein may contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements and forward-looking information include, but are not limited to statements concerning: the Company's plans at the Rosemont Project; estimated production; and capital and operating and cash flow estimates. Forward-looking statements or information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: history of losses; requirements for additional capital; dilution; loss of its material properties; interest rates increase; global economy; no history of production; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment; labour disputes; supply problems; commodity price fluctuations; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; legal and regulatory proceedings and community actions; title matters; regulatory restrictions; permitting and licensing; volatility of the market price of Common Shares; insurance; competition; hedging activities; currency fluctuations; loss of key employees; as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form dated March 29, 2011. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law, and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the United States.

PDF with caption: "Permit Issuance". PDF available at: stream1.newswire.ca


Contacts



Augusta Resource Corporation
Letitia Cornacchia
Vice President

Investor Relations and Corporate Communications
Tel: (416) 860 6310
Email: lcornacchia@augustaresource.com

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)


To: LoneClone who wrote (91814)2/23/2012 8:48:58 PM
From: LoneClone
   of 108934
 
Western Copper and Gold's Casino Project to make significant contribution to Yukon's Economy

5 hours ago

finance.yahoo.com

WRN.TO 1.88 +0.07


VANCOUVER, Feb. 23, 2012 /CNW/ - Western Copper and Gold Corporation ("Western" or the "Company") (TSX:WRN; NYSE Amex:WRN) is pleased to announce the results of a study on the potential economic impact of the Casino project on Yukon and Canada recently completed by MNP LLP (the "MNP Report").

The report highlights the impressive cumulative economic effect that developing Casino will have on Yukon and Canada during the project's construction and operation. The Casino project is estimated to contribute $9.8 billion to Canada's Gross Domestic Product ("GDP"), create 55,000 full-time equivalent positions ("FTE"), and generate $2.8 billion in wages and salaries. Other than the quantified economic benefits, the Casino project will also provide training opportunities and improve territorial infrastructure.

The MNP Report estimates the GDP generated in Yukon by the construction of Casino at $271 million, or 19% of Yukon's 2009 GDP. The construction phase is estimated to contribute $1.6 billion to Canada's economy while generating 18,000 FTEs resulting in $899 million in wages and salaries across Canada.

During each of its 23 years of operations, the Casino mine is expected to contribute $270 million to Yukon's economy; the equivalent of 19% of Yukon's 2009 GDP. Operation of the mine is estimated to contribute $356 million to Canada's GDP annually while creating 1,600 FTEs and generating $82 million in wages and salaries across Canada.

"There is no doubt that the development and operation of Casino will have a monumental effect on the Yukon," said Dale Corman, Chairman and CEO of Western Copper and Gold. "In addition to the obvious revenue generation and job creation, there will be other benefits including training and educational opportunities, and increased support for local development and infrastructure. We have always known Casino is a world-class asset; we are thrilled to see what a positive effect its development will have on the Yukon's economy and communities."

ABOUT WESTERN COPPER AND GOLD CORPORATION

Western Copper and Gold Corporation is a Vancouver-based exploration and development company with significant copper, gold and molybdenum resources and reserves. The Company has 100% ownership of the Casino Project located in the Yukon Territory. The Casino Project is one of the world's largest open-pit gold, copper, silver and molybdenum deposits. For more information, visit www.westerncopperandgold.com.

* MNP LLP. Economic Impacts of the Casino Mine Project. Published January 2012.



On behalf of the board,

"Dale Corman"
F. Dale Corman
Chairman & CEO

Cautionary Disclaimer Regarding Forward-Looking Statements and Information

Certain of the statements and information in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements and information generally express predictions, expectations, beliefs, plans, projections, or assumptions of future events or performance and do not constitute historical fact. Forward-looking statements and information tend to include words such as "may," "expects," "anticipates," "believes," "targets," "forecasts," "schedules," "goals," "budgets," or similar terminology. Forward-looking statements and information herein include, but are not limited to, statements with respect to the completion of the proposed plan of arrangement and the expected timing and structure thereof; anticipated listings and trading and the expected timing thereof; anticipated regulatory approvals; and resource and reserve estimates. All forward-looking statements and information are based on Western Copper and Gold's or its consultants' current beliefs as well as various assumptions made by and information currently available to them. These assumptions include, without limitation that regulatory approvals to the proposed plan of arrangement and proposed listings will be obtained in a timely manner, that regulatory approvals will be available on acceptable terms and assumptions made in the Company's technical report(s) disclosing resources and reserves. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements and information are inherently subject to significant business, economic, and competitive uncertainties and contingencies and are subject to important risk factors and uncertainties, both known and unknown, that are beyond Western Copper and Gold's ability to control or predict. Actual results and future events could differ materially from those anticipated in forward-looking statements and information. Examples of potential risks are set forth in Western Copper and Gold's annual report most recently filed with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators as of the date of this press release. Accordingly, readers should not place undue reliance on forward-looking statements or information. Western Copper and Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.



Contacts



please contact Paul West-Sells
President & COO or Julie Kim Pelly
Manager Corporate Communications & Investor Relations
at 604.684.9497 or email info@westerncopperandgold.com

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)


To: LoneClone who wrote (91815)2/23/2012 8:53:30 PM
From: LoneClone
   of 108934
 
Geodex Announces Dungarvon Tungsten-Molybdenum-Tin Project 2012 Drill Program Plans

Press Release: Geodex Minerals Ltd. – 9 hours ago

finance.yahoo.com

GXM.V 0.11 +0.01


VANCOUVER, BRITISH COLUMBIA--(Marketwire -02/23/12)- Geodex Minerals Ltd. (TSX-V: GXM.V - News)(Frankfurt: G2W.F - News) (the "Company" or "Geodex") is pleased to announce that it is planning a Phase II drill program to follow up on its Dungarvon 2011 drill discovery in central New Brunswick. Geodex acquired the Dungarvon Project last summer and intersected 0.022% WO3 (tungsten oxide) over 30.90 metres in DU-11-01, the first drill hole of a reconnaissance drill program in the fall of 2011. This hole was located in the central part of the Dungarvon Project in the Peaked Mountain area. Geodex is currently planning approximately 10 to 15 holes in a 2000 metre drill hole program to evaluate the discovery area.

Dungarvon has similar geological characteristics to other significant New Brunswick granite-related tungsten and molybdenum deposits. Tungsten and molybdenum mineralization discovered at Dungarvon in DU-11-01 is hosted principally in sheeted vein systems within Ordovician mafic intrusive rocks, near the contact of the Late Devonian Dungarvon Granite intrusion. Similar deposits in central New Brunswick such as Sisson (tungsten - molybdenum) and Burnt Hill (tungsten) are also located in the contact zones of post-orogenic Devonian granite intrusions. The 2012 Phase II drilling program will focus on the central Peaked Mountain region. This drilling will be conducted within an area roughly 2km by 1.5 km, which had never been drilled prior to Geodex's DU-11-01 drill hole, on the eastern contact zone of the Dungarvon Granite.

The Dungarvon Project is characterized by a number of positive features:

 

-- A large mineralizing system extending over 8 km by 1.5 km;
-- Three separate areas with abundant mineralized boulders in the glacial
till. These boulders range in size up to three metres by three metres
and contain mineralized sheeted quartz veins. Assays are up to 6.7% WO3
(tungsten oxide) and 0.8% Mo (molybdenum);
-- Significant drill intersections of molybdenum, tungsten and bismuth were
found in 2007 drilling in another part of the Peaked Mountain area, 0.6
km south of DU-11-01.
-- Tungsten, molybdenum and tin geochemical anomalies in soils over various
parts of the project;
-- Permissive geologic environment;
-- Recent logging has improved the road access to the target area.

Geodex is compiling all the historical data available, complemented by its 2011 reconnaissance drill program. It plans on commencing the drill program in the spring as well as focused work on other parts of the Dungarvon project to identify and prioritize further drill targets.

Dave Martin, Vice President, New Brunswick Operations, described the plans: "The new discovery in 2011 at Peaked Mountain is exciting. It has provided a focal area to design a drill program to determine if this intersection is part of a larger mineralized system with better grades, such as evidenced in the mineralized boulder train which included assays of up to 6.7% WO3 and 0.8% molybdenum."

David Martin, B.Sc., P.Geo., Geodex's Vice President, New Brunswick Operations, is a qualified person under NI 43-101 and is responsible for the design and conduct of the programs carried out by the Company on the Dungarvon Project. Mr. Martin has reviewed this release and approved its contents.

Geodex has decided not to proceed with further work on the Cumberland project and has returned the properties to the prospectors.

Geodex's primary asset is the feasibility-stage Sisson tungsten-molybdenum project, located in west-central New Brunswick. The Sisson property hosts an important scale, near-surface tungsten-molybdenum deposit with mineral resources potentially amenable to open pit mining. Northcliff Resources Ltd., which is associated with Hunter Dickinson Inc., is advancing feasibility-level engineering and environmental studies, along with associated fieldwork and comprehensive stakeholder engagement programs, toward the completion of a Feasibility Study and Environmental Impact Assessment (EIA) for the Sisson Project in Q3 2012.

About Geodex

Geodex is a mineral resource company focused on New Brunswick, Canada with its primary asset being its 30% Sisson ownership interest. Geodex is also actively developing its exploration portfolio focused on the discovery of critical metals in New Brunswick. Geodex has operated for nine years in New Brunswick where it has had a number of discovery and development successes, Sisson and Mount Pleasant West being the best examples.

ON BEHALF OF THE BOARD OF DIRECTORS

GEODEX MINERALS LTD.

Mark Fields, President & CEO

Forward Looking Statement

Certain information regarding the Company contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, opinions, forecasts, projections or other statements that are not statements of fact. Although the Company believes that expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contact:

Geodex Minerals Ltd.
Investor Relations
(604) 689-7771 or Toll free: 1-888-999-3500
(604) 689-5528 (FAX)
info@Geodexminerals.com
www.GeodexMinerals.com

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)


To: LoneClone who wrote (91816)2/23/2012 8:58:57 PM
From: LoneClone
   of 108934
 
North American Palladium Announces Year End 2011 Results

Press Release: North American Palladium Ltd. – 1 hour 48 minutes ago

finance.yahoo.com

PDL.TO 2.94 +0.13


TORONTO, ONTARIO--(Marketwire -02/23/12)- All figures are in Canadian dollars except where noted.

North American Palladium Ltd. ("NAP" or the "Company") (TSX: PDL.TO - News)(AMEX: PAL - News) today announced financial and operational results for the year ended December 31, 2011.

"With significant development milestones achieved in 2011 and through the mine expansion investments that we plan to make in 2012, by the end of this year NAP will have established a solid foundation for steady production growth for many years to come," said William J. Biggar , President & Chief Executive Officer. "We are off to a good start in 2012, with production and development to date in line with our expectations."

2011 Highlights

 

-- Invested $185.6 million in development in 2011: $148.3 million at the
Lac des Iles ("LDI ") mine, and $37.3 million in the gold division;
-- Produced 146,624 ounces of payable palladium in 2011 at a cash cost per
ounce(1) of US$448;
-- 2011 realized palladium selling price US$733 per ounce, giving a
palladium operating margin of US$285 per ounce, or US$42 million;
-- 2011 revenue of $170.5 million;
-- 2011 adjusted EBITDA(1) of $21.1 million;
-- Invested $16.7 million in exploration in 2011: $10.0 million at LDI and
$6.7 million in the gold division;
-- Decision taken to restructure the gold division, including discontinuing
production at Sleeping Giant mine due to insufficient operating margin,
resulting in a fourth quarter non-cash impairment charge on gold assets
of $49.2 million; and
-- Subsequent to year end, established a $15.0 million capital lease line.

Financial Results(2)

Revenue for the year ended December 31, 2011 was $170.5 million compared to $107.1 million in the prior year. Revenue was $143.7 million from LDI, and $26.8 million from Sleeping Giant. During the year, the Company realized a palladium selling price of US$733 per ounce and a gold price of US$1,534 per ounce.

After incurring a non-cash $49.2 million asset impairment charge on the Company's gold assets, and $16.7 million of exploration costs, the net loss for the year ended December 31, 2011 was $65.2 million or $0.40 per share compared to a net loss of $29.4 million or $0.21 per share in the prior year. Excluding the $49.2 million gold assets impairment charge, the net loss for the year was $16.0 million or $0.10 per share.

Adjusted net income(1) (which excludes exploration, asset impairment charges, and mine startup costs) was $0.7 million in 2011, compared to adjusted net income(1) of $6.7 million in 2010.

Adjusted EBITDA(1) (which excludes exploration expenses, asset impairment charges, and mine startup costs) was $21.1 million in 2011, compared to $19.1 million in 2010.

For the year ended December 31, 2011, cash provided by operations prior to changes in non-cash working capital(1) was $6.1 million, compared to cash used in operations of $12.0 million in the prior year, an improvement of $18.1 million. This increase is due primarily to higher revenue net of production costs of $16.8 million and lower exploration expense of $13.5 million, partially offset by higher smelter, refining and royalty expense of $6.1 million and higher interest and other expense of $1.9 million.

During 2011, NAP invested $16.7 million in palladium and gold exploration, of which $10.0 million was at LDI, and $6.7 million was at the gold division. Development expenditures for 2011 amounted to $185.6 million, comprised of $148.3 million at LDI (including $143.1 million on the LDI mine expansion) and $37.3 million at the gold division (including approximately $28.2 million on the development at Vezza).

As at December 31, 2011, the Company had approximately $108.4 million in working capital, including $50.9 million cash on hand. Subsequent to year end, the Company established a $15.0 million capital lease line to fund equipment for the LDI mine expansion.

Operational Updates

Lac des Iles Palladium Mine

In 2011, LDI produced 146,624 ounces of payable palladium at a cash cost per ounce(1) of US$448. Production costs per tonne of ore milled were $54. 2011 production at the LDI mine included the blending of underground ore with lower-grade surface sources.

During the year, 1,830,234 tonnes of ore were mined, of which 988,502 tonnes came from underground sources (with an average palladium mined grade of 5.7 grams per tonne), and 841,732 tonnes from surface sources (with an average palladium mined grade of 1.8 grams per tonne). For the year ended December 31, 2011, the LDI mill processed 1,689,781 tonnes of ore at an average palladium head grade at the mill of 3.7 grams per tonne, with a palladium recovery of 78.3%.

As discussed in the Company's guidance news release issued on January 17, 2012, during 2011 NAP made significant progress in advancing the critical aspects of the mine expansion and remains on schedule to commission the shaft at the end of 2012. The shaft will allow LDI to increase its underground mining rate to 3,500 tonnes per day at the beginning of 2013, and then gradually increase the rate during 2013 and 2014 up to 5,500 tonnes per day starting in 2015, at which point the Company expects production to exceed 250,000 ounces at a cash cost per ounce(1) of approximately US$200 (based on current by-product metal prices).

In 2011, the Company conducted 84,686 metres of drilling on the LDI property. The objective of the 2011 exploration program was to expand the Offset Zone, improve knowledge of the Offset Zone mineralization through infill drilling, and to identify potential surface targets. The final update on the 2011 program was recently released on January 30, 2011.

Sleeping Giant Gold Mine

In 2011, the Sleeping Giant gold mine produced 14,623 ounces of gold at a cash cost per ounce(1) of US$1,819. As disclosed in the Company's guidance announcement (see news release dated January 17, 2012), the Company is discontinuing mining operations at the Sleeping Giant mine due to an insufficient operating margin. The mill will continue to operate and exclusively process Vezza's ore as it ramps up production.

During the year, 73,701 tonnes of ore were hoisted and 74,154 tonnes processed from the Sleeping Giant mine, at an average head grade at the mill of 6.4 grams per tonne with a gold recovery of 96.4%. Production costs per tonne of ore milled were $426 for the year ended December 31, 2011.

Vezza Gold Mine

In 2011, the Company made good progress in the development work at Vezza to establish the mine for production in 2012. During the fourth quarter, the Company commenced processing a Vezza bulk sample of approximately 8,832 tonnes at the Sleeping Giant mill, returning results that were within management's expectations. Until the mine reaches commercial production, all costs associated with achievement of commercial production (net of preproduction revenue from gold sales) are capitalized.

The Company expects commercial production at Vezza to commence at a mining rate of 750 tonnes per day in the second quarter. Following commencement of commercial production, the Company forecasts Vezza will produce approximately 30,000 ounces of gold at a cash cost per ounce(1) of approximately US$1,150.

Outlook

Palladium spot prices averaged US$733 for the year ended December 31, 2011, ranging from a low of US$565 per ounce, to a high of US$859 per ounce. At the current price of US$719 per ounce, palladium has begun to recover from the lows seen in late 2011 stemming from the European debt crisis. The supply and demand fundamentals of palladium remain strong, and most forecasters continue to have a positive outlook. A supporting factor behind the positive outlook for the metal's future performance is the resilient industrial demand, increasing investment demand, and constrained global supply.

During the year, the Company plans to focus on the following milestones:

 

-- Commissioning of the LDI mine shaft (target end of Q4, 2012);
-- Completing the reserve and resource update for LDI (Q2, 2012);
-- Achieving commercial production at the Vezza mine (Q2, 2012);
-- Completing the reserve and resource update for Vezza (Q2, 2012); and
-- Expanding reserves and resources at LDI through continuing exploration.

In 2012, the Company forecasts palladium production from LDI in the range of 150,000 to 160,000 ounces at a cash cost per ounce between US$375 to US$400, and gold production from Vezza of approximately 30,000 ounces at a cash cost per ounce of approximately US$1,150.

2012 is expected to be a key transitional year for the Company, marked by the commissioning of the LDI shaft (targeted for the end of the year) and commencement of commercial production at Vezza (targeted for the second quarter of 2012). Through the accomplishment of these two key milestones, the Company will have established a solid foundation for production growth in 2013 and beyond.

 

----------------------------------------------------------------------------

Conference Call and Webcast Details

Date: Friday, February 24, 2012
Time: 10:00 a.m. ET
Webcast: www.nap.com
Live Call: 1-866-551-3680 or 1-416-849-8296 (PIN: 35313714, followed by
# sign)
Replay: 1-866-551-4520 or 1-212-401-6750 (PIN: 279776, followed by #
sign)

The conference call replay will be available for 90 days after the live
event. An archived audio webcast of the call will also be posted to NAP's
website. Alternative international toll-free and toll access dial-in numbers
for global conference participants are available on NAP's website under the
Conference Calls tab on the Investor Relations page.

----------------------------------------------------------------------------

About North American Palladium

NAP is an established precious metals producer that has been operating its flagship Lac des Iles mine (LDI) located in Ontario, Canada since 1993. LDI is one of only two primary producers of palladium in the world, and is currently undergoing a major expansion to increase production and reduce cash costs per ounce. NAP also operates the Vezza gold mine located in the Abitibi region of Quebec. The Company's shares trade on the NYSE Amex under the symbol PAL and on the TSX under the symbol PDL.

(1) Non-IFRS measure. Please refer to Non-IFRS Measures in the MD&A.

(2) NAP's consolidated financial statements for the fourth quarter and year ended December 31, 2011 are available in the Appendix of this news release. Certain prior period amounts have been reclassified to conform to the presentation adopted in 2011. These financial statements should be read in conjunction with the notes and management's discussion and analysis available at www.nap.com, www.sedar.com, and www.sec.gov.

Cautionary Statement on Forward Looking Information

Certain information included in this news release constitutes 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. The words 'expect', 'believe', 'will', 'intend', 'estimate', 'forecast', and similar expressions identify forward-looking statements. Such statements include, without limitation, any information as to our future exploration, financial or operating performance, including: the Company's forward looking production guidance, projected capital expenditures, operating cost estimates, project timelines, mining and milling rates, the methods by which ore will be extracted, projected grades, mill recoveries, and other statements that express management's expectations or estimates of future performance.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The factors and assumptions contained in this news release, which may prove to be incorrect, include, but are not limited to: that metal prices will be consistent with the Company's expectations, that the exchange rate between the Canadian dollar and the United States dollar will be consistent with the Company's expectations, that there will be no significant disruptions affecting operations, that prices for key mining and construction supplies, including labour and transportation costs, will remain consistent with the Company's expectations, that the Company's current estimates of mineral reserves and resources are accurate, and that there are no material delays in the timing of ongoing development projects. The forward-looking statements are not guarantees of future performance. The Company cautions the reader that such forward-looking statements involve known and unknown risks that may cause the actual results to be materially different from those expressed or implied by the forward-looking statements. Such risks include, but are not limited to: the possibility that metal prices, foreign exchange rates or operating costs may differ from management's expectations, uncertainty of mineral reserves and resources, inherent risks associated with mining and processing, the risk that the Lac des Iles and Vezza mines and may not perform as planned and that the Offset Zone and other properties may not be successfully developed, and uncertainty of the ability of the Company to obtain financing. For more details on the factors, assumptions and risks see the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except as expressly required by law. Readers are cautioned not to put undue reliance on these forward-looking statements.

 

Consolidated Balance Sheet

(expressed in thousands of Canadian dollars)


December 31 December 31 January 1
2011 2010 2010
----------------------------------------------------------------------------
ASSETS
Current Assets
Cash $ 50,935 $ 75,159 $ 98,255
Accounts receivable 73,048 80,683 -
Taxes receivable 4,602 734 204
Inventories 20,046 27,487 25,306
Other assets 11,255 27,551 2,495
----------------------------------------------------------------------------
Total Current Assets 159,886 211,614 126,260
----------------------------------------------------------------------------
Non-current Assets
Mining interests 256,159 126,286 85,014
Reclamation deposit - 10,537 10,503
----------------------------------------------------------------------------
Total Non-current Assets 256,159 136,823 95,517
----------------------------------------------------------------------------
Total Assets $ 416,045 $ 348,437 $ 221,777
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued
liabilities $ 42,436 $ 39,859 $ 12,498
Current portion of obligations under
finance leases 2,428 1,196 558
Provisions 1,000 1,000 1,000
Taxes Payable 715 - -
Current derivative liability $ 4,875 - -
----------------------------------------------------------------------------
Total Current Liabilities 51,454 42,055 14,056
----------------------------------------------------------------------------
Non-current Liabilities
Income taxes payable 2,648 936 1,573
Asset retirement obligations 20,881 12,594 13,602
Obligations under finance leases 2,104 1,195 576
Long-term debt 65,698 - -
Deferred mining tax liability 4,264 1,207 832
----------------------------------------------------------------------------
Total Non-current Liabilities 95,595 15,932 16,583
----------------------------------------------------------------------------
Shareholders' Equity
Common share capital and purchase
warrants 740,888 702,787 574,878
Stock options and related surplus 7,859 5,596 4,242
Contributed surplus 8,873 5,537 6,079
Deficit (488,624) (423,470) (394,061)
----------------------------------------------------------------------------
Total Shareholders' Equity 268,996 290,450 191,138
----------------------------------------------------------------------------
Total Liabilities and Shareholders'
Equity $ 416,045 $ 348,437 $ 221,777
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Consolidated Statement of Operations and Comprehensive Loss

(expressed in thousands of Canadian dollars)

Three months ended Year ended
December 31 December 31

2011 2010 2011 2010
----------------------------------------------------------------------------
Revenue $ 44,050 $ 39,502 $ 170,472 $ 107,098
----------------------------------------------------------------------------


Mining operating
expenses
Production costs 33,120 21,556 121,258 74,709
Smelting, refining
and freight costs 3,253 1,632 9,260 4,779
Royalty expense 1,688 2,018 5,819 4,202
Depreciation and
amortization 4,298 3,846 17,604 15,590
Gold assets
impairment charge 49,210 49,210 -
Loss (gain) on
disposal of
equipment 183 (373) (950) (270)
Other 1,352 (103) 1,352 -
----------------------------------------------------------------------------
Total mining
operating expenses 93,104 28,576 203,553 99,010
----------------------------------------------------------------------------
Income (loss) from
mining operations (49,054) 10,926 (33,081) 8,088
----------------------------------------------------------------------------


Other expenses
Exploration 4,738 12,532 16,667 30,126
General and
administration 2,805 2,859 12,283 10,648
Interest Income (209) (286) (2,817) (2,917)
Interest expense and
other costs 1,703 187 2,574 775
Foreign exchange loss
(gain) (38) (15) 359 (23)
----------------------------------------------------------------------------
Total other expenses 8,999 15,277 29,066 38,609
----------------------------------------------------------------------------
Loss before taxes (58,053) (4,351) (62,147) (30,521)
Income and mining tax
recovery (expense) 656 2,441 (3,007) 1,112
----------------------------------------------------------------------------
Loss and
comprehensive loss
for the period $ (57,397) $ (1,910) $ (65,154) $ (29,409)
----------------------------------------------------------------------------
Loss per share
Basic and diluted $ (0.35) $ (0.01) $ (0.40) $ (0.21)
----------------------------------------------------------------------------
Weighted average
number of shares
outstanding

Basic 162,817,095 147,537,429 162,011,253 141,537,377

Diluted 162,817,095 148,357,596 162,011,253 141,537,377
----------------------------------------------------------------------------

Consolidated Statement of Cash Flows

(expressed in thousands of Canadian dollars)


Three months ended Year ended
December December
31 31

2011 2010 2011 2010
----------------------------------------------------------------------------
Cash provided by (used in)
Operations
Net income (loss) for the period $ (57,397) $ (2,013) $ (65,154) $ (29,409)
Operating items not involving
cash

Depreciation and
amortization 4,298 3,846 17,604 15,590
Gold assets impairment
charge 49,210 - 49,210 -
Accretion expense 535 52 794 209
Deferred income and mining
tax expense (recovery) 838 (2,303) 1,214 (169)
Share-based compensation and
employee benefits 730 544 3,404 1,911
Other 183 (363) (950) (161)
----------------------------------------------------------------------------
(1,603) (237) 6,122 (12,029)
Changes in non-cash working
capital (4,052) (24,959) 12,972 (61,721)
----------------------------------------------------------------------------
(5,655) (25,196) 19,094 (73,750)
----------------------------------------------------------------------------
Financing Activities
Issuance of common shares and
warrants, net of issue costs (333) 6,816 61,916 101,074
Issuance of long-term debt, net
of issue costs 69,656 - 69,656 -
Repayment of obligations under
finance leases (220) (267) (1,570) (1,721)
Interest paid (157) (38) (157) (142)
Mine reclamation deposit 2,100 - 10,537 -
----------------------------------------------------------------------------
71,046 6,511 140,382 99,211
----------------------------------------------------------------------------
Investing Activities
Additions to mining interests (52,565) (20,142) (185,633) (49,364)
Proceeds on disposal of mining
interests 630 372 1,933 807
----------------------------------------------------------------------------
(51,935) (19,770) (183,700) (48,557)
----------------------------------------------------------------------------
Increase (decrease) in cash 13,456 (38,455) (24,224) (23,096)
Cash, beginning of period 37,479 113,614 75,159 98,255
----------------------------------------------------------------------------
Cash, end of period $ 50,935 $ 75,159 $ 50,935 $ 75,159
----------------------------------------------------------------------------
Cash and cash equivalents
consisting of:
Cash $ 50,603 $ 75,159 $ 50,603 $ 75,159
Short-term investments 332 - 332 -
----------------------------------------------------------------------------
$ 50,935 $ 75,159 $ 50,935 $ 75,159
----------------------------------------------------------------------------
Foreign exchange included in
cash balance $ 66 $ (9) $ 66 $ (9)
----------------------------------------------------------------------------


Contact:

North American Palladium Ltd.
Camilla Bartosiewicz
Director, Investor Relations and Corporate Communications
416-360-7590 Ext. 7226
camilla@nap.com
www.nap.com

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)


To: LoneClone who wrote (91817)2/23/2012 9:06:21 PM
From: LoneClone
   of 108934
 
Energy Fuels and Titan Announce Sale of Titan's Canadian Assets to Mega Uranium

9 hours ago

ca.finance.yahoo.com

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2012) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Energy Fuels Inc. (TSX: EFR.TO - News) ("Energy Fuels"") and Titan Uranium Inc. (TSX VENTURE: TUE.V - News) ("Titan") are pleased to announce that Titan completed the sale of its Canadian assets to Mega Uranium Ltd. (TSX: MGA.TO - News) ("Mega") today. In the transaction, Titan conveyed several prospective uranium properties located in Saskatchewan's Athabasca Basin and in Nunavut to Mega in exchange for 10,000,000 common shares of Mega.

The sale of these assets was a condition to the closing of the Plan of Arrangement between Titan and Energy Fuels. Under the Arrangement, Titan will become a wholly-owned subsidiary of Energy Fuels, and 10,000,000 shares of Mega will accrue to Energy Fuels.

Stephen P. Antony, President and CEO of Energy Fuels stated: "The sale of Titan's Canadian assets to Mega was a key condition of the Titan merger. These properties are outside of Energy Fuels' area of focus, and Mega is a strong, well-managed company that can move these properties into eventual production and achieve excellent shareholder value."

As previously reported, the Plan of Arrangement was approved by shareholders of Energy Fuels on February 10, 2012, and by shareholders of Titan on February 14, 2012. The application by Titan for the final court order approving the Arrangement was approved on February 21, 2012. Energy Fuels and Titan will close the transaction on February 29th, 2012.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained in this news release, including any information relating to the proposed Transaction between Energy Fuels and Titan, the benefits and synergies of the Transaction, future opportunities for the combined company and any other statements regarding Energy Fuels' and Titan's future expectations, beliefs, goals or prospects constitute forward-looking information within the meaning of applicable securities legislation (collectively, "forward-looking statements"). All statements in this news release that are not statements of historical fact (including statements containing the words "expects", "does not expect", "plans", "anticipates", "does not anticipate", "believes", "intends", "estimates", "estimates", "projects", "potential", "scheduled", "forecast", "budget" and similar expressions) should be considered forward-looking statements. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond Energy Fuels' and Titan's ability to control or predict. A number of important factors could cause actual results or events to differ materially from those indicated or implied by such forward-looking statements, including without limitation: the parties' ability to consummate the Transaction; the conditions to the completion of the Transaction, including the receipt of shareholder approval, court approval or the regulatory approvals required for the Transaction may not be obtained on the terms expected or on the anticipated schedule; the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the Transaction; the volatility of the international marketplace; and any other factors described in Energy Fuels' and Titan's most recent annual and quarterly financial reports.

Energy Fuels and Titan assume no obligation to update the information in this communication, except as otherwise required by law. Additional information identifying risks and uncertainties is contained in Energy Fuels' and Titan's respective filings with the various provincial securities commissions which are available online at www.sedar.com. Forward-looking statements are provided for the purpose of providing information about the current expectations, beliefs and plans of the management of each of Energy Fuels and Titan relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. Readers are also cautioned not to place undue reliance on these forward-looking statements, that speak only as of the date hereof.

This news release and the information contained herein does not constitute an offer of securities for sale in the United Sates and securities may not be offered or sold in the United States absent registration or exemption from registration.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts

Stephen P. Antony
Energy Fuels Inc.
President & CEO
(303) 974-2140
s.antony@energyfuels.com

Chris M. Healey
Titan Uranium Inc.
President & CEO
(604) 925-1810
cmhealey@titanuranium.com

Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)


To: LoneClone who wrote (91818)2/24/2012 2:24:20 PM
From: LoneClone
   of 108934
 
Mutated Trout Raise New Concerns Near Mine Sites

By LESLIE KAUFMAN Published: February 22, 2012

nytimes.com

It was the two-headed baby trout that got everyone’s attention.





Enlarge This Image

Simplot Images from the appendix of a report by the J. R. Simplot Company show the mutated offspring of trout from Idaho creeks. The report concluded that selenium should be allowed in higher levels in creeks than is now permitted under regulations.

Readers’ Comments
Readers shared their thoughts on this article.
  • Read All Comments (58) »


  • Photographs of variously mutated brown trout were relegated to an appendix of a scientific study commissioned by the J. R. Simplot Company, whose mining operations have polluted nearby creeks in southern Idaho. The trout were the offspring of local fish caught in the wild that had been spawned in the laboratory. Some had two heads; others had facial, fin and egg deformities.

    Yet the company’s report concluded that it would be safe to allow selenium — a metal byproduct of mining that is toxic to fish and birds — to remain in area creeks at higher levels than are now permitted under regulatory guidelines. The company is seeking a judgment to that effect from the Environmental Protection Agency. After receiving a draft report that ran hundreds of pages, an E.P.A. review described the research as “comprehensive” and seemed open to its findings, which supported the selenium variance for Simplot’s Smoky Canyon mine.

    But when other federal scientists and some environmentalists learned of the two-headed brown trout, they raised a ruckus, which resulted in further scientific review that found the company’s research wanting.

    Now, several federal agencies, an array of environmental groups and one of the nation’s largest private companies are at odds over selenium contamination from the Idaho phosphate mine, the integrity of the company’s research, and what its effect will be on future regulatory policy.

    The implications extend beyond Idaho. Selenium is a pollutant at 200 of the 1,294 locations designated by the federal government as toxic Superfund sites. And even though its effects on wildlife have been known for decades, federal agencies have not been able to agree on what level should be prohibited. The E.P.A. is currently reviewing federal selenium rules.

    After hearing about the mutant trout, Senator Barbara Boxer of California, the Democrat who heads the chamber’s Environment and Public Works Committee, asked the federal Fish and Wildlife Service to step in and vet the mining company’s scientific research and conclusions.

    The service’s review, released last month, was scathing, describing the study as “biased” and “highly questionable.” Joseph Skorupa, the service’s selenium expert, cited a “lack of valid field controls” and the absence of any analysis of the selenium’s impact on reptiles, birds or the 12 other types of fish in the creeks’ waters. Most troubling, he wrote, was that the researchers systematically undermeasured the rate of serious deformities in baby fish, which were pictured only in an appendix.

    Dr. Skorupa wrote that the Simplot report did not provide raw data that would enable him to independently calculate deformity rates. He estimated, however, that the level of selenium that Simplot says causes a 20 percent rate of deformity actually causes a deformity rate of a minimum of 70 percent of all fry. Asked about the wildlife service’s findings, Alan L. Prouty, Simplot’s vice president for environmental and regulatory affairs, declined to comment beyond saying that the agency’s review was “totally outside the regulatory process.”

    He added that his company’s research was conducted with the guidance of the E.P.A. and other government agencies.

    Senator Boxer said that she was not seeking to take sides on Simplot’s variance request, but that she wanted the government to get the science right because it could effect national standards on selenium.

    According to an E.P.A. document provided to The New York Times by the Greater Yellowstone Coalition, a local conservation group that has been battling Simplot over contamination for years, the trout data from the Smoky Canyon study has already been included in a “national criterion document” — a larger database used to help establish those standards.

    Selenium is a naturally occurring element that, when disturbed, can be released as a toxic byproduct of human activities like farming, mining and burning coal. The regulation of selenium pollution is, for example, a highly contested issue in mountaintop coal mining in West Virginia and in agriculture in the San Joaquin Valley in California.

    The metal can also affect human health, with symptoms including hair and fingernail loss and numbness in fingers and toes. It has been regulated in drinking water since the 1970s.

    But the metal is far more dangerous to aquatic egg-bearing animals like fish, birds and reptiles — a fact revealed in the early 1980s when excessive selenium in agricultural runoff resulted in fatal deformities in waterfowl at the Kesterson Reservoir in California, including missing eyes and feet, deformed beaks, legs and wings, and protruding brains.


    In 1987, the E.P.A. recommended that states set limits for selenium at five parts per billion as measured in the water. (States may adopt tougher limits, but if they prefer less restrictive standards they must submit studies and seek approval from the agency.)



    Related
  • Times Topic: Selenium (Element)





  • A blog about energy and the environment.


    Go to Blog »



    Readers’ Comments
    Readers shared their thoughts on this article.
  • Read All Comments (58) »


  • Since then, scientists have recommended that stricter limits are needed, but the rule has not been reset. While federal agencies agree that measuring levels of selenium in fish tissue is more telling than the amount in water, after that the consensus breaks down on what level constitutes a safe standard.

    The E.P.A., since 2004, has said that a standard of 7.9 parts per million in fish tissue would be enough to protect all but 20 percent of aquatic populations from chronic deformities. But scientists at three federal agencies — the Forest Service, the Geological Survey and the Fish and Wildlife Service — contend that standard is based on flawed science. Scientists at the Fish and Wildlife Service have estimated that roughly half that amount — 4 or 5 parts per million — would be a safer standard.

    The Smoky Canyon phosphate mine opened in 1984. In 2003, Simplot’s management agreed to clean up the site under the Superfund law, which gave it temporary shelter from litigation and federal fines.

    According to the Forest Service, which overseas the Simplot cleanup, the company has spent about $3.5 million to restore the area. But there is still more to do. Simplot acknowledges, for example, that the nearby waterway of Hoopes Springs still measures 70 parts per billion of selenium, 14 times the federal limit.

    So Simplot decided to also make a case for a different standard. Mr. Prouty, the company vice president, said the trout population in the nearby creeks has remained stable over 30 years. Perhaps, he suggested, local cold water trout are more resistant to selenium than other fish. “The five-parts-per-billion standards are based on warm water fishes that are typically more sensitive than our trout, “ he said.

    So Simplot officials hired scientific consultants, and in August 2010 they submitted a draft report to the government, which suggested that the brown trout could support selenium tissue levels of 13 to 14 parts per million in their tissue.

    The company submitted a final report with the pictures of the deformed trout to the Idaho Department of Environmental Quality, which must make an initial determination on the exemption. The E.P.A. will have final approval.

    Jeff Holmstead, head of the environmental strategies group at Bracewell & Giuliani, a law firm that represents industry groups on these issues and headed air quality for the E.P.A. during President George W. Bush’s administration, said it was “not at all unusual” for federal agencies to differ on this kind of issue.

    “It is surprising that the E.P.A. is supporting a less stringent standard than another agency,” he said. That may be, he added, “because selenium is primarily an issue for wildlife and not for human health,” which is the agency’s top priority.

    Christine Psyk, associate director for the E.P.A.’s Region 10, which oversees Idaho, said the agency’s early praise of the Simplot draft study does “not represent a final position from the E.P.A. on the company’s proposal.”

    The Fish and Wildlife Service had been reluctant to get involved and asked three independent scientists to peer-review its own findings on the Simplot study, a standard practice for assuring scientific integrity.

    “In my research, I have seen lots of malformed baby fish, but never one with two heads,” said David Janz, an aquatic toxicology professor at the University of Saskatchewan who took part in the peer review. While Dr. Janz said that such malformations do occur naturally in the wild, he said he thought selenium pollution most likely played a role in this case. “Selenium is emerging as a pollutant of global concern,” he said. “We need to be careful here.”

    Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)


    To: LoneClone who wrote (91819)2/24/2012 6:29:44 PM
    From: LoneClone
       of 108934
     
    Guyana Goldfields Completes Positive Feasibility Study for Its Aurora Gold Project in Guyana

    10 hours ago

    GUY.TO 6.75 -1.65


    finance.yahoo.com

    Share Recommend | Keep | Reply | Mark as Last Read | Read Replies (1)
    Previous 10 | Next 10 

    Copyright © 1995-2014 Knight Sac Media. All rights reserved.Stock quotes are delayed at least 15 minutes - See Terms of Use.