| From: PaperPerson | 7/29/2012 1:22:45 PM | | | | | | Acquisition Speculation Increases in the Junior Gold Mining Industry After Yamana's Purchase
finance.yahoo.com
Five Star Equities Provides Stock Research on Kinross Gold and AuRico Gold
Press Release: Five Star Equities – Tue, Jul 17, 2012 8:20 AM EDT
K.TO 8.54 +0.05
NEW YORK, NY--(Marketwire -07/17/12)- Junior Miners have been hit hard in 2012 as gold prices have struggled to gain any upward momentum in 2012. The Market Vectors Junior Gold Miners ETF (GDXJ) has fallen over 25 percent year-to-date. The industry has been a hotbed of acquisition speculation in recent weeks after Yamana Gold announced it had acquired Extorre Gold Mines Ltd. for $414 million, or $4.26 a share (a 68% premium). Five Star Equities examines the outlook for companies in the Gold Industry and provides equity research on Kinross Gold Corporation (KGC) (K.TO) and AuRico Gold Inc. (AUQ) (AUQ.TO).
Access to the full company reports can be found at:
www.FiveStarEquities.com/KGC
www.FiveStarEquities.com/AUQ
Junior miners with quality mining projects have been attractive targets for major gold companies in 2012, as many juniors have seen share prices plummet due to poor market conditions. While Yamana Gold did pay a 68 percent premium, shares of Extorre were trading as high as $15 last July. Yamana had been
"Part of it was market conditions, and part of it is the coincidence that we completed our due diligence and came to the conclusion that there was value in the asset and value in the purchase," Yamana chief executive Peter Marrone said in an interview.
Five Star Equities releases regular market updates on the Gold Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.FiveStarEquities.com and get exclusive access to our numerous stock reports and industry newsletters.
Kinross Gold recently announced that it has completed the sale of its 50 percent interest in the Crixás (Serra Grande) gold mine in Brazil to an affiliate of AngloGold Ashanti for gross cash proceeds of US$220 million. The company is scheduled to release its financial statements and operating results for the second quarter of 2012 on Wednesday, August 8, 2012, after market close. Shares of Kinross are down over 27 percent year-to-date.
Endeavour Silver Corp. and AuRico Gold recently announced that they have completed the acquisition by Endeavour of 100% interests in AuRico Gold's El Cubo silver-gold mine in Guanajuato State, Mexico and the Guadalupe y Calvo silver-gold exploration project in Chihuahua State, Mexico. Shares of AuRico Gold have fallen over 12 percent in the last three months. |
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| To: PaperPerson who wrote (4644) | 7/30/2012 10:17:59 PM | | From: PaperPerson | | | | UPDATE 2-U.S. Silver asks shareholders to reject Hecla's hostile bid
Tue Jul 31, 2012 6:09am IST
* U.S. Silver needs two-thirds of shares voted to OK deal with RX Gold
* U.S. Silver says open to negotiations with Hecla
July 30 (Reuters) - U.S. Silver Corp urged shareholders to reject Hecla Mining Co's hostile bid, calling it inadequate and highly opportunistic, and asked them to vote in favor of an earlier offer by RX Gold & Silver Inc .
Hecla last week made an all-cash offer of C$110.7 million ($110.07 million) for U.S. Silver, a month after the Canadian company agreed to be bought by RX Gold.
U.S. Silver requires two-thirds of the shares voting at the shareholder meeting to approve its deal with RX Gold, Chief Executive Gordon Pridham told Reuters.
"At this stage in the game about 82 percent of the shares voted are voting in favor of our transaction with RX Gold," Pridham said.
U.S. Silver shareholders have the right to withdraw or amend their vote ahead of the August 7 shareholder meeting.
Pridham, however, has kept the door open for potential negotiations with Hecla if the company were to return with a revised offer.
"At C$1.80 per share we don't think the Hecla offer is of interest to us. Were they to come back and want to have discussions at a different price level or on some different basis and consideration, of course we would have a look at that."
Hecla last week said its offer was superior to the "imputed offer price" of C$1.41 under the RX proposal.
Hecla, in a separate statement on Monday, urged U.S. Silver shareholders to vote against the RX Gold transaction.
"If your board won't protect your right to evaluate the all-cash offer from Hecla ...,it is time to take matters into your own hands," Hecla Chief Executive Phillips Baker said.
Hecla shares closed down 0.6 percent at $4.62 on the New York Stock Exchange. RX Gold shares rose 1.9 percent to 27.5 Canadian cents on the Toronto Venture Exchange. |
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| From: PaperPerson | 7/31/2012 8:56:17 AM | | | | | | Monday July 30 news on GQC
GoldQuest Mining (GQC, TSX-V) intersected more gold in step-out hole at its Romero discovery – 258.03 metres grading 4.47 g/t Au and 1.27% Cu from 119.97 metres to 378 metres.
Says Bull Market Run: This is a world-class hole by any standard (25 metres to the east of the discovery hole and 50 metres west of recently reported hole LTP-92) ... "
goldquestcorp.com
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| To: PaperPerson who wrote (4650) | 8/7/2012 10:47:43 AM | | From: PaperPerson | | | | Barrick Gold Studies Acquiring Assets as It Reviews Costly Mines
By Soraya Permatasari - Aug 7, 2012 6:24 AM ET
Barrick Gold Corp. (ABX), the world’s biggest gold producer, is studying buying new mines as it completes a review to reduce costs at existing assets.
“Perhaps there’s more M&A opportunities today than there were a year ago and as a company we’re looking at those assets on a daily basis,” Mike Feehan, regional president of the Toronto-based company’s Australia and Pacific operations said today at the Diggers & Dealers mining conference in Kalgoorlie, Australia. “If we could find a few million ounces of gold deposit that’s probably pretty good.”
Barrick Chief Executive Officer Jamie Sokalsky is revising costs and reviewing the company’s other development projects after taking over last month from Aaron Regent, who was fired. After 11 straight years of gains which have seen gold rise more than fivefold, the price of the precious metal is up just 3.1 percent this year, giving producers less room for maneuver and pushing them to focus on returns instead of output.
Demand for gold will be driven by central bank purchases for the metal as a store of value, as well as rising jewelry demand in China and India, Feehan said, declining to offer his outlook on price. Gold for immediate delivery gained 0.3 percent to $1,614.50 an ounce at 5:18 p.m. Perth time. It may gain to $1,800 by the first quarter of next year, according to the median of 18 analyst estimates compiled by Bloomberg.
Barrick plans to spend 20 percent of this year’s $450 million to $490 million exploration budget for projects in Australia and Papua New Guinea, he said. It spent $90 million in the Australia Pacific region last year, according to data compiled by Bloomberg.
Barrick reaffirmed its gold production forecast for this year of 7.3 million to 7.8 million ounces in a statement today. Copper production will be 460 million to 500 million pounds. The Lumwana copper mine in Zambia, which it acquired in July last year, will improve production in 2013, with an expected output of around 250 million ounces, it said today.
The company reiterated its forecast for 2012 gold cash costs of $550 to $575 per ounce, having increased it earlier this year from $520 to $560. |
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| From: PaperPerson | 8/7/2012 10:06:28 PM | | | | | | Sandstorm Gold Reports Record Gold Sales and Operating Cash Flow in Q2, 2012
Press Release: Sandstorm Gold Ltd. – Thu, Jul 26, 2012 4:50 PM
VANCOUVER, BRITISH COLUMBIA--(Marketwire -07/26/12)- Sandstorm Gold Ltd. ("Sandstorm" or the "Company") (SSL.V) is pleased to announce its unaudited results for the second quarter ended June 30, 2012 (all figures in U.S. dollars).
Second Quarter Highlights
-- Record gold sales of 9,259 ounces.
-- Record operating cash flow of $11.3 million.
-- Average cash cost per ounce(1) of $298 resulting in cash operating
margins of $1,317 per ounce.
-- Net income of $5.3 million.
-- Sandstorm acquired from Magellan Minerals Ltd., a 2.5% net smelter
returns royalty on the Coringa gold project and a 1.0% NSR royalty on
the Cuiu Cuiu gold project.
-- Sandstorm acquired a 2.4% net smelter returns royalty on the Mt.
Hamilton gold project from Solitario Exploration & Royalty Corp. and Ely
Gold & Minerals Inc.
"Steady production growth from our mining partners has led to consecutive record quarters for Sandstorm," said President & CEO Nolan Watson. "During the second quarter we deployed our cash into royalty transactions that we believe will be accretive to shareholders, and the pipeline of potential gold streaming opportunities is stronger than ever."
Outlook
Based on existing gold stream agreements, the forecasted attributable production for 2012 is 28,000 to 33,000 ounces of gold, increasing to over 50,000 ounces of gold per annum by 2015.
Further details of the individual commodity streams can be found within Management's Discussion and Analysis contained in the Company's second quarter 2012 report and on the Company website.
Webcast and Conference Call Details
A conference call will be held on Friday, July 27, 2012 starting at 8:30am PDT to further discuss the second quarter results. To participate in the conference call use the following dial-in numbers:
Local/International: 647-788-4916
North American Toll-Free: 877-214-4966
It is recommended that participants dial in five minutes prior to the commencement of the conference call. Click here to access an audio webcast of the conference call which will also be available on the Sandstorm website.
ABOUT SANDSTORM GOLD
Sandstorm Gold Ltd. is a growth focused resource based company that seeks to complete gold purchase agreements with companies that have advanced stage development projects or operating mines. A gold purchase agreement involves Sandstorm making an upfront cash payment to its partners and in exchange, Sandstorm receives the right to purchase a percentage of the gold produced for the life of the mine, at a fixed price per ounce. Sandstorm helps other companies in the resource industry grow their business, while acquiring attractive assets in the process.
Sandstorm is focused on low cost operations with excellent exploration potential and strong management teams. Sandstorm has completed gold purchase or royalty agreements with Luna Gold Corp., SilverCrest Mines Inc., Santa Fe Gold Corp., Rambler Metals and Mining plc, Brigus Gold Corp., Metanor Resources Inc., Donner Metals Ltd., Magellan Minerals Ltd., Solitario Exploration & Royalty Corp. and Ely Gold & Minerals Inc.
For more information visit: www.sandstormgold.com. |
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| From: PaperPerson | 8/13/2012 5:34:18 PM | | | | | | Claude Resources 2nd-qtr profit falls 88 pct as costs rise
Mon Aug 13, 2012 9:29am EDT
(Reuters) - Gold producer Claude Resources Inc cut its full-year production forecast after its second-quarter profit fell steeply due to higher costs and a fall in ore quality.
The Quebec-focused company cut its full-year production estimate to 48,000 to 50,000 ounces of gold from 50,000 to 52,000 ounces.
The company also said it expects per-unit cash costs to be higher by 10 percent in 2012.
Output at its only producing site, Seabee Gold Operation in northern Saskatchewan, fell 4 percent in the second quarter to 12,166 ounces, while production costs rose 50 percent to C$13.3 million.
Net profit fell to C$679,000 ($634,700), or a break even per share, from C$5.2 million, or 3 Canadian cents per share, a year earlier.
Revenue rose 10 percent to C$20.1 million on higher gold prices.
Gold price rose 7 percent during the second quarter from the year-ago period to average $1,611 per ounce. |
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| From: PaperPerson | 8/14/2012 9:56:13 AM | | | | | | Medical Marijuana, Inc. Closes with Lotus Capital for a $2 Million Equity Based Line of CreditPress Release: Medical Marijuana, Inc. – 1 hour 16 minutes ago
Companies:
Medical Marijuana, Inc.
RELATED QUOTES
SymbolPriceChange
MJNA 0.0355 0.00
SAN DIEGO, Aug. 14, 2012 /PRNewswire/ -- Medical Marijuana, Inc. (MJNA) a leading hemp industry innovator, has announced that the Company has signed closing documentation for a $2 million USD line of credit with Lotus Capital, a Chicago based private equity firm. The line of credit will be used as a reserve fund for product expansion of the Dixie X line of Cannabidoil (CBD) based products as well as to support the national marketing campaign of the Dixie X and CanChew gum product launch, scheduled for early September. The LOC will also be available to support future expansion through Company acquisitions.
This new revolving line of credit will be secured against shares of the Company's Capital Stock. MJNA is in the process of providing a new S-1 registration statement for the issuance of the shares. Additional terms of the LOC allow MJNA to cancel the line at any time, releasing the security interest in the shares back to the Company. This transaction is non-dilutive to the shareholders providing that the Company repays any drawdown against the LOC per the terms of the agreement.
Revolving Line of Credit Uses
Currently, Company revenue sources are sufficient to meet operational cash-flow requirements. However, the Company anticipates increased costs to properly support the national launch of its hemp-based CBD Dixie-X and CanChew products. Additionally, we have numerous product and market expansion opportunities which require capital to execute. For these reasons, the Company has been exploring several financing options.
Medical Marijuana, Inc. President Michael Llamas was quoted: "Having this additional access to the capital markets gives us maximum flexibility to bring forth the best of the numerous business opportunities that lie before us. Although we have been extremely selective in our current business development, we foresee numerous potential expansion opportunities and want to be prepared for the future. We appreciate the continued support of our team and shareholders."
Company to become Fully Reporting
In conjunction with the S-1 filing, MJNA expects to file their first audited financial statements prior to year-end. The Company's objective is to complete the 15c2-11 application process, which it started in May of this year, as well as becoming a fully reporting, fully compliant company with the Securities Exchange Commission (SEC). The audit and due diligence process will take an additional 90 to 120 days to complete. Once completed and approved, the Company's equity shares will trade on a "Solicited" basis, be on a higher level of the NASD Over-the-Counter Bulletin Board and there will be a dedicated market maker for the Company's tradable shares.
About Medical Marijuana, Inc.
Our mission is to be the premier cannabis and hemp industry innovators, leveraging our team of professionals to source, evaluate and purchase value-added companies and products, while allowing them to keep their integrity and entrepreneurial spirit. We strive to create awareness within our industry, develop environmentally friendly, economically sustainable businesses, while increasing shareholder value.
Medical Marijuana, Inc. does not grow, sell or distribute any substances that violate United States Law or the controlled substance act.
For more information, please visit the company's website at: www.MedicalMarijuanaInc.com |
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