Close Corex private placement to Gammon Gold
Corex Gold Corp. is pleased to announce a part of the non-brokered private placement closed originally announced on July 8 2010 Gammon Gold Inc. pursuant to which (TSX: GAM) (NYSE: GRS) has acquired 4,706,000 units of the Company at a price of $ 0.68 per unit for proceeds of $ 3,200,080. Corex anticipates the conclusion of the placement of additional 1.694 million units, with other qualified investors next week for total proceeds of $ 4,352,000.
Each unit consists of one common share of the Company (a “common share”) and one half of one transferable common share purchase warrant (each whole warrant, a “Warrant”). Each warrant entitles the holder to exercise this right to purchase additional common shares at a price of $ 0.90 for a period of 24 months after completion of the Offering. All securities issued in connection with the private placement will be subject to a minimum of four months to keep time. After giving effect to the private placement will Gammon Gold owns approximately 12% of the issued and outstanding shares (approximately 14% on a fully diluted basis) of Corex. Under certain conditions, Gammon will be entitled to participate in any future funding from Corex to prevent dilution of its shareholdings. Peter Drobeck, Senior Vice President of Exploration and Business Development for Gammon, was chosen to sit on the Technical Board of Corex. Read more
Preliminary Data Indicates Presence of Gold, Diamonds, and Bauxite in Equatorial Guinea
Sillenger Exploration Corp. an innovative and progressive mineral exploration and claims management company with experience in mining and Business Process Management in Africa, the historical geological and geophysical data for the Rio Muni region of Equatorial Guinea.
Preliminary assessment of the data shows a number of different sites in Rio Muni, which indicate the presence of minerals, especially gold, iron ore, diamonds, bauxite and colombo-tantalum. With the exception of some small-scale placer gold mining, the country has currently no commercial mining. The data were provided by the Ministry of Mines, Industry and Energy in advance of the airborne geophysical survey, which is expected to begin in July.
The upcoming research will contribute to the potential locations of visible deposits, and provide a more detailed reading of the underground structures.
As previously announced, Sillenger, through its relationship with African FCMI Global Inc and its affiliates, has a contract with the Government of Equatorial Guinea to an airborne geophysical survey of the Rio Muni region (27,000 square kilometers) of the conduct Equatorial Guinea, and 30 km from Continental Platform (4,500 square kilometers) from the Atlantic coast. Under the contract Sillenger (FCMI) will be granted exploration mining concessions, including oil and gas concessions, which are revealed by the survey. Read more
Grayd Reports Significantly Increased Gold Resource at La India
Grayd Resource Corporation (TSX VENTURE: GYD) announces that a new resource estimate at its 100% subsidiary of La India Gold Project located in Sonora, Mexico, yielded 760,000 ounces of measured and indicated resources gold and 506,000 ounces of inferred gold resource which represents 16% and 35% increase, respectively, compared to 2009 estimates of resources.
Grayd President and CEO, Marc Prefontaine, said: “We had a very successful year of drilling on the promising gold property in India, and the result is a significantly increased gold resource. Based on this success, we continue to aggressively Discover all the land and move ahead with a preliminary economic evaluation of the project to determine the economics of developing an open pit mine, the heap leach operation. ” Read more
Today: Gold, Silver Prices in India
Silver zooms, gold declines
Mumbai, Jan 6 (UNI) Speculative demand today saw Silver zoom by Rs 310 to settle at Rs 28,285 per kg, while Gold declined by Rs 55 to Rs 16,805 per ten gm on sluggish demand from industrial users, traders at the Bombay Bullion Association (BBA) said.
The white metal has surged by Rs 900 in the last three days.
Silver opened at Rs 28,300 per kg, soaring by Rs 325 against its overnight close. At the end of the day, it stood at Rs 28,285 per kg with a gain of Rs 310.
Standard gold and Pure gold resumed down by Rs 25 per ten gm each. Later, this gap widened and Standard gold and Pure gold settled at Rs 16,805 and Rs 16,885, declining by Rs 55 and Rs 60 per ten gm respectively, traders added.
In London and Asian markets, Gold was quoted low at USD 1123.00/1123.02 per troy ounce and Silver was up a USD 17.90/17.92 per troy ounce from their previous close, traders said. Read more
Centerra Gold Boroo Mine Work Stoppage
Centerra Gold Inc.announced that unionized employees of its Boroo Mine in Mongolia today initiated a work stoppage. This stoppage is the result of additional wage demands, which the Company considers unreasonable. As a result mining and milling at Boroo has been temporarily suspended. The Company believes this work stoppage is illegal, as there is a collective bargaining agreement in place. The Company is in discussions with the workforce to resolve the issues. Read more
Golden Band Resources: Increase in resources at Bingo gold deposit
Golden Band Resources Inc. is pleased to announce an updated NI 43-101 mineral resource estimate for the Bingo gold deposit. Gold resources (capped) now total 73,777 ounces in the Measured and Indicated category and 67,756 ounces in the Inferred category, using a cut-off of 5 g/t gold over a diluted minimum width of 2.0 metres. These figures represent an 18% increase in the Measured and Indicated resource and a 368% increase in the Inferred resource since the previous resource
estimate of November 5, 2008. Read more
