POINT ROBERTS, WA and DELTA, BC --(Marketwired - October 06, 2016) - Investorideas.com, a global news source and investor resource issues a sector snapshot for mining stocks. Following Tuesday's significant drop of gold prices and some stocks seeing double digit percentage losses, investors in the sector were rewarded with some gains in Wednesday's trading session.
Both the S&P/TSX Composite Index and the S&P/TSX Venture Composite Index closed up, mainly led by energy stocks.
Sector Snapshot -- Mining in Mexico
Gainey Capital Corp. (
The mineralization encountered in hole DHEC160002 ("Hole 2") commenced at 19.40 meters from surface for 72.20 meters of 0.41 g/t Au and 20.21 g/t Ag (0.69 g/t Au Eq) and for hole DHEC160003 ("Hole 3") commenced at 10.50 meters from surface for 34.20 meters of 1.19 g/t Au and 86.57 g/t Ag (2.39 g/t Au Eq).
Full news: http://www.investorideas.com/CO/GNC/news/2016...ctoria.asp
Goldcorp Inc. closed at 19.03 Up 0.03(0.16%) on the TSX. On October 3rd they announced a controlled shutdown of operations at its Peñasquito mine, following an illegal blockade by a trucking contractor that began September 26, 2016. Goldcorp recently undertook efforts to diversify its local transportation supply chain and distribute economic benefits to more local suppliers, while realizing cost efficiencies at the mine. Headlines on Wednesday from Reuters said "Talks to resolve Goldcorp Mexico mine blockade under way."
Premier Gold Mines Limited closed up at $3.47+0.03 (+0.87 %). On October 3 rd they confirmed a current Mineral Reserve and Resource estimate for the Company's 100%-owned Mercedes Mine, located in the State of Sonora, Mexico, some sixty-five (65) kilometres southeast of Magdalena de Kino. The estimate, completed by the Mercedes Mine personnel (with an effective date of June 30, 2016) is documented in an independent technical report completed on behalf of Premier by Roscoe Postle Associates Inc. (RPA).
Highlights of the June 30, 2016 Mercedes estimate include:
- Proven & Probable Reserves exceed 400,000 ounces gold, a 21% increase from 2015 net of depletion
- Proven Reserve grade exceeds 6.00 g/t Au
- Measured & Indicated Resources of 382,000 ounces gold and 4.4 million ounces of silver
- Measured & Indicated Resource grade has increased 23% to 4.14 g/t Au
"A renewed focus on reserve and resource definition at Mercedes has resulted in a 20% increase in Proven and Probable reserves between December and June. This is a result of excellent work by the professional Management team at site," commented Premier President & CEO Ewan Downie. "Premier is now in place as a fully-engaged mine operator and we will continue to seek to grow reserves and resources by maintaining an aggressive exploration and development effort."
Full news: https://www.premiergoldmines.com/news/press-r...t-mercedes
Yamana Gold, Inc . closed at 5.01+0.08 (+1.62%) on the TSX. On October 3rd they announced they had completed the sale to Premier Gold Inc. ("Premier") of its Mexican subsidiaries through which the Mercedes mine is held. Pursuant to the transaction, the Company received total consideration of $122.5 million in cash plus shares, equity securities and net smelter return royalties having an additional value of approximately $22 million. The marketable securities received include 6 million common shares of Premier and 3 million common share purchase warrants of Premier that are exercisable at C$4.75 per common share for 24 months. The Company also received a 1.0% net smelter return royalty on the Mercedes mine, that becomes payable upon the earlier of six years from the completion of the sale and the date upon which cumulative production of 450,000 ounces of gold equivalent from Mercedes has been achieved, as well as a 2.0% net smelter return royalty on the La Silla property in Sinaloa, Mexico and the La Espera property in Sonora, Mexico.
Full news: http://www.yamana.com/English/investors/news/...fault.aspx
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