Archive | Gold and Silver

RNC Minerals does it again with another Beta Hunt gold haul in Kambalda – by Josh Chiat (The West Australian – September 16, 2018)

The Kambalda mine that produced more than $15 million worth of spectacular gold specimens a fortnight ago from a single deep cut 500m underground has turned out another precious stone after development restarted after the announcement.

A specimen stone weighing 43kg and estimated to contain 1100 ounces of gold, valued at about $1.8 million, was recovered after work resumed underground at the Beta Hunt gold mine.

The stone, along with another piece weighing 7kg and containing 190oz, will be taken to the Perth Mint and added to a haul that included what was believed to be two of the biggest gold specimens discovered. Continue Reading →

Barrick Gold Seeks Chinese Partners, May Slash Headcount: Globe – by Natalie Obiko Pearson (Bloomberg News – September 15, 2018)

Barrick Gold Corp. may slash 400 jobs and involve Chinese partners in its troubled Tanzania operations, Executive Chairman John Thornton told the Globe and Mail newspaper.

The Toronto-based company has slashed middle management by half to about 700 and “we want to get it down to 300,” Thornton, who’s been in his role since 2014, told the Globe in an interview in London. The former Goldman Sachs Group Inc. executive wants a leaner, entrepreneurial partnership more like the early days under late founder Peter Munk, the Globe said.

Thornton said there’s “an almost 100 percent” chance Chinese partners will get involved in Barrick’s projects in Tanzania that are operated through its 64 percent stake in Acacia Mining Plc. Continue Reading →

NEWS RELEASE: Wallbridge Announces $3.9 Million Strategic Investment by Eric Sprott (September 14, 2018)

Toronto, Ontario – September 14, 2018 – Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (“Wallbridge” or the “Company”) is pleased to announce that it has closed a non-brokered private placement (the “Offering”) through the issuance of 30,000,000 units of the Company (each a “Unit”) for gross proceeds of $3,900,000. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, was the sole purchaser of the Offering.

“We are pleased to have a gold investor such as Eric Sprott as one of our large shareholders. Eric is very familiar with high grade gold deposits in the world and Fenelon obviously fit that bill,” stated Marz Kord, President & CEO of Wallbridge. “On behalf of all Wallbridge shareholders, we welcome Eric’s support in our drive to make Fenelon Gold to be the first high grade operating mine in this emerging belt in Northwestern Quebec.”

Under the terms of the Offering, the Units were issued at a price of $0.13 per Unit. Each Unit consists of one common share of the Company (a “Common Share”) and a one-half Common Share purchase warrant. Each whole Warrant (a “Warrant”) will entitle the holder to acquire one additional Common Share (a “Warrant Share”) for a period of twenty-four (24) months from the closing date at an exercise price of $0.20 per Warrant Share. Continue Reading →

IAMGOLD chief talks up economic benefits of new gold mine – by Len Gillis (Timmins Daily Press – September 15, 2018)

The new IAMGOLD Coté Lake gold mine project is going to be bigger than most people expect according to the company president and CEO Stephen J.J. Letwin, who spoke to the business community of Timmins at the Dante Club on Friday.

He said the project will generate more than $9 billion in economic activity over the 17-year production life of the mine as well as generating billions in payroll. Letwin said this would create a positive impact on the economies of Timmins, Sudbury, Gogama and Northern Ontario.

Letwin was in Timmins with several other company executives as they were taking part in an inspection tour of the new property located south of Gogama, and just a few kilometres west of Highway 144 in Chester and Yeo Townships. Continue Reading →

Investors keep the faith in B.C.’s Golden Triangle mining despite recent setbacks – by Garbriel Friedman (Financial Post – September 15, 2018)

Decades before he started exploring for minerals in British Columbia’s Golden Triangle, Hugh ‘Mac’ Balkam said he used to investigate stock fraud with the Royal Canadian Mounted Police.

So last week when a hedge fund levelled explosive accusations of fraud against a miner in his district, Pretium Resources Inc., the company behind one of the highest grade gold mines in Canada, and its stock started sinking, Balkam thought about his own investment portfolio.

“Myself, I actually sold some bank stock and bought more Pretium,” said Balkam, chief executive of Toronto-based Eskay Mining Corp. “I think that stock is worth a lot more.” Continue Reading →

A ‘once-in-a-lifetime find’ has Eric Sprott thinking this is the start of something big for a small TSX gold explorer – by Brenda Bouw (Globe and Mail – September 17, 2018)

Well-known gold bug Eric Sprott is signalling he plans to stick with his holdings in RNC Minerals after the Toronto-based company announced a “once-in-a-lifetime” gold discovery that sent its stock skyrocketing last week.

RNC shares soared 261 per cent to a near eight-month high of 32.5 cents over last Monday and Tuesday after the company announced on Sept. 9 that it uncovered 9,250 ounces of high-grade gold worth US$15-million at its Beta Hunt mine in Western Australia the week before.

The discovery captured global media attention from news outlets such as the Financial Times, the BBC and the Australian Broadcasting Corp. (ABC). “There’s a big potential here that this is not going to be a one-off,” Mr. Sprott said of the discovery on Friday on his weekly podcast, calling it “the biggest discovery in a small amount of tundra the world has ever witnessed.” Continue Reading →

Barrick Gold’s John Thornton won’t back down – by Eric Reguly (Globe and Mail – September 15, 2018)

John Thornton will tell you he saved Barrick Gold Corp. from certain destruction and set it up for fresh success. The company’s shareholders are not convinced. To many of them, Barrick looks like the incredible shrinking company. Who is right?

Mr. Thornton, executive chairman of the world’s biggest gold company since 2014, and a former Goldman Sachs Group Inc. president, is utterly convinced his overhaul of Barrick has changed the Toronto company for the better – even though its shares have dropped almost 40 per cent in the past year alone and are down by more than half since their most recent peak, in 2016.

In an exceedingly rare interview – this is one boss who avoids the media – he is coming out of his shell to defend a turnaround strategy that seems to have alienated investors rather than please them. “Chasing ounces,” as he puts it, is not his strategy. His plan is to recreate Barrick as a gold company that does not operate like a gold company, while inviting big-name Chinese miners to invest in Barrick projects. Continue Reading →

[Yukon Mining] Coffee Gold project prepares for 2021, with support of Tr’ondek Hwech’in – by Philippe Morin (CBC News Canada North – September 13, 2018)

First Nation says Coffee Gold owner Goldcorp is hearing its concerns

Leaders from Yukon’s Tr’ondek Hwech’in First Nation got a tour of Goldcorp’s Coffee Gold project near Dawson City this week — and so far, they like what they’ve seen. The exploration camp at Coffee Creek, about 130 kilometres south of Dawson City, is a busy place these days, with crews already working in shifts 24-hours a day.

In a few years, it could be even busier — Goldcorp is proposing to open a large-scale gold mine by 2021, employing hundreds of people. The project is still under review by the Yukon Environmental and Socio-economic Assessment Board (YESAB).

The Tr’ondek Hwech’in First Nation is now on board with the project. Last April, it signed a “collaboration agreement” with Goldcorp, which includes a number of benefits for the First Nation — such as jobs, contracts, and training for First Nation citizens. Continue Reading →

Site visit: IDM keen on Red Mountain in Golden Triangle – by Colin Desmond (Northern Miner – September 12 2018)

STEWART, BRITISH COLUMBIA — Vancouver-based IDM Mining (TSXV: IDM; US-OTC: IDMMF) is steadily advancing its wholly owned Red Mountain gold project in northwestern British Columbia’s Golden Triangle region.

“We are about to have one of the few shovel-ready mines in Canada, and it’s going to do the one thing the mining business hasn’t lately — generate significant cash flow,” IDM president and CEO Robert McLeod tells The Northern Miner on a visit to the project.

Red Mountain stands between the Cambria Icefield and its largest outlet, the Bromley Glacier. From the nearby town of Stewart, it is a 10-minute helicopter ride. Placer mining began in the valley below Red Mountain in the early 1900s, when prospectors were leading Stewart’s first wave of European settlement. Continue Reading →

New Gold stock soars as mining company said to be exploring sale – by John Tilak and Susan Taylor (Globe and Mail/Reuters – September 12, 2018)

Canadian miner New Gold Inc is exploring a sale as it grapples with ballooning development costs and operating challenges at its new mine, people familiar with the situation told Reuters.

New Gold, which is working with investment bank BMO Capital Markets to help find a buyer and evaluate other options, has held talks with interested parties, the sources said this week. There were no assurances the talks would result in a deal, they added, declining to be identified as the discussions are private.

The company could divest specific mines if an outright sale does not materialize, one of the people said, noting its New Afton mine in British Columbia and Mesquite mine in California may be appealing on a standalone basis. Continue Reading →

Lucky strike in outback WA could spark ‘mini gold rush’ for prospectors and miners – by Jarrod Lucas (Australian Broadcasting Corporation – September 12, 2018)

Prospectors and exploration companies seeking to strike it rich have been re-energised by the discovery of rare gold specimens at a mine in outback Western Australia.

Some are saying it could spark a “mini gold rush” for a town down on its luck. In the days since the spectacular find at Kambalda, 630 kilometres east of Perth, a wave of excitement has washed over the nickel mining town which has been on its knees in recent times.

One exploration company holding ground adjacent to the Beta Hunt mine, where $15 million worth of gold-encrusted rocks were found 500 metres below the surface, has already been inundated with calls. It is just the tonic for Kambalda — a tight-knit community built on the discovery of Australia’s first nickel mine in 1966 — which has been hit by hundreds of job losses with the closure of four major mines in three years. Continue Reading →

Tahoe drills to win gold at world mine rescue competition – by Ron Grech (Timmins Daily Press – September 12, 2018)

A united effort is underway this week to help the Timmins mine rescue team from Tahoe Resources Canada put in a good showing when the team takes part in the International Mine Rescue Competition (IMRC) being held in Russia later this month.

The Timmins team, aside from winning the Timmins District mine rescue competition held in May, also won the all-Ontario mine rescue competition in June. As such, the team was challenged to take part in the IMRC event happening in Ekaterinburg, Russia, from Sept. 22 to 29.

On Wednesday, Team Tahoe stepped up its game as members of the Timmins fire department were joined by mine rescue officers from across Ontario to provide intense speciality training to the Timmins mine rescuers. This took place at the Northern College fire training site. Continue Reading →

Tahoe aims to work ‘in good faith’ to restart Guatemala mine – by Ernest Scheyder (Reuters U.S. – September 10, 2018)

(Reuters) – Tahoe Resources Inc will work closely with Guatemalan officials and locals to resolve a dispute and resume operations at its flagship Escobal silver mine, one of the world’s largest, Chief Executive Jim Voorhees said on Monday.

Guatemala’s Constitutional Court last week upheld the suspension of licenses at Escobal mine.

The ruling was “disappointing” and “not the outcome we expected,” Voorhees told investors on a Monday conference call to discuss the dispute, but added: “We are focused on engaging in good faith.” Continue Reading →

[Royal Nickel] Toronto miner unearths boulder that contains 9,000 ounces of gold in Australia, worth about $15M – by Gabriel Friedman (Financial Post – September 11, 2018)

Rare is the story of a modern mining company that unexpectedly strikes a mother lode of gold.

But Toronto-based junior mining company Royal Nickel Corp. announced Sunday night that its employees in Australia at the Beta Hunt mine — which the company has been trying to sell since April — removed a golden boulder like few others in the world: Within a single cube of earth that measured roughly three meters wide, three meters long, and three meters deep, they found 9,000 ounces of gold including two large lumps — all told worth around $14 or $15 million at current prices. That’s equivalent to roughly 40 per cent of RNC’s $35 million market capitalization as of last week.

“It was a nickel mine for years and years,” said Mark Selby, chief executive of RNC. “But we bought it because there were a bunch of gold deposits sitting beneath it.” Royal Nickel stock surged 83 per cent to $0.16 on the Toronto Stock Exchange on Monday. Continue Reading →

‘Will I Come Back Dead?’ Human Costs of South African Gold – by Felix Njini (Bloomberg News – September 9 2018)

After more than two decades of improving mine safety since the end of apartheid, South Africa’s progress has stalled with an increase in gold-mining deaths.

More than 50 people have died in the country’s mines in 2018, roughly the same number as this time last year. While annual death tolls are far lower than the 615 in recorded in 1993 — the last full year of apartheid — 2017 witnessed the first rise in 10 years.

Most of the gold mining fatalities are due to workers being crushed under falling rocks, caused by more frequent tremors as companies dig deeper for the precious metal, in some cases reaching depths of more than 4 kilometers (2.5 miles). The government is investigating Sibanye Gold Ltd.’s operations, where over half the gold mining deaths occurred this year. Continue Reading →