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Tuesday, January 12, 2010
Today's News Headlines
* Goldcorp exceeds output guidance for 2009 at 2.4Moz - Regional
* Junior roundup: Miniatura, San Marco, Mirasol, Orosur, Gladiator, Macusani Yellowcake, Mega - Regional
* Greystar rakes in US$42.3mn from warrants, Numis recommends stock - Colombia
* Country accepts OECD invitation - Chile
* Fresnillo says it won't raise bid for Canplats again - Mexico
* Grayd plans 2010 resource estimate, scoping study - Mexico
* Cardero completes Pampa de Pongo sale - Peru
* Petaquilla's Molejón achieves commercial production - Panama
* Quadra's Franke mine produces 6,123t of copper in 2009 - Chile
* IN BRIEF Minister holds mining cluster meeting - Chile
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* Goldcorp exceeds output guidance for 2009 at 2.4Moz - Regional
Vancouver-based Goldcorp (TSX: G, NYSE: GG) produced 2.4Moz of gold last year, a record for the company and more than its 2.3Moz guidance. Output in Q4 totaled 601,000oz, Goldcorp said in a statement Monday.
The company added it expects cash costs to have averaged US$290/oz last year after taking into account byproducts and US$390/oz on a co-product basis, both above its previous guidance.
Goldcorp, one of the world's biggest gold miners, finished the year with US$865mn in cash.
The Los Filos mine in Mexico produced 239,000oz last year and is expected to produce 300,000oz in 2010. The compatriot El Sauzal mine produced 204,000oz in 2009 and is forecast to put out 155,000oz this year.
The Mexican San Dimas mine put out 113,000oz in 2009 and is expected to drop to 110,000oz this year. The Peñasquito mine in Mexico, still ramping up to full output, produced 90,000oz in 2009 and is slated to churn out 180,000oz this year.
The Marlin mine in Guatemala produced 275,000oz in 2009 and is forecast to hit 290,000oz in 2010. Finally Goldcorp's 37.5% stake in Argentina's Alumbrera mine amounted to 158,000oz for 2009 and is expected to yield 165,000oz this year.
By Business News Americas staff reporters
* Junior roundup: Miniatura, San Marco, Mirasol, Orosur, Gladiator, Macusani Yellowcake, Mega - Regional
US-based Miniatura Gold (OTC BB: MGOL) reported it has closed its acquisition of mining concessions in Colombia's Antioquia, Bolívar, Caldas and Córdoba departments covering a total 99,000 acres (40,064ha).
The concessions include 21 mining contracts and an alluvial gold mining operation at Zaragoza, Antioquia. A drilling program is underway at Zaragoza to generate an NI 43-101 compliant technical report, Miniatura said in a statement.
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Vancouverite San Marco Resources (TSX-V: SMN) reported it has completed the acquisition of the La Buena gold-silver project in Mexico from Colorado-based Golden Minerals (TSX: AUM).
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Phase 3 drilling at Vancouver-based Mirasol Resources' (TSX-V: MRZ) Joaquín project in Argentina yielded 17.3m grading 1,979g/t silver and 0.29g/t gold at the La Negra zone, the company said in a statement.
Additional La Negra results include 8.8m of 110g/t silver and 0.43g/t gold and 61.1m of 83g/t silver and 0.18g/t gold. Drilling at the La Morocha prospect returned 35.7m of 129g/t silver and 0.11g/t gold as well as 5.8m of 118g/t silver and 0.50g/t gold.
Coeur d'Alene Mines (NYSE: CDE, TSX: CDM) is earning a majority stake in Joaquín and completed 4,339m of drilling in 25 holes during phase 3.
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Montevideo-based Orosur Mining (TSX-V, LSE: OMI) has entered an option agreement with Australia's Gladiator Resources (ASX: GLA) to give Gladiator a right to earn up to 80% in Orosur's Isla Cristalina Belt iron ore-manganese-base metals project in Uruguay.
Gladiator has committed to spending US$150,000 to evaluate the project and produce a report on the iron ore and manganese potential as well as a conceptual development plan. Possibilities could include production of concentrates, pellets, pig iron and ferroalloys, Orosur said in a statement.
Gladiator must complete the report and decide whether to exercise the option by April 30.
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Toronto-based Macusani Yellowcake (TSX-V: YEL) has completed a non-brokered private placement of 4mn units worth Cdn$1mn (US$967,937) to compatriot Mega Uranium (TSX: MGA), both companies reported. Macusani operates uranium exploration projects in Peru.
By Business News Americas staff reporters
* Greystar rakes in US$42.3mn from warrants, Numis recommends stock - Colombia
Vancouver-based Greystar Resources (TSX, LSE: GSL) reported it has received Cdn$43.9mn (US$42.3mn) from the exercise of warrants issued in a September 2009 financing.
The warrants expired January 7 and included 9.47mn common share purchase warrants worth Cdn$40.7mn and 903,571 agents warrants worth Cdn$3.16mn, Greystar said in a statement, adding cash on hand now amounts to Cdn$120mn with no debt.
UK-based Numis Securities has reiterated its buy recommendation and 625 British pence target price for the stock, saying the company's cash position will be more than enough to complete the feasibility study for the Angostura gold project in Colombia, due in H2, and start some development work.
"We believe that there is considerable upside as the Angostura gold project develops," Numis said in a research note.
Angostura has gold resources of some 15Moz, including 8.6Moz in reserves. A May 2009 prefeasibility study showed production of 510,000oz/y gold for a 15-year mine life.
"The current 15-year mine life is expected to produce 7.7Moz gold - only half the total resource. We expect that with further optimization the production could be increased or life of mine extended," Numis said.
Exploration is underway that could support this optimization. Numis forecasts capital expenditure of US$600mn-700mn.
Angostura would be Colombia's first open-pit gold mine.
By Business News Americas staff reporters
* Country accepts OECD invitation - Chile
Chile has become the Organization for Economic Co-operation and Development's (OECD) 31st member and the organization's first in South America under an accession agreement signed on Monday (Jan 11) in Santiago by OECD secretary general Angel Gurría and Chilean finance minister Andrés Velasco.
"The 'Chilean way' and its expertise will enrich the OECD on key policy issues," said Gurría during the signing ceremony in Santiago. "Chile has been engaged in a continuous effort to reform its economy. This experience will be an asset for the OECD as we try to address issues such as inequality or sustainable pension systems." The agreement requires ratification by congress.
Since it began talks with the OECD in May 2007, Chile has taken significant steps by introducing new laws to end the banking secrecy that provides a shield for possible tax evasion and enabling prosecutors to pursue companies suspected of bribery and corruption, OECD said in a press release.
"The Chilean economy has been growing at over 5% a year for the last 20 years. Impressive progress has been made in reducing poverty, although more still needs to be done. Chile's groundbreaking pension reforms in the early 1980s have served as a model for many other countries."
The OECD said that Chile's prudent tax policies gave it the necessary financial leeway for stimulus measures to support demand and employment when the financial crisis hit in 2008.
In recent months, and as part of the OECD accession process, competition laws and consumer protection in the country have been strengthened. New legislation has established a clear separation between the state and the board of copper mining company Codelco, Chile's largest state-owned enterprise, OECD noted.
In the private sector, a new law will boost transparency by requiring increased information for financial markets while combating misuse of insider information and reinforcing requirements for external auditors, the OECD said, adding that another major reform has seen the extension of public pension coverage.
The OECD will release its latest economic survey of Chile on January 21 in Santiago. The survey sets out the OECD's assessment and recommendations on the main economic challenges faced by Chile.
With both Chile and Mexico as members, and thanks to increasingly close cooperation with Brazil, the OECD said it will have substantially strengthened its links with Latin America. Four other countries - Estonia, Israel, the Russian Federation and Slovenia - are currently negotiating to become members of the organization, which is also working closely with other major economies, including China, India, Indonesia and South Africa, as well as Brazil.
By Business News Americas staff reporters
* Fresnillo says it won't raise bid for Canplats again - Mexico
Mexican silver producer Fresnillo, through its Minera Penmont JV with Newmont Mining (NYSE: NEM), said it will not change its bid to acquire Canplats Resources (TSX-V: CPQ) in light of an increased offer by Goldcorp (TSX: G, NYSE: GG).
In November Goldcorp signed an agreement to acquire Canplats in a deal worth about US$230mn. However, later Minera Penmont trumped the offer but since then Goldcorp has raised its own offer and Penmont's bid is no longer higher.
Canplats' main asset is the Camino Rojo gold-silver project in Mexico, which Goldcorp intends to add to its portfolio in order to expand resources at its Peñasquito mine.
Located some 50km from Peñasquito in Zacatecas state, Camino Rojo has 3.45Moz gold and 60.7Moz silver in measured and indicated resources, and 555,000oz gold and 7.61Moz silver inferred.
By Business News Americas staff reporters
* Grayd plans 2010 resource estimate, scoping study - Mexico
Vancouver's Grayd Resource (TSX-V: GYD) reported it expects to complete an updated resource estimate for its La India gold project in Mexico in February, incorporating 2009 drilling.
A preliminary economic assessment is also underway at the project, with completion slated for early in the Northern Hemisphere summer, Grayd said in a statement.
"Our mission for 2010 is to demonstrate the La India project can be a stand-alone gold producer," said CEO Marc Prefontaine.
Exploratory drilling is planned for Q1 on the project's La India zone, which was discovered in 2009, with the goal of defining a resource later in the year.
Grayd increased the resource gold grade at the project by 10% in 2009, the company added. Total resources stand at 17.2Mt grading 1.01g/t gold in the indicated category and 9.4Mt grading 1.05g/t inferred, using a 0.5g/t cutoff.
By Business News Americas staff reporters
* Cardero completes Pampa de Pongo sale - Peru
Vancouver's Cardero Resource (TSX: CDU) reported it has received the final US$30mn payment on the US$100mn sale of its Pampa de Pongo iron ore deposit in Peru from China's Nanjinzhao Group.
Cardero management is reviewing and assessing advanced mineral projects for possible acquisition, development or future sale, as well as a number of other investment opportunities, the company said in a statement.
Last July Cardero unveiled an initial resource estimate for the Pampa El Toro Iron Sands property in Ica, outlining indicated resources of 242Mt grading 6.66% iron oxide, 0.72% titanium dioxide and 172ppm vanadium.
Inferred resources amount to 630Mt grading 6.48% iron oxide, 0.70% titanium dioxide and 166ppm vanadium.
The company has additional grassroots exploration assets in Peru, as well as projects in Argentina and Mexico.
By Business News Americas staff reporters
* Petaquilla's Molejón achieves commercial production - Panama
Canada's Petaquilla Minerals (TSX: PTQ) reached commercial production at its Molejón gold mine in Panama as of January 8, the company said in a statement released Monday.
Throughput has reached a consistent level of 1,500t/d, or 70% of its 2,200t/d design capacity.
At full capacity, Molejón would produce 100,000oz/y of gold. The company said last week the mine was averaging gold recoveries of 81.5%.
Petaquilla in December raised Cdn$12.0mn (US$11.6mn), part of which was earmarked for further development at Molejón.
By Business News Americas staff reporters
* Quadra's Franke mine produces 6,123t of copper in 2009 - Chile
Vancouver-based Quadra Mining's (TSX: QUA) Franke copper mine in Chile has produced 13.5Mlb (6,123t) of copper, including 4.1Mlb in the third quarter of last year and 9.4Mlb in the fourth, the company reported in a statement.
Franke started production last year and is expected to produce 65Mlb of copper cathode in 2010. Quadra acquired the mine in April with its purchase of local company Centenario Copper.
The average grade mined last year was 0.83%, or 0.80% in Q3 and 0.85% in Q4.
Sales from the mine amounted to 6.9Mlb, all during Q4, at an average price of US$3.03/lb, the company said.
Quadra also owns the Robinson and Carlota mines in the US.
By Business News Americas staff reporters
* IN BRIEF Minister holds mining cluster meeting - Chile
Chile's mining minister Santiago González presided over the eighth meeting of the Mining Cluster Advisory Council, a group of miners and service providers, according to a statement by the ministry.
The meeting was held in Iquique, in northern region I. The Mining Cluster Advisory Council held an event in Santiago late last year to certify competent persons in the reporting of mining reserves and resources.
By Business News Americas staff reporters
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In-deph interview
* "We'll have a number of projects on the go in Latin America in 2010"
Robert Quartermain
CEO
Silver Standard
Argentina, Chile, Mexico, Peru
http://www.bnamericas.com/interviews/mining/Robert_Quartermain_,Silver_Standard,/169479555
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Main companies covered in today's news
* Ventana Gold Corp.
http://www.bnamericas.com/company-profile/en/Ventana_Gold_Corp,-Ventana_Gold/169479555
* MAG Silver Corp.
http://www.bnamericas.com/company-profile/en/MAG_Silver_Corp,-MAG_Silver/169479555
* Goldcorp Inc.
http://www.bnamericas.com/company-profile/en/Goldcorp_Inc,-Goldcorp/169479555
* Coeur d'Alene Mines Corporation
http://www.bnamericas.com/company-profile/en/Coeur_d*Alene_Mines_Corporation-Coeur_d*_Alene/169479555
* Industrias Peñoles S.A. de C.V.
http://www.bnamericas.com/company-profile/en/Industrias_Penoles_S,A,_de_C,V,-Industrias_Penoles/169479555
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