Canadian-based gold miner Dundee Precious Metals Inc. has announced a profit for the fourth quarter of C$3.7 million. This compares with a fourth quarter 2008 net loss of C$80.0 million.
For the year ended 31 December 2009, the Company had net earnings of C$5.0 million compared with a net loss of C$79.2 million in 2008.
Commenting on the unaudited results, President and CEO Jonathan Goldman said "A combination of strong metal prices and improved operating performance and efficiencies at Chelopech and Deno Gold contributed to solid earnings for 2009, which, when adjusted for a $6.4 million non-cash, tax-related valuation allowance, was $11.4 million. Construction of the mine/mill expansion at Chelopech is underway and on schedule for completion in the second half of 2011. In addition, underground exploration at the mine has identified two new ore zones and 1.43 million tonnes of Measured and Indicated Resource, more than offsetting the amount of ore mined during 2009."
DPM owns the Chelopech Mine, a gold/copper concentrate producer and the Krumovgrad gold project, a mining development project, both located in Bulgaria, and has a 95% stake in the Kapan Mine, a gold / copper / zinc concentrate producer in southern Armenia. In addition, DPM holds significant exploration and exploitation concessions in some of the larger gold-copper-silver mining regions in Serbia.
Showing posts with label canadian mineral companies. Show all posts
Showing posts with label canadian mineral companies. Show all posts
Thursday, February 18, 2010
Wednesday, February 17, 2010
Barrick Sues Over El Morro Sale
The world's largest gold miner, Toronto-based Barrick Gold, has filed a lawsuit in Ontario to try to halt Goldcorp's acquisition from New Gold of most of the El Morro copper and gold project in Chile, even though the transaction has now closed.
In October Barrick agreed to buy a 70 percent stake in El Morro from its owner, Anglo-Swiss miner Xstrata, for $465 million; however New Gold – a minority stakeholder in El Morro - claimed that it had first refusal on the stake and then proceeded to sell it on to Goldcorp.
Goldcorp said on Tuesday that it had completed the transaction.
"Fundamentally, we remain of the view that Xstrata were obliged to close with us," said a spokesman for Barrick. "Whether they closed or not, the courts will sort out." No date has been set for the hearing.
El Morro holds reserves of 5.7 billion pounds of copper and 6.7 million ounces of gold.
In October Barrick agreed to buy a 70 percent stake in El Morro from its owner, Anglo-Swiss miner Xstrata, for $465 million; however New Gold – a minority stakeholder in El Morro - claimed that it had first refusal on the stake and then proceeded to sell it on to Goldcorp.
Goldcorp said on Tuesday that it had completed the transaction.
"Fundamentally, we remain of the view that Xstrata were obliged to close with us," said a spokesman for Barrick. "Whether they closed or not, the courts will sort out." No date has been set for the hearing.
El Morro holds reserves of 5.7 billion pounds of copper and 6.7 million ounces of gold.
Playfair Enters Agreement For Rare Earth Metals Blocks
Canada’s Playfair Mining Ltd. has entered into an option agreement with Rare Earth Metals on its six large-claim REE blocks in Labrador. The six blocks, containing 313 claims covering a combined 7,825 hectares, are located in the Letitia Lake - Red Wine region covering highly prospective ground which is enriched in both rare metals and rare earth elements (REE).
Rare Earth Metals can earn a 51% interest in Playfair's six claim blocks by making an initial payment of $15,000 and 20,000 shares and guaranteeing a minimum first year expenditures of $100,000. Thereafter, Rare Earth Metals will make further annual contract anniversary payments of cash and shares totalling $55,000 and 130,000 shares and also incur additional exploration expenditures totalling $400,000 over three years in order to earn a 51% interest in the claims. The parties will then form a joint venture to further explore and develop mineral resources on the property. REM will operate the exploration programs during the option period in consultation with Playfair.
The agreement between Playfair and Rare Earth Metals accompanies a second and separate option agreement between REM and Cornerstone Capital Resources Inc. which is similar in nature and scope. REM, via staking and the two option agreements has consolidated a coherent land package in the Letitia Lake - Red Wine River region totalling 584 claim units (146 sq. km). The Red Wine REE District is located 120 km northeast of Churchill Falls, Labrador and is within 50 kilometres of an existing resource road originating at Churchill Falls. The estimated centre of the Red Wine REE camp is only 10 kilometres southwest of the western extent of Playfair's Seal Lake Copper-Silver exploration property.
During this upcoming summer-fall exploration season, Rare Earth Metals plans to conduct airborne geophysics and follow-up sampling, with select diamond drilling on priority showings and anomalies. This will be the first time since the 1960s that any detailed field work has been done in the area.
Rare Earth Metals can earn a 51% interest in Playfair's six claim blocks by making an initial payment of $15,000 and 20,000 shares and guaranteeing a minimum first year expenditures of $100,000. Thereafter, Rare Earth Metals will make further annual contract anniversary payments of cash and shares totalling $55,000 and 130,000 shares and also incur additional exploration expenditures totalling $400,000 over three years in order to earn a 51% interest in the claims. The parties will then form a joint venture to further explore and develop mineral resources on the property. REM will operate the exploration programs during the option period in consultation with Playfair.
The agreement between Playfair and Rare Earth Metals accompanies a second and separate option agreement between REM and Cornerstone Capital Resources Inc. which is similar in nature and scope. REM, via staking and the two option agreements has consolidated a coherent land package in the Letitia Lake - Red Wine River region totalling 584 claim units (146 sq. km). The Red Wine REE District is located 120 km northeast of Churchill Falls, Labrador and is within 50 kilometres of an existing resource road originating at Churchill Falls. The estimated centre of the Red Wine REE camp is only 10 kilometres southwest of the western extent of Playfair's Seal Lake Copper-Silver exploration property.
During this upcoming summer-fall exploration season, Rare Earth Metals plans to conduct airborne geophysics and follow-up sampling, with select diamond drilling on priority showings and anomalies. This will be the first time since the 1960s that any detailed field work has been done in the area.
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