Follow on Google News News By Tag * Amex:gbg * Gbg * Gold Mining * Gold Stock * Great Basin Gold * Hollister Project * Otc:sila * Penny To Buck * Sila * More Tags... Industry News Country(s) Industry News
Follow on Google News | SILA and GBG Stock Update From PennyToBuck.comSILA is pleased to announce it has signed an option agreement to acquire a 100% interest in the high-grade silver-gold La Escondida Project located in Sonora State, Mexico.
By: Justin Handy La Escondida property is comprised of two mineral concessions that cover 439.8 acres approximately 124 miles northeast of the city of Hermosillo in Sonora State, Mexico. Nineteen miles to the northeast of the property is Yamana Gold Inc.'s Mercedes project, a development stage gold-silver project expected to start production at a rate of approximately 120,000 gold equivalent ounces per year from 2012. Eighteen miles to the north of SILA's La Escondida project is the Oroco Resources Corporation's Cerro Prieto project, which recently reported 383,833 ounces gold and over 6 million ounces of silver reserves. La Escondida property is host to two distinct mineralized targets associated with a fault: a bulk tonnage-style gold-silver- ------------------------------------------------------------ Sample No.Gold (g/t)Silver (g/t) Observations ------------------------------------------------------------ 22309 1.85 278.73 Quartz Vein in old UG low angle ------------------------------------------------------------ 22310 0.78 501.31 Mineralized dump, fragments of vein ------------------------------------------------------------ 22311 0.45 541.58 Exposure in the inner area of old UG ------------------------------------------------------------ 22301 0.20 851.17 Mineralized dump, fragments of vein ------------------------------------------------------------ 23722 0.42 728.52 Veins N65E 30SW ------------------------------------------------------------ 23691 0.27 774.10 Veins N65E 28SW ------------------------------------------------------------ 23725 0.22 908.69 Veins N65E 25SW ------------------------------------------------------------ One vein is exposed over an area at least 800 meters long and is reported to be 3-5 meters wide. The second vein is exposed over an area at least 500 meters long and is reported to be 1-2 meters wide.The disseminated zone is found between these two veins, approximately 100 meters wide. These zones are open both along strike and at depth. Gold American Mining Corp. is a publicly traded company under the symbol SILA.ob precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich gold and silver production potential. Based in Reno, Nevada, Gold American has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations. Great Basin Gold Ltd. ("Great Basin") announces results for the second fiscal quarter ended June 30, 2010. Highlights at its nearly completed Burnstone Project in South Africa include: - mine hook up to the Eskom national electricity grid, - on-site metallurgical plant nearing completion, and - underground mine development being advanced with the decline and vertical shaft accesses completed, enabling station construction and installation of underground infrastructure. Highlights at its Hollister Project in Nevada, USA, include: - improved performance for both trial mining and Esmeralda mill processing, and - stockpile processing through three mills accelerates cash flow. Hollister Project Net revenue improved significantly to a quarterly record of CDN$34 million; 39,418 gold equivalent ounces(1) (Au eqv oz) were sold during the quarter (compared with 6,108 Au eqv oz in the quarter ended March 31, 2010). Revenue is net of toll milling charges. Production cost for metal recovered through the Company's Esmeralda mill decreased 20% quarter on quarter and contributed to achieving a gross profit (revenue less production costs) of CDN$13 million (CDN$0.04 earnings per share) for the period. After non-cash charges, including depletion, foreign exchange movement and share based compensation of CDN$8.6 million (CDN$0.03 per share), resulted in a net loss of CDN$5.4 million (CDN$0.02 loss per share) for the quarter. The loss per share decreased 50% year-on-year, and it should be noted that the second quarter was burdened disproportionately by annual equity based compensation charges. Production costs were still relatively high at the Esmeralda mill at CDN$201 per Au eqv. oz recovered, but off-site carbon stripping charges euivalent to US$80 per eqv oz will be eliminated going forward as the second carbon stripping unit and larger Merrill Crowe system were successfully commissioned in July 2010. This means that doré can be poured directly on site at Esmeralda on a continuous basis. For FREE Daily Stock Alerts & Updates Signup At: http://pennytobuck.com/ THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY! Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. PennyToBuck.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers.Our disclaimer (http://pennytobuck.com/ End
|
| |||||||||||||||||||||||||||||||||||||||||||
