Editor’s Note: Mining Minutes is the latest feature launched by Kitco News to keep our readers up to date on activities in the mining industry. Mining Minutes will provide news briefs on production and investment developments in the mining industry. Kitco News would appreciate any comments on the feature to be sent to mediafeedback@kitco.com

Great Panther Ships 100 Tons of Silver-Gold Pyrite to New Buyer in Mexico

Thursday August 18, 2011 1:59 PM

Great Panther  recently sought a buyer to purchase its oversupply of concentrates and says the first delivery was made today. The company says the buyer was a Mexican plant producing Dore bars. Great Panther says this move will allow the company to reduce the backlog of concentrates that it currently holds at its Guanajuato mine. Great Panther’s recent second quarter results showed lower revenues due to the unsold concentrates. The additional sale is expected to bring in higher revenues for the upcoming quarters. The company projects that the backlog should be reduced to normal levels by year end. 

By Cecilia Tulikowski-Denison of Kitco News ctulikowski@kitco.com


Columbus Gold Project Releases Drill Results

Thursday August 18, 2011 1:45 PM

Columbus Gold and Roscan Minerals Corporation jointly provided drill results that showed high grade gold concentrations in drilling that intersected 6.1 meters averaging 46.403 grams per ton from the Golden Mile project located in Nevada. According to the news release, Roscan can earn a preliminary 60 percent interest in Golden Mile by incurring exploration expenditures of US $2.5 million as well fulfill other obligations pursuant to their joint venture. The Golden Mile property consists of 24 mineral claims which are subject to yearly lease payments and smelter return royalties.

By Cecilia Tulikowski-Denison of Kitco News ctulikowski@kitco.com


Drilling Nears Completion At Kiyuk Gold Project

Thursday August 18, 2011 1:45 PM

Prosperity Goldfields’ Phase One drilling conducted on their wholly owned Kiyuk Gold Project located in Nunavut is reaching completion and is expected to close by the end of August. To date Prosperity Goldfields drilled 2,600 meters at the Cobalt and Gold Point zones. Samples extracted from a core section drilled in these zones returned a hundred small gold grains scattered visibly over a 78 meter long interval. The samples were then sent to a laboratory in Red Lake, Ontario for further analysis.

By Cecilia Tulikowski-Denison of Kitco News ctulikowski@kitco.com


Ruuki Group and Ur-Energy Price Targets Lowered – RBC

Thursday August 18, 2011 1:42 PM

RBC analysts have lowered price targets on both Ruuki Group and Ur-Energy. Ruuki’s price target was lowered to €2 a share, down 10% from €2.20 due to the weaker term performance by satellite operations. RBC revised their second half production forecasts for Stellite but have kept estimates for 2012. “With the recent pullback in the mining stocks, our revised price target of €2/share represents 44% potential upside from current prices,” says RBC. “We still see greater upside to a few other stocks in our sector and therefore maintain our Sector Perform rating on the shares.” Ur-Energy has received its final license, the Source and Byproduct License from the Nuclear Regulatory Commission (NRC) towards its Lost Creek project. The Bureau of Land Management (BLM) must now approve the license before moving forward, which is considered a potential risk. RBC expects Ur-Energy to push construction and the approval process timeline affecting production, which is now slated for the third quarter of 2012. “These changes decrease our NAV estimate by $0.15/sh(share), to $2.42/sh from $2.57/sh.,” says RBC. “We lower our price target to $1.75 from $2.00 and maintain our Outperform, Above Average Risk rating.”

By Alex Létourneau of Kitco News aletourneau@kitco.com

Legend Gold Uncovers high Outcrop grab Sampling at Lakanfla Project

Thursday August 18, 2011 12:14 PM

Legend Gold Corp. released its results from a geological sampling program at their Lakanfla project, uncovering grab grade samples as high as 31.71 grams per metric ton gold over an area stretching 800 meters by one kilometer named ‘zone 4’, says the company. "This is a very exciting development for the exploration of the Lakanfla project,” says  Scott Waldie, Legend Gold’s President and CEO. “A significant new area, we now call Zone 4, has been identified by surface rock sampling. Sample descriptions and surface specimens are distinctly similar to descriptions of the Sadiola FE series of deposits 4 kilometers north-west of Lakanfla. ” The Lakanfla project is located in Kineiba Inlier of western Mali.

By Alex Létourneau of Kitco News aletourneau@kitco.com

Cream Minerals Reports Strong Silver Drill Results at Mexico Project

Thursday August 18, 2011 11:40 AM

Cream Minerals Ltd reported several positive silver drill results at their Nuevo Milenio Silver – Gold Project in Nayarit State, Mexico. Of the eight drill hole results at the Dos Hornos 2 zone, the most prominent was DH-08-11 which intersected 103.17 grams per metric ton silver and 0.969 grams per metric ton gold over 17.50 meters, including 300.75 grams per metric ton silver and 2.31 grams per metric ton gold over 4 meters including 529.80 grams per ton silver and 4.034 grams per metric ton gold over 2 meters. Other notable drill holes with strong silver and some gold intersects were DH-06-011 and DH-04-11. Nuevo Mileno contains a NI 43-101 compliant Inferred Mineral Resource of 54.6 million ounces silver equivalent contained within 5.09 million metric ton while the average silver grade is 251 grams per metric ton and the average gold grade is 1.66 grams per metric ton, says the company. 

By Alex Létourneau of Kitco News aletourneau@kitco.com

Texas Wyoming Drilling Enters into Joint Venture with Blue Earth Resources

Thursday August 18, 2011 11:16 AM

Texas Wyoming Drilling and Blue Earth Resources agreed to joint venture on Aug. 12 that will give each company a 50% share in the development rights over the Yellow Jacket property located in Nevada, Texas Wyoming Drilling says. They will also share jointly in the revenues and expenses on this project as well in the future. The goal of the companies is to actively mine the reserves once an NI-43-101 has been completed on the property. 

By Cecilia Tulikowski-Denison of Kitco News ctulikowski@kitco.com


Rhyolite Paxson Gold Property Yields Significant Gold Grades

Thursday August 18, 2011 11:15 AM

Assay results from Rhyolite Resources first two drill holes on their Paxson Gold property in eastern Alaska yielded significant gold mineralization grades. Samples collected ranged from 5.44 grams per ton over 13.2 meters to 0.41 grams per ton over intercepts at 23.1 meters.  Drilling targeted the Shalosky zone where to date 789 meters of drilling have been completed and historical results returned 13.37 grams gold per ton over 3 meters in a surface sampling conducted during 2010.

By Cecilia Tulikowski-Denison of Kitco News ctulikowski@kitco.com


VMS Ventures Intersects Gold on its Copper Project

Thursday August 18, 2011 11:13 AM

VMS Ventures Inc. has intersected 1.61 meters grading 2.13 grams per metric ton gold on their Versatile Time-Domain Electromagnetic (VTEM) target at their copper project 30 kilometers south of Snow lake, Manitoba. The 2.5 kilometer stretch where the intersect was made houses a resource of 257,000 metric tons grading 2.30%. "The gold mineralization on the Copper project is located 2.5 km northeast of the Kof zone and is the second significant discovery through drilling, on this project this year,” says Neil Richardson,  VMS's Chief Operating Officer. “ The geology from all of the drilling to date indicates favorable volcanic stratigraphy, so we will continue compiling and evaluating targets on the Copper project.” The project has also drilled twelve diamond holes in 2011.

By Alex Létourneau of Kitco News aletourneau@kitco.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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