Tuesday, November 13, 2012 2:23 PM

Osisko Mining Corp. (TSX: OSK) reports a third quarter net profit of $26.2 million, or 7 cents per share, compared to $9.3 million, or 2 cents per share, in the comparative quarter of 2011. Gold production rose to a record 103,753 ounces at a cash cost of C$ 864 while operating cash flows on the quarter totaled $55.4 million. "We continue to focus on ramping up our operations at Canadian Malartic to the 55,000 (metric)tons per day name plate capacity,” says Sean Roosen, president and chief executive officer of Osisko. “We are making very good progress and are increasing our gold output and improving our profit margins. Our cash unit cost decreased by 15% during the period and we continue to benefit from robust gold market.” The company announced the acquisition of Queenston Mining Monday. Osisko is a Canadian-based gold producer that operates the Canadian Malartic mine in Quebec as well as having exploration initiatives in northern Ontario at the Hammond Reef project and in Mexico.

By Alex Létourneau of Kitco News; aletourneau@kitco.com

 

Metanor Continues To Advance Bachelor Project

Tuesday, November 13, 2012 10:56 AM

Metanor Resources Inc. (TSXV: MTO) completed excavation and construction of a second passageway to surface which will push the Bachelor project closer to commercial production. “Last week, we completed the excavation and construction of a 625-meters (2,050-feet) passageway allowing a second distinct access towards the surface (called Escapeway),” the company says. “According to provincial legislation, this second passageway now allows the project to proceed with the next phase, which is the production activities in the stopes.” The company has produced 4,442 ounces of gold since July and is the first producing gold mine under Quebec’s $80 billion 25-year Plan Nord mining project. Metanor is a Canadian-based gold mining company focused on its flagship Bachelor project and also holds other properties in northeastern Canada.

By Alex Létourneau of Kitco News; aletourneau@kitco.com

 

Serengeti Identifies High-Grade Gold Samples At Croy Bloom

Tuesday, November 13, 2012 10:41 AM

Serengeti Resources Inc. (TSXV: SIR) identified high-grade gold in surface sampling at its Croy Bloom property located in British Columbia. From 19 rock grab samples, five assays showed grades ranging from 1.2 grams per ton gold to 137.0 g/t gold, the company says. Strong silver and copper grades were also present in the samples. “The results from the current surface sampling combined with prior sampling, limited historical drilling and localized induced polarization (IP) geophysical surveying indicates a potential target area some 2 by 3 kilometers in extent,” the company says. “Detailed geological mapping and deeper penetrating systematic IP surveying is warranted in the area to identify drill targets to test for a porphyry copper-gold system at depth.” Serengeti is a Canadian-based mineral exploration company with projects located in British Columbia and Mexico.

By Alex Létourneau of Kitco News; aletourneau@kitco.com

 

Northair Intersects Significant Silver At La Cigarra

Tuesday, November 13, 2012 10:38 AM

International Northair Mines Ltd. (TSXV: INM) intersected strong silver results  in the Las Carolinas Zone at its La Cigarra silver project located in north central Mexico. Highlights include 95.5 grams per ton silver over 11.0 meters as well as 52.7 g/t silver over 28.5 meters including 85.4 g/t silver over 14.0 meters, the company says. “These positive results obtained from our recent drilling were originally going to end our 2012 drilling season," says Fred Hewett, president and chief executive officer of Northair. "We have now decided to continue our program and expect to complete at least 4,500 additional meters.” Hewett says the program is currently underway. Northair is a Canadian-based gold and silver exploration company with projects located in Mexico.

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.

Precious Metal Charts

Click to see this Precious Metal chart
  1. 24h
  2. 30D
  3. 60D
  4. 6M
  5. 1Y
 

Interactive Chart