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Iamgold: Rosebel Reserves Rise By 51%

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Iamgold Corp. (TSX: IMG; NYSE: IAG) reports a 51% increase in consolidated gold reserves at its Rosebel Gold Mine in Suriname, with the tally including reserves from the Saramacca deposit, located approximately 25 kilometers from the Rosebel mill. The additional reserves extend Rosebel’s mine life by five years to 2033, with future average annual production estimated at 318,000 ounces, Iamgold said. The increase was achieved with no change to the $1,200 gold-price assumption used for calculating estimates. Iamgold said consolidated reserves increased by 51% to 4.7 million ounces, which include 1 million ounces from the Saramacca deposit. Measured and indicated resources increased by 2% to 9.3 million ounces, with those at Saramacca rising by 72% to 1.2 million ounces. “Saramacca has delivered,” says Steve Letwin, president and chief executive officer of IAMGOLD. “Within only a year of confirming the resource, Rosebel has rapidly advanced Saramacca to reserve status and incorporated the additional ounces into the overall LOM [life-of-mine] plan.” The company says Saramacca is on track for mining to begin in the second half of 2019.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Great Panther Silver Announces Acquisition Of Beadell

Monday September 24, 2018 09:22

Great Panther Silver Ltd. (TSX: GPR; NYSE American: GPL) announces an agreement to acquire Beadell Resources Ltd. (ASX: BDR) in a $105 million deal.  Beadell operates the 100%-owned Tucano Gold Mine in northern Brazil. “Great Panther brings the capital to deliver on Tucano's substantial near- and long-term resource growth potential and to continue mine-optimization initiatives,” says James Bannantine, president and chief executive officer of Great Panther. Under the terms of the deal, Beadell shareholders will receive 0.0619 common shares of Great Panther for each share of Beadell, resulting in the issuance of approximately 103.6 million Great Panther shares. The exchange ratio implies A$0.086 per Beadell share, putting the implied equity value for Beadell at A$144 million (US$105 million), based on the closing price of a Great Panther share on Friday. Bannantine will be president and CEO of the combined company. The deal is subject to a number of conditions, including shareholder approval.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Pretium Resources To Repurchase Precious-Metals Stream

Monday September 24, 2018 09:22

Pretium Resources Inc. (TSX, NYSE: PVG) says the company has given notice that it will repurchase 100% of the callable 8% gold and silver stream at the end of 2018.  The stream originally was sold as part of the construction financing package for the Brucejack Mine in British Columbia. “Our quarter-over-quarter cash build since start-up has allowed us to elect to repurchase the precious-metals stream without having to consider equity,” says Joseph Ovsenek, president and chief executive officer. More than 339,000 ounces of gold was produced at Brucejack Mine in the first year of operation. The precious-metals stream was sold for $150 million was part of the financing package for the development of Brucejack.  The company says it has delivered notice of its election to repurchase the entire stream for $237 million by Dec. 31 to the holders of the stream.  

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 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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