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Detour Gold Founder Named CEO Of Prophecy Development

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Prophecy Development Corp. (TSX: PCY, Frankfurt: 1P2N) announces that Gerald Panneton is the company’s new chief executive officer and president. Panneton, a geologist who was the founder, president and CEO of Detour Gold Corp. from its incorporation in 2006 until late 2013, succeeds John Lee, who will remain chairman of the Prophecy board of directors. Prophecy is developing the Gibellini open-pit, heap-leach vanadium project in Nevada. “The Gibellini project represents an excellent opportunity to be developed in the very near future, as it stands to be a low-cost producer due to its very low strip ratio, and a low-cost heap leach operation in the mining friendly state of Nevada,” Panneton says. “I envision the Gibellini open-pit project to have an excellent chance of expanding its resource base, in much the same way that I lead Detour Gold in exploring, financing and developing the Detour Lake project to become Canada's top gold mine with an annual gold production in excess of 500,000 ounces today.”

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

 

Fortuna: 3Q Silver Output Rises 11% From Year Ago

Thursday October 11, 2018 09:25

Fortuna Silver Mines (TSX: FVI; NYSE: FSM) reports third-quarter output of 2.2 million ounces of silver and 12,542 ounces of gold, from a pair of mines in Mexico and Peru. The silver output was up 11% from the same quarter a year ago, while gold output eased 6%. The company also produces some base metals. Silver and gold production for the first nine months totaled 7 million ounces and 42,140 ounces, respectively, which was 13% and 16% above the company's projection for this time period. Fortuna says it is on schedule to produce 8.3 million ounces of silver and 48,300 ounces in 2018, in with guidance. 

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

 

Nordic Gold: Finnish Authorities Approve Mine Start-Up

Thursday October 11, 2018 09:25

Nordic Gold Corp. (TSXV: NOR) has received written confirmation from the Finnish supervisory authority ELY that the company has provided all documentation required and that it can begin mining and processing operations at Laiva Gold Mine project. “This is a significant advance for the company,” says Michael Hepworth, president and chief executive officer. “We are now able to operate the plant and prepare for processing. The plant is being restarted in stages with the grinding circuit now in its final stages of testing….We plan to pour our first gold on 27th November.”

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

 

Dundee Reports Record Smelter Output At Chelopech

Thursday October 11, 2018 08:56

Dundee Precious Metals Inc. (TSX: DPM) reports record third-quarter smelter production at its Chelopech operation in Bulgaria, and the company says its 2018 output remains in line with already-increased 2018 production guidance. The company lists third-quarter output of 49,600 ounces of gold from Chelopech and copper production of 10.3 million pounds. “We had another strong quarter at Chelopech and we achieved record quarterly smelter performance,” said Rick Howes, president and chief executive officer. “We remain on budget with construction at our Krumovgrad gold project with hot commissioning on track to commence in the fourth quarter of 2018.” Full-year guidance is 180,000 to 200,000 ounces of gold and 33.7 million to 40.4 million pounds of copper.

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

 

Endeavour Silver: 3Q Silver Output Rises; 2018 Output Tracking Below Guidance

Thursday October 11, 2018 08:56

Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) reports a year-on-year rise in silver output during the third quarter but a dip in gold production, with the company also saying it may be below its production guidance for 2018. Silver production increased 13% in the third quarter, compared to the year-ago period, to 1,428,828 ounces. Gold production decreased 5% to 12,968 ounces. “During the third quarter, El Cubo production continued to outperform, but Guanacevi and Bolanitos fell short of plan resulting in steady quarterly production,” says Bradford Cooke, chief executive officer and director. “Looking ahead to Q4, 2018, management anticipates higher silver and gold production due mainly to higher anticipated throughput and grades at Guanacevi and initial production from El Compas.” For the first nine months of the year, silver production was 4,135,563 ounces and gold production was 39,850 ounces, resulting in silver-equivalent production of 7.1 million ounces, Endeavour says. Based on the performance to date, management estimates a 5% production shortfall from 2018 production guidance due to the delayed commercial production at El Compas, lower gold grades at Bolanitos and lower mine output at Guanacevi, Endeavour says.

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

 

Caledonia: 3Q Gold Output Up From 2Q; Guidance Lowed Slightly

Thursday October 11, 2018 08:56

Caledonia Mining Corp. Plc (NYSE American, AIM: CMCL; TSX: CAL) announces that third-quarter gold production from the Blanket Mine in Zimbabwe totaled 13,978 ounces. This was 10% above the previous quarter but 3% below production in the third quarter of 2017. Caledonia slightly reduced and narrowed the range of 2018 production guidance from 55,000 to 59,000 ounces to a range of between 54,000 and 56,000 ounces. Caledonia says it remains on track to achieve its production target of 80,000 ounces in 2021. Based on the adjusted guidance and recent weakness in gold prices – and assuming the current spot gold price is maintained for the rest of 2018 and no material change in the company’s operating costs -- Caledonia says it expects full-year 2018 adjusted earnings to be in the range of 140 cents to 150 cents per share. This is down from previous earnings guidance of 165 to 190 cents but 3% to 12% higher than the earnings achieved in 2017. Steve Curtis, chief executive officer, says third-quarter output reflected improvement from the first two quarters of the year. “The company expects this improvement to be maintained in the fourth quarter of 2018,” he adds.

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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