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

The Paragon Report: Silver Demand Declines

Friday September 9, 2011 12:26 PM

The Paragon Report, a New York based independent research portal, notes that there is a marked drop in demand for silver due to slowing in global production. More than half of the demand in silver is generated through industrial applications. According to the report, Silver Wheaton (NYSE: SLW.TO) amended their 2011 production tally in response to a slower than anticipated production ramp-up at their Panasquito mine located in Mexico. Silver production declined from 28 million to 25 million silver equivalent ounces, including 15,000 ounces of gold.  Meanwhile Silvercorp Metals (NYSE: SVM, TSX: SVM) saw a 31 percent increase in silver production costs during its most recent quarter. The company posted record fiscal revenues of US$69.7 million corresponding to a 90 percent increase from the last quarter.

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

 

Dynacor Increases Gold Custom Milling Capacity

Friday September 9, 2011 11:59 AM

Dynacor Gold Mines Inc. (TSX:DNG) have increased its daily average operating rate by 14.1% due to the addition of new machinery with higher milling capacity. Dynacor will now be able to mill 200 metric tons of ore per day compared to the previous 175 metric tons. “During the summer months, Dynacor was able to deliver on it its expansion plans by installing a new ball mill and cyanide tank at the custom milling plant,” saysJean Martineau, President and CEO of Dynacor. “The Company is on course to continue increasing production as robust sales and demand forge ahead.” The company is the sole proprietor of the gold custom milling plant located in Peru. Dynacor expects to produce 45,000 ounces of gold by year end.

By Alex Létourneau of Kitco News aletourneau@kitco.com

Guyana Goldfields Revises Resource Estimate at Aurora Gold Project

Friday September 9, 2011 11:19 AM

Guyana Goldfields Inc. (TSX: GUY) has revised a resource estimate at its Aurora Gold Project in South America while the company awaits a final feasibility study. Measured and indicated resources are 5.71 million gold ounces, including about 2.2 million gold ounces for the open pit and 3.5 million gold ounces for underground mining. Inferred resources are estimated to be around 1.17 million gold ounces. A definitive feasibility study is still on track for December. Guyana Goldfields is a Canadian-based mineral exploration company and is 100% owner of the Aurora Gold Project.

By Alex Létourneau of Kitco News aletourneau@kitco.com

Ruby Creek Purchases Prospecting Rights for Kapinga Property

Friday September 9, 2011 11:01 AM

Ruby Creek Resources, Inc. (OTCBB: RBYC) have reached an agreement to purchase the prospecting rights of the Kapinga Property in Tanzania. “We are quite pleased that we have the new Agreement on the expanded Kapinga property,” says  Robert Slavik, President and CEO of Ruby Creek. “Our geological investigation has indicated an extension of gold showings extending south and east.” Ruby Creek is an American-based gold exploration and mining company and is currently operator at the Tanzania Gold Plateau Project located near the Kapinga Property. “This new Agreement is mutually beneficial for both parties as Ruby Creek adds more land to our Gold Plateau Project with a larger ownership stake while the Kapinga family gets to participate in the Ruby Creek's growth with an equity stake,” says Slavik.

By Alex Létourneau of Kitco News aletourneau@kitco.com

Sunridge Resumes Drilling at Gupo Gold Deposit

Friday September 9, 2011 10:55 AM

Sunridge Gold Corp. (TSX:SGC)(OTCQX:SGCNF) have begun drilling an additional 6,000 meters at its Gupo Gold Deposit within its 100% owned Asmara Project in Eritrea, Africa. The deposit has an inferred resource of 189,000 ounces of gold from 1,965,000 metric tons of ore grade at 2.99 grams per ton gold. Sunridge is a Canadian-based mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar.

By Alex Létourneau of Kitco News aletourneau@kitco.com

Editor’s Note:

Kitco News will provide readers with comprehensive print and video coverage of three-major precious metals market events in New York, Toronto and Montreal during the next two weeks.

First, Kitco News will supply live coverage on Wednesday, Sept. 14, of the CPM Platinum Group Metals Seminar in New York. That will be followed by the Toronto Resource Investment Conference September 15-16, and then the London Bullion Marketing Association meeting in Montreal September 18-20.  

The CPM Group's Platinum Metals Group Seminar Sept. 14 will showcase presentations from some of the leading analysts and investors in the PGM sector. Register to watch the CPM Platinum Group Metals Seminar Live (Free Registration): http://cpmevents.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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