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Gold Mining Companies, SILA.OB, JAG, & AU Give Updates to Stock-PR.com
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Silver America, Inc. changed its name to Gold American Mining Corp.(SILA.OB) to better reflect the nature and primary focus of its business operations. The name change was effected as a result of the Company's more specific emphasis on exploring for gold within the precious metals industry, and the belief that it would be in the best interest of the Company and its shareholders. The Company's shares continue to trade on the OTC BB under the symbol SILA.
Gold American 's current holdings include the Nevada-based Keeno Strike Property and the Guadalupe Property in Mexico, located roughly 5 miles north of the Fresnillo (Proaño) Mine. The Company also remains committed to its aggressive, ongoing acquisition of holdings with rich gold and silver production potential. Toward that end, Gold American is currently reviewing additional gold/silver prospects of interest in Nevada, Mexico and other regions marked by stable politics, sound economies and friendly business relations.
Gold American Mining Corp. is a publicly traded precious metals exploration company focused on the aggressive, ongoing acquisition and exploration of holdings with rich gold and silver production potential. Based in Reno, Nevada, Gold American has developed a promising portfolio of international properties in regions marked by stable politics, sound economies and friendly business relations. Gold American, a development stage company, focuses on the acquisition, exploration, and development of mineral resource properties in North America. Gold American primarily explores for silver and gold deposits. Its properties include Keeno Strike project, which is located in the Clark county, Nevada; and Guadalupe project that is located in Zacatecas State, Mexico.
Jaguar Mining Inc. (NYSE:JAG) provided details of the formal inauguration of Caeté, Jaguar's newest gold operation. The Caeté Project cost was US$105.4 million and was developed on-budget and on-schedule.
In attendance were Jaguar's Board of Directors, members of Jaguar's management team and officials from the state of Minas Gerais and the cities of Caeté, Barao dos Cocais e Santa Barbara, including Mr. Paulo Sérgio Machado Ribeiro, Sub-Secretary of the state of Minas Gerais who represented the Governor Mr. Antonio Augusto Junho Anastasia. Also in attendance were a number of representatives from CEMIG, the state's power company as well as the Canadian Consul in Rio de Janeiro, Mr. Nigel Neale.
Mining at the adjacent Roca Grande Mine has begun with full operations expected during the middle of Q3 2010. Ore shipments from the Pilar Mine, which has been shipping 12,000 to 15,000 tonnes of ore per month to Jaguar's Paciencia complex for processing, has commenced ore shipments to the Caeté Plant and will continue supplying ore to the Caeté Plant as well as to the Paciencia Plant through the end of 2010. The Caeté carbon-in-pulp ("CIP") plant is currently processing approximately 1,200 tonnes per day of low-grade development ore from the stockpile and is expected to ramp-up the tonnage into the mill over the next three months. Physical gold production is likely to take place in late-July with the first pour and the new CIP plant expected to reach commercial operations in late-Q3 2010. Jaguar's management team expects gold output from the new Caeté operation will range between 30,000 and 35,000 ounces this year and between 90,000 and 100,000 ounces in 2011.
Mr. Daniel R. Titcomb, Jaguar's President and CEO stated, "The completion and inauguration of the Caeté operation is an important step for Jaguar and its shareholders. This new integrated mining complex will significantly enhance Jaguar's production profile and help us achieve our goal of becoming a mid-tier gold producer in 2011. The completion of this project on-time and on-budget further demonstrates the depth and talent of our team in Brazil; a team which has built and commissioned more underground operations in Brazil than any other management team. The Caeté operation is expected to become Jaguar's second largest and lowest-cost gold operation next year and will produce gold for years to come."
Jaguar Mining Inc. engages in the production of gold, as well as in the acquisition, exploration, development, and operation of gold mineral properties in Brazil. It holds interests in the Turmalina, Paciencia, Sabara, and Caete gold projects in the state of Minas Gerais. Jaguar also holds interests in the Gurupi Project located in the state of Maranhao. In addition, it has a joint venture agreement with Xstrata plc to explore the Pedra Branca Project located in the state of Ceara, northeastern Brazil.
AngloGold Ashanti Limited(NYSE:AU) is pleased to report that the Department of Mineral Resources has transferred the mining rights for its Tau Lekoa Mine to Buffelsfontein Gold Mines Limited, a wholly-owned subsidiary of Simmer & Jack Mines Limited (Simmers). Full ownership of Tau Lekoa and the adjacent properties of Weltevreden and Goedgenoeg will pass to Simmers on 1 August 2010.
AngloGold Ashanti entered into an agreement with Simmers in February 2009 for the sale of Tau Lekoa and the adjacent properties of Weltevreden and Goedgenoeg for a total purchase consideration of R600 million (payable at completion of the transaction and adjusted as set out below); and a royalty determined at 3% of the net revenue (gross revenue less state royalties) generated by the Tau Lekoa mine and any operations developed at Weltevreden and Goedgenoeg. The royalty will be payable quarterly, from 1 January 2010, until the total production from Tau Lekoa, Weltevreden or Goedgenoeg upon which the royalty is paid is equal to 1.5 million ounces and provided that the average quarterly rand price of gold is equal to or exceeds R180,000/kg (in 1 January 2010 terms).
In terms of the agreement, Simmers will settle the R600 million purchase consideration payable at completion are R450 million in cash; and the balance in cash or shares in Simmers. This remaining R150 million is subject to an offset adjustment (up to a maximum of R150 million) based on the free cash flow generated by Tau Lekoa between 1 January 2009 and 31 July 2010 and including an offset for the royalty payable from 1 January 2010 to 30 June 2010. This balancing amount will be determined based upon a final audit of the July 2010 production figures.
From 1 August 2010, Simmers will treat all ore produced from Tau Lekoa, Weltevreden or Goedgenoeg at its own processing facilities. As a result AngloGold Ashanti will have increased processing capacity available allowing for the processing of additional material from its other Vaal River mines and surface sources. This is expected to produce an estimated 7,000oz of gold for the remainder of this year. Tau Lekoa produced 124,000oz of gold (equivalent to 2.7% of group production) in 2009.
AngloGold Ashanti Limited engages in the exploration and production of gold. AngloGold Ashanti undertakes Greenfield exploration activities in Australia, China, North and South America, Democratic Republic of the Congo, Middle East and North Africa (MENA), the Russian Federation, Sub-Saharan Africa, and southeast Asia; and Brownfields exploration activities worldwide, primarily in South Africa, Mali, Guinea, and the United States. AngloGold Ashanti sells gold, as well as uranium, silver, and sulphuric acid. As of December 31, 2009, AngloGold Ashanti Limited had gold reserves of 68.3 million ounces.
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