IRVINE, Calif., Mar 20, 2008 (PrimeNewswire via COMTEX) -- "In light of glittering reports of gold prices reaching stratospheric heights topping the $1000 mark, one can be sure that there will be no shortage of companies with newly focused visions of capturing market share and its attendant benefits," stated SmallCap Sentinel analyst D.R. Clark. "But with the abundance of companies it is often tricky to spot those with resilience and a real business plan since the average investor often lacks the acumen to personally validate the company's potential."
"But validation by association with a credible third party can serve as a strong indicator that a company indeed has the elements of success," said Clark. "If an emerging small cap company is able to attract the investment or even the interest of more established leaders within its industry, it can serve to validate its strengths and its potential for success. For example, Tonogold Resources, Inc. (Pink Sheets:TNGL) announced today that it had completed a formal Exploration and Option Agreement with Centerra (U.S.) Inc., a subsidiary of Centerra Gold Inc. (CA:CG: news, chart, profile) , regarding Tonogold's Tonopah Divide project in Nevada."
The informational report "Investing in Gold Stocks for the SmallCap Investor" has been made available free of charge at http://www.SmallCapSentinel.com and will address the rise of interest in gold-related equities such as U.S. Gold (UXG: us gold corporation com par $0.10) , Newmont Mining Corporation (NEM: Newmont Mining Corporation) , Vista Gold Corp. (VGZ: vista gold corp com new) and others.
Tonogold Resources, Inc. is a minerals exploration company based in La Jolla, California with gold and silver properties in Alaska and Nevada. Tonogold is the parent company of Prospect Uranium, Inc. For more information on the company visit its websites at http://www.tonogold.com and http://www.prospecturanium.com.
To receive insight and updates please register at: http://stockupticks.com/register.html. To have your company featured on StockUpTicks.com or SmallCap Sentinel please use the contact info below.
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Statements herein contain forward-looking statements and are subject to significant risks and uncertainties affecting results. SmallCapSentinel/StockUpTicks.com are properties of Market Pathways Financial Relations Inc. (MP). MP provides no assurance as to the subject company's plans or ability to effect proposed actions and cannot project capabilities, intent, resources, or experience.
All information contained herein is based upon sources believed to be reliable but no representation is made as to accuracy or completeness. This report is neither a solicitation to buy nor offer to sell securities but is rather a paid advertisement provided for information purposes only and shouldn't be used as basis for any investment decision. MP isn't an investment advisor and this report isn't investment advice. MP has previously been granted 138,000 restricted shares of TNGL by Tonogold Resources for preparation and distribution of this report and other advertising services. Additionally, MP and/or its affiliates, associates and employees from time to time may have either a long or short position in any securities mentioned. This constitutes a conflict of interest as to MP's ability to remain objective in communication regarding the subject companies.
Beiträge von GSP-Komet
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DENVER, March 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Vista Gold Corp. (VGZ: vista gold corp com new) announced today its financial results for the year ended December 31, 2007, as filed on March 17, 2008 with the U.S. Securities and Exchange Commission and the Canadian Securities Commission in Vista's Annual Report on Form 10-K. For the year ended December 31, 2007, Vista reported a consolidated net loss of US$14.2 million or US$0.44 per share compared to the 2006 consolidated net loss of US$4.2 million or US$0.16 per share. The increase of US$10.0 million in the net loss for 2007 is primarily the result of an increase in the loss from discontinued operations of US$4.1 million, costs of US$2.9 million related to the completion of the Arrangement (discussed below), an increase in corporate administration and investor relations costs of US$2.7 million and an increase in exploration, property evaluation and holding costs of US$0.3 million.
The losses from discontinued operations of US$6.3 million in 2007 and US$2.3 million in 2006 are primarily the result of two factors. The first contributing factor relates to the completion of the Arrangement on May 10, 2007 involving the Corporation, Allied Nevada Gold Corp. and Carl and Janet Pescio, which resulted in, among other things, the transfer of the Corporation's Nevada properties and cash to Allied Nevada and the acquisition by Allied Nevada of the Nevada mineral assets of Carl and Janet Pescio. As a result of the completion of the Arrangement, the losses associated with the Corporation's Nevada properties are now reflected as losses from discontinued operations. These losses amounted to US$0.4 million and US$2.1 million for the respective periods. The financial effects of the Arrangement are also reflected in the changes of working capital and total assets, as discussed below. The second contributing factor, resulting in a loss from discontinued operations of US$5.9 million in 2007, was the determination that, as of December 31, 2007, the Amayapampa project was held for sale. Upon making this determination, the Corporation assessed the fair market value of the Amayapampa project using risk adjusted economic models incorporating the terms of an arm's-length proposal to purchase the project currently under consideration by the Corporation. The economic models employed indicated a fair market value for the Amayapampa project of US$4.8 million as compared to the carrying value of US$10.3 million which necessitated a write-down of US$5.5 million. The Amayapampa project incurred losses of US$0.4 million during 2007 which have been included in losses from discontinued operations.
The Corporation received net cash from financing activities of US$4.3 million in 2007 compared to US$54.3 million in 2006. The US$4.3 million in 2007 consisted primarily of net proceeds of US$3.6 million from exercise of warrants and US$0.7 million from the exercise of options.
Net cash used in investing activities in 2007 was US$31.3 million compared to US$3.7 million in 2006. The increase of US$27.6 million mostly reflects US$24.5 million cash transferred to Allied Nevada in connection with the Arrangement Agreement representing Vista's payment of US$25 million less US$0.5 million in loans repaid to Vista by Allied Nevada pursuant to the terms of the Arrangement Agreement. Other variances include an increase in additions to mineral properties of US$4.2 million which is mostly due to a drilling program the Corporation undertook at the Mt. Todd project during 2007 and a decrease in expenditures related to acquisitions of gold properties of US$1.3 million since the Corporation had no property acquisitions in 2007.
At December 31, 2007, the Corporation's total assets were US$51.3 million compared to US$92.7 million at December 31, 2006, representing a decrease of US$41.4 million. Of this decrease, US$9.9 million was attributed to the mineral properties transferred to Allied Nevada; and US$5.4 million was attributed to the restricted account balance transferred to Allied Nevada; the remaining decrease was primarily made up of the reduction in working capital mostly reflecting payment made to Allied Nevada in connection with the Arrangement.
Vista's financial position included current assets at December 31, 2007 of US$27.9 million compared to US$50.4 million at December 31, 2006. Long-term liabilities totaled US$30,000 at December 31, 2007 compared to US$4.9 million at December 31, 2006. At December 31, 2007, the Corporation had working capital of US$27.3 million, compared to US$49.7 million in 2006. Vista's working capital of US$27.3 million as of December 31, 2007, decreased from that at December 31, 2006 by US$22.4 million. The principal component of working capital for both 2007 and 2006 is cash and cash equivalents of US$16.6 million and US$48.7 million, respectively. Other components include marketable securities (2007-US$10.9 million; 2006-US$0.8 million), accounts receivable (2007-US$0.1 million; 2006-US$0.6 million) and other liquid assets (2007-US$0.3 million; 2006-US$0.3 million). The decrease of US$22.4 million in working capital from 2007 to 2006 relates to the payment to Allied Nevada of US$25.0 million less the receivable of US$0.5 million pursuant to the Arrangement Agreement. At December 31, 2007, Vista held marketable securities available for sale with a quoted market value of US$10.9 million. Included in these marketable securities were 1,529,848 shares of Allied Nevada at a quoted market value of US$9.5 million. The Corporation continues to hold these shares of Allied Nevada, which Vista retained as part of the closing of the Arrangement to facilitate payment of any taxes payable by the Corporation as a result of the Arrangement. At December 31, 2007, Vista held no debt with banks or institutions.
Subsequent to year-end, Vista completed a private placement in which it issued US$30 million in aggregate principal amount of senior secured convertible notes. -
Mar 17, 2008 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Vista Gold Corp. (VGZ) reported Monday in a filing with the Securities and Exchange Commission a fourth-quarter net loss of $7.9 million, or 25 cents a share, widening from a net loss of $776,000, or 2 cents a share, for the year-ago period. -
Outlook
Gold prices started 2007 at $641 per ounce and finished the year at $837 per ounce as quoted on the London Exchange. This rise of approximately 31% during the year reflected factors such as rising oil prices, global instability, real and threatened terrorism activities, the war in Iraq, and the rise in demand for investment and jewelry. Current prices are at a 25-year high and no assurance can be given that such prices will be sustained.
At the end of 2007, we owned or controlled seven properties containing mineralized material. In the early part of 2007, we decided with the higher gold prices, to bring the more advanced projects, such as Paredones Amarillos and Mt. Todd, to a production decision. The emphasis in late 2007 was to start a bankable feasibility study on Paredones Amarillos with a major mining consultant being contracted to manage this study, which we expect to be completed by the middle of 2008. In addition, through exploration drilling and engineering studies, we believe that additional value can be added to most of the remaining projects by advancing them closer to a production decision.
We do not currently generate operating cash flows. Subject to sustained gold prices, we expect to generate revenues and cash flows in the future. We may generate revenues and cash flows from our portfolio of gold projects by several means, including but not limited to options or leases to third parties, joint venture
arrangements with other gold producers, outright sales for cash and/or royalties, or project development and operation.
With respect to our current property holdings, aggregate expenditures for purchase installments, to maintain options and conduct exploration activities are currently anticipated being approximately $640 in 2008 and $200 in 2009. At present, we would anticipate raising funds to meet these long-term obligations through public or private debt and/or equity offerings, or joint venture efforts or sale of properties currently controlled. We anticipate raising funds for interim financing needs through various bridge loan or convertible debt alternatives (see "-Subsequent Events-Brokered Private Placement of Convertible Notes", below). In subsequent years, we anticipate that we will need to raise additional capital to meet property purchase installment obligations and scheduled payments on those properties that we decide to retain under option. Further, additional capital would be necessary to advance the projects to a positive production decisions; and to conduct additional exploration drilling and engineering studies on current properties. However, there can be no assurance that we will be successful in efforts to raise additional capital. -
-- In Options Market
Bets on Miners
Offer Way to Play Commodity Swings
By TENNILLE TRACY
March 21, 2008; Page C4As the price of gold plummets, traders have started to search for profits in the options market.
Unlike gold futures, which dropped 6% Wednesday and 2.7% Thursday, the options market allows traders to take strategic bets on gold-producing companies that move in tandem with the commodity. Trading in Newmont Mining Corp. jumped to a two-month high Thursday, with 80,000 contracts changing hands, while trading in AngloGold Ashanti Ltd. broke a record with about 30,000 contracts being bought and sold.
Options traders look to gain exposure to the gold market while protecting themselves against dramatic swings either direction. "You're still playing the commodity, but you're doing it in a safer environment," said Joe Kinahan, chief derivatives strategist for Thinkorswim Inc.
If traders feel slightly bullish on gold, they can pursue a "covered call" position, said Bud Haslett, director of option analytics for Miller Tabak & Co. They buy a company's stock, and sell a call contract that allows that contract holder to buy the stock at a higher strike price. In that case, a trader buys shares in Newmont Mining at $46, Thursday's closing price, and then sells June $52.50 call contracts that allows the holder to buy Newmont shares at the higher price. The trader collects a profit on the sale of the calls -- about $2 per contract, in this case -- and hopes the stock doesn't reach $52.50 by June. If the stock reaches that price, the trader hands over the shares, but enjoys a $6.50 profit on them.
If traders feel bearish, they adopt "put spread" positions, Mr. Haslett said. They buy puts with strike prices at the company's underlying stock price and sell puts with lower strike prices. With Newmont stock around $46, this means traders would buy June put contracts that allow them to sell the stock at $47.50 -- already higher than the stock price -- and then sell put contracts that allow the new contract holder to sell the stock at $40. The trader collects a profit on the put sales -- about $1.50 per contract -- and uses it to offset the cost of the more expensive $47.50 put. If Newmont stock drops, the position makes money.
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Anglogold Ashanti (NYSE: AU) bit the dust with gold prices lower again.
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TORONTO, ONTARIO, Mar 19, 2008 (MARKET WIRE via COMTEX) -- North American Palladium Ltd. (CA:PDL) (CA:PDL.WT) (PAL:
north amern palladium ltd com) (PAL.WS: north amern palladium ltd *w exp 12/13/200) -
This news release contains forward-looking statements. Reference should be made to the cautionary statement on forward-looking information at the end of this news release.
Highlights of 2007
- Revenue for the year increased by $36.7 million to $195.9 million, up 23% versus 2006.
- Operating cash flow for the year (before changes in non-cash working capital(1) improved by $36.9 million to $46.8 million compared to operating cash flow of $9.9 million in 2006.
- The net loss for the year ended December 31, 2007 was $28.7 million or $0.51 per share compared to a net loss of $34.1 million or $0.65 per share in 2006. The net loss for the year includes a net negative impact of $19.0 million (2006 - net negative impact $3.7 million) due to foreign exchange gains and losses.
- Palladium production increased by 21% to 286,334 ounces for the year ending December 31, 2007 versus production of 237,338 ounces the previous year.
- Palladium represented 47% of the year's total revenues while platinum and nickel contributed 16% and 22% respectively.
- Total by-product revenues for the year increased by 25% to $104.1 million versus $83.6 million in 2006.
- Cash cost per ounce of palladium produced(1), net of by-product metal revenues and royalties, was US$164 in 2007 compared to US$201 last year.
- North American Palladium completed an equity offering that resulted in total gross proceeds to the Company of approximately US$86 million,
which will be used to advance its three platinum group metals (PGM) and nickel-copper projects.
(1) Non-GAAP measure. Reference should be made to footnote 1 at the end of this Press Release.
North American Palladium Ltd. announced today financial results for the fourth quarter and year ended December 31, 2007.
Revenue, after pricing adjustments, in the fourth quarter of 2007 was $46.5 million, lower than the fourth quarter of 2006 by $4.3 million due mainly to the negative foreign exchange impact from the continued strengthening of the Canadian dollar versus the US dollar. For the year ended December 31, 2007, revenue after pricing adjustments was $195.9 million, an increase of $36.7 million or 23%, compared to revenue of $159.2 million last year.
Palladium production for the quarter ended December 31, 2007 of 71,595 ounces was down slightly (2%) compared to 73,242 ounces the previous year and reflects increased scheduled maintenance downtime in the fourth quarter of 2007. Palladium production for the year ended December 31, 2007 increased to 286,334 ounces, up 21% compared to the previous year.
Palladium sales in the fourth quarter of 2007 were recorded at an average price of US$364 per ounce versus an average price of US$322 in the same period in 2006. For the year ended December 31, 2007 palladium sales were recorded at an average price of US$356 per ounce, up 12%, compared to US$319 in 2006.
For the quarter ended December 31, 2007, cash cost per ounce(1) of palladium, net of by-product metal revenues, was US$223 per ounce versus US$108 in the same period last year and reflects primarily the negative impact of the strengthening Canadian dollar on by-product metal revenue. For the year ended December 31, 2007 the cash cost per ounce(1) of palladium produced declined to US$164 per ounce compared with US$201 per ounce in 2006, reflecting the increase in production together with continued strength in by-product metal prices, partially offset by the strengthening Canadian dollar.
The Company recognized a loss from mining operations of $8.2 million in the fourth quarter of 2007 compared to income of $0.5 million in the same period last year. The loss is due to lower revenue of $4.3 million, which includes a negative foreign exchange impact of $7.2 million, and increased operating costs due primarily to increased production costs ($1.0 million), smelting, refining and freight costs ($1.5 million) and amortization charges ($0.9 million). The loss from mining operations for the year ended December 31, 2007 was $19.4 million, an increase of $1.3 million (7%), compared to the loss of $18.1 million last year.
The net loss for the quarter ended December 31, 2007 was $11.1 million or $0.19 per share compared to a loss of $7.4 million or $0.14 per share in the same period last year. For the year ended December 31, 2007, the Company decreased its net loss to $28.7 million ($0.51 per share) from the 2006 loss of $34.1 million ($0.65 per share) despite a negative foreign exchange impact of $19.0 million (2006 negative impact of $3.7 million) due to strengthening of the Canadian dollar versus the US dollar.
Operating cash flow for the year (before changes in non-cash working capital(1) improved by $36.9 million to $46.8 million compared to operating cash flow of $9.9 million in 2006.
(1) Non-GAAP measure. Reference should be made to footnote 1 at the end of this Press Release.
Mr. Jim Excell, President and Chief Executive Officer said, "The consistent and improved production results are gratifying and supports our drive toward strengthening the Company's financial position. Having raised US$86 million in a recent financing, we are well-positioned to aggressively advance the Shebandowan West and the Offset High Grade Zone projects in Ontario, as well as the Arctic Platinum Project in Finland, towards production decisions." Mr. Excell added, "Since December 31, 2007 we have seen a significant increase in PGM prices, highlighting increased demand and growing supply concerns in South Africa. If the prevailing metal prices are sustained, it can have a very positive impact on the Company's 2008 financial performance."
Outlook
Palladium production is expected to increase by approximately 5% for the year ended December 31, 2008 with an estimated total production of approximately 300,000 ounces. The proportion of by-product metals produced is, in aggregate, expected to increase in tandem with palladium production.
A key strategy moving forward will be to continue the pursuit of opportunities to acquire good quality PGM-Ni-Cu projects. The Company's ambitious exploration program will continue in 2008, with an important component being the completion of a feasibility study for the Arctic Platinum Project in Finland. In addition, a preliminary economic assessment of the Offset High Grade Zone at Lac des Iles is nearing completion and the Company anticipates releasing the results during the second quarter of 2008. A preliminary economic assessment of the Shebandowan West Project is also anticipated in the second quarter of 2008 which evaluates a ramp-accessed underground mine scenario. Discussions are currently underway with Vale-Inco about the next steps for the Shebandowan joint venture.
Further information about the 2007 year-end results are available in the Company's financial statements and MD&A, which will be filed on its website, with Canadian provincial securities authorities ( http://www.sedar.com) and with the U.S. Securities and Exchange Commission ( http://www.sec.gov).
Conference Call and Webcast
The Company will host its fourth quarter and year-end 2007 Conference Call and Webcast at 3:00 pm ET on Thursday March 20, 2008. The toll-free conference call dial-in number is 1-866- 226-1799 and the local and overseas dial-in number is 416-641-6125. The conference call will be simultaneously webcast and archived at http://www.napalladium.com in the Investor Centre under Conference Calls. The webcast will also be available at http://www.vcall.com/IC/CEPage.asp?ID=126220. A replay of the conference call will be available until April 3, 2008: toll-free at 1-800-408-3053; locally and overseas at 416-695-5800, access code #3253315. -
JOHANNESBURG, Mar 17, 2008 (Dow Jones Commodities News via Comtex) -- Edited Press Release
Harmony Gold Mining Co. (HMY) Monday said one person died at its Masimong Mine as a result of a fall of ground.
The accident occurred on level 1750 in a ledging stope, the Johannesburg-based company said. Indications are that it was caused by the collapse of a brow.
Safety shifts will be carried out Monday night and Tuesday to assess and eliminate all risks in the work places, Harmony said. -
JOHANNESBURG, South Africa, March 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited ("Gold Fields") (NYSE, JSE, DIFX: GFI) Gold Fields Limited is pleased to confirm that the national electricity utility, Eskom, on Friday, March 14, informed Gold Fields that the company had been granted an additional 26MW of power for use at its Kloof and Driefontein gold mines in South Africa.
This increases the total power available to Gold Fields' South African mines to 566 MW, or 95% of the historical average consumption profile.
Terence Goodlace, Head of Gold Fields' South African Operations, welcomed this as a very positive development and said:
"The granting of additional power to our mines will go a long way to help saving jobs at Driefontein and Kloof gold mines."
With the additional power, Gold Fields can now re-examine its mine planning and re-consider the future of Nos. 6 and 7 Shafts at Driefontein as well as Nos. 3 and 8 Shafts at Kloof. These shafts have been downscaled or had production stopped since the onset of the power constraints in January.
There is no additional supply of power to either Beatrix or South Deep gold mines, but Gold Fields believes these operations can function at current levels of electricity supply owing to the shallower depth at which Beatrix operates and the nature of the restructuring operations underway at South Deep.
It must be pointed out, however, that the additional power allocation will not prevent the forecast production losses of more than 20 % in the current quarter (Q3F08).
Goodlace added: "We thank all stakeholders who have recognized the strategic importance of the gold mining industry for South Africa. We will continue to use the power allocated to us strategically and sparingly, and will also continue, with the rest of South Africa, to seek ways to conserve power, while maximizing that which has been allocated to us to the widest benefit possible."
About Gold Fields
Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable production of more than four million ounces per annum from eight operating mines in South Africa, Ghana and Australia.
A ninth mine, the Cerro Corona Gold/Copper mine in Peru, is expected to commence production by mid 2008 at an initial rate of approximately 400,000 gold equivalent ounces per annum.
The company has total attributable ore reserves of 92 million ounces and mineral resources of 252 million ounces.
Gold Fields employs some 53,000 permanent employees across its operations and is listed on the JSE Limited South Africa (primary listing), the New York Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX).All of Gold Fields' operations are ISO14001 certified. For more
information please visit the Gold Fields website at
http://www.goldfields.co.za.Investor Enquiries:
Willie Jacobsz
Tel: +27(0)11-644-2460
Mobile: +27(0)82-493-1377Media Enquiries:
Andrew Davidson
Tel: +27(0)11-644-2638
Mobile: +27(0)82-667-7203SOURCE Gold Fields Limited
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JOHANNESBURG, March 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited (Gold Fields) (JSE, NYSE and DFIX: GFI) and Mvelaphanda Resources Limited (Mvela Resources) (JSE: MVL) are pleased to announce that the parties have agreed that Mvela Resources will receive 50 million Gold Fields shares if and when Mvela Resources' future stake of 15% in GFI Mining South Africa (Proprietary) Limited (GFIMSA) Limited is exchanged at the instance of either Gold fields or Mvela Resources, for shares in Gold Fields. GFIMSA is the vehicle that owns and houses the South African assets of Gold Fields.
The exact number of shares, within the range of the floor and cap (45 and 55 million shares respectively), which Mvela Resources would have received should the exchange have been implemented in terms of current agreements, was extremely volatile because of the input parameters for a Discounted Cash Flow valuation, and the complex nature of the formula, and agreeing the number of shares now gives certainty on an equitable basis to both parties.
Nick Holland, Chief Financial Officer of Gold Fields said: "We agreed on 50 million shares as it is the midway point between the floor and cap, and we believe represents a fair deal."
Pine Pienaar of Mvela Resources said: "This arrangement will bring certainty to the shareholders of Mvela Resources as to the size of our potential future stake in Gold Fields."
SOURCE Gold Fields Limited & Mvelaphanda Resources Limited -
JOHANNESBURG, Mar 17, 2008 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd. (GFI) Monday said its South African operations will receive an additional 26 megawatts of electricity, increasing available power to 95% of the normal average.
The additional power will go to the Johannesburg-based gold producer's Kloof and Driefontein mines. Gold Fields said its Beatrix and South Deep mines won't receive additional supplies of electricity.
"The granting of additional power to our mines will go a long way to help saving jobs at Driefontein and Kloof gold mines," Terence Goodlace, head of Gold Fields' South African operations, said.
Company Web site: http://www.goldfields.co.za -
JOHANNESBURG, Mar 17, 2008 (Dow Jones Commodities News via Comtex) -- Edited Press Release
Gold Fields Ltd. (GFI) Monday said Mvelaphanda Resources Ltd. (MVL.JO) will receive 50 million Gold Fields shares if and when Mvela's future stake of 15% in GFI Mining South Africa is exchanged at the instance of either Gold fields or Mvela Resources for shares in Gold Fields.
GFIMSA is the vehicle that owns and houses the South African assets of Gold Fields.
The exact number of shares, within the range of the floor and cap - 45 million and 55 million shares - that Mvela Resources would have received should the exchange have been implemented in terms of current agreements, was extremely volatile because of the input parameters for a discounted cash flow valuation, and the complex nature of the formula, and agreeing the number of shares now gives certainty on an equitable basis to both parties. -
DENVER, March 18, 2008 /PRNewswire-FirstCall via COMTEX/ -- ROYAL GOLD, INC. (RGLD: Royal Gold Inc) (CA:RGL) , the leading precious metals royalty company, today announced that its Board of Directors has declared its second quarter dividend of $0.07 per share of common stock. The dividend is payable on April 18, 2008 to shareholders of record at the close of business on April 4, 2008. The Company has paid dividends since 2000.
Royal Gold is a precious metals royalty company engaging in the acquisition and management of precious metal royalty interests. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol "RGLD," and on the Toronto Stock Exchange under the symbol "RGL." The Company's web page is located at http://www.royalgold.com.
SOURCE Royal Gold, Inc. -
TSX: NGX AMEX: NXG
VANCOUVER, March 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Northgate Minerals Corporation (CA:NGX) (NXG: Northgate Exploration Limited) today reported final audited revenue and net earnings for 2007. These figures include a final audit adjustment made subsequent to the release of the Corporation's unaudited fourth quarter financial statements on February 28, 2008. As a result of the adjustment, Northgate's fourth quarter revenue has increased to $95.6 million from $93.7 million and net earnings has increased to $33.3 million from $32.0 million as previously reported. For the full year, Northgate's final audited revenue and net earnings are $337.5 million and $39.4 million, respectively. Cash flow for the fourth quarter and the full year remains unchanged as the adjustment was non-cash in nature.
Northgate will file its complete 2007 annual financial statements with both the Canadian and US Securities regulatory authorities on SEDAR and EDGAR by March 28, 2008 and expects to release its first quarter 2008 financial results after market close on May 1, 2008.
NORTHGATE MINERALS CORPORATION is a mid-tier gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia. The company is forecasting over 400,000 ounces of unhedged gold production in 2008 and is targeting growth through further acquisitions in stable mining jurisdictions around the world. Northgate is listed on the Toronto Stock Exchange under the symbol NGX and on the American Stock Exchange under the symbol NXG. -
TSX NGX AMEX NXG
VANCOUVER, March 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Northgate Minerals Corporation (CA:NGX) (NXG: Northgate Exploration Limited) reported today that it has reached a tentative three-year collective agreement (the "Agreement") with the International Union of Operating Engineers Local 115 (the "Union"), representing the 300 production and maintenance employees at its Kemess South mine. The terms of the tentative Agreement were accepted by both the Union's bargaining committee and Northgate following a recommendation made by a government appointed mediator. The Union's bargaining committee has unanimously recommended ratification of the Agreement to its membership who will vote on the Agreement over the next three weeks. All operations at Kemess South continue to run normally, with no disruption to scheduled production.
NORTHGATE MINERALS CORPORATION is a mid-tier gold and copper producer with mining operations, development projects and exploration properties in Canada and Australia. The company is forecasting over 400,000 ounces of unhedged gold production in 2008 and is targeting growth through further acquisitions in stable mining jurisdictions around the world. Northgate is listed on the Toronto Stock Exchange under the symbol NGX and on the American Stock Exchange under the symbol NXG. -
irm
HALIFAX, March 13, 2008 /PRNewswire via COMTEX/ -- Gammon Gold Inc. (TSX: GAM / AMEX: GRS) said Thursday that the Company has been named as a defendant in a statement of claim. The plaintiff is seeking, among other things, an order certifying the action as a class proceeding and $80 million in damages. The statement of claim has not yet been served on the Company.
The plaintiff alleges that the Company's 2007 prospectus contained misstatements with respect to production run rates and the adequacy of the Company's internal controls. The plaintiff also alleges inappropriate option granting.
Gammon Gold considers the allegations in the statement of claim to be without merit and intends to vigorously defend itself. The Company believes that it acted with appropriate care, diligence and skill at all times.
"The claim relating to the production run rates is a copycat claim, on a class action basis, of a claim filed in New York courts last year," said Rene Marion, CEO of Gammon Gold. "The Company has brought a motion asking the court to dismiss that claim as groundless and lacking merit and is awaiting a hearing on that issue. The Company denies the plaintiff's allegations that it misled investors with respect to production run rates and considers the allegations in this claim to be without merit and intends to vigorously defend its position."
Last year, the plaintiff's counsel wrote to the Company about potential concerns with stock options granted between 2001 and 2007. McInnes Cooper, a leading Nova Scotia law firm, was retained to steward an independent investigation into the Company's options granting process and independent consultants were retained to assist in the investigation.
Following the investigation, McInnes Cooper reported to the Board that with respect to the options granted by the Board between April 25, 2001 and September 7, 2007, "there have been no violations of the Plan, or of the rules of the TSX or applicable securities laws in the granting, pricing or reporting by Gammon of the options granted pursuant to the Plan. Accordingly, no past or present directors, officers or other employees of Gammon could have profited from any improper exercise of options." At the time of this press release, the McInnes Cooper report had not been made available to the plaintiff's counsel.
Gammon Gold remains focused on meeting its short term deliverables provided in the March 11, 2008 press release for the end of Q1.
About Gammon Gold Inc.
Gammon Gold Inc. is a Nova Scotia based mid-tier gold and silver producer with properties in Mexico. The Company's flagship Ocampo Project in Chihuahua State achieved commercial production in January 2007. Gammon Gold also operates its El Cubo operation in Guanajuato State and has the promising development Guadalupe y Calvo property in Chihuahua State. The Company remains 100% unhedged. -
TSX: GAM / AMEX: GRS / BSX: GL7 Gammon Reports Continued Strengthening of Key Financial Metrics over January with Cashflow from Operations increasing by 63% to $3.1M, Net Free Cashflow increasing by 56% to ($0.4M) and a $2.1M Pay Down of Its Debt Facility
HALIFAX, March 11, 2008 /PRNewswire via COMTEX/ -- Gammon Gold Inc. ("Gammon") (TSX:GAM and AMEX:GRS) is pleased to provide its unaudited monthly status update to our shareholders.
February Highlights
- Significant increase in production with an 18.5% increase over January
and a 21.4% improvement in average monthly production over Q4 and the
best result since June 2007
- Significant reduction in consolidated cash costs with a 5% improvement
over January and an 18.6% improvement of over Q4's average cash costs
the lowest cost since commercial production was declared at Ocampo in
Q1 2007.
- Improved positive operating cash flow was achieved in February as
compared to January and represents a significant improvement over
operating cash flows achieved throughout all of 2007.
- Liquidity position was further strengthened due to ongoing operational
improvements and stronger market prices for gold and silver which
continues to underpin the Company's turnaround phase into the later
part of 2008, at which point the Company's business model is scheduled
to generate positive net cash flow.
- Strong cash flow performance established closing cash reserves of
$1.9 million and the Company also made an accelerated debt facility
principal reduction payment of $2.1M.
- There were no facility draw downs taken on the Company's $60 million
revolving project debt in February or to date in March. The Company's
net debt position decreased to $27.4 million in February.
- The Company (inclusive of Gammon Gold's El Cubo mine) continues to
remain on target to produce in the low to mid point of the targeted
range of 56,000 to 62,000 gold equivalent ounces during Q1 at total
cash costs that are lower than the previous guidance of between $580 to
$600 per gold equivalent ounce.
- Encouraging resource growth potential exploration results were reported
at Guadalupe y Calvo which justifies aggressively advancing the present
exploration program and will support an updating of the resource
estimate, metallurgical test work and completing a scoping study for a
potential open pit and underground operation. -
RENO, NEVADA, Mar 10, 2008 (MARKET WIRE via COMTEX) -- Allied Nevada Gold Corp. ("Allied Nevada," "we," "us" or the "Company")(TSX: ANV) (ANV:
allied nevada gold corp com) today announced its financial results for the year ended December 31, 2007, as filed on March 06, 2008, with the U.S. Securities and Exchange Commission in the Company's Annual Report on Form 10K. Also today, the Company announced plans to enter into a bridge credit facility of up to CDN$30.0 million with Quest Holdings Ltd., as well as a proposed sale of its 50% interest in its Treasure Hill-Mount Hamilton mineral property. Allied Nevada is a newly independent company that commenced operations on May 10, 2007, upon the closing of the transactions pursuant to the terms of an Arrangement as described in the Company's regulatory filings. From its incorporation in 2006 until May 10, 2007, Allied Nevada had been a wholly owned subsidiary of Vista Gold Corp. ("Vista").
Results of Operations for the Year Ended December 31, 2007 Compared with 2006
Allied Nevada reported a consolidated net loss in 2007 of $11,265,000 compared to a consolidated net loss of $2,465,000 in 2006. The increase in the consolidated net loss of $8,800,000 is largely due to an increase of $4,643,000 in exploration, property evaluation and holding costs, an increase of $3,682,000 in corporate administration and investor relations costs, and the recognition of an impairment loss of $678,000 on its mineral properties partially offset by an increase of $457,000 in interest and other income.
Exploration, property evaluation, and holding costs increased to $6,352,000 in 2007, as compared with $1,709,000 in 2006. The principal variances from 2006 relate to the Hycroft oxide and sulfide exploration program, the staking of additional claims at Hycroft, additional costs of managing an expanded corporate exploration office, and additional care and maintenance costs at the Hycroft mine. During 2007, the Company completed 52 drill holes totaling approximately 57,000 total feet of drilling. Full assay determinations for both gold and silver on 44 of these holes were completed in 2007 with the remaining assays on these holes being completed in 2008 as previously announced by Allied Nevada.
Corporate administration and investor relations costs increased to $4,863,000 in 2007, compared to $1,181,000 in 2006. The increase in the corporate administration and investor relations costs resulted from one-time expenses that were incurred when we became an independent, publicly traded company in May 2007, stock based compensation expenses, and direct corporate administration costs and investor relations expenditures that were incurred from May 10, 2007 reduced by a decrease in the costs that were allocated to Allied Nevada from Vista under the continuity of interests method of accounting. Under the continuity of interests method of accounting, Vista allocated a portion of its corporate administration costs to the Vista Nevada Assets based on the relative mineral property carrying values. The Vista Nevada assets were subsequently transferred to Allied Nevada on closing of the Arrangement.
During 2007, we recognized a $678,000 impairment write-down of mineral interests. During 2007, two lessees that held exploration leases on 28 of Allied Nevada's properties defaulted on the payments required by the agreements. Both companies were provided with rescheduled payment plans so that they had time to cure the defaults. In February 2008, one lessee failed to make the payments due under the rescheduled payment terms and the other agreed to reduce its land holdings to two properties. Allied Nevada plans to commence the necessary actions to cancel the lease agreements on the defaulted properties.
We earned $1,030,000 in interest income in 2007 compared to $552,000 for 2006. The increase of $478,000 is attributable to an increase in interest earned on our liquid savings accounts of $521,000 and an increase in interest earned on the Hycroft Mine restricted cash account of $43,000, which was partially offset by a reduction of $76,000 in the allocation of interest income from Vista.
Financial Position, Liquidity and Capital Resources
Cash used in operations was $8,406,000 in 2007, compared to $1,392,000 in 2006. The increase in cash used in operating activities of $7,014,000 for 2007 can be explained by the increase in the consolidated net loss during 2007, the reduction of allocated costs from Vista, offset by a slight decrease in non-cash working capital.
Net cash used in investing activities in 2007 increased to $13,205,000 from $140,000 in 2006. The increase of $13,065,000 for the period results from the acquisition of the Pescio Nevada Assets in exchange for $15 million in cash and 12.0 million shares pursuant to the arrangement, and our purchases during 2007 of $278,000 of capital items including several light vehicles, computer servers, and additional computers and office technology, partially offset by the receipt from the Company's exploration partner in its Battle Mountain property of $2 million to exercise its option to acquire the property and $298,000 of advanced minimum royalty receipts.
The net cash provided by financing activities was $41,709,000 in 2007 compared to $1,529,000 in 2006. The $40,180,000 increase in cash provided by financing activities was the result of the net cash inflow from a private placement completed in July 2007 of $15,378,000, Vista's payment of $25 million to us in May 2007 pursuant to the Arrangement Agreement, the receipt of $528,000 upon the exercise of Finders Warrants granted pursuant to the private placement completed in July 2007, and the receipt of $433,000 upon exercise of Allied Nevada special stock options, partially offset by a $1,306,000 reduction in the cash operational funding of the Company by Vista during 2007 following closing of the Arrangement.
At December 31, 2007, we had cash and cash equivalents totaling $20,105,000. All cash equivalents were invested in high quality short-term money market instruments, including bankers' acceptances, bank notes, certificates of deposit, government securities, commercial paper and repurchase agreements of domestic and foreign issuers. At December 31, 2007, we had no funds invested in asset-backed commercial paper.
At December 31, 2007, we had no outstanding debt to banks or financial institutions.
Proposed Bridge Credit Facility with Quest Holdings Ltd.
On March 3, 2008, the Board of Directors ratified the signing of an indicative letter of intent concerning a proposed CDN$30 million secured bridge credit facility with Quest Holdings Ltd. ("Quest Holdings"). The terms of the facility are not yet final and are subject to due diligence by Quest Holdings and its counsel, the preparation of definitive documentation, the granting of security and such other steps as are usual to transactions of this nature. The letter of intent provides that the facility is scheduled to be available for drawdown until July 2008 and must be repaid by March 2009. Borrowings under the proposed credit facility are limited to working capital, operating, and capital expenditures relating to the reopening of the Hycroft Mine. The Company's interest in the Hycroft mine properties and all of its personal tangible property are expected to be pledged as collateral for the credit facility. The proposed agreement is expected to contain customary covenants for credit facilities of this type including certain negative covenants, which will limit or restrict Allied Nevada's ability to incur additional debt. Allied Nevada will incur a standby fee equal to four percent of the amount of the loan facility when it enters into the agreement. Borrowings under the proposed credit facility are subject to payment of a five percent drawing fee payable to Quest Holdings. The interest rate on borrowings is twelve percent per annum compounded monthly. Quest Holdings is a wholly-owned subsidiary of Quest Capital Corp. ("Quest Capital"). Robert Buchan, Executive Chairman and Director of Allied Nevada, is a Director of Quest Capital and A. Murray Sinclair, a former Director of Allied Nevada, is a Co-Chairman of Quest Capital. Mr. Buchan has disclosed to the Board of Directors that he may participate to the extent of up to CDN$5 million in the proposed Quest Holdings credit facility.
Acceptance of the Offer For Sale of 50% Interest in the Treasure Hill - Mount Hamilton Property
In March 2008, Allied Nevada accepted an offer from Golden Predator Mines Inc. of Wylie, Texas to purchase Allied Nevada's 50% interest in the Treasure Hill - Mount Hamilton mineral property consisting of 106 patented and 112 unpatented mining claims for $1.0 million. Under terms of the agreement, Allied Nevada would retain a NSR of 1%, which is subject to a buyout for a payment of $0.5 million in the first 24 months from closing escalating thereafter to a maximum of $3.0 million.
"The proposed credit facility allows us additional financial flexibility to proceed with reactivation of our Hycroft Mine," said Scott Caldwell, President and Chief Executive Officer of Allied Nevada. "Our 2007 financial results represent expenditures required to commence operations as a newly independent corporation and to begin the evaluation process on the sulfide mineralization target at the Hycroft Mine."
About Allied Nevada Gold Corp.
Allied Nevada is engaged in the evaluation, acquisition, exploration and development of gold projects. Its present exploration and development properties are located in Nevada. As previously announced, Allied Nevada is proceeding with plans for reactivation of its Hycroft Brimstone Open Pit Mine in Winnemucca, Nevada and is evaluating the oxide and sulfide resource potential at the Hycroft Mine. Allied Nevada also continues to review and pursue plans to advance its advanced exploration properties and other exploration properties. Forward-Looking Statements -
VANCOUVER and GOLDEN, CO, March 13, 2008 /PRNewswire-FirstCall via COMTEX/ -- Atna Resources Ltd. ("Atna") (CA:ATN: news, chart, profile) is pleased to announce today that stockholders of Canyon Resources Corporation ("Canyon") (CAU: canyon resources corp com new) have approved the Agreement and Plan of Merger whereby Atna will acquire all the issued and outstanding shares of common stock of Canyon. The transaction was approved by a majority of the outstanding shares of common stock of Canyon at a special meeting of Canyon stockholders called to consider the transaction.
On November 16, 2007 Atna and Canyon entered into an Agreement and Plan of Merger whereby each share of Canyon would be exchanged for 0.32 of an Atna common share. After the transaction, Canyon will become a wholly owned subsidiary of Atna.
The transaction is expected to close on Tuesday March 18th, 2008.
Additional information concerning the transaction is available in the registration statement on Form F-4 filed by Atna with the SEC on January 17, 2008, which contains a joint proxy statement/prospectus and other relevant materials. -
GOLDEN, Colo., March 13, 2008 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation ("Canyon") (CAU: canyon resources corp com new) . On March 13, 2008, Canyon Resources Corporation, a Colorado based mining company, held a special stockholder meeting. The stockholders voted to approve and adopt the Agreement and Plan of Merger dated November 16, 2007, by and among Atna Resources Ltd. ("Atna"), a wholly owned subsidiary of Atna, and Canyon (the "Merger"). The Merger is expected to be complete after the close of business on March 18, 2008.
"The management and Board of Canyon would like to thank its shareholders for voting to approve this Merger and for their dedicated support over the years. The vote to support this Merger was overwhelmingly in favor of the Merger with the approval of 74.4 percent of all shares voted. We firmly believe that our combination with Atna will provide a strong platform for the growth of the Company and for increasing shareholder value. With gold now reaching $1,000 per ounce, our first priority of business will be to push our Briggs and Reward projects toward production as rapidly as possible," states James Hesketh, President & Chief Executive Officer ("CEO").
Pursuant to the terms of the merger agreement, each share of Canyon common stock issued and outstanding immediately prior to the effective time of the Merger will cease to be outstanding and will be converted into the right to receive 0.32 shares of Atna common stock, plus cash in lieu of any fractional shares. Atna trades on the Toronto Stock Exchange and in the U.S. on the Over-The-Counter market under the symbols ATN and ATNAF, respectively. Canyon will cease trading on the American Stock Exchange immediately prior to the effective time of the Merger.
The goal of this Merger is to provide the resources to build the next mid-tier gold production company. The combined entity will initially focus on moving Canyon's Briggs and Reward projects into production to develop cash flow from those operations. This cash flow, combined with potential production income from Atna's Pinson project and potential cash flow from their Wolverine royalty position will create a strong underpinning for resource expansion, additional mergers, acquisitions and project developments.
The registered office for Atna will continue to reside at its present location in Vancouver, British Columbia and the operational office for Atna will be Canyon's current office located in Golden, Colorado.
The current CEO of Atna is David Watkins; he will become Chairman and CEO upon closing of the Merger. Jim Hesketh, the current President and CEO of Canyon, will become President and Chief Operating Officer of Atna. Dave Suleski, the current Chief Financial Officer ("CFO") of Canyon, will become the CFO of Atna. Bill Stanley, Vice President of Exploration for Atna, will continue in that role.