DENVER, Aug 02, 2007 /PRNewswire-FirstCall via COMTEX/ -- Newmont Mining Corporation (NEM: Newmont Mining Corporation) today announced second quarter financial and operating results, which include a negative $2.125 billion impact of strategic initiatives completed during the second quarter. For the quarter, the Company reported a net loss of $2.06 billion (-$4.57 per share), compared with net income of $161 million ($0.36 per share) for the second quarter of 2006.
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Newmont Mining (NEM) reported a second-quarter loss of $2.06 billion, or $4.57 a share. The company attributed the red ink to the elimination of its merchant banking outfit, the reversal of hedge contracts and other strategic initiatives.
For the same period a year ago, it earned $128 million, or 36 cents a share. The stock was down 0.4% at $41.43.
Globally, all gold miners reduced their hedge positions by 5.4 million ounces during the quarter, according to the latest Mitsui Gold Hedging Report, which was prepared by London-based specialty consulting firm Virtual Metals and published Thursday morning.
Dehedging allows the price received per ounce of gold sold to fluctuate in line with activity in the bullion market.
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Newmont Mining Corp. posted a second-quarter net loss as the company gets out of the gold-hedging and merchant-banking businesses.
The Denver gold miner, the world's second-largest gold producer behind Barrick Gold Corp., reported a net loss of $2.06 billion, or $4.57 a share, compared with year-earlier net income of $161 million, or 36 cents a share.
The latest quarter's results included a $1.66 billion write-down from discontinuing its merchant-banking segment ...
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Newmont Mining Corp.(NEM) said it posted a second-quarter loss of $2 billion, or $4.57 a share, compared with a profit of $161 million, or 36 cents, in the year-ago period.
Results for the latest period included a write-down of $1.7 billion on its Merchange Banking goodwill and costs of the elimination of its remaining gold hedge positions.
Revenue rose to $1.3 billion from $1.29 billion.
Analysts surveyed by Thomson Financial forecast earnings of 22 cents a share on revenue of $1.1 billion, on average. -
Right now the fund has an uncharacteristically large allocation to large-cap stocks, with stalwarts Newmont Mining (NEM) and Barrick Gold (ABX) taking the first two slots after bullion, each making up 9% of the overall value. Other top holdings include Gold Fields (GFI), Newcrest Mining and AngloGold Ashanti (AU), all firms with substantial market caps.
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NEW YORK (MarketWatch) -- Newmont Mining (NEM: Newmont Mining Corporation) said Thursday second-quarter net loss widened to $2 billion, or $4.57 a share, from a gain of $161 million, or 36 cents a share in the year-ago period. The period included a write-down of $1.7 billion on its Merchange Banking goodwill and costs of the elimination of its remaining gold hedge positions. Revenue rose to $1.3 billion from $1.29 billion. Analysts surveyed by Thomson Financial forecast earnings of 22 cents a share and revenue of $1.1 billion, on average.
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SAN FRANCISCO (MarketWatch) -- Newmont Mining Corp. swung to a second-quarter net loss as the mining company unwound its gold hedges and quit its merchant-banking operation, financial results showed Thursday.
The Denver-based miner (NEM: Newmont Mining Corporation) said it lost $2.06 billion, or $4.57 a share, in the three months ended June 30, a reversal from the $161 million, or 36 cents a share, earned in the second quarter of 2006.
A charge for writing down the value of the merchant-banking operation accounted for $1.67 billion of that loss, and Newmont said it took a $460 million charge for settling price-capped forward contracts.
Including only continuing operations, the company said it would have posted a loss of $406 million, or 90 cents a share, for the second quarter.
And stripping out all unusual losses, including the merchant-banking writedown and hedge unwinding, it made 24 cents a share in profit, said spokesman Omar Jabara.
Chart of NEM
Analysts surveyed by Thomson Financial had been expecting earnings of 22 cents a share, on average. Early in July, the company told investors that operating earnings for the second quarter would be little changed from the first quarter, when earnings were 15 cents a share, or 11 cents excluding charges. See earlier story.
Revenue rose 0.7% to $1.3 billion, topping analysts' average forecast calling for $1.1 billion. Equity gold sales, representing sales just from its stakes in joint mines, fell 10% to 1.25 million ounces, but average realized prices rose 10% to $667 an ounce.
As the price of gold has held above $600 an ounce, major gold producers have taken off hedges designed to buffer themselves from falling gold. These financial instruments can work against them when prices rise.
In February, Barrick Gold Corp. (ABX: Barrick Gold Corporation) (CA:ABX) said it eliminated its corporate hedge book and planned to eliminate its remaining floating-price contracts by the end of the second quarter. See story on gold hedges.
Newmont said it's now the world's largest unhedged gold producer.
Standing firm on gold sales
Also Thursday, Newmont held to a forecast for equity gold sales this year of between 5.2 million and 5.6 million ounces. It sees costs applicable to sales of between $375 and $400 an ounce.
Newmont plans to use proceeds from a $1.15 billion sale of convertible senior notes and the planned sale of parts of its royalty and equity portfolio to raise cash for its mining operations.
"As we turn our attention to our core gold business, we continue to optimize plans for our prospective gold opportunities, including the potential development of our Conga project in Peru and the Akyem project in China," said CEO Richard O'Brien in a statement.
Shares of Newmont, one of the few precious-metals companies in the S&P 500 -
Among the index components, Newmont Mining (NEM: Newmont Mining Corporation) swung to a second-quarter net loss as the mining company unwound its gold hedges and quit its merchant-banking operation, financial results showed Thursday.
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NEW YORK (MarketWatch) -- Newmont Mining (NEM: Newmont Mining Corporation) said Thursday second-quarter net loss widened to $2 billion, or $4.57 a share, from a gain of $161 million, or 36 cents a share in the year-ago period. The period included a write-down of $1.7 billion on its Merchange Banking goodwill and costs of the elimination of its remaining gold hedge positions. Revenue rose to $1.3 billion from $1.29 billion. Analysts surveyed by Thomson Financial forecast earnings of 22 cents a share and revenue of $1.1 billion, on average.
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Newmont Mining Q2 loss $4.57 per share vs 36c gain - MarketWatch
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JOHANNESBURG, SOUTH AFRICA, Jul 31, 2007 (MARKET WIRE via COMTEX) -- The Chairman of AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) , Russell Edey, this morning announced that Bobby Godsell would be retiring from the company and the board with effect from 30th September 2007. Mr. Godsell was appointed Chief Executive Officer of the Gold and Uranium Division of Anglo American in July 1995 and Chief Executive Officer of AngloGold Ashanti in April 1998.
The company simultaneously announced the appointment of Mark Cutifani as Mr. Godsell's successor. Mr. Cutifani currently holds the position of Chief Operating Officer at CVRD Inco where he has responsibility for CVRD Inco's global nickel business. He will take up his new position in mid-September.
Commenting on the announcement, Russell Edey said, "The board and management of AngloGold Ashanti are very fortunate to have had the benefits of Bobby's inspiration, leadership and innovative flair for the past 12 years. I have no doubt that he will continue to make a contribution to South Africa in whatever course he chooses now to follow. We believe that Mark Cutifani is a person well-suited to meet the challenges which face AngloGold Ashanti and the gold industry at large."
Bobby Godsell said today, "It is the right time to change leaders. In Mark Cutifani, a mining engineer with a wide and impressive track record of both operating and executive experience across a range of minerals, including gold, and on several continents, we have a new leader who brings exactly the qualities and experience needed for AngloGold Ashanti's new chapter.
"For my own part, after 34 years in corporate life I am looking forward to exploring new ways of being a constructive citizen of my country."
Appointment of Neville Nicolau as Sole Chief Operating Officer
Additionally, Mr. Edey today announced that Roberto Carvalho Silva, after a long and impressive career with this company and its predecessor, spanning more than three decades, has decided to leave AngloGold Ashanti in September. The board and management wish him well in his future pursuits. Neville Nicolau will become the Chief Operating Officer of the company with responsibility for all operations. Mr. Carvalho Silva will assist Mr. Nicolau in the consolidation of the two operating regions, which will commence as soon as possible. -
JOHANNESBURG, SOUTH AFRICA, Jul 31, 2007 (MARKET WIRE via COMTEX) -- AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) reported adjusted headline earnings of $82m for the second quarter of 2007, lower than that of the previous quarter, primarily due to stronger local operating currencies, higher exploration spend and continued hedge book reduction.
Operational performance saw production up 2% on the prior quarter to 1.35Moz due to higher volumes mined, partially off-set by lower recovered grade. Total cash costs consequently remained steady at $333/oz for the quarter.
The company continued to deliver into its maturing hedge contracts, reducing the hedge delta by 840,000oz to 8.75Moz.
The company reaffirmed production guidance of 5.7Moz for the full year, at a forecast total cash cost of approximately $328/oz, based on the following exchange rates: R7.16/$, A$/$0.82, BRL2.00/$ and Argentinean peso 3.10/$.
The full quarterly report can be found on the AngloGold Ashanti website at http://www.anglogoldashanti.com -
Right now the fund has an uncharacteristically large allocation to large-cap stocks, with stalwarts Newmont Mining (NEM) and Barrick Gold (ABX) taking the first two slots after bullion, each making up 9% of the overall value. Other top holdings include Gold Fields (GFI), Newcrest Mining and AngloGold Ashanti (AU), all firms with substantial market caps.
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JOHANNESBURG (MarketWatch) -- The chief executive of Anglo American PLC's (AAUK) gold company Tuesday announced his resignation, just one day after the head of the mining giant's platinum company stepped down.
AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd sponsored adr) , which reported a swing into profit for the second quarter of the year, said Bobby Godsell would be retiring from the company with effect from Sept. 30. He will be succeeded by Mark Cutifani, an Australian mining engineer and chief operating officer of CVRD Inco.
The Johannesburg-based company said net profit for the quarter was $111 million against a loss a year earlier of $54 million and a profit in the first three months of 2007 of $19 million.
AngloGold, almost 42% owned by Anglo American, said gold production was 1.7% higher than in the first quarter at 1.349 million troy ounces, but declined to 2.675 million ounces on the year from 2.755 million ounces for the first six months.
Cash costs for the quarter were modestly higher at $333 an ounce, from $332 an ounce in the previous quarter.
AngloGold's shares ended Monday at ZAR296.20, down 10% on the start of the year. The blue-chip Johannesburg Top 40 index has risen almost 13% in the same time.
Anglo Platinum Ltd.'s CEO, Ralph Havenstein, Monday said he would step down from the post, effective the end of August.
Company Web Site: http://www.anglogold.com -
LAS VEGAS, Aug 01, 2007 /PRNewswire-FirstCall via COMTEX/ -- (HMSO: hemis corp com) Hemis Corporation is an international resource company with three exploration properties in Mexico and one exploration project in Alaska. Hemis' Santa Rita property in Mexico has an Earn-In Agreement with Goldcorp Inc. (CA:G) (GG: goldcorp inc new com) through Goldcorp's Mexican subsidiary Glamis Exploration.
Hemis Corporation is pleased to announce that Corex Gold Corp. (CA:CGE) has received its first formal quarterly property report from Goldcorp Inc. (NYSE: GG- TSX: G) through its Mexican subsidiary Glamis Exploration S.A. de C.V. Under the Agreement Goldcorp has the right to earn up to an 80% interest in Corex's Santa Rita and Zuloaga (collectively "Zuloaga") concessions in the states of Zacatecas and Coahuila. The Zuloaga Property that encompasses 39,878 hectares is located in the Sierra Madre Oriental and is approximately 15 km from Goldcorp's Penasquito deposit.
Regarding the Penasquito property, Goldcorp has reported that as of June 2006 Penasquito has proven and probable gold reserves totaling 9.98 million ounces. Silver reserves were 575 million ounces while lead and zinc totaled 1.67 million tonnes and 3.62 million tonnes respectively. Initial mine start up is expected in late 2008 with full production reached by late 2009.
To date Goldcorp's activities have been primarily organizational in character. Since the signing of the Earn-In Agreement, Goldcorp has mobilized a geological team and set up office space in the Melchor Ocampo area. Goldcorp has also purchased government SGM data, and has prepared base maps for their mapping campaign. Goldcorp has informed Corex that mapping, prospecting, and sampling will commence immediately.
The Earn-In Agreement provides Goldcorp can Earn-In to a 70% interest in the Zuloaga property by spending US$4,000,000 over a 5-year period and paying Corex US$150,000 over an 18 month period. Goldcorp shall have the option to increase its interest from 70% to 80% upon paying 100% of the expenditures associated with placing the Property or any part thereof, into commercial production based on a mine development project approved for all or part of the property, with 20% to be repayable to Glamis from Corex subsidiary's related project cash-flows, or arranging the proportionate share of a debt financing.
Hemis Corporation has an option to acquire a 49% interest in Corex Gold's interest in the Santa Rita property upon payment to Corex Gold US$950,000 and 200,000 shares of Hemis Corporation over 2 years.
About Hemis Corporation
Hemis Corporation is a precious metals exploration company trading on the OTCBB under the symbol HMSO and listed on the Frankfurt stock exchange under the symbol XZA. Hemis Corporation is comprised of both a resource division and a resource investment unit. Hemis' high profile team is focused on evaluating gold projects with strong potential. The resource investment unit is actively reviewing other natural resource companies for joint ventures and investment.
Hemis is incorporated in Nevada, USA with its head office in Zurich, Switzerland and North American corporate communications representatives in Canada and the United States. Led by an experienced team of exploration geologists and financial professionals, this company has extensive international capital markets experience and proven track records.
The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to commencement of drilling operations, concentration in mineral deposits, delays in testing and evaluation of ore samples, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.Hemis Corporation
Norman Meier +41 43 355 0228
President
http://www.hemiscorporation.comHudson Capital, 1-604-662-3910
Investor Relations
http://www.hudsoncapital.caSOURCE Hemis Corporation
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LAS VEGAS, July 30, 2007 /PRNewswire-FirstCall via COMTEX/ -- Hemis Corporation (HMSO: hemis corp com) is an international resource company with three exploration properties in Mexico and one in Alaska. Hemis' Santa Rita property in Mexico has an Earn-In Agreement with Goldcorp Inc. (CA:G) (GG: goldcorp inc new com) through Goldcorp's Mexican subsidiary Glamis Exploration.
Dear Investors,
I am writing you directly to inform you of the progress of Hemis Corporation.
Hemis Corporation is properly financed, and our exploration projects are active with the drill results from Mexico expected in the near future. As a mineral exploration and mineral exploration investment company, Hemis' business plan was engineered using decades of capital market experience integrated with extensive geological experience. The plan was to acquire properties that have the potential of 500,000 ounce gold (or gold equivalent) economic reserves, run the exploration programs and invest in other junior companies with similar potential. To date, Hemis has three exploration programs in Mexico and one in Alaska, all of which have active exploration programs achieving the goals stated in the original plan.
I believe that Hemis has reached a level where there will now be a lot of support in the market from investors, both individual and institutional, who have researched Hemis and share Hemis' vision. In my opinion, the value of Hemis will increase in the short term and should continue to rise as we carry out our exploration and investment programs.
Fundamentally Hemis is very strong and listed below are just a few of the company's fundamental highlights:1. The initial drill results of El Tigre did not get the credit that they
deserved. I believe that the significance of those results got lost in
the geological language. The initial hole represented a discovery hole
where our geologists believe the mineralization of gold is not just
present at the surface but also at depth. We will have additional drill
results in the near future.2. The La Centela concession has the potential of a molybdenum deposit.
The financial potential of molybdenum is much higher than gold. One
hundred million tons of rock with an average grade of 0.025% molybdenum
and a molybdenum price of $20 per pound would represent a gross metal
value over $10 billion. The grades we found on the surface were 4.7%
and we also found molybdenum in the El Tigre initial drill hole. The
presence of molybdenum would heavily increase Hemis' economic
potential. The Centela Project has the potential for both a gold and
Molybdenum deposit in the same region.3. The initial phase of the Anchor Gold exploration program in the Cook
Inlet area of Alaska has commenced and should be finished in October.
The company has invested a considerable amount of money in this project
and our geologists are very positive about the upcoming results.4. Regarding our interest in the Santa Rita mineral claim in Mexico,
Goldcorp, the second largest gold company in the world, has an earn in
agreement regarding this property and we expect news from them shortly.5. Hemis owns shares in one of its former subsidiaries and plans to
purchase more in the companies it has spun off. However, we must
maintain a certain ratio of investments and assets to be classified as
a mineral exploration company. We will constantly monitor investment
opportunities to maximize the assets available to Hemis shareholders.6. Hemis is always on the lookout for new projects and acquisitions, both
of which will continue to maximize shareholder value.7. The Hemis team consists of over 50 people. It is a network of
international contacts in Switzerland, Canada, USA, Mexico and Peru.
The administration of the company is in Switzerland, the financial
center of Europe. The company has close relationships with
organizations that raise money for our projects so that we can
comfortably continue our business.8. In my opinion, we have world class geologists and access to exclusive
projects. Dr. Douglas Oliver, our chief geologist, has over 30 years
experience with international mining companies and as a University
professor. Charles W. Reed was chief geologist for Hecla Mining, Casey
Danielson has over 20 years of experience and worked for Echo Bay Mines
amongst others and George Eliopulos from Nevada has been an exploration
geologist for more than 30 years as well. These are just a few examples
of the great team of geologists at Hemis.I believe that we have a high quality company with a great team of geologists, finance professionals and world class projects. This mix gives Hemis a multi million ounce resource potential and an exponential investment upside.
We will soon be initiating an investor marketing program in Europe in association with our Frankfurt listing and European shareholders.
We are waiting for the El Tigre drill results from holes two to eight and the primary drilling result from hole nine which was our molybdenum target. After that, we should expect results from Cook Inlet in Alaska where we will spend one million dollars in September alone. And last but not least, we are expecting results from our Goldcorp joint-venture for the Santa Rita project in Mexico.
Further, we are now on institutional radars and analysts have been calling to perform due diligence.
As the President of the company, I ask you to support our company in being patient with selling and giving the company time to work on the projects. I believe that the value of the company will increase in the short and long term. The company is only two years old and has accomplished so much in so little time. If we continue the way we work right now, the company will grow exponentially.Yours truly,
Norman Meier
Hemis Corporation, President
About Hemis Corporation
Hemis Corporation is a precious metals exploration company trading on the OTCBB under the symbol HMSO and listed on the Frankfurt stock exchange under the symbol XZA. Hemis Corporation is comprised of both a resource division and a resource investment unit. Hemis' high profile team is focused on evaluating gold projects with strong potential. The resource investment unit is actively reviewing other natural resource companies for joint ventures and investment.
Hemis is incorporated in Nevada, USA with its head office in Zurich, Switzerland and North American corporate communications representatives in Canada and the United States. Led by an experienced team of exploration geologists and financial professionals, this company has extensive international capital markets experience and proven track records.
The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to commencement of drilling operations, concentration in mineral deposits, delays in testing and evaluation of ore samples, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.Hemis Corporation
Norman Meier +41 43 355 0228
President
http://www.hemiscorporation.comHudson Capital, 1-604-662-3910
Investor Relations
http://www.hudsoncapital.caSOURCE Hemis Corporation
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TORONTO, ONTARIO, Aug 03, 2007 (MARKET WIRE via COMTEX) -- IAMGOLD Corporation ("IAMGOLD" or "the Company") (CA:IMG) (IAG: iamgold corp com) (BOTSWANA: IAMGOLD) will release second quarter financial results before the market opens on Wednesday August 15, 2007.
A conference call will be held on Wednesday August 15, 2007 at 11:00 a.m. (EDT) to discuss these results. A webcast of the conference call will be available through the Company's website - http://www.iamgold.com.
Conference Call Information:
North America Toll-Free: 1-800-732-9303 or 416-644-3421
A replay of this conference call will be available from 2:00 p.m. August 15 to August 22, 2007. Access this replay by dialing:
North America toll-free: 1-877-289-8525 or 416-640-1917, passcode: 21240381#
A replay will also be available on IAMGOLD's website.
Please note:
This entire press release may be accessed via fax, e-mail, IAMGOLD's website at http://www.iamgold.com and through Marketwire's website at http://www.marketwire.com. All material information on IAMGOLD can be found at http://www.sedar.com or at http://www.sec.gov. -
TORONTO, ONTARIO, Jul 30, 2007 (MARKET WIRE via COMTEX) -- IAMGOLD Corporation ("IAMGOLD" or "the Company") (CA:IMG) (IAG: iamgold corp com) (BSE: IAMGOLD) is pleased to announce drill results from targets within its Quimsacocha project area in Ecuador. These targets, Rio Falso and Loma Tasqui, are located south and southwest of the known resource in the main Quimsacocha zone. Results from this drilling confirm the presence of strong hydrothermal alteration and anomalous gold and silver values that were also found near the margins of the Quimsacocha Main Zone. Quimsacocha is located 30 km southwest of Cuenca in the Azuay Province of southern Ecuador.
"These results are similar to results found at Quimsacocha prior to the discovery of hole 122 (No. 29/04, August 10, 2004)," stated Joseph Conway, President and CEO, IAMGOLD. "Although mineralization is sub economic thus far, it does indicate that the satellite zones have a strong alteration signature. This signifies tremendous potential within this Project and could grow the resource significantly."
Rio Falso is located two kilometres south of the known resource. Loma Tasqui is between two and three kilometres west of Rio Falso, and over four kilometres southwest of the resource. These results represent 5,265 metres of diamond drilling which occurred in the first half of 2007. $2.7 million was spent at Quimsacocha on exploration during this period. Another $2.7 million will be spent in the second half of the year, on a program designed to expand the drill pattern to follow-up on the reported results, and other prospective satellite targets. Intersections from these results can be found in Table 1. Additional information can be found in Figures 1, 2 and 3. -
DENVER, July 31, 2007 /PRNewswire-FirstCall via COMTEX/ -- ROYAL GOLD, INC. (RGLD: Royal Gold Inc) (CA:RGL) ("Royal Gold") and BATTLE MOUNTAIN GOLD EXPLORATION CORP. (BMGX: battle mtn gold expl corp com) ("Battle Mountain") today announced that they have amended their definitive merger agreement signed on April 17, 2007, under which Royal Gold agreed to acquire 100% of the fully diluted shares of Battle Mountain. The amended merger agreement provides that Battle Mountain's shareholders will be offered an election to receive either cash consideration of $0.55 per Battle Mountain share or from 0.0172 to 0.0179 shares of Royal Gold common stock per Battle Mountain share, in each case assuming 91,563,506 Battle Mountain shares outstanding at closing.
The addition of the cash election reflects the desire to provide Battle Mountain shareholders a choice to receive either cash or shares of Royal Gold. The share option will allow Battle Mountain's shareholders to participate in any future growth of the combined company following the closing of the merger.
The share consideration remained unchanged and is based on the average closing price per share of Royal Gold's common stock for the five trading day period up to and including the second business day preceding (but not including) the closing date of the merger transaction. The share consideration ranges from 0.0172 Royal Gold shares per Battle Mountain shares held, if Royal Gold's stock price is at or above $30.18, to 0.0179 Royal Gold shares per Battle Mountain shares held, if Royal Gold's stock price is at or below $29.00. A proportional adjustment will be made between these two trading prices.
The consideration payable to Battle Mountain's shareholders is subject to a potential reduction or holdback for certain contingent liabilities.
Battle Mountain has postponed the previously announced record date of June 28, 2007, for the Battle Mountain shareholders meeting to vote on the merger transaction. A new record date will be announced by Battle Mountain in the near future.
Royal Gold has obtained option and support agreements from Mark Kucher, Chairman of Battle Mountain, and from IAMGOLD Corporation providing that each will vote its respective beneficially-owned shares in favor of the merger transaction. The directors and other officers of Battle Mountain have granted Royal Gold irrevocable proxies to vote their beneficially-owned shares in favor of the merger transaction. As a result of these agreements and irrevocable proxies, together with the convertible Bridge Loan, Royal Gold beneficially owns approximately 57% of the outstanding shares of Battle Mountain.
The amended merger agreement has been approved by both companies' boards of directors. The closing of this transaction is subject to Battle Mountain shareholder approval, receipt of regulatory approvals and satisfaction of customary conditions.
Battle Mountain is a precious metals royalty company with a portfolio consisting of royalties on 13 properties located mainly in the Americas. Its principal assets include a 1.25% and a 2.0% net smelter return ("NSR") royalty on gold production and a 2.0% NSR royalty on silver production from the Dolores project in Mexico, which is under development by Minefinders Corporation Ltd. Battle Mountain has disclosed that their royalty properties contain approximately 4.8 million ounces of gold reserves and 136 million ounces of silver reserves.
Royal Gold is the leading precious metals royalty company engaged in the acquisition and management of precious metals 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. -
DENVER, July 31, 2007 /PRNewswire-FirstCall via COMTEX/ -- ROYAL GOLD, INC. (RGLD: Royal Gold Inc) ; (CA:RGL) , the leading publicly-traded precious metals royalty company, today announced the election of M. Craig Haase to Royal Gold's Board of Directors. Haase will replace Edwin W. Peiker, Jr. who announced his plans to retire effective July 25, 2007. Peiker will retain the title of Director Emeritus.
For more than 15 years, Haase served as Director, Executive Vice President and Chief Legal Officer of Franco-Nevada Mining Corporation, a publicly-traded precious metals royalty company that merged with Newmont Mining Corporation in 2002. He served in a similar capacity at Euro-Nevada Mining from 1987 to 1999 when Euro-Nevada merged with Franco-Nevada. Haase was also Chairman and CEO for Gold Marketing Corporation of America, Inc., a physical gold export company, from 1994 to 2002. He received his J.D. degree from the University of Illinois and was engaged in private practice from mid 1971 to 1990.
Stanley Dempsey, Executive Chairman of the Board, commented, "We are pleased to welcome Craig to our board. His background in mining and mining law, as well as expertise in the precious metals royalty business, will further strengthen the Company as we continue to execute our strategic growth plan."
The Company also announced the recent retirement of Edwin W. Peiker, Jr., who served as a director on Royal Gold's board for 20 years. Peiker, a co-founder of the Company, served as President and Chief Operating Officer from 1988 to 1992 and Vice President of Engineering from 1987 to 1988.
"We want to thank Ed for his long and dedicated service to Royal Gold. His knowledge, support and counsel were invaluable in making the Company successful," said Dempsey.
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.