Last Update: 5:00 AM ET May 29, 2007
LAS VEGAS, May 29, 2007 /PRNewswire-FirstCall via COMTEX/ -- (HMSO: hemis corp com) Hemis Corporation is an international resource company with several advanced stage exploration properties in Mexico and a project in Cook Inlet, 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.
Goldcorp (GG) is also on the Watch List. Wait for this short idea to snap back to $25 before entering a position.
North American Palladium Ltd.: Drilling at the Narkaus Property in Finland Confirms High Grade Reef and Contact Style Mineralization
Last Update: 10:36 AM ET Jun 1, 2007
TORONTO, ONTARIO, Jun 01, 2007 (MARKET WIRE via COMTEX) -- North American Palladium Ltd. ("NAP") (CA:PDL: news, chart, profile) (PAL: north amern palladium ltd com) is pleased to announce the final results of its drill campaign on the Narkaus (SK Reef) Property in Finland (the "Narkaus Property"). The Narkaus Property is one of a group of advanced stage PGM deposits located south of Rovaniemi, Finland known as the Arctic Platinum Project ("APP") over which NAP has a joint venture agreement with Gold Fields Limited ("Gold Fields").
The Narkaus Property is comprised of three target areas: Kuohunki, Nutturalampi and Siika-Kama and is located 20 km to the northeast of the Suhanko Property, the subject of a feasibility study by Gold Fields in 2005. Since the commencement of its drill campaign in February 2006, NAP's strategy has been to focus on the near surface potential of known mineralization at the Narkaus Property in order to enhance the economics of the larger Suhanko Property and consider alternate development scenarios. While the mineralized zones at the Narkaus Property are smaller in size than the Suhanko Property, the drilling results support the belief that they are higher in grade. The Narkaus Property covers approximately a 20 km strike length of highly favourable host rock considered to be under-explored.
These final results constitute the completion of the phase one drill campaign (see press release dated October 30, 2006 for previous results from this program) and include the results from a small geotechnical drilling program. This final set of results comprise 11 diamond drill holes totaling 2,203 metres in length that tested targets at the Siika-Kama and Kuohunki deposits to depths of just over 300 metres from surface. Highlights of these latest drill holes are presented below. Drill locations and other details are available at the end of this release and on NAP's website at http://www.napalladium.com.
Last Update: 10:51 AM ET May 30, 2007
JOHANNESBURG, May 30, 2007 /PRNewswire-FirstCall via COMTEX/ -- Gold Fields Limited (Gold Fields) (GFI: gold fields ltd new sponsored adr) said today that Craig Nelsen, its Executive Vice President and Head of Exploration would be leaving the Group to establish a new business venture in Denver, Colorado of which he will be CEO.
Craig joined Gold Fields in April 1999 and was appointed as Executive Vice President in April 2002. He was based in Denver, but travelled the world in pursuit of exploration assets for Gold Fields.
Ian Cockerill, Chief Executive of Gold Fields said: "It has been great working with Craig over the past eight years and I thank him for his exceptional work in exploration which has been of enormous benefit to Gold Fields.
"I wish Craig well in his future endeavours. We will be announcing his successor in the near future."
SOURCE Gold Fields Limited
Last Update: 10:10 AM ET May 30, 2007
JOHANNESBURG, May 30, 2007 (Dow Jones Commodities News via Comtex) -- Gold Fields Ltd.'s (GFI) executive vice president and head of exploration, Craig Nelsen, will be leaving the company to establish a new business venture in Denver, the South African gold miner said Wednesday.
Nelsen, who will be chief executive of the Colorado venture, joined Gold Fields in April 1999 and was appointed vice president in April 2002. He was based in Denver, but traveled the world looking for exploration assets for the company.
Gold Fields CEO Ian Cockerill said the company would announce a successor in the near future.
Pacific North West Capital Closes Private Placement/Expands Institutional Shareholder Base
TSX: PFN OTCBB: PAWEF Frankfurt: P7J
Last Update: 5:49 PM ET Jun 1, 2007
VANCOUVER, June 1, 2007 /PRNewswire-FirstCall via COMTEX/ -- Pacific North West Capital Corp. (CA:PFN) (PAWE.F: pacific north west cap corp com) (PFN) announces that further to its private placement news release dated May 11, 2007, PFN raised $3,343,975. In compliance with Canadian securities law, all of the securities issued in connection with this private placement are subject to a 4 month hold period.
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Stillwater Mining Company (SWC: Stillwater Mining Company) , the largest producer of palladium and platinum in the Western Hemisphere, recently purchased 11% of PFN and is a strategic partner in the search for new platinum group metal discoveries in North America. Stillwater Mining recently signed a letter of intent to invest $4.5 million into PFN's Alaskan exploration and reconnaissance programs including the Goodnews Bay Platinum Project. PFN is the project operator. Stillwater has followed its position over the last 2 financings and currently owns approximately 10% of PFN.
Other companies in the beef snack market include Barrick Gold Corp (ABX:
Barrick Gold Corporation) , Gold Corp (GG: goldcorp inc new com) and Newmont Mining (NEM: Newmont Mining Corporation).
Royal Gold Announces Third Quarter Dividend
Last Update: 12:12 PM ET May 29, 2007
DENVER, May 29, 2007 /PRNewswire-FirstCall via COMTEX/ -- ROYAL GOLD, INC. (RGLD: RGLD) , the leading publicly-traded precious metals royalty company, today announced that its Board of Directors has declared its third quarter dividend of $0.065 per share of common stock. The dividend is payable on July 20, 2007 to shareholders of record at the close of business on July 6, 2007. 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.
GOLDEN, Colo., May 25, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: CAU) , a Colorado-based mining company, today announced that it has closed a private placement with a group of accredited investors in the aggregate principal amount of $4.95 million with net proceeds to the Company of approximately $4.7 million.
GOLDEN, Colo., May 23, 2007 /PRNewswire-FirstCall via COMTEX/ -- Canyon Resources Corporation (CAU: canyon resources corp com new) , a Colorado-based mining company, is pleased to announce the continuation of uranium exploration drilling at its Converse-Sand Creek Joint Venture. New Horizon Uranium Corporation (CA:NHU) , operator of the joint venture, has advised Canyon that drilling will commence on or about June 4, 2007. The Converse-Sand Creek Joint Venture is operated by New Horizon on behalf of its joint venture partners, Canyon Resources Corporation and Energy Metals Corporation. (CA:EMC) (EMU: energy metals corp com) .
New Horizon earlier completed 14 drill holes consisting of 10,395 feet of rotary drilling on the Converse-Sand Creek Project, located near Douglas, Wyoming. New Horizon intends to drill an additional 16 rotary drill holes comprising approximately 11,200 feet to complete its earlier program in the "Scott Ranch" target area. The primary purpose of this drilling program is to establish resources leading to defined reserves. The ultimate objective of the Converse-Sand Creek Joint Venture is to determine the feasibility of an In- situ Recovery operation in the prolific White River Formation that extends eastward from Douglas into western Nebraska. Bill Wilson, President and COO of New Horizon, commented that "New Horizon is anxious to finish this round of drilling so that additional drilling can be planned for later this year that will aggressively advance this project." "We are very pleased to see a continuation of this program and are hopeful, based on the positive results of the initial round, for a favorable outcome," states James Hesketh, President and CEO, of Canyon Resources.
About Canyon Resources
Canyon Resources, based in Golden, Colorado, was formed in 1979. The Company has a history of precious metal and uranium exploration success and can claim a number of significant discoveries. Canyon currently owns the Briggs Mine in California and is currently evaluating the re-start of that operation. Canyon is also evaluating the potential development of the Reward Gold Project in Nevada and is a carried partner in two uranium joint ventures. For additional information on Canyon Resources and its projects please visit our website at http://www.canyonresources.com.
* Canyon Resources Sells 8.82M Shrs, 2.21M Series A Warrants
DJ Canyon Resources' Uranium Joint Venture To Continue Drilling
Last Update: 1:51 PM ET May 23, 2007
May 23, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Canyon Resources Corp. (CAU) intends to continue uranium exploration at its Converse-Sand Creek joint venture with New Horizon Uranium Corp. and Energy Metals Corp.
New Horizon intends to drill 16 rotary drill holes, comprising about 11,200 feet, to complete an earlier program, Canyon said Wednesday.
New Horizon, which operates the joint venture, has already completed 14 drill holes on the Converse-Sand Creek Project, located near Douglas, Wyo.
Canyon, a Golden, Colo., mining company, expects drilling to begin around June 4.
Vista Gold Announces Determination of Fair Market Value of Shares of Allied Nevada Gold Corp.
Last Update: 9:27 PM ET May 24, 2007
DENVER, May 24, 2007 /PRNewswire-FirstCall via COMTEX/ -- Vista Gold Corp. (VGZ: vista gold corp com new) ("Vista") announced today that its board of directors determined that the fair market value of each share of Allied Nevada Gold Corp. ("Allied Nevada") on May 10, 2007, the effective date of the previously announced plan of arrangement involving Vista, Allied Nevada and Carl and Janet Pescio (the "Arrangement"), was U.S.$4.6265. Although, this determination will not be binding on the U.S. Internal Revenue Service or the Canada Revenue Agency, it was necessary to, among other things, determine whether a deemed dividend arose for Canadian tax purposes in respect of the Arrangement. In light of this determination, Vista has concluded that no deemed dividend arose for Canadian tax purposes in respect of the Arrangement. Consequently, the shares of Allied Nevada withheld from certain shareholders of Vista at the closing of the Arrangement to satisfy potential withholding tax obligations if a deemed dividend for Canadian tax purposes arose, will be distributed to shareholders from whom they were withheld as soon as practicable.
As previously indicated in the management information and proxy circular of Vista dated October 11, 2006 (the "Circular"), Vista agreed to provide this information to its shareholders after the effective date of the Arrangement. For more information on this and other tax implications of the Arrangement, securityholders should review the Circular and consult with their own tax advisors.
About Vista Gold Corp.
Since 2001, Vista has acquired a number of discovered gold projects with the expectation that higher gold prices would significantly increase their value. As gold prices have risen, Vista has completed various preliminary evaluations that have confirmed that some of the projects would be potentially viable operations at today's gold prices. Currently, Vista is undertaking technical programs to bring the most advanced projects to the point where decisions can be made to put these projects into production, either by Vista, or through sale or joint venture to other mining companies. Vista's holdings include the Paredones Amarillos and Guadalupe de los Reyes Projects in Mexico, Mt Todd Project in Australia, Yellow Pine Project in Idaho, Awak Mas Project in Indonesia, Long Valley Project in California, and the Amayapampa Project in Bolivia.
Metco Acquires 100% of the Galinee Property and Further Consolidates its Position in the Matagami Mining Camp
MONTREAL, QUEBEC, May 24, 2007 (MARKET WIRE via COMTEX) -- Metco Resources Inc. ("Metco") (CA:MKO) is pleased to announce the signature and ratification on May 16, 2007, of a letter of intent to enter into a sale and purchase agreement with IAMGOLD Corporation ("IAMGOLD"), whereby Metco will purchase from IAMGOLD all its titles, rights and interests in the Galinee property located in the Matagami mining camp for one (1) million fully paid and non-assessable treasury shares of Metco and the assumption by Metco of the underlying royalty (NSR) payable to Newmont. This agreement is subject to regulatory approval.
The Galinee Property is contiguous to the Du Dome-Matagami property (Metco 50%-SOQUEM 50%) to the west and comprises a total of 217 claims covering 3,451 hectares. A portion of the property (137 claims or 2,171 ha) is subject to a NSR payable to Newmont based on the gold price (1.5% if gold is $350/oz or less and 2.0% if gold is over $350/oz).
Metco had just completed its commitment to spend $1.3 million in cumulative exploration expenses over three years, thus earning a 50% interest in the property. The option to earn the interest was granted to Metco by Cambior Inc. (now IAMGOLD) on February 16, 2005. This new agreement gives Metco a 100% interest in the property in lieu of its 50% earned interest. During the term of the option agreement, exploration was conducted under the direction and management of IAMGOLD, which is now finalizing a updated report on the property. A large portion of the Galinee property remains unexplored.
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In the precious metals patch, HSBC was busy changing ratings on a slew of miners, due mainly to recent stock price movements. Agnico-Eagle Mines (AEM), AngloGold Ashanti (AU) and Royal Gold (RGLD) were all upgraded to overweight from neutral.
The firm downgraded shares of Buenaventura (BVN) and Harmony Gold to neutral from overweight. Iamgold (IAG) was dinged down to an underweight rating.
LAS VEGAS, May 22, 2007 /PRNewswire-FirstCall via COMTEX/ -- Hemis Corporation (HMSO: hemis corp com) is an international resource company with several advanced stage exploration properties in Mexico and a project in Cook Inlet, 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.
LAS VEGAS, May 21, 2007 /PRNewswire-FirstCall via COMTEX/ -- Hemis Corporation (HMSO: HMSO) is an international resource company with several advanced stage exploration properties in Mexico and a project in Cook Inlet, Alaska. Hemis' Santa Rita property in Mexico has an Earn-In Agreement with Goldcorp Inc. (CA:G) (GG: GG) through Goldcorp's Mexican subsidiary Glamis Exploration.
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VANCOUVER, BRITISH COLUMBIA, May 21, 2007 (MARKET WIRE via COMTEX) -- (All figures are in US dollars unless stated otherwise)
Goldcorp Inc. (CA:G) (GG: goldcorp inc new com) today announced that it has entered into a $1.5 billion credit facility with a syndicate of twelve lenders.
The credit facility replaces the Company's existing credit facilities. It is intended to be used to finance growth opportunities and for general corporate purposes. The floating rate facility is unsecured and amounts drawn are required to be financed or repaid by May 18, 2012.
"Funds from recent transactions and our continued strong cash flow have resulted in Goldcorp being essentially debt-free in the current quarter," said Kevin McArthur, Goldcorp President and Chief Executive Officer. "This facility is consistent with the liquidity needs of a company our size, and it enables us to finance the mine construction activities that underpin the best growth profile in the gold mining industry."
For the facility, Bank of Montreal acted as Co-Lead Arranger, Administrative Agent and Sole Bookrunner and Bank of Nova Scotia acted as Co-Lead Arranger, Syndication Agent and Processing Agent.
Goldcorp is one of the world's lowest-cost and fastest growing multi-million ounce gold producers with operations throughout the Americas. The Company does not hedge its gold production.
Updates on Previous Picks
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Goldcorp (GG) remains on the Watch List. Wait for the stock to run up to $25 before entering a short position.
May 21, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Goldcorp Inc. (GG) entered a $1.5 billion credit facility with a syndicate of 12 lenders to replace its existing facilities.
The Vancouver-based gold producer said the Bank of Montreal (BMO) acted as co-lead arranger, administrative agent and sole bookrunner while the Bank of Nova Scotia (BNS) acted as co-lead arranger, syndication agent and processing agent.
Goldcorp plans to use the funds to finance growth opportunities and for general corporate purposes.
