Mining Industry Briefing Inclusive of Resource Company Confirming Increased Precious Metals Yields
CORAL SPRINGS, Florida, December 16, 2013 /PRNewswire/ --
Market news updates and research displays precious metals increase as mining companies continue to develop resources: Paradigm Resource Management Corporation (OTCQB: PRDC), New Gold, Inc. (NYSE: NGD), Barrick Gold Corporation (NYSE: ABX), Petr (NYSE: PBR), Goldcorp Inc. (NYSE: GG) and Newmont Mining Corporation (NYSE: NEM).
Paradigm Resource Management Corporation (OCTQB: PRDC) today announced that TOSS Plasma Technologies Limited ("TPT"), a PRDC investment portfolio company, obtained assay test results for complex ore which was extracted from a tungsten mine located in Myanmar. Sample test results dated November 11, 2013 showed that 495 grams per metric ton of gold were found after application of RF-Plasma compared to less than 34 grams per metric ton of gold found in pre-RF Plasma complex ore, resulting in approximately 15 times improvement in gold extraction.
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According to Ted Ozaki, Paradigm Resource Chief Executive Officer, "These outstanding test results are very common after application of our RF-Plasma technology. From our experience, we have found that complex ore with higher concentration of precious metals can be frequently found surrounding producing or abandoned mines. Our mission is to identify untapped sources of rich complex ores. We have a convincing value proposition to mining owners and operators to help extract more value from their existing resources. Based on the positive test results, we are in the process of testing the concentration of not only gold but also for silver, platinum and copper and results can be expected in a matter of weeks. We are receiving a lot of interests from mining companies worldwide, wanting RF Plasma and assay work done on their respective properties."
New Gold, Inc. (NYSE: NGD) announces the results of the Feasibility Study for its Blackwater Gold project ("Blackwater" or the "Project") in British Columbia, Canada. "The completion of the Blackwater Feasibility Study is an important milestone for our company," stated Randall Oliphant, Executive Chairman of New Gold. "The Project has many great attributes including: its secure jurisdiction, long life, robust production potential, all-in sustaining costs well below industry average, and continued exploration potential. However, the combination of gold being down by over $500 per ounce since we completed the Preliminary Economic Assessment for Blackwater in September of 2012 and our Rainy River project having a more modest capital requirement, results in our primary objective being the advancement of Rainy River."
Barrick Gold Corporation (NYSE: ABX) recently announced that its Founder and Chairman, Peter Munk, will retire as Chairman of Barrick and will step down from the company's Board of Directors at the 2014 Annual Meeting of Shareholders (AGM). Mr. Munk founded Barrick in 1983, growing the company from a small junior producer with one mine into the global gold industry leader and a Canadian champion, with operations on five continents. John L. Thornton, who has played an increasingly important role at Barrick since his appointment as Co-Chairman in 2012, will become Chairman at the 2014 AGM.
Petr (NYSE: PBR) operates as an integrated oil and gas company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production activities; sale and transfer of crude oil in domestic and foreign markets; and sale of oil products produced at natural gas processing plants. The company's Refining, Transportation, and Marketing segment is involved in the refining, logistics, transportation, export, and purchase of crude oil, as well as in the purchase and sale of oil products and ethanol. The company's Gas and Power segment engages in the transportation and trade of natural gas; transportation and trade of liquid natural gas; generation and trade of electric power; holds interests in natural gas distribution and thermoelectric power stations; and fertilizer business. Its Biofuel segment engages in the production of biodiesel and its co-products, as well as in the production and marketing of ethanol, sugar, and the excess electric power generated from sugarcane bagasse. The company's Distribution segment distributes oil products, ethanol, and compressed natural gas in Brazil. As of December 31, 2012, the company had proved developed oil and gas reserves of 7,543.3 million barrels of oil equivalent (mmboe) and proved undeveloped reserves of 4,730.6 mmboe in Brazil.
Goldcorp Inc. (NYSE: GG) recently announced that negotiations are continuing between Minera Peñasquito S.A. de C.V. ("Minera Peñasquito") and authorized representatives of the Cerro Gordo Ejido with a view to reaching a mutually beneficial settlement of a land claim. These negotiations are taking place under the official observation of the office of the Mexican Secretary of the Economy and Goldcorp believes that proper representatives of both parties are currently engaged in a constructive process. Goldcorp has recently received notice from a Canadian law firm purporting to represent the Cerro Gordo Ejido threatening to commence litigation against Goldcorp in Canada concerning these same lands, in an apparent effort to disrupt the ongoing negotiations and legal process from continuing under the auspices of the Mexican judicial system. Goldcorp and Minera Peñasquito have assessed the underlying allegations of the proposed litigation and believe they are baseless and without merit and will vigorously defend any claim if one is filed. Goldcorp believes it is in the best interests of all concerned to continue with the good faith efforts toward a mutually beneficial settlement rather than engage in litigation in Canada that could indefinitely defer any final resolution of this matter.
Newmont Mining Corporation (NYSE: NEM) recently announced the signing of a Stock Purchase Agreement (the "Agreement") under which Klondex Mines Ltd. (KDX.TO) ("Klondex") will acquire Newmont's Midas underground operation and mill complex in Nevada for total consideration in excess of $83 million. The purchase price comprises approximately $55 million in cash, subject to customary adjustments, and the replacement of Newmont surety arrangements with Nevada and federal regulatory authorities in the amount of approximately $28 million. In addition, Newmont will receive 5 million common share purchase warrants of Klondex that have a 15-year term, subject to acceleration in certain circumstances, and having an exercise price to be determined on the closing date.
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