Mining Stocks in Play for Tuesday - New Colombia Resources, Golden Star Resources, CONSOL Energy, James River Coal, Cliffs Natural Resources
CORAL SPRINGS, Florida, August 13, 2013 /PRNewswire/ --
FinancialNewsMedia.com issues news updates for today's active mining companies and current market leaders: New Colombia Resources, Inc. (OTCQB: NEWC), Golden Star Resources Ltd. (NYSE: GSS), CONSOL Energy Inc. (NYSE: CNX), James River Coal Company (NASDAQ: JRCC) and Cliffs Natural Resources Inc. (NYSE: CLF).
New Colombia Resources, Inc. (OTCQB: NEWC) Headline: New Colombia Resources Inc. Announces Results of Coal Surface Samples Showing High Grade Anthracite Qualities in Colombia. New Colombia Resources received the preliminary results for coal surface samples taken by SGS Colombia S.A. from their coal mine in Guaduas, Colombia. SGS needed these results in order to finish a drill programme on behalf of the Company. SGS expects the drill program to be ready this week.
The results are available on the Coal Specifications page of the company's new website, http://www.newcolombiaresources.com.
To read the entire press release, please go to http://finance.yahoo.com/q/h?s=USRC+Headlines
The samples taken by SGS in June were analyzed by SGS Minerals Services in Barranquilla, Colombia on July 11, 2013. Of the 9 samples analyzed, 7 were very high quality coal and 2 were lower quality coal. The Company is extremely pleased with the first two samples which showed High Grade (HG) anthracite values with an 80% fixed carbon content, .64% sulfur, and 9.5% ash. The company is not satisfied with the lower quality results of 2 samples and is waiting for a formal report from SGS to determine the locations and extraction method of these samples. New Colombia Resources believes the majority of their coal has a coking coal to semi-anthracite rank. A paper titled Coal Resources of the Americas published by the American Geological Society stated "middle Guaduas is characterized by thick beds of shale that are subdivided by sandstone and good concentrations of mineable coal beds which make this unit the best coal producer." The paper goes on to say that "thermo metamorphic action changed the rank of the coal beds in Guaduas from bituminous to meta-anthracite." "New Colombia Resources is very encouraged by these results since Anthracite sells for 2 or 3 times as much as bituminous coals and is used in the metallurgical, chemical, and manufacturing industries," stated John Campo, President of New Colombia Resources.
Golden Star Resources Ltd. (NYSE: GSS) - Gold sold during the second quarter of 2013 was 85,090 ounces, 4.6% higher than the 81,361 ounces sold in the first quarter of 2013, despite the cessation of operations at the Pampe pit in April. Gold sold in this quarter is in line with the 85,183 ounces sold during the second quarter of 2012. Total gold sold during the six months ended June 30, 2013 was 166,451 ounces, in line with 2013 guidance of 290,000 to 310,000 ounces. Revenue decreased by approximately 12% to $120.7 million for the second quarter of 2013, down from $136.3 million generated during the second quarter of 2012. This decrease is due in large part to the decrease in the average realized gold price of $1,418 per ounce for the second quarter of 2013, down from $1,600 for the same period of 2012. Read the full report at http://finance.yahoo.com/news/golden-star-reports-financial-results-112427386.html
CONSOL Energy Inc. (NYSE: CNX), the leading diversified fuel producer in the Eastern United States, has resumed normal coal operations at the Bailey Preparation Plant in Southwestern Pennsylvania. A partial structural failure in a newly-installed belt system caused the suspension of longwall production from the company's Bailey and Enlow Fork mines. CONSOL Energy reaffirms its earlier expectation to sell from 13.4 to 13.9 million tons of coal during the third quarter.
James River Coal Company (NASDAQ: JRCC), recently announced that it had net income of $52.6 million or $1.16 per diluted share for the second quarter of 2013 and net income of $10.5 million or $0.29 per diluted share for the six months ended June 30, 2013. Second quarter and the six months ended June 30, 2013 results include $101.2 million or $2.20 per share and $2.82 per share, respectively, of pre-tax gain related to the Private Exchange Transactions. The 2013 results are compared to net loss of $25.8 million or $0.74 per diluted share for the second quarter of 2012 and net loss of $41.4 million or $1.19 per diluted share for the six months ended June 30, 2012. Read the full report at http://finance.yahoo.com/news/james-river-coal-company-reports-105500439.html
Cliffs Natural Resources Inc. (NYSE: CLF) News: First Point Minerals Corp. (TSX: FPX) announced that by mutual agreement of the parties, First Point and Cliffs Natural Resources Exploration Canada, an affiliate of Cliffs Natural Resources Inc., have extended by 30 days, to September 5, 2013, the deadline by which Cliffs can make its election to self-fund the Pre-feasibility Study phase of the Decar project, under the terms of the existing option agreement between the Company and Cliffs. Cliffs can elect to earn an additional 5% interest in the Decar nickel-iron alloy project in British Columbia by completing a NI 43-101 compliant Pre-feasibility study by August 6, 2015, and maintain its right to earn a further 10% interest by self-funding a bankable feasibility study. Absent Cliffs' election to earn such additional interest, a joint venture will be formed, with Cliffs and First Point having initial participating interests of 60% and 40%, respectively.
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