Precious Metals Sentiment Remains Level - Company Move Forward Secures New Permits for Mining Property
CORAL SPRINGS, Florida, March 26, 2014 /PRNewswire/ --
Mining sentiment focuses on future rebound possibilities with restructuring and positioning for new opportunities as precious metals company acquires permits for mining property in addition to their government-issued certificate of authorization: DNA Precious Metals Inc. (OTC: DNAP), Barrick Gold Corporation (NYSE: ABX), Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Golden Star Resources, Ltd. (NYSE: GSS)
DNA Precious Metals Inc. (OTCQB: DNAP) today announced that the Company has secured all required mining permits from the Quebec Provincial Government for the processing of the Anacon Lead mining residues located on the Montauban Mine Property. Previously, on September 14, 2012, the Company had received a Certificate of Authorization from the Quebec Provincial Government's Ministry of Sustainable Development, Environment, Wildlife and Parks ("MDDEP") to operate a gravity separation circuit to process the mining residues located on the Montauban Mine Property. On March 13, 2014, the Company received another Certificate of Authorization, also from the Quebec Provincial Government's MDDEP, with respect to operating a cyanide closed-circuit system to process the mining residues located on the Montauban Mine Property. This additional permit will enable DNA to achieve recovery rates of up to 92% for gold and 77% for silver.
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Also, on February 28, 2014, the DNA Precious Metals received approval, from the Quebec Provincial Government's Ministry of Natural Resources ("MRN") for the Restoration Plan on the Montauban Mine Property which will be implemented subsequent to the Company's processing of the mining residues on the site.
Barrick Gold Corporation (ABX) recently announced that, further to its release of March 10, 2014, it has completed the divestment of 41.0 million ordinary shares in African Barrick Gold plc ("ABG") (the "Placing Shares"), representing in aggregate approximately 10.0 percent of the issued ordinary share capital of ABG, at a price of 275 pence per ordinary share (the "Placing"), raising gross proceeds of approximately GBP 113 million (US$188 million). "ABG has made excellent progress with its Operational Review to increase production and reduce operating and capital costs, and the results to date have been favorably received by the market," said Jamie Sokalsky, Barrick's President and CEO.
Freeport-McMoRan Copper & Gold Inc. (FCX) recently announced that its oil & gas segment, Freeport-McMoRan Oil & Gas (FM O&G), was the apparent high bidder on 20 tracts in the Central Gulf of Mexico Oil and Gas Lease Sale 231 with a total investment of approximately $330 million net to FM O&G. The bids are subject to approval by the U.S. Bureau of Ocean Energy Management and these potential investments were included in the company's previously reported 2014 capital budget. FM O&G winning bids were primarily focused on high-impact, drillable targets in the Mississippi Canyon and Atwater Valley areas to complement FM O&G's existing infrastructure and production facilities and add several new exploration plays. The blocks, which cover approximately 106,000 gross acres, range in water depths up to 6,000 feet. The company expects to be notified and designated operator of these blocks by the third quarter of 2014.
Golden Star Resources, Ltd. (GSS) recently announced that Jeff Swinoga, Executive Vice President and Chief Financial Officer has resigned from the Company to pursue other opportunities. The Board of Directors has appointed André van Niekerk, Vice President and Controller as the Company's new Executive Vice President and Chief Financial Officer. Jeff has agreed to remain with the Company to assist in the CFO transition until early April 2014. André van Niekerk has more than 13 of years of mining experience at both an operational and corporate level including eight years at Golden Star. He has served as Controller of the Company since July 2012. In this role André was responsible for establishing the Company's enhanced financial reporting team in Toronto after the Company's head office relocation. Prior to that appointment, André held a number of finance positions throughout the Company for six years including four years as head of finance in Ghana. Whilst based in Ghana, André was Vice Chairman of the Ghana Chamber of Mines Energy Committee and a member of the Chamber of Mines Finance Committee. André is a qualified CPA and worked in KPMG's mining practice for six years before joining Golden Star.
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