Posts Tagged ‘Gold Mining’

ASX Company News: Bendigo Mining Merges With BCD Resources

Friday, July 23rd, 2010

Bendigo Mining Limited (BDG) and BCD Resources NL (BCD) announce that they have entered into a Scheme Implementation Agreement for a merger of the companies to create a significant mid-tier Australian gold mining business. The Merger will be implemented by way of a scheme of arrangement under which it is proposed Bendigo will acquire all of the ordinary shares in BCD. BCD shareholders will receive 0.72 Bendigo shares for each BCD share held which, based on the last closing prices, implies a combined  market capitalisation of A$162 million. The scheme of arrangement will require approval by BCD shareholders at a meeting expected to be held in November 2010. The Merger offer ratio of 0.72 Bendigo shares for every BCD share implies an offer price of 4.4 cents per BCD share, representing an attractive premium of 44.0% to BCD’s 2010 and 25.2% to BCD’s 30 day VWAP. The Merger combines Bendigo’s production and strong balance sheet with BCD’s high grade Tasmania Mine.

The Merger will create a significant new mid-tier Australian gold mining company with increased scale, relevance and synergies; high grade gold production from three established underground mines at  the Henty Gold Mine, the Tasmania Mine and the Kangaroo Flat Mine which had combined  production of 137,6600 ounces in FY10.

Mr Rod Hanson, Bendigo’s Managing Director & CEO said, “The merger will combine two companies with highly complementary operational development and exploration profiles. The operational, scale and profile of the merged entity, its strong cashflow and healthy balance sheet will create a significant mid-tier Australian gold producer tier producer.”

Bendigo Mining Limited (BDG) is an Australian gold producer which owns and operates two producing underground gold mines in Australia; the Kangaroo Flat Mine in Bendigo, Victoria and the Henty Gold Mine on the West Coast of Tasmania. Bendigo is also involved in gold exploration in West Africa through its investment in GoldStone Resources Limited. BCD Resources NL (BCD) is an Australian gold producer which owns and operates the Tasmania Mine in Northern Tasmania. BCD is also advancing a copper project in Victoria with significant copper resources at two adjacent locations.

www.bendigomining.com.au

www.bcdresources.com.au

http://www.traderdealer.com.au/Fundamentals/bdg

http://www.traderdealer.com.au/Fundamentals/bcd

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ASX Company News: Ausenco Secures $32 million Contract With Newcrest Mining

Thursday, July 22nd, 2010

Global diversified engineering services and project management group, Ausenco Limited (AAX) signed a $32 million contract to provide engineering design services for the processing plant upgrade included within Newcrest’s recently announced $1.9 billion Cadia East Project at Cadia Valley near Orange, NSW.

Ausenco CEO Zimi Meka said “The signing of this contract for the Cadia East Project has built on  Ausenco’s long association with Newcrest, and work carried out for Newcrest during the study and pre- approval phases of the Cadia East project.” The Cadia East project will be Australia’s largest underground mine and is due to be complete by 2013.

Ausenco sets high global standards for leading edge engineering and project management services in the resources and energy sectors. Across 32 offices in 20 countries, it seeks ingenious solutions for its clients in the Energy, Environment & Sustainability, Minerals & Metals, Process Infrastructure and Program Management sectors.

www.ausenco.com

www.newcrest.com.au

http://www.traderdealer.com.au/Fundamentals/aax

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ASX Company News: Ausenco To Provide Engineering Services To Canadian Mine

Tuesday, July 20th, 2010

Ausenco Limited (AAX) announced the signing of a letter of award to provide engineering design and procurement services for Taseko Mines Limited’s C$814 million Prosperity gold-copper project in British Columbia, Canada. The Prosperity Project hosts a gold-copper deposit with proven and probable reserves of 831 million tonnes containing 3.6 billion pounds of recoverable copper and 7.7 million ounces of recoverable gold. Located in south-central British Columbia, Canada, the plant is expected to mill at 70,000 tonnes per day, with estimated annual production of approximately 110 million pounds of copper and 240,000 ounces of gold.

Ausenco CEO Zimi Meka said “We look forward to working closely with Taseko’s team on the development of this exciting gold-copper project in British Columbia. Our work commences immediately on managing the first stage of the engineering and procurement phase of the project and ramps up as Taseko’s key project milestones are progressed. We are pleased to have been selected as the preferred contractor for this component of a major Canadian gold-copper project. Securing this work is clear recognition of our strategic aim to grow our Minerals & Metals business presence in the Americas, building upon our strong presence in Canada and our global reputation in the design and construction of copper concentrators.”

Ausenco sets high global standards for leading edge engineering and project management services in the resources and energy sectors. Across 32 offices in 20 countries, it seeks ingenious solutions for its clients in the Energy, Environment & Sustainability, Minerals & Metals, Process Infrastructure and Program Management sectors.

www.ausenco.com

http://www.traderdealer.com.au/Fundamentals/aax

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ASX Company News: Couer d’Alene Mines Corporation Secures China Gold Contract

Thursday, June 24th, 2010

Coeur d’Alene Mines Corporation (CXC) today announced that Coeur Alaska, Inc., a wholly-owned subsidiary, has entered into a contract with China National Gold Group Corporation, China’s largest gold producer, for the purchase and processing of gold concentrates produced at Coeur’s new Kensington gold mine. This agreement is the first of its kind between a state-owned corporation of the People’s Republic of China and a U. S. precious metals mine.

“We are delighted to enter into this major relationship with China National Gold,” said Dennis E. Wheeler, Chairman, President and Chief Executive Officer of Coeur. “This represents a groundbreaking level of business relations between the two companies as this new, major gold mine begins the initial stage of its long production life.”

The Kensington mine, which is scheduled to begin production shortly, is expected to produce 50,000 ounces of gold this year and average approximately 125,000 ounces of annual gold production over an initial 12.5 year life based on current reserves of 1.5 million ounces. The contract with China National Gold relates to approximately half of the concentrates to be produced at Kensington.

China National Gold, a state-owned enterprise headquartered in Beijing, operates approximately sixty gold mines throughout China, representing over 20% of China’s total gold production. In addition to its mining operations, China National Gold also owns and operates a number of smelters and refineries throughout China. China National Gold is the only Chinese gold company that is a member of the World Gold Council. Coeur d’Alene Mines Corporation is one of the world’s leading silver companies and also a significant gold producer. Coeur is also a recognized leader in environmental stewardship and worker safety, with nine national and international awards earned over the past year. The Company also owns underground mines in Argentina and one surface mine in Nevada, and owns a non-operating interest in a low-cost mine in Australia. The Company conducts exploration activities in Alaska, Argentina, Chile and Mexico.

www.couer.com

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CGA Mining Output Exceeding Expectations

Tuesday, May 11th, 2010

The Board of CGA Mining Limited (CGX) reports that during the current month, with the continuing improvement in performance of the plant at the Masbate Gold Project, we have now achieved a new record throughput of in excess of 20,000 dry tonnes (on soft ore) in a 24 hour period (annual equivalent of in excess of 7 mtpa at 95% availability). The design throughput was only 4 mtpa and this was achieved before any of the planned modifications to further expand the production capacity of the plant.  Given the success of the addition of lead nitrate, the record throughput has also been achieved while maintaining strong recoveries.

CGA is listed on both the Toronto Stock Exchange and the Australian Securities Exchange.  The Masbate Gold Project is the largest gold project in the Philippines and was successfully developed with first gold poured on 12 May 2009. The project, which is currently ramping up to full production, has a total indicated resource base of 4.55M ounces, total inferred resource base of 3.22M ounces with a probable reserve of 3.03M ounces of gold. At steady state operations the project is forecast to produce over 200,000 ounces per annum.

The 4Mtpa plant was constructed by Leighton Contractors Asia Limited (“Leighton”) without one lost time injury. The mining contract for the Masbate Gold Project has been awarded to Leighton, the largest mining contractor in the world. CGA is completing a scoping study for the expansion of the plant throughput at Masbate.

CGA has a disciplined acquisition program focused on acquiring new gold projects with a substantial initial resource with the capacity to grow materially and where the development and operational experience of CGA can be applied to enhance shareholder value.

www.cgamining.com

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Mt Isa Metals Acquires 11 Gold Tenements in Burkina Faso

Thursday, April 29th, 2010

The Board of Mt Isa Metals Limited (MET) is pleased to advise that the company has finalised agreements that provide an option to acquire a 100% interest in eleven highly prospective gold exploration permits in Burkina Faso, West Africa.   The agreements provide access to multiple gold targets for the Company that warrant immediate exploration investment.

The permits comprise a total area of approximately 2,400km2 and are located in multiple greenstone belts across Burkina Faso. The permits include approximately 1,500km2 of highly prospective greenstone belt rocks – host to a significant number of large gold deposits in the region.

A significant number of recent gold discoveries in West Africa have been facilitated by follow up of artisanal mining activity. MET is pleased to report that the optioned permits contain seventeen (17) formal artisanal mining sites focussed on exploitation of near‐surface gold occurrences.

The agreements provide for a three year option period and include, an up front payment of US$18,500 (single lump sum signing payment covering all agreements) followed by per permit payments ranging from US$7,500 to US$10,00 at the end of a 60 day due diligence period. The options can be maintained by staged annual cash payments ranging from US$10,000 to US$15,000 per permit at the end of the first year of the option period, up to US$35,000 to US$45,000 per permit at the end of the third year of the option period.   If MET elects to participate to the end of the third year 100% ownership of the permits will be transferred to MET. MET has a right to withdraw from the agreements at any time. The vendors will be entitled to a 1.0% royalty over any gold produced from the properties.

Managing Director Peter Spiers commented, “We are very pleased to have concluded these option agreements in Burkina Faso. The agreements provide MET with access to an exciting portfolio of gold properties that we believe are highly prospective for future gold discoveries.”   “This is a key first step for MET in establishing a portfolio of gold properties in the region. The gold properties will significantly enhance the value of the company’s exploration portfolio and will complement our core base metal properties in the Mt Isa region which continue to yield exciting results particularly with respect to copper exploration.”

www.mtisametals.com.au

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Tanami Gold Acquires Groundrush Gold Project

Friday, January 29th, 2010

Gold  producer  Tanami  Gold  NL  (TAM) [“TGNL”] is  pleased  to  announce  that  it  has  agreed  to  acquire  a  100%  interest  in  the  Groundrush  Gold  Project  in  the  Tanami Arunta  Province  of  the  Northern  Territory  from  Newmont  Asia  Pacific  [“Newmont”]  for  A$22  million.

The  acquisition  is  part  of  a  broader  transaction  with  its  exploration  alliance  partner  ABM  Resources  NL  [“ABM”]  encompassing  an  extensive  exploration  portfolio  being  divested  by  Newmont  in  the  region.

Under  the  agreement,  TGNL  and  ABM  are  acquiring  the  Tanami  and  Barrow  Creek  Non Core  Divestment  Packages  [“Transaction”]  in  the  Tanami Arunta  Province  of  the  Northern  Territory  for  a  total  consideration  of  A$32.775  million.

TGNL’s  share  of  the  Transaction  is  A$22  million  for  100%  of  the  Groundrush  Gold  Project,  for  which  it  has  secured  financial  backing  from  its  largest  shareholder,  Allied  Properties  Resources  Limited  to  complete  the  Transaction.  The  commercial  terms  of  the  Transaction  have  been  agreed  by  all  parties  with  a  settlement  date  scheduled  for  30  March  2010  or  earlier,  subject  to  completion  of  relevant  consents  and  Newmont  board  approval.

The  Groundrush  Gold  Project  includes  a  JORC  Code  compliant  Resource  of  516,000  ounces,  a  1.25  million  tonne  per  annum  (Mtpa)  treatment  plant,  all  associated  support  infrastructure  including  office,  workshops,  airstrip,  140 person  accommodation  village,  borefield  and  communication  facilities,  as  well  as  an  extensive  package  of  Mineral  Leases  [21  Leases  with  a  total  area  of  125km2]  and  Exploration  Licences  [16  Licences  with  a  total  area  of  1,945km2].  The  treatment  plant  is  currently  non operational  and  will  require  partial  refurbishment  to  return  to  full  operational  mode.

With  the  addition  of  the  Groundrush  Gold  Project  assets  and  tenement package,  the  Company  is  aiming  to  lift  production  from  its  combined Tanami  operations  to  in  excess  of  200,000  ounces  per  annum  within  a two  year  period.

www.tanami.com.au

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Avoca Resources On Track For 100,000 Ounces

Monday, January 11th, 2010

ASX 200 mid-tier gold producer, Avoca Resources Ltd (AVO), is pleased to announce that it produced 50,952 ounces from its Trident underground gold mine during the December quarter. Trident lies within Avoca’s 100% owned Higginsville Gold Project located 130km south of Kalgoorlie in Western Australia’s Eastern Gold fields.

Cash operating costs for the Trident production during the December quarter amounted to A$458 per ounce1. Revenue for the 52,615 ounces sold during the quarter was A$1,208 per ounce.  Total production for the first half of FY2010 is 101,536 ounces, and well in line with Avoca’s 190,000+ production estimate for FY2010.

Total plant throughput for the December quarter was 300,030t @ 5.3 g/t gold for 50,952 recovered ounces. Plant recovery remained high at 97.0%. High grade mined production from Trident during the quarter was 235,438 tonnes at 6.2 g/t gold. The difference between total plant throughput and mined production from Trident was due to treating 52,193 tonnes of stockpiled low grade material.

Avoca’s Managing Director, Mr Rohan Williams, said “we are very satisfied with the grade performance and production results from Trident delivering its third successive plus 50,000 ounce quarter. Trident is now firmly established as one of Australia’s premier new underground gold mines.”

“Both the Trident mine and the Higginsville treatment plant continue to operate at above the 1 million tonne per annum design rates with the plant’s current rate set to approximately 1.2 million tonnes per annum. We remain confident that Avoca will achieve its production guidance of 190,000+ ounces at a cash operating cost of A$452 per ounce.”   Avoca will release its December quarterly report detailing all activities and results later in January.

www.avocaresources.com.au

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China Yunnan Copper Australia and ActivEX Sign JV Agreement

Monday, January 11th, 2010

China Yunnan Copper Australia Limited (CYU) announced today it has signed a binding joint venture agreement with ActivEX Limited (AIV) to explore ActivEX’s Pentland Project for large tonnage, intrusive style gold mineralisation. The joint venture will lead to early drilling of the Mt Remarkable and Norwood prospects in the first quarter of 2010.

Under the terms of the joint venture, first announced on 25 November 2009, China Yunnan Copper Australia will farm in to the Pentland Project area and can earn up to a 70% interest in the project area by spending $3 million in the next 5 years in a two stage earn-in. In the first stage, China Yunnan can earn up to 51% of the project by spending $1.25 million within three years including carrying out a drilling program at Mt Remarkable and Norwood prospects which must commence in the first quarter of 2010. If CYU elects to continue it can earn an additional 19% by spending a further $1.75 million within five years from commencement. CYU’s minimum commitment to the project is the first year’s expenditure commitments on the tenements including the drilling program. In addition, if CYU elects to continue earning after the first year it will grant ActivEX one million unlisted options to acquire shares in CYU, exercisable at $0.40 before 20 December 2012. The joint venture commenced on 1 January 2010 and drilling contracts for drilling of targets at Mt Remarkable and Norwood have been awarded.

China Yunnan Copper Australia Limited (CYU) is an Australian company listed in 2007 to explore for and develop minerals in Australia and overseas. China Yunnan Copper Australia Limited has a strong relationship with its cornerstone investor, Yunnan Copper Industry (Group) Co Ltd (YCI). YCI in turn is held 49% by Chinalco. Initially, the company is focused on exploring its tenements in Queensland for copper, gold and uranium but is actively evaluating other acquisition and joint venture opportunities to grow its business rapidly. ActivEX Limited (AIV) is a mineral explorer based in Brisbane with substantial exploration tenement packages in Queensland and an advanced Potash project in

Western Australia. In Queensland the Company has a significant ground holding in the Cloncurry district searching for Iron Oxide Copper Gold deposits and in eastern Queensland where epithermal gold/porphyry copper-gold-molybdenum style deposits are targeted. The Company has an existing joint venture at Booubyjan with Minotaur Exploration in which Mitsubishi Corporation and Mitsubishi Materials Corporation have an option to earn equity by funding significant drilling programs.

www.cycal.com.au

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Noble Mineral Resources Acquires Gold Mine In Ghana

Thursday, November 26th, 2009

Noble Mineral Resources (NMG) is pleased to announce that it has acquired a major Ghanaian gold mine and contiguous exploration licences totalling 100 square kilometres that will immediately transform the company into a substantial producer with significant mine life and significant exploration potential.

Noble has agreed to assume the existing obligations of Central African Gold Ghana Limited in return for 100 per cent ownership of CAGG. The total consideration includes the restructuring of the existing Investec debt facility to CAGG. Investec has granted Noble a two-year moratorium on debt re-payments, allowing Noble to establish its cashflows from Bibiani and to invest in the re-development of the mine.

Bibiani boasts a processing plant with an annual capacity of 2.7 million tonnes and a significant mining fleet in good working order. Included in the acquisition is a fully operational mine site with mine workshops, accommodation, a hospital, a school and a working fleet of light vehicles. All CAGG staff will be retained pending an operational review by Noble. Noble proposes to initially raise $5.4 million through a share placement at 27 cents a share.

www.nobleminres.com.au

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