#Mining in #Mexico: Gainey Capital (TSXV: $GNC; OTCQX: $GNYPF), Goldcorp (TSX: $G), Premier
Gold Mines (TSX: $PG), Yamana Gold (TSX:
$YRI)
Sector Snapshot
- #Mining #Investors See Gains in Wednesday’s Trading Following Tuesday’s Big
Drop
Point Roberts, WA, Delta BC – October 6, 2016 –
Investorideas.com, a global news source and investor resource issues a sector snapshot
for mining stocks. Following Tuesday’s significant drop of gold prices and some
stocks seeing double digit percentage losses, investors in the sector were
rewarded with some gains in Wednesday’s trading session.
Both the S&P/TSX Composite Index and the
S&P/TSX Venture Composite Index closed up, mainly led by energy stocks.
Sector Snapshot- Mining in Mexico
Gainey Capital Corp. (TSXV: GNC; OTCQX: GNYPF) closed on Wednesday at 0.30+0.03 (+11.11%) on the TSX. On October 4th they announced assay
results from the second and third holes of the Company's Phase 1 drill program
at the near surface, La Nueva Victoria Mineralized Zone ("La Nueva
Victoria") of the El Colomo property in Sierra Madre Golden Belt, Mexico.
The mineralization encountered in hole DHEC160002
("Hole 2") commenced at 19.40 meters from surface for 72.20 meters of
0.41 g/t Au and 20.21 g/t Ag (0.69 g/t Au Eq) and for hole DHEC160003
("Hole 3") commenced at 10.50 meters from surface for 34.20 meters of
1.19 g/t Au and 86.57 g/t Ag (2.39 g/t Au Eq).
Goldcorp Inc. (TSX: G ) closed at 19.03 Up 0.03(0.16%) on the TSX. On October 3rd they
announced a controlled shutdown of operations at its Peñasquito mine, following
an illegal blockade by a trucking contractor that began September 26, 2016.
Goldcorp recently undertook efforts to diversify its local transportation
supply chain and distribute economic benefits to more local suppliers, while
realizing cost efficiencies at the mine. Headlines on Wednesday from Reuters said
“Talks to resolve Goldcorp Mexico mine blockade under way.”
Premier Gold Mines Limited (TSX: PG) closed up at $3.47+0.03 (+0.87 %). On October 3rd they confirmed
a current Mineral Reserve and Resource estimate for the Company’s 100%-owned
Mercedes Mine, located in the State of Sonora, Mexico, some sixty-five (65)
kilometres southeast of Magdalena de Kino. The estimate, completed by the
Mercedes Mine personnel (with an effective date of June 30, 2016) is documented
in an independent technical report completed on behalf of Premier by Roscoe
Postle Associates Inc. (RPA).
Highlights of the June 30, 2016 Mercedes estimate
include:
•Proven & Probable Reserves exceed 400,000
ounces gold, a 21% increase from 2015 net of depletion
•Proven Reserve grade exceeds 6.00 g/t Au
•Measured & Indicated Resources of 382,000
ounces gold and 4.4 million ounces of silver
•Measured & Indicated Resource grade has
increased 23% to 4.14 g/t Au
“A renewed focus on reserve and resource definition
at Mercedes has resulted in a 20% increase in Proven and Probable reserves
between December and June. This is a result of excellent work by the
professional Management team at site” commented Premier President & CEO
Ewan Downie. “Premier is now in place as a fully-engaged mine operator and we
will continue to seek to grow reserves and resources by maintaining an
aggressive exploration and development effort.”
Yamana Gold, Inc. ( TSX: YRI ) closed
at 5.01+0.08 (+1.62%) on the TSX. On October 3rd they announced they had completed
the sale to Premier Gold Inc. ("Premier") of its Mexican subsidiaries
through which the Mercedes mine is held. Pursuant to the transaction, the
Company received total consideration of $122.5 million in cash plus shares,
equity securities and net smelter return royalties having an additional value
of approximately $22 million. The marketable securities received include 6
million common shares of Premier and 3 million common share purchase warrants
of Premier that are exercisable at C$4.75 per common share for 24 months. The
Company also received a 1.0% net smelter return royalty on the Mercedes mine, that
becomes payable upon the earlier of six years from the completion of the sale
and the date upon which cumulative production of 450,000 ounces of gold
equivalent from Mercedes has been achieved, as well as a 2.0% net smelter
return royalty on the La Silla property in Sinaloa, Mexico and the La Espera
property in Sonora, Mexico.
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