Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
VANCOUVER, Nov. 18, 2011 /CNW/ – Fire River Gold Corp. and Mystery Creek Resources Inc. (TSX.V: FAU), (OTCQX: FVGCF), (FSE: FWR) (collectively “the Company”) are pleased to provide this update for the Nixon Fork Mine.
A $1.1 million provisional advance was supplied by Glencore this week for the fourth shipment of gold-rich copper concentrate. A total of $3.9 Million has been advanced to-date while both companies await final settlement on all four shipments.
Revenue from doré has also commenced with the sale of 400 ounces of gold to Johnson Matthey of Salt Lake City for a return of $ 710,000. Approximately 30.9 kg of doré containing 23.5 kg (766 ounces) of gold has been shipped to the refiner so far. Our first doré bars had unexpectedly high levels of both arsenic and bismuth, and required purification. The company is actively working on solutions to remove these impurities from the doré, both on and offsite. However, while revenue has been delayed, this issue is not anticipated to reduce revenue expectations or impose a significant operating cost increase. The remaining inventory of doré will be processed by the refiner and paid for over the next few weeks.
On behalf of the Board of Directors,
(signed)
Richard Goodwin
President & C.O.O.
