Adamus Resources Limited (ASX: ADU) is pleased to announce the Nzema Gold Project in Ghana, West Africa has achieved commercial production effective 1 April 2011.
Canadian precious metals company North American Palladium Ltd's first-quarter loss narrowed, but the company cut its 2011 palladium production forecast as it shifts focus to development from production.
The company cut its full-year production forecast to 145,000-155,000 ounces of palladium from its earlier view of 165,000-175,000 ounces.
The price of gold reversed half of a 1% rally to $1510 per ounce in London on Monday, easing back as the US Dollar rose on the forex market and European stock markets fell hard, but then moved back up in later trading.
US crude oil contracts stalled after a 2.7% rally took them back to $100 per barrel.
Rio Alto Mining Limited (TSX-V:RIO) is pleased to announce the first gold pour at the La Arena gold oxide mine in north-central Peru on May 6.
The mining rate at La Arena is building up to a nameplate level of 10,000 tonnes per day of ore to pad with commercial production expected during Q3, 2011. Management is targeting gold production of approximately 75,000 ounces for 2011.
The Company recorded first quarter earnings of $168 million or $0.88 per share (basic) compared to earnings of $55 million or $0.55 per share for the previous year. The higher earnings in the current quarter were driven by a $134 million pre-tax gain on the disposition of Gold Wheaton shares, higher average copper prices and the inclusion of the Sudbury operations following the merger with FNX. These factors were partially offset by lower sales volumes at Robinson and Carlota.
Adjusted earnings for the first quarter totalled $51.8 million or $0.27 per share (basic) compared to $55.3 million or $0.56 per share (basic) for the previous year.
Eldorado Gold reported Thursday that proven and probable gold reserves have increased to 18.7 million ounces, as measured and indicated gold resources increased to 22.9 million.
However, gold production declined from 164,928 ounces during the first-quarter 2010 to 148,577 ounces during the first-quarter 2011. Nevertheless, gold revenues were up 14% during the first quarter due to higher sales prices this year.
Altius Mining (ASX:AYM) has commenced an initial public offering (IPO) with the intention of raising A$12 million and a listing on the Australian Securities Exchange (ASX). The company, based in Toorak, Victoria, is offering a maximum 60 million shares at 20 cents apiece. It expects to list on the ASX by June 2nd.
Seabridge Gold Inc. (TSX:SEA)(NYSE Amex:SA) announced today the results of an updated National Instrument 43-101 compliant Preliminary Feasibility Study ("PFS") for its 100% owned KSM project located in northern British Columbia, Canada.
Image by Seabridge Gold
Vaaldiam Mining Inc. (TSX:VAA) is pleased to report that Flemish Gold Corp. has closed a private placement of $10 million through BMO Capital Markets on May 3, 2011.
Vaaldiam owns 10,625,000 common shares of Flemish. The private placement consisted of 10 million units priced at C$1.00. Each unit included one common share and one warrant to buy one share at $1.20 for 24 months. Flemish expects to go public in 2011 and now has 57.3 million common shares issued.
Image by Valldiam Resources Ltd.
