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Takeover target Osisko sees higher production at key Canadian mine
MONTREAL — The Globe and Mail
Published Thursday, Mar. 20 2014, 9:14 AM E
Hostile takeover target Osisko Mining Corp. says its Canadian Malartic mine is expected to produce between 525,000 and 575,000 ounces of gold this year, up from 475,277 ounces last year.
The latest figures were unveiled Thursday as the Montreal-based company continues to stress the “world-class” status of Canadian Malartic in its efforts to fight off the hostile $2.6-billion bid from larger rival Goldcorp Inc.
“With life of mine average gold production of 597,000 ounces, cash costs of $525 [U.S.] per ounce and location in one of the world’s premier jurisdictions, it is abundantly clear that Canadian Malartic is a world-class low-cost gold mine,” said Osisko president and chief executive officer Sean Roosen.
Canadian Malartic is one of the biggest precious-metal mines in Canada, with proven and probable in-pit reserves of 9.37 million ounces.
Osisko has stated that Vancouver-based Goldcorp’s offer does not fully take into account the value that Canadian Malartic represents. It has also told its shareholders that Goldcorp’s shares are a risky bet.
Desjardins Securities analyst Michael Parkin said in a research note Thursday that the updated Canadian Malartic numbers are encouraging, given improved recovery estimates, lower-than-expected capital spending and life-of-mine cash costs.
Goldcorp’s bid is set to expire Friday, but an extension of that date is anticipated, Mr. Parkin said.
The Goldcorp offer is 0.146 of a Goldcorp share and $2.26 (Canadian) in cash for each Osisko share.
Osisko shares have been trading above the implied value of Goldcorp’s bid since it was first announced in January.
The company says it is aggressively seeking alternatives to the Goldcorp offer.
Fortuna Silver to issue 2013 results March 17
2014-03-11 07:11 ET - News Release
Mr. Carlos Bacam reports
FORTUNA TO RELEASE 2013 YEAR-END FINANCIAL RESULTS ON MARCH 17TH, 2014; CONFERENCE CALL AT 12 P.M. EASTERN ON MARCH 18TH, 2014
Fortuna Silver Mines Inc. will release its financial statements and MD&A (management's discussions and analysis) for 2013 on Monday, March 17, 2014.
A conference call to discuss the year-end financial and operational results will be held on Tuesday, March 18, 2014, at 9 a.m. Pacific Time/12 p.m. Eastern Time/11 a.m. Lima time. Hosting the call will be Jorge A. Ganoza, president and chief executive officer, and Luis D. Ganoza, chief financial officer.
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast or over the phone by dialling just prior to the starting time.
Conference call details:
Date: Tuesday, March 18, 2014
Time: 9 a.m. Pacific Time/12 p.m. Eastern Time/11 a.m. Lima time
Dial-in number (toll-free): 1-877-407-0778
Dial-in number (international): 1-201-689-8565
Replay number (toll-free): 1-877-660-6853
Replay number (international): 1-201-612-7415
Replay pass code: 13577328
Playback of the webcast will be available until June 18, 2014. Playback of the conference call will be available until March 31, 2014, at 11:59 p.m. Eastern Time. In addition, a transcript of the call will be archived in the company's website.
A real positive.
Romarco, Army Corps to publish Haile draft EIS
2014-03-13 13:40 ET - News Release
Mr. Dan Symons reports
ROMARCO PERMIT UPDATE: DRAFT ENVIRONMENTAL IMPACT STATEMENT PUBLICATION DATE
Romarco Minerals Inc. has been informed by the U.S. Army Corps of Engineers that it will publish its draft environmental impact statement for the Haile gold mine project either today Thursday, March 13, 2014, or tomorrow Friday, March 14, 2014. The draft EIS is a major milestone in the Haile gold mine permitting process.
The company also understands the following:
The corps' permit (pursuant to Section 404 of the Clean Water Act) is the only federal permit Romarco requires for the Haile project. In 2013, the company received four state permits -- national pollutant discharge elimination system permit, air quality permit, dam safety permit and stormwater construction permit. The state permits or authorizations remaining for the Haile project include, among others, the state mine operating permit and 401 water quality certification. For a list of other required permits, please see the National Instrument 43-101-compliant technical report filed on SEDAR on March 19, 2012.