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Goldcorp Inc. “G” and Gold Eagle Mines Ltd. “GEA” announced that Goldcorp will acquire all outstanding shares of Gold Eagle.--- The total consideration for 100% of the fully diluted shares of Gold Eagle was approximately CD $ 1.5 billion.-----
Recent Red Lake News -- Premier Gold “PG”:
Red Lake/Rahill-Bonanza JV Project:
New structure: Immediately south of the tram identified.
Strong veining and mineralization has been intersected.
·Assays will be released in Q1-2014.
Wilmar Zone: Initial drilling is testing the primary target on the property.
After encountering some difficulties ----
the target horizon was recently intersected with visually favourable mineralization.
·Initial assays expected in Q1-2014.
The strong cash position will allow “PG” to advance its core projects without additional financing.
On Monday, November 25, banks will be able to trade Gold Swaps through China's Singapore Exchange.
- Only physical gold or cash will be transacted through Singapore, which should reduce the influence of derivatives.
- This will result in arbitrage trading* - buying on COMEX and selling in Singapore resulting in a more efficient gold market.
· Arbitrage activity should improve the COMEX price due to more efficient markets.
* Arbitrage trading: The simultaneous purchase and sale of an asset in order to profit from a difference in the price. It is a trade that profits by exploiting price differences of identical or similar financial instruments, on different markets or in different forms. Arbitrage exists as a result of market inefficiencies; it provides a mechanism to ensure prices do not deviate substantially from fair value for long periods of time.
There is a high possibility that Premier Gold shares have bottomed, providing they hold the August 2013 low of $ 1.76 --IMHO
“I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy,” Yellen said.
http://www.marketwatch.com/story/yellen-backs-feds-bond-buying-program-2013-11-13?dist=tbeforebell
“PG” Late Trades
16:58:30
T
$2.00
+0.02
2,500
1 An
79 CIBC
16:57:44
T
$2.00
+0.02
2,000
1 An
79 CIBC
16:58:30
Bid
0.5
$2.00 · $2.02
Ask
1.0
Gold: $1282.30+$16.10@17:15 vs. 1269.20+$3.00@13:30
PG Trades Wednesday November 13, 2013
@ 16:00 bid 12.0
1.99 · ask 2.00
19.6
16:00:00
$2.00
0.02
700
80 Natl
79 CIBC
716.1
16:00:00
2.00
0.02
100
80 Natl
53 Morg
Q
15:59:59
1.99
0.01
1,800
79 CIBC
1 Anony
15:59:59
1.99
0.01
300
79 CIBC
1 Anon
15:59:59
1.99
0.01
5,000
7 TD
1 Anon
15:59:59
1.99
0.01
200
101 New
1 Anon
15:59:59
1.99
0.01
100
79 CIBC
2 RBC
15:59:57
2.00
0.02
100
2 RBC
79 CIBC
15:59:57
2.00
0.02
100
53 Morg
53 Morg
15:59:56
2.00
0.02
400
2 RBC
79 CIBC
In my opinion, the new 43-101 numbers are impressive!
HARDROCK DEPOSIT UPDATED 43 101 MINERAL RESOURCE ESTIMATE -- not as uninspiring as some have stated!
-
Indicated resources of 3.24 million ounces of gold (77% of Trans-Canada); 100% = 4,207,792 ounces -
Inferred resources of 3.78 million ounces of gold; (94% of Trans-Canada); 100%= 4,021,277 ounces
Trans Canada Property 100% = 8,229,069 ounces
---- “The database used for this mineral resource estimate reflects fully complete drill hole assay and survey data as of Aug. 9, 2013. At that time, Premier had completed approximately 97,000 metres of diamond drilling during 2013. It is estimated that by the end of 2013, approximately 140,000 metres of diamond drilling will have been completed. As such, the new estimate is considered an interim mineral resource estimate as it includes approximately 50 per cent of the new assay data anticipated for 2013. A final resource update will be completed following the conclusion of this drill program, which will continue into the early part of 2014.
The Hardrock deposit represents 77 per cent of the total measured and indicated ounces, and 94 per cent of the total inferred ounces contained within the Trans-Canada property.
The database used for this mineral resource estimate reflects fully complete drill hole assay and survey data as of Aug. 9, 2013. At that time, Premier had completed approximately 97,000 metres of diamond drilling during 2013. It is estimated that by the end of 2013, approximately 140,000 metres of diamond drilling will have been completed. As such, the new estimate is considered an interim mineral resource estimate as it includes approximately 50 per cent of the new assay data anticipated for 2013. A final resource update will be completed following the conclusion of this drill program, which will continue into the early part of 2014.
The maximum depth of the open-pit portion of the mineral resource estimate, based on an optimized Whittle pit, is 477 metres from surface. The resource estimate completed in 2012 limited the depth of the open-pit portion of the estimate to 200 metres from surface. This change has contributed to the increase in the inferred resources in the open-pit portion of the estimate.
Some additional changes have been made in completing the estimation in 2013 versus 2012, which Premier believes results in a strong overall resource estimate. Some of these include:
- Nominally higher underground cut-off grade of three grams per tonne versus 2.8 grams per tonne in 2012, reflecting the lower gold price used;
- More conservative capping strategy reduces approximately 29 per cent of ounces (21 per cent in 2012) versus uncapped equivalent;
- Adjusted specific gravity (SG) at Hardrock to reflect new data;
- Interpolation constrained by lithology wire frames developed for litho-stratigraphic geology model;
- More conservative approach in establishing resource categories;
- More conservative approach to handling mineralization adjacent to voids created from historic mining.
The total impact of these choices and adjustments has resulted in a nominal increase in ounces estimated, despite a decrease in the long-term gold price versus 2012 to $1,300 (U.S.) per ounce. A more conservative capping strategy, which removes approximately 29 per cent of the gold contained within an uncapped inventory, has slightly reduced grades reported. Also, a decision has been made to eliminate the measured category from the resource estimate until such time as the data set is further supported by channel and/or chip sampling, as well as detailed geological mapping, to ensure the highest degree of continuity is established. In Premier's opinion, this final rebalancing of ounces and categories helps ensure the block model fully reflects the data modelling the in situ mineralization of the Hardrock deposit.
The Hardrock gold deposit is the largest gold deposit within the Trans-Canada property and is located three kilometres south of the town of Geraldton in Ontario. Open-pit mineralization has been identified where historic gold mining comes to surface, and underground mineralization consists of both new horizons located parallel to the historic mine and extensions of the main zones historically mined.
Diamond drilling results and update -- Continuing work at Hardrock includes:
- Continued drilling to further define and expand mineralized horizons (see new highlight results in the attached table);
- Geotechnical drilling has been completed so that an accurate pit slope analysis can be completed;
- Comprehensive metallurgical work is in progress;
- Preliminary economic assessments for the Hardrock and Brookbank projects are under way;
- Baseline environmental work is in progress.
The current drill program, focused primarily on upgrading resources from the inferred category to the indicated category, continues to define strong mineralization in multiple zones. Current work is also aimed in part at defining the potential for a higher-grade starter pit that could reduce potential payback periods and improve project economics. It is Premier's near-term goal to upgrade essentially all the resource within the optimized Whittle pit to a minimum of an indicated category of confidence in order to be prepared in the event that a future decision is confirmed to conduct a feasibility study at Hardrock.
Some key highlights from recent drilling (after August 9, 2013) include:
-
19.93 grams per tonne gold across 9.9 metres in hole MM446, 0.9 gram per tonne gold across 147.4 metres in hole MM462 and 11.44 grams per tonne gold across 19.5 metres in hole MM491 in the P-zone horizon; -
9.38 grams per tonne gold across nine metres in hole MM425, 19.61 grams per tonne gold across four metres in hole MM432 and 17.7 grams per tonne gold across 4.3 metres in hole MM465 in the Fortune zone horizon; -
3.78 grams per tonne gold across 11 metres in hole MM411 and 2.5 grams per tonne gold across 54 metres in hole MM474 in the F-zone horizon.
Results reflect data up to and including drill hole MM494. At the time of writing, drill hole MM545 was currently in progress. A full table of results is available on the company's website. -----“
Goldcorp not ruling out deals, big capital projects
By Allison Martell DENVER | Mon Sep 23, 2013 4:27pm EDT
A drop in precious metal prices and a spike in costs is weighing on cash flow at Goldcorp, as with other gold producers, but the company has largely avoided the excesses of the last round of mining deals, maintaining a relatively strong balance sheet.
"Growth isn't a dirty word - a lot of the peer companies are acting like it is," Jeannes said. He said Goldcorp's primary focus is on building three existing projects that will boost gold production over the next five years, but added that the company is also looking for new opportunities.
"Perhaps if our peers are not looking at things, that gives us a better opportunity," he said.
Barrick Gold Corp (ABX.TO), the world's biggest gold producer, has said unequivocally that given the tough market, it has no plans to build new mines.
Some investors are still angry about deals Barrick closed during the commodities boom, especially its C$7.3 billion ($7.1 billion) takeover of Africa-focused copper miner Equinox in 2011, as well as the big cost increases at its Pascua-Lama project on the border between Chile and Argentina.
Goldcorp has had some operational problems at its Peñasquito mine in Mexico, and in 2012 permitting issues forced it to suspend its El Morro project in Chile. But the Vancouver-based company has surpassed Barrick's market capitalization, even though it produces less gold.
Jeannes acknowledged that investors are wary of projects with big capital requirements, but he said Goldcorp is looking for quality assets that offer good returns, and it considers cost, size, mine life and location in its assessments.
"If all that happens, and it's still a big capital number, but we're confident in all the other criteria, then that's not a factor that's going to stop us from going forward," he said.