Gold American Mining Corp. (SILA.OB) recently entered into a $7.5 million equity financing agreement with a European institutional investment group that specializes in backing precious metals and mining ventures. SILA reported they received funds in the amount of $300,000 in virtue of this agreement and that SILA still has a balance of $7.2 million that SILA could call upon to fund their exploration and acquisition strategy. During 2010, SILA have received total equity subscription proceeds of $500,000.
The funding will be utilized by Gold American in its ongoing acquisition strategy and specifically in the further exploration and development of its existing Keeno Strike Property in Nevada, which could potentially contain ~1.1 million ounces of gold and ~69.0 million ounces of silver accessible via open-pit bulk handling methods, and its Guadalupe Property in Mexico, which is located approximately 5 miles north of the world’s richest underground silver mine, operated by the +$10 billion London Stock Exchange-traded company, Fresnillo plc.
Last Trade: 0.90
Change: Up 0.05 (5.88%)
Day’s Range: 0.81 - 0.98
For more information about this company please visit http://www.gold-american.com/
Barrick Gold Corporation (NYSE: ABX) vision is to be the world’s best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.
ABX recently reported Q2 net income rose 59% to a record $783 million ($0.79 per share). Adjusted Q2 net income rose 76% to $759 million ($0.77 per share) ompared to $431 million ($0.49 per share) in Q2 2009. Operating cash flow rose 42% to $1.02 billion from $718 million in the prior year period and exceeded $2 billion in the first half of 2010.
Also, ABX reported Q2 gold production of 1.94 million ounces at total cash costs of $457 per ounce or net cash costs of $358 per ounce, was ahead of plan on strong performance from the North and South America regions. Barrick remains on track with its original full year production guidance of 7.6-8.0 million ounces at total cash costs of $425-$455 per ounce or net cash costs of $345-$375 per ounce.
Last Trade: 41.10
Change: Up 0.56 (1.38%)
Day’s Range: 40.42 - 41.35
For more information about this company please visit http://www.barrick.com/
Kinross Gold Corporation (NYSE: KGC) recently reported that it has reached an agreement in principle with Harry Winston Diamond Corporation pursuant to which Kinross will sell its 22.5% interest in the partnership holding Harry Winston’s 40% interest in the Diavik Diamond Mines joint venture to Harry Winston for US$220 million, comprised of US$50 million cash, approximately 7.1 million Harry Winston common shares with a value of approximately US$100 million, and a note payable in the amount of US$70 million. The completion of the transaction is subject to execution of definitive binding documentation, as well as the approval of the boards of both Harry Winston and Kinross, the receipt of all required third party consents, the receipt of required regulatory approvals (including the approval of the Toronto Stock Exchange) and other customary conditions of closing.
Last Trade: 16.39
Change: Up 0.22 (1.36%)
Day’s Range: 16.18 - 16.48
For more information about this company please visit http://www.kinross.com/
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