MAI, KRR, TUO, RIO
At long last Minera Alamos aka MAI has received signoff on the financing needed to develop its next Mexican gold mine, called Cerro de Oro. We've known the details for months, but the problem was getting the lawyers to sign off. I am not surprised to learn that it was the Mexican lawyer that held things up...
MAI has already drawn down $5M from the financing, which will be used for advance work as they await the permits for construction, expected in Q1.
Message 34464450
And from IKN we get news that it appears the permit for the pad expansion on MAI's producing gold mine, Santana, seems to be caught up in a general permitting slowdown, driven by the AMLO government, for all open pit projects across Mexico. It is fortunate that MAI management has been so prudent in their financial planning that they can weather this delay without undue harm.
When a company is generating cash and thinks its shares are undervalued, they often embark on a share buyback programme. Australian gold and nickel miner Karora Resources aka KRR clearly thinks they fall into this category, as they have announced they are renewing their normal course issuer bid, which will allow them to buy and cancel up to 8,886,939 of the shares currently trading on the TSX. Personally, I also think KRR is undervalued, but I hope they don't get to buy many shares back at a discount price because the market has finally recognized their true value.
ca.finance.yahoo.com
When I heard that BWCG was buying out OPV, I wondered what effect it would have on the JV OPV had with Teuton Resources aka TUO on the Harry prospect in BC's Golden Triangle. OPV had been very gung ho, agreeing to an extensive work programme and cash payments in return for earning 80% of the JV.
Well, now we know that BWCG will also be a good partner for TUO on Harry, taking on the JV obligations with gusto. Indeed, they are already announcing a new discovery on the property. Here's how excited they are; they are calling the assays 'the most exceptional intercepts in the Golden Triangle in recent times'.
That may be a little hyperbolic, but the intercepts from the Swann Zone, which include 29,098 g/t AgEq (312 g/t Au and 101 g/t Ag) over 1.0m, and 25,862 g/t AgEq (277 g/t Au and118 g/t Ag) over 1.0m, are certainly very impressive, with the minerlization style, very high grade Au/Ag veins, being reminiscent of what is being mined not far away at NEM's Brucejack Mine. Assays from other sections of the two discovery holes as well complete assays for six other holes at Swann are still pending. Let us hope they have found more high grade veins.
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Also from IKN, we hear that the appeal by Rio2 aka RIO regarding its permit for developing the Fenix gold mine in Chile did not get a slot in the October meeting of the appeal board. Hope it gets into either the Novemeber or December meetings. |
