Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (3568)	12/6/2013 11:02:51 AM
From: Goose94	Respond to of 202710

Sandstorm Metals & Mining (SND-V) partner Colossus Minerals (CSI-T) halts underground work at Serra Pelada Nov 6, 2013 - News Release Sandstorm Metals & Energy Ltd. has provided a status update related to Colossus Minerals Inc. and its efforts to secure financing for the balance of the expenses required to commence production at the Serra Pelada mine in Brazil. In a press release dated Nov. 14, 2013, Colossus announced that development delays at Serra Pelada had resulted in a change to the anticipated production start date at the mine and that additional capital would be needed. The management team at Colossus has estimated that $70-million (U.S.) is required in order to meet the company's existing obligations and progress Serra Pelada to production. At this time, the board of directors of Colossus has decided to cease underground development at Serra Pelada in order to reduce continuing costs. The company intends to continue with the dewatering program at the mine and commence underground definition drilling in connection with the preparation of a National Instrument 43-101-compliant resource estimate for Serra Pelada. Roscoe Postle Associates Inc. has been hired to complete the resource estimate which is expected by the end of December, 2013. Given that Colossus has material negative working capital, the company will need additional financing in order to proceed with the strategy outlined by its board of directors. Sandstorm will be reviewing its investment in the company for a partial or full impairment as there can be no assurance that adequate financing will be available for Colossus in the future.