Regional News - Latin America June 2017

Pizarro: Codelco to Keep its Foot on the Brake

Nelson Pizarro, CEO, Corporación Nacional del Cobre (Codelco), delivered a speech at the Exponor conference in Antofagasta, Chile, on May 16. Those who are familiar with Pizarro know that he does not mince words. He is a respected engineer, who managed many Chilean mining operations during his 50-year career before taking the helm at Codelco in July 2014 in his 70s. During his tenure as CEO of the world’s leading copper producer, he has seen copper prices and head grades steadily decline, while costs continued to increase.

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Continental Gold Garners Backing for Buriticá Project in Colombia

Continental Gold announced sales of company common shares to Newmont Mining and RK Mine Finance Master Fund I (Red Kite) having a combined value of $136 million. Continental will use the funds to advance its underground Buriticá gold project in Antioquia department, northwest Colombia, where formal construction is scheduled to begin before year-end 2017.

The Newmont transaction is valued at $109 million and will give Newmont an approximate 19.9% interest in Continental. In addition, the companies will form a strategic alliance to evaluate opportunities to partner on exploration of Continental’s other properties in Colombia.

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Regional News - Latin America May 2017

Leagold Acquires Los Filos Gold Mine from GoldcorpLeagold Mining, a Canadian company headquartered in Vancouver, British Columbia, has acquired the Los Filos gold mine in Guerrero state, Mexico from Goldcorp for $350 million. Los

Leagold Mining, a Canadian company headquartered in Vancouver, British Columbia, has acquired the Los Filos gold mine in Guerrero state, Mexico from Goldcorp for $350 million. Los Filos operations include two open pits (Los Filos and Bermejal), an underground mine at Los Filos, and the opportunity to develop a new underground mine at Bermejal as an expansion project. During 2016, Los Filos produced 231,000 oz of gold at an all-in sustaining cost (AISC) of $878/oz.
The purchase price for Los Filos consisted of $279 million in cash and $71 million in Leagold common shares. The transaction was announced on January 12, 2017 and closed on April 7. Post-closing, Goldcorp holds a 25.3% equity interest in Leagold, and Russell Ball, Goldcorp’s executive vice president corporate development and CFO, has joined Leagold’s board of directors.

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Montagne d’Or Study Calls For 237,000 oz/y of Gold

Nordgold and Columbus Gold have reported the results of an independent bankable feasibility study of their Montagne d’Or gold project in French Guiana that anticipates development of an open-pit mining operation producing 237,000 oz/y of gold during its first 10 years of operation. The study was funded by Nordgold, pursuant to which it earned a 50.01% interest in the project. Nordgold has also acquired an additional 5% interest as the result of a share purchase agreement dated January 12, 2016 and now holds a 55.01% interest in the project.

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San Ramon Achieves Commercial Production

After completing construction, commissioning of the mill and pouring first gold in November, Red Eagle Mining Corp. reported that the San Ramon gold mine achieved commercial production at the end of March. The processing facility has reached a steady state and underground mining is progressing at an increasing rate with the opening up of additional ore development headings.

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Minsur Modifies EIS for San Rafael Mine in Peru

The Peruvian Service of Environmental Certification for Sustainable Investments (Senace) has approved the modification of the Environmental Impact Study (EIS) for the Re-approval of Tailings project at the San Rafael mine, which is owned by Minsur. The $344 million project will re-process tailings to extract tin concentrates using a new mineral processing facility. Located in southern Peru, the mine is the country’s lone tin producer and the EIS modification considers the impact of the reuse of the tailings deposit.

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Pan American to Acquire New Argentine Mining Project


Patagonia Gold plc and Pan American Silver have entered an agreement to basically exchange mining assets in southern Argentina. Minera Triton Argentina, a subsidiary of Pan American Silver, will acquire the Cap Oeste Sur Este (COSE) project in Santa Cruz province for $15 million. Patagonia Gold gets an exclusive option to buy Minera Aquiline Argentina, a subsidiary of Pan American, which owns the Calcatreu gold-silver project, for $15 million. Patagonia Gold will have six months to execute the option.

 

Regional News - Latin America - April 2017

Lundin Gold Awards Fruta del Norte Mine Development Contract

Lundin Gold’s wholly-owned subsidiary Aurelian Ecuador S.A. has awarded the mine development contract for its Fruta del Norte gold project in Ecuador to a 50:50 consortium of Ingenieria y Construcciones Mas Errazuriz of Chile and Sevilla y Martinez Ingenieros C.A. Semaica of Ecuador. The two companies are partnering as Lundin’s key contractor for development of the portals and twin declines to access the mine and for preparation of the mine for operations.

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Production Advances at the Martha Mine in Argentina

After eight months of recommissioning of the Martha mine, located in Argentina’s Santa Cruz Province of Argentina, the property is now accelerating Hunt Mining’s transition from an exploration company to a full-fledged mining company. They recently announced their second shipment of silver-gold concentrate.

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Horizonte Awards Feasibility Study Contracts for Araguaia

Horizonte Minerals has awarded contracts for a feasibility study of its 100% owned Araguaia nickel laterite project in Pará state, northeastern Brazil. The goal of the study is to deliver the most economically robust production scenario to produce 14,500 metric tons per year (mt/y) of nickel in ferronickel using rotary kiln electric furnace technology. The study is targeted for completion by the end of 2017 and is fully funded through to completion.

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Regional News - Latin America - March 2017

Guyana Goldfields Expanding its Aurora Gold Mine in Guyana

Guyana Gold is initiating work to increase plant processing capacity at its Aurora gold mine in northern Guyana from 5,600 metric tons per day (mt/d) to 8,000 mt/d. Annual life-of-mine gold production will increase to more than 200,000 ounces per year (oz/y) beginning in 2018, with annual gold production expected to peak at 303,000 oz in 2021.

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Head grade to the mill will average 3.02 grams/mt gold over the life of the mine. Cash costs are forecast to average $612/oz, including royalties. All-in sustaining costs are forecast to average $747/oz.

The Aurora project poured its first gold in early August 2015 during the course of plant commissioning and reached commercial production on January 1, 2016. Production during 2017 is forecast at 171,000 oz.

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Teck, Goldcorp Reactivate Major Project in Chile

A deep restructuring process led Goldcorp and Teck to carry out its most ambitious project in the Atacama region (northern Chile) through New Union SpA. This is a new company formed by Relincho Bermuda Ltd., AUR QB Ltd., Minera Goldcorp Chile SpA and Datawave Sciences Inc., which will seek synergies between the El Morro and Relincho projects.

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