Three gold mining companies were in the news today. There was the discovery of a possible new high yield gold target, a huge sale of mining company stock to Soros Fund Management, and positive initial test results on a new gold extraction and processing method that could dratically reduce the volume of material used to recover the shiny stuff.
Paramount Gold and Silver announced a second bulk mineable target has been discovered at San Miguel project in new San Francisco, Mexico area. The new target generated some unusually high assay results. Paramount owns a 100% interest in the 466,000 acre San Miguel Project in the Palmarejo District of northwest Mexico, making it the largest claim holder in the area.
NovaGold Company announced that it is proposing to issue more than 13.6 Million (M) common shares of the company at $5.50 per common share for gross proceeds of $75M to Quantum Partners, a private investment fund managed by Soros Fund Management. This capital is in addition to the $100M financing announced by the company on March 4th of this year. The gross proceeds to be raised under the two financings total US$175 million.
Lastly, International Tower Hill Mines announced key initial metallurgical test results for mill processing of the major types of mineralization at the Money Knob deposit at the Livengood Gold Project in Alaska. The initial gravity and flotation gold recovery test results were highly encouraging for the use of a pre-concentration gold recovery system for the Money Knob mineralization. Potentially, both the operating and capital costs for a milling operation could be reduced by using this treatment for gold extraction. The initial extraction method results indicated that it could reduce by 80% the material volume used to recover gold. The company is currently engaged in further testing and optimization of both the concentration process and the extraction of gold from the concentrates.
That is your day in gold mining. Stay tuned for the Gold Mining Report as I hope to make it a regular feature of this blog.
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