Silver Standard reports disappointing results for Pirquitas mine in Q3 - Regional
Silver Standard reports disappointing results for Pirquitas mine in Q3 - Regional
Sunday, November 8, 2009
(BNamericas.com) - Due to disappointing results from initial production at the Pirquitas mine in Argentina, Vancouver-based Silver Standard Resources (TSX: SSO) revised down its output forecast for the mine to 1M-1.5Moz silver this year, the company said in its third quarter results report.
Silver Standard sold 56,388oz of silver in concentrates from Pirquitas in Q3. The mine started pre-stripping in July 2008 and up to the end of September 2009 moved 13.6Mt of waste ore and mined 499,600t of oxide and transitional ore, the report said.
As for financial results, Silver Standard took a US$95,000 net loss in Q3 versus US$12.0mn in profit for 3Q08, due mostly to development expenses at Pirquitas.
Cash used in operations fell to US$5.68mn from US$10.9mn. Cash used in investing activities rose to US$52.2mn from US$34.4mn, according to the report.
CEO Robert Quartermain said in a Friday conference call that the company has enough funds in hand to continue development but has not ruled out a financing to raise more proceeds.
As for the San Luis project in Peru, Silver Standard said in the call that it has completed a draft feasibility study and will release the definitive results in about three months, while it expects to file the project's EIS in 1Q10.
In Latin America Silver Standard also has the Pitarrilla project in Mexico's Durango state and the Diablillos project in Argentina's Salta province....
Breakwater's Mochito runs above guidance for zinc in Q3 despite coup - Chile, Honduras
Sunday, November 8, 2009
(BNamericas.com) - Toronto-based Breakwater Resources' (TSX: BWR) Mochito mine in Honduras operated above guidance in the third quarter for its zinc output but was behind on lead, the company said in its Q3 results repo... more
Deutsche Bank raises recommendation on Vale to buy - Brazil
Sunday, November 8, 2009
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Junior roundup: Exeter, Sulliden, Far West, Yale, Southern Hemisphere - Regional
Sunday, November 8, 2009
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Affinity: Ayapata has 2.09Moz in gold resources - Peru
Sunday, November 8, 2009
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In the m... more
GDF Suez, Codelco to merge all SING operations into Edelnor - Chile
Sunday, November 8, 2009
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Castle Gold to raise US$3.44mn for El Castillo, Argonaut takeover - Guatemala, Mexico
Sunday, November 8, 2009
(BNamericas.com) - Toronto-based Castle Gold (TSX-V: CSG) intends to raise up to Cdn$3.68mn (US$3.44mn) as part of a previously announced non-brokered private placement of common shares at a price of Cdn$1.00 each, the ... more
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Sunday, November 8, 2009
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Accordin... more
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Sunday, November 8, 2009
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The mine is expected to produce 143,... more
Mirabela begins nickel concentrate production at Santa Rita - Brazil
Sunday, November 8, 2009
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Mirabela said over ... more
Kinross increases available credit to US$450mn - Regional
Sunday, November 8, 2009
(BNamericas.com) - Canadian miner Kinross Gold (NYSE: KGC, TSX: K) has entered into an amended revolving credit facility that includes an increase in available funding to US$450mn, on an unsecured basis, from US$404mn u... more
Petaquilla makes major changes to board, appoints new CEO, chairman - Panama
Sunday, November 8, 2009
(BNamericas.com) - Vancouver-based Petaquilla Minerals (TSX: PTQ) on November 5 announced the resignation of six directors and officers, including executive chairman John Resing and CEO Christopher Davie.
In additio... more