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SAMEX Mining Corp. (SXG) (SMXMF) - SAMEX has completed the final option payment (US$35,477) under the "Araya Option" to acquire the Providencia Mine concessions situated within the greater INCA project area. These concessions cover one of the stronger mineralized areas identified during phase I exploration at the INCA project including the Providencia copper breccia pipe, a swarm of sheeted veins, and other tourmalinized/silicified breccia bodies and pipes. With this acquisition and its other land holdings, SAMEX holds what it considers to be the most prospective and strategic concessions within the INCA project area.
Final option payments have not been made on three other options to acquire concessions at INCA (US$1,038,500 re Minera Porvenir Option; US$80,000 re Parra Option; and US$150,000 re Rojas Option). The Company has determined that, in light of economic and copper market conditions, exploration results to date on these concessions and other factors, these expenditures are not justified at this time.
Efforts to joint-venture or sell the INCA area copper project will continue as the Company maintains its focus on exploration at the Los Zorros Gold Property and other precious metal properties within the region.
The company matched a 52 week high of $0.35 on light trading volume.
Standard & Poor’s announced last Friday that it has commenced Factual Stock Report coverage on Capital Gold Corporation.
Capital Gold Corporation (OTC BB: CGLD, TSX: CGC), is a gold production and exploration company. Through its Mexican subsidiaries and affiliates, it owns 100% of 16 mining concessions located in the Municipality of Altar, State of Sonora, Republic of Mexico totaling approximately 3,544 hectares (8,756 acres or 13.7 square miles). The El Chanate concessions are located 37 kilometres northeast of the town of Caborca, Sonora and nine kilometres from a paved road. It is accessible by an all-weather dirt road. Driving time from Caborca is approximately 30 minutes.
The company's primary focus is on the operation and development of the El Chanate Project. Capital Gold also has an exploration property approximately 60 miles from El Chanate.
In September 2009, Capital Gold announced the appointment of John Brownlie to the position of President. Mr. Brownlie who previously acted as COO oversaw the development of the El Chanate mine and was instrumental in the plant upgrades that have increased production while maintaining a low operating cost.
In October 2009, Capital Gold announced an updated reserve statement and mine plan showing increased reserves for its 100% owned El Chanate open pit gold mine in Sonora, Mexico. Net of depletion, proven and probable reserves were increased to 1,504,000 ounces of gold as of October 1, 2009. At the projected 2010 production rate of 70,000 ounces per year, recoverable ounces now provide for over a 12-year mine life.
The company sold 48,418 ounces of gold in FY 09 as compared to 39,102 ounces sold in FY 08. As of September 30, 2009, the mine had produced approximately 100,000 ounces of gold.
The company previously close at $0.80 in the last trading session. The company hit a new 52 week high of $0.82 in above average trading volume.
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