Austin, TX 11/6/2007 8:28:48 PM
Speak with other shareholders about: (OTCBB: MXOM), (AMEX: MNG), (AMEX: EGO), (NASDAQ: GOLD).
Stockwire has been a leading provider of information on emerging growth companies for many years. In this special issue of our morning report, we will be focusing on
emerging growth Gold companies. Below are some of our focus stocks:
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Mexoro Minerals is a company that we feel extremely confident about and just recently wrapped up filming on a full length Stockumentary on the company. In this Stockumentary, we take the viewer on
an aerial journey over the Sierra Madre Gold Belt in Chihuahua, Mexico.
To view the Mexoro Minerals Stockumentary, visit http://www.stockwire.com .
CHIHUAHUA, Mexico, November 05, 2007:
Mexoro Minerals Ltd. (OTCBB: MXOM) release initial drill results from its Guazapares Project.
Mexoro is pleased to announce the latest results from the diamond drill program at the Guazapares project in the Temoris District, Chihuahua, Mexico.
The Guazapares project is dominated by flows and tuffs of rhyolitic- dacitic and in lesser amount of andesitic composition that may correspond to the upper portion of the Lower Volcanic series of
the Sierra Madre Occidental Volcanic Complex. Mineralization seems to be closely associated to a rhyolitic-dacitic intrusive body domal in shape and consisting of a series of sub-vertical,
brecciated, quartz-rich zones that outcrop within an area of 4 sq. km and have been trace for approximately 2 km. There are three main drilling targets identified inside the project area known as
San Antonio, San Francisco and El Cantilito.
A drilling program consisting of 27 diamond holes have been programmed to evaluate the Guazapares project. The drilling program has been designed to:
-- Explore the high-grade ore-shoots down plunge and along strike already identified within the Guazapares system,
-- Test for potential zones of high-grade or economic mineralization based on surface indications,
-- Gather information on the system regarding alteration patterns, metal zoning, level of erosion and vector to the most prospective areas of the system.
The drilling program commenced on the San Antonio area, where three diamond holes (GU-01, GU-02, and GU-03) have been drilled for 452.85 meters. All three holes intersected mineralization at a
depth of approximately 100 meters. Surface and underground sampling from the San Antonio adit indicate the mineralization to extend from surface to a depth of at least 135 meters with a true width
varying from 1.2 meters to 12 meters in thickness. The mineralized structure has a strike length of 800 meters and is open to the northwest and southeast as well as to depth, highlighting the
potential for high grade gold mineralization along strike and also beneath covered areas.
The holes GU-01, GU-02, and GU-03 have been focused on extending zones of high-grade mineralization encountered in the San Antonio adit. To date we have received assay results for the three
drillholes. Some of the highlights from this program are reported below including intervals which are reported here as drill hole intercepts.
You can find the details of the drill program at Yahoo Finance.
Diamond drilling of the San Antonio system encountered mineralization in the three drillholes. The highest grades occurred within vein-breccias, quartz veins and quartz stockworked veins exhibiting
multiple pulses of hydrothermal activity.
Analysis of the mineralization and alteration assemblages, structural setting and geochemistry of the San Antonio target area indicates that the high gold values tend to cluster in two main
mineralization styles:
1. Ore-shoots developed along the extensive San Antonio vein system.
2. Large and structurally controlled breccia bodies or structural zones developed in the intersections of mainly NW and NE trending faults and structures.
Holes GU-01, GU-02 and GU-03 confirm the emergence at San Antonio of one of the high-grade ore-shoot identified in the San Antonio adit where a new high grade gold zone in the underground samples
returned grades as high as 37 g/t gold and 1,000 g/t silver over 2 meters (press release May 22, 2007). These two drill holes also provide the evidence that the main mineralization tends to cluster
as ore-shoots controlled by mainly by the intersection of northwest, east-west, and northeast structures. Drilling continues to explore intense altered and mineralized areas and all ore-shoots
identified.
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TORONTO, ONTARIO, November 2, 2007:
Deephaven Capital Management LLC, as the investment manager of certain private funds and separately managed accounts (the "Funds"), announced today that the Funds have acquired, through the
facilities of the Toronto Stock Exchange, 100,000 common shares of Miramar Mining Corporation (AMEX: MNG) and that the Funds now have economic exposure to a total of 13,400,000 common shares of MAE
(the "Reported Position"), representing approximately 6.1% of the issued and outstanding shares of MAE.
The Funds acquired the shares for investment purposes and may, depending on market and other conditions, increase or decrease beneficial ownership, control or direction over common shares of MAE
through market transactions, private agreements or otherwise.
As investment manager to the Funds, DCM has full voting and dispositive power with respect to 6,600,000 shares of common stock of MAE held directly by the Funds. The remainder of the Reported
Position is held by the Funds through cash-settled swaps or other similar derivative instruments with one or more counterparties that are based upon the value of shares of MAE (the "Swaps"). The
Swaps do not provide DCM or the Funds direct or indirect voting, investment or dispositive control over any securities of MAE and do not require the counterparties thereto to acquire, hold, vote or
dispose of any securities of MAE. DCM disclaims beneficial ownership of any shares of MAE.
Miramar Mining Corporation:
For the six months ended 30 June 2007, Miramar Mining Corporation's revenues totaled C$7.7M, up from C$3.3M. Net loss totaled C$2M vs. an income of C$823K. Revenues reflect higher interest income
as a result of an increase in cash balances. Net loss reflects increase in depreciation, depletion & accretion expense, higher stock based compensation, increased professional services and higher
foreign exchange expenses.
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VANCOUVER, BRITISH COLUMBIA, November 02, 2007
Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (TSX: ELD)(AMEX: EGO), today is pleased to report on the Company's financial and operational results for the third
quarter ended September 30, 2007. "While we have experienced a setback this quarter with the temporary shutdown of our Kisladag mine, we continued to make progress on many fronts. At Tanjianshan we
produced 37,775 ounces of gold at an average cash operating cost of $251 per ounce; completed a positive feasibility study of our Efemcukuru project and announced our decision to develop the Vila
Nova Iron Ore project in Brazil," he stated.
Q3 2007 Events
- Generated earnings of $5.2 million or $0.02 per share
- Produced 61,385 ounces of gold from our operations at an average cash operating cost of $228 per ounce with Tanjianshan producing gold at an average cash operating cost of $251 per ounce, a 43%
improvement from Q2.
- Suspended production temporarily at the Kisladag mine August 18, 2007 to comply with a Court ordered injunction.
Financial Results
Our consolidated net income for Q3 2007 was $5.2 million or $0.02 per share compared with net income of $5.2 million or $0.02 per share in Q3 2006. The consolidated net income for the quarter is
attributable to stronger gold sales driven by increased production, lower unit-of-production costs and higher gold prices. This was partially offset by increased tax expenses as well as $2.0
million in Mine Standby Costs related to the temporary shutdown of our Kisladag mine on August 18, 2007. Net income for the nine-month period ended September 30, 2007 was $44.5 million or $0.13 per
share (2006 net loss - $2.0 million; $0.01 loss per share).
In Q3 2007, we sold 57,231 ounces of gold at an average price of $667 per ounce, compared to 46,238 ounces at an average price of $620 per ounce in Q3 2006.
Eldorado Gold Corporation:
For the nine months ended 30 September 2007, Eldorado Gold Corporation's revenues totaled $160.2M, up from $53.4M. Net income totaled $44.5M vs. a loss of $2M. Revenues reflect an increase in gold
sales and higher interest & other income. Net income reflects an increase in gain on disposal of assets, a decrease in exploration costs, lower accretion of asset retirement obligation and higher
foreign exchange.
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JERSEY, CHANNEL ISLANDS, November 02, 2007:
SOLID Q3 OPERATIONAL PERFORMANCE WHILE PROSPECT OF NEW MINE GAINS MOMENTUM
London, 1 November 2007 (LSE:RRS)(Nasdaq: GOLD) - Randgold Resources increased production and contained group costs in the quarter to September despite some operational and weather-related
challenges at its Loulo mine in Mali. At the same time, a rescoped study of its Tongon project in Cote d'Ivoire has substantially increased its potential size.
Gold sales rose to US$70.7 million from the previous quarter's US$66.2 million on the back of a 5% increase in attributable production to 110 247 ounces and higher gold prices. Attributable net
profit of US$11.5 million was 69% up on the previous quarter. Total cash costs were US$38.2 million against the previous quarter's US$38 million and group total cash costs per ounce were down US$15
to US$346 compared to US$361. Cash operating costs were also down US$16 from US$321 to US$305 per ounce.
Chief executive Mark Bristow noted that production and costs for the nine months to September were in line with the market guidance Randgold Resources had given at the beginning of 2007 and said
the company was on track to meet its forecast for the year despite the significant cost pressure driven by the higher fuel costs, stronger euro and higher royalties.
The company's Morila joint venture substantially improved its performance, producing 130 568 ounces at a total cash cost of US$289 per ounce (cash operating cost of US$241 per ounce) against the
previous quarter's 86 832 ounces at US$403 per ounce (cash operating cost of US$355 per ounce). The increase resulted from a better mining rate which provided access to higher-grade faces. Morila's
production for the final quarter of the year is anticipated to approach the level required to achieve the revised annual forecast of 475 000 ounces.
The Loulo mine achieved planned gold production, despite an exceptionally wet season and equipment availability constraints on the part of the mining contractor. These factors had a negative impact
on the mix of hard and soft ore fed to the mill, resulting in a higher percentage of harder Gara ore in the mix. Gara ore is very abrasive when fed on its own which impacted on crusher liner and
grinding media consumption, and consequently on unit costs.
"Given the odds stacked against them, Loulo's management team did very well to achieve the planned gold production of 58 020 ounces at total cash costs of US$398 per ounce (cash operating cost of
US$363 per ounce). The mine is still on track to achieve and perhaps better its forecast production of 250 000 ounces for the year."
Also at Loulo, progress on the twin declines for the Yalea underground development was slowed down by poor ground conditions. At the end of the quarter, the declines had been developed to some 460
metres and were at a vertical depth of 86 metres.
"Once we're through the unstable weathered zone, the pace will pick up again and it should then take us about 10 weeks to intersect the orebody. That is now more likely to be early in 2008 than
towards the end of this year, as we originally expected, but the integrity of the declines and the safety of the workers are more important than the rate of advance. This slight delay should not
affect Loulo's projected overall production profile but may result in the deferring of some costs to next year," Bristow said. He noted the declaration of an additional 386 000 ounces at Yalea
resulting from the completion of a new design and mining plan for the Yalea South extension.
Meanwhile, the rescoping exercise designed to update the prefeasibility study on the Tongon project has shown a 41% increase to 4.39 million ounces in the total resource, with 37% converted to
reserves. The expanded total mineable resource of 2.79 million ounces will support a larger operation than originally envisaged and the plant's design throughput is being increased from 200 000
tonnes per month to 300 000 tonnes, with a life of mine exceeding 10 years. The emphasis at Tongon is now on continuing with the next phase of infill and definition drilling and completing the
bankable feasibility study. This drilling is designed to convert the remaining mineable resource to reserve and could also lead to an increase in the average grade of the mineable material due to
improved drillhole density and a commensurate improvement in orebody definition, particularly in the southern zone and the shallower regions of the northern zone orebodies.
On the exploration front, Bristow said the company had added significant brownfields elements, notably around Loulo and Tongon, to the portfolio of greenfields prospects which had traditionally
driven its organic growth.
With its West African exploration teams now back in the field after the annual wet season break, there was a strong focus on the Faraba, Loulo 3 and Baboto prospects around Loulo as well as the
adjacent Bambadji joint venture. In Cote d'Ivoire, a number of promising targets would be evaluated on the Nielle permit, which hosts Tongon, as well as on the company's other permits in that
highly prospective region. These include the Tiasso walk-up drill target on the Boundiali permit.
Bristow said there were a number of significant greenfields exploration plays located in the six countries across West and East Africa where Randgold Resources has a presence. He added that the
company would pursue corporate and acquisition opportunities provided they outranked its own organic growth prospects.
Randgold Resources Ltd.:
For the nine months ended 30 September 2007, Randgold Resources Limited's revenues increased 8% to $216.7M. Net income decreased 24% to $28.7M. Revenues reflect an increase in the number of ounces
of gold produced due to expansion of new plants. Net income was offset by higher loss on matured hedges, higher mining & processing costs, an increase in depreciation & amortization expenses, lower
interest income and general & admin expenses.
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As the saying goes...follow the money!
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