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Orofino Gold Corp: The Company targets improved State of the Art Gold Recovery Systems
LAS VEGAS, May 10, 2013
LAS VEGAS, May 10, 2013 /PRNewswire/ – Orofino Gold Corp. (PINK OTC: ORFG)
(“Orofino Gold” or the “Company”) is pleased to announce that it has
Gold development projects in Colombia, a current hot spot for large
Gold/Copper porphyry systems, with the occurrence of the very high
grade gold vein systems in the central part of the Senderos de Oro
project and with many small scale grinding and amalgamation mills
Orofino Gold is planning to design a central processing and recovery
facility that is modular in design and will be capable of processing
enough high grade material to produce up to100, 000 ounces of gold
annually while the Company continues to explore further the potential
Primary Porphyry target.
The company has reviewed several engineering and design firms with gold
production design facilities, fabrication, and operational expertise
and is reviewing a short list prior to engaging the design team.
Orofino intends to continue the relationships currently enjoyed with
government agencies, the local communities, as well as current
production teams and will involve these groups in all major processing
and production planning decisions.
These statements are not guarantees of future performance and involve
certain risks and uncertainties that are difficult to predict. Actual
results could vary materially from the description contained herein due
to many risk factors that affect the industry the Company operates in
and other risk factors listed from time to time in the Company’s
Securities and Exchange Commission (SEC) filings under “risk factors”
and elsewhere. The forward-looking statements contained in this press
release speak only as of the date on which they are made, and the
Company does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
SOURCE Orofino Gold Corp.
Visit link: Orofino Gold Corp (ORFG: OTC Pink Current) | Orofino Gold Corp: The Company targets improved State of the Art Gold Recovery Systems
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First Quarter Production Results and Corporate Update
TORONTO, April 24, 2013
TORONTO, April 24, 2013 /PRNewswire/ – U.S. Silver & Gold Inc. (TSX: USA)
(OTCQX: USGIF) (“U.S. Silver & Gold” or the “Company”) today announced
production figures for its two 100% owned operating mines, the
high-grade silver Galena Mine Complex in Idaho and the high-grade gold
and silver Drumlummon Mine in Montana.
First Quarter Highlights
- Consolidated production of 598,139 silver ounces and 2,161 gold ounces
during the first quarter, which was budgeted to be the lowest
production and highest cost quarter of the year.
- Galena Mine Complex production of approximately 577,000 silver ounces at
cash costs of $20.48 per ounce.
- Management has taken immediate measures to reduce and manage costs, and
has implemented further productivity measures to protect the balance
- a total of $10 million in exploration, capital projects and development
will be cut from the 2013 budget;
- a further $1 million in savings will be achieved by reducing general and
administrative costs at the corporate office and the Galena Mine
- capital development resources will be re-deployed to profitable mining
- mining in the Caladay Zone will be fast-tracked to commence in the third
quarter of the year.
Given the recent decline in silver and gold prices, production at the
Drumlummon Mine will be discontinued at the end of the second quarter
when the mine will be put on care and maintenance.
As a result of the Drumlummon closure and cost initiatives, silver
production for the year has been re-forecasted to 2.6 to 3.0 million
ounces (from 2.7 to 3.0 million ounces), at lower projected silver cash
costs of $16.00 to $18.00 per ounce.
The March 31, 2013 cash balance was approximately $11 million. Non-cash
working capital was approximately $8.7 million exclusive of $7.9
million in debt. The Company is currently in discussions with various
lenders to re-finance the debt on more favourable terms.
Full quarterly results and further details on cost reductions will be
communicated to shareholders during the first quarter earnings release
and conference call scheduled for Monday May 13, 2013.
Galena First Quarter Production Details
The Galena Mine produced 577,095 ounces of silver during the first
quarter of 2013 at a grade of 9.6 ounces per ton and silver cash costs
of $20.48 per ounce.
KELOWNA, April 8, 2013 – Diamcor Mining Inc. (TSX-V.DMI) (the “Company”) is pleased to announce that pursuant to the terms of the $2,000,000 convertible debenture (“Convertible Debenture”), originally issued to its strategic alliance partner, Tiffany & Co. Canada (“Tiffany”), a subsidiary of Tiffany & Co., in March 2011, the Company has exercised its right to convert the principal and accrued interest into Company common shares.
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ABOT Mining (Pink
Sheets: ABOT.pk) is pleased to announce that the production of approximately
5.65 kg of concentrates and its first dor