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St Andrew Goldfields Ltd (STADF: OTC Link) | SAS reports 2012 fourth quarter and year end results, beating cash cost guidance, generating $17.5 million in net cash flow and provides 2013 guidance

Category : Stocks, World News

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SAS reports 2012 fourth quarter and year end results, beating cash cost guidance, generating $17.5 million in net cash flow and provides 2013 guidance

Canada NewsWire

TORONTO, Feb. 14, 2013

All dollar amounts are stated in Canadian dollars, unless otherwise

TORONTO, Feb. 14, 2013 /CNW/ – St Andrew Goldfields Ltd. (T-SAS), (“SAS” or the “Company”) earned net income attributable to shareholders
for the fourth quarter of 2012 (“Q4 2012“) of $12.6 million or $0.03 per share, as compared to net income of
$12.9 million, or $0.04 on a per share basis, for the fourth quarter of
2011 (“Q4 2011“). Operating cash flow in the quarter was $21.7 million or $0.06 per
share, compared to operating cash flow for the same period last year of
$14.0 million, or $0.04 per share.

For the fiscal year 2012 (“FY 2012“), SAS earned net income attributable to shareholders of $26.0 million
or $0.07 per share as compared to net income of $17.2 million or $0.05
per share for fiscal year 2011 (“FY 2011“). SAS generated $54.1 million in cash flow from operations(1), or $0.15 on a per share basis, compared to $23.4 million or $0.06 per
share in FY 2011.

SAS is providing 2013 production guidance of between 95,000 – 105,000
ounces of gold, an increase over 2012 with similar cash cost guidance
of between US850 per ounce, before royalties.

“We had a great fourth quarter and a very good year overall”, said
Jacques Perron, President and CEO of SAS. “We saw a steady increase in
production and as expected, our mine cash costs in the fourth quarter
reduced to under US$800 per ounce. Holt continues to perform well and
we were operating at approximately 1,000 tonnes per day at the end of
the fourth quarter. We had a solid operational performance in 2012 and
are committed to continue to improve at each operation during 2013. We
have met our 2012 production and unit cost guidance and look to meet
our 2013 goals and objectives in the same manner. Once more, I want to
thank all the members of the SAS team for their commitment to achieving
success. “

Fourth Quarter 2012 and FY 2012 Highlights


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Category : Stocks, World News

February 5, 2013

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Canada Lithium Corp. (CLQMF: OTC Link) | Canada Lithium Signs Off-take Agreement with Marubeni for up to 5,000 tonnes per year of Lithium Carbonate

Category : Stocks

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Canada Lithium Signs Off-take Agreement with Marubeni for up to 5,000 tonnes per year of Lithium Carbonate

Canada NewsWire

TORONTO, Jan. 9, 2013


TORONTO, Jan. 9, 2013 /CNW Telbec/ – Canada Lithium Corp. (TSX: CLQ)
(U.S. OTC: CLQMF) announced today it has signed a three-year
Distributorship Agreement with Marubeni Corporation, one of Japan’s
largest commodities trading companies.

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Paramount Gold and Silver Drilling Extends Silver-Rich Zone by 2 Km at San Miguel Project With Intercepts Up to 144 G/T Ag

Category : World News

WINNEMUCCA, NEVADA–(Marketwire – Nov. 12, 2012) - Paramount Gold and Silver Corp. (TSX:PZG)(NYSE MKT:PZG)(NYSE Amex:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ)(“Paramount”) today reported results from 18 new core holes drilled in the ongoing exploration of its 100%-owned San Miguel Project in northern Mexico. Of the 18 new holes, 15 returned good silver grades including 18 intercepts greater than I oz. of silver per tonne. These holes were completed after the San Miguel resource update by MDA (see news release of September 5, 2012: and they are likely to increase the overall size and quality of the project’s resource.

Read the original post: Paramount Gold and Silver Drilling Extends Silver-Rich Zone by 2 Km at San Miguel Project With Intercepts Up to 144 G/T Ag

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Russian ship carrying 700 tonnes of Polymetal gold ore spotted on seabed

Category : Business

Polymetal shares rally as scuba divers discover gold-laden freighter two weeks after it disappeared in Okhotsk sea

Polymetal has tended to attract more publicity as one of a number of natural resources companies from the former Soviet republic that have controversially listed in London.

But it has become the subject of an entirely different sort of tale after Russian scuba divers found a sunken cargo ship loaded with 700 tonnes of gold ore owned by the FTSE 100 group.

The 40-year-old freighter, Amurskaya, had disappeared in the Okhotsk sea, one of the main routes for Russia to Asian markets. But the country’s transport ministry said on Tuesday state lifeguards had located the vessel, albeit without its nine-member crew.

“Scuba divers investigated the sunken object and it is the Amurskaya freighter. We plan to continue penetrating the vessel,” the lifeguards said.

The ship, operated by a company based in Nikolayevsk-on-Amur, left the Kiran sea terminal on 28 October carrying ore from Polymetal’s Avlayakan mine to be delivered at its Hakanja processing plant. It was discovered on the seabed at a depth of 25 metres after capsizing in high seas.

“A ladder, the lack of people on the bridge, the open door to the room below the bridge deck and the lack of lifeboats on board confirms with a high likelihood that the crew attempted an emergency evacuation,” the ministry added.

The director of the ship’s operator is being investigated on charges of negligence for having sent the vessel out in bad weather and overloading it with gold ore.

There was more good news. In a falling market, Polymetal’s shares were one of the few positive performers, gaining just under 1% as the FTSE 100 dropped 93 points to 5791.63. However, the strength was more likely attributable to the company being seen as generally benefitting from a rising gold price.

Even at current levels, the ore aboard the Amurskaya is worth about only $230,000 (£144,000), with each tonne out of the Avlayakan mine containing about six grammes of gold.

Olive oil prices to soar after Spanish drought devastates crop

Category : Business

Loss of 600,000 tonnes of olives will force huge price rise on British shoppers

A fresh oil crisis is brewing. However, this time it won’t be hitting the garage forecourts but the nation’s kitchens.

The wholesale price of extra virgin olive oil has jumped 62% in three months after a severe drought in Spain, the world’s largest producer, wiped out an estimated 600,000 tonnes of production.

Filippo Berio, the UK’s biggest olive oil supplier, has warned that it will be forced to pass on the increase to consumers.

“The [wholesale] prices are going up rapidly daily,” said Walter Zanre, managing director of Filippo Berio, which sells 10m litres of oil a year in Britain.

“It’s very difficult to buy olive oil because they [the growers] are waiting for it to go up even higher next week. You’re looking at £2,800 per tonne [of extra virgin olive oil].”

Zanre said the extent to which the increase in costs is passed on to shoppers, is “the million dollar question”. He said: “I would say 25% now, but if we had had this conversation 10 days ago I would have said 10% to 15%.”

The average 500ml bottle of supermarket brand olive oil currently costs about £2, while a 500ml bottle of Filippo Berio oil sells for £3.39.

“We are torturing ourselves because our product will go over the psychologically important £4 barrier,” said Zanre. “This isn’t a 5% blip, we can’t tighten our belts and absorb it.”

Consumers who can’t bear the thought of going without olive oil are advised to stock up before the price rise hits. Zanre said supermarkets have a “virtual embargo on retail price increases” in the runup to Christmas, so now would be the time to get your supplies in for 2013.

Thomas Mielke, director of Oil World, a trade journal that tracks oil prices, said the staggering price rise results from an “unprecedented decline” in stocks, particularly in Spain.

Spanish olive trees have been hit by drought and an unexpected frost in the flowering season in spring. This has led to trees producing less fruit and the olives that have grown are less juicy than normal.

“The fruit can be shrivelled and not looking normal, much smaller in size, which means they produce less oil,” Mielke said.

The poor crop, due to be harvested in October, comes a year after Spain returned its best crop in years, causing an olive oil glut and a steep fall in prices that left many growers on the breadline.

Spain is by far the most important country involved in olive cultivation and accounts for almost half of worldwide supplies. “Whatever happens in Spain causes massive changes in the world price,” said Vito Martielli, senior oil seeds analyst at Rabobank International. “Last year, Spain had a very good season and produced 1.4m tonnes of olive oil, but this season it is expected to be less than 1m. The total global olive oil production is 3m tonnes a year.”

Martielli said the average price of olive oil of all qualities has increased from €2,200 a tonne in July to €3,200 a tonne last week.

The drop in supply comes as demand for olive oil is at an all-time high with new countries developing a taste for the Mediterranean staple.

Miekle said: “Olive oil consumption is in the middle of a long-term increase in consumption. While it has reached saturation point in Spain and Italy, countries like the US and Australia are relative newcomers and are using much more olive oil.”

A rising number of the British are also turning to olive oil, according to Zanre. “The appetite is growing continually,” he said. “There’s a bit of a love affair with it among the chattering middle classes, but other people are consuming it too.”

He said the average Briton consumes half a litre of olive oil a year, far below the 14 litres a head in Italy, the world’s biggest consumer.

Medinah Minerals, Inc. (MDMN: OTC Link) | Shareholder Update – September 18, 2012

Category : Stocks, World News

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Otis Gold Corp (OGLDF: OTC Link) | Otis Files Kilgore Ni 43-101 Resource Estimate Report

Category : Stocks, World News

Otis Gold Corp. (“Otis” or the “Company”) is pleased to announce that it has filed on SEDAR ( its final National Instrument Policy 43-101 Resource Estimate on its 100%-owned Kilgore Gold Deposit (“Kilgore”) located in Clark County, Idaho.

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Victory Resources Corp. (VRCFF: OTC Link) | Victory Resources Corp. Update on the Work Program on the Reforma Property

Category : Stocks, World News

VANCOUVER, BC – Victory Resources Corp. (the “Company”) is pleased to provide an update on the current drill program on the Reforma property.

The most recent drill hole on the La Reforma that encountered significant mineralization was RDH 11 which intersected a zone from 198.12m to 207.87m of galena, sphalerite and chalcopyrite in skarn. Drill core samples were sent to ALS Chemex in Hermosillo, Mexico for analysis.

The current surface drill program is to explore for geological extensions of the main La Reforma structure particularly at depth. In connection with the overall exploration program of La Reforma the company expects to announce shortly assay results of underground sampling of sulfide bearing skarn in old drifts, sub-levels and stoping areas that has recently become accessible. The ongoing work programs are intended to outline the vein system to the South as well as to the North of the main structure.

“The main objective of the current exploration program is to define a mineral resource of substantial scale to justify a preliminary economic assessment,” stated Wally Boguski, President and CEO, “We are very encouraged that the results previously announced demonstrate highly anomalous results.”

The La Reforma Property was operated by Penoles Industries SA de CV between the years 1968 to 1980. During this period of lower metal prices, the La Reforma mine processed 1.8 million tons of complex ore grading an average of 91.62 grams per ton Ag, 1.90%, Pb, 7.44% Zn and 0.63% Cu.

Mr. Ruben Verzosa, P. Eng., a Qualified Person (QP) as defined by NI 43-101 has approved the geological content of this Press Release

For more information contact Corey Safran, investor Relation, at 609-228-0595, or by email at:

About Victory Resources Corporation

The company’s main focus is on the Reforma property located at the common boundary of Sinaloa and Chihuahua States in west central Mexico. The concessions cover a total area of 7,226 hectares. Victory Resources will earn a 70% undivided interest in the Reforma property as part of an option agreement. Formerly owned by Penoles in Mexico, documentation showed that between the years 1968 to 1980, the Reforma mine processed 1.8 million tonnes grading an average of 91.62 grams per tonne Ag, 1.90 per cent Pb, 7.44 per cent Zn and 0.63 per cent Cu.

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Otis Gold Corp (OGLDF: OTC Link) | Otis Releases Kilgore Ni 43-101 Resource Estimate

Category : Stocks, World News

Otis Gold Corp. (“Otis” or the “Company”) is pleased to announce the release of an updated National Instrument 43-101 Resource Estimate, effective July 31, 2012, for its 100%-owned Kilgore Gold Deposit (“Kilgore”) located in Clark County, Idaho.

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