You may be hoping for a rally this fall, but the forecast is changing… Check out our top headline picks for today:
Gold’s retreat during September may be hurting sentiment and iron ore and coking coal prices have come in for renewed punishment, but so far in 2017 the mining sector has been able to build on last year’s strong gains.
Gold and silver prices were just hanging onto double digit year-to-date gains at the end of Q3 while base metals – with the notable exception of tin – all looked robust. (See full article here)
As a way of rising awareness and interest in mining awareness among junior high and high school students in Nova Scotia, Canada, a provincial industry group is offering over $8000 in cash prizes to kids with some basic video skills.
The Mining ROCKS! contest, now in its fourth year, hopes to inspire children to learn about the industry, get creative and win big, Sean Kirby, executive director of the Mining Association of Nova Scotia (MANS) said in a statement. (See full article here)
Shares in Gran Colombia Gold (TSX:GCM) climbed Wednesday after the Canadian miner updated mineral resource estimates for its Marmato project in Colombia and said it had begun scoping studies to switch from open pit mining to underground.
“In the current gold market, we feel it is prudent to change our approach, shifting from a large-scale, low grade open pit operation as previously conceived to a smaller-scale, higher grade underground mining operation,” Serafino Iacono, executive co-chairman of Gran Colombia said in the statement. (See full article here)
4. Comstock Mining Announces Strategic Mining Joint Venture Tonogold Plans $20 million Investment for Lucerne Mine Development
(Source: Globe Newswire)
Comstock Mining Inc. (the “Company” or “Comstock”) (NYSE American:LODE) announced today that it has entered into an Option Agreement (the “Agreement’) for a mining joint venture on the permitted, Lucerne Mine Project (the “Lucerne”), with Tonogold Resources, Inc. (“Tonogold”) (OTCMKTS:TNGL).
Strategic Option and Joint Venture Highlights
• Accelerates drilling and development activities of $1 million in the first six months;
• Provides potentially $2.2 million to Comstock; $0.2 million immediately and another $2 million within 6-months, in the event that Tonogold elects to extend the option;
• Subsidizes approximately $1.2 million in annual operating expenses of the Company;
• Invests $20 million in engineering, drilling, development and test-work towards completing a technical and economic feasibility assessment and re-commencing production in Lucerne;
- Requires $7 million of investment in the first 18 months;
- Requires $13 million in the second 18 months, or $20 million cumulatively over 3 years;
- Establishes a technical oversight committee of mining professionals for these activities;
• Enables an “earn-in” of 51% of the Lucerne properties when all prerequisites are completed; and
• Grants a second option to acquire 51% of the Lucerne Mine infrastructure, including the American Flat property, plant and equipment for an additional $25 million. (See full press release here)
Mali’s gold exports are falling, and new discoveries aren’t enough to make up for the loss of its giant legacy mines, where production is already dead or winding down, and the fate of one of the biggest of them all—Sadiola—now hangs in the balance.