Wednesday, November 30, 2016

Mining in Liberia

Liberia is a country in West Africa bordered by Sierra Leone to the west, Guinea north and Ivory Coast to the east. It is home to about 4 million people.

In 1980 a military coup marked the beginning of political and economic instability and two successive civil wars. This resulted in the deaths of between 250,000 and 520,000 people and devastated the country's economy. A peace agreement in 2003 led to democratic elections in 2005.
Liberia is rich in natural resources, notably iron ore, diamonds, gold, timber and rubber. All of these sectors suffered dramatically during the civil war.

During the 14 years of war, all major mines were closed and the mineral sector’s contribution to the economy was negligible. In 2010 Liberia made progress in reviving the mining sector, which before 1990 had contributed more than 65% of the country’s export earnings and represented about 25% of the country’s gross domestic product. In 2010, the contribution of the mining sector to GDP was 0.9%
Africa’s only female president, Madame Ellen Johnson Sirleaf was re-elected in 2012 for a second term of five years. She was awarded the Nobel Peace Prize in the same year. Since the end of the civil war, Liberia has experienced a period of reform and reconstruction.

The IMF reported real GDP increased by 8.8% in 2013 under President Ellen Johnson-Sirleaf.
It was recently announced that eight countries, including Liberia, had GDP per capita of less than $1,000 per year.

Seabridge Gold - SEA.t

Seabridge Gold - SEA.t owns the flagship Kerr-Sulphurates-Mitchell property, a copper-gold-silver-molybdenum porphyry project in northern British Columbia.

The KSM project is one of the largest undeveloped gold projects in the world. Proven and probable reserves total 38.2 million ounces of gold and 9.9 billion pounds of copper.

On November 21, 2016 the company released News

Seabridge Gold Inc. (TSX: SEA) (NYSE:SA) announced today it has received a licence from the Government of Canada required for the construction, operation and maintenance of the Water Storage Facility and associated ancillary water works at its 100%-owned KSM Project located in northwestern BC.

Tuesday, November 29, 2016

The Ackworth Hoard

On March 29, 2012 news broke of the Ackworth Hoard. Dr Owen Johnson, 53, was inspecting building work at his home in High Ackworth last July when he spotted a ceramic pot poking out of the earth.

The pot cracked in two spilling out gold and silver coins “like a slot machine.”

Containing 52 gold and 39 silver coins, it is thought the jar had been buried for 300 years, probably at the height of the English Civil War.
The earliest coin is a gold half sovereign of Edward VI minted in 1547-9, and the latest are Charles I silver coins minted in 1645-6. Most of the coins are English coins of Elizabeth I, James I and Charles I. The Hoard also includes a few Scottish and Irish coins, and ducatoons from the Spanish Netherlands.
As well as the coins, the treasure includes a single gold ring with the inscription: 'When this you see, Remember me.'

The hoard was valued at £54,492 and Wakefield Council managed to raise the money after donations from various groups to keep the items locally.

Tuesday, November 22, 2016

Argonaut Gold Inc. - AR.t

Argonaut Gold Inc. - AR.t primary gold assets are the El Castillo Mine (Durango, Mexico), the La Colorada Mine (Sonora, Mexico), the advanced exploration stage San Antonio and Magino projects, as well as the exploration-stage La Fortuna Project.

On August 11, 2016 the company released Numbers

"Argonaut Gold Inc. (TSX: AR) (the “Company”, “Argonaut Gold” or “Argonaut”) is pleased to announce its financial and operating results for the second quarter ended June 30, 2016.  All dollar amounts are expressed in United States dollars unless otherwise specified.
 3 months ended  June 30 Change6 months ended June 30Change
Financial Data (in millions except for earnings (loss) per share)
Gross profit (loss)$7.8($10.2)176%$16.7($3.5)577%
Net income (loss)($0.7)($10.5)93%$3.6($9.0)140%
Earnings (loss) per share - basic($0.00)($0.07)100%$0.02($0.06)133%
Adjusted net income3$3.1$0.9244%$4.9$2.688%
Adjusted earnings per share – basic3$0.02$0.01100%$0.03$0.0250%
Cash flow from operating activities before changes in non-cash operating working capital and other items$9.2$11.4(19%)$18.1$28.2(36%)
Cash and cash equivalents   $54.1$43.724%
Gold Production and Cost Data
GEOs loaded to the pads163,72455,87114%114,726110,1254%
GEOs projected recoverable1,232,12531,6172%59,98163,251(5%)
GEOs produced129,23736,529(20%)61,39179,784(23%)
GEOs sold131,23036,547(15%)61,24278,965(22%)
Average realized sales price$1,258$1,2015%$1,220$1,2061%
Cash cost per gold ounce sold3$794$7792%$776$7553%
All-in sustaining cost per gold ounce sold3$947$9094%$910$8952%