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Posts tagged ‘Eurasian Minerals Inc (EMX)’

Meet the juniors

September 24th, 2012

Toronto Resource Investment Conference 2012 links investors with opportunities

By Ted Niles

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When market uncertainty prevails, perspective is one of the most valuable (and, needless to say, scarce) commodities an investor can hope for. And there will be perspective in abundance at Cambridge House’s Toronto Resource Investment Conference 2012 on September 27 and 28.

“It’s an anomaly right now,” says Cambridge House Owner and Founder Joe Martin. “You have record-setting prices for most of the mineral ore that we’re looking for, and yet the prices of the stocks are extremely depressed. That’s primarily because of the lack of available capital as a consequence of the world crisis, particularly in Europe. Looking at gold: companies are profitable at $800 gold, and yet we have clients who have more cash in the bank than their market cap. So it’s been a very tough period for these companies to raise money. You’re seeing financings at 10, 15, 20 cents when they should be in the 60-, 70-, 80-cent range.”

Martin notes that the last three months were particularly brutal for junior mining stocks, but he believes that August saw the bottom of the market. “We went through a very depressing summer, but the tempo of my sales force and the attitude of my whole staff in the last three weeks has been very upbeat. And we’re a good barometer of that, because we’re in touch with a wide variety of the exploration people. If you look at the TSX Venture index you’ll see that we’ve turned the corner.”

Toronto Resource Investment Conference 2012 links investors with opportunities

Investors, miners and explorers will converge on Toronto for one of the industry’s biggest annual events.

That said, it’s some indication of the strength of a number of Cambridge House’s exhibitors that they have remained reasonably unscathed despite the length and sharpness of this particular bear market’s claws. Most remarkable would be Argonaut Gold TSX:AR, whose share price has increased over 260% during the last two years, reporting in August record revenue and production from its La Colorada and El Castillo mines in Mexico. Not quite so dramatic but still noteworthy are GoldQuest Mining TSXV:GQC, Great Panther Silver TSX:GPR, Eurasian Minerals TSXV:EMX, Comstock Metals TSXV:CSL and Balmoral Resources TSXV:BAR, who have all performed well in recent months.

Martin says there is no shortage of opportunities for juniors moving forward. Consider that half the world’s population is living in countries whose economies are growing at 6% per year. Note too that central banks increased their gold purchases 571% in 2011. “Ore bodies run out, and it’s primarily up to the Canadian juniors to find new ones,” he declares. “Canadian juniors are very adept at doing this. Right now the big thing is the rush for battery-technology metals—lithium, graphite and, coming down the pipe, zinc. It’s the Canadian juniors that are meeting this demand.”

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Eurasian, Centerra report Turkey Assays up to 4.47 g/t Gold, 16.39 g/t Silver over 26.1m

July 19th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningEurasian Minerals Inc TSXV:EMX in joint venture with Centerra Gold Inc TSX:CG announced results from their Akarca Project in northwest Turkey. Highlights include

4.57 g/t gold, 16.39 g/t silver over 26.1 metres
(including 13.59 g/t gold, 49.65 g/t silver over 5.8 metres)
1.35 g/t gold, 3.07 g/t silver over 8.1 metres
(including 6.41 g/t gold, 11.3 g/t silver over 1.6 metres)
3.98 g/t gold, 80.25 g/t silver over 6.2 metres
(including 12.45 g/t gold, 25.6 g/t silver over 1.5 metres)

The joint venture covers both the Akarca and Elmali properties. Centerra recently completed US$5 million in exploration expenditures to fulfill its 50% earn-in requirements. As a follow-up to the earn-in, Centerra must pay $1,000,000 to Eurasian. Centerra may earn an additional 20% in the project, bringing the total to 70%, by spending a further US$5 million over two years.

View Company Profile

Eurasian Minerals Inc
David M Cole
President/CEO
303.979.6666

or Valerie Barlow
Corporate Secretary
604.688.6390

Centerra Gold Inc
John W Pearson
VP Investor Relations
416.204.1241

Read a feature story about Eurasian

Read a feature story about Centerra

by Kevin Michael Grace

Shock Waves

April 30th, 2012

Majescor Flourishes in Post-Quake Haiti

By Ted Niles

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Dan Hachey tells a revealing story. The President/CEO of Majescor Resources TSXV:MJX relates how, “A few weeks ago, an institutional investor came up to us and said, ‘You are the guys working in Haiti? Well, God bless you and good luck,’ and he walked away. That’s what we’ve had to deal with from the beginning on this project.” Haiti has a reputation that’s hard to shake, but Hachey is confident that, paradoxically enough, one of the worst natural disasters of recent years will prove to be the catalyst of a national renaissance.

Haiti is the poorest country in the Americas and has been, over the last century, plagued by a succession of bloody dictatorships, coups d’état and failed attempts at democratic reform. In January 2010, it was traumatized by an earthquake and subsequent cholera outbreak that resulted in the deaths of over 300,000.

Majescor Flourishes in Post-Quake Haiti

Majescor’s SOMINE project: Investment in Haiti and jobs for Haitians

Hachey reports, “The things that I expected are happening. The world wanted to help and provided capital to get things moving there. And the eyes of the world on Haiti [have] forced political change.” He regards the April 2011 election of President Michel “Sweet Micky” Martelly as a turning point. “Martelly has stated that [Haiti] is open for business. We’ve seen a lot of change since he’s been elected.” The Martelly administration has targeted the creation of 500,000 jobs over the next three years and, drawing inspiration from its neighbour, the Dominican Republic, sees big opportunities in tourism and mining.

Hachey says, “Thirty years ago there was no mining sector to speak of in the Dominican Republic, nor tourism. In that short period of time they’ve seen the development of [Barrick TSX:ABX and Goldcorp's TSX:G] Pueblo Viejo Project, which is one of the world’s largest gold deposits—and is pretty much a neighbour of ours. They’re going to be coming on with production this year.”

Hachey points out that “The mineralization does not stop at the border.” The Massif du Nord Metallogenic Belt stretches diagonally from Haiti’s north through to the southeast of the Dominican Republic, hosting both Pueblo Viejo and Majescor‘s 50-square-kilometre SOMINE copper-silver-gold property (itself surrounded by a number of properties held in joint venture by Eurasian Minerals TSXV:EMX and Newmont Mining TSX:NMC).

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Eurasian to take over Bullion Monarch for $45.8M Cash and Shares

February 8th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningEurasian Minerals Inc TSXV:EMX and Bullion Monarch Mining Inc BULM announced that Bullion will merge with a wholly-owned subsidiary of Eurasian. Eurasian will purchase Bullion for approximately US$45 million, which represents a 64% acquisition premium. Eurasian will acquire all outstanding common shares of Bullion, for which Bullion shareholders will receive $0.45 of a Eurasian share and $0.11 in cash per share.

The transaction is expected to close in 2Q 2012 and Bullion shares will cease trading thereafter.

View Company Profile

Contact:
Eurasian Minerals Inc
Scott Close
Director, Investor Relations
303.973.8585

or Bullion Monarch Mining Inc
Joseph Morris
Director, Investor Relations
801.426.8111

by Ted Niles

Eurasian reports Turkey Assays of 1.74% Zinc, 158 g/t Silver over 39.5m

January 30th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningEurasian Minerals Inc TSXV:EMX announced drill results from the Balya royalty property in Turkey. Highlights include

3.91% lead, 1.06% zinc and 55.5 g/t silver over 15 metres
1.77% lead and 21.6 g/t silver over 8 metres
2.44% lead and 52.6 g/t silver over 14 metres
7.6% lead, 1.74% zinc and 158 g/t silver over 39.5 metres
(including 14.77% lead, 2.9% zinc and 403 g/t silver over 12.8 metres)
2.07% lead, 1.91% zinc and 23.6 g/t silver over 25.1 metres
2.23% lead, 1.59% zinc and 21.4 g/t silver over 32.3 metres
3.24% lead, 6.66% zinc and 74.1 g/t silver over 5.6 metres
3.29% lead, 2.47% zinc and 43.6 g/t silver over 8.7 metres
18.15% lead, 9.14% zinc and 242.4 g/t silver over 14.3 metres
10.78% lead, 5.19% zinc and 158.6 g/t silver over 8.1 metres
26.25% lead, 14.48% zinc and 446 g/t silver over 5.3 metres
7.99% lead, 5.83% zinc and 103.5 g/t silver over 9.6 metres

The owner and operator of Balya is Dedeman Madencilik San ve Tic. AS, a privately-held Turkish company. Eurasian retains a 4% net smelter royalty on the property.

View Company Profile

Contact:
Eurasian Minerals Inc
David M. Cole
President/CEO
303.979.6666

or Valerie Barlow
Corporate Secretary
604.688.6390

by Ted Niles

Eastern Promise

November 21st, 2011

Centerra Seeks Gold From Turkey to Mongolia

By Greg Klein

Gold has long lured adventurers to uncharted territories. But while the trades are full of stories about Africa, Centerra Gold Inc TSX:CG demonstrates the potential of Asia. In the Kyrgyz Republic on China’s western border, the company’s Kumtor Mine prepares to add an underground operation to its open-pit gold producer. Its Mongolian operations include a mill working its way through years of stockpiled ore and a new gold mine waiting for final approval. Then there are the JVs spread as far afield as Turkey, China and eastern Russia and even Nevada.

“There are a couple of other, small-scale operations in the Kyrgyz Republic, but we’re probably 95% of the gold production in that country and about 45% to 50% of the country’s industrial output,” says Centerra President/CEO Steve Lang. “There, like Mongolia, we’re 100% owners. When we step out into Russia, Turkey and China, we move into joint ventures. Overall, there’s a lot of gold in Asia but not much competition.”

Centerra Seeks Gold From Turkey to Mongolia

To support his point, Kumtor shows proven and probable reserves of 6.28 million gold ounces, measured and indicated resources of 4.13 million ounces and an inferred resource of 2.75 million ounces. The mine produced 567,802 ounces last year, with about 600,000 projected for 2011. Cash costs per ounce are now $474.

“Over the last 12 months our drilling added about four years of operation, raised the average life-of-mine grade and lowered the strip ratio,” Lang says. “We’ve got quite a bit of unexplored ground still on our licence, and we’re picking up additional packages immediately adjacent to the Kumtor package.”

The underground operation, scheduled to start in 2013, is expected to result in a 35% to 40% production increase.

Mongolia has also proved bountiful, if challenging. Centerra’s Boroo Mine produced around 1.5 million gold ounces from 2004 to November 2010, when it closed. The plan was to immediately start a new open-pit gold mine at Gatsuurt, 55 kilometres away. At that point, however, the company hit an obstacle—the 2009 Water and Forest Law, which now blocks the project. The government had approved Gatsuurt’s feasibility study in March 2008.

As VP Investor Relations John Pearson says, “The site is completely prepared. We have the admin buildings on site; the trucks fleet has been purchased; the road connecting the Gatsuurt mine site to the Boroo mill is complete. Everything is ready to go.” He adds, however, “Until the government and parliament resolve the issues with that particular piece of legislation, Gatsuurt is currently on hold waiting the final approval.”

Other mining companies have also run afoul of the Mongolian government. The most recent was Ivanhoe Mines TSX:IVN, 49% owned by Rio Tinto, which is building Ivanhoe’s Oyu Tolgoi Mine in Mongolia. Last September, the government demanded an increase in its 34% interest, despite an agreement preventing it from doing so until 2039. The miners stood their ground. In early October, the government appeared to relent in a public statement reaffirming support for the project.

Meanwhile, Centerra’s Boroo mill keeps busy processing a stockpile built up before its adjacent mine closed. Even without Gatsuurt, the mill will process an estimated 50,000 to 60,000 ounces in 2011, with an incremental gain next year. “At the current gold price, our stockpiles will probably last two or three more years,” says Pearson.

In northeastern Mongolia, some 800 kilometres from Boroo, Centerra drills its Altan Tsagaan Ovoo Prospect. Assays announced July 11 include

  • 3.91 grams per tonne gold, 10.81 g/t silver, 0.87% lead and 1.08% zinc over 113.5 metres
  • 2.89 g/t gold, 6.52 g/t silver, 1.04% lead and 1.1% zinc over 147 metres
  • 2.09 g/t gold, 8.32 g/t silver, 0.81% lead and 1.58% zinc over 196 metres
  • 2.15 g/t gold, 12.95 g/t silver, 0.32% lead and 0.52% zinc over 183.4 metres

“We’ll have a resource estimate on that at year-end,” Lang says. “It’s still fairly early stage but an exciting project.”

We’re trying to spend something close to $60 million a year. If we can do that consistently over a period of time, that should lead to a million and a half ounces of annual production —Steve Lang

The company’s other Mongolia project is the Sumber Joint Venture with Altairgold LLC, in which Centerra may earn up to a 75% interest in the former gold mine.

In the Russian republic of Tyva, bordering northwestern Mongolia, Centerra holds a 50% interest, with an option to earn a further 20%, in the Kara Beldyr Gold Project, where drilling is underway.

In Turkey, Centerra’s JV with Eurasian Minerals TSXV:EMX allows up to a 70% interest in the Akarca, Samli and Emali projects.

Another Turkey JV, with Stratex International, offers Centerra up to 70% of the Oksut Project, which has an Australian JORC (non-43-101) resource estimate of 163,849 gold ounces indicated and 153,407 inferred.

In Nevada, the company acts as project operator for the Tonopah Divide Gold Project, in which it holds a 60% interest under an option with Tonogold Resources. Centerra may also earn a 75% interest in another Nevada JV, the Oasis Gold Project, with Redstar Gold TSXV:RGC.

Finally, Centerra has signed a letter of intent for another JV, the Laogouxi Gold Project in northeastern China.

“We want to keep expanding our exploration,” Lang says. “This year we’re at about $40 million. We’re trying to spend something close to $60 million a year. If we can do that consistently over a period of time, that should lead to a million and a half ounces of annual production. To do that, we need to continue adding projects in the early exploration level.”

Earlier this month, Centerra posted revenue of $772.4 million for the first three quarters of 2011, up 46% over the same period last year. Net earnings for that period were $291.5 million, $1.23 per share, while 3Q net earnings were $83.5 million, $0.35 per share. Third quarter gold production was 154,936 ounces at $556 per ounce. The company’s cash and equivalents were $271.7 million.

At press time, Centerra had 236.3 million shares trading at $20.59 for a market cap of $4.87 billion.

Eurasian, Centerra report Turkey Assays of 1.35 g/t Gold over 67.9m

September 2nd, 2011

Resource Clips - essential news on junior gold mining and junior silver miningEurasian Minerals Inc TSXV:EMX in joint venture with Centerra Gold Inc TSX:CG announced results from their Akarca Project in northwestern Turkey. Highlights include 1.35 g/t gold and 16.08 g/t silver over 67.9 metres (including 2.86 g/t gold and 32.97 g/t silver over 18 metres), 1.35 g/t gold and 13.93 g/t silver over 58.3 metres (including 4.9 g/t gold and 45.75 g/t silver over 11.4 metres), 4.61 g/t gold and 2.22 g/t silver over 14.2 metres (including 10 g/t gold and 4.16 g/t silver over 5.8 metres) and 0.63 g/t gold and 8.77 g/t silver over 57.9 metres (including 1.02 g/t gold and 21.03 g/t silver over 12.9 metres).

The joint venture covers both the Akarca and Elmali properties. Centerra may earn a 50% interest in both properties by spending US$5 million over four years and paying Eurasian US$1 million. Centerra may earn an additional 20% by spending a further US$5 million over two years. The JV agreement is currently in its third year.

View Company Profile

Contact:
Eurasian Minerals Inc
David M. Cole
President/CEO
303.979.6666
or Valerie Barlow
Corporate Secretary
604.688.6390

Centerra Gold Inc
416.204.1953

by Greg Klein