Detour Gold Founder Named CEO Of Prophecy Development
Prophecy Development Corp. (TSX: PCY, Frankfurt:1P2N) announces that Gerald Panneton is the company’s newchief executive officer and president. Panneton, a geologist who was thefounder, president and CEO of Detour Gold Corp. from its incorporationin 2006 until late 2013, succeeds John Lee, who will remainchairman of the Prophecy board of directors. Prophecy is developing the Gibellini open-pit,heap-leach vanadium project in Nevada.“The Gibellini project represents an excellent opportunity to bedeveloped in the very near future, as it stands to be a low-cost producer dueto its very low strip ratio, and a low-cost heap leach operation in the miningfriendly state of Nevada,” Panneton says. “I envision the Gibellini open-pitproject to have an excellent chance of expanding its resource base, in much thesame way that I lead Detour Gold in exploring, financing and developing theDetour Lake project to become Canada's top gold mine with an annualgold production in excess of 500,000 ounces today.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Fortuna: 3Q Silver Output Rises 11% From Year Ago
Thursday October 11, 2018 09:25
Fortuna Silver Mines (TSX: FVI; NYSE: FSM) reports third-quarteroutput of 2.2 million ounces of silver and 12,542 ouncesof gold, from a pair of mines in Mexico and Peru. The silver output was up 11%from the same quarter a year ago, while gold output eased 6%. The company alsoproduces some base metals. Silver and gold production for the first nine monthstotaled 7 million ounces and 42,140 ounces, respectively, which was 13% and 16%above the company's projection for this time period. Fortuna says it is onschedule to produce 8.3 million ounces of silver and 48,300 ounces in 2018, inwith guidance.
By Allen Sykoraof Kitco News; asykora@kitco.com
Nordic Gold:Finnish Authorities Approve Mine Start-Up
Thursday October 11, 2018 09:25
Nordic GoldCorp. (TSXV: NOR) has received written confirmation from the Finnishsupervisory authority ELY that the company has provided all documentationrequired and that it can begin mining and processing operations at Laiva GoldMine project. “This is a significant advance for the company,” says MichaelHepworth, president and chief executive officer. “We are now able to operatethe plant and prepare for processing. The plant is being restarted in stageswith the grinding circuit now in its final stages of testing....We plan to pourour first gold on 27th November.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Dundee ReportsRecord Smelter Output At Chelopech
Thursday October 11, 2018 08:56
DundeePrecious Metals Inc. (TSX: DPM) reports record third-quarter smelter productionat its Chelopech operation in Bulgaria, and the company says its 2018 outputremains in line with already-increased 2018 production guidance. The companylists third-quarter output of 49,600 ounces of gold from Chelopech and copperproduction of 10.3 million pounds. “We had another strong quarter at Chelopechand we achieved record quarterly smelter performance,” said Rick Howes,president and chief executive officer. “We remain on budget with constructionat our Krumovgrad gold project with hot commissioning on track to commence in thefourth quarter of 2018.” Full-year guidance is 180,000 to 200,000 ounces ofgold and 33.7 million to 40.4 million pounds of copper.
By Allen Sykoraof Kitco News; asykora@kitco.com
EndeavourSilver: 3Q Silver Output Rises; 2018 Output Tracking Below Guidance
Thursday October 11, 2018 08:56
EndeavourSilver Corp. (TSX: EDR, NYSE: EXK) reports a year-on-year rise in silver outputduring the third quarter but a dip in gold production, with the company alsosaying it may be below its production guidance for 2018. Silver productionincreased 13% in the third quarter, compared to the year-ago period, to1,428,828 ounces. Gold production decreased 5% to 12,968 ounces. “During thethird quarter, El Cubo production continued to outperform, but Guanacevi andBolanitos fell short of plan resulting in steady quarterly production,” saysBradford Cooke, chief executive officer and director. “Looking ahead to Q4,2018, management anticipates higher silver and gold production due mainly tohigher anticipated throughput and grades at Guanacevi and initial productionfrom El Compas.” For the first nine months of the year, silver production was4,135,563 ounces and gold production was 39,850 ounces, resulting insilver-equivalent production of 7.1 million ounces, Endeavour says. Based onthe performance to date, management estimates a 5% production shortfall from2018 production guidance due to the delayed commercial production at El Compas,lower gold grades at Bolanitos and lower mine output at Guanacevi, Endeavoursays.
By Allen Sykoraof Kitco News; asykora@kitco.com
Caledonia: 3QGold Output Up From 2Q; Guidance Lowed Slightly
Thursday October 11, 2018 08:56
CaledoniaMining Corp. Plc (NYSE American, AIM: CMCL; TSX: CAL) announces thatthird-quarter gold production from the Blanket Mine in Zimbabwe totaled 13,978ounces. This was 10% above the previous quarter but 3% below production in thethird quarter of 2017. Caledonia slightly reduced and narrowed the range of2018 production guidance from 55,000 to 59,000 ounces to a range of between54,000 and 56,000 ounces. Caledonia says it remains on track to achieve itsproduction target of 80,000 ounces in 2021. Based on the adjusted guidance andrecent weakness in gold prices - and assuming the current spot gold price ismaintained for the rest of 2018 and no material change in the company’soperating costs -- Caledonia says it expects full-year 2018 adjusted earningsto be in the range of 140 cents to 150 cents per share. This is down fromprevious earnings guidance of 165 to 190 cents but 3% to 12% higher than theearnings achieved in 2017. Steve Curtis, chief executive officer, saysthird-quarter output reflected improvement from the first two quarters of the year. “The company expectsthis improvement to be maintained in the fourth quarter of 2018,” he adds.
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