Iamgold: Rosebel Reserves Rise By 51%
IamgoldCorp. (TSX: IMG; NYSE: IAG)reports a 51% increasein consolidated gold reserves at its Rosebel Gold Mine in Suriname, with thetally including reserves from the Saramacca deposit, located approximately 25 kilometers from theRosebel mill. The additional reserves extend Rosebel’s mine life by five yearsto 2033, with future average annual production estimated at 318,000 ounces,Iamgold said. The increase was achieved with no change to the $1,200 gold-priceassumption used for calculating estimates. Iamgold said consolidated reservesincreased by 51% to 4.7 million ounces, which include 1 million ounces from theSaramacca deposit. Measured and indicated resources increased by 2% to 9.3million ounces, with those at Saramacca rising by 72% to 1.2 million ounces.“Saramacca has delivered,” says Steve Letwin, president and chief executiveofficer of IAMGOLD. “Within only a year of confirming the resource, Rosebel hasrapidly advanced Saramacca to reserve status and incorporated the additionalounces into the overall LOM [life-of-mine] plan.” The company says Saramacca ison track for mining to begin in the second half of 2019.
By Allen Sykoraof Kitco News; asykora@kitco.com
Great Panther Silver AnnouncesAcquisition Of Beadell
Monday September 24, 2018 09:22
Great Panther Silver Ltd. (TSX: GPR;NYSE American: GPL)announces an agreement to acquire Beadell Resources Ltd. (ASX: BDR) in a $105million deal. Beadell operates the 100%-owned Tucano Gold Mine innorthern Brazil. “GreatPanther brings the capital to deliver on Tucano's substantial near- andlong-term resource growth potential and to continue mine-optimizationinitiatives,” says James Bannantine, president and chief executive officer ofGreat Panther. Under the terms of thedeal, Beadell shareholders will receive 0.0619 common shares of Great Pantherfor each share of Beadell, resulting in the issuance of approximately 103.6million Great Panther shares. The exchange ratio implies A$0.086 perBeadell share, putting the implied equity value for Beadell at A$144 million (US$105 million), basedon the closing price of a Great Panther share on Friday. Bannantine will bepresident and CEO of the combined company. The deal is subject to a number ofconditions, including shareholder approval.
By Allen Sykoraof Kitco News; asykora@kitco.com
Pretium Resources To Repurchase Precious-Metals Stream
Monday September 24, 2018 09:22
Pretium Resources Inc. (TSX, NYSE: PVG)says the company has given notice that it will repurchase 100% of the callable8% gold and silver stream at the end of 2018. The stream originally wassold as part of the construction financing package for the Brucejack Mine inBritish Columbia. “Our quarter-over-quarter cash build since start-up hasallowed us to elect to repurchase the precious-metals stream without having toconsider equity,” says Joseph Ovsenek, president and chief executive officer.More than 339,000 ounces of gold was produced at Brucejack Mine in the firstyear of operation. The precious-metals stream was sold for $150 million waspart of the financing package for the development of Brucejack. Thecompany says it has delivered notice of its election to repurchase the entirestream for $237 million by Dec. 31 to the holders of the stream.
By Allen SykoraFor Kitco News
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