Message: AGORACOM Small Cap TV - April 11th - Highlights
Good morning to you all. Please find enclosed a summary of the breaking small-cap and micro-cap financial news we highlighted on AGORACOM Small Cap TV this morning. It’s April 11, 2011, and we’ve found 8 great press releases to report on at the open. Another great day for small-cap and micro-cap financial news. To watch the show live every morning at 9:30 AM, visit our front page.
Endeavour Silver Reports Record Production in First Quarter, 2011; Produces 900,133 oz Silver (Up 17%) and 5,008 oz Gold (Up 33%)
Endeavour Silver Corp. (TSX:EDR) (NYSE Amex:EXK)(DBFrankfurt:EJD
announced today that the Company set new records for silver and gold production in the First Quarter, 2011 from the Company's two operating silver mines in Mexico, the Guanacevi Mine in Durango State and the Guanajuato Mine in Guanajuato State.
Silver production was up 17% to 900,133 ounces (oz) and gold production was up 33% to 5,008 oz compared to the First Quarter 2010. Revenues were up 95% to $35.4 million thanks to both the higher metal production and higher realized metal prices.
Production Highlights of First Quarter 2011 (Compared to First Quarter 2010)
* Silver production increased 17% to 900,133 oz
* Gold production rose 33% to 5,008 oz
* Silver and equivalents production escalated 20% to 1.1 million oz (at a 40:1 silver:gold ratio)
* Revenues jumped 95% to $35.4 million
* Realized silver price rose 96% to $33.18 per oz sold (4.1% above average spot price for Q10)
* Realized gold price rose 28% to $1,413 per oz sold (1.9% above average spot price for Q10)
About Endeavour Silver Corp. – Endeavour Silver is a mid-cap silver mining company focused on the growth of its silver production, reserves and resources in Mexico. Since start-up in 2004, Endeavour has posted six consecutive years of growing silver production, reserves and resources. The organic expansion programs now underway at Endeavour's two operating silver mines in Mexico combined with its strategic acquisition and exploration programs should help Endeavour achieve its goal to become the next premier mid-tier silver mining company.
Last Sale: 11.8552 Week Range: 3.20 - 12.19 Market Cap: 963.27M
Malaga Reports Record Sales of US $4.5 Million in the First Quarter of 2011
Malaga Inc. (TSX:MLG)
is pleased to report record tungsten sales for the first quarter of 2011. Malaga generated US $4.5 million in tungsten sales, up nearly 55% from US $2.9 million in the fourth quarter of 2010. As of April 8, 2011, the APT reference price was US $405 per MTU*, 23% higher than the price of US $330 at December 31, 2010. This price increase is primarily due to strong tungsten demand that exceeds global supply. Company management is of the opinion that this supply shortage will persist throughout 2011. The Company still expects to generate net earnings in the first quarter of 2011 and produce 80,000 MTU in 2011.
*MTU = metric tonne unit = 10 kg
Q1 2011 Q4 2010
Tungsten sales in MTU 18,090 14,879
Tungsten production in MTU 17,493 16,341
"Malaga has surpassed first quarter sales targets, and we are maintaining our profitability and mine development objectives for 2011," said Pierre Monet, President of Malaga.
Malaga expects to report its quarterly financial results in the week of June 13, 2011, and is issuing a reminder that it is adopting international financial reporting standards (IFRS) in 2011.
ABOUT MALAGA INC.
Malaga Inc. owns and operates a mine in Peru and is one of the few producers of tungsten outside of China. Malaga is a low cost producer due to the availability of hydroelectric power at its Pasto Bueno property in Peru. Future plans are to increase production and explore the property to increase reserves and resources.
Last Sale: 0.27 52 Week Range: 0.08 - 0.40 Market Cap: 49.56M
Goldrush Resources Ltd.: RAB Drilling at Ronguen Gold Deposit Extends Gold Deposit to North With Intersections of Up to 3.92g/t Au Over 10 Metres
Goldrush Resources Ltd. (TSX VENTURE:GOD)
President and CEO Len Brownlie announced that drilling in the Ronguen North Zone (previously called the supergene enriched zone) has substantially expanded the footprint of this recently discovered mineralized area that is contiguous with, and to the north of, the Ronguen Main Zone, by over 5.7 hectares.
Assay results returned the following significant composites:
* 3.92 g/t Au over 10 metres (including 9.38 g/t Au over 4 metres) in hole KRB11-0341
* 2.86 g/t Au over 6 metres in hole KGRB11-0338
* 0.62 g/t Au over 12 metres in hole KGRB11-0329
* 1.28 g/t Au over 4 metres in hole KGRB11-0331
* 1.15 g/t Au over 4 metres in hole KGRB11-0336
About the company
Goldrush Resources Ltd. is a publicly-owned, junior mineral resource exploration company listed on the TSX-V exchange. It is exploring for gold in the West African country of Burkina Faso where it holds 8 highly prospective permits covering 1,340 sq. km. The Company's permits are all located within the West African Birimian Greenstone Belts having a prolific history of gold production in this area of the world.
Last Sale: 0.23 52 Week Range: 0.07 - 0.30 Market Cap: 16.44M
Century Mining Reports Year-End 2010 Results
Century Mining Corporation (TSX VENTURE:CMM)
reported its consolidated financial and operating results for the year ended December 31, 2010.
San Juan produced 19,224 ounces of gold in 2010, a 13% increase over 2009. As a result, the increased volumes from the San Juan facility, combined with higher realized gold prices, resulted in gold revenues being higher for the year. Gold revenues, however, have been impacted by the delivery under the Deutsche Bank AG Forward Gold Purchase Agreement of 3,966 ounces of gold, at a price of $561 (US$539) per ounce. As at December 31, 2010 the Company had delivered 5,669 ounces under the terms of the Agreement.
Cash production costs per ounce at San Juan for the year 2010 were $853 per ounce. Although 10% lower than the corresponding period in 2009, additional operating expenses were incurred resulting from the construction of a new cyanide tailings pond facility and an associated shutdown of the mill circuits for a period of time during the last two quarters of 2010. The mill continued operating, although at a lower mill throughput. The CIL plant operated on restricted tonnage in the third quarter. Additionally, transition ore from mining at the Jessica vein system required campaigning through the mill and resulted in a lower recovery.
Mine operations at San Juan earned $6.5 million in the year ended December 31, 2010 from revenues of $22.2 million. Cost of sales was $12.9 million plus $2.8 million in non-cash depreciation, depletion and accretion.
For the year ended December 31, 2010, all operating costs related to the Lamaque project, net of any recoveries, have been deferred until commercial production has been achieve
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
Last Sale: 0.48 52 Week Range: 0.36 - 0.87 Market Cap: 185.93M
Avala Resources Confirms Strong Gold Mineralization Over Two Kilometers on the Korkan-Bigar Target Area: Intersects 26 Meters at 2.26g/t, 15 Meters at 2.82g/t Gold With Drilling and 148 Meters at 1.74g/t Gold in Surface Trench
Avala Resources Ltd. (TSX VENTURE:AVZ)
is pleased to present an update on drill results from the Korkan-Bigar target area, part of the sediment-hosted gold belt within the Cretaceous magmatic arc bordering the Timok Magmatic Complex ("TMC") in Eastern Serbia.
1. HIGHLIGHTS
* Wide-spaced 'step out' drilling on the Korkan-Bigar target area continues to intersect gold mineralization within the target stratigraphy, a sequence of strongly altered and decarbonatized conglomerates and sandstones with interbedded fine grained sandstone and clay-rich siltstones.
* Drilling of the Korkan-Bigar target area (Bigar Hill) returned the following wide gold intercepts (0.4g/t cut-off grade):
o BHDD005:
+ 5m @ 2.40g/t (from 118m)
+ 26m @ 2.26g/t (from 133m)
# Including: 20m @ 2.82g/t (from 134m)
+ 8m @ 1.37g/t (from 178m)
+ 20m @ 0.76g/t (from 258m)
o BHDD007:
+ 11m @ 0.69g/t (from 180m)
+ 15m @ 2.82g/t (from 227m)
# Including: 9m @ 4.44g/t (from 233m)
o BITR064
+ 148m @ 1.74g/t
# Including: 38m @ 3.75g/t & 30m @ 2.35g/t (from 270m & 320m)
About Avala Resources Ltd.: Avala is a recently-formed company focused on the exploration and development of the Potoj Cuka sediment-hosted gold project and the Timok gold-copper project in Serbia. The common shares of Avala trade on the TSX Venture Exchange under the symbol AVZ.
Last Sale: 1.30 52 Week Range: 0.35 - 2.06 Market Cap: 193.62M
Moly Mines Limited: China Development Bank Approves US$500 Million Project Finance Facility for the Spinifex Ridge Molybdenum/Copper Project
Moly Mines Limited (TSX:MOL)(ASX:MOL)
is pleased to announce it has been advised by Hanlong Mining Investment Pty Ltd ("Hanlong"), that the China Development Bank ("CDB") has approved US$500 million in project finance facilities to develop the Spinifex Ridge Molybdenum / Copper mine.
CDB have agreed to expand their commitment from the US$250 million, announced on 1st February 2011, to US$465 million and make available US$35 million in further working capital facilities to meet Hanlong's US$500 million financing commitment to Moly Mines. A formal commitment letter is expected to be issued by CDB within the next two weeks.
Moly Mines Managing Director and CEO Dr Derek Fisher said "this seminal outcome signals a step-change in the fortunes of our Company and our shareholders. Having survived the hiatus of the GFC and the disappointments of 2008, we are now back on-track to building the world's next large scale molybdenum/copper mine. This outcome and the quality of the proposed debt is a great credit to the efforts and persistence over the last twelve months of our major shareholder, Hanlong, and also signals the strong belief of the Chinese bank in the future strength of the world molybdenum market".
About the company
Moly Mines is an ASX and TSX listed resource company mining Iron Ore in Western Australia, as well as focused on developing our world class Spinifex Ridge Molybdenum project - 170km east of Port Hedland.
Last Sale: 1.06 52 Week Range: 0.48 - 1.77 Market Cap: 387.85M
Yongye International Announces Preliminary First Quarter 2011 Financial Results
Yongye International, Inc. (NASDAQ:YONG - News), a leading agricultural nutrient company in China ("Yongye" or the "Company"), today announced preliminary financial results for the first quarter of 2011.
The Company's revenues for the three months ended March 31, 2011, were $50.2 million, more than double last year's first quarter revenues of $24.9 million. The significant increase in revenues was driven by higher demand for the Company's products in its traditional markets, and growth in several new markets.
For full year 2011, the Company continues to expect revenues of between $315 million and $325 million, representing an increase of 47.1% and 51.8% over 2010's revenue of $214.1 million. The Company expects adjusted net income attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities, of between $80 million and $82 million, representing an increase of between 47.9% and 51.6% over 2010 adjusted net income attributable to Yongye of $54.1 million.
About Yongye International
Yongye International is a leading agricultural nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye produces and markets two lines of organic nutrient products: a liquid nutrient product which is sprayed on plants and a powder nutrient product which is added to animal feed. Both products are sold under the brand name "Shengmingsu," which means "life essential" in Chinese.
Last Trade: 4.8852 Week: 9.49 – 4.43Market Cap; 241 Million
Yongye International Announces Preliminary First Quarter 2011 Financial Results
Yongye International, Inc. (NASDAQ:YONG - News), a leading agricultural nutrient company in China ("Yongye" or the "Company"), today announced preliminary financial results for the first quarter of 2011.
The Company's revenues for the three months ended March 31, 2011, were $50.2 million, more than double last year's first quarter revenues of $24.9 million. The significant increase in revenues was driven by higher demand for the Company's products in its traditional markets, and growth in several new markets.
For full year 2011, the Company continues to expect revenues of between $315 million and $325 million, representing an increase of 47.1% and 51.8% over 2010's revenue of $214.1 million. The Company expects adjusted net income attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities, of between $80 million and $82 million, representing an increase of between 47.9% and 51.6% over 2010 adjusted net income attributable to Yongye of $54.1 million.
About Yongye International
Yongye International is a leading agricultural nutrient company headquartered in Beijing, with its production facilities located in Hohhot, Inner Mongolia, China. Yongye produces and markets two lines of organic nutrient products: a liquid nutrient product which is sprayed on plants and a powder nutrient product which is added to animal feed. Both products are sold under the brand name "Shengmingsu," which means "life essential" in Chinese.
Last Trade: 4.8852 Week: 9.49 – 4.43Market Cap; 241 Million
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