Resource World Magazine

Aura Minerals Inc. [ORA-TSX] is operating the open-pit heap leach San Andres Mine in western Honduras about 300 km northwest of the capital, Tegucigalpa. The mine with measured and indicated resources of 1.6 million ounces has been in production since 1983 and is expected to produce 60 – 65,000 ounces of gold per year. B2Gold Corp. [BTO-TSX; BGLPFOTCQX] is operating two gold mines, (La Libertad Mine and Limon Mine) in Nicaragua. La Libertad, 178 km east Managua, produced 98,797 oz gold in 2011. B2Gold acquired 100% interest the mine in March 2009 and invested $170 million to convert from heap leach to conventional milling. Current production is 5,500 tpd with gold recovery over 90% at a total cash cost of US $541/oz. Production of 102,000-110,000 oz gold is expected for 2012. Exploration is ongoing on the higher grade Jabali zones, 12 km east of the mill. La Limon Mine, 100 km north of Managua, a long standing underground and open pit gold producer since 1941, produced 45,307 oz. This mine is owned 5% by Inversiones Mineras S.A., a holding company representing unionized mine workers in Nicaragua. Operating cash costs are projected for 2012 to be just over US $700/oz of gold. Exploration continues with two drill rigs to extend the five-year mine life and test higher grade zones. It also has the Bellavista property within the Costa Rican Gold Belt, about 70 km northeast of San José. The Bellavista Mine was previously operated by Glencairn Gold as a heap leach operation until July 2007 when operations were suspended due to ground instability due to water saturation following abnormally high rainfall. In October 2007, a landslide at the Bellavista Mine occurred damaging the East side of the heap leach pad and the recovery plant. B2Gold has conducted a number of mitigations measures, extensive monitoring programs, site reclamation and is investigating alternatives for re-opening the mine. Barrick Gold Corp. [ABX-TSX, NYSE] is bringing its 60%-owned Pueblo Viejo (40% Goldcorp Inc.) into commercial production. Pueblo Viejo, a $3.8 billion project with 32 www.resourceworld.com proven and probable reserves of 25.3 million oz gold, is expected to be producing 1.1 million oz/year the first five years of commercial production. Cash costs are expected to be US $300-350/oz. The startup of production was August of 2012, with commercial production expected this fall. Bellhaven Copper & Gold Inc. [BHVTSXV; 4BL-Berlin, Frankfurt] is exploring its advanced stage, Pitaloza epithermal gold project, Panama. Trenching in 2006 yielded 2 m of 2.3 g/t gold on the Bejucosa property. Much of their focus is on their flagship La Mina Project in Colombia. Brigus Gold Corp. [BRD-TSX, NYSE MKT] has sold its 50% interest in APV, Ponton and La Cueva projects in Dominican Republic on Sept. 29, 2011 to Everton Resources Inc. Brigus will receive of 15 million Everton shares and $500,000 and will also receive a sliding scale NSR royalty 1%-2% when the gold price is over US $1,400/oz. Brigus will also receive a promissory note for the greater of $5 million or 5 million shares of Everton, which will be subject to completion of a NI 43-101 report with a minimum of 1 million-ounce gold resource with grades of 2.5 g/t at APV or 1.5 g/t gold at Ponton or La Cueva. Calibre Mining Corp. [CXB-TSXV] is developing its three 100%-owned projects (Cerro Aeropuerto, La Luna and Riscos de Oro) in Nicaragua in addition to joint ventures with B2Gold and Alder Resources. Calibre has completed 9,427 m of drilling in 37 holes on the Riscos de Oro Project to produce NI 43-101 inferred resources of 2.159 million tonnes grading 3.2 g/t gold and 59.6 g/t silver (287,000 oz gold equivalent). The Cerro Aeropuerto Project has inferred resources of 6 million tonnes grading 3.64 g/t gold and 16.6 g/t silver. La Luna Project has inferred resources of 2.53 million tonnes grading 1.56 g/t gold and 14.0 g/t silver. Cassius Ventures Ltd. [CZ-TSX] is developing three project areas, over 160,000 hectares Nueva Segovia (adjacent to Golden Reign & Corazon Gold), León (adjacent to B2Gold Limon Mine) and Chontales, (adjacent to B2Gold La Libertad Mine). All projects are in northwest and central Nicaragua. Drill results on Nueva Segovia LD-05 returned an intersection of 1.5 m grading 53.0 g/t gold. Mapping of Leon Project discovered a quartz vein grading 28. 2 g/t. Caza Gold Corp. [CZY-TSXV; CZGDFOTCQX; CZ6-Frankfurt] is one of the largest claim holders in Nicaragua with 461,926 hectares. Caza released initial results in August that intersected thick intervals of sulfide mineralization, but all holes were stopped at 250 m. Chesapeake Gold Corp. [CKGTSXV] can acquire 100% interest in the Escorpion property 85 km southeast of Guatemala City. This project is 7 km southwest and along the same geological trend at Tahoe Resources' Escobal deposit. There is epithermal, multistage silverlead-zinc veins traced discontinuously over 1,500 m. Chesapeake agreed to sell its interest in the Escorpion property to Gunpoint Exploration Ltd. [GUN-TSXV] for 500,000 Gunpoint shares, 500,000 warrants at $1.50 per share, a 1.5% NSR together with an additional 1 million shares if a NI 43-101 resource report states over 1 million oz gold on the Escorpion Project. Corazon Gold Corp. [CGW-TSXV] is doing reconnaissance of the Pijibay and Pilatos projects 130 km northeast of Managua, Nicaragua and 15 km east of B2Gold's La Libertad Mine. Corazon has dropped their option on the Santo Domingo concession, while adding three new projects (Arcosa, Azul & Caledonia) which cover 30,000 hectares. Energold Drilling Corp. [EGD-TSXV] has transformed itself from a junior exploration company to an active drilling company with 128 drill rigs serving Mexico, Caribbean, Central America, South America and West Africa. Energold has developed, highly mobile surface drill rigs, with a modular design which can be transported by local labour or mules on footpaths with no component heavier than 400 lb. Energold still has a core of well located legacy exploration projects in Dominican Republic in the vicinity of the Pueblo Viejo Mine. Energold expects to sell or option these projects. NOVEMBER 2012

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