Resource World Magazine

current drilling of Romero, just north of their field camp which has positively impacted their stock prices. GoldQuest had $20 million cash as of August 2012. Gunpoint Exploration Ltd. [GUNTSXV] see Chesapeake Gold Corp. Inmet Mining Corp. [IMN-TSX] is developing one of the world's largest mining projects in Panama with its 80%-owned Cobre Panama Project (20% owned by LS-Nikko through its Korea Panama Mining Corp.) which will be developed at an estimated cost of US $6.18 billion. The project has proven and probable reserves of 2.3 billion tonnes grading 0.40% copper, 0.007% molybdenum, 0.07 g/t gold and 1.4 g/t silver. Cash costs are expected to be US $0.82/lb of copper average for life of mine. Inmet raised US $1.5 billion in unsecured notes in May and a US $1 billion precious metals royalty stream funding from Franco-Nevada Corp. [FNV-TSX, NYSE]. Inmet now has US $4.2 billion of US $4.8 billion required for its share of capital. Inmet has launched a takeover bid for Petaquilla Minerals Ltd. which owns an adjacent mid-sized gold producer. Majescor Resources Inc. [MJX-TSXV] is exploring it's 62%-owned SOMINE SA copper-gold property in the northeast Haiti. Majescor is targeting copper-gold porphyry deposits with three historical showings. Drilling of a 5,534-metre, 15-hole program on the Douvray prospect was completed in July. Recent results in the final hole D-017 intersected, 388.5 m grading 0.26% copper, 0.38 g/t silver, 0.01 g/t gold and 15 ppm molybdenum. A NI 43-101 resource estimate is being prepared. Mineral Mining PLC [M8M-Frankfurt] holds the Ceibo Chico gold prospect in west-central Belize. It consists of 34 km2 and a 96-acre mining license. Historical past test production, done by Boiton Minerals Ltd. in 2001 and 2002, produced about 600 oz gold, with about 10% of this amount consisting of coarse gold and nuggets weighing between 0.25 and 1.1 oz. It also holds Santa Rosa gold prospect in Panama with paved road access. Newmont Mining Corp. [NMC-TSX; 34 www.resourceworld.com NEM-NYSE, Australia] see Eurasian Minerals. Nyrstar NV [NYR-Brussels] is an integrated mining, metals and smelting company operating the El Mochito Mine in Honduras which has been in production since 1948. This is an underground mine which produced 26,000 tonnes zinc, 13,100 tonnes lead and 1.5 million oz silver in 2011. Pacific Rim Mining Corp.'s [PMU-TSX; PFRMF-OTCQX] flagship El Dorado Project is a large, high-grade, epithermal vein, gold system in El Salvador. Pacific Rim has completed a NI 43-101 compliant measured and indicated resources of 4.2 million tonnes grading 9.42 g/t gold, 68.9 g/t silver containing 1.43 million oz gold equivalent. It has a prospect pipeline of two development projects in El Salvador; the Santa Rita gold property with high-grade gold veins on surface and the Zamora-Cerro Colorado Project with a gold bearing epithermal system that has been traced over 19 km. Normally, with a project with the high grades of the El Dorado resources, we would be outlining the financing for production. However, this project's value will be determined by litigation currently underway in international courts. According to Pacific Rim, the government of El Salvador has breached its own law and international law by refusing to issue necessary mining licenses. The most recent development was on June 12, 2012 when the World Bank Tribunal allowed Pacific Rim to continue the final phase of arbitration against the government of El Salvador. El Salvador has been making good progress, by adapting the US dollar in 2001 as currency. It also ranked in top three in Central America, while being one of the few countries in the world increasing forest cover which has expanded 20% in the last 20 years. In this regard, their decision to restrict a mining development is puzzling. The markets still have a positive view of Pacific Rim as it was able to raise $4.2 million in equity in October 2012. PanTerra Gold Ltd. [ERGTF-USOTC; PGI-Australia] is developing the Las Lagunas Project, which involves reprocessing refractory high-grade gold tailings from the Pueblo Viejo Mine 105 km north of Santo Domingo, Dominican Republic. Former operator, Rosario Dominican, owned by the Dominican Republic government, operated from 1979 and closed in 1999 due to low gold prices and low gold recovery of around 30%. This project has JORC indicated resources of 5.1 million tonnes grading 3.8 g/t gold and 38.6 g/t silver. PanTerra has spent US $72 million since signing an agreement with the Dominican Republic in 2004 to reprocess the tailings under a profit sharing agreement. A new Albion/CIL plant made its first gold/silver doré pour in July 2012. Production of 2,000 oz gold per month is expected to increase to 5,500 oz monthly once production and equipment changes are completed in December of 2012. Perilya Limited [PEM-Australia] is operating the Cerro de Maimon Mine in Maimon, about 70 km northwest of Santo Domingo. It is an open pit mine processing 2,000 tpd of copper, gold and silver ore (1,300 tpd – sulphide; 700 tpd – oxide). Current proven and probable reserves are 4.8 million tonnes grading 2.54% copper, 34.9 g/t gold and 1.86 g/t silver. Perilya is developing the Maimon exploration concession to find more ore for the mine. Pershimco Resources Inc. [PRO-TSXV; BIZ-Frankfurt] is exploring the Cerro Quema Project in Panama. Pershimco recently released a NI 43-101 report with indicated oxide resources of 20.1 million tonnes grading 0.79 g/t gold and sulphide indicated resources of 2.7 million tonnes of 0.64 g/t gold and 0.24% copper. The report also noted higher grade gold with potential for a surface starter open pit. Petaquilla Minerals Ltd. [PTQ-TSX; PTQMF-OTCQB; P7Z-Frankfurt] was subject to a takeover bid by Inmet Mining on September 6, 2012 for $0.48 per share or 0.0109 of an Inmet share for a total of about $112 million, for the assets in Panama. If Inmet succeeds in this takeover, the Spanish assets would be spun out to Petaquilla shareholders, who have already experienced over a 50% increase. Petaquilla has an open pit gold mine operating since 2009 on the Molejon deposit which is expected to produce about 68,000 NOVEMBER 2012

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