Issue link: http://resourceworld.uberflip.com/i/492982
a p r i l / m a y 2 0 1 5 www.resourceworld.com 27 ing approximately 1.1 g/t gold over the next five months. Full-year 2014 output stood at 74,622 ounces gold produced. The all-in cost per ounce gold stood at $1,265/ oz for Q3 2014, while Luna also recog- nized an impairment charge of around $102 million relating to Aurizona dur- ing the quarter. A non-brokered private placement of 19.5 million common shares priced at $1.02 per share was completed during Q3 for C$19.9 million as part of an agreement with sandstorm Gold Ltd [SSL-TSX; SAND-NYSE MKT], a company that produced 44,821 attributable gold equivalent ounces in 2014. Luna has also announced the start of an expansion pro- gram at Aurizona as it seeks to expand the property's resources and reserves. Mandalay Resources Corp. [MND- TSX] holds Compañia Minera Cerro Bayo that operates several underground, silver- gold mines in the Cerro Bayo district, Chile. The mines feed a single conventional flotation plant. Output for Q4 stood at 1,021,189 ounces saleable silver and 9,052 ounces saleable gold, which compares with 878,542 ounces silver and 5,272 ounces gold in Q4 2013. The site's all-in production cost per ounce silver, net gold by-product, stood at $10.37/oz in Q4 2014 compared with $11.51/oz in Q4 2013. Mandalay also owns the Challacollo silver-gold project, also located in Chile. On February 17, it noted that a recent infill drill campaign had upgraded around 22 million ounces silver at the project's Lolon Vein from inferred to indicated, giving a total of 30 million ounces silver indicated. Around 7 million ounces silver along the Lolon Vein has the potential to be upgraded as well. Mirasol Resources Ltd. [MRZ-TSXV; M8R-Frankfurt] is a prospect generator with a suite of properties across Argentina and Chile. Its flagship project is the wholly- owned Virginia silver-gold property in Santa Cruz Province, Argentina. On January 28, it announced the filing of a NI 43-101 technical report with SEDAR for an initial mineral resource at Virginia. Presented as a constrained open-pit concept, the project comprises 11.9 million ounces silver at 310 g/t indicated and 3.1 million ounces silver at 207 g/t inferred. In December, the com- pany announced details of an encouraging trench sampling and geophysical inter- pretation program at its Atlas gold-silver project in northern Chile. The best indi- vidual channel samples from the walls of Trench TR-AKI-06 included 35 cm at 609 g/t silver and 2 cm at 542 g/t silver. Montan Mining Corp. [MNY-TSXV], formerly known as Strait Minerals, began trading March 9, 2015. Montan is focused on advanced and cash-flow mining oppor- tunities in Peru and will look to grow through project advancement and mergers and acquisitions. The new management team is led by Ian Graham, CEO, formerly of Rio Tinto/Anglo American. Director Michel Robert is a for- mer senior VP with Pan American Silver and Executive Chairman Luis Zapata is former head of Latin America Institutional Equity Sales at Canaccord Genuity. The company will advance the 100%- owned Alicia Project in southern Peru, subject to a 2% NSR. The 26 km 2 Alicia property is located in the Andahuaylas- Yauri metallogenic belt, a Tertiary-aged belt of porphyry and skarn deposits extending for over 300 km. Some $5 mil- lion has been spent on the property by Teck Resources and Strait. Orvana Minerals Corp. [ORV-TSX] operates the Don Mario Mine in the Chiquitos province, eastern Bolivia. For Q1 fiscal year (FY) 2015, the company reported mine production at 6,919 oz gold; 5.14 mil- lion lbs copper; and 91,359 oz silver. This compares with 4,867 oz gold; 3.46 million lbs copper; and 218,992 oz silver recorded for Q1 FY2014. The increase in gold output was due to the planned mining of a higher- grade zone. Production guidance for Don Mario FY 2015 stands at 19,000-22,000 oz gold; 14 million-16 million lbs copper; and 400,000-500,000 oz silver. The company is seeking to increase resource estimates at Don Maria and has conducted an expan- sion review. A drill program that started at the property in 2014 will continue through 2015, with a focus on the mineralized zones surrounding the current open pit. Pan American silver Corp. [PAA-TSX; PAAS-NASDAQ] recognized several impair- ments across full-year 2014, including an