By Dave Brown — Exclusive to Gold Investing News
Company newsEndeavour Mining Corp. (TSX: EDV,ASX:EVR) plans to increase output at its Ghana and Burkina Faso gold mines to between 170,000 and 190,000 troy ounces this year. With the addition of the Agbaou gold mine in Côte d'Ivoire, the increase would raise the company's production target to 250,000 troy ounces per year at a total cash cost (excluding royalties) of $645 to $685 per troy ounce by the end of next year. The company reported gold output of 177,290 troy ounces last year, following the incorporation of Adamus Resources' assets. Endeavour remains focused on gold production in West Africa. During 2011, Endeavour completed the sale of its diamond properties in South Africa, completed a spin-out and initial public offering of its rare earth exploration properties in Namibia, and sold its debt finance and related merger and acquisition advisory business in order to focus on its core gold mining activities. Junior company news Colossus Minerals Inc. (TSX: CSI,OTC Pink:COLUF) reported intersects of 7.81 g/t, 5.70 g/t, and 18.00 g/t gold within two meters of the surface in the Elefante Area of its 75 percent owned Serra Pelada gold- platinum- palladium project in Brazil. Intersects of 4.5 metres grading 16.08 g/t gold, 0.61 g/t platinum, and 1.19 g/t palladium were reported in the GT Zone. The company believes the positive drill results indicate that both the upper and lower limbs of the fold structure may be more important mineralization-bearing zones than previously believed. Nortec Minerals Corp. (TSXV: NVT) reported results from its ongoing phase five drill program at its Northern Finland Läntinen Koillismaa project. The company optioned 80 percent interest in the project to Finore Mining Inc. (CNSX: FIN) over the course of three years, with Finore presently operating the phase five exploration drilling program. MAX Resources Corp (TSXV: MXR) announced assay results from its Majuba Hill project in Nevada. The company intersected 0.10 g/t gold, 5.49 silver and 0.09 percent copper at 293 meters. The gold mineralization is at a grading of 0.145 g/t gold and was intercepted over the final 116 meters of the hole.
Securities Disclosure: I, Dave Brown, hold no direct investment interest in any company mentioned in this article.Gold Prices Lower on United States' Economic Optimism from Gold Investing News