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•• Monthly Mining Bulletin Nº30
October - 2014 - PANORAMA MINERO
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Mining in Argentina – What happened in September?

During September, Patagonia Gold announced its advancement at its Santa Cruz provinces (Lomada operation and expansion, also as exploration at El Tranquilo) In Chubut, U3O8 Corp. showed that Laguna Salada (uranium and vanadium deposit in Chubut province) has excellent economics in order to be one of the most important and profitable uranium centers all around the world. And Argentex Mining filed its latest Technical Report (NI 43-101) on Pinguino (Santa Cruz province) with the Canadian Regulatory Authorities. And, in Jujuy province, Lithium Americas Corporation brought a series of steps (POSCO Strategic Agreement and meetings with relevant Federal and Provincial Authorities) with the aim of advance the Cauchari-Olaroz project to construction.

On the exploration side, Hunt Mining received good results from its latest drilling campaigns at La Josefina and La Valenciana (both in Santa Cruz province); Minsud will commence an exploration program at Chita Valley (San Juan province); and Meryllion Resources received the approval for its exploration program at Cerro Amarillo (Mendoza province), but it must be ratified by the local Legislature.

Finally, Dundee Sustainable Technologies entered into an Agreement with the Government of the Province of San Juan for the Implementation of Green Metallurgical Technologies in Argentina; Rodinia Lithium raised US$440,000 with sale of certain non-core assets; and Samco Gold extended the Binding Letter of Intent with Pan American Silver on El Dorado Monserrat project

Patagonia Gold operational update
Patagonia Gold provided an operational update on the Company's Lomada de Leiva mine and exploration on El Tranquilo Property.

U3O8 Corp. Files Positive PEA that Recommends its Laguna Salada Project advance to Pre-Feasibility
U3O8 Corp., a Canadian-based company focused on exploration and development of uranium resources and associated commodities in South America, has filed a National Instrument 43-101 Preliminary Economic Assessment ("PEA") on its Laguna Salada Deposit in Chubut province.

MAS

Argentex Files Updated Mineral Resource Estimate and Technical Report for Pingüino Silver-Gold Project
Argentex Mining Corporation announced that it has filed the Updated Technical Report on the Pingüino Project, Santa Cruz province. The updated NI 43-101 report was prepared by Mine Development Associates of Reno, Nevada, and dated 19th September, 2014.

MAS

hunt

Lithium Americas Provides Update on Cauchari-Olaroz Lithium Project
Lithium Americas Corp. provided an update on the development of its Cauchari-Olaroz project, including the progress made with POSCO on the previously signed Co-Operation Agreement, the continued strong support from various Argentine government entities including Jujuy Energia y Mineria Sociedad Del Estado ("JEMSE").

MAS

Hunt Mining hits more High Grade Gold at La Josefina and La Valenciana
Hunt Mining Corp. announced drill core assay results for two separate targets drilled in the 2014 campaign on the La Josefina Project located in Santa Cruz province. Hunt conducted a shallow Diamond drilling campaign, not more than 50 meters in depth, including 12 holes totaling 651 meters in length completed on the Maria Belen target and 15 holes totaling 957 meters were drilled on the Sinter target.

MAS

Minsud to Commence Diamond Drilling at the Chita Valley Project
Minsud Resources Corp. commented that in the coming weeks it will complete an 18 hole, 2,200 meter diamond drilling program in the South Porphyry sector of the Chita Valley Project, located in San Juan province.

MAS

Meryllion's Permit to Conduct Drilling at Its Cerro Amarillo Project has Been Approved by the Mendoza Government
Meryllion Resources Corporation announced that the relevant authorities in Mendoza Province have approved the Environmental Impact Report (EIR) for planned drilling operations at its Cerro Amarillo Cu-(Mo-Au) project.

MAS

Dundee Sustainable Technologies Enters into an Agreement with the Government of the Province of San Juan for the Implementation of Green Metallurgical Technologies in Argentina
Dundee Sustainable Technologies Inc. ("DST") the developer and owner of proprietary technologies to serve the natural resource sector with environmentally friendly procedures provided further information on its progress to date.

MAS

Rodinia Lithium Raises US$440,000 with Sale of Certain Non-Core Assets
Rodinia Lithium Inc., has entered into a sale agreement with a private Argentine borate mining company to sell 600 hectares of mining rights comprising a portion of the Salar de Centenario property, held by the Company. In exchange for the sale of a 100% interest in the mining rights comprising the 600 hectares of Centenario, Rodinia will receive US$440,000 payable in 22 monthly installments of US$20,000.

MAS

Samco Gold: Extension of Binding Letter of Intent with Pan American Silver on El Dorado Monserrat Project
Samco Gold Limited extended the binding letter of intent with Pan American Silver Corp. ("PAS") announced on May 29, 2014, to grant PAS the exclusive option to acquire a 60% interest in the El Dorado Monserrat project in Santa Cruz province.

MAS

 

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Patagonia Gold operational update

 
 

Patagonia Gold provided an operational update on the Company's Lomada de Leiva mine and exploration on El Tranquilo Property.
Highlights include:

  •  Lomada Mine: Lomada Mine reported record production in August, with a total of 2,961 ounces of gold recovered from the main and trial heap leach pads combined at an all-inclusive cash cost of $625 per ounce. Full year guidance production has been revised due to the extended delivery timeline of additional mining equipment impacting the planned expansion. The full year production target for 2014 is now set at approximately 27,000 ounces of gold.
  • Lomada Mine Expansion: The second large excavator delivered and operational. Lomada is on-track to achieve expansion target of 3,000 ounces of gold per month production by end of Q3. Equipment availability is also increasing due to the company taking on all maintenance in house and removing costly third party providers from site.
  • Exploration: Exploration for 2014 focused on the El Tranquilo block with the identification and development of 22 new and existing targets. Exciting new mineralization discovered at El Calafate and La Canada, near to Flagship deposit, Cap-Oeste. Additional drilling planned for late 2014
  • Exploration on El Tranquilo Property: The El Tranquilo property, covering approximately 80,000 hectares, contains Patagonia Gold's flagship project, the Cap-Oeste deposit, together with the COSE bonanza gold and silver deposit and numerous other prospects including Monte Leon. The majority of the 2013-2014 field season to date has been focused on the exploration of the El Tranquilo block with the identification and development of 22 new and existing targets. Implementation of a block-wide geochemical and ground magnetics programme has been instrumental in the location of significant new drill targets close to the existing Cap-Oeste ore body. A 28-hole Reverse Circulation (RC) drilling programme, for 2,784 metres (m), was conducted during Q2 on the El Tranquilo block. Existing targets such as Felix and Santiago were tested again along with new targets including El Calafate and La Canada. Preliminary results from this programme are very encouraging, especially from these new targets 

 

 

U3O8 Corp. Files Positive PEA that Recommends its Laguna Salada Project advance to Pre-Feasibility

 
 

U3O8 Corp., a Canadian-based company focused on exploration and development of uranium resources and associated commodities in South America, has filed a National Instrument 43-101 Preliminary Economic Assessment ("PEA") on its Laguna Salada Deposit in Chubut province. The PEA was undertaken by internationally recognized engineering firm, Tenova Mining & Minerals. The economic model shows that uranium at Laguna Salada would be produced at an average life-of-mine ("LOM") cash cost of $21.62 per pound of U3O8, net of a vanadium credit, and the total capital cost of $136 million would be paid back in 2.5 years.

"The PEA confirms that Laguna Salada would be among the uranium industry's lowest cash cost producers - in the same league as in-situ recovery and Athabasca Basin projects," said Dr. Richard Spencer, U3O8 Corp's President and CEO. "In addition, the economic model shows that a larger resource at Laguna Salada would significantly improve the project's economics. Hence, the PEA recommends resource expansion onto the adjacent La Susana area that has a footprint larger than the current deposit, and also onto the La Rosada target, where exploration returned average grades 30 times higher than at Laguna Salada. The estimated exploration budget to establish resources on these new areas is $1.8 million. The study also recommends that the project be advanced to pre-feasibility study with associated on-site pilot plant work."

PEA Highlights (base case, pre-tax, $60/lb. U3O8)


Average annual uranium produced

0.64Mlb

Average annual vanadium produced

0.96Mlb

Mine life

10 years

Cumulative free cash flow

$109M

NPV at 7.5% discount

$55M

IRR

24%

Payback period

2.5 years

LOM average uranium cash cost, net of vanadium credit

$21.62/lb.

Average uranium cash cost over 2.5 year payback period

$16.14/lb.

Capital investment (incl. sustaining & 20% contingency)

$136M

 

 

Capital Costs
The Laguna Salada PEA estimates a $135.7 million capital cost, the main components of which are $16 million for mining and beneficiation equipment, $79 million for the processing plant, indirect costs of $11 million and contingency of $22 million

Summary of Capital Costs


Items

(in $millions)

Mining and beneficiation

$16.0

Sustaining capital

$3.3

Processing plant and infrastructure

$79.1

Mine closure

$2.0

Indirect costs (EPCM, insurance, temporary works, first fills & spares etc.)

$10.9

Working capital

$2.5

Contingency of 20%

$21.9

TOTAL

$135.7

The PEA proposes a budget of $4.4 million for the work recommended for completion of a pre-feasibility study on the Laguna Salada Project. Permitting (budgeted at $1.5 million), $1.1 million for infill trenching and drilling to upgrade 20Mlb of prospective resources to the Indicated category, and $1.5 million for a full feasibility study, would ready the project for a decision as to whether to commence construction.

Budget Summary for Recommended Work


Items

Budget

Resource estimate & expansion

$1,817,000

Metallurgy

765,000

Pilot plant test work

500,000

Water resource studies

315,000

Social & environmental

300,000

Pre-feasibility study

750,000

Budget for Completion of Pre-Feasibility Study

$4,447,000

Permitting (including environmental impact assessment)

1,500,000

Resource upgrade to 20Mlb Indicated

1,100,000

Feasibility study

1,500,000

Budget for Feasibility Study

$4,100,000

Total

$8,547,000

 

 

 

Argentex Files Updated Mineral Resource Estimate and Technical Report for Pingüino Silver-Gold Project

 
 

Argentex Mining Corporation announced that it has filed the Updated Technical Report on the Pingüino Project, Santa Cruz province. The updated NI 43-101 report was prepared by Mine Development Associates of Reno, Nevada, and dated 19th September, 2014.

Report Highlights:

  • Increases indicated category Ag Eq. (Silver equivalent) ounces by 13% (adding 3.0 million Ag Eq. ounces for a total of 26.7 Million Ounces Ag Eq. @ 132.3 g/t Ag Eq.)
  • Increases inferred category Ag Eq. ounces by 49% (adding 2.3 million Ag Eq. ounces for a total of 7.0 Million Ounces Ag Eq. @ 98.0 g/t Ag Eq.)
  • Adds four new veins to the resource, bringing the total number of veins included in the updated resource estimate to twelve
  • More than sixty veins remain to be fully tested in vein structures that remain open in all directions

Argentex's 10,000-hectare advanced silver and gold exploration Pingüino project is located in Argentina's Patagonia region, within the Deseado Massif of Santa Cruz province. The Deseado Massif is an active region of mining with four precious metal mines currently in production, and includes multiple active advanced and early stage exploration projects.

The Pingüino system has grown to 70+ individual veins, with a combined strike length approaching ~113 line-kilometers. The Pingüino project is unique within the Deseado Massif region of Santa Cruz province in that it contains two different and spatially distinct types of mineralization, one precious metal and the other sulphide-rich polymetallic. The Company continues to evaluate the geological model of sulphide-enriched potentially mineralized intrusives at depth, forming the probable source for the polymetallic veins exposed on surface.

 

 

Lithium Americas Provides Update on Cauchari-Olaroz Lithium Project

 
 

Lithium Americas Corp. provided an update on the development of its Cauchari-Olaroz project, including the progress made with POSCO on the previously signed Co-Operation Agreement, the continued strong support from various Argentine government entities including Jujuy Energia y Mineria Sociedad Del Estado ("JEMSE").

POSCO Co-Operation Agreement and Large Scale Pilot Plant

As previously reported, POSCO, Korea's largest steel company, has been developing an innovative lithium extraction technology, which is much faster than traditional brine evaporation technology, minimizes the environmental footprint associated with large scale evaporation ponds, and achieves significantly higher lithium recovery rates than traditional evaporation technology. In January 2014, Lithium Americas signed a Co-Operation Agreement with POSCO, pursuant to which POSCO's Large Scale Pilot Plant (PP3) will be located on the Cauchari-Olaroz site. Since that time, the Company has been actively working with POSCO, preparing the Cauchari-Olaroz property to receive POSCO's lithium extraction pilot plant.

POSCO issued a press release in mid-August updating the market on the progress of its lithium extraction pilot plant, and re-affirming its commitment to developing its proprietary lithium extraction technology on a large scale. The PP3 Plant is now shipboard, is expected to arrive in Antofagasta, Chile by mid-October, and is targeted to be in operation within the fourth quarter of 2014. POSCO expects the PP3 will be operating for several months in order to complete large scale testing. Following POSCO's determination of successful testing of the pilot plant, the Co-Operation Agreement contemplates a 90-day exclusivity period to negotiate the terms associated with a commercial-scale lithium plant at the Cauchari-Olaroz project.

Strong Relationships and Full Argentine Support

Lithium Americas' management met with senior executives of POSCO and with senior Argentine federal and provincial government officials in Argentina during September, and is pleased to report that all requisite approvals have been confirmed for the importation and operation of the POSCO pilot plant at the Cauchari-Olaroz project. These approvals follow the earlier Environmental Impact approval received in July for the POSCO process. The meetings in Buenos Aires with federal officials were hosted by Jujuy Governor, Eduardo Fellner. As widely reported in Argentine papers, the government is fully supportive of increasing production of lithium in Argentina and benefiting the local provincial economy and communities.

The Company's management also met with senior executives of JEMSE, the government of Jujuy's mining investment company, involved in the development of mining projects in the province of Jujuy. In November 2012, the Company announced that it had entered into a letter of intent with JEMSE, whereby JEMSE will acquire an 8.5% equity interest in the Cauchari-Olaroz lithium project, as it will with other lithium projects in the Province. JEMSE has reaffirmed its support of the Company's business relationship with POSCO, and is excited to be involved with the commercialization of POSCO's high efficiency technology.


 

Hunt Mining hits more High Grade Gold at La Josefina and La Valenciana

 
 

Hunt Mining Corp. announced drill core assay results for two separate targets drilled in the 2014 campaign on the La Josefina Project located in Santa Cruz province. Hunt conducted a shallow Diamond drilling campaign, not more than 50 meters in depth, including 12 holes totaling 651 meters in length completed on the Maria Belen target and 15 holes totaling 957 meters were drilled on the Sinter target.

The results of this latest drilling continue to confirm high-grade gold mineralization and will be instrumental in the Corporation's ongoing resource expansion efforts and near-term development decisions.

At the Sinter target, all 15 drill holes intersected mineralization. More than half the drill holes intersected one or more intervals containing more than 1.0 g/t Au over true widths ranging from 2.0 to 6.8 meters. Select assay results from the Sinter target include:

  • Hole # SSI-D14-472: 6.8 meters (22.8 feet) true width of 4.28 (grams/tonne) g/t gold, including 0.8 meters true width of 20.6 g/t gold
  • Hole # SSI-D14-463:2.0 meters true width of 14.9 g/t gold
  • Hole # SSI-D14-469: 2.4 meters true width of 4.8 g/t gold, including 1.3 meters true width of 8.38 g/t gold

Significant mineralized intercepts in those holes not cited above (SSI-D14-458 through 471) include grades ranging from 0.3 to 4.1 g/t Au.

At the Maria Belen target, 11 of the 12 drill holes intersected mineralization. Five of these holes intersected one or two intervals containing more than 1.0 g/t Au over true widths ranging from 1.4 to 9.5 meters. Select assay results from the Maria Belen target include:

  • Hole # SC-D14-448:4.6 meters (15.1 feet) true width of 6.1 (grams/tonne) g/t gold, including 0.8 meters true width of 43.5 g/t gold
  • Hole # SC-D14-450: 3.8 meters true width of 4.3 g/t gold, including 1.4 meters true width of 11.5 g/t gold
  • Hole # SC-D14-447: 1.6 meters true width of 5.4 g/t gold
  • Hole # SC-D14-453: 1.6 meters true width of 7.7 g/t gold, including 1.0 meters true width of 11.6 g/t gold

Mineralization intersected in those holes not cited above (SC-D14-446 through 457) includes gold grades ranging from 0.2 to 4.2 g/t Au.

In 2014 the company undertook the first drill program at La Valenciana (Santa Cruz province) and consisted of 42 holes totaling 3,000 meters, designed to partially test four separate targets: Principal, 19 holes totaling 1,315 meters; Valenciana, 6 holes totaling 438 meters; Rosario, 7 holes totaling 521 meters; and Florentina, 10 holes totaling 726 meters.

The La Valenciana Project encompasses an area of more than 30,000 hectares, about 70 percent of which remains essentially unexplored. More than 2,500 surface samples have been collected from the project, ranging from below detection and up to 40 g/t Gold and 4,600 g/t Silver.

At the Principal target, 17 of the 19 drill holes intersected mineralization of >0.1 g/t Au over true width intervals ranging from 1.25 to 25.5 meters at depths of less than 71 meters. Ten of these holes were significantly mineralized, intersecting one or more intervals containing >1.0 g/t Au over true widths ranging from 1.0 to 25.5 meters. Select assay results from the Principal target include:

  • Hole # LV-D14-01: 25.5 meters (58.1 feet) true width of 1.1 g/t gold, including 3.4 meters true width of 3.5 g/t gold,  including 1.0 meters true width of 6.42 g/t gold
  • Hole # LV-D14-02: 17.4 meters (40 feet) true width of 2.68 (grams/tonne) g/t gold, including 7.1 meters true width of 4.0 g/t gold, and 3.8 meters true width of 3.8 g/t gold including 1.5 meters of 7.6 g/t gold
  • Hole # LV-D14-04: 10.3 meters true width of 2.7 g/t gold, including 6.3 meters true width of 4.2 g/t gold, including 1.0 meters true width of 12.1 g/t gold
  • Hole # LV-D14-17: 9.3 meters true width of 1.3 g/t gold, including 2.4 meters true width of 4.1 g/t gold

Mineralized intersections in the Principal target holes not cited above (LV-D14-01 through 19) include gold grades ranging from 0.13 to 10.12 g/t Au over true widths of 0.6 to 20.1 meters.

At the Rosario target, 6 of the 7 drill holes intersected mineralization of >0.1 g/t Au over true width intervals ranging from 1.0 to 15.0 meters at depths of less than 44 meters. Three holes intersected significant mineralization >1.0 g/t Au over intervals ranging from 1.0 to 7.0 meters true width. Select assay results from the Rosario target include:

  • Hole # LV-D14-26: 7.0 meters (16 feet) true width of 2.4 g/t gold including 1.0 meters true width of 10.5 g/t gold and 76.5 g/t silver

Mineralized intersections in the Rosario target holes not cited above (LV-D14 24 through 30) include gold grades ranging from 0.10 to 1.7 g/t Au and 0.5 to 101.5 g/t Ag.

At the Florentina target, all 10 drill holes were mineralized, intersecting one or more intervals containing >0.1 g/t Au over true width intervals ranging from 1.0 to 6.8 meters at depths of less than 77 meters. One hole (LV-D14-37) intersected mineralization >1.0 g/t Au in two separate thin intervals of 0.4 and 0.5 meters true width. Select assay results from the Florentina target include:

  • Hole # LV-D14-37: 6.8 meters (15.5 feet) true width of 0.32 g/t gold and 93.8 g/t silver, including 1.8 meters true width of 0.6 g/t gold and 282.0 g/t silver, including 0.5 meters true width of 1.36 g/t gold and 537.0 g/t silver

Mineralized intersections in the Florentina target holes not cited above (LV-D14-

33 through 42) include gold grades ranging from 0.11 to 0.53 g/t Au.
At the Valenciana target, 4 of the 6 drill holes intersected mineralization of >0.1 g/t Au over true width intervals ranging from 0.7 to 5.2 meters at depths of less than 72 meters. One hole intersected mineralization >1.0 g/t Au, occurring as a 0.7 meter true width intercept of 4.23 g/t Au in hole LV-D-14-20.

Hunt Mining Corp. has been an active and aggressive explorer in Santa Cruz since 2006. Since that time, the Corporation's wholly owned subsidiary, Cerro Cazador S.A., has completed a large amount of exploration activity including approximately 62,000 meters of HQ core drilling, 420 line kilometers of Induced Polarization geophysical surveys and more than 25,000 surface channel, chip, trench and sediment samples. The Corporation is continuing to expand resources on its property position in Santa Cruz Province.


 

Minsud to Commence Diamond Drilling at the Chita Valley Project

 
 

Minsud Resources Corp. commented that in the coming weeks it will complete an 18 hole, 2,200 meter diamond drilling program in the South Porphyry sector of the Chita Valley Project, located in San Juan province.

The program will test targets identified during the systematic multidisciplinary exploration program conducted in the sector in 2013-2014 and as follow up to the drilling program conducted earlier this year. The planned drill holes are a combination of outline and infill drilling designed to further test the complex Cu+Mo+Ag+Au bearing porphyry, hydrothermal breccia and vein styles of mineralization in the South Chita Porphyry area. A small portion of the drilling program will be allocated to the North Chita Porphyry sector to test a promising early stage target.

The Chita Valley Project is a large exploration stage porphyry situation with classic alteration features, widespread porphyry style Cu-Mo-Ag-Au mineralization, and associated gold and silver-bearing polymetallic veins.

 

Meryllion's Permit to Conduct Drilling at Its Cerro Amarillo Project has Been Approved by the Mendoza Government

 
 

Meryllion Resources Corporation announced that the relevant authorities in Mendoza Province have approved the Environmental Impact Report (EIR) for planned drilling operations at its Cerro Amarillo Cu-(Mo-Au) project. The Company has been issued a Declaración de Impacto Ambiental (DIA) which has been submitted to the Provincial Congress for ratification. Following ratification, the Company will have all approvals required to proceed with its 2015 drill campaign. Meryllion is one of only two companies in Mendoza Province to have been issued a DIA by the Mendoza Provincial Government.
The Cerro Amarillo Project is located in the Department (County) of Malargüe in southern Mendoza province. The property covers an area of 168 km2 and contains four mineralized porphyry occurrences clustered along a northeast-trending structural corridor. The project area lies on the southern extension of the orogen-parallel, Miocene-Pliocene metallogenic belt that also hosts the El Teniente, Los Bronces, Los Pelambres, and Altar porphyry copper deposits.

Meryllion recently completed an exploration program of mapping, sampling, ground geophysics (induced polarization) and helicopter-borne magnetics and radiometrics over the property, and reported the results in a 43-101 Technical Report. Through the course of 2014, Meryllion has worked closely with the authorities both of the County of Malargüe as well as the provincial Ministry of Energy & Mines. It has complied with all requirements set out in federal and provincial laws and statutes as well as requests made in sectorial reports from the County of Malargüe and the provincial Departamento General de Irrigacion (Department of Water Affairs).

In Argentina, individual provinces regulate the mining law as defined by the federally enacted Mining Code, and provinces grant mineral rights and enforce compliance through additional provincial statutes. Under the Code, an EIR must be filed with, and approved by, the provincial mining authorities who then issue a DIA. Under Provincial Law 7722, Mendoza additionally requires that DIAs be ratified by provincial Congress. Accordingly, the approved DIA for the drilling program at Cerro Amarillo has now been submitted to Congress and awaits ratification.

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Dundee Sustainable Technologies Enters into an Agreement with the Government of the Province of San Juan for the Implementation of Green Metallurgical Technologies in Argentina

 
 

Dundee Sustainable Technologies Inc. ("DST") the developer and owner of proprietary technologies to serve the natural resource sector with environmentally friendly procedures provided further information on its progress to date.

Following the visit at DST's plant in Thetford Mines by the Minister of Mines of the Province of San Juan, and representatives of the University of San Juan, a Memorandum of Understanding was concluded between the government of the Province of San Juan, and DST that is represented in Argentina by San Juan Mining S.A., in view of implementing DST proprietary cyanide-free technologies. The cyanide and mercury free gold extraction process developed by DST, has been recognized as a "green technology" for which DST has been awarded $5,700,000 in grants to date for a demonstration plant, presently under construction in Thetford Mines Quebec of which $700,000 has been provided by the Government of Quebec and $5,000,000 by the Government of Canada through the Sustainable Development Technology Fund.

The parties have agreed, amongst other, on the installation in the Province of San Juan of a laboratory and a pilot plant, as well as the technical training of local people and the development of the infrastructure required for the implementation and use of the environmentally friendly technologies, including the treatment of arsenic.

The Memorandum of Agreement will be ratified on October 27, 2014 in San Juan by the Governor of the Province of San Juan, the Dean of the University of San Juan and DST.

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Rodinia Lithium Raises US$440,000 with Sale of Certain Non-Core Assets

 
 

Rodinia Lithium Inc., has entered into a sale agreement with a private Argentine borate mining company to sell 600 hectares of mining rights comprising a portion of the Salar de Centenario property, held by the Company. In exchange for the sale of a 100% interest in the mining rights comprising the 600 hectares of Centenario, Rodinia will receive US$440,000 payable in 22 monthly installments of US$20,000. The sale agreement helps strengthen the Company's balance sheet and does not impact Rodinia's flagship Salar de Diablillos property.

The first payment under the sale agreement has been received, and future payments are expected to be received by the Company on the first week of each month over the next 21 months. The sale of the Añatuya and El Quevar claims reduces Rodinia's Centenario property interest to approximately 500 hectares. The Company has previously completed preliminary exploration on the Centenario claims and determined that in light of the quality and size of its Diablillos resource, continued advancement of Diablillos would create greater shareholder value than work at Centenario. As a result, future work at Centenario was not anticipated in the foreseeable future and the Company determined that its sale would best support the Company's current needs.

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Samco Gold: Extension of Binding Letter of Intent with Pan American Silver on El Dorado Monserrat Project

 
 

Samco Gold Limited extended the binding letter of intent with Pan American Silver Corp. ("PAS") announced on May 29, 2014, to grant PAS the exclusive option to acquire a 60% interest in the El Dorado Monserrat project in Santa Cruz province. The letter of intent now terminates on November 1, 2014 (instead of October 1, 2014) if a definitive agreement between the parties' Argentinean subsidiaries has not been entered into by such date. The parties continue to diligently work to finalize a definitive agreement between their respective subsidiaries and expect to conclude the definitive agreement in the next few weeks.

The El Dorado-Monserrat project covers an area of approximately 8,000 hectares and is situated adjacent to AngloGold Ashanti's major Cerro Vanguardia gold mine and approximately 150 kilometres from Pan American's Manantial Espejo mine.

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  Panorama Minero
Buenos Aires - Argentina
Phone: (054-11) 4952-1117