Monday, July 24, 2017

Serra Pelada

Serra Pelada ("Bald Mountain") was a large gold mine in Brazil 430 kilometres (270 mi) south of the mouth of the Amazon River. In January 1979 Farmer Genésio Ferreira da Silva hired a geologist to investigate whether gold he found on his property was part of a larger deposit. Soon word leaked out that da Silva was sitting on one of the largest deposits in the world.

By the end of the week a gold rush had started with thousands of people descending on the farm. Five weeks later there were 10,000 people on Ferreira's property and another 12,000 nearby. Huge gold nuggets were discovered, the biggest weighing nearly 6.8 kilograms (15 lb).

The government banned women and alcohol at the site. This caused the nearest settlement, until then an isolated village, to morph into a bustling center of “stores and whores”, where under-age girls worked for flakes of gold, and 60 to 80 murders occurred every month.

Use of mercury in the gold extraction process left large areas around the mine dangerously contaminated. People eating fish downstream from the mine have elevated mercury levels.
During the 1980s, up to 100,000 garimpeiros (artisanal miners) produced an estimated 2 million ounces of gold plus platinum and palladium, from a hand dug open pit. Garimpeiro production declined sharply in the mid 80s due to frequent pit wall collapse, the water table, and flooding.
COOMIGASP, a Brazilian cooperative, was a granted Exploration License in 2007. Colossus Minerals and COOMIGASP formed a partnership to develop the remaining mineralization at Serra Pelada. Colossus lost over $300 million on the Serra Pelada project and became insolvent. The current company is the result of a 200 for 1 rollback that passed control to creditors.
In August, 2014 it was announced that COOMIGASP had launched a legal challenge against Colossus that attempts to dispute the validity of the legal agreements.

The property is currently on "care and maintenance".

Friday, July 21, 2017

Linkin Park singer Chester Bennington dead


"In the End" was released in 2000. It is one of Linkin Park's most recognizable and signature songs.
Linkin Park singer Chester Bennington hanged himself at a private home in L.A. County. His body was discovered Thursday. Bennington was married with 6 children from 2 wives. The singer struggled with drugs and alcohol for years. He had said in the past he had considered committing suicide because he had been abused as a child by an older male.

Stornoway Diamond Corporation - SWY.t

Stornoway Diamond Corporation - SWY.t is producing from the flagship Renard Diamond Project.

Renard is located 350 km north of Chibougamau in the James Bay region of north-central Québec.

On July 12, 2017 the company released News
Stornoway Diamond Corporation  is pleased to provide production and sales results at the Renard Diamond Mine for the quarter ended June 30, 2017. Highlights include:
  • 417,362 carats produced from the processing of 512,005 tonnes of ore with an attributable grade of 82 carats per hundred tonnes (“cpht”).
  • Average processing rate of 6,149 tonnes per day achieved in June, exceeding plant’s nameplate capacity and marking the on-schedule completion of the project’s production ramp-up.
  • 350,159 carats sold in two scheduled sales (2017 sales #4 and #5) for gross proceeds1 of C$40.9 million2, at an average price of US$87 per carat (C$117 per carat2).













http://pennystockjournal.blogspot.com/2016/03/stornoway-diamond-corporation-swyt.html

Wednesday, July 19, 2017

Sabina Gold & Silver Corp. - SBB.t



Sabina Gold & Silver Corp. - SBB.t is advancing a portfolio of properties in Canada at different stages of development. The Company's flagship projects are currently located in Nunavut.

The Back River Gold Project is a group of seven claim blocks where resource ounces have been defined and has enabled the Company to complete a positive Preliminary Economic Assessment.


On July 18, 2017 the company released News

SABINA GOLD & SILVER RECEIVES POSITIVE RECOMMENDATION FROM THE NUNAVUT IMPACT REVIEW BOARD FOR CONTINUED DEVELOPMENT OF BACK RIVER GOLD PROJECT, CANADA

Sabina Gold & Silver Corp. has received a copy of the second final hearing report from the Nunavut Impact Review Board (NIRB). In the report, the NIRB has recommended to the Minister of Indigenous and Northern Affairs Canada (INAC) that development of the company's 100-per-cent-owned Back River gold project in Nunavut, Canada, should proceed to the licensing phase.










http://pennystockjournal.blogspot.com/2016/06/sabina-gold-silver-corp-sbbt.html