Friday, April 29, 2016

Mountain Province Diamonds - MPV.t

Mountain Province Diamonds - MPV.t is a Canadian diamond exploration and development company headquartered in Toronto, Ontario.

In joint venture with De Beers, Mountain Province is developing the world's largest and richest new diamond mine—the Gahcho Kué Project, located in Canada's Northwest Territories.

On March 14, 2016 the company released News
Mountain Province Updates Gahcho Kué Diamond Mine Development
 Overall project more than 87 percent complete
 On plan for first production in H2 2016
 Appointment of Mine General Manager
Toronto and New York, March 14, 2016 – Mountain Province Diamonds Inc. (“Mountain
Province”, the “Company”) (TSX: MPV, NASDAQ: MDM) is pleased to announce that
development of the Gahcho Kué diamond mine is progressing according to plan with the overall
project more than 87 percent complete and on track for first production during H2 2016.
Patrick Evans, Mountain Province President and CEO, commented: “We continue to make
excellent progress at Gahcho Kué. Key areas of focus are remaining earthworks,
commissioning of the primary crusher and diamond plant, pre-stripping and stockpiling of
kimberlite as well as preparations for operational readiness.”

Mountain Province is also pleased to announce that the Gahcho Kue Joint Venture has
appointed Allan Rodel as the mine general manager. Mr. Rodel joined the De Beers Group in
1997 and has held a number of senior management positions, including that of Gahcho Kue
project manager since 2013. Mr. Rodel has an honors degree in chemical engineering from the
University of Natal and resides in Yellowknife, N.T.

In addition to Mr. Rodel, nine senior operational appointments have been made at Gahcho Kue,
including the mining manager, engineering and maintenance manager, ore processing manager
and technical services manager. Under the leadership of Mr. Rodel and the operations
management team, commissioning of the Gahcho Kue mine is well underway.

Monday, April 25, 2016

Nevsun Resources Ltd. - NSU.t

Nevsun Resources Ltd. - NSU.t operates the flagship Bisha Mine in Eritrea, East Africa. The Bisha deposit is a large, high-grade volcanogenic massive sulphide (VMS) producing Gold, Silver, Copper and Zinc.

Total reserves are about 22mt giving an expected mine life into 2025.

On April 24, 2016 the company released News

Nevsun Resources and Reservoir Minerals Combine and Consolidate Timok Copper Project Ownership

Transaction Highlights
  • Strategic US$1.1 billion combination creates a diversified mid-tier base metals company
  • Transaction consolidates a 100% ownership of the high grade upper zone of the Timok Copper Project
  • Timok development is underpinned by Nevsun's strong balance sheet and operating cash flow
  • Combined company has significant exploration exposure in two prolific mining districts
  • Significant benefits to both Nevsun and Reservoir shareholders

Vancouver, British Columbia – Nevsun Resources Ltd. (“Nevsun”) (TSX: NSU) (NYSE MKT: NSU) and Reservoir Minerals Inc. (“Reservoir”) (TSX Venture: RMC) today announced that they have entered into a definitive agreement to combine their respective companies. The combination creates a diversified mid-tier base metals company with a cash producing operating asset in Bisha, a high grade open pit copper-zinc mine, and 100% ownership in the upper zone of the Timok Copper Project in Serbia (“Upper Zone”), a high grade copper and gold development project.   The combined company will be well funded with Nevsun’s existing strong balance sheet and operating cash flow and positioned to deliver value via Nevsun’s highly successful development team.
Under the terms of the arrangement agreement announced today, Nevsun has agreed to acquire all of the outstanding common shares,  and restricted share units of Reservoir on the basis of two (2) common shares and $0.001 in cash for each Reservoir common share pursuant to a Plan of Arrangement under the British Columbia Business Corporations Act for a total value of approximately US$365 million. Based on the closing price of Nevsun common shares on April 22, 2016, the consideration represents a premium of 35% to Reservoir’s 20-day volume weighted average price (VWAP). The transaction will allow both Reservoir and Nevsun shareholders to participate in the ongoing cash flow generation of the Bisha mine, the growth potential of the Timok Copper Project, and significant exploration potential at both Bisha and Timok.  Upon completion of the arrangement, current Nevsun shareholders will own approximately 67% of the combined company and current Reservoir shareholders will own the remaining 33%.

Concurrently, the two companies have also entered into a funding transaction comprised of a private placement for 19.99% of Reservoir’s outstanding common shares and a loan transaction. Nevsun has subscribed for 12,174,928 common shares of Reservoir at a price of C$9.40 per share, for a total subscription price of CAD$114,444,323 (US$90,296,571), increasing Reservoir’s total shares outstanding to 60,905,093, and provided an unsecured cash loan of US$44,703,429 to Reservoir.  The combined funding transaction provides US$135,000,000 in financing to enable Global Reservoir Mineral (BVI) Inc. (“Global Reservoir”), a wholly owned subsidiary of Reservoir to exercise its right of first offer (“ROFO”) in respect of its joint venture with Freeport International Holdings (BVI) Inc. (“Freeport”) in the Timok Copper Project. Upon Global Reservoir closing the exercise of the ROFO, Global Reservoir will have a 100% interest in the Upper Zone and a 60.4% interest in the lower zone of the Timok Copper Project (“Lower Zone”) under two joint venture agreements with Freeport and will become the operator of the project. Freeport may increase its ownership in the Lower Zone to 54% under the terms of the original Timok JV agreement, with Global Reservoir holding the remaining 46%. Upon completion of the combination, Global Reservoir will be a wholly owned subsidiary of the combined company.

Saturday, April 23, 2016

Cameco Corporation - CCO.t

Cameco Corporation - CCO.t is one of the world's largest uranium producers accounting for about 15% of the world's production from its mines in Canada, the US and Kazakhstan.

Cameco holds premier land positions in the world's most promising areas for new uranium discoveries.

On April 21, 2016 the media released News

"Cameco (TSX: CCO; NYSE: CCJ) announced today that it is suspending production at its Rabbit Lake operation in northern Saskatchewan and production is being curtailed at Cameco Resources’ US operations by deferring wellfield development. The changes are expected to result in a reduction of about 500 positions at Rabbit Lake and about 85 at the US operations, including employees and long-term contractors.

“We regret the impact these decisions will have on many of the talented and dedicated people working at these operations and on their home communities,” said Cameco president and CEO Tim Gitzel. “Unfortunately, continued depressed market conditions do not support the operating and capital costs needed to sustain production at Rabbit Lake and the US operations. These measures will allow us to continue delivering value to Cameco’s many stakeholders and support the long-term health of our company. We will provide assistance to those affected by these decisions.”

Cameco and its US subsidiaries are working with employees at the affected operations to ensure a safe and orderly implementation of the decisions. The Rabbit Lake operation will be placed in a safe care and maintenance state allowing Cameco the option to resume production when market conditions significantly improve. Cameco will offer affected employees exit packages. Where possible, the company will consider alternatives such as relocation to other Cameco facilities and job sharing options as part of its effort to minimize the impact on people and surrounding communities. A workforce of about 150 people will be required to maintain the facilities and sustain environmental monitoring and reclamation activities at Rabbit Lake. Work to transition the operation to care and maintenance will begin immediately and is expected to be completed by the end of August 2016. Workforce adjustments will occur over the next four months.