On Tuesday, Coeur Mining, Inc. (NYSE:CDE)’s shares surged 4.07% to $5.62, after CDE declared an updated and re-scoped mine plan and a preliminary economic assessment for its Kensington gold mine located in Southeast Alaska. The new mine plan reflects the recent discovery of the high-grade Jualin zone and indicates higher overall production and significantly higher cash flows due to the contribution of higher-grade material from three nearby zones.
The Jualin zone, located about 8,250 feet from current mining activities, continues to expand based on ongoing drilling and contains an average gold grade over three times the average reserve grade of 0.185 oz/ton. Annual gold production between 2015 and 2020 at Kensington is predictable to average about 128,000 ounces and costs applicable to sales are predictable to average $820 per gold ounce. Production in 2014 was 117,823 ounces at a CAS of $951 per gold ounce.
Predictable capital expenditures comprise about $3.5 million per year through 2018 for capitalized drilling, primarily to upgrade the inferred mineral resources at Kensington and Jualin. Spending for underground mine development is predictable to average $16 million per year through 2018 when production from the inferred material is predictable to be fully ramped up. Development of the decline to Jualin is planned to start in July 2015 with initial production predictable in mid-2017 at a mining rate of about 250 tons per day, which is predictable to raise to 500 tons per day in early 2018 and represent about 27% of the average daily mill feed.
Coeur Mining, Inc., through its auxiliaries, engages in the ownership, operation, exploration, and development of silver and gold mining properties primarily in the United States, Mexico, Bolivia, Argentina, Australia, Ecuador, Chile, and New Zealand.
California Resources Corporation (NYSE:CRC)’s shares gained 4.01% to $8.81, during the last trading session on Tuesday, as CRC declared that Todd Stevens, President and Chief Executive Officer, will present at the Independent Petroleum Association of America’s (IPAA) Oil and Gas (OGIS) New York symposium on Tuesday, April 21 at 12:45 p.m. (EDT) in New York.
California Resources Corporation operates as an oil and natural gas exploration and production company in the State of California. It produces oil, natural gas, and natural gas liquids. The company holds interests in about 2.4 million net acres.
At the end of Tuesday’s trade, Statoil ASA (NYSE:STO)’s shares gained 3.99% to $19.55, after STO declared that it has made an oil discovery in its Miocene Yeti prospect located in the Gulf of Mexico (GoM).
The Yeti discovery was made in Walker Ridge (WR) block 160, which is located about 15 km (9 miles) south of the Big Foot field, and 11 km (7 miles) from the Cascade field. All of the blocks making up Yeti were accessed by the current owners in recent years.
Yeti was drilled with the Maersk Developer drilling rig, a sixth generation semi-submersible. Statoil reports that its drilling efficiency with Yeti was among the best of any well drilled in Walker Ridge, achieving a drilling performance level of about 120 meters (400 feet) per day. The rig has moved on and is presently drilling Statoil’s Thorvald prospect in the Mississippi Canyon block 814.
Statoil ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products in Norway and internationally. The company operates through Development and Production Norway; Development and Production International; Marketing, Processing and Renewable Energy; and Other segments.
Finally, Pengrowth Energy Corporation (NYSE:PGH), ended its Tuesday’s trading session with 3.82% gain, and closed at $3.26, after PGH declared the appointment of Jamie Sokalsky to its Board of Directors.
Mr. Sokalsky brings over 30 years of senior executive experience in a wide range of areas counting finance, capital markets, corporate strategy, project development, attainments and divestitures. Mr. Sokalsky’s career centered primarily within the mining and resources sector, where he held various executive roles with Barrick Gold Corp., counting Chief Financial Officer and most recently, as President and Chief Executive Officer. During his tenure at Barrick, Mr. Sokalsky was instrumental in instituting a company-wide portfolio optimization program, in addition to the implementation of value enhancing initiatives. These initiatives comprised of an improved focus on cost reduction, improved rates of return, free cash flow and capital allocation, in addition to strengthening the company’s balance sheet.
Mr. Sokalsky holds a Bachelor of Commerce degree (Honors) from Lakehead University and also holds a Chartered Professional Accountant designation.
Pengrowth Energy Corporation engages in the attainment, development, exploration, and production of oil and natural gas assets in the Alberta, British Columbia, Saskatchewan, and Nova Scotia provinces in Canada. It primarily explores for crude oil, bitumen, natural gas, and natural gas liquids.
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