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10/17/08

Snippety stuff (beaten up LatAm juniors edition)

Blog sponsors Vena Resources (VEM.to) hit the airwaves with this press release update on its Pucara gold/copper project. The thing is long and deserves more than a couple of lines here, so go and read the whole thing. Suffice to say that work continues apace there and it looks like they're going to start getting some cashflow from the project soon.

Fresnillo's approach for MAG silver (MVG) (MAG.to) is now getting wider media attention. Here's Mineweb on the story, and note that they're wise enough to quote this humble corner of cyberspace as they explain to the wider world that MVG is now in play.

Farallon Resources (FAN.to) has released two significant pieces of news this week, Firstly this presser that announced it has started metals deliveries from its G-9 mine in Mexico. Secondly it reported today it has secured $7.75m in rollover and capex financing (and it's no mean feat to get such a capital injection with the wider market the way it is). The downside is yet more dilution to its share base, but at least FAN.to looks like it will be able to mine its ore competitively through this metals price slump. If this is as low as it goes, it's worth giving it some of your DD time, perhaps.........

Gold Hawk Resources (CGK.v) is still fighting the good fight and trying to get its Coricancha mine re-opened. It has paid a few shares and gotten itself an extension on its financing. Here's the press release. I shot a mail to the IR guy at CGK.v Jason Mercier and asked him whether the financing deal is dependent on collecting on its insurance policy (the insurers are dragging their heels a bit, but it looks like they'll pay soon enough). Here's the reply I got from Jason:

1. The extension of the loan repayment schedule is a show of support from our lenders and allows the Company to use its working capital to complete the permitting and approvals process and make plans for the restart instead of paying back the principal.

2. The cooperation of our lenders is a big show of support when you consider current financial markets and is another positive step towards restart.

3. The receipt of permit is absolutely key to returning to production, which is in part why we have not had much news since our submission in mid-August – saying that we are waiting on the Peruvian gov does not give much satisfaction. The expedited process has been speedy and we are being patient.

4. The insurance is a separate matter and there is not a connection to permits or loan extension.

So now you know a few more details about where CGK stands.