ROUYN-NORANDA, QUEBEC–(Marketwire – Feb. 8, 2012) - 

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Pershimco Resources Inc. (TSX VENTURE:PRO)(FRANKFURT:BIZ) (“Pershimco” or the “Company”) is pleased to announce that it has entered into an agreement with a syndicate co-led by Clarus Securities Inc. and GMP Securities L.P., and including PowerOne Capital Markets Limited and Jennings Capital Inc. (collectively, the “Underwriters”), to purchase, on a bought deal private placement basis, 20,000,000 common shares of the Company at a price of C$1.00 per common share, for aggregate gross proceeds of C$20,000,000. The Company has also granted to the Underwriters an over-allotment option to purchase an additional 3,000,000 common shares at the same price, exercisable by the Underwriters no later than two days prior to closing for additional gross proceeds of up to C$3,000,000.

Pershimco plans to use the net proceeds of the offering to fund exploration and advancement of the Company’s Cerro Quema Project in Panama and for general corporate purposes.

The offering is scheduled to close on or about February 29, 2012, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities to be issued under this offering will be offered by way of private placement exemptions in all the provinces of Canada, offshore including in the United Kingdom pursuant to applicable exemptions and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the issuer and its management, as well as financial statements.

About Pershimco Resources Inc.

Pershimco Resources Inc. is a Canadian-based resources and exploration corporation listed on the TSX Venture Exchange and the Frankfurt Exchange. The Corporation holds several mining properties in Canada and South America including the extraction permitted Cerro Quema advanced project in Panama and the Courville Gold Project, in the Val-d’Or Gold Mining Camp, coowned in partnership with Osisko Mining Corporation. The Corporation is managed by skilled and reputable people with extensive mining exploration and development experience. The Pershimco Team and our investors are the key to our success.

The Corporation’s documents are available on www.sedar.com.

Please visit the Corporation’s website at www.pershimco.ca.

Statements made in this news release that are not historical facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking” statement.

]]> http://www.houstongoldnews.com/gold/pershimco-resources-inc-announces-cad20000000-bought-deal-financing/feed/ 0 http://www.houstongoldnews.com/gold/us-job-growth-ripples-to-chinese-copper-and-ore/ http://www.houstongoldnews.com/gold/us-job-growth-ripples-to-chinese-copper-and-ore/#comments Sun, 05 Feb 2012 14:17:00 +0000 admin http://www.houstongoldnews.com/uncategorized/us-job-growth-ripples-to-chinese-copper-and-ore/ Nothing is so salutary for the Chinese economy as growth in the United States, and nothing is so good for copper and iron ore prices as a strong Chinese economy. The recent drop in the U.S. jobless rate rippled across the world to these metals, and their…
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US job growth ripples to Chinese copper and ore

TORONTO, ONTARIO–(Marketwire – Feb. 3, 2012) - Northern Gold Mining Inc. (“Northern Gold” or the “Company”) (TSX VENTURE:NGM) announces that since issue 25,074,270 warrants have been exercised for gross proceeds of $3,862,700.

The warrants exercised relate to a private placement financing for aggregate gross proceeds of $2,500,500 which closed on July 5, 2010 pursuant to which Flow-Through Units and Hard Dollar Units were sold. The warrants issued in connection with this private placement expired on January 16, 2012 and January 20, 2012. The funds received have been used to supplement general corporate working capital. The Company now has 155,947,210 shares issued and outstanding.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Northern Gold Mining: Northern Gold Mining Inc. is a TSX-V listed, publicly traded junior resource company based in Toronto, Ontario, dedicated to the discovery and development of high value mineral deposits in the proven mining camps of Kirkland Lake and Timmins in North Eastern Ontario. Northern Gold is focused on developing two advanced stage gold deposits on its 100% owned Garrison Gold Property. In addition to the advanced stage Jonpol and Garrcon Gold Deposits, both of which have NI 43-101 compliant mineral resource estimates presented in independent NI 43-101 Technical Reports posted to SEDAR (October 21, 2009, October 23, 2010 and August 8, 2011), the property hosts several other gold mineralized showings including the less advanced 903 gold mineralized area. A Preliminary Economic Assessment is included in the 43-101 Technical Report posted to SEDAR August 8, 2011. The Garrison Gold Property has historical mining infrastructure at both the Jonpol and Garrcon Deposits, and currently producing mines are located near the property.

The technical aspects of this press release have been reviewed by Michael Gross M.S., P. Geo., and Vice-President Exploration for Northern Gold, who is the “Qualified Person” as defined by NI 43- 101 for this project.

CAUTIONARY STATEMENT: This News Release includes certain “forward-looking statements.” These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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Northern Gold Raises Over $3.8M Through the Exercise of Warrants Issued Pursuant to a $2,500,500 Previous Private Placement

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 27, 2012) - Edward Lee, President of Molycor Gold Corp. (TSX VENTURE:MOR)(PINKSHEETS:MLYFF)(FRANKFURT:M1V) (“Molycor” or the “Company”) is pleased to announce the receipt of a research report, issued by Fundamental Research Corp.

]]> http://www.houstongoldnews.com/gold/molycor-receives-research-report/feed/ 0 http://www.houstongoldnews.com/gold/cadmium-is-the-new-lead-jewelry-removed-from-target-saks-gap-and-others/ http://www.houstongoldnews.com/gold/cadmium-is-the-new-lead-jewelry-removed-from-target-saks-gap-and-others/#comments Thu, 12 Jan 2012 18:40:14 +0000 admin http://www.houstongoldnews.com/uncategorized/cadmium-is-the-new-lead-jewelry-removed-from-target-saks-gap-and-others/ The Washington Post reports more than a dozen major retailers including Target, Saks and Gap, are voluntarily halting sales of jewelry that contain more than trace levels of cadmium.

The changes stem from a Center for Environmental Health lawsuit against retailers in California in 2010 and an investigation by The Associated Press of jewelry aimed at children and teenage girls at discount chain Wal-Mart.

The Washington Post reports:

While high-profile recalls of lead-laden toys and jewelry have captured the national spotlight in recent years, cadmium is emerging as the next big threat along the periodic table. The Centers for Disease Control and Prevention reports that cadmium can damage the bones and multiple organs. The government has identified it as a known carcinogen that stays in the body for years and accumulates. In jewelry, it’s often used because it’s a cheap, soft metal that melts easily at low temperatures.

The New Times reports at the moment there is no federal standard that limits cadmium in jewelry:

Following the outcome of a legal settlement in California, retailers are voluntarily recalling jewelry across the country, even though the standard is higher than that set out by lawmakers in other parts of the United States.

CBS reported in 2010 the AP investigation found the metal in the entire line of bracelets and necklaces of Miley Cyrus (pictured), a popular teen singer, and that by weight the inexpensive jewelry items (selling for less than $10) at Wal-Mart and other chains contained as much as 91% cadmium:

Representatives of the jewelry industry have argued that the presence of cadmium,, even at high levels, is not by itself proof that an item is dangerous. The important thing, they say, is how much can escape if the item is sucked, bitten or swallowed.

Cadmium, a bluish-white metal, is mined as a byproduct of zinc production. Apart from jewelry, cadmium is mainly used in rechargeable batteries, paint (red, yellow and orange), for electroplating and in the past in televisions.

Image of a crystal cadmium bar, purity 99.999% made through the flux process, is by Alchemist-hp from the Wikimedia Commons

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Cadmium is the new lead: jewelry removed from Target, Saks, Gap and others

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Jan. 10, 2012) - Mercator Minerals Ltd. (TSX:ML) – Mercator Minerals Ltd. (“Mercator” or the “Company”) is pleased to announce that its registration statement on Form 40-F, filed on November 8, 2011, as amended on December 7, 2011 and December 22, 2011, with the United States Securities and Exchange Commission (“SEC”) to register its common shares under Section 12 of the Securities Exchange Act of 1934, as amended (the “U.S. Exchange Act”), automatically went effective on January 9, 2012, pursuant to Section 12(g)(1) of the U.S. Exchange Act. As a result, Mercator is now a reporting issuer under the U.S. Exchange Act and broker-dealers in the United States are able to effect transactions in common shares of Mercator in the United States through the Toronto Stock Exchange (“TSX”). Mercator’s common shares trade in Canada on the TSX through Canadian broker-dealers.

About Mercator Minerals Ltd.

Mercator Minerals Ltd., a TSX listed Canadian mining company with one of the fastest growing base metal profiles in its peer group, is a leading copper, molybdenum and silver producer with a diversified portfolio of high quality operations and projects in the USA and Mexico. Mercator provides investors exposure to current copper, molybdenum and silver production from the large tonnage long life Mineral Park Mine in Arizona, as well as mid-term exposure to copper at the El Pilar deposit in Sonora in northern Mexico and longer term exposure of molybdenum and copper through the development of the El Creston deposit also in Sonora in northern Mexico.

For further information please visit www.mercatorminerals.com.

On Behalf of the Board of Directors

MERCATOR MINERALS LTD.

D. Bruce McLeod, P.Eng, President and CEO

This news release contains certain forward looking information within the meaning of Canadian securities legislation and forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, which address future events and conditions, and which are subject to various risks and uncertainties. The Company’s actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company’s control. These factors include: the effect of the Company’s SEC reporting status and U.S. broker-dealers facilitation of transactions in Mercator’s common shares. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The words “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend”, “believe”, “target”, “budget”, “plan”, “projection” and similar expressions are intended to identify forward-looking statements. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this news release or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

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Mercator Minerals’ Form 40-F Registration Statement Effective

Falling gold prices have weighed down the TSX, which is up only 0.6 % over the last month while down in the United States’ S&P 500 is up 5.45% over the same period.

Silver has also been hit, falling 16% over the last month to just $27.46/oz.

Investors are fleeing to cash while the European debt crisis grows murkier, and job data out of the U.S. turns south.

Investors are worried about a repeat of 2008 when commodity positions were liquidated to meet a cash crunch.

Joshua Brown, writing for The Reformed Broker, takes another tack and argues that gold is a classic crowded trade and prices were bound to unwind. It was just a matter of when:

Gold had become the quintessential crowded trade and at the height of the Euro crisis this summer it had gotten flat out silly. The way people off The Street were talking about it sounded an awful lot like the one-way run in real estate a few years back. For me, a correction was obviously going to occur but it became a question of when and from what price. I’ve mentioned 2000 an ounce here and there as where I thought the big selling would come in. Close but no cigar.

Read the full story here.

Read more here:
Gold drops below $1,550

Following up on  a 2007-08 investigation by Associated Press into the supply chain of artisanal mines in Mali and other West African countries, Human Rights Watch released a report yesterday saying that gold mined by children in poverty is being purchased by trading houses in Switzerland and the United Arab Emirates, reports AP:

HRW estimates between 20,000 and 40,000 children, some thought to be as young as 6 years old, work in Mali’s artisanal gold mines. Many of the children are exposed to toxic mercury used in the processing of gold, and some have suffered long-term spinal injuries. They also face risks such as accidents in unstable pits as well as physical and sexual abuse.

According to the story, between January and June of this year, “companies from Belgium, Hong Kong, Portugal, Spain, Switzerland and the United Arab Emirates bought more than $83 million of Mali’s artisanally mined gold.”

Unfortunately, Mali is not the only country where mining companies are allowed to employ children to work the pits.  MINING.com reported in May on a photo essay by the Los Angeles Times documenting child labour in Indian coal mines:

Times South Asia bureau chief Mark Magnier and photojournalist Daniel Berehulak report on the mining situation in the Jaintia Hills district of India, located in the northeastern state of Meghalaya. Perhaps as many as thousands of underage workers as young as 8, lured by the wages, leave school to work in coal mines under perilous conditions.

Image of child gold miners in Tanzania is by Shutterstock. 

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Human Rights Watch finds evidence of child labour in Mali gold mines