Past year: ▲ 0%(45.0c – 45.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Aug 2012drilling progress report▲ Good
On August 16, 2012 the company said it had hired Drilrent Ltd. to start an exploratory drilling programme at Gold Hills (Serra do Ouro) in Northeast Brazil, which it calls its flagship property. The programme is expected to finish by late September and cost about $700,000. This is far smaller than the 40,000-metre, roughly 15-month campaign described in late 2011, and the first quarter 2012 start given then has slipped.
6 Oct 2011farm in farm out agreement▲ GoodMajor
On September 28, 2011 the company announced it would exercise its option on the Serra do Sereno (Misty Hills) mineral rights in Carajas, Para, which it signed with the COOPEMIC cooperative on May 26, 2011. It gave notice on September 22, paid $150,000 at the start, and owes $350,000 more within 30 days; it must spend at least $5,000,000 on exploration, with closing expected in October 2011 and due diligence still to come. Further payments to COOPEMIC ($250,000 after six months and $150,000 after twelve months of exploration, if it continues) and 30% of $24 per gold-equivalent ounce if over 400,000 ounces are confirmed. This moves the May option towards completion; the filing says no assurance of closing can be given. The press release gives 16.3 million shares outstanding.
1 June 2011farm in farm out agreement● NeutralMajor
On May 26, 2011 the company's Brazilian subsidiary (Gold Hills Mining Ltda.) signed an exclusive option with the COOPEMIC cooperative on mineral rights (Serra do Sereno, about 10,000 hectares) in the Carajas province, Para. The company would first take 70% and later all of the rights after an initial 12-18 month exploration campaign, which it expects to cost $5 million to $10 million; due diligence has yet to be done and closing is not assured. The press release says shares outstanding are 15,250,000 and signals a focus on Brazil.
3 Mar 2011farm in farm out agreement▼ BadMajor
On March 3, 2011 the company agreed general terms to buy Sociedad Minera Las Cumbres SAC, operator of a silver mine in Peru, for shares valued at $3,000,000, plus an option to buy the Condorsenga mineral rights for $2,000,000 in tranches; long-form agreements are still to be finalised and due diligence is pending. It also reports a $100,000 escrow deposit funded for Gold Hills Mining Ltda. (Brazil) under a January memorandum of understanding. On Rio Sao Pedro, it found obligations and disputes among the sellers that must be resolved first, so its primary focus will be other acquisitions; this sets back the deal signed in the September 2010 letter of intent.
