Gold American Mining Corp. (OTC:SILA)
SILA recently announced that its Board of Directors has approved the initiation of the first phase of field operations at its La Escondida Project in Sonora State, Mexico.
SILA has completed the initial evaluation of all historical data on the La Escondida property and has decided to move forwards with its first phase of exploration. This phase will consist of detailed sampling within the mineralized zones, mapping, and a structural evaluation of the area. Subject to the results of this phase, SILA will decide to proceed with the second phase, which would consist of a comprehensive geophysics program of the property.
"We are excited to begin exploration operations at La Escondida, at a time when Gold American is seeking to find new silver-gold deposits. The project has an exciting potential, the infrastructure in place is excellent and multiple exploration targets have already been identified," commented Johannes Petersen, President of SILA. "We expect this phase to last 3 to 4 weeks and it will focus on locating, measuring and sampling of historical workings and geological mapping of the property. Several of the target zones remain open in at least one direction and it has been determined that historic workings were shallow, leaving open the possibility of finding mineralization over much greater strike lengths and depths," added Mr. Petersen.
SILA, a development stage company, focuses on the acquisition, exploration, and development of mineral resource properties in North America. SILA primarily explores for silver and gold deposits. SILA's properties include Keeno Strike project, which is located in the Clark county, Nevada; and Guadalupe project that is located in Zacatecas State, Mexico. SILA was formerly known as Silver America, Inc. and changed its name to Gold American Mining Corp. on June 23, 2010. SILA was founded in 2007 and is based in Reno, Nevada.
To learn more about SILA visit: http://www.gold-american.com
YAMANA GOLD INC. (NYSE:AUY)
AUY announced yesterday that it has further increased its dividend. All dollar amounts are expressed in United States dollars unless otherwise specified.
The Board of Directors has approved an increase in Yamana's dividend to an annualized $0.08 per share, or $0.02 per share per quarter. This represents a 100 percent increase over the 2009 annualized dividend of $0.04 per share, or $0.01 per share per quarter and a 33 percent increase over the annualized dividend increase to $0.06 per share, or $0.015 per share per quarter announced last quarter.
The dividend increase will be in effect for the third quarter dividend, payable on Thursday, October 14, 2010, to holders of record at the close of business on Thursday, September 30, 2010. The dividend is an "eligible dividend" for Canadian tax purposes.
AUY is committed to delivering value to shareholders including cash value by means of dividends and it will continue to periodically evaluate the dividend level as its cash flows increase.
AUY engages in the acquisition, exploration, development, and operation of gold properties. AUY also focuses on copper and silver projects. AUY holds gold production, gold development stage, and exploration stage properties, as well as land positions in Brazil, Chile, Argentina, Mexico, and Colombia. AUY has seven producing mines and seven development stage projects. AUY's principal producing mines include the Chapada, Jacobina, and Fazenda Brasileiro mines located in Brazil; the El Penon and Minera Florida mines in Chile; and the Gualcamayo mine in Argentina. AUY was founded in 2003 and is headquartered in Toronto, Canada.
To learn more about AUY visit: http://www.yamana.com
Platinum Group Metals Ltd. (AMEX:PLG)
PLG announces that the Company has acquired the fixed price right to purchase a large area of surface rights and housing facilities in the area of the planned Project 1 Platinum Mine. A deposit of Rand 13.0 million (CAD $1.85 million) was paid to the Vendor on August 26, 2010 for the right to exercise a purchase of the property for Rand 130.0 million (CAD $18.57 million at current exchange rates). The balance of Rand 117.0 million is due within one year or upon the grant of a mining authorization. PLG can extend the due date for a further year for a second Rand 13.0 million payment against the purchase price.
This purchase agreement advances Platinum Group's position and is an important addition to the strength of PLG's strategic position in the area. Evaluation of the Company's strategic path to maximize value for shareholders is continuing with several active discussions.
PLG engages in the exploration and development of mineral properties in Canada and the Republic of South Africa. PLG primarily explores for platinum resources. PLG controls interest in the Agnew Lake Property located west of Sudbury, Ontario, Canada, as well as holds mineral rights in the Bushveld Igneous Complex of South Africa. PLG was founded in 2000 and is headquartered in Vancouver, Canada.
To learn more about PLG visit: http://www.platinumgroupmetals.net
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