Gold American Mining Corp. (OTC:SILA)
SILA is pleased to announce that it has received the final ground geophysics report on its Guadalupe property and confirms that the recently concluded geophysics program has identified multiple potentially significant geophysical anomalies.
The geophysical survey was designed to test down to depths of 500 metres. The key results from the geophysics program are:
- Magnetic susceptibility survey was successful in identifying the trace near the surface extensions of the known veins. The presence of additional parallel anomalies suggests the potential for additional veins that do not outcrop.
- Induced Polarization anomalies indicate the potential for down dip extensions to the main veins within the property.
- A potentially significant chargeability anomaly (Induced Polarization) occurs in the southern portion of the property in between the Santa Rosa and San Antonio Mines at depth starting at 400 m, which is below the known depth of these historically important mines.
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
SLW is pleased to announce its unaudited results for the second quarter ended June 30, 2010.
"Another very solid quarter resulted in record sales and earnings," said Peter Barnes, Chief Executive Officer of SLW. "With Goldcorp's Penasquito mine in Mexico, the first of our cornerstone assets, continuing to ramp up silver production ahead of schedule, we look forward to an even stronger second half to the year and maintain our annual attributable silver equivalent production guidance of 23.5 million ounces. In the face of continued global economic uncertainty, the price of silver performed very well in the quarter, leading to record cash operating margins of US$14.45 per ounce, and clearly demonstrating the advantages of Silver Wheaton's business model of low fixed operating costs."
SLW is the largest silver streaming company in the world. Forecast 2010 production, based upon its current agreements, is 22.2 million ounces of silver and 20,000 ounces of gold, for total production of 23.5 million silver equivalent ounces. By 2013, annual production is anticipated to increase significantly to approximately 38 million ounces of silver and 59,000 ounces of gold, for total production of over 40 million silver equivalent ounces. This growth is driven by SLW's portfolio of world-class assets, including silver streams on Goldcorp's Penasquito mine and Barrick's Pascua-Lama project.
To learn more about SLW visit: http://www.silverwheaton.com
Rubicon Minerals Corporation (AMEX:RBY)
RBY is pleased to provide an update of the latest diamond drill results at its 100% owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario.
Recent drilling of deep target area 8 from both underground and surface has returned positive gold results in the southwestern part of the F2 Gold System at depth (Figure 1 and 2). Underground drill hole 305-06 intersected 0.54 oz/ton gold over 14.8 feet (18.6 g/t gold over 4.5 metres), and is part of a wider intercept grading 0.32 oz/ton gold over 29.5 feet (10.9 g/t gold over 9.0 metres) at a vertical depth of 4580 feet (1396 metres) below surface. Surface holes F2-100A and F2-100A-W1, testing target areas 5 and 8 intersected multiple gold zones including a bonanza hit of 22.0 oz/ton gold over 1.6 feet (754.2 g/t gold over 0.5 metres) at a vertical depth of 4331 feet (1320 metres) below surface in drill hole F2-100A and 4.16 oz/t gold over 1.6 feet (142.6 g/t gold over 0.5m) within a broader zone grading 0.27 oz/t gold over 31.5 feet (9.2 g/t gold over 9.6 metres) at a vertical depth of 3563 feet (1086 metres) below surface in drill hole F2-100A-W1 (Table 1 and Figure 2).
RBY, a mineral exploration company, engages in the acquisition, exploration, and development of mineral properties in Canada and the United States. RBY primarily explores for gold and base metal deposits. RBY's key asset is the Phoenix Gold Project located in the Red Lake gold camp, in the Province of Ontario. As of March 31, 2010, RBY controlled approximately 65,000 acres of prime exploration ground in the prolific Red Lake gold district of Ontario, Canada, as well as approximately 380,000 acres surrounding the Pogo Mine in Alaska and approximately 225,000 acres in northeast Nevada. RBY was founded in 1996 and is headquartered in Vancouver, Canada.
To learn more about RBY visit: http://www.rubiconminerals.com
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