Ferrobamba Awards Aymaraes Development Contract to Tenova

Ferrobamba has awarded a contract to Italian technology company Tenova for development of the Aymaraes iron ore project in Aymaraes province, southern Peru. Ferrobamba is a private minerals development company headquartered in Lima. Aymaraes project development will be based on Tenova’s HYL Micro Module technology, with Tenova overseeing technological design and providing the equipment to develop and build a 500,000-mt/y pelletization plant and a 250,000-mt/y high-carbon direct reduced iron (DRI) plant.

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Orinoco Pours First Gold at Cascavel

Orinoco Gold has poured the first gold at its 70% owned Cascavel mine in Goiás state, central Brazil. The initial pour utilized gravity gold concentrate derived from low-grade development material produced during ongoing project commissioning.

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Venezuela Agrees to Arbitration Settlement with Gold Reserve

Gold Reserve Inc. announced in early August that it has reached an agreement with the government of Venezuela regarding its Brisas gold-copper project, which was expropriated by the government in 2009. The agreement includes payment of an arbitral award granted in favor of the company by the International Centre for Settlement of Investment Disputes.

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Yamana Sells Mercedes to Premier Gold Mines

Yamana Gold has entered into a definitive agreement to sell its Mercedes underground gold-silver mine in Sonora, Mexico, to Premier Gold Mines, a Canadian junior company headquartered in Thunder Bay, Ontario. Pursuant to the agreement, Yamana will receive cash and equity securities valued at $140 million at the time of the negotiations, with cash accounting for $122.5 million of the total.

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