Leading Stocks in the News: U.S. Precious Metals (USPR), Jaguar Mining (JAG), Barrick Gold (ABX), Freeport-McMoRan (FCX)
CORAL SPRINGS, FL - FinancialNewsMedia.com issues market news updates for today's pharmaceutical Companies: U.S. Precious Metals, Inc. (OTCQB: USPR), Jaguar Mining Inc. (NYSE: JAG), Barrick Gold Corporation (NYSE: ABX), Freeport-McMoRan Copper & Gold Inc (NYSE: FCX)
Headline News Alert: U.S. Precious Metals, Inc. (OTCQB: USPR) issued news today regarding the acquisition of Resource Technology Corp. (RTC), a leading Plasma Technology company. The agreement was entered into by both parties on May 11, 2013 and brings a significant revenue stream to begin within 90 Days. Resource Technology Corp.'s assets include Three ore supply agreements from Three high grade ore mines, Two from within the United States and one internationally. It also has a processing agreement with Plasma Processing LP (“PP LP”) which utilizes patent pending, plasma technology to increase the rate of extraction of precious metal concentrates. RTC currently is a 1/3rd net revenue share partner with both the mining property owners and PP LP. The plasma processing plant, located near Palm Springs, California, took 3 years to build and is fully operational and permitted to process ore concentrate. PP LP has agreed to increase its daily capacity to 10 tons/day in order to satisfy the terms of this contract. Upgrades to the system are expected to be completed within 90 days. When fully operational the plant is expected to run for approximately 300 days per year with an anticipated minimum of 1,000 tons of high grade ore per year being available generating a $150,000.00 per ton yield for a potential $150,000,000 yearly revenue stream. As part of the transaction, US Precious Metals may supply its own ore concentrate for plasma processing in which case, USPR will receive 2/3rds of the revenue stream.
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Jaguar Mining Inc. ("Jaguar" or the "Company") (NYSE: JAG) reported this week a net loss of $6.9 million or $0.08 per fully diluted share for the quarter ended March 31 , 2013. This result compares to a net income of $2.8 million or $0.03 per fully diluted share in the first quarter of 2012. The first quarter 2013 result includes an interest expense of $8.2 million , a loss on disposition of property of $1.7 million , and a $1.1 million unrealized non-cash gain on the conversion option embedded in convertible debt (see note 1). Excluding these non-operating items, Jaguar's first quarter result was a net income of $1.9 million or $0.04 per fully diluted share. To read the entire release go to: http://finance.yahoo.com/news/jaguar-mining-announces-first-quarter-005600988.html
Barrick Gold Corporation (NYSE: ABX) (Barrick) reported this week that Pueblo Viejo Dominicana Corporation (PVDC) has reached an agreement in principle with the Government of the Dominican Republic (the Government) concerning amendments to the Pueblo Viejo Special Lease Agreement (SLA). The Pueblo Viejo mine is operated by PVDC, which is jointly owned by Barrick (60 percent) and Goldcorp (40 percent). The agreement in principle comes after eight months of constructive discussions between PVDC and the Government. We are pleased to reach an agreement in principle that preserves the economic value of the Pueblo Viejo mine, while also addressing the fiscal objectives of the country, in a way that will provide stability for both parties moving forward.
Freeport-McMoRan Copper & Gold Inc (NYSE: FCX) News: Plains Exploration & Production Company (NYSE: PXP) announced last week its continued support for the strategic merger of PXP with Freeport-McMoRan Copper & Gold Inc. on the previously announced terms. The financial and operational strength of the combined businesses will allow for accelerated value creation across the entire asset portfolio. PXP's Management and Board of Directors have been informed both by FCX and by the Special Committee of the FCX Board of Directors which was formed to consider the PXP acquisition that the current transaction consideration represents FCX's "best and final" offer and that FCX does not intend to increase the offer consideration to PXP stockholders.
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