Banro Corporation, AMEX:BAA, Keegan Resources Inc., AMEX:KGN, Arizona Gold and Onyx Mining Co, PINK:VGCP
It is true that Gold has dipped below its record high of over $1,900/oz last week down to $1,820, however, investors see it as a chance to buy in at discounted prices and Gold bounces higher time and again.
Gold is on track to climb for an 11th year and has gained 26 per cent this year as escalating US and European debt woes and slumping equity markets heighten global growth concern.
One of the cornerstone's for gold's 48 per cent rally over the last year has been the Fed's ultra-loose monetary policy, which most recently included a pledge to leave rates near zero for the next two years and $600 billion worth of government bond purchases.
In China, gold sales have been booming in the traditionally slow month of August, up 30% from a year ago.
Gold companies have not reflected that growth and here are 3 worth considering.
Banro Corporation, AMEX:BAA
On Aug. 15, 2011, Banro announced that it is still on schedule for fourth-quarter production:
Banro Corporation (Banro or the [Company) (BAA; TSX:BAA) is pleased to report that construction of its wholly-owned Twangiza Phase 1 gold project in South Kivu Province, DRC, is proceeding on schedule with gold production expected to begin in Q4 2011.
Banro Corporation (Banro) is a Canada-based gold exploration company. Banro holds, through four wholly owned subsidiaries, a 100% interest in four gold properties, known as Twangiza, Namoya, Lugushwa and Kamituga. These properties are covered by a total of 13 exploitation permits and are found along the 210 kilometer-long Twangiza-Namoya gold belt in the South Kivu and Maniema Provinces of eastern Democratic Republic of the Congo (DRC).
The Company also holds 14 exploration permits covering an aggregate of 2,638 square kilometers. During the fiscal year ended December 31, 2010 (fiscal 2010), the Company was engaged in the construction of its Twangiza Phase I oxide mine, and continued its exploration activities at its Twangiza, Namoya and Lugushwa properties. No ground exploration was undertaken with respect to its Kamituga property or the 14 exploration permit areas.
Keegan Resources Inc., AMEX:KGN
The cumulative land position of the Sky Gold Concession is over 118 sq km, which, when added to the existing property, brings Keegan's total land position to more than 216 sq. km. The Agreement requires Keegan to make cash payments of US$400K and to issue 50,000 KGN shares on or before the third anniversary of signing. Of these amounts US$140,000 has been paid; the remaining cash and share payments are optional. SGM retains a 2%NSR, which Keegan has a first right of refusal to purchase.
Keegan Resources Inc. (Keegan), incorporated on September 23, 1999, is an exploration-stage company. The Company is focusing on advancing its principal property, the Esaase Gold Project to commercial production. In addition to its principal project, the Company holds a portfolio of other Ghanaian gold concessions in various stages of exploration. As of March 31, 2011, the Company's properties consisted of the Asumura Property and the Esaase Property, both in West Ghana, Africa. As of March 31, 2011, the Company's subsidiaries included Keegan Resources Ghana Limited, Keegan International (Barbados) Inc., Keegan Ghana (Barbados) Inc. and Quicksilver Ventures (Nevada) Inc. During the fiscal year ended March 31, 2011 (fiscal 2011), the Company incorporated Keegan International (Barbados) Inc. and Keegan Ghana (Barbados) Inc. as its wholly owned subsidiaries. During fiscal 2011, the Company acquired a 100% interest in the Dawohodo prospecting concession.
The Asumura Property
In Asumura Property the work being done by Keegan is exploratory in nature. The Asumura Property is located in the southwestern part of Ghana and is divided into two parts by the Bia River. The western part of the property is within the Western Region of Ghana in the Juabeso Bia District and the eastern part is in the Brong Ahafo Region of Ghana. The Asumura Property consists of two exploration concessions: Fosukrom and Asumura, which together equal 279.4 square kilometers. During fiscal 2011, the Company initiated its drill program on the Asumura Gold Property.
Esaase Gold Property
The Esaase Gold Property is without known reserves and the work being done by Keegan is exploratory in nature. However, the property has been determined to contain mineral resources. The Esaase Property is located in southwest Ghana, West Africa. The Esaase Property consists of two mining concessions, named the Esaase Concession and Jeni River Concession. The Esaase Concession is approximately 10 kilometers in a north east direction by four kilometer in a north west direction covering 42.32 square kilometers.
Arizona Gold and Onyx Mining Co, PINK:VGCP
Exclusive Interview with Micheal Mitsunaga - President, CEO and DirectorArizona Gold and Onyx Mining Co PINK:VGCP
Arizona Gold and Onyx Mining Co PINK:VGCP is pursuing exploration and development on its polymetallic property, known as the Mayer Project, located in Arizona, the leading mining state in the U.S.A. Initially, the Company intends to commence production of high grade onyx from a large deposit on the property and to also investigate the occurrences of Gold, Silver, Platinum Group Metals (PGMs) and Copper that have been discovered on the property.
While a variety of onyx occurs on the project, the largest portion of the deposit consists of rare and beautiful Honey onyx, widely used in kitchens, baths and in many other interior and exterior décor. As well, pure black onyx coveted by the jewelry trade and other high-end users, and commanding a premium price in onyx markets worldwide, occurs on the property.
With rising demand and prices for high quality onyx, as well as for precious and base metals globally, Arizona Gold and Onyx is enthusiastic that its Mayer mining project in Arizona represents excellent potential and a compelling opportunity for profitable minerals production during the new global paradigm of the 20th Century in which mineral commodities are the foundation for economic growth.
What is the VGCP Estimated Reserve Today:
Currently, VGCP's estimated reserves are: $238 Million of onyx, and $18.7 Million of gold. These reserves do not include other precious metals, such as silver or copper.
What do you expect in reserves by year end:
Due to probable acquisitions, the estimated projections by the end of 2011 are: $1 Billion in onyx and between 18M and 24M ounces of gold. These projections do not include other precious metals, such as silver or copper.
Is funding in place for production:
The Company is has funding for our needs on an ongoing basis.
When will the company be producing Gold:
Aggressive estimates have the Company producing gold by year's end; conservative estimates put production out nine months to one year.
What $ value do you put on the Onyx reserves:
Current value of the onyx reserves is $238 Million.
When will Onyx production begin:
Onyx production is estimated to begin somewhere between twelve and eighteen months.
Where are the Gold Sites:
Currently, VGCP has the right to gold deposits in Arizona near Flagstaff at its Mayer Mine. VGCP is also reviewing two separate acquisitions in Arizona and Nevada. In the event that the Company is able to finalize either mine, the gold reserves would jump to between 18M and 24M ounces of gold reserves.
What Exchange are you aiming for:
The Company needs to be at least on the Bulletin Board, but preferably on a main board in the USA.
What is the news regarding drilling, testing:
After the finalization of the imminent financing, drilling and testing will begin immediately. Estimates are that the drilling and testing will take between ninety and one hundred eighty days to complete.
MICHAEL MITSUNAGA - President, CEO and Director
Mr. Mitsunaga brings over thirty years of successful entrepreneurial experience and business leadership to Arizona Gold and Onyx Mining Co. He majored in business administration at CSULA but left to establish a successful recycling company.
In addition to outstanding technical and entrepreneurial strengths, Mr. Mitsunaga has demonstrated excellent business and finance acumen at the most senior levels by achieving notable successes in managing and guiding corporate growth.
Mr. Mitsunaga served as the CEO and President of TSM Recovery and Recycling for twenty years, where he developed and patented his own process for recovering silver from photographic solution, which propelled his company to become the largest processor of photographic solution during the 1980s. Mr. Mitsunaga also invented a machine capable of bypassing then-existing limits on quantitative refinement, which resulted in greatly reduced production costs and enhanced recovery of silver, all of which bolstered his company's bottom line. He has provided expert consulting services within this industry for over nine years.
Mr. Mitsunaga served as President of North American operations for Union Pacific Foods, where he was instrumental in increasing annual corporate profits from $1 million to over $30 million in just five years. He simultaneously founded his own successful international trading company in the Far East, which has been in operation for over 25 years. Additionally, Mr. Mitsunaga has eight years of experience financing and funding real estate projects for private and public companies.
EDUARDO STALLINGS - Vice President and Director
Eduardo Stallings is the Director of Operations for Arizona Gold & Onyx Mining Company. Mr. Stallings utilizes his substantial leadership, management, and communication skills to drive the company's operations while improving efficiencies and employee productivity.
Mr. Stallings earned his Bachelor of Science degree in Biomedicine in 1983. He received certification by the NYS Department of Health Aid Institute in 1995, and became a certified Phlebotomy Technician in 1997.
Subsequently, Mr. Stallings pursued a career in the insurance industry. In 1998, he earned his Life, Accident, Health and Agents Insurance Licenses from the Pohs Institute. Since then, he has provided comprehensive insurance policies to individuals and families.
PHILLIP MARTIN - Treasurer
Phillip Martin serves as Treasurer for Arizona Gold & Onyx Mining Co. He brings over 20 years of extensive information technology experience to the company. His areas of expertise include building and managing sophisticated networks, overseeing relational database management systems, website development, and computer hardware administration.
Mr. Martin served in the United States Army for twelve years, where he has held key leadership positions. During his military tenure, Mr. Martin earned numerous medals and achievements, including two Meritorious Service Medals, and also earned his Bachelor of Science degree.
RICHARD A. JOHNSON - Chief Financial Officer
To the position of Chief Financial Officer at Arizona Gold and Onyx Mining Co., Richard Johnson brings a wealth of experience at the senior executive levels in the areas of Corporate Finance, Business Planning & Operations, R&D and Administration. His considerable strengths in the areas of Finance and Corporate Administration will greatly assist the Company as it advances towards production at Mayer.
Mr. Johnson's enviable record of achievements at the executive level includes, latterly, CFO at Early Detect Inc. where he supervised the financial activities of the Company and its subsidiaries over a span of 4.5 years. Previously, he held positions of Chief Financial Officer, General Manager and Director in industry and also was a Senior Management and Finance Consultant to the manufacturing, retail, agriculture and service industries for fifteen years as well as Program Control Director and Management Consultant with a major international Engineering and Construction Corporation. Early in his career, Mr. Johnson spent eleven years with the U.S. Department of Energy, Las Vegas, where he had the responsibilities of financial analysis, budgeting and Safety analysis in the areas of nuclear explosives internationally.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.