AMI Resources Inc. (TSX.V:AMU) - Results & Recommendations
VANCOUVER - May 5, 2010 (Investorideas.com Mining newswire) - AMI Resources Inc. (TSX-V: AMU) - The Company has received and posted on its website www.amiresources.com the final drill reports on both the Tialkam and Deba license that make up the Sirba Gold Project in Niger.
Tialkam License - Eight reverse circulation ("RC") holes totaling 808m were drilled at Congo Toure and Tialkam South prospects. The holes drilled at Congo Toure confirm the presence of gold mineralization in volcanic rocks associated to the gabbroic complex. The next drill program is proposed along an East West fence that will intersect potential gold mineralization along the N45 degrees - N55 degrees geological trend and the N130 degrees - N140 degrees tectonic features.
The drill holes at Tialkam South with intersections of 24m (at) 3.08 g/t have confirmed the mineralization from the historic drill holes, while the intersection of 8m (at) 1.08 g/t in TSR004 has extended its continuity over 300 m to the NE. Two fence lines of RC holes are proposed to confirm the extension along this trend.
A GEOTEM generated prospect in the lower SW corner of the Tialkam license is probably the same graphitic horizon as Semafo's Libiri deposit but was displaced by NNE trending faults. A fence profile of 13 drill holes will check the probable extension of the Libiri/Libdorado mineralization into the Tialkam license. The Semafo Samira Hill deposit is the first economic gold deposit in Niger and the corridor of gold mineralization in the Sirba belt partly covered by the Tialkam and Deba license is a very favourable area for the next discovery. See attached map. http://files.newswire.ca/872/GOLDCORRIDOR.doc
Deba License - Seventeen RC holes totaling 1,375m were drilled at Deba village, Kokoloukou and Sefa Nangue, three of the 5 known prospects on this license. The main objective of this program was to confirm and extend the gold mineralization identified in historic drill holes.
In the Deba village prospect, soil geochemistry has identified clusters of gold anomalies within an area of approximately 2 km in diameter where trenching and drilling encountered gold mineralization.
At Sefa Nague the RC drilling encountered several narrow gold intersections some ranging from 10m to 18m. The core drilling in the mid nineties by Japan Intergovernmental Cooperation Agency (JICA) also intersected a multitude of quart veins oriented E-W. JICA reported a NI43-101 non-compliant resource of 2.4 m tons grading 2.06 g/t Au from 5,126m of core drilling. The mineralized zone about 500m wide has likely a western extension where more prolific gold zones could be located. A prolongation of the gold mineralization toward the NW is incidentally supported by atisanal mining sites and the curvature of the quartz veins in that direction. RAB drilling is proposed in the most promising NW area and trenching for reconnaissance toward the SW.
Claude Jobin, P.Eng M.Sc. AMI's consulting geologist, who is a qualified person within the meaning of NI43-101, has reviewed the scientific and technical information contained in this press release. An exploration program and budget is currently being designed to further test the above prospects on both the Tialkam and Deba licenses.
We seek safe harbour.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
For further information: Dustin Elford, President (604) 669-2901
Disclosure: AMU is a paid advertising client on Investorideas.com and our mining portals.
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Wednesday, May 05, 2010
Tuesday, May 04, 2010
Mining stocks; TOMBSTONE EXPLORATION (OTCBB:TMBXF) TO BEGIN EXPLORATION OF PORPHYRY COPPER TARGETS
Mining stocks; TOMBSTONE EXPLORATION (OTCBB:TMBXF) TO BEGIN EXPLORATION OF PORPHYRY COPPER TARGETS
Phoenix, AZ – May 4, 2010 (Investorideas.com Mining Stocks Newswire) – Tombstone Exploration Corp. (OTCBB:TMBXF) announced today that the Company has made significant progress with its drilling program at its property at Tombstone, Arizona. To date, 2375 feet of drilling has been completed, with the drilling on the State of Maine still to be completed.
Follow up work on other targets on Tombstone’s property indicate that there is a possibility that porphyry copper deposits could be found. Previous drilling in the area indicates that porphyry systems exist and that there could be multiple targets in the district. Due to Tombstone’s extensive land holding of about 11,500 acres, there is potential for one or more of these systems on the Company’s property.
Recently, one of the largest mining companies in the world has been acquiring property on the southern border of Tombstone’s land holdings. There are a number of companies doing extensive exploration in southeastern Arizona for porphyry copper deposits as the general area has a long history of hosting these types of deposits. Tombstone has developed an exploration strategy for these deposits that includes airborne geophysical analysis and geochemical surveys to define potential targets.
Steven J. Radvak, P.E., Vice President of Exploration of Tombstone, commented, “The drilling program has progressed nicely and we are waiting for laboratory results for the initial drilling. Additional drilling may be warranted after these results have been received and analyzed. We have also started planning a major geophysical and geochemical survey to help delineate porphyry targets on our property.”
Alan Brown, CEO of Tombstone, commented, “The company is expanding it exploration program to include a search for large open pit style copper gold deposits."
Tombstone Exploration Corporation (TMBXF) is focused primarily on exploration and development of mineral resources. Tombstone Exploration Corporation has the mineral rights to approximately 11,500 acres of historical mining land in the areas around Tombstone, Arizona and is the largest landholder in the Tombstone Mining District.
For more information on Tombstone Exploration Corporation, please visit www.tombstonemining.com.
FORWARD-LOOKING STATEMENTS
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Tombstone Exploration Corporation's ability to obtain additional financing. Tombstone Exploration Corporation undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Tombstone Exploration Corporation's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Tombstone Exploration Corporation's success are more fully disclosed in Tombstone Exploration Corporation most recent public filings with the U.S. Securities and Exchange Commission.
CONTACT:
Tombstone Exploration Corporation
Alan M. Brown
President
alanmbrown@cox.net
480-305-4507
Investor Relations:
The Eversull Group, Inc.
Jack Eversull
972-571-1624
jack@theeversullgroup.com
Disclosure: TMBXF is a paid advertising client on Investorideas.com and our mining portals.
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Phoenix, AZ – May 4, 2010 (Investorideas.com Mining Stocks Newswire) – Tombstone Exploration Corp. (OTCBB:TMBXF) announced today that the Company has made significant progress with its drilling program at its property at Tombstone, Arizona. To date, 2375 feet of drilling has been completed, with the drilling on the State of Maine still to be completed.
Follow up work on other targets on Tombstone’s property indicate that there is a possibility that porphyry copper deposits could be found. Previous drilling in the area indicates that porphyry systems exist and that there could be multiple targets in the district. Due to Tombstone’s extensive land holding of about 11,500 acres, there is potential for one or more of these systems on the Company’s property.
Recently, one of the largest mining companies in the world has been acquiring property on the southern border of Tombstone’s land holdings. There are a number of companies doing extensive exploration in southeastern Arizona for porphyry copper deposits as the general area has a long history of hosting these types of deposits. Tombstone has developed an exploration strategy for these deposits that includes airborne geophysical analysis and geochemical surveys to define potential targets.
Steven J. Radvak, P.E., Vice President of Exploration of Tombstone, commented, “The drilling program has progressed nicely and we are waiting for laboratory results for the initial drilling. Additional drilling may be warranted after these results have been received and analyzed. We have also started planning a major geophysical and geochemical survey to help delineate porphyry targets on our property.”
Alan Brown, CEO of Tombstone, commented, “The company is expanding it exploration program to include a search for large open pit style copper gold deposits."
Tombstone Exploration Corporation (TMBXF) is focused primarily on exploration and development of mineral resources. Tombstone Exploration Corporation has the mineral rights to approximately 11,500 acres of historical mining land in the areas around Tombstone, Arizona and is the largest landholder in the Tombstone Mining District.
For more information on Tombstone Exploration Corporation, please visit www.tombstonemining.com.
FORWARD-LOOKING STATEMENTS
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Tombstone Exploration Corporation's ability to obtain additional financing. Tombstone Exploration Corporation undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Tombstone Exploration Corporation's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Tombstone Exploration Corporation's success are more fully disclosed in Tombstone Exploration Corporation most recent public filings with the U.S. Securities and Exchange Commission.
CONTACT:
Tombstone Exploration Corporation
Alan M. Brown
President
alanmbrown@cox.net
480-305-4507
Investor Relations:
The Eversull Group, Inc.
Jack Eversull
972-571-1624
jack@theeversullgroup.com
Disclosure: TMBXF is a paid advertising client on Investorideas.com and our mining portals.
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Gold and Mining Stocks; Company Profile for Yale Resources Ltd. (TSX-V: YLL; Frankfurt: YAB; OTCPK: YRLLF)
Gold and Mining Stocks; Company Profile for Yale Resources Ltd. (TSX-V: YLL; Frankfurt: YAB; OTCPK: YRLLF)
Point Roberts WA, May 4, 2010 – (Investorideas.com Mining stocks Newswire) www.InvestorIdeas.com and its leading mining investor portals, www.Gold-MiningStocks.com and www.MiningSectorStocks.com announce the new profile for showcase mining stock, Yale Resources Ltd. (TSX-V: YLL; Frankfurt:YAB; OTCPK: YRLLF) .
Showcase Mining Stock
Yale Resources Ltd. (TSX-V: YLL; Frankfurt: YAB; OTCPK: YRLLF) is an exploration and development company concentrating in northwestern Mexico that is building value through project generation. Yale has three of its seven properties optioned out to value added partners. These agreements combine for minimum commitments of approximately US $1,100,000 of exploration expenditures over the next 12 months. Yale continues to work on its non optioned properties as well as reviewing new projects with a focus on gold.
Recent News:
YALE (TSX-V: YLL and Frankfurt: YAB) AND SILVER AMERICA FINALIZE OPTION FOR GUADALUPE PROPERTY, ZACATECAS STATE – INITIAL FIELD PROGRAM FINISHED
Read full news: http://www.investorideas.com/CO/YLL/news/4301.asp
From the Profile: http://www.investorideas.com/CO/YLL/
Yale Resources is well positioned to become one of the key project generators in Mexico. Yale has taken advantage of its extensive network of contacts to identify and acquire projects of merit. In addition, through its Mexican staff Yale has been able to identify early stage areas for staking.
Yale currently has seven projects of which three are under option with partners. Yale currently has over $1.1 million in expenditures committed by its partners in 2010.
This business model is significant for Yale investors as they get to participate in multiple exploration programs funded by Yale’s partners. Should there be exploration success Yale benefits by having additional exploration commitments on its projects. The securities owned by Yale should then become more valuable as well adding to the capital of Yale.
Yale continues to look for and assess new projects.
Current Projects:
1) La Verde (Cu-Ag-Zn-Au): multiple targets with La Verde Grande the most advanced with over 600 m of workings.
2) Dos Naciones (Ag-Pb and Cu-Au-Zn-Ag): Under option to Del Torro Silver – can earn 80% by spending $800,000 and issuing Yale 800,000 shares.
3) Carol (Cu-Ag-Zn-Au): Available for option - drill ready with two large bulk tonnage targets.
4) Orofino (Au-Ag): multiple gold and gold/silver targets. Previous drilling by Teck and 5 targets previously saw small-scale open pit production.
5) Urique (Ag-Au): Under option to American Sierra Gold - can earn 90% by spending $2,600,000, issuing Yale 420,000 shares and paying Yale $750,000. To date AMNP has spent $300,000 on the property, paid Yale $100,000 and issued Yale 100,000 shares. Second year requires $500,000 of expenditure
6) Guadalupe (Ag-Au): Under option to Silver America Inc – can earn 90% by paying Yale US $900,000, issuing 1,000,000 shares and spending $2,000,000 (including a minimum of 2,000 drilling in first year).
7) Los Amoles (Ag-Au): early stage project with multiple historic workings within a 2.3 by 1.1 km area containing multiple veins.
Visit the full company profile at Investorideas.com: http://www.investorideas.com/CO/YLL/
Visit the company website at: http://www.yaleresources.com/s/Home.asp
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Investorideas.com mining stocks directory (http://www.investorideas.com/Gold_Stocks/Stocks_List.asp) currently features over 1000 mining stocks for investors to research. The directory is also updated monthly as we add new companies in the sector.
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Become an InvestorIdeas.com member and access all of our stock directories by login. -Learn more: http://www.investorideas.com/membership/
Join our Campaign for 2010- One million members stronger…
Disclaimer: The following company profile news is a paid for submission, as a showcase company on Investorideas.com. Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and or its IR department and is not the opinion of Investorideas. This site is currently compensated by featured companies, news submissions, company profile submissions and online advertising.
Disclaimer/Disclosure: http://www.investorideas.com/About/Disclaimer.asp
Disclosure: http://www.investorideas.com/About/News/Clientspecifics.asp
Contact
Ian Foreman, P.Geo.
President
For additional information on Yale Resources please call the Company at 604-678-2531
For Additional Information about Investorideas.com mining portals:
C Van Zant: – cvanzant@investorideas.com
Source – Investorideas.com
Point Roberts WA, May 4, 2010 – (Investorideas.com Mining stocks Newswire) www.InvestorIdeas.com and its leading mining investor portals, www.Gold-MiningStocks.com and www.MiningSectorStocks.com announce the new profile for showcase mining stock, Yale Resources Ltd. (TSX-V: YLL; Frankfurt:YAB; OTCPK: YRLLF) .
Showcase Mining Stock
Yale Resources Ltd. (TSX-V: YLL; Frankfurt: YAB; OTCPK: YRLLF) is an exploration and development company concentrating in northwestern Mexico that is building value through project generation. Yale has three of its seven properties optioned out to value added partners. These agreements combine for minimum commitments of approximately US $1,100,000 of exploration expenditures over the next 12 months. Yale continues to work on its non optioned properties as well as reviewing new projects with a focus on gold.
Recent News:
YALE (TSX-V: YLL and Frankfurt: YAB) AND SILVER AMERICA FINALIZE OPTION FOR GUADALUPE PROPERTY, ZACATECAS STATE – INITIAL FIELD PROGRAM FINISHED
Read full news: http://www.investorideas.com/CO/YLL/news/4301.asp
From the Profile: http://www.investorideas.com/CO/YLL/
Yale Resources is well positioned to become one of the key project generators in Mexico. Yale has taken advantage of its extensive network of contacts to identify and acquire projects of merit. In addition, through its Mexican staff Yale has been able to identify early stage areas for staking.
Yale currently has seven projects of which three are under option with partners. Yale currently has over $1.1 million in expenditures committed by its partners in 2010.
This business model is significant for Yale investors as they get to participate in multiple exploration programs funded by Yale’s partners. Should there be exploration success Yale benefits by having additional exploration commitments on its projects. The securities owned by Yale should then become more valuable as well adding to the capital of Yale.
Yale continues to look for and assess new projects.
Current Projects:
1) La Verde (Cu-Ag-Zn-Au): multiple targets with La Verde Grande the most advanced with over 600 m of workings.
2) Dos Naciones (Ag-Pb and Cu-Au-Zn-Ag): Under option to Del Torro Silver – can earn 80% by spending $800,000 and issuing Yale 800,000 shares.
3) Carol (Cu-Ag-Zn-Au): Available for option - drill ready with two large bulk tonnage targets.
4) Orofino (Au-Ag): multiple gold and gold/silver targets. Previous drilling by Teck and 5 targets previously saw small-scale open pit production.
5) Urique (Ag-Au): Under option to American Sierra Gold - can earn 90% by spending $2,600,000, issuing Yale 420,000 shares and paying Yale $750,000. To date AMNP has spent $300,000 on the property, paid Yale $100,000 and issued Yale 100,000 shares. Second year requires $500,000 of expenditure
6) Guadalupe (Ag-Au): Under option to Silver America Inc – can earn 90% by paying Yale US $900,000, issuing 1,000,000 shares and spending $2,000,000 (including a minimum of 2,000 drilling in first year).
7) Los Amoles (Ag-Au): early stage project with multiple historic workings within a 2.3 by 1.1 km area containing multiple veins.
Visit the full company profile at Investorideas.com: http://www.investorideas.com/CO/YLL/
Visit the company website at: http://www.yaleresources.com/s/Home.asp
Request news and stock alerts from
http://www.investorideas.com/Resources/Newsletter.asp
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector.
Investorideas.com mining stocks directory (http://www.investorideas.com/Gold_Stocks/Stocks_List.asp) currently features over 1000 mining stocks for investors to research. The directory is also updated monthly as we add new companies in the sector.
Learn more about becoming a Mining Stock Featured Company.
http://www.investorideas.com/Investors/Mining_Stocks_Investor_Awareness.asp
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, the Middle East and Australia.
Become an InvestorIdeas.com member and access all of our stock directories by login. -Learn more: http://www.investorideas.com/membership/
Join our Campaign for 2010- One million members stronger…
Disclaimer: The following company profile news is a paid for submission, as a showcase company on Investorideas.com. Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and or its IR department and is not the opinion of Investorideas. This site is currently compensated by featured companies, news submissions, company profile submissions and online advertising.
Disclaimer/Disclosure: http://www.investorideas.com/About/Disclaimer.asp
Disclosure: http://www.investorideas.com/About/News/Clientspecifics.asp
Contact
Ian Foreman, P.Geo.
President
For additional information on Yale Resources please call the Company at 604-678-2531
For Additional Information about Investorideas.com mining portals:
C Van Zant: – cvanzant@investorideas.com
Source – Investorideas.com
Sunday, May 02, 2010
Mining Stocks; East Asia Minerals(TSX.V EAS) Finalizes Private Placement Terms
Mining Stocks; East Asia Minerals(TSX.V EAS) Finalizes Private Placement Terms
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES.
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ mining stocks newswire) - East Asia Minerals Corporation (TSX.V EAS) is pleased to announce the terms of a non-brokered financing. The Company will raise up to $18.85 million through the issuing of up to 2.5 million shares at $7.54 per share. This non-brokered financing is for common shares only, with no warrants attached, and no fees are being paid. The transaction is subject to TSX Venture Exchange approval.
East Asia Minerals will use the proceeds of the offering for further exploration of the Miwah Gold Project, advancement of its Indonesia gold and gold-copper portfolio, and unallocated working capital.
"This offer by third parties for a non-brokered Private Placement into East Asia Minerals is welcomed as the Company continues to advance the impressive Miwah Gold Project in Indonesia," stated Michael Hawkins, President and CEO of East Asia Minerals. "With this important investment into East Asia Minerals, we will be in the position to accelerate our diamond drill program at Miwah and to commence drilling other properties in our diversified and robust gold portfolio."
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,100 metres of drilling in twelve holes by a previous explorer in 1997. All holes drilled during this program intersected significant alteration and mineralization with intercepts including 71 metres of 1.4 g/t gold and 58 metres of 1.1 g/t gold. The previous explorer suggested potential for 100 Mt at 1.1 to 1.2 g/t gold, however a review of the historical data indicates that early drilling was parallel to higher grade (greater than 5 g/t gold) structures at surface. Hence, in addition to greater mineralized tonnage, significantly higher overall grades are anticipated from better geological understanding, results of the Company's detailed sampling, and from the ongoing drill program which is based on increased geological understanding. An example is the intersection of 3.96 g/t gold over 111 metres, including 15.74 g/t gold over 22 metres from East Asia's diamond drill hole EMD024.
Based on the Company's work Miwah is resolving into two components; a large 1,200 metre long, at least 450 metre wide, approximately 200 metre thick tabular zone; and vertical diatreme breccia feeder zones that are beneath and cut through this. At Miwah Gold Zones, East Asia has almost 2,500 metres of rock sawn channel samples which average 2.35 g/t gold. Grade expectations in Main Miwah Gold Zone exceed 1.5 g/t gold. Ongoing sampling verified the Company's confidence that higher overall gold grades can be achieved due to the presence of multiple high grade rock sawn channel samples throughout the strike, including 4.11 g/t gold over 200 metres at the eastern part of the Main Miwah Gold Zone, and 4.35 g/t gold over 27 metres at the western part. Recent drilling has supported this.
Miwah Main Zone remains open in all directions with the Moon River area expanding the north-south potential to more than 600 metres, whilst remaining open further to the north towards Sipopok. Drilling has extended the Miwah Main Zone towards a similar northing as Moon River. Sampling west of the Miwah Main Zone in the Signal area has potentially expanded the east-west width another 600 metres and remains open.
In addition to the tabular zone the Company has begun to characterize some of the diatreme breccia feeder zones, with rock sawn channel samples including 83.59 g/t gold over 24 metres and 20.14 g/t gold over 12 metres. Recent drilling has supported this. These feeder zones have great potential to develop into substantial tonnages of higher grade gold mineralization in an area adjacent to the Main Miwah Gold Zone.
The Miwah Property is in a very similar volcanic setting to the Martabe gold-silver deposit, also located in North Sumatra (Purnama and Baskara resources: 127.8 million tonnes at 1.4 g/t gold (5.5 million ounces gold) and 15 g/t silver (60 million ounces silver), and the alteration system is of a comparable size. Miwah also exhibits a likeness to the size, style and geometry of the alteration system developed at the Pierina gold deposit in Peru (67.7 Mt grading 2.98 g/t gold and 22 g/t silver, giving a total 6.49 million ounces gold and 47.9 million ounces silver).
Lionel Martin, P.Geo., the designated QP within the meaning of NI 43-101, has reviewed and approves the content of this release. East Asia has not verified the classification of the resource references and is not treating them as NI 43-101 defined resources verified by a QP. Although the references of resources are relevant to recognizing the potential of the Miwah project, they should not be relied upon.
About East Asia Minerals Corporation
East Asia Minerals (TSX VENTURE:EAS) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. Two of these, the Sangihe (Binebase-Bawone) and Barisan 1 (Abong) gold projects, are being advanced to define NI43-101 compliant resources. The Company owns eight uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 71,455,372 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
Forward Looking Statements - This News Release contains forward looking information within the meaning of the British Columbia Securities Act, the Ontario Securities Act and the Alberta Securities Act, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with our expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of new or updated feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations (including uranium, fuel, steel and construction items), currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The words anticipate, believe, estimate and expect and similar expressions, as they relate to us or our management, are intended to identify forward looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
To receive or stop receiving EAS news via email, please email Info@EAminerals.com and state your preference in the subject line.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
__________________________________________________________________
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THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES.
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ mining stocks newswire) - East Asia Minerals Corporation (TSX.V EAS) is pleased to announce the terms of a non-brokered financing. The Company will raise up to $18.85 million through the issuing of up to 2.5 million shares at $7.54 per share. This non-brokered financing is for common shares only, with no warrants attached, and no fees are being paid. The transaction is subject to TSX Venture Exchange approval.
East Asia Minerals will use the proceeds of the offering for further exploration of the Miwah Gold Project, advancement of its Indonesia gold and gold-copper portfolio, and unallocated working capital.
"This offer by third parties for a non-brokered Private Placement into East Asia Minerals is welcomed as the Company continues to advance the impressive Miwah Gold Project in Indonesia," stated Michael Hawkins, President and CEO of East Asia Minerals. "With this important investment into East Asia Minerals, we will be in the position to accelerate our diamond drill program at Miwah and to commence drilling other properties in our diversified and robust gold portfolio."
Miwah Background
The Miwah Gold Prospect was partially defined by approximately 3,100 metres of drilling in twelve holes by a previous explorer in 1997. All holes drilled during this program intersected significant alteration and mineralization with intercepts including 71 metres of 1.4 g/t gold and 58 metres of 1.1 g/t gold. The previous explorer suggested potential for 100 Mt at 1.1 to 1.2 g/t gold, however a review of the historical data indicates that early drilling was parallel to higher grade (greater than 5 g/t gold) structures at surface. Hence, in addition to greater mineralized tonnage, significantly higher overall grades are anticipated from better geological understanding, results of the Company's detailed sampling, and from the ongoing drill program which is based on increased geological understanding. An example is the intersection of 3.96 g/t gold over 111 metres, including 15.74 g/t gold over 22 metres from East Asia's diamond drill hole EMD024.
Based on the Company's work Miwah is resolving into two components; a large 1,200 metre long, at least 450 metre wide, approximately 200 metre thick tabular zone; and vertical diatreme breccia feeder zones that are beneath and cut through this. At Miwah Gold Zones, East Asia has almost 2,500 metres of rock sawn channel samples which average 2.35 g/t gold. Grade expectations in Main Miwah Gold Zone exceed 1.5 g/t gold. Ongoing sampling verified the Company's confidence that higher overall gold grades can be achieved due to the presence of multiple high grade rock sawn channel samples throughout the strike, including 4.11 g/t gold over 200 metres at the eastern part of the Main Miwah Gold Zone, and 4.35 g/t gold over 27 metres at the western part. Recent drilling has supported this.
Miwah Main Zone remains open in all directions with the Moon River area expanding the north-south potential to more than 600 metres, whilst remaining open further to the north towards Sipopok. Drilling has extended the Miwah Main Zone towards a similar northing as Moon River. Sampling west of the Miwah Main Zone in the Signal area has potentially expanded the east-west width another 600 metres and remains open.
In addition to the tabular zone the Company has begun to characterize some of the diatreme breccia feeder zones, with rock sawn channel samples including 83.59 g/t gold over 24 metres and 20.14 g/t gold over 12 metres. Recent drilling has supported this. These feeder zones have great potential to develop into substantial tonnages of higher grade gold mineralization in an area adjacent to the Main Miwah Gold Zone.
The Miwah Property is in a very similar volcanic setting to the Martabe gold-silver deposit, also located in North Sumatra (Purnama and Baskara resources: 127.8 million tonnes at 1.4 g/t gold (5.5 million ounces gold) and 15 g/t silver (60 million ounces silver), and the alteration system is of a comparable size. Miwah also exhibits a likeness to the size, style and geometry of the alteration system developed at the Pierina gold deposit in Peru (67.7 Mt grading 2.98 g/t gold and 22 g/t silver, giving a total 6.49 million ounces gold and 47.9 million ounces silver).
Lionel Martin, P.Geo., the designated QP within the meaning of NI 43-101, has reviewed and approves the content of this release. East Asia has not verified the classification of the resource references and is not treating them as NI 43-101 defined resources verified by a QP. Although the references of resources are relevant to recognizing the potential of the Miwah project, they should not be relied upon.
About East Asia Minerals Corporation
East Asia Minerals (TSX VENTURE:EAS) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. Two of these, the Sangihe (Binebase-Bawone) and Barisan 1 (Abong) gold projects, are being advanced to define NI43-101 compliant resources. The Company owns eight uranium properties, including the advanced Ingiin-Nars, Ulaan Nuur and Enger uranium projects, and two phosphate properties in Mongolia. East Asia currently has 71,455,372 shares outstanding. Its shares are listed for trading on the TSX Venture Exchange under the symbol "EAS".
Forward Looking Statements - This News Release contains forward looking information within the meaning of the British Columbia Securities Act, the Ontario Securities Act and the Alberta Securities Act, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with our expectations, metal recoveries, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration or development activities or the completion of new or updated feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations (including uranium, fuel, steel and construction items), currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. The words anticipate, believe, estimate and expect and similar expressions, as they relate to us or our management, are intended to identify forward looking statements relating to the business and affairs of the Company. Except as required under applicable securities legislation, we undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
To receive or stop receiving EAS news via email, please email Info@EAminerals.com and state your preference in the subject line.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
__________________________________________________________________
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Friday, April 30, 2010
YALE (TSX-V:YLL and Frankfurt:YAB) AND SILVER AMERICA FINALIZE OPTION FOR GUADALUPE PROPERTY, ZACATECAS STATE – INITIAL FIELD PROGRAM FINISHED
YALE (TSX-V:YLL and Frankfurt:YAB) AND SILVER AMERICA FINALIZE OPTION FOR GUADALUPE PROPERTY, ZACATECAS STATE – INITIAL FIELD PROGRAM FINISHED
April 30, 2010 (Investorideas.com Mining stocks Newswire) Yale Resources Ltd. (TSX-V:YLL and Frankfurt:YAB) is pleased to report that it has signed a formal Agreement with Silver America Inc. (OTCBB – SILA) for the option to earn a 90% interest in Yale’s wholly owned Guadalupe Property located in Zacatecas State, Mexico. Yale has received a total of US$20,000 and 100,000 shares in Silver America.
To earn a 90% interest Silver America will be required to pay Yale US $ 900,000 cash, spend US $ 2,000,000 on exploration expenditures and issue 1,000,000 shares to Yale over four years. Cash payments will be due every six months and will increase to a final payment of US $355,000. Yale will act as the operator for the project. The minimum work commitment before June 30, 2011 is US $ 400,000 including a minimum of 2,000 metres of drilling. Should the earn-in be completed Yale will retain a 10% participating interest in the property as well as a 2% NSR, which can be bought out in entirety for US $ 2,000,000.
In anticipation of the closing of the agreement, Yale personnel have recently finished a stage one exploration program on the Guadalupe property. The program consisted of geological mapping, locating the historic workings on the property, and sampling. 59 chip samples were taken from outcrops and within workings. To date, 25 vertical shafts have been identified within the property. These include the San Antonio and Santa Rosa mines, each reaching 270 metres in depth. The Mina Negra shaft has been measured to be in excess of 100 metres. All of these workings exploited at least 5 different veins that cross the property.
Results from this work program are pending.
About Yale Resources:
Yale Resources is an exploration and development company concentrating in northwestern Mexico that is building value through project generation. Yale has three of its seven properties optioned out to value added partners. These agreements combine for minimum commitments of approximately US $1,100,000 of exploration expenditures over the next 12 months. Yale continues to work on its non optioned properties as well as reviewing new projects with a focus on gold.
On behalf of the Board,
"Ian Foreman"
Ian Foreman, P.Geo.
President
For additional information on Yale Resources please call the Company at 604-678-2531.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Disclosure: YLL is a paid advertising client on Investorideas.com and our mining portals.
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____________________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
April 30, 2010 (Investorideas.com Mining stocks Newswire) Yale Resources Ltd. (TSX-V:YLL and Frankfurt:YAB) is pleased to report that it has signed a formal Agreement with Silver America Inc. (OTCBB – SILA) for the option to earn a 90% interest in Yale’s wholly owned Guadalupe Property located in Zacatecas State, Mexico. Yale has received a total of US$20,000 and 100,000 shares in Silver America.
To earn a 90% interest Silver America will be required to pay Yale US $ 900,000 cash, spend US $ 2,000,000 on exploration expenditures and issue 1,000,000 shares to Yale over four years. Cash payments will be due every six months and will increase to a final payment of US $355,000. Yale will act as the operator for the project. The minimum work commitment before June 30, 2011 is US $ 400,000 including a minimum of 2,000 metres of drilling. Should the earn-in be completed Yale will retain a 10% participating interest in the property as well as a 2% NSR, which can be bought out in entirety for US $ 2,000,000.
In anticipation of the closing of the agreement, Yale personnel have recently finished a stage one exploration program on the Guadalupe property. The program consisted of geological mapping, locating the historic workings on the property, and sampling. 59 chip samples were taken from outcrops and within workings. To date, 25 vertical shafts have been identified within the property. These include the San Antonio and Santa Rosa mines, each reaching 270 metres in depth. The Mina Negra shaft has been measured to be in excess of 100 metres. All of these workings exploited at least 5 different veins that cross the property.
Results from this work program are pending.
About Yale Resources:
Yale Resources is an exploration and development company concentrating in northwestern Mexico that is building value through project generation. Yale has three of its seven properties optioned out to value added partners. These agreements combine for minimum commitments of approximately US $1,100,000 of exploration expenditures over the next 12 months. Yale continues to work on its non optioned properties as well as reviewing new projects with a focus on gold.
On behalf of the Board,
"Ian Foreman"
Ian Foreman, P.Geo.
President
For additional information on Yale Resources please call the Company at 604-678-2531.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Disclosure: YLL is a paid advertising client on Investorideas.com and our mining portals.
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____________________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
Mining Stocks; Tao Minerals Ltd. (OTCBB: TAON) Provides Update on Corporate Activities
Tao Minerals Ltd. (OTCBB: TAON) Provides Update on Corporate Activities
MEDELLIN, COLOMBIA - April 30, 2010 (Investorideas.com Mining stocks Newswire) - Tao Minerals Ltd. (Tao) (OTC.BB:TAON) is pleased to provide an update of its operations and corporate activities. In the past six months Tao has undergone a complete reorganization. This was done to provide more attractive financing options as the company moves forward focused on development and production at its El Colmillo Gold project. Market conditions for financing have improved and specifically recent successes by companies such as Ventana Gold Corp. have improved the financing prospects for other mining companies in Colombia. Tao will be providing an update of its financing activities in the near future.
The International Finance Corporation (IFC), an investment branch of the World Bank has identified Colombia as a primary target for mining investment because of the potential for substantial economic impact from the mining sector. The Colombian government has been recognized as one of the best pro-business reformers globally in recent years by the World Bank and with the country gaining economic stability, new legislation provides foreign investors with a high degree of legal protection and security.
Tao believes that the security situation at its El Colmillo gold project in Colombia has continually improved during the time frame under which the company has been reorganized. As previously announced on April 6, 2009 Tao was working with federal and local authorities to improve security in the area and specifically the El Colmillo Gold Mine. Local mayors and townspeople who were employed at the mine site have exerted considerable political influence on the Colombian government to clean up the situation with the guerrillas in the area and are encouraged by the response from all authorities involved. Significant progress has been made and subject to a third party security assessment Tao is poised to resume operations and move the project to the production stage. The project will provide local employment and plans are moving ahead to upgrade the roads to this remote area to allow federal security forces access to the mine site greatly improving response times should the company experience any further security issues.
Tao Minerals Ltd. is a mining exploration and development company formed to acquire, develop, and exploit natural resource properties focusing primarily on the rich, yet highly underdeveloped gold deposits of Colombia doing so in a socially and environmentally responsible manner.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation that the proposed joint ventures will be completed, and the expectation that the security situation at El Colmillo will be resolved and that mine production will go ahead as planned at the El Colmillo Gold Mine. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include among others, the inherent uncertainties associated with mineral exploration and mine development. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2009 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contacts:
Tao Minerals Ltd.
James Sikora
President & CEO
1-877-331-8777
www.taominerals.com
Disclosure: TAON is a paid advertising client on Investorideas.com and our mining portals.
Visit the TAON showcase profile at Investorideas.com
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Published at Investorideas.com and http://www.gold-miningstocks.com%20and/ www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
____________________________________________________________________
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Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
MEDELLIN, COLOMBIA - April 30, 2010 (Investorideas.com Mining stocks Newswire) - Tao Minerals Ltd. (Tao) (OTC.BB:TAON) is pleased to provide an update of its operations and corporate activities. In the past six months Tao has undergone a complete reorganization. This was done to provide more attractive financing options as the company moves forward focused on development and production at its El Colmillo Gold project. Market conditions for financing have improved and specifically recent successes by companies such as Ventana Gold Corp. have improved the financing prospects for other mining companies in Colombia. Tao will be providing an update of its financing activities in the near future.
The International Finance Corporation (IFC), an investment branch of the World Bank has identified Colombia as a primary target for mining investment because of the potential for substantial economic impact from the mining sector. The Colombian government has been recognized as one of the best pro-business reformers globally in recent years by the World Bank and with the country gaining economic stability, new legislation provides foreign investors with a high degree of legal protection and security.
Tao believes that the security situation at its El Colmillo gold project in Colombia has continually improved during the time frame under which the company has been reorganized. As previously announced on April 6, 2009 Tao was working with federal and local authorities to improve security in the area and specifically the El Colmillo Gold Mine. Local mayors and townspeople who were employed at the mine site have exerted considerable political influence on the Colombian government to clean up the situation with the guerrillas in the area and are encouraged by the response from all authorities involved. Significant progress has been made and subject to a third party security assessment Tao is poised to resume operations and move the project to the production stage. The project will provide local employment and plans are moving ahead to upgrade the roads to this remote area to allow federal security forces access to the mine site greatly improving response times should the company experience any further security issues.
Tao Minerals Ltd. is a mining exploration and development company formed to acquire, develop, and exploit natural resource properties focusing primarily on the rich, yet highly underdeveloped gold deposits of Colombia doing so in a socially and environmentally responsible manner.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the expectation that the proposed joint ventures will be completed, and the expectation that the security situation at El Colmillo will be resolved and that mine production will go ahead as planned at the El Colmillo Gold Mine. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include among others, the inherent uncertainties associated with mineral exploration and mine development. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2009 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contacts:
Tao Minerals Ltd.
James Sikora
President & CEO
1-877-331-8777
www.taominerals.com
Disclosure: TAON is a paid advertising client on Investorideas.com and our mining portals.
Visit the TAON showcase profile at Investorideas.com
http://www.investorideas.com/CO/TAON/
Request News and Info on TAON
Published at Investorideas.com and http://www.gold-miningstocks.com%20and/ www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
____________________________________________________________________
More mining stocks info:
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
Thursday, April 29, 2010
Q&A Interview with Gold Stock Soltera Mining Corp. (OTCPK: SLTA); a History of an Argentina Gold Mine
Q&A Interview with Gold Stock Soltera Mining Corp. (OTCPK: SLTA); a History of an Argentina Gold Mine
Point Roberts, WA - April 29, 2010 - www.InvestorIdeas.com and its leading mining investor portals, www.Gold-MiningStocks.com and www.MiningSectorStocks.com release a Q&A interview Dr. Fabio Montanari, President/COO of Soltera Mining Corp. (OTCPK:SLTA.) FRANKFURT: SN7) for interested investors.
The Company recently reported it had entered into two agreements with the El Torno mineral title owner, which combined give Soltera the right to mine surficial gold at El Torno, in northern Argentina, in addition to certain exploration rights over a prospective gold & copper area, Sur Eureka.
Dr. Fabio Montanari has an international mining career for over twenty-five years, including senior experience spearheading advanced exploration and mining activities in Africa, South America, Europe, Canada and the United States for a host of internationally recognized exploration and mining companies including: Asarco (US), Golden Star (UK), ENI Group (Italy) and Normabec (CAN). Dr. Montanari has also been a geological consultant to the United Nations under the U.N. Technology Cooperation Schemes.
Q- Investorideas.com
Dr. Fabio Montanari, with your global experience in the mining community, investors would ask – why this location and this mine?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
When I arrived in Argentina in 1996, I reviewed more than 45 mining projects on behalf of a junior mining company from Canada. The junior company decided on pursuing the most promising of these projects but, after the BRE-X crisis of 1997, they were obliged to leave Argentina because it was impossible at that time to obtain funding. The projects then became free and I began to search for investors because I really believed in the properties. These properties were El Torno (gold) and Eureka (gold-copper).
Argentina is a wonderful country. I am Italian and more than 50% of the people here are of Italian origin, which makes it easier for me, but anyway, you can not change the location of a mine: I have evaluated many other projects around the world but I had not found one more promising than El Torno.
Q- Investorideas.com
And following our first question, the El Torno Project is a past producing gold mine. Can you give investors some of its history and what has transpired to take the company to its current status as a gold producer?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
The mine is very old. It was exploited by the Incas and Jesuits; the indigenous peoples knew of the gold in this area as it was easy to exploit.
More recently, the titleholder was crushing and concentrating the ore near the principal vein with a jaw crusher, a ball mill and a shaking table and was able to recover substantial amounts of gold.
When I started the project it seemed easy to raise funds for exploration so I did not attempt to immediately exploit. I am convinced that El Torno can be a world-class mine, and after the geochemical exploration results and the structural survey accomplished last year, it appears that we could be comparable in some ways to Cerro Vanguardia, the well known Anglo Ashanti gold mine in the south of Argentina.
After the crisis of 2008 it was difficult to raise funds for exploration, so I reached an agreement with the titleholder to exploit the eluvial part of the mine, which I am confident will be very inexpensive and productive. We intend to use part of the revenue generated from this surface mining to test the large-scale open-pit and underground targets that we have already identified. For example, the notes of the geological map of the province report that samples of the rock in the sides of the principal vein contain as high as 110 g/ton of gold. We will be testing the extent of this mineralization by geophysics, sampling and drilling.
Q- Investorideas.com
Can you tell investors what other mining companies (majors) are in the area for comparisons?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
Rio Doce Argentina (CRVD Brazil owned) with more than 5 mining concessions, Minera Aguilar (Xstrata owned) with at least 2 concessions, Cardero Resources, Yamana Gold and other very large companies are on our license border. However, our El Torno property is the only one in the area with an historic gold mine. Our impressive neighbors have licenses over huge areas but without old gold or copper mines. I think they are hoping we might leave our concessions. In fact, back in the 1990’s Penoles and Codelco started exploration on our properties but failed to reach an agreement with the titleholder before their initial results proved so successful. Trying to negotiate terms after their results were in proved impossible. Good thing for us. I learned from their mistake and managed to negotiate our exploration agreement up front.
Q- Investorideas.com
As you transition to gold producer some key factors to success moving forward would include infrastructure in the surrounding area in addition to corporate funding. Can you tell us what is in place for the company today and plans moving forward?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
We have a gravitational concentration plant in place and we recently restarted the plant to find it is in perfect condition ready to produce gold. We have a 6500 volt electricity line only 8 km from the actual plant and less than 5 km from the project; we have a river with perennial water at 200 meters from the plant and a big river, marking the border between Bolivia and Argentina 5 km to the north of our project.
Also, there is a vibrant long existing local gold trade allowing us to sell un-smelted gold directly from the eluvial project at very good rates. Everything we could need is right there. We are in Andes “gold country” after all. A bus line terminates at Santa Catalina Village only 11 km from the property. You can easily come to visit me on the project if you like.
Q- Investorideas.com
Based on the exploration work done to date, what is the potential for Soltera’s properties?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
The market does not respond much to geochemical prospecting, which is what I have been doing here for the past two years; but I have more than 20 years experience with this methodology and from what I have analyzed to date, the potential of the El Torno project is very big.
My short-term goal is to gain an immediate and self-sustaining source of revenue from the eluvial operation, but the real prize is in furthering exploration of the gold vein system as well as the large geochemical gold anomalies discovered last year. We are currently sourcing financing for this exploration work, but in the meantime we will have enough income to go it alone until funding is secured.
More info about Showcase Gold Mining Stock Soltera Mining Corp. (OTCPK: SLTA FRANKFURT: SN7):
Soltera Mining Corp. is a unique exploration company in the sense that it is following two distinct lines of action. The first is conventional, with exploration concentrated on two carefully selected gold and base metal projects in Argentina, particularly the large-scale El Torno gold project in Jujuy. The second, less conventional action is to finance immediate small-scale gold production from a specific section of the 14 km gold-quartz vein at El Torno.
For disclosure purposes, Soltera is a showcase mining stock on Investorideas.com and compensates the company accordingly. See below)
Investors can view the full company profile for Soltera Mining Corp. at http://www.investorideas.com/CO/SLTA/
Visit the company website at http://www.solteramining.com/
Properties Page:
http://www.solteramining.com/index.php?option=com_content&task=view&id=19&Itemid=74
Request news and stock alerts from Soltera Mining Corp.
http://www.investorideas.com/Resources/Newsletter.asp
Soltera - Safe Harbor Statement: Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Information or opinions in this document are presented solely for informative purposes and are not intended nor should be construed as investment advice. We encourage you to carefully review the Company with your investment advisor and verify any information that is important to your investment decision
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector.
Disclaimer: The following company profile release for Soltera Mining is a paid for submission. Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions, company profile submissions and online advertising.
Disclaimer/Disclosure: http://www.investorideas.com/About/Disclaimer.asp
http://www.investorideas.com/About/News/Clientspecifics.asp
Investor Protection and Regulation for Pinks sheets:
http://www.pinksheets.com/otcguide/investors_protection.jsp
Contact Soltera Mining Corp.Fabio Montanari, President/COO
info@solteramining.com
+1 888-768-5552
For Additional Information about Investorideas.com mining portals:
C Van Zant: 800-665-0411 – cvanzant@investorideas.com
Source – Investorideas.com
________________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
Point Roberts, WA - April 29, 2010 - www.InvestorIdeas.com and its leading mining investor portals, www.Gold-MiningStocks.com and www.MiningSectorStocks.com release a Q&A interview Dr. Fabio Montanari, President/COO of Soltera Mining Corp. (OTCPK:SLTA.) FRANKFURT: SN7) for interested investors.
The Company recently reported it had entered into two agreements with the El Torno mineral title owner, which combined give Soltera the right to mine surficial gold at El Torno, in northern Argentina, in addition to certain exploration rights over a prospective gold & copper area, Sur Eureka.
Dr. Fabio Montanari has an international mining career for over twenty-five years, including senior experience spearheading advanced exploration and mining activities in Africa, South America, Europe, Canada and the United States for a host of internationally recognized exploration and mining companies including: Asarco (US), Golden Star (UK), ENI Group (Italy) and Normabec (CAN). Dr. Montanari has also been a geological consultant to the United Nations under the U.N. Technology Cooperation Schemes.
Q- Investorideas.com
Dr. Fabio Montanari, with your global experience in the mining community, investors would ask – why this location and this mine?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
When I arrived in Argentina in 1996, I reviewed more than 45 mining projects on behalf of a junior mining company from Canada. The junior company decided on pursuing the most promising of these projects but, after the BRE-X crisis of 1997, they were obliged to leave Argentina because it was impossible at that time to obtain funding. The projects then became free and I began to search for investors because I really believed in the properties. These properties were El Torno (gold) and Eureka (gold-copper).
Argentina is a wonderful country. I am Italian and more than 50% of the people here are of Italian origin, which makes it easier for me, but anyway, you can not change the location of a mine: I have evaluated many other projects around the world but I had not found one more promising than El Torno.
Q- Investorideas.com
And following our first question, the El Torno Project is a past producing gold mine. Can you give investors some of its history and what has transpired to take the company to its current status as a gold producer?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
The mine is very old. It was exploited by the Incas and Jesuits; the indigenous peoples knew of the gold in this area as it was easy to exploit.
More recently, the titleholder was crushing and concentrating the ore near the principal vein with a jaw crusher, a ball mill and a shaking table and was able to recover substantial amounts of gold.
When I started the project it seemed easy to raise funds for exploration so I did not attempt to immediately exploit. I am convinced that El Torno can be a world-class mine, and after the geochemical exploration results and the structural survey accomplished last year, it appears that we could be comparable in some ways to Cerro Vanguardia, the well known Anglo Ashanti gold mine in the south of Argentina.
After the crisis of 2008 it was difficult to raise funds for exploration, so I reached an agreement with the titleholder to exploit the eluvial part of the mine, which I am confident will be very inexpensive and productive. We intend to use part of the revenue generated from this surface mining to test the large-scale open-pit and underground targets that we have already identified. For example, the notes of the geological map of the province report that samples of the rock in the sides of the principal vein contain as high as 110 g/ton of gold. We will be testing the extent of this mineralization by geophysics, sampling and drilling.
Q- Investorideas.com
Can you tell investors what other mining companies (majors) are in the area for comparisons?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
Rio Doce Argentina (CRVD Brazil owned) with more than 5 mining concessions, Minera Aguilar (Xstrata owned) with at least 2 concessions, Cardero Resources, Yamana Gold and other very large companies are on our license border. However, our El Torno property is the only one in the area with an historic gold mine. Our impressive neighbors have licenses over huge areas but without old gold or copper mines. I think they are hoping we might leave our concessions. In fact, back in the 1990’s Penoles and Codelco started exploration on our properties but failed to reach an agreement with the titleholder before their initial results proved so successful. Trying to negotiate terms after their results were in proved impossible. Good thing for us. I learned from their mistake and managed to negotiate our exploration agreement up front.
Q- Investorideas.com
As you transition to gold producer some key factors to success moving forward would include infrastructure in the surrounding area in addition to corporate funding. Can you tell us what is in place for the company today and plans moving forward?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
We have a gravitational concentration plant in place and we recently restarted the plant to find it is in perfect condition ready to produce gold. We have a 6500 volt electricity line only 8 km from the actual plant and less than 5 km from the project; we have a river with perennial water at 200 meters from the plant and a big river, marking the border between Bolivia and Argentina 5 km to the north of our project.
Also, there is a vibrant long existing local gold trade allowing us to sell un-smelted gold directly from the eluvial project at very good rates. Everything we could need is right there. We are in Andes “gold country” after all. A bus line terminates at Santa Catalina Village only 11 km from the property. You can easily come to visit me on the project if you like.
Q- Investorideas.com
Based on the exploration work done to date, what is the potential for Soltera’s properties?
A- Dr. Fabio Montanari, President/COO of Soltera Mining Corp
The market does not respond much to geochemical prospecting, which is what I have been doing here for the past two years; but I have more than 20 years experience with this methodology and from what I have analyzed to date, the potential of the El Torno project is very big.
My short-term goal is to gain an immediate and self-sustaining source of revenue from the eluvial operation, but the real prize is in furthering exploration of the gold vein system as well as the large geochemical gold anomalies discovered last year. We are currently sourcing financing for this exploration work, but in the meantime we will have enough income to go it alone until funding is secured.
More info about Showcase Gold Mining Stock Soltera Mining Corp. (OTCPK: SLTA FRANKFURT: SN7):
Soltera Mining Corp. is a unique exploration company in the sense that it is following two distinct lines of action. The first is conventional, with exploration concentrated on two carefully selected gold and base metal projects in Argentina, particularly the large-scale El Torno gold project in Jujuy. The second, less conventional action is to finance immediate small-scale gold production from a specific section of the 14 km gold-quartz vein at El Torno.
For disclosure purposes, Soltera is a showcase mining stock on Investorideas.com and compensates the company accordingly. See below)
Investors can view the full company profile for Soltera Mining Corp. at http://www.investorideas.com/CO/SLTA/
Visit the company website at http://www.solteramining.com/
Properties Page:
http://www.solteramining.com/index.php?option=com_content&task=view&id=19&Itemid=74
Request news and stock alerts from Soltera Mining Corp.
http://www.investorideas.com/Resources/Newsletter.asp
Soltera - Safe Harbor Statement: Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Information or opinions in this document are presented solely for informative purposes and are not intended nor should be construed as investment advice. We encourage you to carefully review the Company with your investment advisor and verify any information that is important to your investment decision
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector.
Disclaimer: The following company profile release for Soltera Mining is a paid for submission. Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions, company profile submissions and online advertising.
Disclaimer/Disclosure: http://www.investorideas.com/About/Disclaimer.asp
http://www.investorideas.com/About/News/Clientspecifics.asp
Investor Protection and Regulation for Pinks sheets:
http://www.pinksheets.com/otcguide/investors_protection.jsp
Contact Soltera Mining Corp.Fabio Montanari, President/COO
info@solteramining.com
+1 888-768-5552
For Additional Information about Investorideas.com mining portals:
C Van Zant: 800-665-0411 – cvanzant@investorideas.com
Source – Investorideas.com
________________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
Wednesday, April 28, 2010
Gold Stock Profile for Tao Minerals Ltd. (OTCBB: TAON) at Investorideas.com
Gold Stock Profile for Tao Minerals Ltd. (OTCBB: TAON) at Investorideas.com
Tao Minerals focuses on Gold Exploration in Columbia
Point Roberts WA, April 28, 2010 – (Investorideas.com Mining stocks Newswire) www.InvestorIdeas.com and its leading mining investor portals, www.Gold-MiningStocks.com and www.MiningSectorStocks.com announce the new profile for showcase gold stock Tao Minerals Ltd. (OTCBB: TAON).
Showcase Gold Mining Stock Tao Minerals Ltd. (OTCBB: TAON)
Tao Minerals Ltd. (OTCBB: TAON) is a junior exploration company based in Medellin, Colombia. Tao is successfully positioning itself as a leader in gold exploration in Colombia through key acquisitions of properties with exceptional potential for low extraction cost deposits. Tao's focus in calendar 2010 is on the upgrading and initiation of operations of its El Colmillo mine, which offers the potential to quickly provide a strong revenue stream, able to fund exploration activities on the estimated high grade gold deposit of its Golondrina property and finance additional acquisitions, while greatly enhancing shareholder value.
From the Profile :
http://www.investorideas.com/CO/TAON/
The Opportunity:
Colombia, for many years was a diamond in the rough, with known mineral reserves, oil and gas and coal has in recent years become the focus of the world in Latin America. Jumping a massive 42 positions in international ranking in three short years has brought foreign investment and tourism to the country for the first time in decades. A focus of President Alvaro Uribe, now in his second term, was to bring the world's attention to Latin America and especially Colombia. He has been publicly recognized as a supporter of the US war on drugs by continually implementing the anti-drug strategy of Plan Colombia, which infiltrates and shuts down the funding of guerilla terrorists. He is recognized as a supporter of the US war on terror. As well as the implementation of free trade agreements with the U.S and recently Canada, while maintaining generally positive diplomatic relations with Spain and most Latin American nations. These several points have all contributed to Colombia once being a considered a third world country to a new destination both for foreign investment and travelers in the international eye.
Mining Accounts for 20% of Colombian Exports, Rich in gold, silver, nickel copper and coal. Mining companies exported over $5.7 billion USD in 2007 .Having a GDP of $182 billion USD, an economy the size of Belgium's, and despite a worldwide recession, The IMF has predicted a 5% growth in 2010. Strong fundamentals encase the country, receiving growing attention from global investors. Foreign investment was up 373% between 2000-2007 despite a fluctuating and receding world economy. In recent years companies such as B2Gold Corp and Greystar Resources have had much success in past years, B2gold has extracted over 306 million tons of ore.
In 2009, demand for gold remained above the $US100 billion mark for the second year in succession against the backdrop of continued turbulence in financial and commodity markets. This resilience in demand was achieved in the context of average gold prices 12% higher than those in 2008, at $US972.35/oz. Investment demand for gold remained very strong in the second quarter of 2009, rising 46% on year earlier levels as investors continued a flight to quality. China's demand for gold will double in 10 years, making the country the world's second largest consumer of gold after India, the World Gold Council (WGC) has said. In 2009, gold consumption in China reached 462 tons, which was worth more than $14 billion, or 11 per cent of global demand. India is the largest consumer of gold in the world. Gold is a major vehicle of saving for large number of low and mid income households in rural and urban areas, out weighing china in 2009 by almost 20%. The gold industry in India employs about half a million people with a turnover more than US $20 billion. Almost all of India's gold demand is met by imports
The Properties:
The claim concession covers an area of over 296 hectares. Upon testing, two main veins consisting of milky white quartz have been found. The first apt fully named El Colmillo has a vein with a thickness between 0.20M and 3.2M with a distance of 300m with potential to extend for an additional 1.2 km from recognized faults and testing. The next vein named La Muela is located approximately 600 m to the west of El Colmillo. With a vein thickness of 0.1mand 0.5m the La Muela vein is of recognizable size as well. There are also other unnamed, but recognized veins on the property.
If only the two main veins El Colmilla and La Muela are considered, with both having regional continuity, assuming a grade average of 10/g/T gold and a down-dip continuation of mineralization for 300 m, the total gold content (assuming a grade average of 10 gr/ton) and normal disseminated wall rock mineralization, it is estimated that approximately 900,000 ounces of gold could be produced from. Current gross value of that ore is estimated to be $810 million at a gold value of $900US per ounce. No value has been placed on additional revenue from any additional commodities contained in the ore. The gross value can be increased significantly by the probability of the existence of additional sub parallel veins, as well as by continuity of all mineralized structures along strike both to the north and south of the known workings.
Visit the full company profile at Investorideas.com: http://www.investorideas.com/CO/TAON/
Visit the company website at: http://www.taominerals.com/
Request news and stock alerts from Tao Minerals Ltd. (OTCBB: TAON)
http://www.investorideas.com/Resources/Newsletter.asp
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector.
Investorideas.com mining stocks directory (http://www.investorideas.com/Gold_Stocks/Stocks_List.asp) currently features over 1000 mining stocks for investors to research. The directory is also updated monthly as we add new companies in the sector.
Learn more about becoming a Mining Stock Featured Company.
http://www.investorideas.com/Investors/Mining_Stocks_Investor_Awareness.asp
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, the Middle East and Australia.
Become an InvestorIdeas.com member and access all of our stock directories by login. -Learn more: http://www.investorideas.com/membership/
Join our Campaign for 2010- One million members stronger…
Disclaimer: The following Tao Minerals Ltd company profile news is a paid for submission, as a showcase company on Investorideas.com. Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and or its IR department and is not the opinion of Investorideas. This site is currently compensated by featured companies, news submissions, company profile submissions and online advertising.
Disclaimer/Disclosure: http://www.investorideas.com/About/Disclaimer.asp
Disclosure: http://www.investorideas.com/About/News/Clientspecifics.asp
Contact Tao Minerals Ltd
Investor Relations:
1-877-331-8777
info@taominerals.com
For Additional Information about Investorideas.com mining portals:
C Van Zant:– cvanzant@investorideas.com
Source – Investorideas.com
_____________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
Tao Minerals focuses on Gold Exploration in Columbia
Point Roberts WA, April 28, 2010 – (Investorideas.com Mining stocks Newswire) www.InvestorIdeas.com and its leading mining investor portals, www.Gold-MiningStocks.com and www.MiningSectorStocks.com announce the new profile for showcase gold stock Tao Minerals Ltd. (OTCBB: TAON).
Showcase Gold Mining Stock Tao Minerals Ltd. (OTCBB: TAON)
Tao Minerals Ltd. (OTCBB: TAON) is a junior exploration company based in Medellin, Colombia. Tao is successfully positioning itself as a leader in gold exploration in Colombia through key acquisitions of properties with exceptional potential for low extraction cost deposits. Tao's focus in calendar 2010 is on the upgrading and initiation of operations of its El Colmillo mine, which offers the potential to quickly provide a strong revenue stream, able to fund exploration activities on the estimated high grade gold deposit of its Golondrina property and finance additional acquisitions, while greatly enhancing shareholder value.
From the Profile :
http://www.investorideas.com/CO/TAON/
The Opportunity:
Colombia, for many years was a diamond in the rough, with known mineral reserves, oil and gas and coal has in recent years become the focus of the world in Latin America. Jumping a massive 42 positions in international ranking in three short years has brought foreign investment and tourism to the country for the first time in decades. A focus of President Alvaro Uribe, now in his second term, was to bring the world's attention to Latin America and especially Colombia. He has been publicly recognized as a supporter of the US war on drugs by continually implementing the anti-drug strategy of Plan Colombia, which infiltrates and shuts down the funding of guerilla terrorists. He is recognized as a supporter of the US war on terror. As well as the implementation of free trade agreements with the U.S and recently Canada, while maintaining generally positive diplomatic relations with Spain and most Latin American nations. These several points have all contributed to Colombia once being a considered a third world country to a new destination both for foreign investment and travelers in the international eye.
Mining Accounts for 20% of Colombian Exports, Rich in gold, silver, nickel copper and coal. Mining companies exported over $5.7 billion USD in 2007 .Having a GDP of $182 billion USD, an economy the size of Belgium's, and despite a worldwide recession, The IMF has predicted a 5% growth in 2010. Strong fundamentals encase the country, receiving growing attention from global investors. Foreign investment was up 373% between 2000-2007 despite a fluctuating and receding world economy. In recent years companies such as B2Gold Corp and Greystar Resources have had much success in past years, B2gold has extracted over 306 million tons of ore.
In 2009, demand for gold remained above the $US100 billion mark for the second year in succession against the backdrop of continued turbulence in financial and commodity markets. This resilience in demand was achieved in the context of average gold prices 12% higher than those in 2008, at $US972.35/oz. Investment demand for gold remained very strong in the second quarter of 2009, rising 46% on year earlier levels as investors continued a flight to quality. China's demand for gold will double in 10 years, making the country the world's second largest consumer of gold after India, the World Gold Council (WGC) has said. In 2009, gold consumption in China reached 462 tons, which was worth more than $14 billion, or 11 per cent of global demand. India is the largest consumer of gold in the world. Gold is a major vehicle of saving for large number of low and mid income households in rural and urban areas, out weighing china in 2009 by almost 20%. The gold industry in India employs about half a million people with a turnover more than US $20 billion. Almost all of India's gold demand is met by imports
The Properties:
The claim concession covers an area of over 296 hectares. Upon testing, two main veins consisting of milky white quartz have been found. The first apt fully named El Colmillo has a vein with a thickness between 0.20M and 3.2M with a distance of 300m with potential to extend for an additional 1.2 km from recognized faults and testing. The next vein named La Muela is located approximately 600 m to the west of El Colmillo. With a vein thickness of 0.1mand 0.5m the La Muela vein is of recognizable size as well. There are also other unnamed, but recognized veins on the property.
If only the two main veins El Colmilla and La Muela are considered, with both having regional continuity, assuming a grade average of 10/g/T gold and a down-dip continuation of mineralization for 300 m, the total gold content (assuming a grade average of 10 gr/ton) and normal disseminated wall rock mineralization, it is estimated that approximately 900,000 ounces of gold could be produced from. Current gross value of that ore is estimated to be $810 million at a gold value of $900US per ounce. No value has been placed on additional revenue from any additional commodities contained in the ore. The gross value can be increased significantly by the probability of the existence of additional sub parallel veins, as well as by continuity of all mineralized structures along strike both to the north and south of the known workings.
Visit the full company profile at Investorideas.com: http://www.investorideas.com/CO/TAON/
Visit the company website at: http://www.taominerals.com/
Request news and stock alerts from Tao Minerals Ltd. (OTCBB: TAON)
http://www.investorideas.com/Resources/Newsletter.asp
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector.
Investorideas.com mining stocks directory (http://www.investorideas.com/Gold_Stocks/Stocks_List.asp) currently features over 1000 mining stocks for investors to research. The directory is also updated monthly as we add new companies in the sector.
Learn more about becoming a Mining Stock Featured Company.
http://www.investorideas.com/Investors/Mining_Stocks_Investor_Awareness.asp
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, the Middle East and Australia.
Become an InvestorIdeas.com member and access all of our stock directories by login. -Learn more: http://www.investorideas.com/membership/
Join our Campaign for 2010- One million members stronger…
Disclaimer: The following Tao Minerals Ltd company profile news is a paid for submission, as a showcase company on Investorideas.com. Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and or its IR department and is not the opinion of Investorideas. This site is currently compensated by featured companies, news submissions, company profile submissions and online advertising.
Disclaimer/Disclosure: http://www.investorideas.com/About/Disclaimer.asp
Disclosure: http://www.investorideas.com/About/News/Clientspecifics.asp
Contact Tao Minerals Ltd
Investor Relations:
1-877-331-8777
info@taominerals.com
For Additional Information about Investorideas.com mining portals:
C Van Zant:– cvanzant@investorideas.com
Source – Investorideas.com
_____________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
Investorideas.com - Barrick (NYSE:ABX; TSX:ABX) Reports Q1 2010 Financial and Operating Results
Investorideas.com - Barrick (NYSE:ABX; TSX:ABX) Reports Q1 2010 Financial and Operating Results
April 28, 2010 (Investorideas.com Mining stocks newswire)
FIRST QUARTER REPORT 2010
Based on US GAAP and expressed in US dollars
Highlights
Reported Q1 net income was a record $758 million ($0.77 per share). Adjusted Q1 net income rose 149% to $741 million ($0.75 per share)(1) from $298 million ($0.34 per share) in Q1 2009, reflecting higher production and sales in conjunction with lower total cash costs and higher realized prices for both gold and copper. Operating cash flow more than tripled to a record $1.05 billion from $349 million in the same prior year period.
Q1 gold production was up 19% to 2.08 million ounces at total cash costs of $442 per ounce or net cash costs of $342 per ounce(1), which were $42 per ounce and $62 per ounce below prior year period total cash costs and net cash costs, respectively. The Company is on track with its guidance to increase production in 2010 to 7.6-8.0 million ounces at lower total cash costs of $425-$455 per ounce or net cash costs of $345-$375 per ounce(2).
The Cortez Hills project was completed during the quarter on time and budget and contributed strongly to Q1 results. The entire Cortez property continues to be on track to achieve its original production guidance of 1.08-1.12 million ounces of gold in 2010 at total cash costs of $295-$315 per ounce. In mid-April, the U.S. District Court issued a decision allowing mining to continue at Cortez Hills (subject to certain restrictions on ore transportation and dewatering) pending completion of a Supplemental Environmental Impact Statement. The Company anticipates a Record of Decision will be issued by the Bureau of Land Management by year-end, at which point it is expected that the operation will revert to its original scope.
Construction of the Pueblo Viejo and Pascua-Lama projects is on schedule and expected to be in line with their respective pre-production capital budgets. At full capacity and combined with Cortez Hills, these projects are forecast to contribute about 2.4 million ounces(3) of annual production at low cash costs.
Barrick completed its acquisition of an additional 25% interest in the Cerro Casale project in Chile during the quarter for consideration of approximately $474 million and now owns a 75% interest in and has control of one of the world's largest undeveloped gold-copper deposits.
The initial public offering for African Barrick Gold plc ("ABG"), which holds Barrick's previously held African gold mining operations and exploration properties, closed in March and the shares of ABG were admitted to trading on the London Stock Exchange's main market for listed securities. Total net proceeds of the offering were $882 million. Barrick currently holds an approximate 74% interest in ABG.
Barrick continues to maintain a strong financial position and the industry's only 'A' credit rating with quarter-end cash of $3.5 billion, an undrawn credit facility of $1.5 billion, robust operating cash flow and excellent access to debt markets.
Q1 production of 2.08 million ounces of gold was 19% higher at total cash costs of $442 per ounce which were 9% or $42 per ounce lower than the same prior year period, primarily due to strong performances from Lagunas Norte, Veladero and Cortez Hills. Net cash costs of $342 per ounce were 15% or $62 per ounce below the prior year period. The realized gold price for the quarter was $1,114 per ounce(4), $5 per ounce above the average spot price of $1,109 per ounce. Cash margins increased to 60% or $672 per ounce(4) from 47% or $431 per ounce in Q1 2009. Net cash margins increased to 69% or $772 per ounce(4) from 56% or $511 per ounce in the same prior year period.
Q1 adjusted net income rose 149% to $741 million ($0.75 per share), reflecting higher production and sales in conjunction with lower total cash costs and higher realized prices for both gold and copper, compared to adjusted net income of $298 million ($0.34 per share) in Q1 2009. Reported Q1 net income of $758 million ($0.77 per share) before net adjustments of $17 million was a Company record. Q1 operating cash flow more than tripled to a record $1.05 billion compared to $0.35 billion in the same period a year ago.
"We had a good start to the year with our operations performing well, and when combined with higher metal prices, the result was record earnings and operating cash flow for the quarter," said Aaron Regent, Barrick's President and CEO. "We are particularly pleased with the performance of our Cortez property. The Cortez Hills project was completed on time and budget, and the recent decision of the District Court in Nevada will allow it to continue operating. Cortez Hills is an impressive deposit and in 2010 the Cortez property will produce about 1.1 million ounces of gold at total cash costs of about $300 per ounce. We are also on track with the development of the other projects in our pipeline."
full news -http://www.investorideas.com/news/mining/4282.asp
April 28, 2010 (Investorideas.com Mining stocks newswire)
FIRST QUARTER REPORT 2010
Based on US GAAP and expressed in US dollars
Highlights
Reported Q1 net income was a record $758 million ($0.77 per share). Adjusted Q1 net income rose 149% to $741 million ($0.75 per share)(1) from $298 million ($0.34 per share) in Q1 2009, reflecting higher production and sales in conjunction with lower total cash costs and higher realized prices for both gold and copper. Operating cash flow more than tripled to a record $1.05 billion from $349 million in the same prior year period.
Q1 gold production was up 19% to 2.08 million ounces at total cash costs of $442 per ounce or net cash costs of $342 per ounce(1), which were $42 per ounce and $62 per ounce below prior year period total cash costs and net cash costs, respectively. The Company is on track with its guidance to increase production in 2010 to 7.6-8.0 million ounces at lower total cash costs of $425-$455 per ounce or net cash costs of $345-$375 per ounce(2).
The Cortez Hills project was completed during the quarter on time and budget and contributed strongly to Q1 results. The entire Cortez property continues to be on track to achieve its original production guidance of 1.08-1.12 million ounces of gold in 2010 at total cash costs of $295-$315 per ounce. In mid-April, the U.S. District Court issued a decision allowing mining to continue at Cortez Hills (subject to certain restrictions on ore transportation and dewatering) pending completion of a Supplemental Environmental Impact Statement. The Company anticipates a Record of Decision will be issued by the Bureau of Land Management by year-end, at which point it is expected that the operation will revert to its original scope.
Construction of the Pueblo Viejo and Pascua-Lama projects is on schedule and expected to be in line with their respective pre-production capital budgets. At full capacity and combined with Cortez Hills, these projects are forecast to contribute about 2.4 million ounces(3) of annual production at low cash costs.
Barrick completed its acquisition of an additional 25% interest in the Cerro Casale project in Chile during the quarter for consideration of approximately $474 million and now owns a 75% interest in and has control of one of the world's largest undeveloped gold-copper deposits.
The initial public offering for African Barrick Gold plc ("ABG"), which holds Barrick's previously held African gold mining operations and exploration properties, closed in March and the shares of ABG were admitted to trading on the London Stock Exchange's main market for listed securities. Total net proceeds of the offering were $882 million. Barrick currently holds an approximate 74% interest in ABG.
Barrick continues to maintain a strong financial position and the industry's only 'A' credit rating with quarter-end cash of $3.5 billion, an undrawn credit facility of $1.5 billion, robust operating cash flow and excellent access to debt markets.
Q1 production of 2.08 million ounces of gold was 19% higher at total cash costs of $442 per ounce which were 9% or $42 per ounce lower than the same prior year period, primarily due to strong performances from Lagunas Norte, Veladero and Cortez Hills. Net cash costs of $342 per ounce were 15% or $62 per ounce below the prior year period. The realized gold price for the quarter was $1,114 per ounce(4), $5 per ounce above the average spot price of $1,109 per ounce. Cash margins increased to 60% or $672 per ounce(4) from 47% or $431 per ounce in Q1 2009. Net cash margins increased to 69% or $772 per ounce(4) from 56% or $511 per ounce in the same prior year period.
Q1 adjusted net income rose 149% to $741 million ($0.75 per share), reflecting higher production and sales in conjunction with lower total cash costs and higher realized prices for both gold and copper, compared to adjusted net income of $298 million ($0.34 per share) in Q1 2009. Reported Q1 net income of $758 million ($0.77 per share) before net adjustments of $17 million was a Company record. Q1 operating cash flow more than tripled to a record $1.05 billion compared to $0.35 billion in the same period a year ago.
"We had a good start to the year with our operations performing well, and when combined with higher metal prices, the result was record earnings and operating cash flow for the quarter," said Aaron Regent, Barrick's President and CEO. "We are particularly pleased with the performance of our Cortez property. The Cortez Hills project was completed on time and budget, and the recent decision of the District Court in Nevada will allow it to continue operating. Cortez Hills is an impressive deposit and in 2010 the Cortez property will produce about 1.1 million ounces of gold at total cash costs of about $300 per ounce. We are also on track with the development of the other projects in our pipeline."
full news -http://www.investorideas.com/news/mining/4282.asp
Rye Patch Gold Corp. (OTC:RPMGF; TSX.V:RPM) Presents Nevada Project Update and Commences Drilling Program at Wilco
Rye Patch Gold Corp. (OTC:RPMGF; TSX.V:RPM) Presents Nevada Project Update and Commences Drilling Program at Wilco
VANCOUVER, BRITISH COLUMBIA - April 28, 2010 (http://www.investorideas.com/ Mining Stocks Newswire) - Rye Patch Gold Corp (TSX VENTURE:RPM; OTC.BB:RPMGF; "Rye Patch Gold") is pleased to announce an update on its Nevada project portfolio. Exploration budgets totalling US$1.4M are planned and the hunt for another major Nevada acquisition is underway.
Wilco Project
The Company announces the commencement of a Spring drilling campaign at its 100% controlled Wilco project located on the Oreana trend in West Central Nevada. The campaign will complete up to 5,000-metres of reverse circulation (RC) drilling to test high-grade feeder zones in the North Basin target area and drill a new pediment target. The North Basin drillholes will have a nominal depth of 400-metres, and have been sited based on the new information gleaned from the last years drill program. The drillholes will test the newly identified structural zones for high-grade gold and silver.
In addition, exploration drilling will be initiated on the Woolsey pediment target located in the northern portion of the Wilco property. This target is outboard of an altered silicified siltstone ridge with surface rock chip and soil gold anomalies and is covered by thin veneer of pediment gravels. The altered and mineralized siltstone lithology lies above the main contact zone identified in the Section Line and Willard discovery areas. This contact has not been drilled by past operators. On and adjacent to the pediment, elevated gold and mercury values have been established and a gravity geophysical survey shows shallow pediment gravel cover. Rye Patch controls the private land where the Woolsey target is located. The Woolsey anomaly has size required for another substantial near-surface oxide deposit with significant upside potential.
In addition, drillhole composites from the 2007, 2008 and 2009 drilling campaigns will be selected for metallurgical test work on the Section Line discovery zone. Oxidized material in the drillholes covers a rectangular area measuring 1,800 metres by 1,100 metres (6,000 feet by 3,600 feet) in a series of multiple stacked zones. Rye Patch is in the process of selecting a third party to manage and complete the metallurgical test work.
The drilling and metallurgical test work will be part of an estimated US$500,000 exploration program.
Lincoln Hill Project
At Lincoln Hill, Rye Patch is completing the first ever NI43-101 resource estimate for the project. The Company has sent the geologic model and drillhole information to Scott E. Wilson Consulting who is completing the resource estimate. The Lincoln Hill resource estimate will be the Company's third Nevada gold resource property.
Following completion of the resource estimate, a drilling campaign will be designed. The drill program will have the goal of infilling and expanding the new resource. An exploration program totalling US$500,000 is planned.
Gold Ridge Project
The Gold Ridge project has several early-stage gold zones that require follow up. This early stage work will be completed during the summer with the purpose of identifying new drill targets on the property. The 100% owned Gold Ridge property covers 12 square kilometers prospective ground along the Oreana trend. The exploration work program will define drill targets. An initial targeting budget totalling US$100,000 is envisioned.
Jessup Project
The Jessup project has several targets that show potential for higher grade gold and silver associated with structural controlled breccias and breccia pipes. The targets were identified during the 2008 drill program which delineated higher grade gold and silver within breccias at the San Jacinto and North Jessup resource areas. These targets will be prioritized for a possible 2010 drill campaign. While final cost estimates are not complete, an exploration program totalling US$300,000 is planned.
Finally, the Company is reviewing and updating its proprietary Nevada acquisition list. The Company has identified several major Nevada opportunities that it intends to pursue. One or more of these trend-scale acquisitions could give Rye Patch investors the possibility to participate in a major Nevada gold opportunity.
As released on May 11, 2009 and on June 2, 2009 for the Wilco and Jessup projects respectively, Rye Patch Gold's resource inventory has 1,164,000 ounces of gold and gold equivalent in the measured and indicated category plus 2,177,315 ounces of gold and gold equivalent in the inferred category. The table summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
The Company also announces the termination of Lindsay Malcolm, as Manager Corporate Development, effective immediately.
About Rye Patch Gold
Rye Patch Gold Corp. is a Tier 1, Nevada-focused and discovery-driven company seeking to build a sizeable inventory of gold and silver resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in acquisition, exploration and development of quality resource-based gold and silver projects. Rye Patch Gold is developing its primary assets - the advanced-stage Wilco, Lincoln Hill and Gold Ridge projects located along the emerging Oreana gold trend in west-central Nevada and the Jessup project in Churchill County, Nevada. The Company has established gold and silver resource milestones and time frames in order to build a premier resource development company. For more information about Rye Patch Gold, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald, CEO & President
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
(604) 638-1588
Rye Patch Gold Corp.
(604) 638-1589 (FAX)
info@ryepatchgold.com
www.ryepatchgold.com
Disclosure: RPM is a paid advertising client on Investorideas.com and our mining portals.
Visit the RPM showcase profile at Investorideas.com
http://www.investorideas.com/CO/RPM/
Request News and Info on RPM
Published at Investorideas.com and www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
___________________________________________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
VANCOUVER, BRITISH COLUMBIA - April 28, 2010 (http://www.investorideas.com/ Mining Stocks Newswire) - Rye Patch Gold Corp (TSX VENTURE:RPM; OTC.BB:RPMGF; "Rye Patch Gold") is pleased to announce an update on its Nevada project portfolio. Exploration budgets totalling US$1.4M are planned and the hunt for another major Nevada acquisition is underway.
Wilco Project
The Company announces the commencement of a Spring drilling campaign at its 100% controlled Wilco project located on the Oreana trend in West Central Nevada. The campaign will complete up to 5,000-metres of reverse circulation (RC) drilling to test high-grade feeder zones in the North Basin target area and drill a new pediment target. The North Basin drillholes will have a nominal depth of 400-metres, and have been sited based on the new information gleaned from the last years drill program. The drillholes will test the newly identified structural zones for high-grade gold and silver.
In addition, exploration drilling will be initiated on the Woolsey pediment target located in the northern portion of the Wilco property. This target is outboard of an altered silicified siltstone ridge with surface rock chip and soil gold anomalies and is covered by thin veneer of pediment gravels. The altered and mineralized siltstone lithology lies above the main contact zone identified in the Section Line and Willard discovery areas. This contact has not been drilled by past operators. On and adjacent to the pediment, elevated gold and mercury values have been established and a gravity geophysical survey shows shallow pediment gravel cover. Rye Patch controls the private land where the Woolsey target is located. The Woolsey anomaly has size required for another substantial near-surface oxide deposit with significant upside potential.
In addition, drillhole composites from the 2007, 2008 and 2009 drilling campaigns will be selected for metallurgical test work on the Section Line discovery zone. Oxidized material in the drillholes covers a rectangular area measuring 1,800 metres by 1,100 metres (6,000 feet by 3,600 feet) in a series of multiple stacked zones. Rye Patch is in the process of selecting a third party to manage and complete the metallurgical test work.
The drilling and metallurgical test work will be part of an estimated US$500,000 exploration program.
Lincoln Hill Project
At Lincoln Hill, Rye Patch is completing the first ever NI43-101 resource estimate for the project. The Company has sent the geologic model and drillhole information to Scott E. Wilson Consulting who is completing the resource estimate. The Lincoln Hill resource estimate will be the Company's third Nevada gold resource property.
Following completion of the resource estimate, a drilling campaign will be designed. The drill program will have the goal of infilling and expanding the new resource. An exploration program totalling US$500,000 is planned.
Gold Ridge Project
The Gold Ridge project has several early-stage gold zones that require follow up. This early stage work will be completed during the summer with the purpose of identifying new drill targets on the property. The 100% owned Gold Ridge property covers 12 square kilometers prospective ground along the Oreana trend. The exploration work program will define drill targets. An initial targeting budget totalling US$100,000 is envisioned.
Jessup Project
The Jessup project has several targets that show potential for higher grade gold and silver associated with structural controlled breccias and breccia pipes. The targets were identified during the 2008 drill program which delineated higher grade gold and silver within breccias at the San Jacinto and North Jessup resource areas. These targets will be prioritized for a possible 2010 drill campaign. While final cost estimates are not complete, an exploration program totalling US$300,000 is planned.
Finally, the Company is reviewing and updating its proprietary Nevada acquisition list. The Company has identified several major Nevada opportunities that it intends to pursue. One or more of these trend-scale acquisitions could give Rye Patch investors the possibility to participate in a major Nevada gold opportunity.
As released on May 11, 2009 and on June 2, 2009 for the Wilco and Jessup projects respectively, Rye Patch Gold's resource inventory has 1,164,000 ounces of gold and gold equivalent in the measured and indicated category plus 2,177,315 ounces of gold and gold equivalent in the inferred category. The table summarizes Rye Patch Gold's precious metal inventory in Nevada, USA.
The Company also announces the termination of Lindsay Malcolm, as Manager Corporate Development, effective immediately.
About Rye Patch Gold
Rye Patch Gold Corp. is a Tier 1, Nevada-focused and discovery-driven company seeking to build a sizeable inventory of gold and silver resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in acquisition, exploration and development of quality resource-based gold and silver projects. Rye Patch Gold is developing its primary assets - the advanced-stage Wilco, Lincoln Hill and Gold Ridge projects located along the emerging Oreana gold trend in west-central Nevada and the Jessup project in Churchill County, Nevada. The Company has established gold and silver resource milestones and time frames in order to build a premier resource development company. For more information about Rye Patch Gold, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald, CEO & President
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
(604) 638-1588
Rye Patch Gold Corp.
(604) 638-1589 (FAX)
info@ryepatchgold.com
www.ryepatchgold.com
Disclosure: RPM is a paid advertising client on Investorideas.com and our mining portals.
Visit the RPM showcase profile at Investorideas.com
http://www.investorideas.com/CO/RPM/
Request News and Info on RPM
Published at Investorideas.com and www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
___________________________________________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
Tuesday, April 27, 2010
Mining Stocks; Inmet (TSX:IMN) Announces First Quarter Earnings of $1.42 Per Share Compared With Earnings of $1.06 Per Share in the First Quarter of 2009.
Mining Stocks; Inmet (TSX:IMN) Announces First Quarter Earnings of $1.42 Per Share Compared With Earnings of $1.06 Per Share in the First Quarter of 2009.
Toronto, Canada – ( http://www.investorideas.com/ mining stocks newswire) Inmet (TSX:IMN) announces first quarter earnings of $1.42 per share compared with earnings of $1.06 per share in the first quarter of 2009.
First quarter highlights
-- Higher metal prices
Higher copper and zinc prices increased sales by $55 million compared to the same quarter of 2009. In 2009, prices were negatively impacted by the global financial crisis.-- Improvement in operating cash flow Operating earnings were higher this quarter compared to the first quarter of 2009, and outflows of working capital were lower. In the first quarter of 2009, we had to return $48 million to smelters for finalization adjustments for shipments made in 2008.-- Higher zinc production and lower gold production Zinc production was higher because grades at Pyhasalmi were higher. Production of gold was significantly less as Troilus continued to wind down operations, drawing all of its feed from its low grade stockpile. Troilus is expected to process the last ore from stockpiles in June.-- Higher earnings from operations Earnings from our operations were $111 million compared to $93 million
last year. This was a 19 percent increase despite Troilus contributing
$43 million less.-- Las Cruces progressing on commissioning plan Las Cruces produced 4,500 tonnes of copper in the quarter, which was less than our targets for cathode production in the first quarter. Metal recoveries and cathode quality have been excellent. We successfully completed a planned 15 day shut down on March 30 to improve plant reliability, however, exceptional rainfalls in Andalucia meant we could not access the open pit for ore until April 22, which was about one month later than we had originally planned. In the mean time the plant had been processing low quality ore with high sand and clay content that had been stockpiled in the early stages of mining. With ore haulage from the pit now resumed, we will proceed with our commissioning plan. Although we are encouraged by the improvements in the plant and confident that we are on the right track, we require a period of continuous operation with representative ore from the pit to accurately predict the timing of achieving our performance targets.-- Significantly increased mineral reserves and resources at Cobre Panama On March 31, 2010, we announced the results of the front end engineering and design (FEED) study for Cobre Panama. The study showed a significant increase in mineral reserves and resources making Cobre Panama one of the largest undeveloped copper porphyry deposits in the world. Design parameters of the project have also improved considerably due to extensive environmental, social and engineering work and, the project's output and size have been expanded by 25 percent. Substantial progress has also been made in advancing our financing strategy. LS-Nikko confirmed it would retain its 20 percent equity option interest and we continue meeting with other potential partners for the project.-- We issued 9.3 million subscription receipts for gross proceeds of $500 million
On March 31, 2010, we entered into a subscription agreement with a subsidiary of Temasek Holdings (Private) Limited (Temasek), under which Temasek has agreed to buy 9.26 million subscription receipts, exchangeable on a one-for-one basis for Inmet common shares, for total proceeds of $500 million. We issued the subscription receipts on April 23, 2010 and the proceeds are being held in escrow until certain conditions relating to the share exchange are met.
Full news at http://www.inmetmining.com/Theme/Inmet/files/pdf/2010_Q1%20Press%20Release.pdf
_______________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
Toronto, Canada – ( http://www.investorideas.com/ mining stocks newswire) Inmet (TSX:IMN) announces first quarter earnings of $1.42 per share compared with earnings of $1.06 per share in the first quarter of 2009.
First quarter highlights
-- Higher metal prices
Higher copper and zinc prices increased sales by $55 million compared to the same quarter of 2009. In 2009, prices were negatively impacted by the global financial crisis.-- Improvement in operating cash flow Operating earnings were higher this quarter compared to the first quarter of 2009, and outflows of working capital were lower. In the first quarter of 2009, we had to return $48 million to smelters for finalization adjustments for shipments made in 2008.-- Higher zinc production and lower gold production Zinc production was higher because grades at Pyhasalmi were higher. Production of gold was significantly less as Troilus continued to wind down operations, drawing all of its feed from its low grade stockpile. Troilus is expected to process the last ore from stockpiles in June.-- Higher earnings from operations Earnings from our operations were $111 million compared to $93 million
last year. This was a 19 percent increase despite Troilus contributing
$43 million less.-- Las Cruces progressing on commissioning plan Las Cruces produced 4,500 tonnes of copper in the quarter, which was less than our targets for cathode production in the first quarter. Metal recoveries and cathode quality have been excellent. We successfully completed a planned 15 day shut down on March 30 to improve plant reliability, however, exceptional rainfalls in Andalucia meant we could not access the open pit for ore until April 22, which was about one month later than we had originally planned. In the mean time the plant had been processing low quality ore with high sand and clay content that had been stockpiled in the early stages of mining. With ore haulage from the pit now resumed, we will proceed with our commissioning plan. Although we are encouraged by the improvements in the plant and confident that we are on the right track, we require a period of continuous operation with representative ore from the pit to accurately predict the timing of achieving our performance targets.-- Significantly increased mineral reserves and resources at Cobre Panama On March 31, 2010, we announced the results of the front end engineering and design (FEED) study for Cobre Panama. The study showed a significant increase in mineral reserves and resources making Cobre Panama one of the largest undeveloped copper porphyry deposits in the world. Design parameters of the project have also improved considerably due to extensive environmental, social and engineering work and, the project's output and size have been expanded by 25 percent. Substantial progress has also been made in advancing our financing strategy. LS-Nikko confirmed it would retain its 20 percent equity option interest and we continue meeting with other potential partners for the project.-- We issued 9.3 million subscription receipts for gross proceeds of $500 million
On March 31, 2010, we entered into a subscription agreement with a subsidiary of Temasek Holdings (Private) Limited (Temasek), under which Temasek has agreed to buy 9.26 million subscription receipts, exchangeable on a one-for-one basis for Inmet common shares, for total proceeds of $500 million. We issued the subscription receipts on April 23, 2010 and the proceeds are being held in escrow until certain conditions relating to the share exchange are met.
Full news at http://www.inmetmining.com/Theme/Inmet/files/pdf/2010_Q1%20Press%20Release.pdf
_______________________________________________
Gold and mining investors can research stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. The investorideas.com mining stock directory lists over 1000publicly traded mining stocks for investors. Preview the directory here : http://www.investorideas.com/Gold_Stocks/Stocks_List.asp
Newmont Mining (NYSE:NEM) Generates First Quarter 2010 Operating Cash Flow of $728 Million; Adjusted Net Income(1) of $408 million, up 105% from First Quarter 2009
Newmont Mining (NYSE:NEM) Generates First Quarter 2010 Operating Cash Flow of $728 Million; Adjusted Net Income(1) of $408 million, up 105% from First Quarter 2009
This release should be read in conjunction with Newmont's First Quarter 2010 Form 10-Q filed with the Securities and Exchange Commission on April 27, 2010 (available at www.newmont.com)
DENVER, April 27 ( Investorideas.com Mining newswire) Newmont Mining Corporation (NYSE:NEM) ("Newmont" or the "Company") today announced first quarter results, with net cash from continuing operations of $728 million. Equity gold production for the quarter was 1.3 million ounces and the average realized gold price was $1,106 per ounce. Costs applicable to sales for gold were $480 per ounce on a co-product basis, resulting in adjusted net income(1) of $408 million ($0.83 per share) compared to $199 million ($0.42 per share) in the prior year quarter. Net income attributable to Newmont stockholders on a GAAP basis was $546 million ($1.11 per share) compared to $189 million ($0.40 per share) in the prior year quarter.
First Quarter 2010 Highlights:
•Equity gold and copper production of 1.3 million ounces and 90 million pounds, respectively;
•Average realized gold and copper price of $1,106 per ounce and $3.33 per pound, respectively;
•Costs applicable to sales for gold and copper of $480 per ounce on a co-product basis ($241 on a by-product basis) and $0.78 per pound, respectively;
•Sales of $2.2 billion, an increase of 46% over the first quarter of 2009;
•Gold operating margin(2) of 57%, up from 52% in the first quarter of 2009;
•Net cash provided from continuing operations of $728 million, up 91% from the first quarter of 2009;
•Adjusted net income(1) of $408 million ($0.83 per share), up 105% (98% on a per share basis) from the first quarter of 2009; and
•Maintaining 2010 outlook for gold production, costs applicable to sales and capital expenditures.
"With a 22% increase in our average realized gold price, our net gold operating margin expanded by 32% to $626 per ounce, further demonstrating our ability to provide significant gold price leverage through expanding cash operating margins," said Richard O'Brien, President and Chief Executive Officer. "We also recently secured the mining lease for our Akyem project in Ghana and continue our dialogue with local communities and Ghanaian authorities. In addition, we are advancing our development plans at Conga in Peru following a successful public meeting with local stakeholders. The strength of our balance sheet coupled with the progress being made on our advanced development assets, Newmont is well positioned to invest in our project pipeline while maintaining our financial strength and flexibility."
The Company is maintaining its previously announced 2010 outlook for equity gold production of 5.3 to 5.5 million ounces and costs applicable to sales of between $450 and $480 per ounce on a co-product basis. Costs applicable to sales are expected to change by approximately $5 per ounce for every $10 change in the oil price and by roughly $5 per ounce for every 0.10 change in the Australian dollar exchange rate for the remainder of the year.
Regional Operations
In the first quarter of 2010, the Company reported equity gold production of 1.3 million ounces at costs applicable to sales of $480 per ounce on a co-product basis, in line with management's expectations. Costs applicable to sales per gold ounce increased 11% in the first quarter of 2010 from 2009 due to higher mining and milling costs and lower production in Nevada and at Yanacocha in Peru.
North America
Nevada – Nevada produced 433,000 equity ounces of gold at costs applicable to sales of $610 per ounce during the first quarter. Equity gold production met expectations and costs applicable to sales were slightly higher than expected due to lower by-product credits, higher underground mining costs and higher production taxes. Gold ounces produced decreased 16% in the first quarter of 2010 from 2009 due to lower grade, throughput and recovery. Costs applicable to sales per ounce increased 20% in the first quarter of 2010 from 2009 due to lower production and higher surface mining costs related to geotechnical issues at Gold Quarry and lower capitalized mine development activities.
The Company continues to expect 2010 equity gold production from Nevada of approximately 1.6 to 1.7 million ounces at costs applicable to sales of between $590 and $630 per ounce.
La Herradura – Equity gold production at La Herradura in Mexico during the first quarter was 40,000 ounces at costs applicable to sales of $344 per ounce. Equity gold production was slightly higher than expected and costs applicable to sales were lower than expected due to higher leach placement and production from the new Soledad and Dipolos deposits. Gold ounces produced increased 60% in the first quarter of 2010 from 2009 due to the commencement of production from the Soledad and Dipolos pits in January 2010. Costs applicable to sales per ounce decreased 11% in the first quarter of 2010 from 2009 due to higher production.
The Company expects La Herradura equity gold production to reach 140,000 to 150,000 ounces in 2010 with costs applicable to sales of between $400 and $430 per ounce.
South America
Yanacocha – Equity gold production during the first quarter at Yanacocha in Peru was 217,000 ounces at costs applicable to sales of $372 per ounce. Equity gold production was lower than expected due to lower leach production partially offset by higher mill production. Costs applicable to sales were higher than expected due to higher milling costs, lower leach production, higher royalties and lower by-product credits. Gold ounces produced decreased 15% in the first quarter of 2010 from 2009 due to lower mill grade and recovery combined with lower leach tons placed related to mine sequencing. Costs applicable to sales per ounce increased 15% in the first quarter of 2010 from 2009 due to lower production, higher waste mining and higher costs related to maintenance, workers' participation and royalties.
The Company continues to expect 2010 equity gold production at Yanacocha of between 750,000 and 810,000 ounces at costs applicable to sales of between $360 and $400 per ounce.
Asia Pacific
Boddington – As the Company continues to ramp-up to full production at Boddington, equity gold and copper production during the first quarter was 158,000 ounces and 14 million pounds, respectively, at costs applicable to sales of $532 per ounce ($436 per ounce on a by-product basis(3)) and $2.15 per pound.
The Company continues to expect 2010 equity gold production at Boddington of 800,000 to 875,000 ounces with costs applicable to sales of $375 to $395 per ounce on a co-product basis ($295 to $315 per ounce on a by-product basis) and 2010 equity copper production of 65 to 75 million pounds at costs applicable to sales of between $1.30 and $1.45 per pound.
Batu Hijau – Equity gold and copper production during the first quarter at Batu Hijau in Indonesia were 88,000 ounces and 76 million pounds, respectively, at costs applicable to sales of $215 per ounce and $0.67 per pound, respectively. Equity gold and copper production were in line with expectations and costs applicable to sales were slightly better than expected due to lower mining costs and a lower allocation of costs to gold. Copper and gold produced increased 79% and 181% in the first quarter of 2010 from 2009, respectively, due to higher throughput and grade as a result of mining in the bottom of Phase 5. Costs applicable to sales decreased 25% and 47% for copper and gold, respectively, in the first quarter of 2010 from 2009 due to higher production and lower mining costs.
The Company expects 2010 equity gold and copper production at Batu Hijau to decrease to between 365,000 and 400,000 ounces, and to between 270 and 295 million pounds, respectively, due to the 2009 7% share divestiture completed in March 2010. The Company's current economic interest at Batu Hijau is 48.5%. The Company continues to expect 2010 costs applicable to sales of between $265 and $285 per ounce and $0.75 and $0.85 per pound.
Other Australia/New Zealand - Equity gold production during the first quarter was 276,000 ounces at costs applicable to sales of $558 per ounce. Equity gold production was in line with expectations as higher production at Kalgoorlie was offset by lower production at Tanami. Costs applicable to sales were slightly higher than expected due to the stronger Australian dollar. Gold ounces produced decreased 10% in the first quarter of 2010 from 2009, due to lower production at Tanami, Jundee and Waihi, partially offset by increased production at Kalgoorlie. Production decreased due to lower grade at Tamami, Jundee and Waihi and lower throughput as a result of mill maintenance at Tanami. Production increased at Kalgoorlie due to higher grade and throughput. Costs applicable to sales per ounce increased 13% in the first quarter of 2010 from 2009 due to lower production and the stronger Australian dollar.
The Company continues to expect 2010 equity gold production at the Company's other Australia/New Zealand operations of between 1.06 and 1.16 million ounces at costs applicable to sales of $530 to $570 per ounce.
Africa
Ahafo – Equity gold production during the first quarter at Ahafo in Ghana was 120,000 ounces at costs applicable to sales of $542 per ounce, in line with expectations. Gold ounces produced decreased 8% in the first quarter of 2010 from 2009 due to lower grade and recovery, partially offset by higher throughput. Costs applicable to sales per ounce increased 36% in the first quarter of 2010 from 2009 due to lower production and higher labor and fuel costs.
The Company continues to expect 2010 equity gold production at Ahafo of between 460,000 and 500,000 ounces at costs applicable to sales of $515 to $555 per ounce.
Capital Update
Consolidated capital expenditures were $309 million during the first quarter. The Company is maintaining its 2010 consolidated capital expenditure outlook of between $1.4 and $1.6 billion with approximately 30% to be invested in each of the North America and Asia Pacific regions, and the remaining 40% at other locations. Approximately 40% of 2010 consolidated capital expenditures is expected to be related to major project initiatives, including further development of the Company's Akyem project in Ghana, the Conga project in Peru, Hope Bay in Canada and other projects, while the remaining 60% is expected to be for maintenance and sustaining expenditures.
Updated 2010 Outlook(4)
In addition to the minor production outlook adjustments related to the recent Batu Hijau share divestiture, the Company is increasing outlook for Advanced Products and R&D spending to $230 to $250 million. The increase is primarily related to higher anticipated spending at Hope Bay as preparations are being made to develop the decline in the second half of 2010.
Description
Q1 Update
2010 Original
Equity gold production (Kozs)
5,300 – 5,500
5,300 – 5,500
Costs applicable to sales - Gold ($/oz)
$450 – $480
$450 – $480
Equity copper production (Mlbs)
330 – 360
350 – 380
Costs applicable to sales - Copper ($/lb)
$0.85 – $0.95
$0.85 – $0.95
Capital expenditures ($M)
$1,400 – $1,600
$1,400 – $1,600
Amortization ($M)
$970 - $1,000
$940 – $970
Exploration ($M)
$190 – $220
$190 – $220
Advanced projects, research and development ($M)
$230 – $250
$185 – $210
General & administrative ($M)
$160 – $170
$160 – $170
Interest expense, net of capitalized interest ($M)
$270 – $290
$270 – $290
Effective tax rate
24% – 28%
28% – 32%
Assumptions
Oil price ($/bbl)
$80
$80
Australian dollar exchange rate
0.90
0.80
Gold price ($/oz)
$1,100
$900
Copper price ($/lb)
$3.00
$2.50
(4) All references to expected production and outlook guidance are based on current mine plans, assumptions and current geotechnical, metallurgical, hydrological and other physical conditions. See "Cautionary Statement" on page 12.
(4) All references to expected production and outlook guidance are based on current mine plans, assumptions and current geotechnical, metallurgical, hydrological and other physical conditions
For full financial tables or to view complete financial disclosure, including regional mine statistics, Results of Consolidated Operations, Liquidity and Capital Resources, Management's Discussion & Analysis, the Form 10-Q, and a complete outline of the 2009 Operating and Financial guidance by region, please see http://ir.newmont.com/phoenix.zhtml?c=66018&p=irol-news&nyo=0.
The Company's first quarter and earnings conference call and web cast presentation will be held on Tuesday, April 27, 2010 beginning at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time). To participate:
Dial-In Number
800.369.1673
Intl Dial-In Number
517.308.9349
Leader
John Seaberg
Passcode
Newmont
Replay Number
888.568.0526
Intl Replay Number
203.369.3194
Replay Passcode
2010
The conference call also will be simultaneously carried on our web site at http://ir.newmont.com/phoenix.zhtml?c=66018&p=irol-news&nyo=0 under Investor Relations/Presentations and will be archived there for a limited time.
Cautionary Statement
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements include, without limitation: (i) estimates of future production and sales; (ii) estimates of future capital expenditures, costs applicable to sales, other expenses and taxes, for specific operations and on a consolidated basis; (iii) statements regarding future exploration expenditures, results and reserves; (iv) statements regarding fluctuations in capital and currency markets; (v) statements regarding potential cost savings, productivity, operating performance, and cost structure; and (vi) expectations regarding the ramp-up, development, mine life, production and costs applicable to sales and exploration potential of the Company's projects, including Boddington, Akyem, Conga and Hope Bay. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company's projects being consistent with current expectations and mine plans; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as other the exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper and oil; (vi) certain assumptions for taxes, royalties and other expenses; (vii) prices for key supplies being approximately consistent with current levels; and (viii) the accuracy of our current mineral reserve and mineral resource estimates. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks in the countries in which we operate, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2009 Annual Report on Form 10-K, filed on February 25, 2010, with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
(1) See reconciliation of adjusted net income to net income on a GAAP basis on page 10.
(2 ) “Gold operating margin” defined as average realized price per ounce less costs applicable to sales per ounce, excluding amortization and reclamation per ounce.
(3) See reconciliation from by-product costs applicable to sales to GAAP costs applicable to sales on page 11.
______________________________________
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. http://www.investorideas.com/Gold_Stocks/Stocks_List.asp Investors following mining stocks can purchase the mining stocks directory in a PDF format with hyperlinks to stocks symbol(s), company’s url and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase. Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 9 stock directories and investor newsletter.
This release should be read in conjunction with Newmont's First Quarter 2010 Form 10-Q filed with the Securities and Exchange Commission on April 27, 2010 (available at www.newmont.com)
DENVER, April 27 ( Investorideas.com Mining newswire) Newmont Mining Corporation (NYSE:NEM) ("Newmont" or the "Company") today announced first quarter results, with net cash from continuing operations of $728 million. Equity gold production for the quarter was 1.3 million ounces and the average realized gold price was $1,106 per ounce. Costs applicable to sales for gold were $480 per ounce on a co-product basis, resulting in adjusted net income(1) of $408 million ($0.83 per share) compared to $199 million ($0.42 per share) in the prior year quarter. Net income attributable to Newmont stockholders on a GAAP basis was $546 million ($1.11 per share) compared to $189 million ($0.40 per share) in the prior year quarter.
First Quarter 2010 Highlights:
•Equity gold and copper production of 1.3 million ounces and 90 million pounds, respectively;
•Average realized gold and copper price of $1,106 per ounce and $3.33 per pound, respectively;
•Costs applicable to sales for gold and copper of $480 per ounce on a co-product basis ($241 on a by-product basis) and $0.78 per pound, respectively;
•Sales of $2.2 billion, an increase of 46% over the first quarter of 2009;
•Gold operating margin(2) of 57%, up from 52% in the first quarter of 2009;
•Net cash provided from continuing operations of $728 million, up 91% from the first quarter of 2009;
•Adjusted net income(1) of $408 million ($0.83 per share), up 105% (98% on a per share basis) from the first quarter of 2009; and
•Maintaining 2010 outlook for gold production, costs applicable to sales and capital expenditures.
"With a 22% increase in our average realized gold price, our net gold operating margin expanded by 32% to $626 per ounce, further demonstrating our ability to provide significant gold price leverage through expanding cash operating margins," said Richard O'Brien, President and Chief Executive Officer. "We also recently secured the mining lease for our Akyem project in Ghana and continue our dialogue with local communities and Ghanaian authorities. In addition, we are advancing our development plans at Conga in Peru following a successful public meeting with local stakeholders. The strength of our balance sheet coupled with the progress being made on our advanced development assets, Newmont is well positioned to invest in our project pipeline while maintaining our financial strength and flexibility."
The Company is maintaining its previously announced 2010 outlook for equity gold production of 5.3 to 5.5 million ounces and costs applicable to sales of between $450 and $480 per ounce on a co-product basis. Costs applicable to sales are expected to change by approximately $5 per ounce for every $10 change in the oil price and by roughly $5 per ounce for every 0.10 change in the Australian dollar exchange rate for the remainder of the year.
Regional Operations
In the first quarter of 2010, the Company reported equity gold production of 1.3 million ounces at costs applicable to sales of $480 per ounce on a co-product basis, in line with management's expectations. Costs applicable to sales per gold ounce increased 11% in the first quarter of 2010 from 2009 due to higher mining and milling costs and lower production in Nevada and at Yanacocha in Peru.
North America
Nevada – Nevada produced 433,000 equity ounces of gold at costs applicable to sales of $610 per ounce during the first quarter. Equity gold production met expectations and costs applicable to sales were slightly higher than expected due to lower by-product credits, higher underground mining costs and higher production taxes. Gold ounces produced decreased 16% in the first quarter of 2010 from 2009 due to lower grade, throughput and recovery. Costs applicable to sales per ounce increased 20% in the first quarter of 2010 from 2009 due to lower production and higher surface mining costs related to geotechnical issues at Gold Quarry and lower capitalized mine development activities.
The Company continues to expect 2010 equity gold production from Nevada of approximately 1.6 to 1.7 million ounces at costs applicable to sales of between $590 and $630 per ounce.
La Herradura – Equity gold production at La Herradura in Mexico during the first quarter was 40,000 ounces at costs applicable to sales of $344 per ounce. Equity gold production was slightly higher than expected and costs applicable to sales were lower than expected due to higher leach placement and production from the new Soledad and Dipolos deposits. Gold ounces produced increased 60% in the first quarter of 2010 from 2009 due to the commencement of production from the Soledad and Dipolos pits in January 2010. Costs applicable to sales per ounce decreased 11% in the first quarter of 2010 from 2009 due to higher production.
The Company expects La Herradura equity gold production to reach 140,000 to 150,000 ounces in 2010 with costs applicable to sales of between $400 and $430 per ounce.
South America
Yanacocha – Equity gold production during the first quarter at Yanacocha in Peru was 217,000 ounces at costs applicable to sales of $372 per ounce. Equity gold production was lower than expected due to lower leach production partially offset by higher mill production. Costs applicable to sales were higher than expected due to higher milling costs, lower leach production, higher royalties and lower by-product credits. Gold ounces produced decreased 15% in the first quarter of 2010 from 2009 due to lower mill grade and recovery combined with lower leach tons placed related to mine sequencing. Costs applicable to sales per ounce increased 15% in the first quarter of 2010 from 2009 due to lower production, higher waste mining and higher costs related to maintenance, workers' participation and royalties.
The Company continues to expect 2010 equity gold production at Yanacocha of between 750,000 and 810,000 ounces at costs applicable to sales of between $360 and $400 per ounce.
Asia Pacific
Boddington – As the Company continues to ramp-up to full production at Boddington, equity gold and copper production during the first quarter was 158,000 ounces and 14 million pounds, respectively, at costs applicable to sales of $532 per ounce ($436 per ounce on a by-product basis(3)) and $2.15 per pound.
The Company continues to expect 2010 equity gold production at Boddington of 800,000 to 875,000 ounces with costs applicable to sales of $375 to $395 per ounce on a co-product basis ($295 to $315 per ounce on a by-product basis) and 2010 equity copper production of 65 to 75 million pounds at costs applicable to sales of between $1.30 and $1.45 per pound.
Batu Hijau – Equity gold and copper production during the first quarter at Batu Hijau in Indonesia were 88,000 ounces and 76 million pounds, respectively, at costs applicable to sales of $215 per ounce and $0.67 per pound, respectively. Equity gold and copper production were in line with expectations and costs applicable to sales were slightly better than expected due to lower mining costs and a lower allocation of costs to gold. Copper and gold produced increased 79% and 181% in the first quarter of 2010 from 2009, respectively, due to higher throughput and grade as a result of mining in the bottom of Phase 5. Costs applicable to sales decreased 25% and 47% for copper and gold, respectively, in the first quarter of 2010 from 2009 due to higher production and lower mining costs.
The Company expects 2010 equity gold and copper production at Batu Hijau to decrease to between 365,000 and 400,000 ounces, and to between 270 and 295 million pounds, respectively, due to the 2009 7% share divestiture completed in March 2010. The Company's current economic interest at Batu Hijau is 48.5%. The Company continues to expect 2010 costs applicable to sales of between $265 and $285 per ounce and $0.75 and $0.85 per pound.
Other Australia/New Zealand - Equity gold production during the first quarter was 276,000 ounces at costs applicable to sales of $558 per ounce. Equity gold production was in line with expectations as higher production at Kalgoorlie was offset by lower production at Tanami. Costs applicable to sales were slightly higher than expected due to the stronger Australian dollar. Gold ounces produced decreased 10% in the first quarter of 2010 from 2009, due to lower production at Tanami, Jundee and Waihi, partially offset by increased production at Kalgoorlie. Production decreased due to lower grade at Tamami, Jundee and Waihi and lower throughput as a result of mill maintenance at Tanami. Production increased at Kalgoorlie due to higher grade and throughput. Costs applicable to sales per ounce increased 13% in the first quarter of 2010 from 2009 due to lower production and the stronger Australian dollar.
The Company continues to expect 2010 equity gold production at the Company's other Australia/New Zealand operations of between 1.06 and 1.16 million ounces at costs applicable to sales of $530 to $570 per ounce.
Africa
Ahafo – Equity gold production during the first quarter at Ahafo in Ghana was 120,000 ounces at costs applicable to sales of $542 per ounce, in line with expectations. Gold ounces produced decreased 8% in the first quarter of 2010 from 2009 due to lower grade and recovery, partially offset by higher throughput. Costs applicable to sales per ounce increased 36% in the first quarter of 2010 from 2009 due to lower production and higher labor and fuel costs.
The Company continues to expect 2010 equity gold production at Ahafo of between 460,000 and 500,000 ounces at costs applicable to sales of $515 to $555 per ounce.
Capital Update
Consolidated capital expenditures were $309 million during the first quarter. The Company is maintaining its 2010 consolidated capital expenditure outlook of between $1.4 and $1.6 billion with approximately 30% to be invested in each of the North America and Asia Pacific regions, and the remaining 40% at other locations. Approximately 40% of 2010 consolidated capital expenditures is expected to be related to major project initiatives, including further development of the Company's Akyem project in Ghana, the Conga project in Peru, Hope Bay in Canada and other projects, while the remaining 60% is expected to be for maintenance and sustaining expenditures.
Updated 2010 Outlook(4)
In addition to the minor production outlook adjustments related to the recent Batu Hijau share divestiture, the Company is increasing outlook for Advanced Products and R&D spending to $230 to $250 million. The increase is primarily related to higher anticipated spending at Hope Bay as preparations are being made to develop the decline in the second half of 2010.
Description
Q1 Update
2010 Original
Equity gold production (Kozs)
5,300 – 5,500
5,300 – 5,500
Costs applicable to sales - Gold ($/oz)
$450 – $480
$450 – $480
Equity copper production (Mlbs)
330 – 360
350 – 380
Costs applicable to sales - Copper ($/lb)
$0.85 – $0.95
$0.85 – $0.95
Capital expenditures ($M)
$1,400 – $1,600
$1,400 – $1,600
Amortization ($M)
$970 - $1,000
$940 – $970
Exploration ($M)
$190 – $220
$190 – $220
Advanced projects, research and development ($M)
$230 – $250
$185 – $210
General & administrative ($M)
$160 – $170
$160 – $170
Interest expense, net of capitalized interest ($M)
$270 – $290
$270 – $290
Effective tax rate
24% – 28%
28% – 32%
Assumptions
Oil price ($/bbl)
$80
$80
Australian dollar exchange rate
0.90
0.80
Gold price ($/oz)
$1,100
$900
Copper price ($/lb)
$3.00
$2.50
(4) All references to expected production and outlook guidance are based on current mine plans, assumptions and current geotechnical, metallurgical, hydrological and other physical conditions. See "Cautionary Statement" on page 12.
(4) All references to expected production and outlook guidance are based on current mine plans, assumptions and current geotechnical, metallurgical, hydrological and other physical conditions
For full financial tables or to view complete financial disclosure, including regional mine statistics, Results of Consolidated Operations, Liquidity and Capital Resources, Management's Discussion & Analysis, the Form 10-Q, and a complete outline of the 2009 Operating and Financial guidance by region, please see http://ir.newmont.com/phoenix.zhtml?c=66018&p=irol-news&nyo=0.
The Company's first quarter and earnings conference call and web cast presentation will be held on Tuesday, April 27, 2010 beginning at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time). To participate:
Dial-In Number
800.369.1673
Intl Dial-In Number
517.308.9349
Leader
John Seaberg
Passcode
Newmont
Replay Number
888.568.0526
Intl Replay Number
203.369.3194
Replay Passcode
2010
The conference call also will be simultaneously carried on our web site at http://ir.newmont.com/phoenix.zhtml?c=66018&p=irol-news&nyo=0 under Investor Relations/Presentations and will be archived there for a limited time.
Cautionary Statement
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended which are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements include, without limitation: (i) estimates of future production and sales; (ii) estimates of future capital expenditures, costs applicable to sales, other expenses and taxes, for specific operations and on a consolidated basis; (iii) statements regarding future exploration expenditures, results and reserves; (iv) statements regarding fluctuations in capital and currency markets; (v) statements regarding potential cost savings, productivity, operating performance, and cost structure; and (vi) expectations regarding the ramp-up, development, mine life, production and costs applicable to sales and exploration potential of the Company's projects, including Boddington, Akyem, Conga and Hope Bay. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company's projects being consistent with current expectations and mine plans; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions for the Australian dollar to the U.S. dollar, as well as other the exchange rates being approximately consistent with current levels; (v) certain price assumptions for gold, copper and oil; (vi) certain assumptions for taxes, royalties and other expenses; (vii) prices for key supplies being approximately consistent with current levels; and (viii) the accuracy of our current mineral reserve and mineral resource estimates. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, political and operational risks in the countries in which we operate, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's 2009 Annual Report on Form 10-K, filed on February 25, 2010, with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
(1) See reconciliation of adjusted net income to net income on a GAAP basis on page 10.
(2 ) “Gold operating margin” defined as average realized price per ounce less costs applicable to sales per ounce, excluding amortization and reclamation per ounce.
(3) See reconciliation from by-product costs applicable to sales to GAAP costs applicable to sales on page 11.
______________________________________
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges. http://www.investorideas.com/Gold_Stocks/Stocks_List.asp Investors following mining stocks can purchase the mining stocks directory in a PDF format with hyperlinks to stocks symbol(s), company’s url and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase. Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 9 stock directories and investor newsletter.
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