Investorideas.com - Gold Stocks; Gold Bullion Development Corp. (TSX-V: GBB) Announces Private Placement
Vancouver - September 23 , 2010 (Investorideas.com Mining stocks Newswire) - Gold Bullion Development Corp. (TSX-V: GBB) (the "Company" or "Gold Bullion") announces a non-brokered private placement financing consisting of up to 11,111,111 units (the "Units") at a purchase price of $0.54 per Unit to raise gross proceeds of up to $6,000,000 (the "Private Placement"). Each Unit will consist of one common share in the capital of the Company and one-half of a transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share in the capital of the Company for a period of one year from the date of issuance, at a purchase price of $0.75 per share.
The Company will pay finder's fees to arm's length parties ("Finders") in connection with the Private Placement, equal to 8% of the gross subscription proceeds realized from the sale of Units by the respective Finder, payable in cash and in addition, at the discretion of the Company, will issue non-transferable share purchase warrants ("Finder's Warrants") equal to 8% of the number of Units sold by the respective Finder. Each Finder's Warrant will entitle the holder to purchase an additional common share in the capital of the Company for a period of one year from the date of issuance, at a purchase price of $0.75 per share. Certain directors, officers and insiders of the Company may participate in the Private Placement. The securities issued will be subject to a hold period of four months and one day.
Proceeds of the Private Placement will be used for the development of the Company's Granada Gold Property in northwestern Quebec. The Private Placement will be subject to approval by the TSX Venture Exchange.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is a TSX Venture listed junior natural resource company focusing on the exploration and development of its Granada Gold Property near Rouyn-Noranda, Quebec, and its high grade Castle Silver Mine in Gowganda, Ontario.
For more information on Gold Bullion Development Corp. (TSX-V: GBB, OTC PK: GBBFF), visit our web site: http://www.GoldBullionDevelopmentCorp.com.
Qualified Person
The scientific and technical information in this release was prepared under the supervision of Mr. Frank J. Basa, P.Eng., Gold Bullion's CEO and President who is a member of the Ontario Association of Professional Engineers and a "qualified" person in accordance with National Instrument 43-101.
"Frank J. Basa"
Frank J. Basa, P.Eng.President and Chief Executive Officer
For further information contact:
Frank J. Basa, P.Eng., President and CEO: 1-416-625-2342Roger Thomas, Director: 1-613-292-2438
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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Thursday, September 23, 2010
TSX Mining Stocks News; Valley High Ventures (TSX .V:VHV)Announces CDN$7.5 Million Bought Deal Financing
TSX Mining Stocks News; Valley High Ventures (TSX .V:VHV)Announces CDN$7.5 Million Bought Deal Financing
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 23, 2010
Valley High Ventures Ltd. ("Valley High", or the "Company") (TSX VENTURE:VHV) is pleased to announce it has entered into an agreement with Canaccord Genuity Corp. ( the "Underwriter"), under which the Underwriter has agreed to purchase, on a bought deal basis, 10,000,000 Units (the "Units") at a price of CDN$0.75 per Unit for aggregate gross proceeds of CDN$7,500,000 (the "Offering"). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to subscribe for one additional common share for a period of 18 months from the closing of the Offering at an exercise price of CDN$1.00. In the event that after four months and one day after the closing of the Offering, the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange, for a period of 20 consecutive trading days exceeds CDN$2.00, the Company may, within five days after such an event, provide notice to the warrant holders of early expiry and thereafter, the Warrants will expire on the date which is 30 days after the date of the notice to the warrant holders.
The Company will also grant the Underwriter an over-allotment option to purchase up to an additional 3,400,000 Units at the offering price for additional gross proceeds of up to CDN$2,550,000 exercisable 48 hours prior to the closing of the Offering.
The Company intends to use the net proceeds of the Offering to conduct exploration on its projects in Mexico and Canada, and for general working capital purposes.
The Offering is scheduled to close on or about October 8, 2010 and is subject to certain conditions including, but not limited to, receipt of all required regulatory approvals. The securities issued by Valley High in connection with this Offering are subject to a 4-month "hold period" as prescribed by the TSX Venture Exchange and applicable Canadian securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the 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.
About Valley High Ventures Ltd.:
Valley High is a Canadian based precious and base metal exploration company with projects located in Mexico, British Columbia and Yukon. The Cordero project in Mexico (49% interest) is being evaluated for large bulk mineable silver, gold, zinc and lead deposits. The Mount Polley project is located in British Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a production royalty on the Boundary Property, with Imperial. In the Yukon, Valley High has an option to acquire a 100% interest in the Flume gold property which is located within the newly recognized White Gold District. Valdez Gold Inc. has been granted a right to earn up to 75% interest in Valley High's interest in the Flume property.
VALLEY HIGH VENTURES LTD.
Geoff Chater, President
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Valley High to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
The Company will also grant the Underwriter an over-allotment option to purchase up to an additional 3,400,000 Units at the offering price for additional gross proceeds of up to CDN$2,550,000 exercisable 48 hours prior to the closing of the Offering.
The Company intends to use the net proceeds of the Offering to conduct exploration on its projects in Mexico and Canada, and for general working capital purposes.
The Offering is scheduled to close on or about October 8, 2010 and is subject to certain conditions including, but not limited to, receipt of all required regulatory approvals. The securities issued by Valley High in connection with this Offering are subject to a 4-month "hold period" as prescribed by the TSX Venture Exchange and applicable Canadian securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the 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.
About Valley High Ventures Ltd.:
Valley High is a Canadian based precious and base metal exploration company with projects located in Mexico, British Columbia and Yukon. The Cordero project in Mexico (49% interest) is being evaluated for large bulk mineable silver, gold, zinc and lead deposits. The Mount Polley project is located in British Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt. Polley copper-gold mine and includes a production royalty on the Boundary Property, with Imperial. In the Yukon, Valley High has an option to acquire a 100% interest in the Flume gold property which is located within the newly recognized White Gold District. Valdez Gold Inc. has been granted a right to earn up to 75% interest in Valley High's interest in the Flume property.
VALLEY HIGH VENTURES LTD.
Geoff Chater, President
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the prices of copper, estimated future production, estimated costs of future production, permitting time lines, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Valley High to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of copper, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
"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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TSX Gold Stocks; Millrock (TSX. V:MRO) Samples 9.1 Grams Per Tonne Gold Over 27.4 Meters at Estelle Project, Alaska
TSX Gold Stocks; Millrock (TSX. V:MRO) Samples 9.1 Grams Per Tonne Gold Over 27.4 Meters at Estelle Project, Alaska
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 23, 2010) - Millrock Resources Inc. (TSX VENTURE:MRO) ("Millrock" or the "Company") today released results of exploration work carried out at its Estelle Project in south-central Alaska.
Chip sampling of mineralized outcrops at the Shoeshine prospect in the southern portion of the claim block returned the following anomalous intervals:
At the Oxide Ridge prospect, 20 km to the north, two more anomalous intervals were sampled:
Additionally, discovery of a new mineralized zone with disseminated arsenopyrite and tourmaline returned anomalous values in talus fines sampling. This zone, named Oxide North, is located approximately 2.5 km north of the original Oxide Ridge showing. Millrock is currently conducting induced polarization geophysical surveys to test for disseminated sulfides in the valley separating the two gold occurrences. Soil geochemical surveys in the valley have returned widespread arsenic anomalies with gold.
Millrock has expended approximately US$500,000 on the Estelle property in 2010 using funds raised from Teck Resources Limited ("Teck") in a private placement financing completed in May, 2010. Teck's subsidiary, Teck American Incorporated ("TAI"), upon completion of the initial exploration program now being carried out by Millrock, has the right to elect to enter into an earn-in agreement. TAI can earn an initial 55% interest in the property by incurring US$3.6 million in expenditures over two years, and then a further 10% interest by sole funding an additional US$5 million in exploration expenditures on the property and making cash payments to Millrock totaling US$400,000 prior to the end of 2014.
The Estelle property, located 160 km northwest of Anchorage Alaska, was purchased by Millrock in 2009 from Hidefield Gold plc., (HIF - AIM), and Mines Trust Co. a privately held Alaska-based company. Presently, Millrock owns a 100% interest in the property which is subject to a 3.0% royalty. Consisting of 214 claims covering 13,157 hectares, the property is adjacent to Kiska Metals' Whistler copper-gold deposit, with a resource totaling over five million ounces of gold equivalent (Indicated resource: 30 million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper [1.31Moz Gold Equivalent] and an 134 million tonnes grading 0.64 g/t gold, 2.18 g/t silver and 0.20% copper [4.44Moz Gold Equivalent], as reported on Kiska's website). Estelle is in the Kahiltna Terrane, an assemblage of rocks that hosts Northern Dynasty/Anglo American's giant Pebble copper-gold-molybdenum-silver deposit, with a resource totaling 107.4 million ounces of gold, 80.6 billion pounds of copper and 5.6 billion pounds of molybdenum (Measured & Indicated 5.942 billion tonnes at 0.42% copper, and 0.35 g/t gold and 250 ppb molybdenum using a 0.3% cutoff plus 4.835 billion tonnes at 0.24% copper and 0.26 g/t Au and 215 ppb molybdenum using a 0.3% cutoff, as reported on Northern Dynasty's website).
Previous work by Millrock at Estelle has identified high-grade gold veins spanning the property which measures approximately 5 km by 20 km. These gold-bearing veins are significant targets, but at the Shoeshine and Oxide Ridge prospects the veins are spatially associated with porphyritic intrusive rocks, quartz stockworks and hydrothermal breccias. These features, and extensive surface geochemical anomalies, indicate the potential for large, bulk minable, intrusive-related or porphyry style deposits.
The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class gold and copper deposits in mineral rich Alaska and Arizona, Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the financial risk and attendant shareholder dilution. Millrock currently has eleven active exploration projects in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $5.8 million of exploration in 2010, include some of the leading names in the mining industry: Kinross, Teck, VEC, Inmet and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
Chip sampling of mineralized outcrops at the Shoeshine prospect in the southern portion of the claim block returned the following anomalous intervals:
| Chip Sample | Grade Au | Width |
| Traverse # | (g/t) | (m) |
| SH_2010_042 | 9.10 | 27.43 |
| SH_2010_003 | 1.40 | 7.62 |
| SH_2010_031 | 5.88 | 15.24 |
| SH_2010_038 | 1.13 | 4.57 |
| SH_2010_040 | 1.58 | 3.05 |
| SH_2010_043 | 1.48 | 3.05 |
| Chip Sample | Grade Au | Width |
| Traverse # | (g/t) | (m) |
| OR_2010_001 | 1.63 | 3.05 |
| OR_2010_007 | 1.83 | 3.05 |
Millrock has expended approximately US$500,000 on the Estelle property in 2010 using funds raised from Teck Resources Limited ("Teck") in a private placement financing completed in May, 2010. Teck's subsidiary, Teck American Incorporated ("TAI"), upon completion of the initial exploration program now being carried out by Millrock, has the right to elect to enter into an earn-in agreement. TAI can earn an initial 55% interest in the property by incurring US$3.6 million in expenditures over two years, and then a further 10% interest by sole funding an additional US$5 million in exploration expenditures on the property and making cash payments to Millrock totaling US$400,000 prior to the end of 2014.
The Estelle property, located 160 km northwest of Anchorage Alaska, was purchased by Millrock in 2009 from Hidefield Gold plc., (HIF - AIM), and Mines Trust Co. a privately held Alaska-based company. Presently, Millrock owns a 100% interest in the property which is subject to a 3.0% royalty. Consisting of 214 claims covering 13,157 hectares, the property is adjacent to Kiska Metals' Whistler copper-gold deposit, with a resource totaling over five million ounces of gold equivalent (Indicated resource: 30 million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper [1.31Moz Gold Equivalent] and an 134 million tonnes grading 0.64 g/t gold, 2.18 g/t silver and 0.20% copper [4.44Moz Gold Equivalent], as reported on Kiska's website). Estelle is in the Kahiltna Terrane, an assemblage of rocks that hosts Northern Dynasty/Anglo American's giant Pebble copper-gold-molybdenum-silver deposit, with a resource totaling 107.4 million ounces of gold, 80.6 billion pounds of copper and 5.6 billion pounds of molybdenum (Measured & Indicated 5.942 billion tonnes at 0.42% copper, and 0.35 g/t gold and 250 ppb molybdenum using a 0.3% cutoff plus 4.835 billion tonnes at 0.24% copper and 0.26 g/t Au and 215 ppb molybdenum using a 0.3% cutoff, as reported on Northern Dynasty's website).
Previous work by Millrock at Estelle has identified high-grade gold veins spanning the property which measures approximately 5 km by 20 km. These gold-bearing veins are significant targets, but at the Shoeshine and Oxide Ridge prospects the veins are spatially associated with porphyritic intrusive rocks, quartz stockworks and hydrothermal breccias. These features, and extensive surface geochemical anomalies, indicate the potential for large, bulk minable, intrusive-related or porphyry style deposits.
The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. In the search for world-class gold and copper deposits in mineral rich Alaska and Arizona, Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the financial risk and attendant shareholder dilution. Millrock currently has eleven active exploration projects in Alaska, and three porphyry copper prospects in Arizona. Its joint venture partners, underwriting some $5.8 million of exploration in 2010, include some of the leading names in the mining industry: Kinross, Teck, VEC, Inmet and Altius.
ON BEHALF OF THE BOARD
Gregory Beischer, President & CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
"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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Gold Stocks News; Severstal Gold Increases Stake in Sacre-Couer Minerals, Ltd.
Gold Stocks News; Severstal Increases Stake in Sacre-Couer Minerals, Ltd.
AMSTERDAM, THE NETHERLANDS--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 23, 2010) - Severstal Gold N.V. ("Severstal Gold"), a subsidiary of OAO Severstal ("Severstal") (LSE:SVST)(RT:CHMF), announced today that it has purchased 3,900,000 common shares ("Common Shares") of Sacre-Couer Minerals, Ltd. ("SCM") at an average price of CAD$1.5444 per Common Share for a total cost of CAD$6,023,160.00 on September 22, 2010. The securities acquired represent ownership and control of approximately 9.89% of the issued and outstanding Common Shares as at the date hereof.
The purchase raised Severstal Gold's direct holdings in SCM to 5,001,500 Common Shares. Castleway Limited, a subsidiary of Severstal Gold holds 2,750,000 Common Shares. Following this transaction, Severstal will have ownership and control over 7,751,500 Common Shares, representing approximately 19.67% of the issued and outstanding Common Shares as at the date hereof.
The additional acquisition of Common Shares was effected to increase Severstal's beneficial ownership position in SCM. Severstal Gold has entered into a binding agreement with SCM to acquire 100% of the issued and outstanding Common Shares that it does not already own, at a price of CAD$1.60 per Common Share.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of this report may be obtained by contacting Sergey Loktionov, Public Relations, OAO Severstal at +7 495 9810910 ext. 6446.
About Severstal
OAO Severstal is one of the world's leading integrated steel and mining companies with listings in Russia and on the London Stock Exchange. Its main assets are in Russia, Ukraine, Kazakhstan, Italy, France, the USA and Africa. The company focuses on high value added and unique niche products. In 2009, Severstal produced 16.7 million tonnes of steel.
Severstal Gold is an established international, pure-gold producer focused on emerging markets with currently eight producing mines, two development projects, five advanced exploration projects and a broad portfolio of early exploration projects and licenses located across West Africa in Guinea and Burkina Faso, Kazakhstan and the Russian Federation.
The addresses of Severstal and Severstal Gold are:
Forward Looking Statements
This news release contains statements that may be forward-looking statements regarding future events or the future financial performance of OAO Severstal. Forward looking statements are identified by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might", the negative of such terms, or other similar expressions. OAO Severstal wishes to caution you that these statements are only predictions and that actual events or results may differ materially. OAO Severstal does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Factors that could cause the actual results to differ materially from those contained in forward-looking statements of OAO Severstal may include, among others, general economic conditions in the markets in which OAO Severstal operates, the competitive environment in, and risks associated with operating in, such markets, market change in the steel and mining industries, as well as many other risks affecting OAO Severstal and its operations.
The purchase raised Severstal Gold's direct holdings in SCM to 5,001,500 Common Shares. Castleway Limited, a subsidiary of Severstal Gold holds 2,750,000 Common Shares. Following this transaction, Severstal will have ownership and control over 7,751,500 Common Shares, representing approximately 19.67% of the issued and outstanding Common Shares as at the date hereof.
The additional acquisition of Common Shares was effected to increase Severstal's beneficial ownership position in SCM. Severstal Gold has entered into a binding agreement with SCM to acquire 100% of the issued and outstanding Common Shares that it does not already own, at a price of CAD$1.60 per Common Share.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of this report may be obtained by contacting Sergey Loktionov, Public Relations, OAO Severstal at +7 495 9810910 ext. 6446.
About Severstal
OAO Severstal is one of the world's leading integrated steel and mining companies with listings in Russia and on the London Stock Exchange. Its main assets are in Russia, Ukraine, Kazakhstan, Italy, France, the USA and Africa. The company focuses on high value added and unique niche products. In 2009, Severstal produced 16.7 million tonnes of steel.
Severstal Gold is an established international, pure-gold producer focused on emerging markets with currently eight producing mines, two development projects, five advanced exploration projects and a broad portfolio of early exploration projects and licenses located across West Africa in Guinea and Burkina Faso, Kazakhstan and the Russian Federation.
The addresses of Severstal and Severstal Gold are:
| OAO Severstal |
| 2/3 Klara Tsetkin street, RU-127299 |
| Moscow, Russia |
| Phone: +7 (495) 926 77 66 |
| Fax: +7 (495) 926 77 61 |
| Severstal Gold N.V. |
| Strawinskylaan 3105 Atrium |
| 1077 ZX Amsterdam |
| The Netherlands |
This news release contains statements that may be forward-looking statements regarding future events or the future financial performance of OAO Severstal. Forward looking statements are identified by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might", the negative of such terms, or other similar expressions. OAO Severstal wishes to caution you that these statements are only predictions and that actual events or results may differ materially. OAO Severstal does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Factors that could cause the actual results to differ materially from those contained in forward-looking statements of OAO Severstal may include, among others, general economic conditions in the markets in which OAO Severstal operates, the competitive environment in, and risks associated with operating in, such markets, market change in the steel and mining industries, as well as many other risks affecting OAO Severstal and its operations.
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Wednesday, September 22, 2010
Uranium Stock News; Uranium Resources, Inc. (NASDAQ: URRE) Completes Drilling in Ambrosia Lake
Uranium Stock News; Uranium Resources, Inc. (NASDAQ: URRE) Completes Drilling in Ambrosia Lake
LEWISVILLE, Texas--( http://www.investorideas.com/ gold and mining stocks blog ) -Uranium Resources, Inc. (NASDAQ: URRE) (“URI”) announced today that the Company has completed drilling at its Section 13 property in Ambrosia Lake in McKinley County, New Mexico, approximately 10 miles northeast of Grants.Three holes, totaling more than 2,600 feet, were drilled on the property. A total of 95 feet were cored and 75 feet of three inch core were recovered. Gamma ray and Prompt Fission Neutron (PFN) logging tools were used to evaluate the sub-surface environment. The core has been quartered by URI and the core samples will be shipped to a laboratory which will evaluate the suitability of the property for in-situ recovery (“ISR”) mining, a process that is expected to be completed in December 2010.
“The drilling at Ambrosia Lake is part of our strategy to determine the suitability of our Section 13 property for profitable ISR production in order to prioritize our efforts as we continue to advance toward production in New Mexico. As we await the results of the core evaluation, we will maintain our dialogue with the communities and government agencies regarding the safety and suitability of ISR mining and similarly intend to continue to reach out to the local residents who stand to benefit from a potential return of uranium mining to the state,” said Don Ewigleben, President and Chief Executive Officer of URI.
URI received a permit for drilling the property from the New Mexico Mining and Minerals Division in November 2008. The permit, which was renewed in July 2010, allows URI to drill up to ten holes for the purpose of extracting core samples until November 2011.
URI has over 100 million pounds of in-place, mineralized uranium material in New Mexico and approximately 2.4 million pounds in the Ambrosia Lake area. Stewart Brothers of Milan, NM conducted the drilling as part of URI’s continued commitment to the local New Mexico economy.
About Uranium Resources, Inc.
Uranium Resources Inc. explores for, develops and mines uranium. Since its incorporation in 1977, URI has produced over 8 million pounds of uranium by in-situ recovery (ISR) methods in the state of Texas where the Company currently has ISR mining projects. URI also has 183,000 acres of uranium mineral holdings and 101.4 million pounds of in-place mineralized uranium material in New Mexico and a NRC license to produce up to 1 million pounds of uranium per year. The Company acquired these properties over the past 20 years along with an extensive information database of historic mining logs and analysis. None of URI’s properties is currently in production.
URI’s strategy is to fully exploit its resource base in New Mexico and Texas, expand its asset base both within and outside of New Mexico and Texas, partner with larger mining companies that have undeveloped uranium or with junior mining companies that do not have the mining experience of URI, as well as provide restoration expertise to those that require the capability or lack the proficiency.
Uranium Resources routinely posts news and other information about the Company on its web site at http://www.uraniumresources.com/.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” and other similar words. All statements addressing operating performance, events, or developments that the Company expects or anticipates will occur in the future, including but not limited to statements relating to the Company’s mineralized uranium materials, timing of receipt of mining permits, production capacity of mining operations planned for properties in South Texas and New Mexico, planned dates for commencement of production at such properties, revenue, cash generation and profits are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include, but are not limited to, the spot price and long-term contract price of uranium, weather conditions, operating conditions at the Company’s mining projects, government regulation of the mining industry and the nuclear power industry, world-wide uranium supply and demand, availability of capital, timely receipt of mining and other permits from regulatory agents and other factors which are more fully described in the Company’s documents filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should any of the Company’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on the Company’s forward-looking statements. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.
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TSX Mining Stocks News; Kenai Resources (TSX.V:KAI) Starts Drilling at Hope Butte and Albisu Secures Key Gold Project in Brazil
TSX Mining Stocks News; Kenai Resources (TSX.V:KAI) Starts Drilling at Hope Butte and Albisu Secures Key Gold Project in Brazil
Neither the 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.
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog ) - - Kenai Resources Ltd (TSX VENTURE:KAI) ("Kenai") announces that drilling at its Hope Butte, Oregon gold project located just west of the Idaho border is scheduled to commence around the end of September. Kenai's immediate drilling program of approximately 3,000 metres is designed to replicate the results and the mining potential recorded at Hope Butte in the 1996 to 2000 period by Chevron Resources and its joint venturers, and to advance Hope Butte to NI 43-101 status. To this end, four initial holes are being drilled by twinning Chevron's prior results, including several very high grade intercepts. Assay results from the initial drilling at Hope Butte will be released as soon as available.
Kenai also advises that, following the completion of the initial drilling at Hope Butte, the rig will be remobilised for a planned 1,000 metre drilling program at the Albisu farm-in exploration project in northern Nevada. This program is currently anticipated to commence during November. The Albisu gold project was drilled by Chevron Resources in 1979 and 1981 and Western Energy Development Corp. ("WEDC") followed up with four core holes in 2008 to twin Chevron's AL-14 drill hole that reportedly intercepted 6.5 meters at 6.2 gram per tonne ("gpt"). The WEDC holes confirmed the gold zone by intercepting 1.6 meters of 12.46 gpt and 8 meters of 1.94 gpt. To date WEDC has drilled a total of 3,729 meters of core at Albisu in 2008 and 2009. That drill program defined a mineralized stockwork sulphide-quartz-calcite zone that is up to 73 m thick. Gold values range from 14.6 gpt over 1.8 meters to intervals between 3 and 32 meters of 0.2 to 0.5 gpt.
Kenai will assume the role of project manager, utilizing existing GOA personnel as well as its own personnel. The focus is on fast tracking initial gold production and defining a NI 43-101 compliant mineral resource. GOA has been planning the commencement of production by the end of 2010 at the rate of 20,000 gold ounces per annum. Production is planned from an expected high grade gold deposit using a minimal capital cost, low operating cost gravity recovery operation. On exercise of the Option, Kenai's participation will be as an incorporated joint venture with GOA, covering GOA's rights under contract with the local garimpeiro landowner. This landowner has recently been granted a 12 month trial mining permit or GUIA, with a possible 12 month extension to the permit, during which time a feasibility study for a full scale project is planned to be completed. As Greg Starr, President of Kenai is also a Director of Gold Anomaly; the intended transaction may be determined by the TSX Exchange as a non-arms length acquisition.
About the Sao Chico Gold Project, Pará State, Brazil:
The Sao Chico project is located 340 kilometres south-east of the major city of Manaus. It lies within a prominent north-west to south-east trend in Brazil's Tapajós Mineral Field, exploited over only the past 30 years by a gold rush of some 500,000 garimpeiros, ie artisanal alluvial miners, for the production of unofficially estimated 20 to 30 million ounces of gold. With little underground mining expertise, the garimpeiros were urged by government to consolidate their claims and joint venture with established mining companies. The field has had little modern exploration undertaken.
San Chico is in cleared low grade farming land adjacent to the Transgarimpeiro Highway, at a road distance of about 350 kilometres or 8 hours' drive from the regional city of Itaituba, to the north-east. Light aircraft from Itaituba service Sao Chico via two local airstrips.
Extensive surface mining has been undertaken by garimpeiros at Sao Chico for over 20 years, with minor underground workings in primary rock which occurs at less than 20 metres depth. There are several sub-parallel gold-bearing coarse grained quartz/sulphide veins, with a strike length so far known of 1000 metres.
Investigations by GOA to date have determined the following:
From its due diligence investigations, Kenai considers there is excellent potential at Sao Chico for delineation of NI 43-101 mineral resources of sufficient tonnage and grade to support a substantial gold project operation. An independent NI 43-101 report is currently being prepared for the project.
The Tapajós gold region is situated in the south-central part of the vast Amazon Craton, which is divided into two, the Guyana Shield north of the Amazon River and the Brazilian Shield, with its nucleus as the Archaean greenstone-granitoid terrane, south of the Amazon. As shown in the appended regional geology plan (http://media3.marketwire.com/docs/k921c.pdf), Sao Chico is in the same geological unit, the intrusive Parauari Suite, as the Tocantinzinho (TZ), Palito and Sao Domingo projects. TZ is a major gold project acquired for CAD$122 million in July 2010 by Eldorado Gold (TSX:ELD, ASX:EAU). In June 2010, ELD acquired 26.8% equity in Serabi Mining plc, the AIM-listed company which owns 100% of the Palito underground mine. From Sao Chico, the TZ project is 54 kilometres north-west and Palito is 23 kilometres east north-east.
Kenai Chairman Daniel Kunz said today, "Kenai is pleased to be joint venturing with Gold Anomaly on the Sao Chico project. We are committed to bringing the project into production in the short term and have expectations of defining a significant resource at Sao Chico leading to a long term mining project. Kenai has negotiated a deal structure that overall is low-risk in terms of financial exposure in the event that our positive expectations for Sao Chico are not realised during the Option Agreement period."
GOA Non Executive Director Tom Fermanis said today, "We believe our shareholders will view this agreement as favourable. The agreement with Kenai injects funds into the Sao Chico project, fast tracking production and exploration, and should a JORC or CIM NI 43-101 compliant resource be developed at Sao Chico, both GOA and Kenai will share in the upside. Kenai are targeting a potential million ounce deposit, potentially enabling GOA to benefit from a strong cash flow from the project. The agreement with Kenai will enable GOA management to fully focus on developing its flagship Crater Mountain project in PNG".
About Kenai Resources:
Kenai is a Canadian company focussed on precious mineral project exploration and development, towards early significant gold production. In addition to the Albisu, Nevada, advanced gold exploration project, Kenai's principal project assets are the wholly-owned Quartz Mountain and Hope Butte gold projects in South-Eastern Oregon, both located in Malheur County, close to the Oregon border with Idaho. All three of these projects are epithermal gold projects.
Kenai's current gold resources from the two Oregon projects, aggregating approximately 500,000 contained gold ounces, are summarized as follows:
Footnotes:
On behalf of the Board of Kenai Resources Limited
Daniel Kunz, Chairman
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed and elsewhere in the company's periodic filings with Canadian securities regulators. The economic viabilities of the resources estimates discussed in the release have not been established and may not be. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement.
Kenai also advises that, following the completion of the initial drilling at Hope Butte, the rig will be remobilised for a planned 1,000 metre drilling program at the Albisu farm-in exploration project in northern Nevada. This program is currently anticipated to commence during November. The Albisu gold project was drilled by Chevron Resources in 1979 and 1981 and Western Energy Development Corp. ("WEDC") followed up with four core holes in 2008 to twin Chevron's AL-14 drill hole that reportedly intercepted 6.5 meters at 6.2 gram per tonne ("gpt"). The WEDC holes confirmed the gold zone by intercepting 1.6 meters of 12.46 gpt and 8 meters of 1.94 gpt. To date WEDC has drilled a total of 3,729 meters of core at Albisu in 2008 and 2009. That drill program defined a mineralized stockwork sulphide-quartz-calcite zone that is up to 73 m thick. Gold values range from 14.6 gpt over 1.8 meters to intervals between 3 and 32 meters of 0.2 to 0.5 gpt.
Kenai Entry to Brazil via Strategic Joint Venture with Gold Anomaly on its Sao Chico Gold Project
Kenai has executed an Option Agreement with Gold Anomaly Limited (ASX:GOA) for Kenai to acquire 50% of the Sao Chico gold project in Brazil, by funding project exploration ahead of a possible decision to acquire equity in the project, with key terms as under: - Kenai has an 18 months option to acquire 50% of Sao Chico following an advance to GOA of A$1m and committing to provide A$2m project funding, these funds will be in the form of a loan from Kenai to GOA until exercise of the option. If Kenai does not exercise the option, the loan funds advanced will be repaid to Kenai by GOA.
- Kenai has a further option to acquire further 25% by payment to GOA of A$1m and committing to provide A$1m project funding.
- GOA has right to continuing participation at 25% level or can sell 25% to Kenai based on US$30/oz for attributable CIM Mineral Resources gold ounces plus US$60/oz for attributable CIM Mineral Reserves gold ounces at that time.
- Kenai to pay a 10% Net Profits Interest (NPI) for 5 years to GOA over Kenai's attributable interest, whether at 50% or 75%.
Kenai will assume the role of project manager, utilizing existing GOA personnel as well as its own personnel. The focus is on fast tracking initial gold production and defining a NI 43-101 compliant mineral resource. GOA has been planning the commencement of production by the end of 2010 at the rate of 20,000 gold ounces per annum. Production is planned from an expected high grade gold deposit using a minimal capital cost, low operating cost gravity recovery operation. On exercise of the Option, Kenai's participation will be as an incorporated joint venture with GOA, covering GOA's rights under contract with the local garimpeiro landowner. This landowner has recently been granted a 12 month trial mining permit or GUIA, with a possible 12 month extension to the permit, during which time a feasibility study for a full scale project is planned to be completed. As Greg Starr, President of Kenai is also a Director of Gold Anomaly; the intended transaction may be determined by the TSX Exchange as a non-arms length acquisition.
About the Sao Chico Gold Project, Pará State, Brazil:
The Sao Chico project is located 340 kilometres south-east of the major city of Manaus. It lies within a prominent north-west to south-east trend in Brazil's Tapajós Mineral Field, exploited over only the past 30 years by a gold rush of some 500,000 garimpeiros, ie artisanal alluvial miners, for the production of unofficially estimated 20 to 30 million ounces of gold. With little underground mining expertise, the garimpeiros were urged by government to consolidate their claims and joint venture with established mining companies. The field has had little modern exploration undertaken.
San Chico is in cleared low grade farming land adjacent to the Transgarimpeiro Highway, at a road distance of about 350 kilometres or 8 hours' drive from the regional city of Itaituba, to the north-east. Light aircraft from Itaituba service Sao Chico via two local airstrips.
Extensive surface mining has been undertaken by garimpeiros at Sao Chico for over 20 years, with minor underground workings in primary rock which occurs at less than 20 metres depth. There are several sub-parallel gold-bearing coarse grained quartz/sulphide veins, with a strike length so far known of 1000 metres.
Investigations by GOA to date have determined the following:
- Veins weathered up to around 10 metres depth, free dig by excavator to the depth of oxidation.
- Underground sampling by GOA along about 70 metres of drives from a 20 metre deep shaft in free-standing primary rock, with average gold grades of 15 g/t, from over 100 samples.
- Good metallurgical recoveries, both by gravity and cyanidation methods.
From its due diligence investigations, Kenai considers there is excellent potential at Sao Chico for delineation of NI 43-101 mineral resources of sufficient tonnage and grade to support a substantial gold project operation. An independent NI 43-101 report is currently being prepared for the project.
The Tapajós gold region is situated in the south-central part of the vast Amazon Craton, which is divided into two, the Guyana Shield north of the Amazon River and the Brazilian Shield, with its nucleus as the Archaean greenstone-granitoid terrane, south of the Amazon. As shown in the appended regional geology plan (http://media3.marketwire.com/docs/k921c.pdf), Sao Chico is in the same geological unit, the intrusive Parauari Suite, as the Tocantinzinho (TZ), Palito and Sao Domingo projects. TZ is a major gold project acquired for CAD$122 million in July 2010 by Eldorado Gold (TSX:ELD, ASX:EAU). In June 2010, ELD acquired 26.8% equity in Serabi Mining plc, the AIM-listed company which owns 100% of the Palito underground mine. From Sao Chico, the TZ project is 54 kilometres north-west and Palito is 23 kilometres east north-east.
Kenai Chairman Daniel Kunz said today, "Kenai is pleased to be joint venturing with Gold Anomaly on the Sao Chico project. We are committed to bringing the project into production in the short term and have expectations of defining a significant resource at Sao Chico leading to a long term mining project. Kenai has negotiated a deal structure that overall is low-risk in terms of financial exposure in the event that our positive expectations for Sao Chico are not realised during the Option Agreement period."
GOA Non Executive Director Tom Fermanis said today, "We believe our shareholders will view this agreement as favourable. The agreement with Kenai injects funds into the Sao Chico project, fast tracking production and exploration, and should a JORC or CIM NI 43-101 compliant resource be developed at Sao Chico, both GOA and Kenai will share in the upside. Kenai are targeting a potential million ounce deposit, potentially enabling GOA to benefit from a strong cash flow from the project. The agreement with Kenai will enable GOA management to fully focus on developing its flagship Crater Mountain project in PNG".
About Kenai Resources:
Kenai is a Canadian company focussed on precious mineral project exploration and development, towards early significant gold production. In addition to the Albisu, Nevada, advanced gold exploration project, Kenai's principal project assets are the wholly-owned Quartz Mountain and Hope Butte gold projects in South-Eastern Oregon, both located in Malheur County, close to the Oregon border with Idaho. All three of these projects are epithermal gold projects.
Kenai's current gold resources from the two Oregon projects, aggregating approximately 500,000 contained gold ounces, are summarized as follows:
| Project | Tonnes | Grade | Ounces Au | Status/Classification | ||||
| Quartz Mountain | 15,050,200 | 0.80 g/t Au | 352,667 | Indicated Resources, NI 43-101 compliant | ||||
| Hope Butte | 5,000,000 | 0.91 g/t Au | 146,300 | Historical, not NI 43-101 compliant |
- For Quartz Mountain, resources above a 0.34 g/t cutoff with silver converted to gold equivalent using a ratio of 49.5:1 silver to gold. Metallurgical recoveries were not considered. Indicated resources are as reported in an independent November 2006 NI 43-101 report, posted on SEDAR at that time.
- The Hope Butte resources are considered historic in nature, do not comply with current NI 43-101 standards, have not been verified by the Company and therefore should not be relied upon. It is uncertain if further exploration will result in the discovery of an economic mineral resource.
On behalf of the Board of Kenai Resources Limited
Daniel Kunz, Chairman
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed and elsewhere in the company's periodic filings with Canadian securities regulators. The economic viabilities of the resources estimates discussed in the release have not been established and may not be. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement.
Neither the 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 more information, please contact
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Mining News; Douglas Lake (OTCBB:DLKM) Acquires 100% Interest in 4 New Properties Bordering Canaco in the Handeni District
Mining News; Douglas Lake (OTCBB:DLKM) Acquires 100% Interest in 4 New Properties Bordering Canaco in the Handeni District
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog ) Sept. 22, 2010 - Douglas Lake Minerals Inc. (OTCBB:DLKM)(FRANKFURT:D60) is very pleased to announce that the Company has recently received approval from its Board of Directors to both enter into and immediately close upon the terms and conditions of a certain Mineral Property Acquisition Agreement (the "Acquisition Agreement"), with IPP Gold Ltd. ("IPP Gold"), to acquire a 100% interest in four prospecting licences (the "PLs"), totaling approximately 800 square kilometres, located in the Handeni District of Tanzania and which are owned or controlled by IPP Gold and its affiliates.
Harp Sangha, CEO of the Company, stated: "This new Acquisition Agreement with IPP Gold represents a significant step forward for the Company. Along with our new partners at IPP Gold, we will map out our new strategy and course of action over the coming weeks and months. The Handeni District has become alive with activity since the extraordinary drilling results from Canaco Resources have placed this region on the world stage. We plan to focus our energy and resources on the exploration and potential development of this new acquisition. Our aim is to direct Douglas Lake down a path towards success."
On September 13, 2010 Canaco announced significant new exploration developments including the identification of important new parallel trends of gold mineralization and discovery of a new mineralized zone five kilometres W/NW of the Magambazi Gold Discovery. Early results from the regional exploration on the Handeni Gold Trend indicate the work program has already made significant progress in identifying new gold targets and upgrading the potential of previously identified gold zones. Over the past month, the regional program has included over 3000 metres of Reverse Circulation ("RC") drilling, approximately 10,000 metres of reconnaissance Rotary Air Blast ("RAB") drilling, a detailed airborne survey, detailed mapping of some of the key target areas defined to date and geochemical interpretation. The Handeni Gold trend is now recognized as consisting of two, parallel gold trends with a combined strike length of over 15 kilometres (Source: Canaco Resources).
In April 2010, TD Newcrest, A Division of TD Securities, initiated coverage of Canaco Resources and announced a speculative buy recommendation with a $1.25 target price. They now believe that $175/oz is an appropriate resource multiple given the forecast high grade/low cost nature of the ounces discovered to date by Canaco. They have revised their target price to $6 per share and maintain their speculative buy rating.
The closing of the Acquisition Agreement
In accordance with the closing today of the Acquisition Agreement IPP Gold has now become a major stakeholder in the Company. Pursuant to the terms of the Acquisition Agreement the Company has now issued 133,333,333 restricted shares of common stock to IPP Gold in exchange for 100% interest in the four PLs of the new Handeni Project, with no further payments in shares or cash required. This acquisition of these four PLs as a whole represents the largest land position in the Handeni District, and the boundary area is geologically contiguous to Canaco's Magambazi gold project.
In addition, and accordance with the closing of the Acquisition Agreement, the Board of Directors of the Company has also accepted the consent to act as both a director and as the Chairman of the Company from Reginald Mengi, together with the consents to act as directors of the Company from each of Reyno Scheepers and Douglas Boateng. Mr. Mengi will replace the Honorable Joseph Rugumyamheto as the Company's Chairman and Mr. Rugumyamheto will continue to serve as a director of the Company.
The Company's new directors
About Reginald Mengi
Mr. Reginald Mengi is the Chairman and owner of IPP Resources. He also chairs IPP Ltd., one of the largest private sector holding companies in Tanzania. Mr. Mengi commenced IPP Ltd.'s business in the mid 1980's manufacturing ball point pens. Today the IPP group of companies is engaged in various areas including bottling of Coca Cola products, drinking water, manufacturing and bottling of drinks and spirits, mining of minerals and gemstones, gemstone cutting, lapidary and media.
Until 1985, Mr. Mengi also worked as a Chartered Accountant for Coopers & Lybrand Tanzania where he served in the role as Chairman and Managing Partner and led auditing and consultancy teams and participated in the establishment of companies and institutions.
About Reyno Scheepers
Dr. Reyno Scheepers' involvement with the mining industry stretches for a period of 22 years. He started off as a researcher at the Fuel Research Institute (CSIR) of South Africa where he gained experience in the composition and characteristics of various South African coal fields. This was followed by a two year period as a geologist at a South African gold mine where he gained experience in underground geology, underground and surface exploration and gold exploration project planning. He then joined the University of Stellenbosch where he became a professor in petrology/mineralogy in 1999.
Since 1995 Dr. Scheepers directed his efforts towards the investigation of gemstone deposits covering alluvial and kimberlitic diamond deposits in South Africa, the DRC and in Tanzania. One of his major achievements in Tanzania was the investigation of the geology and technical aspects of the Merelani tanzanite deposit which eventually led to the successful listing of the first colored gemstone company on the JSE.
Professor Scheepers is also closely involved in the application and development of geochemical analytical techniques and was in charge of the running of an XRF laboratory, an ICP-AES laboratory and a micro thermometric laboratory. He participated in the development of international geochemical reference standards and completed numerous challenging analytical problems for the industry over the years.
Dr. Scheepers' interest in providing small scale miners with the necessary skills to conduct safe and effective mining led to the establishment of the Gemstone Research Centre at Stellenbosch University and currently the Unit for Gemstone Geology ("UGG"). The UGG is a collaborative training and research unit between Free State and Dar es Salaam Universities through which research on gemstone deposits is currently conducted.
Dr. Scheepers received his B.Sc. (Hons), Cum Laude in 1979, his M.Sc, Cum Laude in 1982 and his PhD in 1990 from the University of Stellenbosch.
About Douglas Boateng
Dr. Douglas Boateng has over 18 years of extensive multi-sector international experience. His career includes positions as a CEO, director and senior level consulting in Technology (ICT), Chemicals/Pharma-chemical, Pharmaceutical and Biotechnology, Aviation, Engineering, Business management, Mergers and Acquisitions, Strategic alliance and partnerships, Logistics and Supply Chain Management, Media, Consulting, Corporate and Strategic Business Development, Corporate Governance and Advisory services to selected Government ministries. Dr. Boateng has also successfully worked and consulted for some of the world's leading corporation's in Europe, USA and Africa.
Prior to joining IPP Resources, Dr. Boateng founded PanAvest International, an organization with a vision to assist companies profitably extend their market reach through the application of innovative Business Development Logistics and Supply Chain Management solutions. He has acted as an independent advisor and consultant to one of Scandinavia's largest generic pharmaceutical companies on logistics, supply chain and business development and strategies and one of Africa's leading healthcare distributors.
Dr. Boateng is also a post graduate visiting professor on logistics and supply chain management and a Masters and Doctoral project supervisor at one of Africa's largest and most respected business schools. He current sits on the editorial board of Smart Procurement, the largest supply chain related portal in Africa and the Middle East.
Dr. Boateng holds a Graduate Diploma in Company Direction from the Institute of Directors, a Doctorate in Engineering Business Management from the University of Warwick-UK, a MSc in Industrial Logistics from the University of Central England-UK and a post graduate diploma in transport and logistics from Cranfield Institute of Technology, UK.
As a consequence of the appointments of each of Mr. Mengi, Dr. Scheepers and Dr. Boateng with the closing of the Acquisition Agreement, the Board of Directors and Executive Officers of the Company are now comprised of the following:
About Douglas Lake
The Company is an emerging mineral exploration company focused on exploring and potential development of mining opportunities in Tanzania. For further information please contact Douglas Lake at (604) 575-3552 or go to http://www.douglaslakeminerals.com/.
Safe Harbor Statements
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at http://www.sec.gov/) and with Canadian securities administrators (available at http://www.sedar.com/). Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company's filings with the SEC, such as the ability to obtain additional financing, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes 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, except as required by applicable law. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Harp Sangha, CEO of the Company, stated: "This new Acquisition Agreement with IPP Gold represents a significant step forward for the Company. Along with our new partners at IPP Gold, we will map out our new strategy and course of action over the coming weeks and months. The Handeni District has become alive with activity since the extraordinary drilling results from Canaco Resources have placed this region on the world stage. We plan to focus our energy and resources on the exploration and potential development of this new acquisition. Our aim is to direct Douglas Lake down a path towards success."
On September 13, 2010 Canaco announced significant new exploration developments including the identification of important new parallel trends of gold mineralization and discovery of a new mineralized zone five kilometres W/NW of the Magambazi Gold Discovery. Early results from the regional exploration on the Handeni Gold Trend indicate the work program has already made significant progress in identifying new gold targets and upgrading the potential of previously identified gold zones. Over the past month, the regional program has included over 3000 metres of Reverse Circulation ("RC") drilling, approximately 10,000 metres of reconnaissance Rotary Air Blast ("RAB") drilling, a detailed airborne survey, detailed mapping of some of the key target areas defined to date and geochemical interpretation. The Handeni Gold trend is now recognized as consisting of two, parallel gold trends with a combined strike length of over 15 kilometres (Source: Canaco Resources).
In April 2010, TD Newcrest, A Division of TD Securities, initiated coverage of Canaco Resources and announced a speculative buy recommendation with a $1.25 target price. They now believe that $175/oz is an appropriate resource multiple given the forecast high grade/low cost nature of the ounces discovered to date by Canaco. They have revised their target price to $6 per share and maintain their speculative buy rating.
The closing of the Acquisition Agreement
In accordance with the closing today of the Acquisition Agreement IPP Gold has now become a major stakeholder in the Company. Pursuant to the terms of the Acquisition Agreement the Company has now issued 133,333,333 restricted shares of common stock to IPP Gold in exchange for 100% interest in the four PLs of the new Handeni Project, with no further payments in shares or cash required. This acquisition of these four PLs as a whole represents the largest land position in the Handeni District, and the boundary area is geologically contiguous to Canaco's Magambazi gold project.
In addition, and accordance with the closing of the Acquisition Agreement, the Board of Directors of the Company has also accepted the consent to act as both a director and as the Chairman of the Company from Reginald Mengi, together with the consents to act as directors of the Company from each of Reyno Scheepers and Douglas Boateng. Mr. Mengi will replace the Honorable Joseph Rugumyamheto as the Company's Chairman and Mr. Rugumyamheto will continue to serve as a director of the Company.
The Company's new directors
About Reginald Mengi
Mr. Reginald Mengi is the Chairman and owner of IPP Resources. He also chairs IPP Ltd., one of the largest private sector holding companies in Tanzania. Mr. Mengi commenced IPP Ltd.'s business in the mid 1980's manufacturing ball point pens. Today the IPP group of companies is engaged in various areas including bottling of Coca Cola products, drinking water, manufacturing and bottling of drinks and spirits, mining of minerals and gemstones, gemstone cutting, lapidary and media.
Until 1985, Mr. Mengi also worked as a Chartered Accountant for Coopers & Lybrand Tanzania where he served in the role as Chairman and Managing Partner and led auditing and consultancy teams and participated in the establishment of companies and institutions.
About Reyno Scheepers
Dr. Reyno Scheepers' involvement with the mining industry stretches for a period of 22 years. He started off as a researcher at the Fuel Research Institute (CSIR) of South Africa where he gained experience in the composition and characteristics of various South African coal fields. This was followed by a two year period as a geologist at a South African gold mine where he gained experience in underground geology, underground and surface exploration and gold exploration project planning. He then joined the University of Stellenbosch where he became a professor in petrology/mineralogy in 1999.
Since 1995 Dr. Scheepers directed his efforts towards the investigation of gemstone deposits covering alluvial and kimberlitic diamond deposits in South Africa, the DRC and in Tanzania. One of his major achievements in Tanzania was the investigation of the geology and technical aspects of the Merelani tanzanite deposit which eventually led to the successful listing of the first colored gemstone company on the JSE.
Professor Scheepers is also closely involved in the application and development of geochemical analytical techniques and was in charge of the running of an XRF laboratory, an ICP-AES laboratory and a micro thermometric laboratory. He participated in the development of international geochemical reference standards and completed numerous challenging analytical problems for the industry over the years.
Dr. Scheepers' interest in providing small scale miners with the necessary skills to conduct safe and effective mining led to the establishment of the Gemstone Research Centre at Stellenbosch University and currently the Unit for Gemstone Geology ("UGG"). The UGG is a collaborative training and research unit between Free State and Dar es Salaam Universities through which research on gemstone deposits is currently conducted.
Dr. Scheepers received his B.Sc. (Hons), Cum Laude in 1979, his M.Sc, Cum Laude in 1982 and his PhD in 1990 from the University of Stellenbosch.
About Douglas Boateng
Dr. Douglas Boateng has over 18 years of extensive multi-sector international experience. His career includes positions as a CEO, director and senior level consulting in Technology (ICT), Chemicals/Pharma-chemical, Pharmaceutical and Biotechnology, Aviation, Engineering, Business management, Mergers and Acquisitions, Strategic alliance and partnerships, Logistics and Supply Chain Management, Media, Consulting, Corporate and Strategic Business Development, Corporate Governance and Advisory services to selected Government ministries. Dr. Boateng has also successfully worked and consulted for some of the world's leading corporation's in Europe, USA and Africa.
Prior to joining IPP Resources, Dr. Boateng founded PanAvest International, an organization with a vision to assist companies profitably extend their market reach through the application of innovative Business Development Logistics and Supply Chain Management solutions. He has acted as an independent advisor and consultant to one of Scandinavia's largest generic pharmaceutical companies on logistics, supply chain and business development and strategies and one of Africa's leading healthcare distributors.
Dr. Boateng is also a post graduate visiting professor on logistics and supply chain management and a Masters and Doctoral project supervisor at one of Africa's largest and most respected business schools. He current sits on the editorial board of Smart Procurement, the largest supply chain related portal in Africa and the Middle East.
Dr. Boateng holds a Graduate Diploma in Company Direction from the Institute of Directors, a Doctorate in Engineering Business Management from the University of Warwick-UK, a MSc in Industrial Logistics from the University of Central England-UK and a post graduate diploma in transport and logistics from Cranfield Institute of Technology, UK.
As a consequence of the appointments of each of Mr. Mengi, Dr. Scheepers and Dr. Boateng with the closing of the Acquisition Agreement, the Board of Directors and Executive Officers of the Company are now comprised of the following:
| Name | Position |
| Harpreet Singh Sangha | President, Chief Executive Officer and a director |
| Reginald Mengi | Chairman of the Board and a director |
| Honorable Joseph Rugumyamheto | Director |
| Wenqin Zhang | Director |
| Revno Scheepers | Director |
| Douglas Boateng | Director |
| Herminder Rai | Chief Financial Officer, Secretary, and Treasurer |
The Company is an emerging mineral exploration company focused on exploring and potential development of mining opportunities in Tanzania. For further information please contact Douglas Lake at (604) 575-3552 or go to http://www.douglaslakeminerals.com/.
Safe Harbor Statements
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.
Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the United States Securities and Exchange Commission (the "SEC") (available at http://www.sec.gov/) and with Canadian securities administrators (available at http://www.sedar.com/). Such risks and uncertainties may include, but are not limited to, the risks and uncertainties set forth in the Company's filings with the SEC, such as the ability to obtain additional financing, the effect of economic and business conditions, the ability to attract and retain skilled personnel and factors outside the control of the Company. These forward-looking statements are made as of the date of this news release, and the Company assumes 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, except as required by applicable law. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
For more information, please contact
Douglas Lake Minerals Inc.
(604) 575-3552
(604) 575-3559 (FAX)
Douglas Lake Minerals Inc.
(604) 575-3552
(604) 575-3559 (FAX)
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Gold Stocks; Ironwood Gold (OTCBB: IROG) Announces Investment by Callinan Mines
Gold Stocks; Ironwood Gold (OTCBB : IROG) Announces Investment by Callinan Mines
Callinan Mines is a base metals exploration company dedicated to continuing a tradition of successful exploration that began in 1927. The company derives significant, and increasing, revenue from an historic royalty interest in two producing mines in Manitoba, Canada. This income allows the company to keep dilution low as they develop additional high potential exploration properties located in Manitoba and British Columbia.
In addition to their Canadian exploration programs, Callinan is focused on expanding shareholder value through accretive acquisitions of both base and precious metals properties. The global economy has priced many in-ground assets far below their actual value, given the current metals environment. By virtue of the company's cash reserves and income, Callinan is able to compete for the most valuable available assets in both the base and precious metals sector.
The properties that Callinan selects for exploration have been chosen because they have the potential to host large, world class deposits.
Additional details regarding Ironwood Gold and its agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information visit: http://www.ironwoodgold.com/.
ABOUT IRONWOOD GOLD CORP. (
Ironwood Gold Corp. is a mineral exploration and development company building a portfolio of prospective properties containing known deposits of strategic precious metals in politically stable, mining-friendly North American districts with recognized production histories.
Notice Regarding Forward-Looking StatementsThis news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. 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 development, costs and results of new business opportunities. 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 new projects and development stage companies. 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 any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any 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-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Ironwood Gold Corp.-----------------------------
Behzad Shayanfar, CEO
Investor Information:Red Oak Communications, Inc.
Phone: 1-888-356-4942
Web: http://www.ironwoodgold.com/
Phone: 1-888-356-4942
Web: http://www.ironwoodgold.com/
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Mining Stocks; Far West Mining (TSX:FWM) Announces Increase in Private Placement
Mining Stocks; Far West Mining (TSX:FWM) Announces Increase in Private Placement
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog) - Sept. 22, 2010 - Far West Mining Ltd. (the "Company") (TSX:FWM) announced yesterday a $10 million private placement financing ("Financing") with the Pacific Road Resources Funds. The Company advises that Quadra FNX Mining Ltd. has exercised its anti-dilution right to participate in the Financing, which right was granted under its 2009 subscription agreement with the Company, and will purchase 207,835 units ("Units") at a price of $4.10 per Unit for proceeds of $852,123.
As a result of the exercise of this right and the increase in the size of the financing, the Company will now issue at closing an aggregate of 2,646,860 Units for total proceeds of $10,852,126 (the "Offering").
The Offering is scheduled to close on or about October 15, 2010, subject to customary closing conditions, including acceptance by the Toronto Stock Exchange.
Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties in Chile and Australia. For further information, investors should review the Company's filings that are available at www.farwestmining.com and www.sedar.com or contact Rick Zimmer, President & CEO or Iain MacPhail, CFO at (604) 602-9144.
FAR WEST MINING LTD.
Richard N. Zimmer, P.Eng., President & C.E.O.
This news release contains statements that constitute "forward-looking statements" within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
As a result of the exercise of this right and the increase in the size of the financing, the Company will now issue at closing an aggregate of 2,646,860 Units for total proceeds of $10,852,126 (the "Offering").
The Offering is scheduled to close on or about October 15, 2010, subject to customary closing conditions, including acceptance by the Toronto Stock Exchange.
Far West Mining Ltd. is an international mineral exploration company engaged in the evaluation, acquisition, exploration and development of mining properties in Chile and Australia. For further information, investors should review the Company's filings that are available at www.farwestmining.com and www.sedar.com or contact Rick Zimmer, President & CEO or Iain MacPhail, CFO at (604) 602-9144.
FAR WEST MINING LTD.
Richard N. Zimmer, P.Eng., President & C.E.O.
This news release contains statements that constitute "forward-looking statements" within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). Forward-looking statements often, but not always, are identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeting" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or be achieved and other similar expressions.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Far West Mining Ltd.
Rick Zimmer
President & CEO
(604) 602-9144
or
Far West Mining Ltd.
Iain MacPhail
CFO
(604) 602-9144
www.farwestmining.com
Far West Mining Ltd.
Rick Zimmer
President & CEO
(604) 602-9144
or
Far West Mining Ltd.
Iain MacPhail
CFO
(604) 602-9144
www.farwestmining.com
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Gold Stocks; Sonora (TSX. V:SOC) Announces: Second Gold Property in Tanzania, Private Placement, Appointment of New Director, Grant of Options
Gold Stocks; Sonora (TSX. V:SOC) Announces: Second Gold Property in Tanzania, Private Placement, Appointment of New Director, Grant of Options
VANCOUVER, BRITISH COLUMBIA--(http://www.investorideas.com/ gold and mining stocks blog) - Sept. 22, 2010) - Sonora Gold & Silver Corp. (TSX VENTURE:SOC) is pleased to announce an agreement for the option to purchase (the "Option Agreement") through the Company's wholly-owned Tanzania subsidiary, 100% of the 10 square km Negese Mining Permit (the "Negese Property"). The Negese Property is located in the Kilindi District of Northeastern Tanzania and is being optioned from an arms' length private Tanzanian corporation (the "Vendor"). The Negese Property was selected on the basis of growing artisanal mining activity in the area, including processing of alluvial, colluvial and bedrock gold mineralized material including pits and underground workings to a depth of 30 meters. The geological setting is notably similar to the rapidly developing Magambazi discovery by Canaco Resources (TSXV: CAN).
Gold mineralized zones in the form of discrete high grade lodes and a broad zone of disseminated sulphides hosted by garnet-silica altered amphibolite in a corridor defined by artisanal workings and outcropping mineralized material are known to exist along a minimum of 1600 meters of strike and across from 300 to 500 meters. The host envelope and the mineralized zones dip at 15 to 25 degrees and the true width of the target zone is approximately 200 to 250 meters. The area is traversed by gravel roads and the topography is moderate. The project can be advanced rapidly without significant infrastructure enhancements.
Reconnaissance mapping over the area shows structural repeats and additional strike extensions which will be evaluated as part of the forthcoming work program. The Company completed an orientation sampling of the target zones in a field review and results from the rock samples are pending. On the basis of this work, and the analytical results, the Company is planning a sequenced exploration program including geological mapping, soil and rock geochemistry and drilling.
The terms of the option on the Negese Property consist of:
The Company is also very pleased to announce the appointment of Mr. Paul Matysek to the Board of Directors. Mr. Matysek is currently the President and Chief Executive Officer of Potash One Inc. where he is leading the company to feasibility stage on its Legacy Project in Saskatchewan. He was a founder and CEO of Energy Metals Corporation, which he helped grow from a market capitalization of $10 million to acquisition by a larger uranium producer for $1.8 billion. Since 1999, he has been involved in obtaining over $200 million of exploration and development financing for a number of significant precious metal and base-metal properties. Mr. Matysek is a geologist/geochemist and has served in an Executive or Director capacity, for several exploration and development companies including: First Quantum Minerals Ltd., First Majestic Resource Corp., Energy Metals Corp. and Lithium One Inc. He brings to the Company a wealth of technical and financial experience as well as over 35 years of exploration and development experience. "We are very honored to have a man of Mr. Matysek's caliber join Sonora," states company President, Ken Churchill.
The Company has also granted a total of 900,000 incentive stock options at a price of $0.25 per share, to certain directors and officers of the Company. The options are exercisable for up to three years from the date of grant.
The technical details of this announcement and the field sampling, pertaining to the Negese Property, were completed under the supervision of David Bending, M.Sc., P.Geo., an independent Qualified Person pursuant to the standards of National Instrument 43-101.
On behalf of the Board of Directors.
Sonora Gold & Silver Corp.
Ken Churchill, President, Chief Executive Officer and Director
Gold mineralized zones in the form of discrete high grade lodes and a broad zone of disseminated sulphides hosted by garnet-silica altered amphibolite in a corridor defined by artisanal workings and outcropping mineralized material are known to exist along a minimum of 1600 meters of strike and across from 300 to 500 meters. The host envelope and the mineralized zones dip at 15 to 25 degrees and the true width of the target zone is approximately 200 to 250 meters. The area is traversed by gravel roads and the topography is moderate. The project can be advanced rapidly without significant infrastructure enhancements.
Reconnaissance mapping over the area shows structural repeats and additional strike extensions which will be evaluated as part of the forthcoming work program. The Company completed an orientation sampling of the target zones in a field review and results from the rock samples are pending. On the basis of this work, and the analytical results, the Company is planning a sequenced exploration program including geological mapping, soil and rock geochemistry and drilling.
The terms of the option on the Negese Property consist of:
- US$5,000 due on signing, US$25,000 due within 30 days;
- The issue of 300,000 shares of the Company to the Vendor upon completion of due diligence review and final TSX Venture Exchange approval;
- Monthly payment to the Vendor of US$2,000 increasing to $5,000 over time to maintain the option up to a maximum of four years;
- A lump sum payment of US$1,300,000, payable at any time to exercise the Option in full for 100% ownership of the Negese Property, subject to a 2% Net Smelter Return Royalty.
The Company is also very pleased to announce the appointment of Mr. Paul Matysek to the Board of Directors. Mr. Matysek is currently the President and Chief Executive Officer of Potash One Inc. where he is leading the company to feasibility stage on its Legacy Project in Saskatchewan. He was a founder and CEO of Energy Metals Corporation, which he helped grow from a market capitalization of $10 million to acquisition by a larger uranium producer for $1.8 billion. Since 1999, he has been involved in obtaining over $200 million of exploration and development financing for a number of significant precious metal and base-metal properties. Mr. Matysek is a geologist/geochemist and has served in an Executive or Director capacity, for several exploration and development companies including: First Quantum Minerals Ltd., First Majestic Resource Corp., Energy Metals Corp. and Lithium One Inc. He brings to the Company a wealth of technical and financial experience as well as over 35 years of exploration and development experience. "We are very honored to have a man of Mr. Matysek's caliber join Sonora," states company President, Ken Churchill.
The Company has also granted a total of 900,000 incentive stock options at a price of $0.25 per share, to certain directors and officers of the Company. The options are exercisable for up to three years from the date of grant.
The technical details of this announcement and the field sampling, pertaining to the Negese Property, were completed under the supervision of David Bending, M.Sc., P.Geo., an independent Qualified Person pursuant to the standards of National Instrument 43-101.
On behalf of the Board of Directors.
Sonora Gold & Silver Corp.
Ken Churchill, President, Chief Executive Officer and Director
Neither the 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 more information, please contact
Sonora Gold & Silver Corp.
Ken Churchill
President, Chief Executive Officer and Director
604-780-8708
www.sonoragoldcorp.com
Sonora Gold & Silver Corp.
Ken Churchill
President, Chief Executive Officer and Director
604-780-8708
www.sonoragoldcorp.com
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Mining Stocks ; Aurus Corporation (OTCPK:AURC) Latest Developments
Mining Stocks ; Aurus Corporation (OTCPK:AURC) Latest Developments
Aurus Corporation was ready to issue corporate bonds but due to the financial crisis the issuance of the bonds and attempts to create investment resources has become impossible. Since June of this year the Shatura region asset isn't the property of Aurus Corporation anymore.
The main focus for the future economic success of Aurus Corporation is completing the merger.
In the very near future all documents will be prepared for the implementation of the merger with the gold mining company Mayskaya. All investors/shareholders will be timely informed about the change in the Corporate/Ownership structure of the company.
Aurus Corporation Management
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Mining Stocks; Moly Mines Limited (TSX:MOL) Update: Iron Ore Project Execution on Track for First Ore Shipment in December 2010
Mining Stocks; Moly Mines Limited Update: Iron Ore Project Execution on Track for First Ore Shipment in December 2010
Extension to deadline for molybdenum project finance facility to 31 January 2011
TORONTO, ONTARIO--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 22, 2010 - Moly Mines Limited (TSX:MOL)(ASX:MOL) provides the following update on development activities at the Spinifex Ridge Iron Ore Project and the status of the US$500 million project financing for the Spinifex Ridge Molybdenum Project.
SPINIFEX RIDGE IRON ORE PROJECT – ON TRACK FOR FIRST SHIPMENT DECEMBER 2010
The major milestone of the successful wet commissioning of the new Utah Point shiploader and berth at Port Hedland over this last weekend gives the Company confidence that it is on track to meet its target of first shipment of iron ore in early December. Approximately 70,000 tonnes of Atlas Iron's ore was shipped on the bulk panamax vessel, the Bergen Max.
Dr Derek Fisher CEO of Moly Mines commented; "This is a significant event for the new iron ore miners of the Pilbara and for Western Australia. The Port Hedland Port Authority, Atlas Iron, and POAGS Bulk Logistics are to be congratulated on this important achievement".
Moly Mines is also pleased to announce that it has awarded the final significant operations contract for the 1 million tonne per annum Spinifex Ridge Iron Ore Project. The ore haulage contract has been awarded to local Pilbara operator Bullbuck Pty Ltd ("Bullbuck") for the transport of the iron ore product from the mine site to the Utah Point port facilities at Port Hedland.
Bullbuck has been operating in the Port Hedland region for more than 13 years providing road haulage services to remote mining locations in the wider Pilbara region. They currently provide haulage services to Consolidated Minerals and Aditya Birla Minerals.
In recent weeks, Moly Mines has announced the award of the mining contract to BGC Contracting Pty Ltd, crushing services to Rapid Crushing Pty Ltd, camp facilities management to the Compass Group / Pantarlangu JV and now the ore haulage agreement. This completes the major contract awards for the operation of the Spinifex Ridge Iron Ore mine.
The primary crusher has been delivered to site while the secondary crushers, screens and slewing stockpile conveyor will be completed by the second week in October for commissioning and production by the end of October.
Mining equipment began arriving on site early in September and mining operations will commence by the end of this month.
Ore haulage to Moly Mines' stockpile area at the Utah Point facility will commence on or around 6 November 2010. The stockpile will be built up over the course of November for first shipment of Spinifex Ridge ore in early December. Sales contracts will be concluded in the near term.
SPINIFEX RIDGE MOLYBDENUM PROJECT - US$500 MILLION PROJECT FINANCING FACILITY
The Subscription Agreement dated 19 October 2009 between Moly Mines and Hanlong Mining Investment Pty Ltd ("Hanlong") requires Hanlong to use best endeavours to procure a US$500 million Project Finance Facility ("Project Finance Facility") for the Spinifex Ridge Molybdenum Project ("Molybdenum Project") on or before 30 September 2010 ("Cut-off date"). Hanlong's parent entity Sichuan Hanlong (Group) Co Ltd agreed to provide, from itself or a related body corporate, a guarantee in favour of the proposed financiers.
Financing Status
Strong progress has been made toward completing the Project Finance Facility. Hanlong are actively engaged with the proposed financiers and regulatory authorities both at the Sichuan provincial and at the state level in Beijing. They have strong finance teams dedicated to the process in their Sydney, Chengdu and Beijing offices.
China Development Bank and China Exim Bank have participated in Perth office and Spinifex Ridge site due diligence over the last 8 weeks. In July, a comprehensive engineering study was completed by a major Chinese engineering group as part of the banking process for the 10 million tonne per annum Molybdenum Project.
In August the Sichuan branch of the National Development Reform Commission ("NDRC") concluded that the Molybdenum Project complied with overseas investment policies and the project has now been submitted to the Beijing office of the NDRC.
The proposed financiers have requested the completion of an Engineering Procurement and Construction ("EPC") contract that describes the scope, cost and schedule for construction of the Molybdenum Project as a core condition precedent to the financing. Moly Mines is currently preparing these arrangements with suitable contractors.
In addition, the proposed financiers have asked Hanlong and its related companies to provide additional asset security for the Molybdenum Project.
Hanlong has advised the Company that they anticipate finalizing term sheets for the Project Finance Facility in mid October 2010 with full loan documents expected to be executed during the period December 2010 to January 2011, subject to the completion of the EPC arrangements and iron ore and molybdenum marketing agreements with Hanlong that will be put to minority Moly Mines shareholders for approval before the end of 2010.
Although significant progress on the Project Finance Facility has been made, terms and conditions for the Project Finance Facility are still being negotiated with the proposed Chinese financers and the level of interest and feedback gives Moly Mines confidence that the funding will be forthcoming. Moly Mines acknowledges the continuing high level of support and commitment of Hanlong to complete this process in the shortest possible timeframe.
New Agreements
In consideration for the additional security, beyond the parent company guarantees, being offered by Hanlong that will strengthen the terms of the Project Finance Facility, Moly Mines has agreed to grant Hanlong additional time to procure the Project Finance Facility by amending the cut-off date in relation to the Financial Penalty to 31 January 2011. The Financial Penalty described in the Subscription Agreement will now apply on this new date. That is, if the Project Financing Facility is not available in accordance with the Subscription Agreement by 31 January 2011 approximately US$45 million of the Shareholder Loan will be forgiven and US$15 million will become immediately repayable.
Further Moly Mines will, subject to shareholder approval being received at the November 2010 Annual General Meeting, issue Hanlong 35.5 million Project Finance Options ("New Options") to replace the options issued under the Subscription Agreement which will lapse on 30 September 2010. The New Options will have the following terms and conditions:
SPINIFEX RIDGE IRON ORE PROJECT – ON TRACK FOR FIRST SHIPMENT DECEMBER 2010
The major milestone of the successful wet commissioning of the new Utah Point shiploader and berth at Port Hedland over this last weekend gives the Company confidence that it is on track to meet its target of first shipment of iron ore in early December. Approximately 70,000 tonnes of Atlas Iron's ore was shipped on the bulk panamax vessel, the Bergen Max.
Dr Derek Fisher CEO of Moly Mines commented; "This is a significant event for the new iron ore miners of the Pilbara and for Western Australia. The Port Hedland Port Authority, Atlas Iron, and POAGS Bulk Logistics are to be congratulated on this important achievement".
Moly Mines is also pleased to announce that it has awarded the final significant operations contract for the 1 million tonne per annum Spinifex Ridge Iron Ore Project. The ore haulage contract has been awarded to local Pilbara operator Bullbuck Pty Ltd ("Bullbuck") for the transport of the iron ore product from the mine site to the Utah Point port facilities at Port Hedland.
Bullbuck has been operating in the Port Hedland region for more than 13 years providing road haulage services to remote mining locations in the wider Pilbara region. They currently provide haulage services to Consolidated Minerals and Aditya Birla Minerals.
In recent weeks, Moly Mines has announced the award of the mining contract to BGC Contracting Pty Ltd, crushing services to Rapid Crushing Pty Ltd, camp facilities management to the Compass Group / Pantarlangu JV and now the ore haulage agreement. This completes the major contract awards for the operation of the Spinifex Ridge Iron Ore mine.
The primary crusher has been delivered to site while the secondary crushers, screens and slewing stockpile conveyor will be completed by the second week in October for commissioning and production by the end of October.
Mining equipment began arriving on site early in September and mining operations will commence by the end of this month.
Ore haulage to Moly Mines' stockpile area at the Utah Point facility will commence on or around 6 November 2010. The stockpile will be built up over the course of November for first shipment of Spinifex Ridge ore in early December. Sales contracts will be concluded in the near term.
SPINIFEX RIDGE MOLYBDENUM PROJECT - US$500 MILLION PROJECT FINANCING FACILITY
The Subscription Agreement dated 19 October 2009 between Moly Mines and Hanlong Mining Investment Pty Ltd ("Hanlong") requires Hanlong to use best endeavours to procure a US$500 million Project Finance Facility ("Project Finance Facility") for the Spinifex Ridge Molybdenum Project ("Molybdenum Project") on or before 30 September 2010 ("Cut-off date"). Hanlong's parent entity Sichuan Hanlong (Group) Co Ltd agreed to provide, from itself or a related body corporate, a guarantee in favour of the proposed financiers.
Financing Status
Strong progress has been made toward completing the Project Finance Facility. Hanlong are actively engaged with the proposed financiers and regulatory authorities both at the Sichuan provincial and at the state level in Beijing. They have strong finance teams dedicated to the process in their Sydney, Chengdu and Beijing offices.
China Development Bank and China Exim Bank have participated in Perth office and Spinifex Ridge site due diligence over the last 8 weeks. In July, a comprehensive engineering study was completed by a major Chinese engineering group as part of the banking process for the 10 million tonne per annum Molybdenum Project.
In August the Sichuan branch of the National Development Reform Commission ("NDRC") concluded that the Molybdenum Project complied with overseas investment policies and the project has now been submitted to the Beijing office of the NDRC.
The proposed financiers have requested the completion of an Engineering Procurement and Construction ("EPC") contract that describes the scope, cost and schedule for construction of the Molybdenum Project as a core condition precedent to the financing. Moly Mines is currently preparing these arrangements with suitable contractors.
In addition, the proposed financiers have asked Hanlong and its related companies to provide additional asset security for the Molybdenum Project.
Hanlong has advised the Company that they anticipate finalizing term sheets for the Project Finance Facility in mid October 2010 with full loan documents expected to be executed during the period December 2010 to January 2011, subject to the completion of the EPC arrangements and iron ore and molybdenum marketing agreements with Hanlong that will be put to minority Moly Mines shareholders for approval before the end of 2010.
Although significant progress on the Project Finance Facility has been made, terms and conditions for the Project Finance Facility are still being negotiated with the proposed Chinese financers and the level of interest and feedback gives Moly Mines confidence that the funding will be forthcoming. Moly Mines acknowledges the continuing high level of support and commitment of Hanlong to complete this process in the shortest possible timeframe.
New Agreements
In consideration for the additional security, beyond the parent company guarantees, being offered by Hanlong that will strengthen the terms of the Project Finance Facility, Moly Mines has agreed to grant Hanlong additional time to procure the Project Finance Facility by amending the cut-off date in relation to the Financial Penalty to 31 January 2011. The Financial Penalty described in the Subscription Agreement will now apply on this new date. That is, if the Project Financing Facility is not available in accordance with the Subscription Agreement by 31 January 2011 approximately US$45 million of the Shareholder Loan will be forgiven and US$15 million will become immediately repayable.
Further Moly Mines will, subject to shareholder approval being received at the November 2010 Annual General Meeting, issue Hanlong 35.5 million Project Finance Options ("New Options") to replace the options issued under the Subscription Agreement which will lapse on 30 September 2010. The New Options will have the following terms and conditions:
- The New Options will be exercisable at C$1.00 per share.
- The New Options will only vest if full binding documents for the Project Finance Facility are executed by 31 January 2011. If full binding documents for the Project Finance Facility are not executed by 31 January 2011, the New Options will be cancelled.
- If the New Options vest by 31 January 2011, but conditions precedent to the initial drawdown of the Project Finance Facility are not met or waived and initial drawdown is not achieved by 31 December 2011, the New Options will be cancelled.
For more information, please contact
Moly Mines Limited
Natalie Frame
Investor Relations
+1 416 777 1801 or +1 416 371 7541
or
Moly Mines Limited
Derek Fisher
Managing Director
+61 8 94293300
www.molymines.com
Moly Mines Limited
Natalie Frame
Investor Relations
+1 416 777 1801 or +1 416 371 7541
or
Moly Mines Limited
Derek Fisher
Managing Director
+61 8 94293300
www.molymines.com
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