Drilling Underway on Scadding Gold Project and Trueclaim Exploration Inc. Options More Adjacent Mining Claims
ST. THOMAS, ONTARIO-- Nov. 13, 2009 - John Carter, President of Trueclaim Exploration Inc. (TSX VENTURE:TRM -, is pleased to announce that diamond drilling has started on the 2,000 metre Phase 1 drill program on the Scadding Gold Property (the "Property"). Commencement of the drill program represents another systematic move forward by the Company in efforts to develop near term production properties such as Scadding.
The full exploration program is intended to define and increase the known non-NI43-101-compliant resource on the Property as well as seek other mineralization discoveries within the targeted areas. To date, the Phase I plan consists of a minimum of fourteen (14) defined targets distributed around three mined regions identified as the North, South and East-West zones. Each of these zones has had prior limited drilling that produced high gold assay values. At the same time, however, the Company has noted that from the analysis of past drilling data, and detailed modelling, potential new targets and zones appear to exist and may extend off the immediate mine area.
The Company is further pleased to announce that it has expanded its land holdings around the Property by entering into an option agreement to acquire a 100% working interest in four mineral claims known as the Powerline Property located immediately south of the Scadding property. The Company completed this acquisition following detailed analysis by its geological team that felt that the structures within the Powerline property contained similarities with those found within the Scadding claims. Previous non-NI43-101-compliant analysis of surface samples on the Powerline property found anomalous gold values that strongly suggest further evaluation is required.
In order to maintain the Powerline Property option agreement in good standing, Trueclaim is required to issue an aggregate of 150,000 common shares in the capital of Trueclaim to the vendor, with an initial payment of 75,000 shares, and 25,000 shares on each of the first, second and third year anniversaries of the agreement; incur cumulative exploration expenditures of $350,000 on or in respect of the Powerline Property, with $100,000 being incurred on or before March 31, 2010 and a further $250,000 being incurred on or before September 30, 2010; and make cumulative cash payments of $125,000, with an initial payment of $12,500, a payment of $12,500 on the first anniversary of the option agreement, and a payment of $50,000 on each of the second and third anniversaries of the option agreement. The vendor of the Powerline Property will receive a 2% net smelter return royalty. The transaction is subject to acceptance of the TSX Venture Exchange. The option of the Powerline Property increases Trueclaim's land holdings on and around the Scadding Property to approximately 14,781 hectares (36,525 acres).
We seek safe harbour.
ON BEHALF OF THE BOARD
TRUECLAIM EXPLORATION INC.
John Carter, President
Technical information in this news release has been reviewed by Mr. Bob Komarechka, P. Geo. and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. Company Management, which takes full responsibility for content, prepared this news release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential mine types and by comparing the Company's projects to other projects. Also, in order to proceed with the Company's exploration and acquisition plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined on the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:John CarterTrueclaim Exploration Inc.President519-851-92021-888-686-1405 (FAX)www.trueclaim.ca
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Investorideas.com has created some of the most comprehensive online stock directories for investors in leading sectors. The renewable energy stocks directory has an estimated 900 stocks and the oil and gas stock directories has over 500 stocks.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Friday, November 13, 2009
Investorideas.com Expands Mining Stocks and Gold Stocks Tools for Public Companies and Investors following Mining Stocks with Mining Newswire
Investorideas.com Expands Mining Stocks and Gold Stocks Tools for Public Companies and Investors following Mining Stocks with Mining Newswire and Mining Stock Directory
POINT ROBERTS, WA and DELTA, BC – November 13, 2009, www.InvestorIdeas.com, and its mining stocks portals www.Gold-MiningStocks.com and www.MiningSectorStocks.com have recently expanded the IR Tools for public companies and investors in the mining sector. Public companies can publish news and press releases to the newly created newswire, investors can subscribe to get the latest stock and industry news and now investors can also purchased Investor Ideas comprehensive mining stocks directory ( almost 1000 stocks ) in PDF.
The recently launched mining stocks RSS news feed is fast becoming an investor favorite for traders following mining stocks news and commentary.
The syndicated feed features news and commentary from well known industry experts including Kitco.com and Doug Casey in addition to news releases and research reports on publicly traded mining companies trading on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Mining companies wanting to reach avid investors in the sector can publish their recent press releases and news directly online at Investorideas.com at the news submission page: http://www1.investorideas.com/NewsUploader/Default.aspx . The news is featured on Investorideas,com as well as other online publishers via RSS syndication.
Mining companies can also gain ongoing additional exposure to targeted investors searching for mining stocks by participating in one of the many investor awareness and showcase company programs at Investorideas.com .
Mining companies visit: Mining Stocks Investor Awareness Programs
Investorideas.com mining stocks directory currently features over 900 mining stocks for investors to research.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Investorideas.com has created some of the most comprehensive online stock directories for investors in leading sectors. The renewable energy stocks directory has an estimated 900 stocks and the oil and gas stock directories has over 500 stocks.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Investors: subscribe to Gold & Mining Stocks News at Investorideas.com
http://www.investorideas.com/RSS/feeds/Gold-Mining-Stocks.xml
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com or cvanzant@investorideas.com
POINT ROBERTS, WA and DELTA, BC – November 13, 2009, www.InvestorIdeas.com, and its mining stocks portals www.Gold-MiningStocks.com and www.MiningSectorStocks.com have recently expanded the IR Tools for public companies and investors in the mining sector. Public companies can publish news and press releases to the newly created newswire, investors can subscribe to get the latest stock and industry news and now investors can also purchased Investor Ideas comprehensive mining stocks directory ( almost 1000 stocks ) in PDF.
The recently launched mining stocks RSS news feed is fast becoming an investor favorite for traders following mining stocks news and commentary.
The syndicated feed features news and commentary from well known industry experts including Kitco.com and Doug Casey in addition to news releases and research reports on publicly traded mining companies trading on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Mining companies wanting to reach avid investors in the sector can publish their recent press releases and news directly online at Investorideas.com at the news submission page: http://www1.investorideas.com/NewsUploader/Default.aspx . The news is featured on Investorideas,com as well as other online publishers via RSS syndication.
Mining companies can also gain ongoing additional exposure to targeted investors searching for mining stocks by participating in one of the many investor awareness and showcase company programs at Investorideas.com .
Mining companies visit: Mining Stocks Investor Awareness Programs
Investorideas.com mining stocks directory currently features over 900 mining stocks for investors to research.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Investorideas.com has created some of the most comprehensive online stock directories for investors in leading sectors. The renewable energy stocks directory has an estimated 900 stocks and the oil and gas stock directories has over 500 stocks.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Investors: subscribe to Gold & Mining Stocks News at Investorideas.com
http://www.investorideas.com/RSS/feeds/Gold-Mining-Stocks.xml
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
About InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.
Disclaimer: Our sites do not make recommendations, but offer information portals to research news, articles, stock lists and recent research. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising.
For more information contact:
Dawn Van Zant: 800-665-0411 - dvanzant@investorideas.com or cvanzant@investorideas.com
Wednesday, November 11, 2009
Mining stocks news - Kinross (TSX:K)(NYSE:KGC) Announces US$125 Million Letter of Credit Guarantee
Kinross (TSX:K)(NYSE:KGC) Announces US$125 Million Letter of Credit Guarantee FacilityAdds credit capacity to amended US$450 million revolving credit facility
TORONTO, ONTARIO--- Nov. 11, 2009 - Kinross (TSX:K)(NYSE:KGC) announced today that it has entered into an agreement with Export Development Canada ("EDC") to have EDC guarantee a Letter of Credit Facility for up to US$125 million. Letters of credit guaranteed under this new facility are expected to be available in respect of reclamation liabilities at Fort Knox, Round Mountain, and Kettle River-Buckhorn mine sites. The new facility will expire in November 2012.
The guarantee facility is in addition to the Company's recently amended US$450 million revolving credit facility. "Together, these facilities enhance Kinross' credit availability as we contemplate our future funding requirements," said Thomas M. Boehlert, Executive Vice-President and Chief Financial Officer.
About Kinross Gold Corporation Kinross is a Canadian-based gold mining company with mines and projects in the United States, Brazil, Chile, Ecuador and Russia, and employs approximately 5,500 people worldwide.
Kinross' strategic focus is to maximize net asset value and cash flow per share through a four-point plan built on: delivering mine and financial performance; attracting and retaining the best people in the industry; achieving operating excellence through the "Kinross Way"; and driving new opportunities through exploration and acquisition.
Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future performance of Kinross, constitute "forward-looking statements" within the meaning of applicable securities laws, including the provisions of the Securities Act (Ontario) and the provisions for "safe harbour" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, without limitation, possible events, statements with respect to possible events, the future price of gold and silver, the estimation of mineral reserves and resources and the realization of such estimates, the timing, amount and costs of estimated future production, expected capital expenditures, development and mining activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation, environmental risks, unanticipated reclamation expenses, title disputes or claims. The words "plans," "expects," or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "does not anticipate," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur" or "be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many of these uncertainties and contingencies can affect, and could cause, Kinross' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross. 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. All of the forward-looking statements made in this news release are qualified by these cautionary statements, and those made in the "Risk Factors" section of our most recently filed Annual Information Form and our other filings with the securities regulators of Canada and the U.S. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s url and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
TORONTO, ONTARIO--- Nov. 11, 2009 - Kinross (TSX:K)(NYSE:KGC) announced today that it has entered into an agreement with Export Development Canada ("EDC") to have EDC guarantee a Letter of Credit Facility for up to US$125 million. Letters of credit guaranteed under this new facility are expected to be available in respect of reclamation liabilities at Fort Knox, Round Mountain, and Kettle River-Buckhorn mine sites. The new facility will expire in November 2012.
The guarantee facility is in addition to the Company's recently amended US$450 million revolving credit facility. "Together, these facilities enhance Kinross' credit availability as we contemplate our future funding requirements," said Thomas M. Boehlert, Executive Vice-President and Chief Financial Officer.
About Kinross Gold Corporation Kinross is a Canadian-based gold mining company with mines and projects in the United States, Brazil, Chile, Ecuador and Russia, and employs approximately 5,500 people worldwide.
Kinross' strategic focus is to maximize net asset value and cash flow per share through a four-point plan built on: delivering mine and financial performance; attracting and retaining the best people in the industry; achieving operating excellence through the "Kinross Way"; and driving new opportunities through exploration and acquisition.
Kinross maintains listings on the Toronto Stock Exchange (symbol:K) and the New York Stock Exchange (symbol:KGC).
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release, including any information as to the future performance of Kinross, constitute "forward-looking statements" within the meaning of applicable securities laws, including the provisions of the Securities Act (Ontario) and the provisions for "safe harbour" under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, without limitation, possible events, statements with respect to possible events, the future price of gold and silver, the estimation of mineral reserves and resources and the realization of such estimates, the timing, amount and costs of estimated future production, expected capital expenditures, development and mining activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation, environmental risks, unanticipated reclamation expenses, title disputes or claims. The words "plans," "expects," or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "does not anticipate," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur" or "be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many of these uncertainties and contingencies can affect, and could cause, Kinross' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Kinross. 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. All of the forward-looking statements made in this news release are qualified by these cautionary statements, and those made in the "Risk Factors" section of our most recently filed Annual Information Form and our other filings with the securities regulators of Canada and the U.S. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinross disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s url and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Northern Superior Resources(TSX.V:SUP)Reports Additional Historical Gold Assay Results
Northern Superior Resources(TSX.V:SUP)Reports Additional Historical Gold Assay Results, Prepares Drill Targets, Wachigabau Gold Property, Quebec
SUDBURY, ONTARIO- Nov. 11, 2009 - Northern Superior Resources Inc. (TSX.V:SUP) has identified additional drill targets for the 2010 drill program on the Wachigabau gold property. Recent research has identified an area in the northwest part of the property that has not been explored since the early 1960's. High gold assay values from grab and channel samples, reported in assessment work reports and maps 1959, outline an area with exceptional potential for gold mineralization
(Table 1).
Sample Gold Value @ Width No. (oz/ ton) $35.00/oz (inches) C-3441 80.85 $2,829.75 4 C-3442 3.52 $123.20 36 C-3443 0.26 $9.10 8 C-3444 4.09 $143.15 Grab C-3445 138.03 $4,831.05 Grab
Table 1.
Reported gold assay values from the northwest part of Northern Superior Resources Inc. Wachigabau gold property. Table taken from: "Preliminary Report on L'Esperance Township Option of Opemisca Explorers Limited, W. Nowers Ashbury M.Sc., P.Eng, (1959), MRNF file GM09736."
Dr. T.F. Morris, President and CEO states: "The Company has recently found the historical trenches in the field and cut a grid at 50 m line spacing over the area. A ground magnetic survey has been completed and the grid is currently being mapped. With the recent receipt of government permits, a backhoe has been contracted to clean out the old trenches for mapping and channel sampling. These trenches are located about 4.5 km west, along strike with the structures hosting gold mineralization intersected by drilling of up to 10.12 g/t Au over 1.0m in the north-central portion of the Property (see press release June 17th, 2009). The presence of gold mineralization along a >4.5 km long structure indicates that the Wachigabau gold property has a high potential to host significant gold mineralization and we look forward to drilling targets in both areas."
The Company previously reported that this property is strategically located between the Lac Shortt gold mine to the northeast and the Coniagas zinc, lead and silver mine and Bachelor Lake gold mine and mill complex to the southwest. All these mines are associated with the Lake Opiwica- Gwillim Fault system. Mineralization known to occur on the Wachigabau property includes:
1.lode gold associated with quartz veining with values in drill hole intersections up to 5.39g/t Au over 2.4m, 10.3 g/t Au over 0.3 m and 10.12 g/t Au over 1.0m; 2.Cu-Au remobilized along continuous fracture systems up to 2.62%Cu, 14g/t Ag and 3.14g/t Au over a 3.25 m drill hole intersection; and 3.the potential for volcanogenic Cu-Z massive sulphide mineralization. In addition, re-sampling and geochemical analysis of drill core from previous drill programs completed on the Property by Northern Superior returned anomalous gold values of up to 550 ppb Au from a monzonitic dyke and 444 ppb Pt, 412 ppb Pd and 186 ppb Au from a gabbroic dyke (see press release June 17th, 2009).
The Wachigabau project is an option and joint venture agreement with Matamec Explorations Inc. ("Matamec"). Northern Superior is earning-in on its 50% of all mineral rights on the property, having already paid $25,000 cash and issued 100,000 shares and 100,000 share purchase warrants to Matamec under the agreement. In addition, Northern Superior has spent $75,000 of the $500,000 it is committed to spend on the property over three years. Once Northern Superior has exercised its option, the Company and Matamec will form a 50- 50 joint venture for all commodities on the property. IAMGOLD retains certain back-in rights on some of the claims. Northern Superior is the operator of the project.
Donald Boucher (P.Geo.) is Northern Superior Resources Qualified Person for this project. As QP, he has prepared or supervised the preparation of the scientific or technical information for the Wachigabau property and has verified the data disclosed in this press release.
Withdrawal of Shareholder Rights Plan
The Company has determined at this time not to pursue the Shareholder Rights Plan announced June 12, 2009.
About Northern Superior
Northern Superior Resources Inc. is a junior exploration company whose focus is exploring for gold on the Superior Province of the Canadian Shield. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of Northern Superior are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Northern Superior's expectations are exploration risks detailed herein and from time to time in the filings made by Northern Superior with securities regulators.
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
Northern Superior Resources Inc.Thomas F. MorrisPresident and CEO (705) 525-0992 (705) 525-0992(705) 525-7701 (FAX)info@nsuperior.cahttp://www.nsuperior.com/
SUDBURY, ONTARIO- Nov. 11, 2009 - Northern Superior Resources Inc. (TSX.V:SUP) has identified additional drill targets for the 2010 drill program on the Wachigabau gold property. Recent research has identified an area in the northwest part of the property that has not been explored since the early 1960's. High gold assay values from grab and channel samples, reported in assessment work reports and maps 1959, outline an area with exceptional potential for gold mineralization
(Table 1).
Sample Gold Value @ Width No. (oz/ ton) $35.00/oz (inches) C-3441 80.85 $2,829.75 4 C-3442 3.52 $123.20 36 C-3443 0.26 $9.10 8 C-3444 4.09 $143.15 Grab C-3445 138.03 $4,831.05 Grab
Table 1.
Reported gold assay values from the northwest part of Northern Superior Resources Inc. Wachigabau gold property. Table taken from: "Preliminary Report on L'Esperance Township Option of Opemisca Explorers Limited, W. Nowers Ashbury M.Sc., P.Eng, (1959), MRNF file GM09736."
Dr. T.F. Morris, President and CEO states: "The Company has recently found the historical trenches in the field and cut a grid at 50 m line spacing over the area. A ground magnetic survey has been completed and the grid is currently being mapped. With the recent receipt of government permits, a backhoe has been contracted to clean out the old trenches for mapping and channel sampling. These trenches are located about 4.5 km west, along strike with the structures hosting gold mineralization intersected by drilling of up to 10.12 g/t Au over 1.0m in the north-central portion of the Property (see press release June 17th, 2009). The presence of gold mineralization along a >4.5 km long structure indicates that the Wachigabau gold property has a high potential to host significant gold mineralization and we look forward to drilling targets in both areas."
The Company previously reported that this property is strategically located between the Lac Shortt gold mine to the northeast and the Coniagas zinc, lead and silver mine and Bachelor Lake gold mine and mill complex to the southwest. All these mines are associated with the Lake Opiwica- Gwillim Fault system. Mineralization known to occur on the Wachigabau property includes:
1.lode gold associated with quartz veining with values in drill hole intersections up to 5.39g/t Au over 2.4m, 10.3 g/t Au over 0.3 m and 10.12 g/t Au over 1.0m; 2.Cu-Au remobilized along continuous fracture systems up to 2.62%Cu, 14g/t Ag and 3.14g/t Au over a 3.25 m drill hole intersection; and 3.the potential for volcanogenic Cu-Z massive sulphide mineralization. In addition, re-sampling and geochemical analysis of drill core from previous drill programs completed on the Property by Northern Superior returned anomalous gold values of up to 550 ppb Au from a monzonitic dyke and 444 ppb Pt, 412 ppb Pd and 186 ppb Au from a gabbroic dyke (see press release June 17th, 2009).
The Wachigabau project is an option and joint venture agreement with Matamec Explorations Inc. ("Matamec"). Northern Superior is earning-in on its 50% of all mineral rights on the property, having already paid $25,000 cash and issued 100,000 shares and 100,000 share purchase warrants to Matamec under the agreement. In addition, Northern Superior has spent $75,000 of the $500,000 it is committed to spend on the property over three years. Once Northern Superior has exercised its option, the Company and Matamec will form a 50- 50 joint venture for all commodities on the property. IAMGOLD retains certain back-in rights on some of the claims. Northern Superior is the operator of the project.
Donald Boucher (P.Geo.) is Northern Superior Resources Qualified Person for this project. As QP, he has prepared or supervised the preparation of the scientific or technical information for the Wachigabau property and has verified the data disclosed in this press release.
Withdrawal of Shareholder Rights Plan
The Company has determined at this time not to pursue the Shareholder Rights Plan announced June 12, 2009.
About Northern Superior
Northern Superior Resources Inc. is a junior exploration company whose focus is exploring for gold on the Superior Province of the Canadian Shield. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec, and trades on the TSX Venture Exchange under the symbol SUP.
This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of Northern Superior are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Northern Superior's expectations are exploration risks detailed herein and from time to time in the filings made by Northern Superior with securities regulators.
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
Northern Superior Resources Inc.Thomas F. MorrisPresident and CEO (705) 525-0992 (705) 525-0992(705) 525-7701 (FAX)info@nsuperior.cahttp://www.nsuperior.com/
Mining Stocks News- Lake Shore Gold (TSX:LSG)Continues to Achieve Development and Exploration Success and to Grow Property Position
Mining Stocks News- Lake Shore Gold (TSX:LSG)Continues to Achieve Development and Exploration Success and to Grow Property Position
Plans to Commence Accelerated Thunder Creek Advanced Exploration Program
TORONTO, ONTARIO - Nov. 11, 2009 - Lake Shore Gold Corp. (TSX:LSG) today reported financial and operating results for the third quarter and first nine months of 2009 and announced plans to commence an accelerated underground advanced exploration program for the Thunder Creek property. Key operating highlights are provided below.
- Work on the Timmins Mine shaft 650 Level commenced during the third quarter and involved development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to those predicted by the Resource and Reserve model that supports the most recent National Instrument ("NI") 43-101 Report.
- The Timmins Mine ramp reached 1,370 metres ("m") of advance by the end of the third quarter of 2009, representing a vertical depth of approximately 200 m, in line with the Company's target for the year. Work continued to largely focus on development and advanced exploration work to define and expose the near-surface vein systems within the vein zones. The reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009.
- Refurbishing of the Bell Creek Mill to a capacity of 1,500 tonnes per day was completed near the end of the third quarter. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
- The advanced exploration program at the Company's Bell Creek Complex continued with the Bell Creek shaft currently (as of November 9, 2009) de-watered to the 250 m level and the ramp at Bell Creek having advanced a total of 880 m, with an additional 110 m of advance towards the Vogel property.
- Exploration Results released from Thunder Creek during third quarter included 12.17 grams per tonne ("gpt") gold ("Au") over 9.00 m, with Hole TC09-73 successfully extending the main Porphyry structure, with gold mineralization, to a 1,125 m vertical depth.
- Encouraging results from Bell Creek, including intercepts of 12.63 gpt Au over 11.65 m (July 21, 2009), 12.67 Au gpt over 14.40 m (October 1, 2009) and 5.13 gpt Au over 26.40 m (November 5, 2009). The mineralization at Bell Creek has been extended to a plunge length of approximately 1,250 m with a continuous high-grade mineralized system established from the 500 m level to 1,000 m which remains open at depth and along strike.
Project spending in the first nine months of 2009, including exploration expenditures of $11.9 million, totaled $66.0 million (excluding non-cash charges and changes in working capital). The Company expects its expenditures in 2009 to be in line with the previously announced budget of $89 million.
Subsequent Events
On November 6, 2009, Lake Shore Gold completed a business combination with West Timmins Mining Inc. ("West Timmins") through which the Company acquired all of the outstanding common shares of West Timmins with shareholders of West Timmins receiving 0.73 of a Lake Shore Gold common share for each common share of West Timmins they held. Lake Shore Gold issued approximately 104 million common shares pursuant to the transaction. With the transaction's completion, Lake Shore Gold has established a new gold mining complex in the Timmins Camp. The Timmins West Gold Mine Complex comprises the Company's Timmins Mine, the consolidated Thunder Creek project and approximately 120 square kilometers of additional highly prospective land along the Timmins mine trend west of the Mattagami River fault.
On October 23, 2009, the Company entered into an agreement with Goldcorp Canada Ltd. and Goldcorp Inc., to purchase approximately 28 square kilometers of prospective exploration property in the surrounding vicinity of the Company's Bell Creek Complex ranging from a project with a historic resource, Marlhill Mine, to early stage targets with significant exploration potential. Consideration for the transaction totals $20 million ($15 million in cash and the remainder in shares of Lake Shore Gold). The transaction is subject to regulatory approval, with closing expected in December.
On October 7, 2009, the Company issued a National Instrument 43-101 ("NI 43-101) technical report (the "Report") for the Timmins Mine, which was required for incorporation by reference in a circular mailed to shareholders of West Timmins. Highlights of the Report included: an updated reserve estimate totaling 3.4 million tonnes at 7.52 grams per tonne containing 812,000 ounces on a cut basis (826,000 ounces previously); peak annual production of 120,000 ounces of gold, cash operating costs, at peak output, of US$322 per ounce, an additional capital requirement in 2010 to bring the project to commercial production of $33 million with $29 million of sustaining capital expected over the remaining project life, and an internal rate of return, assuming a gold price of US$950 per ounce and based on the $62 million of capital expected from the end of 2009, of 240%.
Outlook
The Company has commenced an underground advanced exploration program for the Thunder Creek property with two drifts planned from the Timmins Mine at the 650 Level and 200 Level targeting high-grade mineralization at Thunder Creek. The Company expects to reach mineralization at Thunder Creek by the third quarter of 2010.
Prioritizing development at Thunder Creek as part of the overall Timmins West Mine Gold Complex is intended to accelerate growth in the Company's production capacity. The Company's goal for Thunder Creek is by the end of 2010 to have completed a NI 43-101 resource estimate for the property and to have commenced processing ore from the Thunder Creek advanced exploration program.
Given the near-term prioritizing of drifting from Timmins Mine to Thunder Creek, focusing work at the 650 Level at Timmins Mine on drilling and on accessing and expanding resources in the Ultramafic and Footwall zones, and the complexity and continuity of the near-surface vein systems in the ramp, the Company has revised its target for 2009 to 7,500 ounces. The targets for 2010 and 2011 of 100,000 ounces and 200,000 ounces, respectively, remain unchanged and will be updated as progress is made underground at Thunder Creek, Bell Creek and the other Bell Creek Complex properties.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "We continue to make excellent progress with our exploration, advanced exploration and development programs. With the completion of the West Timmins transaction, we are now going to move aggressively to access Thunder Creek underground. Our efforts are aimed at building the production capacity of Lake Shore Gold as much as possible over the next year. By the end of 2010, we expect to be in commercial production at Timmins Mine, to be approaching pre-production at the Bell Creek Complex and to have commenced processing ore from the Thunder Creek advanced exploration program.
"At the Timmins Mine, results of underground drilling, sampling, mapping and development to date in the Ultramafic Zone suggest that grades and widths are consistent with the recently released NI 43-101 reserve and suggest that the tonnage and ounces for the Ultramafic Zone resource could be expanded at similar grades. At Bell Creek, exploration results continue to be excellent and confirm the presence of a large gold system extending to depth. Our belief in the significant potential of the Bell Creek Complex properties and the New Mine Trend in Timmins was a key factor in our decision to acquire a large land package in the area from the Porcupine Gold Mines Joint Venture."
Third Quarter and First Nine Months 2009 Operations Review Nine months endedProject and Exploration Spending ($'000) September 30, 2009(i)------------------------------------------------------------------------- Resource property and deferred exploration Timmins Mine $37,130 Bell Creek Mill 13,196 Bell Creek mine and exploration properties 8,796 Thunder Creek Joint Venture (Company's share) 1,963 Casa Berardi net 920 Other projects 253 --------------------- $62,258 --------------------- --------------------- Property, plant and equipment Timmins Mine 2,047 Bell Creek Mill 397 Bell Creek Mine 1,287 --------------------- $3,731 --------------------- ----------------------------------------------------------------------------------------------Total Project and Exploration Spending $65,989--------------------------------------------------------------------------------------------------------------------------------------------------(i) Project and Exploration Spending reported above for the nine months ended September 30, 2009 exclude noncash charges of $2.8 million for resource property and deferred exploration, $8.3 million for property, plant and equipment and changes in working capital.
Timmins Mine Project
During the nine months ended September 30, 2009, the Company spent $39.2 million on the Timmins Mine project (including advanced exploration, ramp development and exploration drilling expenditures as well as $2.0 million on property, plant and equipment).
The Company is carrying out an advanced exploration program for delineation of bulk sampling of the Footwall, Ultramafic and Main Zones of the property, along with supporting an underground diamond drilling program to both expand the currently identified probable reserve and identify new resources. During the nine months ended September 30, 2009, the Company's spending on advanced exploration at Timmins totaled $17.5 million.
On May 13, 2009, the Timmins shaft reached the 650 Level. The 650 Level shaft station was completed as of June 2, 2009 and development from the 650 Level towards the ore in the Ultramafic Zone, representing approximately 60% of the Timmins Mine deposit, commenced in July. Work on the Timmins Mine shaft during the third quarter of 2009 included development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Approximately 10,000 tonnes of material has been extracted from the Ultramafic Zone resource area at the 650 Level and stockpiled on surface with limited processing to date. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to that predicted by the Resource and Reserve model that supports the most recent National Instrument 43-101 Report.
In addition, recent block modeling and resource estimation for the 50 m horizontal slice of the Ultramafic Zone surrounding the 650 Level, incorporating results of recent underground diamond drilling and using inverse distance squared and a 50 gpt top capping, have been completed and indicate that tonnage and ounces for the Ultramafic Zone resource could be expanded from the most recent NI 43-101 resource calculation at similar grades.
The Company is continuing to carry out advanced exploration work along the 650 Level resource/reserve areas. This includes development along all of the mineralized ore zones, sampling, mapping and diamond drilling at this elevation, and sublevels at intervals both above and below the level. This work will be ongoing throughout the fourth quarter of 2009 and will carry on into the first half of 2010.
To date, the Timmins ramp has advanced approximately 1,370 metres to a vertical depth of approximately 200 metres, in line with the Company's target for the year. The vein systems in vein zones have shown weaker continuity and greater complexity than predicted in the original surface drilling. As a result, the reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009. Project spending related to the ramp during the nine months ended September 30, 2009 was $18.3 million (including $2.0 million for property, plant and equipment).
During the third quarter (August 24, 2009), the Company announced results from four underground holes (906.5 m) from the 525 Level and 650 Level of Timmins Mine. All four holes intersected zones of mineralization consistent in grade and width with intersections from previous surface drilling, with two holes also intersecting high-grade mineralization in areas outside the existing resource and two others intersecting mineralization on the edge of existing resource blocks for the Footwall Zone.
Subsequent to the end of the third quarter (October 29, 2009), results from an additional 21 underground holes (4,417 m) were released. The results continued to confirm that the overall size and shape of the main Ultramafic Zone is similar to the existing resource model and to expand the resource potential of the project.
Bell Creek Mill
The Bell Creek Mill, acquired in 2007 together with the Bell Creek Mine, was made operational in December 2008 at a capacity of 800 tonnes per day. Processing of low-grade material from development and advanced exploration work in the Timmins Mine ramp commenced at the Bell Creek Mill near the end of the first quarter of 2009. The Mill was initially running in campaigns processing material as stockpiles were established. The Mill is running on a more continuous basis as deliveries from the Timmins Mine increase, both from the ramp and shaft. In addition, work to refurbish the secondary ball mill circuit at the Bell Creek Mill was completed near the end of the third quarter which increased the Mill's capacity to 1,500 tonnes per day. To date in the fourth quarter, the Mill has continued to operate at approximately 800 tonnes per day with the secondary circuit expected to come on stream as production volumes increase. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
Spending at the Bell Creek Mill in the nine months ended September 30, 2009 totaled $13.2 million including processing costs as well as new surface buildings, the construction of a cyanide destruction plant and other mill improvements and repairs.
Bell Creek Mine, Vogel and Schumacher
The Company's project spending for the advanced exploration program at the 100% owned Bell Creek Mine and contiguous Vogel and Schumacher properties for the nine months ended September 30, 2009 totaled $4.8 million. The Bell Creek Complex advanced exploration program includes de-watering and rehabilitating the existing Bell Creek Mine shaft and workings and collaring a ramp at Bell Creek to be connected to the Bell Creek Mine workings and then to be driven across the Bell Creek property to the contiguous Schumacher and Vogel properties in order to access known mineralization at Vogel. As at November 9, 2009, the Bell Creek shaft had been de-watered to a depth of 250 m and the ramp at Bell Creek had advanced 880 m with an additional 110 m of advance towards the Vogel property.
Exploration Expenditures
Exploration spending for the nine months ended September 30, 2009 totaled $11.9 million (representing 92,610 metres of drilling) and included $3.4 million at the Timmins Mine project, $2.0 million at Thunder Creek, $5.3 million at the Bell Creek Complex, and $0.9 million at Casa Berardi, with the remainder at other projects.
During the nine months ended September 30, 2009, the Company announced results from the drilling (16 holes and three wedge holes, for a total of 13,592 metres) on the now 100% owned Thunder Creek property, which is located immediately adjacent to the Timmins Mine project (refer to the press releases dated March 31, May 5, June 24 and August 25, 2009 on the Company's website at www.lsgold.com). The drilling is part of the Company's ongoing 22,000 metre diamond drill program commenced in August 2008.
Results announced on August 25, 2009 included 12.17 gpt Au over 9.00 m within an overall drill intersection of 3.73 gpt Au over 80.30 m. In addition, TC09-73 successfully extended main Porphyry structure, with gold mineralization, to 1,125 metre vertical depth with potential for additional high-grade zones at this depth and below considered excellent. The August 25th results followed the most encouraging results from Thunder Creek to date, released on June 24, 2009, which included TC09-68b which intersected 12.75 gpt Au over 83.40 m.
Encouraging exploration results were also reported from the Company's 100% owned Bell Creek Complex (including the Bell Creek, Vogel and Schumacher properties). To date in 2009, the Company has announced results from 79 holes, 18 wedge holes and one hole extension (46,760 metres). Included in the results were 12.67 gpt Au over 14.5 m, including 16.73 gpt Au over 10.0 m on October 1, 2009 and 12.63 gpt Au over 11.65 m on July 21, 2009. Subsequent to the end of the third quarter, on November 5, 2009, the Company released additional results at Bell Creek, including 5.13 gpt Au over 26.40 m, including higher grade zones of 9.75 gpt Au over 5.60 m and 12.80 gpt Au over 1.5 m. The November 5th results extended the mineralization at Bell Creek to a total plunge length of approximately 1,250 m and defined a continuous high-grade mineralized system from the 500 m level to 1,000 m with the system remaining open at depth and along strike.
More information about Lake Shore Gold's third quarter and first nine month 2009 results and financial condition and liquidity is available in the Company's consolidated financial statements and management's discussion and analysis, which have been filed on SEDAR at www.sedar.com and posted to the Company's website at www.lsgold.com.
Lake Shore Gold will also host a conference call and webcast on Thursday, November 12, 2009 at 10:00 am EST to discuss the Company's third quarter 2009 performance. Those wishing to access the call can do so using the telephone numbers listed below. The call will also be webcast and available on the Company's website.
Participant call-in: 416-340-8018 or 866-225-0198 Replay number: 416-695-5800 or 800-408-3053 Replay ID: 8076047 Available until: 11:59 pm, November 19, 2009
About Lake Shore Gold
Lake Shore Gold is a mining company with a goal to become a North American mid-tier gold producer through property acquisition, exploration, new mine development and construction, and production from its Timmins, Ontario properties. The Company is currently carrying out an underground advanced exploration program at its 100%-owned Timmins Mine project, where it has both a shaft and a ramp. The Bell Creek Mill, located on the east side of Timmins, has been refurbished to a capacity of 1,500 tonnes per day. The Company is also making progress with an underground advanced exploration program at its Bell Creek Complex, including the Bell Creek Mine, Schumacher and Vogel properties, which have the potential to become the Company's second mining project in the Timmins Camp. In addition, Lake Shore Gold is pursuing a number of other highly prospective exploration properties in Timmins and other parts of Northern Ontario and Quebec, and owns a large land position in Mexico. The Company's common shares trade on the TSX under the symbol LSG.
Forward-looking Statements
Certain statements in this press release relating to the Company's exploration activities, project expenditures, business plans and financial and operating performance are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. 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 the forward-looking statements. In particular, fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in Lake Shore Gold's most recent Annual Information Form and other regulatory filings which are posted on SEDAR at www.sedar.com.
There is no guarantee that drill results reported in this news release will lead to the identification of a deposit that can be mined economically, and further work is required to identify a reserve or resource.
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s url and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Plans to Commence Accelerated Thunder Creek Advanced Exploration Program
TORONTO, ONTARIO - Nov. 11, 2009 - Lake Shore Gold Corp. (TSX:LSG) today reported financial and operating results for the third quarter and first nine months of 2009 and announced plans to commence an accelerated underground advanced exploration program for the Thunder Creek property. Key operating highlights are provided below.
- Work on the Timmins Mine shaft 650 Level commenced during the third quarter and involved development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to those predicted by the Resource and Reserve model that supports the most recent National Instrument ("NI") 43-101 Report.
- The Timmins Mine ramp reached 1,370 metres ("m") of advance by the end of the third quarter of 2009, representing a vertical depth of approximately 200 m, in line with the Company's target for the year. Work continued to largely focus on development and advanced exploration work to define and expose the near-surface vein systems within the vein zones. The reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009.
- Refurbishing of the Bell Creek Mill to a capacity of 1,500 tonnes per day was completed near the end of the third quarter. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
- The advanced exploration program at the Company's Bell Creek Complex continued with the Bell Creek shaft currently (as of November 9, 2009) de-watered to the 250 m level and the ramp at Bell Creek having advanced a total of 880 m, with an additional 110 m of advance towards the Vogel property.
- Exploration Results released from Thunder Creek during third quarter included 12.17 grams per tonne ("gpt") gold ("Au") over 9.00 m, with Hole TC09-73 successfully extending the main Porphyry structure, with gold mineralization, to a 1,125 m vertical depth.
- Encouraging results from Bell Creek, including intercepts of 12.63 gpt Au over 11.65 m (July 21, 2009), 12.67 Au gpt over 14.40 m (October 1, 2009) and 5.13 gpt Au over 26.40 m (November 5, 2009). The mineralization at Bell Creek has been extended to a plunge length of approximately 1,250 m with a continuous high-grade mineralized system established from the 500 m level to 1,000 m which remains open at depth and along strike.
Project spending in the first nine months of 2009, including exploration expenditures of $11.9 million, totaled $66.0 million (excluding non-cash charges and changes in working capital). The Company expects its expenditures in 2009 to be in line with the previously announced budget of $89 million.
Subsequent Events
On November 6, 2009, Lake Shore Gold completed a business combination with West Timmins Mining Inc. ("West Timmins") through which the Company acquired all of the outstanding common shares of West Timmins with shareholders of West Timmins receiving 0.73 of a Lake Shore Gold common share for each common share of West Timmins they held. Lake Shore Gold issued approximately 104 million common shares pursuant to the transaction. With the transaction's completion, Lake Shore Gold has established a new gold mining complex in the Timmins Camp. The Timmins West Gold Mine Complex comprises the Company's Timmins Mine, the consolidated Thunder Creek project and approximately 120 square kilometers of additional highly prospective land along the Timmins mine trend west of the Mattagami River fault.
On October 23, 2009, the Company entered into an agreement with Goldcorp Canada Ltd. and Goldcorp Inc., to purchase approximately 28 square kilometers of prospective exploration property in the surrounding vicinity of the Company's Bell Creek Complex ranging from a project with a historic resource, Marlhill Mine, to early stage targets with significant exploration potential. Consideration for the transaction totals $20 million ($15 million in cash and the remainder in shares of Lake Shore Gold). The transaction is subject to regulatory approval, with closing expected in December.
On October 7, 2009, the Company issued a National Instrument 43-101 ("NI 43-101) technical report (the "Report") for the Timmins Mine, which was required for incorporation by reference in a circular mailed to shareholders of West Timmins. Highlights of the Report included: an updated reserve estimate totaling 3.4 million tonnes at 7.52 grams per tonne containing 812,000 ounces on a cut basis (826,000 ounces previously); peak annual production of 120,000 ounces of gold, cash operating costs, at peak output, of US$322 per ounce, an additional capital requirement in 2010 to bring the project to commercial production of $33 million with $29 million of sustaining capital expected over the remaining project life, and an internal rate of return, assuming a gold price of US$950 per ounce and based on the $62 million of capital expected from the end of 2009, of 240%.
Outlook
The Company has commenced an underground advanced exploration program for the Thunder Creek property with two drifts planned from the Timmins Mine at the 650 Level and 200 Level targeting high-grade mineralization at Thunder Creek. The Company expects to reach mineralization at Thunder Creek by the third quarter of 2010.
Prioritizing development at Thunder Creek as part of the overall Timmins West Mine Gold Complex is intended to accelerate growth in the Company's production capacity. The Company's goal for Thunder Creek is by the end of 2010 to have completed a NI 43-101 resource estimate for the property and to have commenced processing ore from the Thunder Creek advanced exploration program.
Given the near-term prioritizing of drifting from Timmins Mine to Thunder Creek, focusing work at the 650 Level at Timmins Mine on drilling and on accessing and expanding resources in the Ultramafic and Footwall zones, and the complexity and continuity of the near-surface vein systems in the ramp, the Company has revised its target for 2009 to 7,500 ounces. The targets for 2010 and 2011 of 100,000 ounces and 200,000 ounces, respectively, remain unchanged and will be updated as progress is made underground at Thunder Creek, Bell Creek and the other Bell Creek Complex properties.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "We continue to make excellent progress with our exploration, advanced exploration and development programs. With the completion of the West Timmins transaction, we are now going to move aggressively to access Thunder Creek underground. Our efforts are aimed at building the production capacity of Lake Shore Gold as much as possible over the next year. By the end of 2010, we expect to be in commercial production at Timmins Mine, to be approaching pre-production at the Bell Creek Complex and to have commenced processing ore from the Thunder Creek advanced exploration program.
"At the Timmins Mine, results of underground drilling, sampling, mapping and development to date in the Ultramafic Zone suggest that grades and widths are consistent with the recently released NI 43-101 reserve and suggest that the tonnage and ounces for the Ultramafic Zone resource could be expanded at similar grades. At Bell Creek, exploration results continue to be excellent and confirm the presence of a large gold system extending to depth. Our belief in the significant potential of the Bell Creek Complex properties and the New Mine Trend in Timmins was a key factor in our decision to acquire a large land package in the area from the Porcupine Gold Mines Joint Venture."
Third Quarter and First Nine Months 2009 Operations Review Nine months endedProject and Exploration Spending ($'000) September 30, 2009(i)------------------------------------------------------------------------- Resource property and deferred exploration Timmins Mine $37,130 Bell Creek Mill 13,196 Bell Creek mine and exploration properties 8,796 Thunder Creek Joint Venture (Company's share) 1,963 Casa Berardi net 920 Other projects 253 --------------------- $62,258 --------------------- --------------------- Property, plant and equipment Timmins Mine 2,047 Bell Creek Mill 397 Bell Creek Mine 1,287 --------------------- $3,731 --------------------- ----------------------------------------------------------------------------------------------Total Project and Exploration Spending $65,989--------------------------------------------------------------------------------------------------------------------------------------------------(i) Project and Exploration Spending reported above for the nine months ended September 30, 2009 exclude noncash charges of $2.8 million for resource property and deferred exploration, $8.3 million for property, plant and equipment and changes in working capital.
Timmins Mine Project
During the nine months ended September 30, 2009, the Company spent $39.2 million on the Timmins Mine project (including advanced exploration, ramp development and exploration drilling expenditures as well as $2.0 million on property, plant and equipment).
The Company is carrying out an advanced exploration program for delineation of bulk sampling of the Footwall, Ultramafic and Main Zones of the property, along with supporting an underground diamond drilling program to both expand the currently identified probable reserve and identify new resources. During the nine months ended September 30, 2009, the Company's spending on advanced exploration at Timmins totaled $17.5 million.
On May 13, 2009, the Timmins shaft reached the 650 Level. The 650 Level shaft station was completed as of June 2, 2009 and development from the 650 Level towards the ore in the Ultramafic Zone, representing approximately 60% of the Timmins Mine deposit, commenced in July. Work on the Timmins Mine shaft during the third quarter of 2009 included development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Approximately 10,000 tonnes of material has been extracted from the Ultramafic Zone resource area at the 650 Level and stockpiled on surface with limited processing to date. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to that predicted by the Resource and Reserve model that supports the most recent National Instrument 43-101 Report.
In addition, recent block modeling and resource estimation for the 50 m horizontal slice of the Ultramafic Zone surrounding the 650 Level, incorporating results of recent underground diamond drilling and using inverse distance squared and a 50 gpt top capping, have been completed and indicate that tonnage and ounces for the Ultramafic Zone resource could be expanded from the most recent NI 43-101 resource calculation at similar grades.
The Company is continuing to carry out advanced exploration work along the 650 Level resource/reserve areas. This includes development along all of the mineralized ore zones, sampling, mapping and diamond drilling at this elevation, and sublevels at intervals both above and below the level. This work will be ongoing throughout the fourth quarter of 2009 and will carry on into the first half of 2010.
To date, the Timmins ramp has advanced approximately 1,370 metres to a vertical depth of approximately 200 metres, in line with the Company's target for the year. The vein systems in vein zones have shown weaker continuity and greater complexity than predicted in the original surface drilling. As a result, the reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009. Project spending related to the ramp during the nine months ended September 30, 2009 was $18.3 million (including $2.0 million for property, plant and equipment).
During the third quarter (August 24, 2009), the Company announced results from four underground holes (906.5 m) from the 525 Level and 650 Level of Timmins Mine. All four holes intersected zones of mineralization consistent in grade and width with intersections from previous surface drilling, with two holes also intersecting high-grade mineralization in areas outside the existing resource and two others intersecting mineralization on the edge of existing resource blocks for the Footwall Zone.
Subsequent to the end of the third quarter (October 29, 2009), results from an additional 21 underground holes (4,417 m) were released. The results continued to confirm that the overall size and shape of the main Ultramafic Zone is similar to the existing resource model and to expand the resource potential of the project.
Bell Creek Mill
The Bell Creek Mill, acquired in 2007 together with the Bell Creek Mine, was made operational in December 2008 at a capacity of 800 tonnes per day. Processing of low-grade material from development and advanced exploration work in the Timmins Mine ramp commenced at the Bell Creek Mill near the end of the first quarter of 2009. The Mill was initially running in campaigns processing material as stockpiles were established. The Mill is running on a more continuous basis as deliveries from the Timmins Mine increase, both from the ramp and shaft. In addition, work to refurbish the secondary ball mill circuit at the Bell Creek Mill was completed near the end of the third quarter which increased the Mill's capacity to 1,500 tonnes per day. To date in the fourth quarter, the Mill has continued to operate at approximately 800 tonnes per day with the secondary circuit expected to come on stream as production volumes increase. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
Spending at the Bell Creek Mill in the nine months ended September 30, 2009 totaled $13.2 million including processing costs as well as new surface buildings, the construction of a cyanide destruction plant and other mill improvements and repairs.
Bell Creek Mine, Vogel and Schumacher
The Company's project spending for the advanced exploration program at the 100% owned Bell Creek Mine and contiguous Vogel and Schumacher properties for the nine months ended September 30, 2009 totaled $4.8 million. The Bell Creek Complex advanced exploration program includes de-watering and rehabilitating the existing Bell Creek Mine shaft and workings and collaring a ramp at Bell Creek to be connected to the Bell Creek Mine workings and then to be driven across the Bell Creek property to the contiguous Schumacher and Vogel properties in order to access known mineralization at Vogel. As at November 9, 2009, the Bell Creek shaft had been de-watered to a depth of 250 m and the ramp at Bell Creek had advanced 880 m with an additional 110 m of advance towards the Vogel property.
Exploration Expenditures
Exploration spending for the nine months ended September 30, 2009 totaled $11.9 million (representing 92,610 metres of drilling) and included $3.4 million at the Timmins Mine project, $2.0 million at Thunder Creek, $5.3 million at the Bell Creek Complex, and $0.9 million at Casa Berardi, with the remainder at other projects.
During the nine months ended September 30, 2009, the Company announced results from the drilling (16 holes and three wedge holes, for a total of 13,592 metres) on the now 100% owned Thunder Creek property, which is located immediately adjacent to the Timmins Mine project (refer to the press releases dated March 31, May 5, June 24 and August 25, 2009 on the Company's website at www.lsgold.com). The drilling is part of the Company's ongoing 22,000 metre diamond drill program commenced in August 2008.
Results announced on August 25, 2009 included 12.17 gpt Au over 9.00 m within an overall drill intersection of 3.73 gpt Au over 80.30 m. In addition, TC09-73 successfully extended main Porphyry structure, with gold mineralization, to 1,125 metre vertical depth with potential for additional high-grade zones at this depth and below considered excellent. The August 25th results followed the most encouraging results from Thunder Creek to date, released on June 24, 2009, which included TC09-68b which intersected 12.75 gpt Au over 83.40 m.
Encouraging exploration results were also reported from the Company's 100% owned Bell Creek Complex (including the Bell Creek, Vogel and Schumacher properties). To date in 2009, the Company has announced results from 79 holes, 18 wedge holes and one hole extension (46,760 metres). Included in the results were 12.67 gpt Au over 14.5 m, including 16.73 gpt Au over 10.0 m on October 1, 2009 and 12.63 gpt Au over 11.65 m on July 21, 2009. Subsequent to the end of the third quarter, on November 5, 2009, the Company released additional results at Bell Creek, including 5.13 gpt Au over 26.40 m, including higher grade zones of 9.75 gpt Au over 5.60 m and 12.80 gpt Au over 1.5 m. The November 5th results extended the mineralization at Bell Creek to a total plunge length of approximately 1,250 m and defined a continuous high-grade mineralized system from the 500 m level to 1,000 m with the system remaining open at depth and along strike.
More information about Lake Shore Gold's third quarter and first nine month 2009 results and financial condition and liquidity is available in the Company's consolidated financial statements and management's discussion and analysis, which have been filed on SEDAR at www.sedar.com and posted to the Company's website at www.lsgold.com.
Lake Shore Gold will also host a conference call and webcast on Thursday, November 12, 2009 at 10:00 am EST to discuss the Company's third quarter 2009 performance. Those wishing to access the call can do so using the telephone numbers listed below. The call will also be webcast and available on the Company's website.
Participant call-in: 416-340-8018 or 866-225-0198 Replay number: 416-695-5800 or 800-408-3053 Replay ID: 8076047 Available until: 11:59 pm, November 19, 2009
About Lake Shore Gold
Lake Shore Gold is a mining company with a goal to become a North American mid-tier gold producer through property acquisition, exploration, new mine development and construction, and production from its Timmins, Ontario properties. The Company is currently carrying out an underground advanced exploration program at its 100%-owned Timmins Mine project, where it has both a shaft and a ramp. The Bell Creek Mill, located on the east side of Timmins, has been refurbished to a capacity of 1,500 tonnes per day. The Company is also making progress with an underground advanced exploration program at its Bell Creek Complex, including the Bell Creek Mine, Schumacher and Vogel properties, which have the potential to become the Company's second mining project in the Timmins Camp. In addition, Lake Shore Gold is pursuing a number of other highly prospective exploration properties in Timmins and other parts of Northern Ontario and Quebec, and owns a large land position in Mexico. The Company's common shares trade on the TSX under the symbol LSG.
Forward-looking Statements
Certain statements in this press release relating to the Company's exploration activities, project expenditures, business plans and financial and operating performance are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. 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 the forward-looking statements. In particular, fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in Lake Shore Gold's most recent Annual Information Form and other regulatory filings which are posted on SEDAR at www.sedar.com.
There is no guarantee that drill results reported in this news release will lead to the identification of a deposit that can be mined economically, and further work is required to identify a reserve or resource.
Resource investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s url and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Mining Stocks News- Lake Shore Gold (TSX:LSG)Continues to Achieve Development and Exploration Success and to Grow Property Position
Mining Stocks News- Lake Shore Gold (TSX:LSG)Continues to Achieve Development and Exploration Success and to Grow Property Position
Plans to Commence Accelerated Thunder Creek Advanced Exploration Program
TORONTO, ONTARIO - Nov. 11, 2009 - Lake Shore Gold Corp. (TSX:LSG) today reported financial and operating results for the third quarter and first nine months of 2009 and announced plans to commence an accelerated underground advanced exploration program for the Thunder Creek property. Key operating highlights are provided below.
- Work on the Timmins Mine shaft 650 Level commenced during the third quarter and involved development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to those predicted by the Resource and Reserve model that supports the most recent National Instrument ("NI") 43-101 Report.
- The Timmins Mine ramp reached 1,370 metres ("m") of advance by the end of the third quarter of 2009, representing a vertical depth of approximately 200 m, in line with the Company's target for the year. Work continued to largely focus on development and advanced exploration work to define and expose the near-surface vein systems within the vein zones. The reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009.
- Refurbishing of the Bell Creek Mill to a capacity of 1,500 tonnes per day was completed near the end of the third quarter. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
- The advanced exploration program at the Company's Bell Creek Complex continued with the Bell Creek shaft currently (as of November 9, 2009) de-watered to the 250 m level and the ramp at Bell Creek having advanced a total of 880 m, with an additional 110 m of advance towards the Vogel property.
- Exploration Results released from Thunder Creek during third quarter included 12.17 grams per tonne ("gpt") gold ("Au") over 9.00 m, with Hole TC09-73 successfully extending the main Porphyry structure, with gold mineralization, to a 1,125 m vertical depth.
- Encouraging results from Bell Creek, including intercepts of 12.63 gpt Au over 11.65 m (July 21, 2009), 12.67 Au gpt over 14.40 m (October 1, 2009) and 5.13 gpt Au over 26.40 m (November 5, 2009). The mineralization at Bell Creek has been extended to a plunge length of approximately 1,250 m with a continuous high-grade mineralized system established from the 500 m level to 1,000 m which remains open at depth and along strike.
Project spending in the first nine months of 2009, including exploration expenditures of $11.9 million, totaled $66.0 million (excluding non-cash charges and changes in working capital). The Company expects its expenditures in 2009 to be in line with the previously announced budget of $89 million.
Subsequent Events
On November 6, 2009, Lake Shore Gold completed a business combination with West Timmins Mining Inc. ("West Timmins") through which the Company acquired all of the outstanding common shares of West Timmins with shareholders of West Timmins receiving 0.73 of a Lake Shore Gold common share for each common share of West Timmins they held. Lake Shore Gold issued approximately 104 million common shares pursuant to the transaction. With the transaction's completion, Lake Shore Gold has established a new gold mining complex in the Timmins Camp. The Timmins West Gold Mine Complex comprises the Company's Timmins Mine, the consolidated Thunder Creek project and approximately 120 square kilometers of additional highly prospective land along the Timmins mine trend west of the Mattagami River fault.
On October 23, 2009, the Company entered into an agreement with Goldcorp Canada Ltd. and Goldcorp Inc., to purchase approximately 28 square kilometers of prospective exploration property in the surrounding vicinity of the Company's Bell Creek Complex ranging from a project with a historic resource, Marlhill Mine, to early stage targets with significant exploration potential. Consideration for the transaction totals $20 million ($15 million in cash and the remainder in shares of Lake Shore Gold). The transaction is subject to regulatory approval, with closing expected in December.
On October 7, 2009, the Company issued a National Instrument 43-101 ("NI 43-101) technical report (the "Report") for the Timmins Mine, which was required for incorporation by reference in a circular mailed to shareholders of West Timmins. Highlights of the Report included: an updated reserve estimate totaling 3.4 million tonnes at 7.52 grams per tonne containing 812,000 ounces on a cut basis (826,000 ounces previously); peak annual production of 120,000 ounces of gold, cash operating costs, at peak output, of US$322 per ounce, an additional capital requirement in 2010 to bring the project to commercial production of $33 million with $29 million of sustaining capital expected over the remaining project life, and an internal rate of return, assuming a gold price of US$950 per ounce and based on the $62 million of capital expected from the end of 2009, of 240%.
Outlook
The Company has commenced an underground advanced exploration program for the Thunder Creek property with two drifts planned from the Timmins Mine at the 650 Level and 200 Level targeting high-grade mineralization at Thunder Creek. The Company expects to reach mineralization at Thunder Creek by the third quarter of 2010.
Prioritizing development at Thunder Creek as part of the overall Timmins West Mine Gold Complex is intended to accelerate growth in the Company's production capacity. The Company's goal for Thunder Creek is by the end of 2010 to have completed a NI 43-101 resource estimate for the property and to have commenced processing ore from the Thunder Creek advanced exploration program.
Given the near-term prioritizing of drifting from Timmins Mine to Thunder Creek, focusing work at the 650 Level at Timmins Mine on drilling and on accessing and expanding resources in the Ultramafic and Footwall zones, and the complexity and continuity of the near-surface vein systems in the ramp, the Company has revised its target for 2009 to 7,500 ounces. The targets for 2010 and 2011 of 100,000 ounces and 200,000 ounces, respectively, remain unchanged and will be updated as progress is made underground at Thunder Creek, Bell Creek and the other Bell Creek Complex properties.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "We continue to make excellent progress with our exploration, advanced exploration and development programs. With the completion of the West Timmins transaction, we are now going to move aggressively to access Thunder Creek underground. Our efforts are aimed at building the production capacity of Lake Shore Gold as much as possible over the next year. By the end of 2010, we expect to be in commercial production at Timmins Mine, to be approaching pre-production at the Bell Creek Complex and to have commenced processing ore from the Thunder Creek advanced exploration program.
"At the Timmins Mine, results of underground drilling, sampling, mapping and development to date in the Ultramafic Zone suggest that grades and widths are consistent with the recently released NI 43-101 reserve and suggest that the tonnage and ounces for the Ultramafic Zone resource could be expanded at similar grades. At Bell Creek, exploration results continue to be excellent and confirm the presence of a large gold system extending to depth. Our belief in the significant potential of the Bell Creek Complex properties and the New Mine Trend in Timmins was a key factor in our decision to acquire a large land package in the area from the Porcupine Gold Mines Joint Venture."
Third Quarter and First Nine Months 2009 Operations Review Nine months endedProject and Exploration Spending ($'000) September 30, 2009(i)------------------------------------------------------------------------- Resource property and deferred exploration Timmins Mine $37,130 Bell Creek Mill 13,196 Bell Creek mine and exploration properties 8,796 Thunder Creek Joint Venture (Company's share) 1,963 Casa Berardi net 920 Other projects 253 --------------------- $62,258 --------------------- --------------------- Property, plant and equipment Timmins Mine 2,047 Bell Creek Mill 397 Bell Creek Mine 1,287 --------------------- $3,731 --------------------- ----------------------------------------------------------------------------------------------Total Project and Exploration Spending $65,989--------------------------------------------------------------------------------------------------------------------------------------------------(i) Project and Exploration Spending reported above for the nine months ended September 30, 2009 exclude noncash charges of $2.8 million for resource property and deferred exploration, $8.3 million for property, plant and equipment and changes in working capital.
Timmins Mine Project
During the nine months ended September 30, 2009, the Company spent $39.2 million on the Timmins Mine project (including advanced exploration, ramp development and exploration drilling expenditures as well as $2.0 million on property, plant and equipment).
The Company is carrying out an advanced exploration program for delineation of bulk sampling of the Footwall, Ultramafic and Main Zones of the property, along with supporting an underground diamond drilling program to both expand the currently identified probable reserve and identify new resources. During the nine months ended September 30, 2009, the Company's spending on advanced exploration at Timmins totaled $17.5 million.
On May 13, 2009, the Timmins shaft reached the 650 Level. The 650 Level shaft station was completed as of June 2, 2009 and development from the 650 Level towards the ore in the Ultramafic Zone, representing approximately 60% of the Timmins Mine deposit, commenced in July. Work on the Timmins Mine shaft during the third quarter of 2009 included development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Approximately 10,000 tonnes of material has been extracted from the Ultramafic Zone resource area at the 650 Level and stockpiled on surface with limited processing to date. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to that predicted by the Resource and Reserve model that supports the most recent National Instrument 43-101 Report.
In addition, recent block modeling and resource estimation for the 50 m horizontal slice of the Ultramafic Zone surrounding the 650 Level, incorporating results of recent underground diamond drilling and using inverse distance squared and a 50 gpt top capping, have been completed and indicate that tonnage and ounces for the Ultramafic Zone resource could be expanded from the most recent NI 43-101 resource calculation at similar grades.
The Company is continuing to carry out advanced exploration work along the 650 Level resource/reserve areas. This includes development along all of the mineralized ore zones, sampling, mapping and diamond drilling at this elevation, and sublevels at intervals both above and below the level. This work will be ongoing throughout the fourth quarter of 2009 and will carry on into the first half of 2010.
To date, the Timmins ramp has advanced approximately 1,370 metres to a vertical depth of approximately 200 metres, in line with the Company's target for the year. The vein systems in vein zones have shown weaker continuity and greater complexity than predicted in the original surface drilling. As a result, the reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009. Project spending related to the ramp during the nine months ended September 30, 2009 was $18.3 million (including $2.0 million for property, plant and equipment).
During the third quarter (August 24, 2009), the Company announced results from four underground holes (906.5 m) from the 525 Level and 650 Level of Timmins Mine. All four holes intersected zones of mineralization consistent in grade and width with intersections from previous surface drilling, with two holes also intersecting high-grade mineralization in areas outside the existing resource and two others intersecting mineralization on the edge of existing resource blocks for the Footwall Zone.
Subsequent to the end of the third quarter (October 29, 2009), results from an additional 21 underground holes (4,417 m) were released. The results continued to confirm that the overall size and shape of the main Ultramafic Zone is similar to the existing resource model and to expand the resource potential of the project.
Bell Creek Mill
The Bell Creek Mill, acquired in 2007 together with the Bell Creek Mine, was made operational in December 2008 at a capacity of 800 tonnes per day. Processing of low-grade material from development and advanced exploration work in the Timmins Mine ramp commenced at the Bell Creek Mill near the end of the first quarter of 2009. The Mill was initially running in campaigns processing material as stockpiles were established. The Mill is running on a more continuous basis as deliveries from the Timmins Mine increase, both from the ramp and shaft. In addition, work to refurbish the secondary ball mill circuit at the Bell Creek Mill was completed near the end of the third quarter which increased the Mill's capacity to 1,500 tonnes per day. To date in the fourth quarter, the Mill has continued to operate at approximately 800 tonnes per day with the secondary circuit expected to come on stream as production volumes increase. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
Spending at the Bell Creek Mill in the nine months ended September 30, 2009 totaled $13.2 million including processing costs as well as new surface buildings, the construction of a cyanide destruction plant and other mill improvements and repairs.
Bell Creek Mine, Vogel and Schumacher
The Company's project spending for the advanced exploration program at the 100% owned Bell Creek Mine and contiguous Vogel and Schumacher properties for the nine months ended September 30, 2009 totaled $4.8 million. The Bell Creek Complex advanced exploration program includes de-watering and rehabilitating the existing Bell Creek Mine shaft and workings and collaring a ramp at Bell Creek to be connected to the Bell Creek Mine workings and then to be driven across the Bell Creek property to the contiguous Schumacher and Vogel properties in order to access known mineralization at Vogel. As at November 9, 2009, the Bell Creek shaft had been de-watered to a depth of 250 m and the ramp at Bell Creek had advanced 880 m with an additional 110 m of advance towards the Vogel property.
Exploration Expenditures
Exploration spending for the nine months ended September 30, 2009 totaled $11.9 million (representing 92,610 metres of drilling) and included $3.4 million at the Timmins Mine project, $2.0 million at Thunder Creek, $5.3 million at the Bell Creek Complex, and $0.9 million at Casa Berardi, with the remainder at other projects.
During the nine months ended September 30, 2009, the Company announced results from the drilling (16 holes and three wedge holes, for a total of 13,592 metres) on the now 100% owned Thunder Creek property, which is located immediately adjacent to the Timmins Mine project (refer to the press releases dated March 31, May 5, June 24 and August 25, 2009 on the Company's website at www.lsgold.com). The drilling is part of the Company's ongoing 22,000 metre diamond drill program commenced in August 2008.
Results announced on August 25, 2009 included 12.17 gpt Au over 9.00 m within an overall drill intersection of 3.73 gpt Au over 80.30 m. In addition, TC09-73 successfully extended main Porphyry structure, with gold mineralization, to 1,125 metre vertical depth with potential for additional high-grade zones at this depth and below considered excellent. The August 25th results followed the most encouraging results from Thunder Creek to date, released on June 24, 2009, which included TC09-68b which intersected 12.75 gpt Au over 83.40 m.
Encouraging exploration results were also reported from the Company's 100% owned Bell Creek Complex (including the Bell Creek, Vogel and Schumacher properties). To date in 2009, the Company has announced results from 79 holes, 18 wedge holes and one hole extension (46,760 metres). Included in the results were 12.67 gpt Au over 14.5 m, including 16.73 gpt Au over 10.0 m on October 1, 2009 and 12.63 gpt Au over 11.65 m on July 21, 2009. Subsequent to the end of the third quarter, on November 5, 2009, the Company released additional results at Bell Creek, including 5.13 gpt Au over 26.40 m, including higher grade zones of 9.75 gpt Au over 5.60 m and 12.80 gpt Au over 1.5 m. The November 5th results extended the mineralization at Bell Creek to a total plunge length of approximately 1,250 m and defined a continuous high-grade mineralized system from the 500 m level to 1,000 m with the system remaining open at depth and along strike.
More information about Lake Shore Gold's third quarter and first nine month 2009 results and financial condition and liquidity is available in the Company's consolidated financial statements and management's discussion and analysis, which have been filed on SEDAR at www.sedar.com and posted to the Company's website at www.lsgold.com.
Lake Shore Gold will also host a conference call and webcast on Thursday, November 12, 2009 at 10:00 am EST to discuss the Company's third quarter 2009 performance. Those wishing to access the call can do so using the telephone numbers listed below. The call will also be webcast and available on the Company's website.
Participant call-in: 416-340-8018 or 866-225-0198 Replay number: 416-695-5800 or 800-408-3053 Replay ID: 8076047 Available until: 11:59 pm, November 19, 2009
About Lake Shore Gold
Lake Shore Gold is a mining company with a goal to become a North American mid-tier gold producer through property acquisition, exploration, new mine development and construction, and production from its Timmins, Ontario properties. The Company is currently carrying out an underground advanced exploration program at its 100%-owned Timmins Mine project, where it has both a shaft and a ramp. The Bell Creek Mill, located on the east side of Timmins, has been refurbished to a capacity of 1,500 tonnes per day. The Company is also making progress with an underground advanced exploration program at its Bell Creek Complex, including the Bell Creek Mine, Schumacher and Vogel properties, which have the potential to become the Company's second mining project in the Timmins Camp. In addition, Lake Shore Gold is pursuing a number of other highly prospective exploration properties in Timmins and other parts of Northern Ontario and Quebec, and owns a large land position in Mexico. The Company's common shares trade on the TSX under the symbol LSG.
Forward-looking Statements
Certain statements in this press release relating to the Company's exploration activities, project expenditures, business plans and financial and operating performance are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. 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 the forward-looking statements. In particular, fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in Lake Shore Gold's most recent Annual Information Form and other regulatory filings which are posted on SEDAR at www.sedar.com.
There is no guarantee that drill results reported in this news release will lead to the identification of a deposit that can be mined economically, and further work is required to identify a reserve or resource.
For more information, please contact
Lake Shore Gold Corp.Tony MakuchPresident & CEO(416) 703-6298info@lsgold.com
or
Lake Shore Gold Corp.Mark UttingVice-President, Investor Relations(416) 703-6298info@lsgold.comwww.lsgold.com
Plans to Commence Accelerated Thunder Creek Advanced Exploration Program
TORONTO, ONTARIO - Nov. 11, 2009 - Lake Shore Gold Corp. (TSX:LSG) today reported financial and operating results for the third quarter and first nine months of 2009 and announced plans to commence an accelerated underground advanced exploration program for the Thunder Creek property. Key operating highlights are provided below.
- Work on the Timmins Mine shaft 650 Level commenced during the third quarter and involved development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to those predicted by the Resource and Reserve model that supports the most recent National Instrument ("NI") 43-101 Report.
- The Timmins Mine ramp reached 1,370 metres ("m") of advance by the end of the third quarter of 2009, representing a vertical depth of approximately 200 m, in line with the Company's target for the year. Work continued to largely focus on development and advanced exploration work to define and expose the near-surface vein systems within the vein zones. The reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009.
- Refurbishing of the Bell Creek Mill to a capacity of 1,500 tonnes per day was completed near the end of the third quarter. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
- The advanced exploration program at the Company's Bell Creek Complex continued with the Bell Creek shaft currently (as of November 9, 2009) de-watered to the 250 m level and the ramp at Bell Creek having advanced a total of 880 m, with an additional 110 m of advance towards the Vogel property.
- Exploration Results released from Thunder Creek during third quarter included 12.17 grams per tonne ("gpt") gold ("Au") over 9.00 m, with Hole TC09-73 successfully extending the main Porphyry structure, with gold mineralization, to a 1,125 m vertical depth.
- Encouraging results from Bell Creek, including intercepts of 12.63 gpt Au over 11.65 m (July 21, 2009), 12.67 Au gpt over 14.40 m (October 1, 2009) and 5.13 gpt Au over 26.40 m (November 5, 2009). The mineralization at Bell Creek has been extended to a plunge length of approximately 1,250 m with a continuous high-grade mineralized system established from the 500 m level to 1,000 m which remains open at depth and along strike.
Project spending in the first nine months of 2009, including exploration expenditures of $11.9 million, totaled $66.0 million (excluding non-cash charges and changes in working capital). The Company expects its expenditures in 2009 to be in line with the previously announced budget of $89 million.
Subsequent Events
On November 6, 2009, Lake Shore Gold completed a business combination with West Timmins Mining Inc. ("West Timmins") through which the Company acquired all of the outstanding common shares of West Timmins with shareholders of West Timmins receiving 0.73 of a Lake Shore Gold common share for each common share of West Timmins they held. Lake Shore Gold issued approximately 104 million common shares pursuant to the transaction. With the transaction's completion, Lake Shore Gold has established a new gold mining complex in the Timmins Camp. The Timmins West Gold Mine Complex comprises the Company's Timmins Mine, the consolidated Thunder Creek project and approximately 120 square kilometers of additional highly prospective land along the Timmins mine trend west of the Mattagami River fault.
On October 23, 2009, the Company entered into an agreement with Goldcorp Canada Ltd. and Goldcorp Inc., to purchase approximately 28 square kilometers of prospective exploration property in the surrounding vicinity of the Company's Bell Creek Complex ranging from a project with a historic resource, Marlhill Mine, to early stage targets with significant exploration potential. Consideration for the transaction totals $20 million ($15 million in cash and the remainder in shares of Lake Shore Gold). The transaction is subject to regulatory approval, with closing expected in December.
On October 7, 2009, the Company issued a National Instrument 43-101 ("NI 43-101) technical report (the "Report") for the Timmins Mine, which was required for incorporation by reference in a circular mailed to shareholders of West Timmins. Highlights of the Report included: an updated reserve estimate totaling 3.4 million tonnes at 7.52 grams per tonne containing 812,000 ounces on a cut basis (826,000 ounces previously); peak annual production of 120,000 ounces of gold, cash operating costs, at peak output, of US$322 per ounce, an additional capital requirement in 2010 to bring the project to commercial production of $33 million with $29 million of sustaining capital expected over the remaining project life, and an internal rate of return, assuming a gold price of US$950 per ounce and based on the $62 million of capital expected from the end of 2009, of 240%.
Outlook
The Company has commenced an underground advanced exploration program for the Thunder Creek property with two drifts planned from the Timmins Mine at the 650 Level and 200 Level targeting high-grade mineralization at Thunder Creek. The Company expects to reach mineralization at Thunder Creek by the third quarter of 2010.
Prioritizing development at Thunder Creek as part of the overall Timmins West Mine Gold Complex is intended to accelerate growth in the Company's production capacity. The Company's goal for Thunder Creek is by the end of 2010 to have completed a NI 43-101 resource estimate for the property and to have commenced processing ore from the Thunder Creek advanced exploration program.
Given the near-term prioritizing of drifting from Timmins Mine to Thunder Creek, focusing work at the 650 Level at Timmins Mine on drilling and on accessing and expanding resources in the Ultramafic and Footwall zones, and the complexity and continuity of the near-surface vein systems in the ramp, the Company has revised its target for 2009 to 7,500 ounces. The targets for 2010 and 2011 of 100,000 ounces and 200,000 ounces, respectively, remain unchanged and will be updated as progress is made underground at Thunder Creek, Bell Creek and the other Bell Creek Complex properties.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "We continue to make excellent progress with our exploration, advanced exploration and development programs. With the completion of the West Timmins transaction, we are now going to move aggressively to access Thunder Creek underground. Our efforts are aimed at building the production capacity of Lake Shore Gold as much as possible over the next year. By the end of 2010, we expect to be in commercial production at Timmins Mine, to be approaching pre-production at the Bell Creek Complex and to have commenced processing ore from the Thunder Creek advanced exploration program.
"At the Timmins Mine, results of underground drilling, sampling, mapping and development to date in the Ultramafic Zone suggest that grades and widths are consistent with the recently released NI 43-101 reserve and suggest that the tonnage and ounces for the Ultramafic Zone resource could be expanded at similar grades. At Bell Creek, exploration results continue to be excellent and confirm the presence of a large gold system extending to depth. Our belief in the significant potential of the Bell Creek Complex properties and the New Mine Trend in Timmins was a key factor in our decision to acquire a large land package in the area from the Porcupine Gold Mines Joint Venture."
Third Quarter and First Nine Months 2009 Operations Review Nine months endedProject and Exploration Spending ($'000) September 30, 2009(i)------------------------------------------------------------------------- Resource property and deferred exploration Timmins Mine $37,130 Bell Creek Mill 13,196 Bell Creek mine and exploration properties 8,796 Thunder Creek Joint Venture (Company's share) 1,963 Casa Berardi net 920 Other projects 253 --------------------- $62,258 --------------------- --------------------- Property, plant and equipment Timmins Mine 2,047 Bell Creek Mill 397 Bell Creek Mine 1,287 --------------------- $3,731 --------------------- ----------------------------------------------------------------------------------------------Total Project and Exploration Spending $65,989--------------------------------------------------------------------------------------------------------------------------------------------------(i) Project and Exploration Spending reported above for the nine months ended September 30, 2009 exclude noncash charges of $2.8 million for resource property and deferred exploration, $8.3 million for property, plant and equipment and changes in working capital.
Timmins Mine Project
During the nine months ended September 30, 2009, the Company spent $39.2 million on the Timmins Mine project (including advanced exploration, ramp development and exploration drilling expenditures as well as $2.0 million on property, plant and equipment).
The Company is carrying out an advanced exploration program for delineation of bulk sampling of the Footwall, Ultramafic and Main Zones of the property, along with supporting an underground diamond drilling program to both expand the currently identified probable reserve and identify new resources. During the nine months ended September 30, 2009, the Company's spending on advanced exploration at Timmins totaled $17.5 million.
On May 13, 2009, the Timmins shaft reached the 650 Level. The 650 Level shaft station was completed as of June 2, 2009 and development from the 650 Level towards the ore in the Ultramafic Zone, representing approximately 60% of the Timmins Mine deposit, commenced in July. Work on the Timmins Mine shaft during the third quarter of 2009 included development on the 650 Level, diamond drilling, chip and muck sampling of development faces and geologic mapping. Approximately 10,000 tonnes of material has been extracted from the Ultramafic Zone resource area at the 650 Level and stockpiled on surface with limited processing to date. Results from diamond drilling, sampling, mapping and development are still ongoing, but suggest that the overall trend for grades and widths of the mineralization in this area is similar to that predicted by the Resource and Reserve model that supports the most recent National Instrument 43-101 Report.
In addition, recent block modeling and resource estimation for the 50 m horizontal slice of the Ultramafic Zone surrounding the 650 Level, incorporating results of recent underground diamond drilling and using inverse distance squared and a 50 gpt top capping, have been completed and indicate that tonnage and ounces for the Ultramafic Zone resource could be expanded from the most recent NI 43-101 resource calculation at similar grades.
The Company is continuing to carry out advanced exploration work along the 650 Level resource/reserve areas. This includes development along all of the mineralized ore zones, sampling, mapping and diamond drilling at this elevation, and sublevels at intervals both above and below the level. This work will be ongoing throughout the fourth quarter of 2009 and will carry on into the first half of 2010.
To date, the Timmins ramp has advanced approximately 1,370 metres to a vertical depth of approximately 200 metres, in line with the Company's target for the year. The vein systems in vein zones have shown weaker continuity and greater complexity than predicted in the original surface drilling. As a result, the reserve in the upper portion of the deposit was downgraded by approximately 14,000 ounces in the NI 43-101 Technical Report filed on October 6, 2009. Project spending related to the ramp during the nine months ended September 30, 2009 was $18.3 million (including $2.0 million for property, plant and equipment).
During the third quarter (August 24, 2009), the Company announced results from four underground holes (906.5 m) from the 525 Level and 650 Level of Timmins Mine. All four holes intersected zones of mineralization consistent in grade and width with intersections from previous surface drilling, with two holes also intersecting high-grade mineralization in areas outside the existing resource and two others intersecting mineralization on the edge of existing resource blocks for the Footwall Zone.
Subsequent to the end of the third quarter (October 29, 2009), results from an additional 21 underground holes (4,417 m) were released. The results continued to confirm that the overall size and shape of the main Ultramafic Zone is similar to the existing resource model and to expand the resource potential of the project.
Bell Creek Mill
The Bell Creek Mill, acquired in 2007 together with the Bell Creek Mine, was made operational in December 2008 at a capacity of 800 tonnes per day. Processing of low-grade material from development and advanced exploration work in the Timmins Mine ramp commenced at the Bell Creek Mill near the end of the first quarter of 2009. The Mill was initially running in campaigns processing material as stockpiles were established. The Mill is running on a more continuous basis as deliveries from the Timmins Mine increase, both from the ramp and shaft. In addition, work to refurbish the secondary ball mill circuit at the Bell Creek Mill was completed near the end of the third quarter which increased the Mill's capacity to 1,500 tonnes per day. To date in the fourth quarter, the Mill has continued to operate at approximately 800 tonnes per day with the secondary circuit expected to come on stream as production volumes increase. As of November 9, 2009, the Company had poured approximately 4,000 ounces of gold.
Spending at the Bell Creek Mill in the nine months ended September 30, 2009 totaled $13.2 million including processing costs as well as new surface buildings, the construction of a cyanide destruction plant and other mill improvements and repairs.
Bell Creek Mine, Vogel and Schumacher
The Company's project spending for the advanced exploration program at the 100% owned Bell Creek Mine and contiguous Vogel and Schumacher properties for the nine months ended September 30, 2009 totaled $4.8 million. The Bell Creek Complex advanced exploration program includes de-watering and rehabilitating the existing Bell Creek Mine shaft and workings and collaring a ramp at Bell Creek to be connected to the Bell Creek Mine workings and then to be driven across the Bell Creek property to the contiguous Schumacher and Vogel properties in order to access known mineralization at Vogel. As at November 9, 2009, the Bell Creek shaft had been de-watered to a depth of 250 m and the ramp at Bell Creek had advanced 880 m with an additional 110 m of advance towards the Vogel property.
Exploration Expenditures
Exploration spending for the nine months ended September 30, 2009 totaled $11.9 million (representing 92,610 metres of drilling) and included $3.4 million at the Timmins Mine project, $2.0 million at Thunder Creek, $5.3 million at the Bell Creek Complex, and $0.9 million at Casa Berardi, with the remainder at other projects.
During the nine months ended September 30, 2009, the Company announced results from the drilling (16 holes and three wedge holes, for a total of 13,592 metres) on the now 100% owned Thunder Creek property, which is located immediately adjacent to the Timmins Mine project (refer to the press releases dated March 31, May 5, June 24 and August 25, 2009 on the Company's website at www.lsgold.com). The drilling is part of the Company's ongoing 22,000 metre diamond drill program commenced in August 2008.
Results announced on August 25, 2009 included 12.17 gpt Au over 9.00 m within an overall drill intersection of 3.73 gpt Au over 80.30 m. In addition, TC09-73 successfully extended main Porphyry structure, with gold mineralization, to 1,125 metre vertical depth with potential for additional high-grade zones at this depth and below considered excellent. The August 25th results followed the most encouraging results from Thunder Creek to date, released on June 24, 2009, which included TC09-68b which intersected 12.75 gpt Au over 83.40 m.
Encouraging exploration results were also reported from the Company's 100% owned Bell Creek Complex (including the Bell Creek, Vogel and Schumacher properties). To date in 2009, the Company has announced results from 79 holes, 18 wedge holes and one hole extension (46,760 metres). Included in the results were 12.67 gpt Au over 14.5 m, including 16.73 gpt Au over 10.0 m on October 1, 2009 and 12.63 gpt Au over 11.65 m on July 21, 2009. Subsequent to the end of the third quarter, on November 5, 2009, the Company released additional results at Bell Creek, including 5.13 gpt Au over 26.40 m, including higher grade zones of 9.75 gpt Au over 5.60 m and 12.80 gpt Au over 1.5 m. The November 5th results extended the mineralization at Bell Creek to a total plunge length of approximately 1,250 m and defined a continuous high-grade mineralized system from the 500 m level to 1,000 m with the system remaining open at depth and along strike.
More information about Lake Shore Gold's third quarter and first nine month 2009 results and financial condition and liquidity is available in the Company's consolidated financial statements and management's discussion and analysis, which have been filed on SEDAR at www.sedar.com and posted to the Company's website at www.lsgold.com.
Lake Shore Gold will also host a conference call and webcast on Thursday, November 12, 2009 at 10:00 am EST to discuss the Company's third quarter 2009 performance. Those wishing to access the call can do so using the telephone numbers listed below. The call will also be webcast and available on the Company's website.
Participant call-in: 416-340-8018 or 866-225-0198 Replay number: 416-695-5800 or 800-408-3053 Replay ID: 8076047 Available until: 11:59 pm, November 19, 2009
About Lake Shore Gold
Lake Shore Gold is a mining company with a goal to become a North American mid-tier gold producer through property acquisition, exploration, new mine development and construction, and production from its Timmins, Ontario properties. The Company is currently carrying out an underground advanced exploration program at its 100%-owned Timmins Mine project, where it has both a shaft and a ramp. The Bell Creek Mill, located on the east side of Timmins, has been refurbished to a capacity of 1,500 tonnes per day. The Company is also making progress with an underground advanced exploration program at its Bell Creek Complex, including the Bell Creek Mine, Schumacher and Vogel properties, which have the potential to become the Company's second mining project in the Timmins Camp. In addition, Lake Shore Gold is pursuing a number of other highly prospective exploration properties in Timmins and other parts of Northern Ontario and Quebec, and owns a large land position in Mexico. The Company's common shares trade on the TSX under the symbol LSG.
Forward-looking Statements
Certain statements in this press release relating to the Company's exploration activities, project expenditures, business plans and financial and operating performance are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. 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 the forward-looking statements. In particular, fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in Lake Shore Gold's most recent Annual Information Form and other regulatory filings which are posted on SEDAR at www.sedar.com.
There is no guarantee that drill results reported in this news release will lead to the identification of a deposit that can be mined economically, and further work is required to identify a reserve or resource.
For more information, please contact
Lake Shore Gold Corp.Tony MakuchPresident & CEO(416) 703-6298info@lsgold.com
or
Lake Shore Gold Corp.Mark UttingVice-President, Investor Relations(416) 703-6298info@lsgold.comwww.lsgold.com
Monday, November 09, 2009
Mining Stock news - Silvore Fox Minerals Corp. (TSX .V:SFX)Announces Amendment to the Proposed $1,350,000 Private Placement to China Nonferrous Metals
Mining Stock news - Silvore Fox Minerals Corp. (TSX .V:SFX)Announces Amendment to the Proposed $1,350,000 Private Placement to China Nonferrous Metals Exploration Corp.
HALIFAX, NOVA SCOTIA--\(Marketwire - Nov. 9, 2009 - Silvore Fox Minerals Corp. (TSX .V:SFX) announces further to its news release issued September 29, 2009 that the terms of the proposed non-brokered private placement with China Nonferrous Metals Exploration Corp. ("CNME") have been amended. The proposed private placement will be a unit offering, whereby CNME will purchase 33,750,000 Units of SFX at a price of $0.04 per Unit, each Unit to consist of one common share and two-thirds of one common share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.10 per share, with an expiry date of two years from the closing. It is anticipated that a formal agreement and closing will be completed on or before December 18, 2009.
About China Nonferrous Metals Exploration Corp.
CNME is a Canadian corporation majority-owned by Chinese shareholders, including Beijing Donia Resources Co ("Donia"), a state owned entity whose mandate includes exploring for base metal resources worldwide. The Chairman of Donia, Dr. Jingbin Wang, also serves as Executive Director of the China Nonferrous Metals Resource Geological Survey, President of the Beijing Institute of Geology of Mineral Resources, President of Sinotex Mineral Exploration Co, Vice- President of the China Nonferrous Metals Industry Association and Assistant Director of the China Geology Association. Donia's General Manager, Mr. Side Wang, also serves as Vice-Director of the Mineral Resources Management Committee of the China Mining Association.
CNME seeks to invest in mineral exploration and development opportunities in Canada. Its principal office is located at 7-145 Riviera Drive, Markham, Ontario, L3R 5J6. For further information, please contact Helen Gao at (905) 968-1197 (905) 968-1197.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company.
On June 4th, 2008, the Corporation acquired 3214399 Nova Scotia Limited as a wholly owned subsidiary, including 100% earned mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). The Corporation has an experienced management and geological team.
The Coxheath deposit model is believed to be analogous to Pacific Rim volcanogenic porphyry copper deposits. Alteration patterns in association with the regional geological setting further suggest a possible model linking the diorite-hosted porphyry-style mineralization at Coxheath and an epithermal system approximately 4 km to the east.
Silvore Fox Minerals further recent option and joint venture agreements for the 'Oceanview', 'Nictaux' and 'Shortliff' properties, strengthens SFX's position as a regional mineral exploration company.
Forward-Looking Statements
Certain information regarding Silvore Fox Minerals Corp. (SFX) contained herein may be deemed forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although SFX believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. SFX cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what SFX currently foresees.
Factors that could cause actual results to differ materially from those in forward-looking statements could include exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
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
Mining Stocks – Reach investors following mining stocks at Investorideas.com:
Submit Mining and Gold Stock News – Publish news and pay online. News is featured on the Investor Ideas News wire and the New Gold and Mining RSS feed.
Publish Mining News Online :http://www1.investorideas.com/NewsUploader/Default.aspx
Investorideas.com is currently offering publicly traded mining stocks and related IR firms interested in learning about becoming a showcase mining company a complimentary mining news release publication on the Investor Ideas Newswire and the new mining stocks RSS news feed.
Mining Stocks Investor Awareness Programs Promo- call us at 800 665 0411 to get a free news release published and test us out !
Investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
HALIFAX, NOVA SCOTIA--\(Marketwire - Nov. 9, 2009 - Silvore Fox Minerals Corp. (TSX .V:SFX) announces further to its news release issued September 29, 2009 that the terms of the proposed non-brokered private placement with China Nonferrous Metals Exploration Corp. ("CNME") have been amended. The proposed private placement will be a unit offering, whereby CNME will purchase 33,750,000 Units of SFX at a price of $0.04 per Unit, each Unit to consist of one common share and two-thirds of one common share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.10 per share, with an expiry date of two years from the closing. It is anticipated that a formal agreement and closing will be completed on or before December 18, 2009.
About China Nonferrous Metals Exploration Corp.
CNME is a Canadian corporation majority-owned by Chinese shareholders, including Beijing Donia Resources Co ("Donia"), a state owned entity whose mandate includes exploring for base metal resources worldwide. The Chairman of Donia, Dr. Jingbin Wang, also serves as Executive Director of the China Nonferrous Metals Resource Geological Survey, President of the Beijing Institute of Geology of Mineral Resources, President of Sinotex Mineral Exploration Co, Vice- President of the China Nonferrous Metals Industry Association and Assistant Director of the China Geology Association. Donia's General Manager, Mr. Side Wang, also serves as Vice-Director of the Mineral Resources Management Committee of the China Mining Association.
CNME seeks to invest in mineral exploration and development opportunities in Canada. Its principal office is located at 7-145 Riviera Drive, Markham, Ontario, L3R 5J6. For further information, please contact Helen Gao at (905) 968-1197 (905) 968-1197.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company.
On June 4th, 2008, the Corporation acquired 3214399 Nova Scotia Limited as a wholly owned subsidiary, including 100% earned mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the 'Coxheath Deposit'). The Corporation has an experienced management and geological team.
The Coxheath deposit model is believed to be analogous to Pacific Rim volcanogenic porphyry copper deposits. Alteration patterns in association with the regional geological setting further suggest a possible model linking the diorite-hosted porphyry-style mineralization at Coxheath and an epithermal system approximately 4 km to the east.
Silvore Fox Minerals further recent option and joint venture agreements for the 'Oceanview', 'Nictaux' and 'Shortliff' properties, strengthens SFX's position as a regional mineral exploration company.
Forward-Looking Statements
Certain information regarding Silvore Fox Minerals Corp. (SFX) contained herein may be deemed forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although SFX believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. SFX cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what SFX currently foresees.
Factors that could cause actual results to differ materially from those in forward-looking statements could include exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
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
Mining Stocks – Reach investors following mining stocks at Investorideas.com:
Submit Mining and Gold Stock News – Publish news and pay online. News is featured on the Investor Ideas News wire and the New Gold and Mining RSS feed.
Publish Mining News Online :http://www1.investorideas.com/NewsUploader/Default.aspx
Investorideas.com is currently offering publicly traded mining stocks and related IR firms interested in learning about becoming a showcase mining company a complimentary mining news release publication on the Investor Ideas Newswire and the new mining stocks RSS news feed.
Mining Stocks Investor Awareness Programs Promo- call us at 800 665 0411 to get a free news release published and test us out !
Investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
Mining Stock News- Osisko (TSX:OSK) (FRANKFURT:EWX) Concludes SGF Financing Agreement for $75 M
Mining Stock News- Osisko (TSX:OSK) (FRANKFURT:EWX) Concludes SGF Financing Agreement for $75 M
MONTREAL, QUEBEC-- - Nov. 9, 2009 - Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that it has concluded the previously announced $75 million financing agreement with Societe generale de financement du Quebec ("SGF"). The financing is a senior non-guaranteed debenture, convertible at the discretion of the SGF into Osisko shares at a price of $9.18 per share. It carries an interest rate of 7.5%. The initial capital is to be reimbursed no later than November 9, 2014. The proceeds will be used to fund the construction and the development of the Canadian Malartic Project.
Mr. Sean Roosen, President and Chief Executive Officer of Osisko stated: "We are extremely pleased to have SGF as a financial partner in the development of the Canadian Malartic Project. This Project has a significant impact on the Quebec economy, in particular the Abitibi-Temiscamingue region, and will provide long-term benefits to Malartic with the creation of some 465 permanent jobs for more than 10 years."
About SGF
Societe generale de financement du Quebec (www.sgfqc.com) is an industrial and financial holding company. Its mission is to carry out economic development projects, with emphasis on the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Quebec's economic development policy. As part of its new mandate, SGF is authorized by the Government of Quebec to expand its traditional role as a share capital investor by offering complementary solutions, such as loans, debentures, or preferred share capital investments.
About Osisko
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and adjacent mineralized zones into a large-scale open pit, bulk-tonnage mining operation. The Company is carrying out an aggressive mine development, reserve definition and exploration campaign. The Canadian Malartic deposit currently represents one the biggest gold reserves in Canada for a single deposit, and is still growing through ongoing drilling on new mineralized zones. Current reserves for the Canadian Malartic property are 6.28 million ounces, plus (including the Barnat deposit) a measured and indicated resource of 3.65 million ounces and an inferred resource of 0.84 million ounces.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work on the stated resources will lead to mineral reserves that can be mined economically.
Forward Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all technical, economical and financial conditions will be met in order to put the Canadian Malartic Project into commercial production, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and mill production personnel, results of exploration and development activities, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
MONTREAL, QUEBEC-- - Nov. 9, 2009 - Osisko Mining Corporation (TSX:OSK)(FRANKFURT:EWX) is pleased to announce that it has concluded the previously announced $75 million financing agreement with Societe generale de financement du Quebec ("SGF"). The financing is a senior non-guaranteed debenture, convertible at the discretion of the SGF into Osisko shares at a price of $9.18 per share. It carries an interest rate of 7.5%. The initial capital is to be reimbursed no later than November 9, 2014. The proceeds will be used to fund the construction and the development of the Canadian Malartic Project.
Mr. Sean Roosen, President and Chief Executive Officer of Osisko stated: "We are extremely pleased to have SGF as a financial partner in the development of the Canadian Malartic Project. This Project has a significant impact on the Quebec economy, in particular the Abitibi-Temiscamingue region, and will provide long-term benefits to Malartic with the creation of some 465 permanent jobs for more than 10 years."
About SGF
Societe generale de financement du Quebec (www.sgfqc.com) is an industrial and financial holding company. Its mission is to carry out economic development projects, with emphasis on the industrial sector, in cooperation with partners and in accordance with accepted requirements for profitability and the Government of Quebec's economic development policy. As part of its new mandate, SGF is authorized by the Government of Quebec to expand its traditional role as a share capital investor by offering complementary solutions, such as loans, debentures, or preferred share capital investments.
About Osisko
Osisko Mining Corporation is currently developing the Canadian Malartic gold deposit and adjacent mineralized zones into a large-scale open pit, bulk-tonnage mining operation. The Company is carrying out an aggressive mine development, reserve definition and exploration campaign. The Canadian Malartic deposit currently represents one the biggest gold reserves in Canada for a single deposit, and is still growing through ongoing drilling on new mineralized zones. Current reserves for the Canadian Malartic property are 6.28 million ounces, plus (including the Barnat deposit) a measured and indicated resource of 3.65 million ounces and an inferred resource of 0.84 million ounces.
Cautionary Notes Concerning Estimates of Mineral Resources
This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that that further work on the stated resources will lead to mineral reserves that can be mined economically.
Forward Looking Statements
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Corporation expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including, without limitation that all technical, economical and financial conditions will be met in order to put the Canadian Malartic Project into commercial production, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include gold prices, access to skilled consultants, mining development and mill production personnel, results of exploration and development activities, the Corporation's limited experience with production and development stage mining operations, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, timeliness of government approvals, actual performance of facilities, equipment and processes relative to specifications and expectations, unanticipated environmental impacts on operations market prices, continued availability of capital and financing and general economic, market or business conditions. These factors are discussed in greater detail in the Corporation's most recent Annual Information Form filed on SEDAR, which also provides additional general assumptions in connection with these statements. The Corporation cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Corporation's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
Gold & Mining News
Recent Mining stocks news
Gold & Mining News:
GlobeStar Mining's Conference Call for Investors on November 13, 2009
How to find the Next Great Gold Stock or Mining Stock
Kitcommentary from Kitco Metals Inc. - "Of Quads and a Moscow Hold'em"
Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY): First Day of Dealings on the Official List
Mining Stocks News - Osisko Mining (TSX: OSK.TO) Releases Third Quarter 2009 Results
Subscribe to Gold & Mining News
Publish Your Mining News Today at Investor Ideas
more
News and commentary from well known industry experts including Kitco and Doug Casey are featured in addition to news releases and press releases from publicly traded mining companies on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Visit the news feed-Gold & Mining Stocks News at Investorideas.com
http://www.investorideas.com/RSS/feeds/Gold-Mining-Stocks.xml
Mining Stocks – Reach investors following mining stocks at Investorideas.com:
Submit Mining and Gold Stock News – Publish news and pay online. News is featured on the Investor Ideas News wire and the New Gold and Mining RSS feed.
Publish Mining News Online :http://www1.investorideas.com/NewsUploader/Default.aspx
Investorideas.com is currently offering publicly traded mining stocks and related IR firms interested in learning about becoming a showcase mining company a complimentary mining news release publication on the Investor Ideas Newswire and the new mining stocks RSS news feed.
Mining Stocks Investor Awareness Programs Promo- call us at 800 665 0411 to get a free news release published and test us out !
Gold & Mining News:
GlobeStar Mining's Conference Call for Investors on November 13, 2009
How to find the Next Great Gold Stock or Mining Stock
Kitcommentary from Kitco Metals Inc. - "Of Quads and a Moscow Hold'em"
Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY): First Day of Dealings on the Official List
Mining Stocks News - Osisko Mining (TSX: OSK.TO) Releases Third Quarter 2009 Results
Subscribe to Gold & Mining News
Publish Your Mining News Today at Investor Ideas
more
News and commentary from well known industry experts including Kitco and Doug Casey are featured in addition to news releases and press releases from publicly traded mining companies on the TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Visit the news feed-Gold & Mining Stocks News at Investorideas.com
http://www.investorideas.com/RSS/feeds/Gold-Mining-Stocks.xml
Mining Stocks – Reach investors following mining stocks at Investorideas.com:
Submit Mining and Gold Stock News – Publish news and pay online. News is featured on the Investor Ideas News wire and the New Gold and Mining RSS feed.
Publish Mining News Online :http://www1.investorideas.com/NewsUploader/Default.aspx
Investorideas.com is currently offering publicly traded mining stocks and related IR firms interested in learning about becoming a showcase mining company a complimentary mining news release publication on the Investor Ideas Newswire and the new mining stocks RSS news feed.
Mining Stocks Investor Awareness Programs Promo- call us at 800 665 0411 to get a free news release published and test us out !
New mining stocks added to Investorideas.com gold and mining stocks directory- TSX:AVR, LSE:HOC
New mining stocks added
Avion Gold Corporation (TSX:AVR.V) is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production at these projects has commenced, with approximately 50,000 ounces of production forecast for 2009 rising to 101,400 ounces in 2012. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Hochschild Mining plc (LSE:HOC.L) is a leading precious metals company listed on the London Stock Exchange with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years' experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Investorideas.com has created some of the most comprehensive online stock directories for investors in leading sectors. The renewable energy stocks directory has an estimated 900 stocks and the oil and gas stock directories has over 500 stocks.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
Avion Gold Corporation (TSX:AVR.V) is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production at these projects has commenced, with approximately 50,000 ounces of production forecast for 2009 rising to 101,400 ounces in 2012. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Hochschild Mining plc (LSE:HOC.L) is a leading precious metals company listed on the London Stock Exchange with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild has over forty years' experience in the mining of precious metal epithermal vein deposits and currently operates four underground epithermal vein mines, three located in southern Peru, one in southern Argentina and one open pit mine in northern Mexico. Hochschild also has numerous long-term prospects throughout the Americas.
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges
Investors following mining stocks can purchase the directory in a PDF format with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors also have the option to access the directory as part of the Investor Ideas Membership premium content. The full directory is now available to Investor Ideas members as part of the annual membership that currently features an additional 8 stock directories and investor newsletter.
Investorideas.com has created some of the most comprehensive online stock directories for investors in leading sectors. The renewable energy stocks directory has an estimated 900 stocks and the oil and gas stock directories has over 500 stocks.
Members can now access by login the Mining stocks directory, oil and gas stocks directory , Natural Gas Stocks Directory , Water Stocks Directory, Renewable energy stocks directory, Biotech Stocks Directory, Defense and Homeland Security Stocks Directory, Fuel cell stocks Directory, Environment Stocks Directory and the investor newsletter- The Insiders Corner, covering insider buying trends in small cap stocks.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
About our Mining Portals:
www.Gold-MiningStocks.com and www.MiningSectorStocks.com, portals within the InvestorIdeas.com® content umbrella, feature industry and stock news, exclusive articles and financial columnists, audio interviews and podcasts, investor conferences, blogs, and a directory of stocks in the sector. Industry participants are invited to submit news, articles and research.
Sunday, November 08, 2009
Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY): First Day of Dealings on the Official List
Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY): First Day of Dealings on the Official List
TORONTO, ONTARIO--- Nov. 6, 2009 - Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY) announces that its entire issued ordinary share capital will today be admitted to the Official List of the Financial Services Authority and to London Stock Exchange plc's main market for listed securities ("Admission"). Cancellation of trading in the ordinary shares of Centamin on AIM and dealings in the ordinary shares of the Company on the London Stock Exchange's main market will take place simultaneously today at 8.00 am.
Copies of the prospectus prepared by the Company in connection with the Admission are available free of charge from the office of Baker & McKenzie LLP, English legal advisors to the Company, at 100 New Bridge Street, London, EC4V 6JA, United Kingdom during normal business hours and on the Company's website www.centamin.com. The prospectus is also available for inspection at the United Kingdom Listing Authority's Document Viewing Facility situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
Josef El-Raghy, Managing Director/CEO of Centamin, commented:
"For the last 8 years Aim has provided Centamin with the platform to grow its business and help raise the capital required to build what is the largest gold resource outside of the major gold companies to come into production this year. With the Sukari Gold Project coming on-stream today's promotion to the Main Market of the London Stock Exchange marks the next chapter for growing our business into a significant mid-tier gold producer."
Tracey Pierce, Head of Equity Capital Markets at London Stock Exchange Group, said:
"We are delighted to welcome Centamin Egypt to the Main Market today. As the sixth company this year to make the move from AIM to the Main Market, Centamin has been one of AIM's biggest success stories, increasing its market capitalisation by over sixty times since its admission in 2001, illustrating the valuable role the market plays in facilitating the growth of smaller companies.
"The company's choice to consolidate its international listings in London is a reflection of the strength and international profile of the London markets, and Centamin follows a number of other ambitious mining companies that have used the London Stock Exchange as a springboard for their global ambitions."
For Centamin Egypt Limited
Josef El-Raghy, Managing Director/CEO
Important Notice
This announcement does not constitute or form part of any offer or invitation or solicitation of any offer or invitation to sell or subscribe for or purchase any securities in the Company or any other entity. This announcement has been issued by, and is the sole responsibility of, the Company.
Investec Bank plc which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company as its sponsor and joint financial advisor and no-one else in connection with the Admission and will not regard any other person as its client or be responsible to any person other than the Company for providing the protections afforded to its clients or for advising any other person on the contents of this document.
Ambrian Partners Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company as its joint financial advisor and no-one else in connection with the Admission and will not regard any other person as its client or be responsible to any person other than the Company for providing the protections afforded to its clients or for advising any other person on the contents of this document.
ABN 86 007 700 352
Contacts
Josef El-Raghy Centamin Egypt Limited + 61 (8) 9316 2640 + 61 (8) 9316 2640 www.centamin.com
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase each directory in a PDF format for just $29.95, with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
TORONTO, ONTARIO--- Nov. 6, 2009 - Centamin Egypt Limited (TSX: CEE.TO)(ASX: CNT.AX)(AIM: CEY) announces that its entire issued ordinary share capital will today be admitted to the Official List of the Financial Services Authority and to London Stock Exchange plc's main market for listed securities ("Admission"). Cancellation of trading in the ordinary shares of Centamin on AIM and dealings in the ordinary shares of the Company on the London Stock Exchange's main market will take place simultaneously today at 8.00 am.
Copies of the prospectus prepared by the Company in connection with the Admission are available free of charge from the office of Baker & McKenzie LLP, English legal advisors to the Company, at 100 New Bridge Street, London, EC4V 6JA, United Kingdom during normal business hours and on the Company's website www.centamin.com. The prospectus is also available for inspection at the United Kingdom Listing Authority's Document Viewing Facility situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.
Josef El-Raghy, Managing Director/CEO of Centamin, commented:
"For the last 8 years Aim has provided Centamin with the platform to grow its business and help raise the capital required to build what is the largest gold resource outside of the major gold companies to come into production this year. With the Sukari Gold Project coming on-stream today's promotion to the Main Market of the London Stock Exchange marks the next chapter for growing our business into a significant mid-tier gold producer."
Tracey Pierce, Head of Equity Capital Markets at London Stock Exchange Group, said:
"We are delighted to welcome Centamin Egypt to the Main Market today. As the sixth company this year to make the move from AIM to the Main Market, Centamin has been one of AIM's biggest success stories, increasing its market capitalisation by over sixty times since its admission in 2001, illustrating the valuable role the market plays in facilitating the growth of smaller companies.
"The company's choice to consolidate its international listings in London is a reflection of the strength and international profile of the London markets, and Centamin follows a number of other ambitious mining companies that have used the London Stock Exchange as a springboard for their global ambitions."
For Centamin Egypt Limited
Josef El-Raghy, Managing Director/CEO
Important Notice
This announcement does not constitute or form part of any offer or invitation or solicitation of any offer or invitation to sell or subscribe for or purchase any securities in the Company or any other entity. This announcement has been issued by, and is the sole responsibility of, the Company.
Investec Bank plc which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company as its sponsor and joint financial advisor and no-one else in connection with the Admission and will not regard any other person as its client or be responsible to any person other than the Company for providing the protections afforded to its clients or for advising any other person on the contents of this document.
Ambrian Partners Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company as its joint financial advisor and no-one else in connection with the Admission and will not regard any other person as its client or be responsible to any person other than the Company for providing the protections afforded to its clients or for advising any other person on the contents of this document.
ABN 86 007 700 352
Contacts
Josef El-Raghy Centamin Egypt Limited + 61 (8) 9316 2640 + 61 (8) 9316 2640 www.centamin.com
Mining and metals investors can research gold and mining stocks with the mining stocks directory, featuring Gold Stocks, Silver Stocks, Uranium Stocks, Copper Stocks, Zinc Stocks and Precious Metals TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investors following mining stocks can purchase each directory in a PDF format for just $29.95, with hyperlinks to stocks symbol(s), company’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Investors are also reminded to sign up for the launch of the new free investor newsletter – the next great investor idea! Investors can sign up for the new free newsletter on the pop- up box on the home page of www.investorideas.com or the newsletter sign up page.
Subscribe to:
Posts (Atom)