How to invest in Gold Stocks and Mining Stocks
Investorideas.com Gold Stocks and Mining Stocks Directory Now has close to 1000 stocks and Growing !
DELTA, BC – November 23, 2009, www.InvestorIdeas.com, and its mining stocks portals www.Gold-MiningStocks.com , www.MiningSectorStocks.com, announce research tools for investors searching for the next great gold and mining stock as gold prices reach historic highs.
Investorideas.com mining stocks directory currently features close to 1000 mining stocks for investors to research. The directory is also updated and growing regularly as we source new companies in the sector.
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 1000 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.
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
*Public companies please contact us with updates, corrections and additions or info on how to become a showcase mining stock on our site or publish your mining stocks news
Monday, November 23, 2009
Thursday, November 19, 2009
Lake Shore Gold (TSX:LSG) Announces Plans to Aggressively Advance Timmins Projects, Arranges $100 Million In Financing
TORONTO, ONTARIO-- - Nov. 19, 2009 – Lake Shore Gold Corp. (TSX:LSG) today announced an agreement with Hochschild Mining Holdings Ltd. ("Hochschild"), a wholly owned subsidiary of Hochschild Mining plc (LSE:HOC), to raise $85.0 million through a private placement transaction for 19.2 million shares at a price of $4.43 per share. In addition, the Company announced a non-brokered structured flow-through financing co-led by Wellington West Capital Markets Inc. and Canaccord Capital Corporation for the issuance of 2.7 million shares at an average price of $5.94 per share for net proceeds of $15.0 million.
Hochschild will, through the private placement, increase its interest in the Company to approximately 36% of the common shares (on a fully diluted basis) from the current level of approximately 32%. Under the terms of the Strategic Alliance Agreement, entered into as part of a financing completed in February 2008, Hochschild's ownership in Lake Shore Gold is limited to 40% of the outstanding common shares (on a fully diluted basis). The limitation under the Strategic Alliance Agreement expires on November 22, 2010.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "Hochschild's additional investment in Lake Shore Gold, at a premium to market, is a strong endorsement of the quality of Lake Shore Gold's projects and the progress we are making. We appreciate Hochschild's ongoing support, which benefits all shareholders, and its continued commitment to the Strategic Alliance Agreement we signed early last year. Together, the two transactions announced today represent a blended 18% premium to yesterday's close. When compared to the expected price and costs related to a marketed transaction, the premium is approximately 30%.
"The funds being received from these transactions will support our plans to move all of our projects forward as aggressively as possible. We expect to produce 100,000 ounces of gold in 2010 and then to build production over the following three years to upwards of 350,000 ounces annually. Over the next 12 months, we will bring the Timmins Mine to commercial production, establish National Instrument 43-101 resources at Thunder Creek and the Bell Creek Complex, commence processing ore from the advanced exploration programs at Thunder Creek and the Bell Creek Complex and complete the expansion of the Bell Creek Mill to 3,000 tonnes per day. We also plan to significantly increase our exploration spending to $29 million with a focus on our Timmins West properties, including the Timmins Mine, Thunder Creek and additional targets acquired through the recently completed business combination with West Timmins Mining, as well as our Bell Creek Complex properties, including a large land position we have agreed to acquire from Goldcorp."
In addition to the $29 million of exploration spending in 2010, Lake Shore Gold also today announced that the Company is forecasting 2010 project spending of $134 million (before proceeds from anticipated gold sales). Of the project spending, new projects account for approximately $58 million, including $30 million for the expansion of the Bell Creek Mill in 2010 to 3,000 tonnes per day and $28 million for an underground advanced exploration program at Thunder Creek (see Figure 1.), which commenced earlier this month. The remaining $76 million relates to continued progress at the Bell Creek Complex and work to advance the Timmins Mine to commercial production, which the Company expects to achieve in the fourth quarter of 2010.
Both transactions announced today are subject to final documentation as well as to TSX and other customary regulatory approvals. The funds raised from the issuance of the flow-through shares shall be used for general exploration expenditures, which will constitute Canadian Exploration Expenditures ("CEE") as defined in the Income Tax Act. Finder's fees will be payable to certain parties, including Wellington West Capital Markets Inc. and Canaccord Capital Corporation, in relation to the offering of flow-through shares.
About Lake Shore Gold
Lake Shore Gold is a rapidly growing mining company with large land positions on the west and east-sides of the Timmins gold mining camp. 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, and is commencing advanced exploration at the adjacent Thunder Creek property. 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 is moving forward to become the Company's second mining operation in the Timmins Camp. The Company continues to invest aggressively in exploration primarily in Timmins and in select other areas 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, financing initiatives 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.
For more information, please contact
Lake Shore Gold Corp.Tony MakuchPresident & CEO (416) 703-6298 (416) 703-6298Email: info@lsgold.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 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.
Hochschild will, through the private placement, increase its interest in the Company to approximately 36% of the common shares (on a fully diluted basis) from the current level of approximately 32%. Under the terms of the Strategic Alliance Agreement, entered into as part of a financing completed in February 2008, Hochschild's ownership in Lake Shore Gold is limited to 40% of the outstanding common shares (on a fully diluted basis). The limitation under the Strategic Alliance Agreement expires on November 22, 2010.
Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "Hochschild's additional investment in Lake Shore Gold, at a premium to market, is a strong endorsement of the quality of Lake Shore Gold's projects and the progress we are making. We appreciate Hochschild's ongoing support, which benefits all shareholders, and its continued commitment to the Strategic Alliance Agreement we signed early last year. Together, the two transactions announced today represent a blended 18% premium to yesterday's close. When compared to the expected price and costs related to a marketed transaction, the premium is approximately 30%.
"The funds being received from these transactions will support our plans to move all of our projects forward as aggressively as possible. We expect to produce 100,000 ounces of gold in 2010 and then to build production over the following three years to upwards of 350,000 ounces annually. Over the next 12 months, we will bring the Timmins Mine to commercial production, establish National Instrument 43-101 resources at Thunder Creek and the Bell Creek Complex, commence processing ore from the advanced exploration programs at Thunder Creek and the Bell Creek Complex and complete the expansion of the Bell Creek Mill to 3,000 tonnes per day. We also plan to significantly increase our exploration spending to $29 million with a focus on our Timmins West properties, including the Timmins Mine, Thunder Creek and additional targets acquired through the recently completed business combination with West Timmins Mining, as well as our Bell Creek Complex properties, including a large land position we have agreed to acquire from Goldcorp."
In addition to the $29 million of exploration spending in 2010, Lake Shore Gold also today announced that the Company is forecasting 2010 project spending of $134 million (before proceeds from anticipated gold sales). Of the project spending, new projects account for approximately $58 million, including $30 million for the expansion of the Bell Creek Mill in 2010 to 3,000 tonnes per day and $28 million for an underground advanced exploration program at Thunder Creek (see Figure 1.), which commenced earlier this month. The remaining $76 million relates to continued progress at the Bell Creek Complex and work to advance the Timmins Mine to commercial production, which the Company expects to achieve in the fourth quarter of 2010.
Both transactions announced today are subject to final documentation as well as to TSX and other customary regulatory approvals. The funds raised from the issuance of the flow-through shares shall be used for general exploration expenditures, which will constitute Canadian Exploration Expenditures ("CEE") as defined in the Income Tax Act. Finder's fees will be payable to certain parties, including Wellington West Capital Markets Inc. and Canaccord Capital Corporation, in relation to the offering of flow-through shares.
About Lake Shore Gold
Lake Shore Gold is a rapidly growing mining company with large land positions on the west and east-sides of the Timmins gold mining camp. 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, and is commencing advanced exploration at the adjacent Thunder Creek property. 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 is moving forward to become the Company's second mining operation in the Timmins Camp. The Company continues to invest aggressively in exploration primarily in Timmins and in select other areas 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, financing initiatives 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.
For more information, please contact
Lake Shore Gold Corp.Tony MakuchPresident & CEO (416) 703-6298 (416) 703-6298Email: info@lsgold.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 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.
Tuesday, November 17, 2009
Legend International Holdings Inc. Announces Strategic Alliance With Wengfu Group Co. Ltd, One of the Largest Fertilizer Producers in China
Legend International Holdings Inc. Announces Strategic Alliance With Wengfu Group Co. Ltd, One of the Largest Fertilizer Producers in China
Legend International Holdings, Inc (OTCBB:LGDI) is pleased to announce the forming of a strategic alliance with Wengfu Group Co. Ltd (Wengfu) for the development of its phosphate mine, a beneficiation plant and a phosphoric acid plant in the Mt Isa region, Queensland, Australia.
Wengfu is the one of the largest phosphate fertilizer producers in China, and has developed two phosphatemines in Guizhou Province and beneficiation, fertilizer and chemical plants in Guizhou, Gansu and Sichuan Provinces, China. Wengfu produces over 2.5 million tonnes of finished fertilizer products. Wengfu also has a large research and development arm which has enabled Wengfu to produce many speciality phosphate chemical products. Wengfu has a large global network in the phosphate fertilizer industry and exports fertilizer to over twenty countries worldwide including Australia and New Zealand
.Wengfu is currently contracted to provide engineering, procurement and construction services for the large phosphate fertilizer Ma'aden Beneficiation Project in Saudi Arabia which is due for completion in 2010.
Legend and Wengfu have agreed to work together on the feasibility study initially for the mining and beneficiation of phosphate rock at Legend's Georgina Basin Phosphate Project in Queensland, Australia. Pending a positive feasibility study, Wengfu and Legend will also investigate the production of speciality phosphate products derived from phosphoric acid manufacture.
After completion of a positive feasibility study for the mining and beneficiation, Wengfu will become an equity partner with Legend to strengthen the alliance and share in the benefits of successful development of all stages of the project including the production of specialty phosphate chemical products.
Legend strongly believes that Wengfu's experience in all aspects of phosphate rock mining, beneficiation, phosphoric acid production, specialty phosphate chemical production, global marketing strategy and financial capability, combined with Legend's quality phosphate rock assets and management team, makes an excellent partnership to ensure the successful development of the project.
The strategic alliance with Wengfu will further advance the phosphate project beyond its initial phase of mining and shipping unbeneficiated phosphate rock pursuant to its existing alliance with IFFCO.
BackgroundLegend is led by Joseph Gutnick, a prominent Australian mining industry entrepreneur, who has overseen some of Australia's largest and most prestigious resource discoveries.Legend's primary focus is the development of its phosphate interests in the Georgina Basin, Queensland, Australia including Paradise (formerly Lady Annie and Lady Jane), D-Tree, Thorntonia, Lily Creek, Quita Creek, Sherrin Creek and Highland Plains.Legend plans to produce an average of 5 million tonnes per year of phosphate rock concentrate of 30%+ P2O5 by 2012, thus becoming one of the world's leading producers of phosphate rock.More information on Legend is available at www.lgdi.net/ : .
Forward-Looking StatementsForward-looking statements in this press release are made pursuant to the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the risks of exploration and development stage projects, risks associated wi th environmental and other regulatory matters, mining risks and competition and the volatility of mineral prices. Actual results and timetables could vary significantly. Additional information about these and other factors that could affect the Company's business is set forth in the Company's fiscal 2008 Annual Report on Form 10-K/A and other filings with the Securities and Exchange Commission.
Legend International Holdings IncMr. Joseph Gutnick,+61-3-8532-2866President & Chief Executive OfficerFax:+61-3-8532-2805 josephg@axisc.com.au : mailto:josephg@axisc.com.au orLegendInternational Holdings IncGeneral Manager BusinessNew YorkOfficeTel: 212-223-0018Fax: 212-223-1169 legendinfo@axisc.com.au : mailto:legendinfo@axisc.com.au
*news published on investor ideas new Mining RSS newswire
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 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. Mining and metals investors can research gold and mining stocks with the mining
Legend International Holdings, Inc (OTCBB:LGDI) is pleased to announce the forming of a strategic alliance with Wengfu Group Co. Ltd (Wengfu) for the development of its phosphate mine, a beneficiation plant and a phosphoric acid plant in the Mt Isa region, Queensland, Australia.
Wengfu is the one of the largest phosphate fertilizer producers in China, and has developed two phosphatemines in Guizhou Province and beneficiation, fertilizer and chemical plants in Guizhou, Gansu and Sichuan Provinces, China. Wengfu produces over 2.5 million tonnes of finished fertilizer products. Wengfu also has a large research and development arm which has enabled Wengfu to produce many speciality phosphate chemical products. Wengfu has a large global network in the phosphate fertilizer industry and exports fertilizer to over twenty countries worldwide including Australia and New Zealand
.Wengfu is currently contracted to provide engineering, procurement and construction services for the large phosphate fertilizer Ma'aden Beneficiation Project in Saudi Arabia which is due for completion in 2010.
Legend and Wengfu have agreed to work together on the feasibility study initially for the mining and beneficiation of phosphate rock at Legend's Georgina Basin Phosphate Project in Queensland, Australia. Pending a positive feasibility study, Wengfu and Legend will also investigate the production of speciality phosphate products derived from phosphoric acid manufacture.
After completion of a positive feasibility study for the mining and beneficiation, Wengfu will become an equity partner with Legend to strengthen the alliance and share in the benefits of successful development of all stages of the project including the production of specialty phosphate chemical products.
Legend strongly believes that Wengfu's experience in all aspects of phosphate rock mining, beneficiation, phosphoric acid production, specialty phosphate chemical production, global marketing strategy and financial capability, combined with Legend's quality phosphate rock assets and management team, makes an excellent partnership to ensure the successful development of the project.
The strategic alliance with Wengfu will further advance the phosphate project beyond its initial phase of mining and shipping unbeneficiated phosphate rock pursuant to its existing alliance with IFFCO.
BackgroundLegend is led by Joseph Gutnick, a prominent Australian mining industry entrepreneur, who has overseen some of Australia's largest and most prestigious resource discoveries.Legend's primary focus is the development of its phosphate interests in the Georgina Basin, Queensland, Australia including Paradise (formerly Lady Annie and Lady Jane), D-Tree, Thorntonia, Lily Creek, Quita Creek, Sherrin Creek and Highland Plains.Legend plans to produce an average of 5 million tonnes per year of phosphate rock concentrate of 30%+ P2O5 by 2012, thus becoming one of the world's leading producers of phosphate rock.More information on Legend is available at www.lgdi.net/ : .
Forward-Looking StatementsForward-looking statements in this press release are made pursuant to the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the risks of exploration and development stage projects, risks associated wi th environmental and other regulatory matters, mining risks and competition and the volatility of mineral prices. Actual results and timetables could vary significantly. Additional information about these and other factors that could affect the Company's business is set forth in the Company's fiscal 2008 Annual Report on Form 10-K/A and other filings with the Securities and Exchange Commission.
Legend International Holdings IncMr. Joseph Gutnick,+61-3-8532-2866President & Chief Executive OfficerFax:+61-3-8532-2805 josephg@axisc.com.au : mailto:josephg@axisc.com.au orLegendInternational Holdings IncGeneral Manager BusinessNew YorkOfficeTel: 212-223-0018Fax: 212-223-1169 legendinfo@axisc.com.au : mailto:legendinfo@axisc.com.au
*news published on investor ideas new Mining RSS newswire
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 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. Mining and metals investors can research gold and mining stocks with the mining
Monday, November 16, 2009
VAN ECK LAUNCHES MARKET VECTORS™JUNIOR GOLD MINERS ETF (GDXJ)
VAN ECK LAUNCHES MARKET VECTORS™JUNIOR GOLD MINERS ETF (GDXJ)
Focuses on small- and mid-cap companies. Many are early-stage minersdeveloping new gold deposits and new approaches to prospecting.
NEW YORK, (– New York-based asset manager Van Eck Global recently launched Market Vectors™ Junior Gold Miners ETF (ticker: GDXJ) on NYSE Arca.GDXJ is the first Exchange-Traded Fund (ETF) in the country to provide investors with concentrated access to “juniors”—small- and mid-cap mining companies which generally represent a dynamic subset of the global gold-mining industry as many are companies actively engaged in developing new sources of gold either through greenfields exploration or use of new geologic models to prospect for gold in overlooked or abandoned properties.
“Junior miners represent an early stage opportunity similar to a venture capital investment, the potential exists for high growth, but significant risks exist as well,” said Jan van Eck, Principal at Van Eck Global. “At a time when global gold production has been dropping while demand has been on the rise, nimble young companies with attractive projects are potentially both a key source of new gold production and attractive takeover targets for more established players in the field.”As they are typically early–stage companies, there are several risks associated with investing in junior miners. Many juniors operated at a loss in 2008 and approximately a third of the companies in the Fund’s underlying index had negative cash flow on a trailing 12-month basis as of June 30, 2009. Juniors are particularly vulnerable to the price trend of gold as a drop in gold prices could affect their profitability as well as their ability to secure financing to develop new and existing properties, among other things.
GDXJ seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors™ Junior Gold Miners Index (ticker: MVGDXJ), a rules-based, modified market cap-weighted, float-adjusted index comprised of a global universe of publicly traded small- and mid-capitalization companies that generate at least 50% of their revenues from gold or silver mining. The Fund carries a gross expense ratio of 0.68% and a net expense ratio of 0.60%.Van Eck Launches Junior Miners ETF 2
As of September 30, 2009, the weighted average market capitalization of the index’s constituents was $850 million. As of the same date, the six countries in GDXJ’s underlying index by weighting were Canada (62.6%), United States (21.8%), Australia (11.2%), South Africa (2.4%), China (1.3%) and United Kingdom (0.7%).GDXJ joins its “big brother,” Market Vectors Gold Miners ETF (NYSE Arca: GDX), which seeks to track an index that focuses on the larger companies in the global gold-mining industry. As of September 30, 2009 the weighted average market capitalization of GDX’s constituents was $15.2 billion. GDX, which launched in 2006, has gathered more than $5 billion in assets and is one of the 100 largest ETFs in the United States as of September 30, 2009.
Van Eck Global has been a leader in commodity-related investment products and has been managing gold-related investments since 1968, when the firm launched the nation’s first actively managed gold fund, the Van Eck International Investors Gold Fund (INIVX). The Fund’s manager, Joe Foster, who currently allocates a portion of his portfolio to juniors, said “higher gold prices and new geologic models are helping bring new discoveries, many of which were made by junior-mining companies around the globe.”
“We believe the two key themes driving the gold market right now are gold as an alternative to paper currency and gold as a hedge against potential inflation,” said Foster. “While there have been no onerous levels of inflation so far in this gold cycle, firming commodities prices and the liquidity being created by current monetary policies could eventually bring much higher levels of inflation.”
In addition to the two gold-mining ETFs, Van Eck Global also offers other Market Vectors ETFs focused on hard assets, emerging markets, and municipal bonds. Market Vectors ETFs had a total of approximately $9.7 billion in assets under management as of September 30, 2009, making Van Eck the 6th largest provider of ETFs in the U.S.
About Van Eck GlobalFounded in 1955, Van Eck Associates Corporation was among the first U.S. money managers helping investors achieve greater diversification through global investing. Today the firm continues this 50+ year tradition by offering global investment choices in hard assets, emerging markets, precious metals including gold, and other specialized asset classes.
Market Vectors exchange-traded products have been offered by Van Eck Global since 2006 when the firm launched the nation’s first gold mining ETF. Today, Market Vectors ETFs and ETNs span several asset classes, including equities, municipal bonds and currency markets.Van Eck Global also offers mutual funds, insurance trust funds, separate accounts and alternative investments. Designed for investors seeking innovative choices for portfolio diversification, Van Eck Global’s investment products are often categorized in asset classes having returns with low correlations to those of more traditional U.S. equity and fixed income investments.Van Eck Launches Junior Miners ETF 3The Market Vectors Junior Gold Miners Index (the “Index”) is the exclusive property of 4asset-management GmbH, which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards 4asset-management GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties.The Market Vectors Junior Gold Miners ETF is not sponsored, endorsed, sold or promoted by 4asset-management GmbH and 4asset-management GmbH makes no representation regarding the advisability of investing in the Fund.Gold- and silver-related investments are subject to risks including bullion price volatility, changes in world political developments, competitive pressures and risks associated with foreign investments. In times of stable economic growth, the value of gold, silver and other precious metals may be adversely affected. Mining companies are subject to elevated risks, which include, among others, competitive pressures, commodity and currency price fluctuations, and adverse governmental or environmental regulations. In particular, small- and mid-cap mining companies may be subject to additional risks including inability to commence production and generate material revenues, significant expenditures and inability to secure financing, which may cause such companies to operate at a loss, greater volatility, lower trading volume and less liquidity than larger companies. Investors should be willing to accept a high degree of volatility and the potential of significant loss. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. To obtain a prospectus, which contains this and other information, call 1.888.MKT.VCTR or visit vaneck.com/gdxj. Please read the prospectus carefully before investing.Van Eck Securities Corporation, Distributor, 335 Madison Avenue, New York, NY 10017
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.
Focuses on small- and mid-cap companies. Many are early-stage minersdeveloping new gold deposits and new approaches to prospecting.
NEW YORK, (– New York-based asset manager Van Eck Global recently launched Market Vectors™ Junior Gold Miners ETF (ticker: GDXJ) on NYSE Arca.GDXJ is the first Exchange-Traded Fund (ETF) in the country to provide investors with concentrated access to “juniors”—small- and mid-cap mining companies which generally represent a dynamic subset of the global gold-mining industry as many are companies actively engaged in developing new sources of gold either through greenfields exploration or use of new geologic models to prospect for gold in overlooked or abandoned properties.
“Junior miners represent an early stage opportunity similar to a venture capital investment, the potential exists for high growth, but significant risks exist as well,” said Jan van Eck, Principal at Van Eck Global. “At a time when global gold production has been dropping while demand has been on the rise, nimble young companies with attractive projects are potentially both a key source of new gold production and attractive takeover targets for more established players in the field.”As they are typically early–stage companies, there are several risks associated with investing in junior miners. Many juniors operated at a loss in 2008 and approximately a third of the companies in the Fund’s underlying index had negative cash flow on a trailing 12-month basis as of June 30, 2009. Juniors are particularly vulnerable to the price trend of gold as a drop in gold prices could affect their profitability as well as their ability to secure financing to develop new and existing properties, among other things.
GDXJ seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors™ Junior Gold Miners Index (ticker: MVGDXJ), a rules-based, modified market cap-weighted, float-adjusted index comprised of a global universe of publicly traded small- and mid-capitalization companies that generate at least 50% of their revenues from gold or silver mining. The Fund carries a gross expense ratio of 0.68% and a net expense ratio of 0.60%.Van Eck Launches Junior Miners ETF 2
As of September 30, 2009, the weighted average market capitalization of the index’s constituents was $850 million. As of the same date, the six countries in GDXJ’s underlying index by weighting were Canada (62.6%), United States (21.8%), Australia (11.2%), South Africa (2.4%), China (1.3%) and United Kingdom (0.7%).GDXJ joins its “big brother,” Market Vectors Gold Miners ETF (NYSE Arca: GDX), which seeks to track an index that focuses on the larger companies in the global gold-mining industry. As of September 30, 2009 the weighted average market capitalization of GDX’s constituents was $15.2 billion. GDX, which launched in 2006, has gathered more than $5 billion in assets and is one of the 100 largest ETFs in the United States as of September 30, 2009.
Van Eck Global has been a leader in commodity-related investment products and has been managing gold-related investments since 1968, when the firm launched the nation’s first actively managed gold fund, the Van Eck International Investors Gold Fund (INIVX). The Fund’s manager, Joe Foster, who currently allocates a portion of his portfolio to juniors, said “higher gold prices and new geologic models are helping bring new discoveries, many of which were made by junior-mining companies around the globe.”
“We believe the two key themes driving the gold market right now are gold as an alternative to paper currency and gold as a hedge against potential inflation,” said Foster. “While there have been no onerous levels of inflation so far in this gold cycle, firming commodities prices and the liquidity being created by current monetary policies could eventually bring much higher levels of inflation.”
In addition to the two gold-mining ETFs, Van Eck Global also offers other Market Vectors ETFs focused on hard assets, emerging markets, and municipal bonds. Market Vectors ETFs had a total of approximately $9.7 billion in assets under management as of September 30, 2009, making Van Eck the 6th largest provider of ETFs in the U.S.
About Van Eck GlobalFounded in 1955, Van Eck Associates Corporation was among the first U.S. money managers helping investors achieve greater diversification through global investing. Today the firm continues this 50+ year tradition by offering global investment choices in hard assets, emerging markets, precious metals including gold, and other specialized asset classes.
Market Vectors exchange-traded products have been offered by Van Eck Global since 2006 when the firm launched the nation’s first gold mining ETF. Today, Market Vectors ETFs and ETNs span several asset classes, including equities, municipal bonds and currency markets.Van Eck Global also offers mutual funds, insurance trust funds, separate accounts and alternative investments. Designed for investors seeking innovative choices for portfolio diversification, Van Eck Global’s investment products are often categorized in asset classes having returns with low correlations to those of more traditional U.S. equity and fixed income investments.Van Eck Launches Junior Miners ETF 3The Market Vectors Junior Gold Miners Index (the “Index”) is the exclusive property of 4asset-management GmbH, which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards 4asset-management GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties.The Market Vectors Junior Gold Miners ETF is not sponsored, endorsed, sold or promoted by 4asset-management GmbH and 4asset-management GmbH makes no representation regarding the advisability of investing in the Fund.Gold- and silver-related investments are subject to risks including bullion price volatility, changes in world political developments, competitive pressures and risks associated with foreign investments. In times of stable economic growth, the value of gold, silver and other precious metals may be adversely affected. Mining companies are subject to elevated risks, which include, among others, competitive pressures, commodity and currency price fluctuations, and adverse governmental or environmental regulations. In particular, small- and mid-cap mining companies may be subject to additional risks including inability to commence production and generate material revenues, significant expenditures and inability to secure financing, which may cause such companies to operate at a loss, greater volatility, lower trading volume and less liquidity than larger companies. Investors should be willing to accept a high degree of volatility and the potential of significant loss. The Fund may loan its securities, which may subject it to additional credit and counterparty risk.Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called “creation units” and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market.
Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. To obtain a prospectus, which contains this and other information, call 1.888.MKT.VCTR or visit vaneck.com/gdxj. Please read the prospectus carefully before investing.Van Eck Securities Corporation, Distributor, 335 Madison Avenue, New York, NY 10017
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.
Goldcorp Inc (TSX:G)(NYSE:GG) to Acquire Canplats (TSX.V:CPQ)
Goldcorp Inc (TSX:G)(NYSE:GG) to Acquire Canplats (TSX.V:CPQ)
VANCOUVER, BRITISH COLUMBIA--- Nov. 16, 2009 - Canplats Resources Corporation (TSX VENTURE:CPQ) today announced an agreement whereby Goldcorp Inc. (TSX:G)(NYSE:GG) will acquire, through a plan of arrangement (the "Arrangement"), all of the outstanding common shares (the "Shares") of Canplats for total consideration of approximately C$238 million based on the fully diluted in-the-money Shares outstanding.
Under the Arrangement, each Share, including shares issued under the Arrangement on the acquisition by Goldcorp of the outstanding Canplats' options and warrants for their in-the-money value, will be exchanged for 0.074 of a common share of Goldcorp (the "Exchange Ratio") implying a price of approximately C$3.42 per Share based on the closing price of the Goldcorp shares on November 13, 2009. Shareholders will also receive a 90.1% interest in a new exploration company ("Newco") with a notional value of C$0.18 per Share, representing a combined value of approximately C$3.60 per Share to Canplats' shareholders. This represents a premium of approximately 41% over the closing price of the Shares on Friday, November 13, 2009.
Upon closing, Goldcorp will assume ownership of Canplats' Camino Rojo Project, located approximately 50 kilometres southeast of Goldcorp's Penasquito mine. Camino Rojo's 3,389-square kilometre land position includes the Represa deposit, which has reported measured and indicated resources of 3,445,000 gold ounces and 60,708,000 silver ounces with inferred resources of 555,000 ounces of gold and 7,612,000 ounces of silver (see Table 1 to follow).
As part of the Arrangement, a new exploration company will be created and 90.1% of its shares will be distributed to Canplats' shareholders. Newco will hold cash in the amount of C$10 million and Canplats' existing interests in a number of precious and base metal projects located in Mexico, being the Rodeo and El Rincon properties, located in Durango, and the Mecatona, Maijoma and El Alamo properties, located in Chihuahua, through a newly-incorporated, wholly-owned Mexican subsidiary. All of the shares of Newco (other than a 9.9% equity interest to be retained by Goldcorp) will be distributed to Canplats' shareholders pursuant to the Arrangement.
"We are extremely pleased to have reached an agreement with one of the world's largest and most respected gold producers," said Gordon Davis, Canplats' CEO and Chairman. "The agreement provides our shareholders with immediate value and the prospect for future gains through a newly-incorporated company that will have C$10 million in the treasury, an exciting portfolio of precious and base metal projects in Mexico, and a significant and strategic shareholder, Goldcorp."
The acquisition of Canplats by Goldcorp is expected to be completed by way of a court approved plan of arrangement whereby each Share will be exchanged for 0.074 of a common share of Goldcorp and a fraction of a share of Newco. The number of Goldcorp shares to be issued will be approximately 4.3 million based on the issued and outstanding Shares as of the announcement date, but will be subject to adjustment depending on the aggregate in-the-money value of the Canplats' options and warrants at the time that the Arrangement is completed. The transaction is expected to close in January 2010. Closing of the transaction is subject to customary conditions, including approval by Canplats' security holders and the receipt of court and necessary regulatory approvals.
The Arrangement has been approved by the boards of directors of Goldcorp and Canplats and will be subject to, among other things, the favourable vote of 66 2/3% of the holders of Canplats' common shares, options and warrants voting as a single class at a special meeting of Canplats' security holders called to approve the transaction. Officers and directors of Canplats have entered into lock-up and support arrangements with Goldcorp under which they have agreed to vote in favour of the transaction, such shares, options and warrants, representing approximately 6.6% of Canplats' outstanding shares, options and warrants. Genuity Capital Markets, Canplats' financial advisor, and Salman Partners, the financial advisor to the special committee of the board of directors of Canplats (the "Special Committee"), have provided oral opinions to Canplats' board of directors and the Special Committee, respectively, that the consideration under the Arrangement is fair, from a financial point of view, to Canplats' shareholders.
In the event that the transaction is not completed, Canplats has agreed to pay Goldcorp a termination fee of C$7.2 million, under certain circumstances. Canplats has also provided Goldcorp with certain other customary rights, including a right to match competing offers.
Canplats' financial advisor is Genuity Capital Markets; its legal advisors are Lawson Lundell LLP in Canada and Skadden, Arps, Slate, Meagher & Flom LLP in the United States. The Special Committee's financial advisor is Salman Partners; its legal advisor is Blake, Cassels & Graydon LLP. Goldcorp's financial advisor is GMP Securities L.P.; its legal advisors are Cassels Brock & Blackwell LLP in Canada and Neal, Gerber & Eisenberg LLP in the United States.
Canplats' security holders and other interested parties are advised to read the materials relating to the proposed transaction that will be filed with or furnished to securities regulatory authorities in Canada and the United States when they become available because they will contain important information. Anyone may obtain copies of these documents when available free of charge under Canplats' profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and from the United States Securities and Exchange Commission at its website at www.sec.gov. This announcement is for informational purposes only and does not constitute an offer to purchase, a solicitation of an offer to sell the Shares or a solicitation of a proxy.
Table 1: Represa Deposit Mineral Resource Summary (i)(ii)------------------------------------------------------------------------ Size Grade ----------------------------------- Gold Silver Tonnes Gold Silver Zinc Lead Ounces OuncesCategory (Millions) (g/t) (g/t) (%) (%) (000's) (000's)------------------------------------------------------------------------Measured 9.58 0.76 13.40 0.34 0.29 235 4,126------------------------------------------------------------------------Indicated 153.81 0.65 11.44 0.37 0.18 3,210 56,582------------------------------------------------------------------------Total M&I 163.39 0.66 11.56 0.37 0.19 3,445 60,708------------------------------------------------------------------------Inferred 31.03 0.56 7.63 0.31 0.10 555 7,612------------------------------------------------------------------------(i) Based upon a cut-off grade of 0.2 grams gold per tonne for oxide and transitional resources, with a cut-off grade of 0.3 grams gold per tonne for sulphide resources.(ii) Resources estimated by Mr. Douglas Blanchflower, P.Geo., of Minorex Consulting, an independent qualified person under NI 43-101, in a technical report dated January 5, 2009 and entitled "Technical Report on the Mineral Resources of the Camino Rojo Property."
To receive Canplats' news releases by e-mail, contact Blaine Monaghan, Director, Investor Relations, at info@canplats.com or (866) 338-0047 (866) 338-0047.
Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of the company's projects, future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the company's ability to raise sufficient capital to fund development, changes in economic conditions or financial markets, changes in prices for the company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in the company's filings with the Securities and Exchange Commission and on SEDAR. The Company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Cautionary note to U.S. investors: The terms "measured mineral resource", "indicated mineral resource", and "inferred mineral resource" used in this news release are Canadian geological and mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves. We advise U.S. investors that while such terms are recognized and permitted under Canadian regulations, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in the measured and indicated categories will ever be converted into reserves. "Inferred mineral resources" in particular have a great amount of uncertainty as to their economic feasibility. 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 generally form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of contained metal expressed in ounces is in compliance with NI 43-101, but does not meet the requirements of Industry Guide 7 of the SEC, which will only accept the disclosure of tonnage and grade estimates for non-reserve mineralization.
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 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), cMining 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. ompany’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
VANCOUVER, BRITISH COLUMBIA--- Nov. 16, 2009 - Canplats Resources Corporation (TSX VENTURE:CPQ) today announced an agreement whereby Goldcorp Inc. (TSX:G)(NYSE:GG) will acquire, through a plan of arrangement (the "Arrangement"), all of the outstanding common shares (the "Shares") of Canplats for total consideration of approximately C$238 million based on the fully diluted in-the-money Shares outstanding.
Under the Arrangement, each Share, including shares issued under the Arrangement on the acquisition by Goldcorp of the outstanding Canplats' options and warrants for their in-the-money value, will be exchanged for 0.074 of a common share of Goldcorp (the "Exchange Ratio") implying a price of approximately C$3.42 per Share based on the closing price of the Goldcorp shares on November 13, 2009. Shareholders will also receive a 90.1% interest in a new exploration company ("Newco") with a notional value of C$0.18 per Share, representing a combined value of approximately C$3.60 per Share to Canplats' shareholders. This represents a premium of approximately 41% over the closing price of the Shares on Friday, November 13, 2009.
Upon closing, Goldcorp will assume ownership of Canplats' Camino Rojo Project, located approximately 50 kilometres southeast of Goldcorp's Penasquito mine. Camino Rojo's 3,389-square kilometre land position includes the Represa deposit, which has reported measured and indicated resources of 3,445,000 gold ounces and 60,708,000 silver ounces with inferred resources of 555,000 ounces of gold and 7,612,000 ounces of silver (see Table 1 to follow).
As part of the Arrangement, a new exploration company will be created and 90.1% of its shares will be distributed to Canplats' shareholders. Newco will hold cash in the amount of C$10 million and Canplats' existing interests in a number of precious and base metal projects located in Mexico, being the Rodeo and El Rincon properties, located in Durango, and the Mecatona, Maijoma and El Alamo properties, located in Chihuahua, through a newly-incorporated, wholly-owned Mexican subsidiary. All of the shares of Newco (other than a 9.9% equity interest to be retained by Goldcorp) will be distributed to Canplats' shareholders pursuant to the Arrangement.
"We are extremely pleased to have reached an agreement with one of the world's largest and most respected gold producers," said Gordon Davis, Canplats' CEO and Chairman. "The agreement provides our shareholders with immediate value and the prospect for future gains through a newly-incorporated company that will have C$10 million in the treasury, an exciting portfolio of precious and base metal projects in Mexico, and a significant and strategic shareholder, Goldcorp."
The acquisition of Canplats by Goldcorp is expected to be completed by way of a court approved plan of arrangement whereby each Share will be exchanged for 0.074 of a common share of Goldcorp and a fraction of a share of Newco. The number of Goldcorp shares to be issued will be approximately 4.3 million based on the issued and outstanding Shares as of the announcement date, but will be subject to adjustment depending on the aggregate in-the-money value of the Canplats' options and warrants at the time that the Arrangement is completed. The transaction is expected to close in January 2010. Closing of the transaction is subject to customary conditions, including approval by Canplats' security holders and the receipt of court and necessary regulatory approvals.
The Arrangement has been approved by the boards of directors of Goldcorp and Canplats and will be subject to, among other things, the favourable vote of 66 2/3% of the holders of Canplats' common shares, options and warrants voting as a single class at a special meeting of Canplats' security holders called to approve the transaction. Officers and directors of Canplats have entered into lock-up and support arrangements with Goldcorp under which they have agreed to vote in favour of the transaction, such shares, options and warrants, representing approximately 6.6% of Canplats' outstanding shares, options and warrants. Genuity Capital Markets, Canplats' financial advisor, and Salman Partners, the financial advisor to the special committee of the board of directors of Canplats (the "Special Committee"), have provided oral opinions to Canplats' board of directors and the Special Committee, respectively, that the consideration under the Arrangement is fair, from a financial point of view, to Canplats' shareholders.
In the event that the transaction is not completed, Canplats has agreed to pay Goldcorp a termination fee of C$7.2 million, under certain circumstances. Canplats has also provided Goldcorp with certain other customary rights, including a right to match competing offers.
Canplats' financial advisor is Genuity Capital Markets; its legal advisors are Lawson Lundell LLP in Canada and Skadden, Arps, Slate, Meagher & Flom LLP in the United States. The Special Committee's financial advisor is Salman Partners; its legal advisor is Blake, Cassels & Graydon LLP. Goldcorp's financial advisor is GMP Securities L.P.; its legal advisors are Cassels Brock & Blackwell LLP in Canada and Neal, Gerber & Eisenberg LLP in the United States.
Canplats' security holders and other interested parties are advised to read the materials relating to the proposed transaction that will be filed with or furnished to securities regulatory authorities in Canada and the United States when they become available because they will contain important information. Anyone may obtain copies of these documents when available free of charge under Canplats' profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and from the United States Securities and Exchange Commission at its website at www.sec.gov. This announcement is for informational purposes only and does not constitute an offer to purchase, a solicitation of an offer to sell the Shares or a solicitation of a proxy.
Table 1: Represa Deposit Mineral Resource Summary (i)(ii)------------------------------------------------------------------------ Size Grade ----------------------------------- Gold Silver Tonnes Gold Silver Zinc Lead Ounces OuncesCategory (Millions) (g/t) (g/t) (%) (%) (000's) (000's)------------------------------------------------------------------------Measured 9.58 0.76 13.40 0.34 0.29 235 4,126------------------------------------------------------------------------Indicated 153.81 0.65 11.44 0.37 0.18 3,210 56,582------------------------------------------------------------------------Total M&I 163.39 0.66 11.56 0.37 0.19 3,445 60,708------------------------------------------------------------------------Inferred 31.03 0.56 7.63 0.31 0.10 555 7,612------------------------------------------------------------------------(i) Based upon a cut-off grade of 0.2 grams gold per tonne for oxide and transitional resources, with a cut-off grade of 0.3 grams gold per tonne for sulphide resources.(ii) Resources estimated by Mr. Douglas Blanchflower, P.Geo., of Minorex Consulting, an independent qualified person under NI 43-101, in a technical report dated January 5, 2009 and entitled "Technical Report on the Mineral Resources of the Camino Rojo Property."
To receive Canplats' news releases by e-mail, contact Blaine Monaghan, Director, Investor Relations, at info@canplats.com or (866) 338-0047 (866) 338-0047.
Statements contained in this news release that are not historical fact, such as statements regarding the economic prospects of the company's projects, future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 and forward-looking information under the provisions of Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the company's ability to raise sufficient capital to fund development, changes in economic conditions or financial markets, changes in prices for the company's mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Mexico, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labour relations matters, and changing foreign exchange rates, all of which are described more fully in the company's filings with the Securities and Exchange Commission and on SEDAR. The Company undertakes no obligation to publicly update or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors, except as required by law. Readers are cautioned not to place undue reliance on forward-looking statements.
Cautionary note to U.S. investors: The terms "measured mineral resource", "indicated mineral resource", and "inferred mineral resource" used in this news release are Canadian geological and mining terms as defined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves. We advise U.S. investors that while such terms are recognized and permitted under Canadian regulations, the SEC does not recognize them. U.S. investors are cautioned not to assume that any part or all of the mineral deposits in the measured and indicated categories will ever be converted into reserves. "Inferred mineral resources" in particular have a great amount of uncertainty as to their economic feasibility. 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 generally form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that any part or all of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of contained metal expressed in ounces is in compliance with NI 43-101, but does not meet the requirements of Industry Guide 7 of the SEC, which will only accept the disclosure of tonnage and grade estimates for non-reserve mineralization.
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 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), cMining 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. ompany’s URL and company’s description. The mining stocks directory page features a Paypal link and buy now button for easy online purchase.
Sunday, November 15, 2009
Investorideas.com Expands IR and Investor Tools for Mining Stocks, Renewable Energy Stocks and Water Stocks with Newswires in Each Sector
Investorideas.com Expands IR and Investor Tools for Mining Stocks, Renewable Energy Stocks and Water Stocks with Newswires in Each Sector
Investorideas.com New Mining Newswire and Water Newswire Move up to top ten content pages
DELTA, BC – November 15, 2009, www.InvestorIdeas.com has expanded its tools and services for investors, public companies and entrepreneurs with recently created newswires and newsfeeds in mining, water in addition to the well- known Investor Ideas Newswire and the Renewable and Greentech Business RSS News Feed .
Investors can subscribe to each feed on the Investorideas.com News page to get the latest news from each feed and businesses within each sector as well as other leading sectors Investorideas.com covers can publish press releases and or research reports.
Our leading financial and business newswires : The Investor Ideas Newswire, Water Stocks Newswire, Gold and Mining Newswire, Green Business and Renewable Energy Newswire .
Additional investor tools in the water, mining and renewable energy sectors include comprehensive global stock directories.
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.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Investors also have the option to also access the directories 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 9 stock directories and an investor newsletter, the Insiders Corner.
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 InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering multiple industry sectors including water, mining, renewable energy, energy, biotech, defense and global markets including China, India, Middle East and Australia. The website covers several sectors but has a focus on environment and water. Investorideas.com meets the needs of retail investors, public companies and entrepreneurs with unique tools and services ranging from stock directories, newsfeeds, funding directories and more.
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Investorideas.com New Mining Newswire and Water Newswire Move up to top ten content pages
DELTA, BC – November 15, 2009, www.InvestorIdeas.com has expanded its tools and services for investors, public companies and entrepreneurs with recently created newswires and newsfeeds in mining, water in addition to the well- known Investor Ideas Newswire and the Renewable and Greentech Business RSS News Feed .
Investors can subscribe to each feed on the Investorideas.com News page to get the latest news from each feed and businesses within each sector as well as other leading sectors Investorideas.com covers can publish press releases and or research reports.
Our leading financial and business newswires : The Investor Ideas Newswire, Water Stocks Newswire, Gold and Mining Newswire, Green Business and Renewable Energy Newswire .
Additional investor tools in the water, mining and renewable energy sectors include comprehensive global stock directories.
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.
Green Energy investors can research stocks with the Renewable Energy Stocks Directory, one of the most comprehensive directories online. The directory has close to 900 stocks and new stocks are added each month for investors following the sector. The complete renewable energy stocks directory features stocks listed on the TSX, OTC, NASDAQ, NYSE, AMEX, ASX, AIM markets and other leading exchanges. The directory includes info and links on Alternative Energy Funds, Biogas and Ethanol Stocks, Energy Efficiency Stocks, Flywheel Stocks, Fuel Cell Stocks, Geothermal Stocks, Hydrogen Production, Micro Turbine Stocks, Solar Stocks, Green Transportation, Wind Power and Wind Energy Stocks and Green Infrastructure Stocks.
Investors also have the option to also access the directories 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 9 stock directories and an investor newsletter, the Insiders Corner.
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 InvestorIdeas.com:
InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering multiple industry sectors including water, mining, renewable energy, energy, biotech, defense and global markets including China, India, Middle East and Australia. The website covers several sectors but has a focus on environment and water. Investorideas.com meets the needs of retail investors, public companies and entrepreneurs with unique tools and services ranging from stock directories, newsfeeds, funding directories and more.
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
-Public companies please contact us with updates, corrections and additions.
Friday, November 13, 2009
Drilling Underway on Scadding Gold Project and Trueclaim Exploration Inc. Options More Adjacent Mining Claims
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.
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.
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.
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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.
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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
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