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News release #2
Bravada and Fortune River Settle Ratios of Amalgamation
Resource Corp. On Thursday September 16, 2010, 1:58 pm EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2010) - Bravada Gold Corporation (TSX VENTURE:BVA - News; FRANKFURT:6BG - News) and Fortune River Resource Corporation (TSX VENTURE:FRX - News; FRANKFURT:RG7A - News) report that their respective Boards of Directors have agreed on the ratios for the proposed amalgamation after considering advice from external advisors relative to the preparation of a Fairness Opinion addressed to the Amalgamating Companies.
The ratios are:
FRX: 0.85 share of the Amalgamated Company for 1 share of FRX.
BVA: 1.00 share of the Amalgamated Company for 1 share of BVA.
Previously, as disclosed in a common news release (NR-10-10 for BVA and NR-13-10 for FRX), the Companies had agreed on a preliminary basis on ratios of 0.5 shares of the Amalgamated Company for 1 share of FRX and 1.0 share of the Amalgamated Company for 1 share of BVA.
The new ratios acknowledge a higher value for FRX's Wind Mountain gold resource than is currently being reflected in FRX's share price and results in the Amalgamated Company being owned equally by shareholders of FRX and shareholders of BVA. The proposed Amalgamation is subject to appropriate approvals of shareholders and of the Supreme Court of British Columbia, and acceptance by the TSX Venture Exchange, to merge into a single Amalgamated Company, which would retain the name Bravada Gold Corporation.
The Amalgamated Company will focus exploration activities on its combined 20 Nevada properties (approximately 13,000ha), located in the Battle Mountain-Eureka trend, the Walker Lane Trend, and the Northern Nevada Rift. Both companies are currently drilling exploration properties and both are well advanced toward acquiring other strategic properties in these prolific Nevada gold trends. BVA is drilling the PH Carlin-style exploration property, located along the Battle Mountain-Eureka Gold trend 6 km east of the Tonkin Springs gold deposits and 13km northwest of the Gold Bar satellite deposits. FRX and partner Christopher James Gold Corp are drilling the Buz low-sulfidation exploration property, located along the Walker Lane Gold trend 3km northeast of the partnership's Highland property.
In addition to the extensive package of exploration properties along Nevada's long-established gold trends, the Amalgamated Company will include an existing mineral resource at its Wind Mountain property, a previous Amax Gold open-pit/heap-leach mine. The project contains an estimated 406,000 ounces of gold in the Measured plus Indicated Resource categories, 33.7 million tons averaging 0.411g/t Au, using a cutoff grade of 0.257g/t Au, plus an additional 92,000 ounces of gold in the inferred category, 9.8 million tons averaging 0.308g/t Au, using the same cut-off grade (see FRX news release dated January 8, 2008). The company recently commissioned an independent NI43-101-Compliant Preliminary Economic Assessment and associated Technical Report by Mines Development Associates (MDA), a well-respected engineering group based in Reno. MDA modelled an open pit using $850 per ounce of gold and $14.50 per ounce of silver. MDA's report indicates the project will have an NPV@5% of US$13.2million (IRR=15%) at $850 per ounce gold and, assuming a 20% increase in metal prices, an NPV@5% of US$43.7million (IRR=38%) at $1,020 per ounce gold for the same pit design (see FRX news release NR-05-10 dated April 13, 2010). MDA recommends work that could improve economics further and advance the project through pre-feasibility at a modest cost.
President Joe Kizis commented, "Although valuing junior exploration companies is difficult at best, we feel we are providing both groups of shareholders with significant upside. BVA shareholders participate in an established resource, which we feel is underappreciated in the market and will improve with further optimization studies. FRX shareholders participate in an excellent portfolio of exploration properties that have potential for very large Carlin-type gold deposits. Both groups of shareholders will benefit from a more steady flow of news as the properties are advanced by the Amalgamated Company and its partners."
It is anticipated that Special meetings of both Companies will be convened during the month of November 2010 for resolutions of the Members of each Company followed by Court application and submissions to the TSX Venture Exchange for listing of the shares of the Amalgamated Company.
About Bravada Gold Corporation
Bravada Gold Corporation is a member of the Manex Resource Group of companies with an exploration office in Reno, Nevada from which it is exploring its extensive Carlin-type gold holdings strategically located within the Battle Mountain/Eureka "Cortez" gold trend in Nevada. Bravo Gold Corp. (BVG.V) owns 34% of 32,519,218 Bravada common shares currently outstanding.
About Fortune River Resource Corp.
Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, Buz and Zebra projects are located in Nevada and the Drayton project is located in Ontario.
Joseph Anthony Kizis, Jr. (P.Geo.) is the Qualified Person responsible for reviewing the technical results in this release.
On behalf of the Board of Directors of Bravada Gold Corporation and Fortune River Resource Corporation
Joseph A. Kizis Jr., Director, President, Bravada Gold Corporation and Fortune River Resource Corporation
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Bravada Gold Corporation and Fortune River Resource Corp do not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Liana Shahinian
Bravada Gold Corporation and Fortune River Resource Corp.
604.641.2773 or toll free: 1.888.456.1112
liana@mnxltd.com
www.bravadagold.com / www.fortuneriver.ca
http://finance.yahoo.com/news/Bravada-and-Fortune-River-ccn-1907142919.html?x=0&.v=1
News release #1
Fortune River and Christopher James Begin Drilling at Buz Gold/Silver Project in Nevada
September 15, 2010, 1:32 pm EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2010) - Fortune River Resource Corp. (TSX VENTURE:FRX - News; FRANKFURT:RG7A - News) and partner Christopher James Gold Corp. (CJG.V) reported today that drilling is underway at their 240ha, low-sulfidation Buz gold/silver Project in the Walker Lane Gold trend in western Nevada. A four-hole, reverse-circulation drilling program is planned, approximately 1,000 metres total.
Grab samples of vein material from dumps of small historic workings contain anomalous gold up to +10g/t, with relatively low concentrations of silver and very low concentrations of base metals. The gold-bearing veins formed in a small graben and related volcanic eruptive center within the southern margin of a large Tertiary caldera. Vein mineralogy and textures in surface exposures are typical of the upper level of a low-sulfidation gold system. Economic accumulations of gold, if present, would typically lie deeper in these systems. Only one shallow historic drill hole has been found on this minimally explored property.
Christopher James may earn a 51% interest in the Buz property by spending US$2,000,000 over a six-year period, which will include paying underlying annual minimum royalties and claim-holding fees. Christopher James may earn a further 19% interest, for a total of 70%, by producing a bankable feasibility study by the end of year six. This option may be extended for up to two years by paying Fortune River US$50,000 and spending a minimum of US$500,000 per year. The project is subject to an underlying royalty of 3% NSR, of which 1.5% can be purchased for US$1,500,000. Fortune River will be project manager initially, continuing as long as mutually agreed.
Highland project update
Permits have been received and a bond has been posted for drilling at the Highland property, which is also being managed by the company and funded by Christopher James Gold Corp. During the past few months, previously planned drilling was postponed while the existing ground magnetics survey was enlarged and 21 new claims were added to cover projections of geophysical targets, bringing the total to 141 claims (approx.1,100ha). Christopher James has met required year one expenditures at Highland and will determine a drill schedule once their budgeting process has been completed.
About Fortune River
Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, and Buz projects are located in Nevada and the Drayton project is located in Ontario. Fortune River and Bravada Gold Corp (BVA.V) are considering an amalgamation to form a strong Nevada-based exploration and development company.
Joseph Anthony Kizis, Jr. (P.Geo) is the Qualified Person as defined by National Instrument 43-101 for the Buz project and has reviewed and approved the technical contents of this release.
On behalf of the Board,
Joseph Anthony Kizis, Jr., President, Fortune River Resource Corp.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets, regulatory and governmental approvals for the company's projects, and the availability of financing for the company's development projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Fortune River Resource Corp. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Liana Shahinian
Fortune River Resource Corp.
1.888.456.1112
liana@mnxltd.com
www.fortuneriver.ca
http://finance.yahoo.com/news/Fortune-River-and-Christopher-ccn-4174053590.html?x=0&.v=1
What do you think that could do to help Fortune river?
kinross owns the ground flanking east manhatten.they have planned expenditures this summer!
o.k., i have it on radar;
re;
Fortune River Resource Corp. (FRXFF)
I think it has some good potential mick.
To 'logman', good morning. no chat fer awhile. is this one hot?
NEWS:
Fortune River Files Technical Report for Wind Mtn PEA
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Press Release Source: Fortune River Resource Corp. On Thursday May 27, 2010, 9:30 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2010) - Fortune River Resource Corp. (TSX VENTURE:FRX - News; FRANKFURT:RG7A - News) has received and filed on SEDAR the Technical Report for the Preliminary Economic Assessment (PEA) conducted by Mine Development Associates (MDA) of Reno for its wholly owned Wind Mountain Project, located in northwestern Nevada. The study assumes open-pit mining using conventional trucks, shovels, run-of-mine leaching and utilizing a base case gold price of US$850 per ounce with a credit for silver at a price of $14.50 per ounce. The base case economic model(1) in US dollars indicates:
Resource inside pits = 26.9 million short tons @ 0.012 oz Au/t, with 0.007 oz Au/t cutoff (approximately 90% Measured + Indicated, approximately 10% Inferred)
Gold Ounces mined = 320,000
Gold Ounces produced = 198,000
Waste: Ore Strip ratio = 0.7:1
Capital = Initial capital of $41.8 million with $4.4 million sustaining capital
Mine Life = 4 years active mining with 2 additional years of residual leaching and rinsing of leach pads
Life-of-mine cash cost per Au ounce = $497 after a silver credit of $86 per ounce of gold is applied
Total Pre-Tax cost per Au ounce = $719 after a silver credit of $86 per ounce of gold is applied
IRR = 15%
Pre-tax NVP @ 5% = $13.2 million
(1) Note that Canadian NI 43-101 guidelines define a PEA as follows: "A preliminary economic assessment is preliminary in nature and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves, and there is no certainty that the preliminary assessment will be realized."
Sensitivity studies by MDA indicate that gold and silver prices 20% higher in the same modeled pit ($1,020/oz Au and $17.40/oz Ag) will increase the IRR to 38% and the NPV@5% to $43.7 million. Gold and silver prices that are 10% lower ($765/oz Au and $13.05/oz Ag) result in the model becoming uneconomic at an NPV@5%. Sensitivities of the model to capital and operating costs are also provided by MDA.
Mine Development Associates, Ore Reserves Engineering ("O.R.E.") and Debra Struhsacker, Environmental Permitting and Government Relations Consultant, compiled the technical report. Thomas Dyer, P.E. is a Senior Engineer for MDA and is responsible for sections of the technical report involving mine designs and the economic evaluation; Alan C. Noble, P.E. is the Principal Engineer of O.R.E. and is responsible for sections of the technical report involving resource modeling and information taken from the 2007 Technical Report completed entitled "Technical Report on the Wind Mountain Gold Project"; and Debra Struhsacker is responsible for the section of the technical report involving environmental issues. These are the Qualified Persons of the technical report for the purpose of Canadian NI 43-101, Standards of Disclosure for Economic Analyses of Mineral Projects. The report is now available on SEDAR and the company's website, fortuneriver.ca.
About Fortune River
Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, and Buz projects are located in Nevada and the Drayton project is located in Ontario. The Company's Wind Mountain project, a past-producing open-pit/heap-leach operation.
On behalf of the Board,
Joseph Anthony Kizis, Jr., President, Fortune River Resource Corp.
We seek safe harbor
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
http://finance.yahoo.com/news/Fortune-River-Files-Technical-ccn-4037214845.html?x=0&.v=1
that valuation was made by discounting the valuation by 50%!have to leave room for an aquisitor if one shows up?
currently quite undervalued by a factor of 5 or 6!this deposit will not go unnoticed!!
What do you think the stock price could be in a year?
400,000 ounces and counting!net present value at $1100.00/per ounce equates to $56.8 mm.this does not include the dumps left by AMAX in 1997!
I believe I read in a previous news release they figure over 400,000 oz gold.
USA Quote: http://finance.yahoo.com/lookup?s=frxff
Canadian Quote: http://finance.yahoo.com/q?s=FRX.v+
FRANKFURT Quote: http://finance.yahoo.com/q?s=rg7a.f&d=t
Fortune River Resource Corp. trades under 3 symbols in 3 countries.
USA. FRXFF
Canada. FRX.v
FRANKFURT:RG7A
I believe there are 35 million shares issued.
News...
Geophysics Completed at Fortune River's Highland Project, Drilling Planned for July
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Press Release Source: Fortune River Resource Corp. On Wednesday May 19, 2010, 1:00 pm EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2010) - Fortune River Resource Corp. (TSX VENTURE:FRX - News; FRANKFURT:RG7A - News) has received preliminary results of three additional lines of IP that have recently been completed at the Highland property, which is located in the Walker Lane Gold trend in Nevada. The three lines follow up a feature believed to be a graben covered by thin gravel that was identified on a line of IP and AMT geophysical surveys conducted last fall. The graben is well delineated by these lines and is shown to be parallel to veins that have been partially drill tested with attractive high-grade gold and silver intercepts.
Previous drilling by Fortune River at Highland has intersected veins with bonanza grades locally; hole H02013, for example, intersected 1.5m of 66.9 g/t gold and 397.7 g/t silver within a 12.2m intercept of 9.5 g/t gold and 109.4 g/t silver (true thickness estimated at 65% of interval). Other targets that have received little or no drilling have been identified on the property, which is extensively covered by the relatively thin alluvium. It is now thought that the previous drilling may have tested the "leakage" from the newly delineated graben feature. Drill sites will be chosen based on the finalized geophysical interpretation and permitting will be completed for drilling planned for July. Christopher James Gold Corp. is funding this program as part of their earn in; Fortune River is the operator.
Other project updates
Permits have been received and a bond is being posted for drilling at the Buz property, which is also being managed by the company and funded by Christopher James Gold Corp. Drilling is anticipated to begin during the third quarter of 2010. Initial field sampling and mapping are planned for Zebra, which is located in the Northern Nevada Rift and is being managed by the company and being funded equally by the company and Christopher James Gold Corp.
The company also reported that two university students are conducting Masters' Thesis research at Wind Mtn. that may assist in understanding where high grade feeder structures might lie beneath the existing resource (see news release dated April 13, 2010 for independent Preliminary Economic Assessment of existing resource).
About Fortune River
Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, and Buz projects are located in Nevada and the Drayton project is located in Ontario.
On behalf of the Board,
Joseph Anthony Kizis, Jr., President, Fortune River Resource Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Jeff Stuart
Fortune River Resource Corp.
1.888.456.1112
jstuart@mnxltd.com
Liana Shahinian
Fortune River Resource Corp.
1.888.456.1112
liana@mnxltd.com
www.fortuneriver.ca
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Fortune River trades in three markets in three countries
USA Quote: http://finance.yahoo.com/lookup?s=frxff
Canadian Quote: http://finance.yahoo.com/q?s=FRX.v+
FRANKFURT Quote: http://finance.yahoo.com/q?s=rg7a.f&d=t
Developing Resources
for the New Global Demand
Fortune River Resource Corp. follows a strategy of acquiring projects with significant high-grade gold potential in historic mining districts. The company has assembled an experienced team of directors, managers and consultants with a wealth of expertise in resource and public financing, precious metal exploration and project development. Project acquisitions have focused on the prolific gold producing state of Nevada and the province of Ontario. In Nevada, Fortune River currently has six low-sulphidation, gold properties; the Wind Mountain, Highland, Baxter, Buz, Mud Springs and the East Manhattan projects.
In Nevada, Fortune River currently has six low-sulphidation, gold properties; the Wind Mountain, Highland, Baxter, Buz, Mud Springs and the East Manhattan projects. The Wind Mountain Project is located approximately 160km northeast of Reno and has good road access and a power line to the property. AMAX Gold/Kinross Gold recovered nearly 300,000 ounces of gold and over 1,700,000 ounces of silver between 1989 and 1999 from the Wind Mountain and Breeze open pit heap leach operations (based on Kinross Gold files).
In late 2007 the company received an independent NI43-101 compliant resource estimate of the remaining mineralization, which includes a total Measured plus Indicated Resource for the project of 33.7 million tons averaging 0.012opt gold (0.411g/t Au) using a cutoff grade of 0.0075opt Au (0.257g/t Au), containing 406,000 ounces of gold (See News Release dated January 8/08). Additionally, the estimate includes an Inferred Resource of 9.8 million tons averaging 0.009opt Au (0.308g/t Au) using a cutoff grade of 0.0075opt Au, containing 92,000 ounces of gold. None of the mineralization encountered in 2008 holes is included in the resource estimates.
The East Manhattan prospect consisting of 84 claims (approximately 680 hectares), is located in Nevada’s Nye County at the eastern edge of the Manhattan Mining district (historic production estimated to be approximately one million ounces of gold) and approximately 19 kilometers southeast of the Round Mountain mine (reported production of +10 million ounces of gold and reserves of approximately four million ounces of gold).
Letters-of-Intent have been entered into between the company and Christopher James Gold Corp for the Highland project, in Lander County, and the Buz project are in close proximity to each other. The Baxter project is also a low-sulphidation epithermal gold/silver system, which is located approximately 5.5km southwest of the Highland project with the Mud Springs project also in close proximity to the Baxter and Highland properties. The balance of these projects are candidates as well for Joint Venture.
In western Ontario, the company has acquired the Drayton project. The property is located within the Superior Province of the Canadian Shield, the world's largest Archean craton, which is host to a variety of mineral deposits including the major gold mining districts of Rice Lake, Pickle Crow, Long Lac and Hemlo.
In western Ontario, the company has acquired the Drayton project. The property is located within the Superior Province of the Canadian Shield, the world's largest Archean craton, which is host to a variety of mineral deposits including the major gold mining districts of Rice Lake, Pickle Crow, Long Lac and Hemlo.
Fortune River Resource Corp. is positioned to benefit from investor interest in gold and gold exploration companies. The company continues to evaluate and prioritize high potential gold properties for possible acquisition, capable of generating both a short and longer-term increase in share value.
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