It most definitely is the same mines without a doubt. And you may have just proved that the SRGE PR is a load of crap. If I'm reading the article you found correctly the dispute is between a totally different mining company called Bandera Gold Ltd. and Minera San Jorge and ownership of the mines is far from even being determined so how could the "owner" do any kind of a definitive agreement with Southridge Enterprises, Inc?
http://www.banderagold.com
Here are all the publications about the dispute starting with the one you found - No matter how you slice this I think it proves SRGE is fraudulent claiming a definitive agreement for ownership of these mines:
October 29, 2010
AMPARO COURT DECIDES THE CASE SHOULD HAVE BEEN HEARD IN A FIRST INSTANCE FEDERAL COURT RATHER THAN THE FIFTH MERCANTILE COURT OF JALISCO
Edmonton, Alberta, – Bandera Gold Ltd. (“Bandera”) announces its legal counsel in Guadalajara, Mexico has been notified of a decision by the Fifth Federal Court of Amparo of Jalisco, Mexico (the “Amparo Court”) related to its dispute with Minera San Jorge SA de CV (a Mexican company) and others on the beneficial ownership of the “Cinco Minas” and “Gran Cabrera” mining projects in Mexico. The decision dated September 30, 2010, has determined that the Fifth Mercantile Court of the State of Jalisco, which rendered a first instance decision on this matter in favour of Bandera, was not competent to rule on the case. Therefore the Amparo Court has ordered the delivery of the file to the Ninth Appellate Court of the State of Jalisco with instructions to have the file distributed to a first instance Federal Court for ruling on the matter.
The Amparo Court determined that, as the dispute referred to mining concessions which are considered as “national assets”, the Jalisco State Mercantile Court was not competent to rule on the matter, but rather a Federal Court. Bandera has been advised by its Mexican counsel that the ruling of the Amparo Court has mistakenly assumed that the dispute related to the validity, or to a regulatory matter related to mining concessions (case in which the competent judicial authorities would have been the Federal courts), while the facts of the case are that the legal action initiated by Bandera against Minera San Jorge SA de CV and others refers to a commercial dispute about the beneficial ownership of the mining concessions of the projects known as “Cinco Minas” and “Gran Cabrera”, and not to any regulatory matter related to such concessions. Therefore, the matter was well within the jurisdiction of the Jalisco Mercantile Court.
The decision by the Amparo Court only refers to the issue of competent authority to rule on the matter and does not include any decision on the substance of the case.
Bandera Gold will continue to litigate the case and expects that the appropriate Mexican courts will ultimately ratify or uphold the judicial rulings on the matter so far, confirming Bandera’s ownership rights to the “Cinco Minas” and “Gran Cabrera” mining projects in the terms of the existing contracts.
Kelvin Williams President and CEO
July 16, 2009
BANDERA ANNOUNCES FIRST INSTANCE RULING IN CONNECTION WITH ITS MEXICAN PROPERTIES
Bandera Gold Ltd. (“BGL”) is pleased to announce that it has obtained a favorable first instance ruling (the “Ruling”) from the Fifth Mercantile Court (Guadalajara) (the “Court”) in its lawsuit against Minera San Jorge (“MSJ”), George Barnett and others. As previously announced, the lawsuit was brought by BGL to enforce its rights under the option agreement dated November 15, 2005 (the “Option Agreement”) under which BGL was entitled to earn in up to a 60% equity interest in the Cinco Minas and Gran Cabrera projects in Mexico (the “Properties”).
The validity and enforceability of the Option Agreement has been confirmed by the Court and it reinstates BGL’s rights to the Properties by ordering the transfer of title to both Properties to the Joint Venture company through which BGL holds its interest in the Properties.
The ruling is dated July 7, 2009 and is 118 pages in length. The board and its lawyers are reviewing the detailed contents of the ruling.
As of August 7, 2009 this ruling will be final absent any appeal by MSJ.
Additionally, the Court has been notified that in a separate legal action, to which BGL was not a party, the labor court awarded a settlement against MSJ which resulted in the transfer of title to the Properties to a third party. This transfer appears to have occurred without proper notification to the Court or reference to BGL’s prior lien over the Properties as registered in the records of the Mining Public Registry (“MPR”). BGL lawyers have commenced a case in the Federal courts, seeking an “Amparo judgment” (relief of violated civil rights by authorities). Our lawyers have argued that the process resulting in the transfer was illegal and should be declared invalid and null and void. The Amparo court has issued a suspension (freezing the process in place) pending issuance of its judgment. The suspension prevents MPR from registering any further changes of title to the Properties and make no further changes to its records until the Amparo court issues its ruling. We await the Amparo court’s ruling in the very near future.
BGL is assessing its continued strategy to enforce its contractual rights and to gain control over its projects in Mexico.
On behalf of the Board Kelvin Williams, CEO
May 14, 2008
UPDATE OF LEGAL PROCEEDINGS RELATING TO BANDERA’S DISPUTE WITH MINERA SAN JORGE AND GEORGE S. BARNETT AND OTHER DEFENDANTS
After the Fifth State Court of Jalisco Commercial Division admitted Bandera Gold Ltd.’s (“Bandera”) lawsuit for hearing under the terms filed, and Bandera met (on March 28) the court’s requirement for posting of a bond, the execution of preventive measures was performed. These measures allowed liens and/or encumbrances on mining concessions and certain bank accounts owned by the defendants, and prohibited Mr. Barnett from leaving Mexico without appointing an attorney in fact.
On March 28, following the execution of the preventive measures (save for the filing of the lawsuit before the Mining Registry), Minera San Jorge (“MSJ”) and the other defendants (MSJ et al) were served.
On April 10, 2008 MSJ et al filed their defence claim before the court. As might have been expected, they denied all Bandera claims as well as contesting the competency of the court (claiming Arizona to be the competent court).
On April 17, the Fifth State Court accepted for evaluation during the proceedings the defendants defense claims but rejected the court incompetence argument (ruling that Mexican law does not regulate transfer of a claim to a foreign court).
On April 24, Bandera filed its reply in the following terms: concerning the defense denials of all Bandera claims, the legal team made reference to all translated and certified evidence already submitted and offered additional evidence to prove Bandera’s legal right to demand this trial. Concerning damages, the legal team submitted a full record of share trading taken from the TSX website from the period of January 4 through February 20, evidencing the loss of share value subsequent to the January 4 news release and the public onset of the dispute.
The courts have been on a normal vacation period from May 1 through May 10. Upon resumption, the court is expected to issue a resolution accepting Bandera’s reply to the defense claim. The court will then be promoted to serve the lawsuit with the Public Registry of Mining. This may take some time, as it involves courts in Mexico City, where the Public Registry of Mining is located. Once served, the Public Registry of Mining will have nine working days to answer. If an objection is made by the Public Registry concerning Bandera requests, the Competent Court (Fifth State) will analyze it and ratify or revoke the request. Bandera’s lawyers are committed to promote this matter as expeditiously as possible.
Upon compliance with the above, the evidence period shall begin, with the time period being determined by the diversity of evidence, time spent by the court to evaluate Suite 6-3908 97 Street, Edmonton, AB T6E 6N2 Tel: (780) 465-4129 Fax: (780) 469-6040 info@banderagold.com http://www.banderagold.com submissions, and (perhaps) appeals by the parties to the evidence offered. The court must analyze the evidence and accept or deny the dispositions based on their relevance or the form in which they were submitted. This process could also involve hearing witnesses’ testimony and expert opinions and may include court visits. There may be third parties involved (bank institutions, experts) whose availability would affect the overall duration of this process. All this must be planned while considering the courts’ workload and scheduling, thus making it difficult to determine how long this will take.
Once all evidence is analyzed by the court, the evidence period will close and parties can proceed with the opening of the trial phase.
It is unfortunate that a resolution could not be negotiated and that legal action is necessary; however, Bandera is pleased that the courts are hearing the lawsuit and will be rendering a judgment. Bandera will dedicate all necessary resources to facilitate this action and will, whenever possible and permitted, work actively for speedy results.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. The Company’s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board Kelvin Williams President and CEO
Tuesday, April 01, 2008
THE STATE COURT OF JALISCO, MEXICO, COMMERCIAL DIVISION GRANTS PREVENTIVE MEASURES IN FAVOR OF BANDERA GOLD LTD. RELATING TO THEIR DISPUTE WITH MSJ & GEORGE S. BARNETT
On January 4 and 7, 2008, Bandera Gold Limited (?BGL?) issued news releases concerning the property dispute that is ongoing with our joint venture partner, Minera San Jorge, S.A. de C.V. (?MSJ?). We indicated at that time that our legal counsel had reviewed all of the documentation regarding our signed ?Option Agreement?, considered the circumstances of the situation that had arisen and concluded that the issues at hand represented a deliberate breach of contract by MSJ and George S. Barnett.
Since that time, representatives of our legal team in Guadalajara, Caracas and Calgary have been working diligently to quantify and enforce our position regarding the legally binding agreement that is in place between BGL and MSJ.
There has been little communication between representatives of BGL and MSJ since our January announcements. BGL is aware that the 60 tonne per day test production mill has been operating throughout the dispute and that a substantial amount of silver/gold doré has been produced. There has not been any documentation forwarded to BGL by MSJ or its sister companies regarding this doré production and/or the disposition of same.
On February 26, 2008, our legal counsel in Guadalajara filed a lawsuit, with ?preventive measures? that were applied for and granted on March 7, 2008, by a Judge in the State Court of Jalisco, Mexico, Commercial Division, Guadalajara, Mexico, naming: Minera San Jorge, S.A. de C.V.; Campânia Minera Cinco Minas, S.A. de C.V.; George Barnett Salazar, also known as George Salazar Barnett, also known as Jorge Barnett Salazar; Minera Amajac, S.A. de C.V.; and the Public Mining Register as defendants.
On March 7, 2008, the State Court, Commercial Division of Guadalajara, Mexico, issued preventive measures in favor of the Company consisting of: (i) The encumbrance of assets of the defendants for an amount of CAD $6,000,000; (ii) the registration of the lawsuit on the files of each of the mining concessions subject to the Option Agreement before the Public Mining Register in Mexico City; and (iii) a prohibition for Mr. Barnett to leave the Court?s jurisdiction (the Mexican State of Jalisco) until this case is settled, unless having appointed an Attorney to act on his behalf while he is away.
On March 28, 2008, Mr. Barnett and the company offices of MSJ and Amajac were served with the lawsuit. The defendants have nine (9) business days to reply to the suit in defense of the action or be considered to be in default.
In order to guarantee any damages to the defendants in case the lawsuit is dismissed, BGL was required by the Court to post a bond of 6,000,000 Mexican pesos (approximately [CAD $600,000]).
In order for these preventive measures to be put in place and stay applicable, BGL was required to place a Six Hundred Thousand dollars (CAD $600,000.00) warranty bond in order to respond to any damages and injury that the defendants may suffer as a result of the said preventive measures being put in place. In order for the co-defendants to have the preventive measures noted above removed, they will have to provide a warranty bond (or cash in lieu of) ranging from CAD $600,000.00 and CAD $1,200,000.00 (the exact amount will be determined by the judge in due course).
The management of Bandera Gold Ltd. and its legal team will continue to vigorously protect our shareholders interest in the Cinco Minas and Gran Cabrera properties and our rights under the Option Agreement. Additional information regarding the suit will be released in the near future.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
January 7, 2008
BANDERA PROVIDES ADDITIONAL INFORMATION ON PROPERTY DISPUTE
Further to our news release issued Friday, January 4th, 2008, Bandera Gold Limited ("BGL") wishes to advise shareholders further regarding the November 15, 2005 option agreement with Minera San Jorge, S.A. de C.V. (?MSJ?) to acquire a 60% interest in the Cinco Minas and Gran Cabrera Mexican mining properties (the ?Properties?) and how BGL proposes to deal with that situation.
The primary objective of BGL's management is to build value for shareholders. Management believes that the Properties represent strong assets that have the potential for development into stable, profitable mines. Management's strategy has been to dedicate resources to allow for the rapid advancement of the Cinco Minas and Gran Cabrera projects, in furtherance of which, BGL has proceeded ethically and responsibly with its partners and the local population to realize this potential as it has progressed with development. BGL has contributed approximately $7 million in project funding, and issued share capital to secure title in the Properties. BGL has thoroughly accounted for all financial transactions, and documented the relationship with MSJ throughout the process.
As a prerequisite to engaging in the business relationship with MSJ, BGL ensured that the terms thereof were meticulously detailed in the option agreement, which is a binding contract. BGL has honoured the terms of this contract, and fulfilled its obligation to earn its 60% interest in the Properties. This interest is not subject to unilateral cancellation and may not be revoked.
BGL's legal counsel has reviewed all of the documentation and considered the circumstances of the situation that has arisen, and concluded that the issues at hand represent a deliberate breach of contract by MSJ. BGL continues to seek a negotiated solution to the situation with MSJ, so the project can move forward.
BGL regards this breach as an unfortunate and unnecessary disruption to the ongoing operations of BGL in Mexico. Management has worked to respond to the challenges from MSJ. Management's priority going forward is to resolve the dispute that has arisen so that BGL may continue with its development strategy, while at the same time to consider all action necessary to protect the interests of shareholders. BGL continues to seek a negotiated solution to the situation with MSJ so the project can move forward, however BGL will vigorously defend its interests and work to ensure that further disruptions of a similar nature can be prevented in the future.
BGL remains well financed, and well represented in Mexico to allow BGL to consider other opportunities to build shareholder value while the ongoing dispute with MSJ is pending resolution. Management will provide regular updates on the progress of its actions, as it continues its efforts to build lasting shareholder value in the future.
On behalf of the Board
Kelvin Williams
January 4, 2008
BANDERA IN DISPUTE WITH OPTIONOR
Bandera Gold Ltd. (the ?Company?) signed an Option Agreement dated November 15, 2005 with Minera San Jorge, S.A. de C.V. (?MSJ?) to acquire a 60% interest in the Cinco Minas and Gran Cabrera Mexican mining properties (the ?Properties?) by making option payments of $300,000, issuing 2,800,000 common shares of the Company to MSJ and providing financing of $7,600,000 to MSJ over a five year period for the exploration and development of the Properties.
The Company has now made all of the option payments, met its entire financing requirement on the Cinco Minas property and issued and delivered 650,000 common shares to MSJ. The Company issued an additional 900,000 common shares and will deliver the shares to MSJ upon the parties entering into a Joint Operating Agreement (?JOA?). The Company will issue an additional 1,250,000 common shares to MSJ on the anniversary date of the signing of the JOA.
The Company has recently received an unsigned letter from an individual representing himself as Legal Representative of MSJ and purporting to terminate the Option Agreement. The Company has retained legal counsel to vigorously protect the Company?s interest in the Properties.
On behalf of the Board
Kelvin Williams
October 15, 2007
SEPTEMBER UPDATE ON CINCO MINAS AND GRAN CABRERA
HIGHLIGHTS
? 60 Tpd Mill Fully Operational
? First Doré Produced
? 2 Kilometers of Strike on Structure Added
Our Engineering Team has just returned from a three-week visit to our Properties and Offices in Mexico. Our Mining Engineer, Mr. Philip de Souza, P.Eng, toured the Cinco Minas Mine Site on separate occasions with both our QP Geologists (as defined by NI 43-101), Mr. Richard Munroe, B.Sc., FGAC.,P.Geol. and Sr. Baltazar Solano-Rico, M.Sc., of Behre Dolbear de Mexico, S.A. de C.V., and all met jointly to discuss an ongoing program for Cinco Minas.
We are able to report that considerable advances have been made at the mine site on all fronts, exploration, mining and processing; and as a result, we are able to better define the work that needs to be undertaken in order for us to join the ranks of successful producing miners in Mexico.
Minera San Jorge, S.A. de C.V., our Mexican joint-venture partner, has identified and constructed roads to new dumps from old workings to the northwest of El Abra. These materials will be analyzed and if worthwhile, will be added to the feed for our 60 tonne per day test mill facility. The dumps are known as Las Amarillas and Magdalena, and together with the other old workings further to the northwest have added a further one kilometre to the length of mineralized zones in our area of activity.
Exploration, which is continuing in the central section near the areas identified as El Abrita and El Kilo, has uncovered the northerly extension of El Abrita and the fault contact that separates El Abrita from the further northwest El Abra. This area, now named Cristo Rey, will be subjected to future surface drilling to define the zone northwest of the fault, which has clearly been down-thrown. Even further to the south towards Cerro Colorado, a new high road has been extended to an interesting mineralized ridge above an additional old working known as El Cohete. Good mineralization, newly uncovered by the Caterpillar, was sampled by Mr. Munroe and taken for analysis.
Guillermo Cuellar, our Mexican joint-venture partner?s geological advisor, has been concentrating his efforts on an area to the southeast of Cerro Colorado previously identified by Mr. Munroe as having significant mineralization. This new zone referred to as El Limon provides us with an additional approximate length of one kilometre of strike on the structure hosting the old rich mines that are the focus of our intentions.
Our immediate plans are to better define the total dump tonnage and raise it to a proven resource through additional channel sampling and more accurate surveying and in the near term, to institute a new infill drilling program at El Abra as well as a better definition at Cerro Colorado and El Limon. This program will allow for detailed mine planning and lead to the completion of a Feasibility and Ore Reserve Study for our larger operation.
The underground mining program initiated by MSJ on the Destajos horizon of the El Abra Mine, has intersected the south-eastern extremes of the old workings and is now progressing along those workings clearing and supporting them where necessary and enlarging them to allow for modern equipment access. This new access will allow for sampling/assaying and surveying of the old areas so as to allow for the calculation of insitu reserves for future mining. We are now reviewing this program to determine whether it would be advisable to mine a new footwall access to intersect with old workings that are known to extend into the footwall. This would provide a safe and permanent access from which underground diamond drilling could be done as well as allow access for the assay and sampling as noted above and also provide the infrastructure for low cost sub-level induced block-cave mining.
The 60 ton per day ?pilot? mill is now fully operational. We now have to adjust grind parameters to achieve 80% -200 mesh from the present 20% - 200 mesh. This will enable us to reduce the retention time in the cyanide circuit as well as achieve higher recoveries, as the coarser particles will have been removed up front. This could be achieved from a low cost Cerro Colorado operation with an added sweetener from El Abra.
Our first ?metal? was poured on September 7th and our second, witnessed by Messrs de Souza and Munroe, was poured on September 22nd, 2007. Management is currently reviewing their options before finalizing the selection of a buyer of the Doré.
On behalf of the Board
Kelvin Williams,
August 20, 2007
AUGUST UPDATE ON CINCO MINAS AND GRAN CABRERA
Since our last news release on mining activities in late April, the rainy season has been upon us slowing activity somewhat, however considerable advancement of the project on both the Cinco Minas and Gran Cabrera properties has occurred.
At Cinco Minas, testing continues on the mill circuitry including the crushers (jaw and cone), the ball mills (10 and 60 tonne), the agitation and settling tanks, the Merrill Crowe Zinc Precipitation Unit, the filter press, dore refinery and tailings pond. A new agitation tank, considerably larger than the two already in place has been constructed and is being added to the testing circuitry. This tank will actually be more integral to the expansion when the 250 tonne mill is brought online, but forms a valuable tool during the 60 to 70 tonne testing phase. A Falcon Gravity Concentrator, delivered in July has been set in place just behind the ball mills in the mill circuitry. The Gravity Concentrator has been added to the system in order to collect ?free? silver and gold which would not be collected in the cyanide process. It is expected that the amount of silver and gold collected in this manner could be as much as 1/3 of the silver and gold collected in the total circuit, so it is a very important part of the process.
Infrastructure at the Cinco Minas property has advanced considerably since our last report including the commissioning of the new connection to the Federal Electrical Grid and installation of a new water line from creek sources a number of kilometers away which is to be used both for mine water supply and enhancement of the community?s system. The road system within the Cinco Minas area has been considerably improved and added to over the past number of months. The total length of roadway added to or which has been rebuilt exceeds 6 kilometers.
The top of the Cerro Colorado area which is to be used as feedstock for the heap leach facility to be constructed later this fall is presently being sampled at the surface and at depth by use of an air-track drill. The upper portion of the deposit is weathered considerably and can be ripped and excavated by caterpillar rather than having to be drilled and blasted. It is expected that at least 30,000 tonnes and maybe as high as 50,000 tonnes of heap leach feed stock can be accessed in this manner allowing costs for mineralized grade materials supplied to the heap leach to be kept to a minimum.
At Destajos, advancement has been made underground toward the old Destajos workings where a block of high grade mineralization in the vicinity of Tumi?s RC hole No. 30 exists. It is expected that the total amount of exploration in progress and to be completed in the near future will involve approximately 90 meters of drifting, 105 meters of cross-cuts plus about 60 meters of raising and shaft sinking (to levels approximately 10 meters above and below Destajos). This could develop a substantial amount of high grade mineralization (estimated to be 9,000 to 10,000 t) for short term operation (150 plus days) of the 60 to 70 tonne pilot plant.
At Gran Cabrera, approximately 20 kilometers of new and/or refurbished roadway has been completed over the last number of months in order to advance exploration including exposure of mineralization, access to old workings, sampling by in-house geological teams and some mapping of the area. As well, the top of one of the many mineralized areas within the property has been stripped off allowing for sampling to take place and sufficient room for a helicopter to land if required. The total amount spent as a result of this activity is well in excess of $300,000.00 since the signing of the Option Agreement in November of 2005, and this expenditure will put us in an excellent position in order to be able to advance the property from a geological point of view.
Behre Dolbear de Mexico, S.A. de C.V., our consulting geologists, are in the process of reviewing exploration and development activities. Baltazar Solano ? Rico, who heads up our geological team, will be working in conjunction with Bandera Gold Ltd. and our joint venture partner, Minera San Jorge, S.A. de C.V., to provide a geological exploration plan for the next six to twelve months. This is expected in the near future.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
February 28, 2007
Cinco Minas Exploration Update
As previously reported, the object of Bandera?s exploration program is to increase the geological knowledge of the property and develop significantly greater resource definition.
To that end, Bandera has commissioned Behre Dolbear to review the existing geological interpretation of El Abra cross-sections and to define a recommended drilling program to support the classification of proven/probable reserves in this area. This review has already begun and is expected to be completed by late March, 2007.
In addition, exploration and development at the San Diego level has begun with the drilling and blasting of the high grade footwall section of the mineralized area in order to connect with existing underground workings at that level.
Cinco Minas Production Update
Dry run testing of the crushing equipment (jaw and cone crushers), conveyance system and milling equipment (60 tonne ball mill and 10 tonne regrind mill) is presently taking place. Wet run testing of the complete circuit will take place during the month of March, 2007.
High grade materials obtained through drilling and blasting to connect to the San Diego adit will supplement existing high grade feed to the 60 ton per day pilot plant.
The technical information contained in this news release was collected and compiled by Bandera Gold and reviewed by Baltazar Solano-Rico, Geol. Eng., M.Sc., General Director, Behre Dolbear de Mexico, S.A. de C.V., a qualified person under NI43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
October 18, 2006
Cinco Minas Exploration Update for October 2006
As previously reported in the exploration update of September 20, 2006, Bandera?s thrust of the program is to increase the geological knowledge of the property and develop significantly greater resource definition. The Company was successful in identifying three zones outside of the main workings at Cinco Minas including other structures adjacent to, but independent of, the main mine workings that show considerable potential for development. From this work it appears that the potential of very high grade workings can be developed in the footwall structures. Assay values of Au between 1.5 and 2.2 ppm and Ag between 192 and 400 ppm have been obtained from exposed vein rock.
The exploration success continues. Bandera?s exploration team has been successful at locating ore zones containing significant volumes of higher grade in the upper San Juan, El Cohete and El Abra areas of Cinco Minas. Further sampling will be taking place in these areas and in particular, at El Abra, where past drilling programs have encountered over 2 kg/tonne zones of Ag in areas originally thought to have been mined out.
In conjunction with these exploration activities a more comprehensive small scale mapping program was carried out at the Cinco Minas site to understand geologically where potential high grade shear zones are located. The completion of this mapping program will assist greatly in being able to define locations where high grade ore can be obtained for processing.
All of the information obtained from the continued field exploration will be used to enhance indicated and inferred resource estimates in the upcoming NI43-101 report which will be completed in the near future.
Production Update
Construction and fabrication at the site of the 60 tonne per day pilot plant is progressing nicely and it is expected that test production will take place by mid to late November. The rainy season is nearly ended for this year and therefore any further delays as a result of weather should be minimal.
Metric conversion:
1 ppm (1 gram per tonne) equals 0.0292 troy ounces per ton
1 meter equals 3.215 feet
A further update will follow in the next several weeks regarding timing of the construction of the intermediate sized mill and planned exploration going forward.
The technical information contained in this news release was collected, compiled and reviewed by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
September 20, 2006
Cinco Minas Exploration Update for August/September
In August and early September 2006, the horizontal and vertical extent of potential ore zones has been increased dramatically as a result of ongoing geological work in the area. A significant amount of work has been completed to expose vein locations that were either not reported upon in earlier reports or the information was limited. The thrust of these investigations is to increase the geological knowledge of the property and develop significantly greater resource definition.
Three zones have been identified and intensively explored during this period outside of the main mine workings at Cinco Minas. The zones are just NW of the San Juan mine (La Mina Del Coral), the volcanic cone structure NNW of Coral and Cerro Colorado. Cerro Colorado, which was reported on in our last exploration update, has been sheared down to a flat quarry plateau and is now ready for quarry development. The exposed vein system now at surface is approximately 55 meters with a variable true width up to 8 meters dipping to the SW at roughly 60°. Approximately 4,000 tonnes of mineralized vein rock has been stockpiled from this operation to date.
Other structures, the Las Animas mine and the La Plascencia, adjacent to, but independent of the main mine workings at Cinco Minas have shown considerable potential for development. Field explorations identified the hosting volcanic base rocks that come from a large extincty and exploded crater that borders the north side of the vein. This crater is a massive structure that warrants further attention. Several field trips across the cone were taken and many new volcanic sequences have been identified and sampled. Very old Spanish mines were uncovered and sampled. Some of these very large, near vertical flow and vein structures have been extensively worked but no history is available on them. From this work it appears that the potential of very high grade workings can be developed in the footwall structures that are adjacent to but independent of the main mine workings. Assay values of Au between 1.5 and 2.2 ppm and Ag between 192 and 400 ppm have been obtained from exposed vein rock.
The grid sample program also resulted in the discovery of no less than 5 old mines that had been lost to the dense bush overgrowth. Some of these mines extend for over 40 meters and have several cross adits, raises and collapsed drifts. It is safe to say that the minable area presented on this end on structure is very large. It reaches over 100 meters in vertical exposure and is easily reached by existing roads.
The information gained during the last several months of geological work will be used to supplement additional information being developed presently for the updated NI43-101 report expected to considerably enhance resource definition and be issued later this fall.
Production Update
A decision has been made to increase the capacity of the small scale pilot plant from 20 tonnes per day to 60 tonnes per day based on a thorough review by field engineering staff. The resultant increase in capacity will allow for significantly more material to be processed over a shorter period of time, but this also necessitates the installation of a larger process system. This work is ongoing and is expected to be complete later this fall in spite of delays in shipment of materials to site because of extremely wet conditions.
The majority of the equipment for the intermediate sized mill is now on site and installation is expected to be complete early in 2007 increasing the processing capacity to approximately 250 tonnes per day.
Metric conversion:
1 ppm (1 gram per tonne) equals 0.0292 troy ounces per ton
1 meter equals 3.215 feet
The technical information contained in this news release was collected, compiled and reviewed by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI 43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
July 27, 2006
Cinco Minas Exploration Update for June/July
In June and July 2006 significant milestones were reached by Bandera Gold Ltd. at their Cinco Minas Silver/Gold project.
Exploration Activities
The main thrust of the geological development program revolved around the new Cerro Colorado quarry site and the opening of the San Diego adit to gain entry to the Destajos level. Re-excavation of the San Diego adit is presently underway and significant progress has been made in advancing the adit toward the Destajos level.
The work at Cerro Colorado quarry site has been progressing smoothly and the access road and initial ?topping? of Cerro Colorado was completed on July 17.
By the end of that day, approximately 100 tonnes of highly mineralized breccia from the main Cinco Minas vein was put into stockpile. This stockpiling work using a Komatsu caterpillar equipped with a two-fingered ripper resulted in the development of a small plateau.
The vein material at the surface of Cerro Colorado is deeply weathered and easily mined with the caterpillar equipment. By late on July 18, the plateau area had increased to roughly 610 square meters and the volume of stockpiled material had grown to around 800 tonnes of 0.3 metre minus material. It is important to note that all of the material encountered at the crest to date is similar in nature to the traditional El Abra type mineralized rock encountered further to the North West along the Cinco Minas vein. Daily grading samples are being taken as the pile grows and these samples are presently in the lab system for analysis.
As the plateau or quarry floor descends as a result of stripping, it is expected that the contact between the Cinco Minas vein and the footwall elements will be exposed along the base. After the removal of the majority of the deeply weathered vein material, and after the boundary between the vein and footwall elements has been determined, the method by which the quarry will be advanced will change to a more conventional benched operation using standard drilling and blasting equipment.
The above noted exploration activities in conjunction with the test production are expected to increase the potential resource area which will serve to increase property value.
Production Update
Due in part to the significant progress achieved on the Cerro Colorado quarry, the decision was made to wait for this higher grade material before initiating test production. Resources previously allocated to the test production have been directed to the set up of a larger crusher and advancing the installation of the intermediate production plant. This decision is expected to shorten the transition from small scale test production (20 tonnes per day) to intermediate production (200 plus tonnes per day). ?This is a prime example of exploration success dictating an adjustment of the operational plan? stated Bandera?s president, Kelvin Williams. ?Our operational plan was constructed to allow for small adjustments when warranted. The potential to confirm the existence of higher grade material in large quantities outside of the previously explored area this early in the process should be considered very positive for shareholders.?
The technical information contained in this news release was collected, compiled and reviewed by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI 43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On Behalf of the Board
Kelvin Williams
June 30, 2006
Bandera Initiates Small Scale Test Production of Cinco Minas Project
Bandera is pleased to report that the delivery and set up of a pilot processing plant has taken place at its Cinco Minas project near Magdelana, Mexico. Testing of gold and silver mineralization from current mine dumps containing bonanza grade silver-gold ores, processing and testing of 3,000 cubic meters of untreated tailings left in the old mill agitation tanks when it was dismantled is slated to begin in the first week of July.
Processing of virgin ores from outcroppings and near-surface and new open pit cuts into deeper mineralization is also scheduled to take place. In addition to the pilot processing plant, the Company has taken delivery of portions of a larger processing unit that is being assembled to expand the productive capacity into the ?intermediate? category as announced in its press release of May 29, 2006.
In preparation for the launch of test production the Company has sampled the tailings at 2 meter intervals across the tailings piles and is pleased to present the results in the tables below. When the mill closed in 1928, several thousand tonnes of tailings and crushed feedstock material were simply pushed over the bank to cover the old foundations once the mill was sold and moved. This resulted in irregular mounds of material that were subsequently covered by the vegetative growth. The refurbishing of the old mill site to provide the working envelope for the new mill complex required the tailings to be loaded by backhoe and trucked off site to a staging area nearby. The tailings were collected and piled from a rather large area in excess of an acre and were mixed with other rock in the process during the excavation, transportation and stockpiling process.
Table 1 below represents the average tailings assay results from 205 samples.
Table 1
Sample Au Ag Cu Pb Zn
Unit g/mt Ppm ppm ppm ppm
Average 0.98 87.4 507 1,532 1,842
It is also interesting to note that there is a large fluctuation of assay grades per sample with the ranges listed in table 2.
Table 2
Sample Au Ag Cu Pb Zn
Unit g/mt Ppm ppm ppm ppm
High value 2.40 402.6 4,705 3156 4653
Low Value 0.50 34.0 176 770 843
These fluctuations are understandable due to the changes in the historical production figures and the mixing of the tailings material during the stockpile process. We also note that these are samples of materials that have already undergone liberation and were considered plant waste at the time of production. Re-processing of these materials will only require screening and introduction to the new mill process. Bandera views these results as very encouraging as the indication is that this pre-crushed ore is suitable for heap leaching.
In addition and in concert with the test production the Company is expanding exploration activities for the next 30 to 60 days which will include further sampling of the tailings, dump areas, untested exposed surface and near surface showings and existing adits. Access to the 300 meter level of the El Abra mine has been achieved by opening up the San Diego adit to the Destajos level. Being able to sample and drill into the insitu resource from this level will expedite the conversion of the indicated and inferred resource to a measured category. Other exploration activities will include mapping and locating of both new showings as well as old mine workings.
The above noted exploration activities in conjunction with the planned test production are expected to increase the potential resource area which will serve to increase property value.
The technical information contained in this news release was collected, compiled and reviewed by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI 43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On Behalf of the Board
Kelvin Williams
May 29, 2006
UPDATE ON CINCO MINAS
Bandera Gold Ltd. (TSX Venture: BGL) is pleased to announce the hiring of Eng. Ismael Manriquez Olmos, an experienced Senior Mining Engineer, as the Project Manager for the Cinco Minas test facility and all subsequent mining and milling operations. Mr. Manriquez has degrees in both mining engineering and metallurgy. He has worked in senior management positions for the Fresnillo Mining Co. at Fresnillo, Zacatecas, one of the largest operating silver mines in the world today. Eng. Manriquez later worked for one of the largest gold producers in Mexico at El Cubo located in the historic Guanajuato mining district directing the expansion of milling and mining operations.
Bandera is also pleased to announce the hiring of Eng. Armando Gabriel Hernandez, a renowned mexican metallurgist bringing more than 30 years of experience in metallurgy ranging from the selective flotation of complex ores to the cyanidation leaching of ores in heap leaching operations and leaching using agitation in tanks with cyanide. Notably, Eng. Armando Gabriel was the lead metallurgist at the Federal Government?s large gold mine, El Barqueño and later worked on cyanide leaching with agitation in tanks for First Silver Reserve. He is now working for Bandera as a resident consulting metallurgist.
Bandera Gold Ltd. is fortunate to have this exciting combination of seasoned professionals in its employ as it begins installing the pilot test facility. The Company has purchased a small pilot plant which is the first step towards establishing a larger ?intermediate? mill at Cinco Minas. Upon delivery, management anticipates start up of this mode to be approximately 60 days. Testing will initially include gold and silver mineralization from current mine dumps containing bonanza grade silver-gold ores, processing and testing 3,000 cubic meters of un-treated tailings left in the old mill when it was dismantled and virgin ores from outcropping, near-surface and new open pit cuts blasting out deeper mineralization for testing.
Exploration is currently focused on better defining existing, known mineralization and taking bulk samples which will help determine metallurgical characteristics of mineralization from various mineralized zones. The Company will use the test results from the initial small milling operations to design and install the ?intermediate? plant facility.
Concurrent with the construction of the ?intermediate? milling operation, the Company will conduct bulk tests in order to process gold ores using conventional, well known heap leach technology.
The ?final? phase of work will involve designing and construction of milling and heap leaching operations optimized to treat different grades of mineralization with differing metallurgical characteristics. Based on historical processing at the old mill site of more than one (1.0) million tonnes of silver and gold ores with grading up to 476 g/t of silver and 3.17 g/t of gold (previously reported in a BGL news release dated Nov 16/05), Bandera?s consultants do not foresee any metallurgical problems regarding recovery of more than approximately 90 percent of the contained silver and gold using well known, conventional processing methods and a Merrill-Crowe precipitation unit(s) for production of precipitates that will be smelted to produce impure silver-gold bars known as doré.
Work continues on upgrading the camp facilities and new haul roads designed around the current pilot test mill facility and future site for the full-sized mill. The haulage road to the pilot mill test site has been finished. Construction of the haulage roads to the heap leach site and final tailings site is proceeding as well as a newer access to the top of the pilot processing plant site.
The Agrarian Community (?Ejido?) of Cinco Minas has signed an agreement for granting the Minera San Jorge and Bandera Joint Venture slightly over three hundred fourteen (314) hectares to the JV. This includes all surface areas planned for mining and beneficiation facilities, underground and open pit mines, milling operations for the pilot test plant and the future larger full-scale mill and/or heap leaching operations, crushers and conveyor systems
A recent visit to the Cinco Minas project by senior management accompanied by Senior Mining Consultants for both geology and mining/metallurgical testing and review of the design for the pilot test plant resulted in approvals for all phases of work done to date and for the current work program by the board of directors.
Bandera?s joint venture partner, Minera San Jorge, is creating a foundation for the local members of the Cinco Minas Ejido donating nearly twenty percent of its gross proceeds to the locals and to regional development under the care and management of a Trust Committee comprised of three men and two women and three independent Trustees. This foundation will provide scholarships for education, local transportation, busing of school children and support for improving local health services or more costly medical procedures. This is in support of the Bandera ? MSJ joint venture which has set a goal to enhance living conditions and future prospects for the local community.
Exploration programming for this month and for the following four months includes mobilizing three track drills to drill and blast mineralization exposed at the surface. One drill will be dedicated to working on the El Abra area, the famous old Spanish ore shoot developed to a depth of more than 2000 feet in the early 1900?s by the company operating Cinco Minas established by the founder of Anaconda Mining Co. A second track drill will continue on the project with the assignment of cutting into the top of the El Abrita zone where old workings indicate interesting values of gold and silver at the surface and in the shallow underground workings. The third track drill is programmed to work on expanding mineralization at the Cerro Colorado site and opening up this area for determination of continuity and grade of outcropping silver and gold mineralization with grades similar to those processed in other mining operations by either milling or in conventional heap leach operations.
Senior management from Bandera acting on the recommendation of their consulting mining engineer and geologist have approved the driving of a horizontal drift into the Destajos Level and accessing underground workings to use them to bulk test known mineralization containing bonanza grades of silver and gold once the ?Destajos? mine dump is removed and processed. During the month of May, major advances include the purchasing of milling equipment and completion of access roads as well as discovery of interesting silver and gold mineralization exposed at the surface that remains open both at depth and along strike. Bandera Gold?s management is committed to providing reliable testing of precious metals mineralization at Cinco Minas and enhancing shareholder value in this exciting project.
The technical information contained in this news release was collected and complied by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI 43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On Behalf of the Board
Kelvin Williams
April 10, 2006
BANDERA RECEIVES TSX-V APPROVAL OF OPTION ON CINCO MINAS & GRAN CABRERA PROPERTY
Bandera Gold Ltd. (the ?Company?) announced today that it has received approval of its option agreement with Minera San Jorge, S.A. de C.V. (?MSJ?) through the TSX Venture Exchange. The Company has made the final option payment of (CDN) $250,000 and has issued 650,000 common shares to MSJ pursuant to the terms of the agreement. MSJ is a privately held Mexican company which has Mr. George Barnett as its legal representative.
The shares issued pursuant to the option agreement have a hold period expiring August 5, 2006.
The focus of the work to be completed during the first half of 2006 will be dedicated to the exploration and development of the Cinco Minas property. The Cinco Minas property has an area of approximately 10 750 ha.
The scope of this work is set out to accomplish the following two objectives: first; to initiate small scale test production of approximately 100 tons/day and second; to complete geological work to provide a data set to begin expansion of the insitu resource.
The primary operations will begin at the historic Cinco Minas camp immediately with new field mapping, surface exploration and the development of a test mill operation. The new test mill will be constructed on the same site as the old mill. There are no extraordinary infrastructure costs to be incurred as existing roads, electrical power and water are all in close proximity to the historic Cinco Minas camp.
Initial activities will be simple low cost quarry processes with the potential to develop new underground workings in three directions from the primary excavation site. Once constant head grade values are established from the main quarry, additional underground work can access the high grade ore shoots that have been identified in drilling and mapping. This will provide a constant source of new feed to augment the waste dump materials going to the mill while the old mine workings are being re-visited.
All of these operations can start immediately with minimal cost and planning. This process will allow for both new and old ore grade materials to be assessed for optimum recovery and refinement at the outset.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On Behalf of the Board
Kelvin Williams
December 01, 2005
BANDERA SIGNS OPTION TO ACQUIRE 60% INTEREST IN CINCO MINAS AND GRAN CABRERA
Bandera Gold Ltd. (?Bandera?) announced today that it has signed an Option Agreement with Minera San Jorge, S.A. de C.V. (?MSJ?) to acquire a 60% interest in the Cinco Minas and and Gran Cabrera Mexican mining properties (the ?Properties?) by making option payments of $300,000, issuing 2,800,000 common shares of Bandera to MSJ and providing financing of $7,600,000 to MSJ over a five year period for the exploration and development of the Properties.
Bandera made an initial option payment of $50,000 to MSJ and has incurred approximately $11,000 in due diligence costs which will credited to Bandera and deducted from the initial option payment.
Bandera is required to make a final option payment of $250,000 to MSJ within 7 days of receipt of the approval of the TSX Venture Exchange (the ?Exchange?) of the Option Agreement.
Bandera will be required to issue to MSJ 650,000 common shares in year 1, 900,000 common shares in year 2 and 1,250,000 common shares in year 3. The work commitments to be financed by Bandera are $800,000 in year 1, $1,300,000 in year 2, $2,000,000 in year 3, $2,000,000 in year 4 and $1,500,000 in year 5.
MSJ will retain a 2.0% Net Smelter Return on the Properties. Bandera has the right to purchase the remaining 40% interest in the Properties anytime within one year after Bandera has earned its 60% interest in the Properties by paying to MSJ 40% of the NPV of the Properties as defined in the Option Agreement by a 20% cash payment and the remaining 20% in cash and/or common shares at Bandera?s sole discretion.
The Properties are 95 km. north of Guadalajara in the Hostotoipaquillo Mining District, State of Jalisco, Mexico.
The Cinco Minas property is comprised of 12 licenses (Exploitation Mining Concessions) totaling 10,750 ha.
The Gran Cabrera property is 4,242 ha. comprised of three concessions for exploration and two for exploitation.
Bandera proposes to complete a private placement of up to 8,571,428 units of Bandera at a price of $0.175 per unit, for proceeds of up to $1,500,000. Each unit will consist of one common share and a warrant to purchase an additional common share at a price of $0.25 per share for a period of two years from closing of the private placement. The net proceeds of the private placement will be used for the final option payment to MSJ, the required year 1 work commitments on the Properties and general working capital.
There are no Finders Fees to be paid pursuant to the Option Agreement. Finders Fees will be paid on the private placement in accordance with the policies of the Exchange and applicable securities laws.
The Option Agreement and private placement are subject to regulatory approval including the approval of the Exchange.
On Behalf of the Board
Kelvin Williams
November 16, 2005
BANDERA GOLD IS NEGOTIATING FOR SILVER-GOLD DEPOSITS IN MEXICO
Bandera Gold is pleased to announce it is currently in negotiations with Minera San Jorge (MSJ) to acquire the Cinco Minas and Gran Cabrera projects in Mexico, including the historical Cinco Minas Mine. The previous operators (founders of the Anaconda Mining Co.) of the Cinco Minas Mine mined 1,083,000 tonnes of ore averaging 3.17 g/t gold (97,364 oz of gold) and 476 g/t silver (15,095,915 oz silver) from 1922 to 1928. Cinco Minas is an adularia-sericite-type epithermal silver/gold deposit that historically produced bonanza grade silver ore with significant gold credits. The main zone of adularia-sercite quartz veins has been identified over a strike length of approximately 5 kilometers. This project is considered now by Bandera to be one of the most advanced silver-gold exploration projects currently available for further exploration and development in Mexico.
Bandera is evaluating the geologic setting of several old historical producers along the Cinco Minas system (Cinco Minas) in order to determine if open pit mining or underground mining of bonanza grade silver and gold mineralization is a viable option or whether heap leaching with selective mining and milling of higher grade silver ores is more appropriate. The acquisition fits strategically with the company's overall precious metals focus, and may potentially provide desirable feed to either a heap leaching operation processing oxidized gold ores with relatively low silver values and/or milling ores with either higher grades of gold or silver or both.
The addition of the even more prospective Gran Cabrera area of mines may prove even more significant in the future to Bandera Gold. Geologists have been dispatched to review the technical database and visit the property in the field and review areas reportedly containing good grades of silver and gold in immediately adjacent area in the coming weeks. The company is reviewing previous operators? results in a careful and meticulous manner in order before proceeding with this proposed acquisition
The Gran Cabrera project, northwest of Guadalajara consisting of approximately 4300 hectares with 22 historic silver-gold mine sites. Within the Cabrera claims silver-gold mineralization occurs in quartz-calcite epithermal vein systems hosted by felsic volcanics. The mineralization occurs as argentite, galena, ceragyrite, native silver and native gold.
For further information contact Kelvin Williams
And a special treat for you: The NI43-101 for the properties:
http://www.mediafire.com/file/am3es3y4fm3a7cu/32%282%29.pdf
http://www.banderagold.com
Here are all the publications about the dispute starting with the one you found - No matter how you slice this I think it proves SRGE is fraudulent claiming a definitive agreement for ownership of these mines:
October 29, 2010
AMPARO COURT DECIDES THE CASE SHOULD HAVE BEEN HEARD IN A FIRST INSTANCE FEDERAL COURT RATHER THAN THE FIFTH MERCANTILE COURT OF JALISCO
Edmonton, Alberta, – Bandera Gold Ltd. (“Bandera”) announces its legal counsel in Guadalajara, Mexico has been notified of a decision by the Fifth Federal Court of Amparo of Jalisco, Mexico (the “Amparo Court”) related to its dispute with Minera San Jorge SA de CV (a Mexican company) and others on the beneficial ownership of the “Cinco Minas” and “Gran Cabrera” mining projects in Mexico. The decision dated September 30, 2010, has determined that the Fifth Mercantile Court of the State of Jalisco, which rendered a first instance decision on this matter in favour of Bandera, was not competent to rule on the case. Therefore the Amparo Court has ordered the delivery of the file to the Ninth Appellate Court of the State of Jalisco with instructions to have the file distributed to a first instance Federal Court for ruling on the matter.
The Amparo Court determined that, as the dispute referred to mining concessions which are considered as “national assets”, the Jalisco State Mercantile Court was not competent to rule on the matter, but rather a Federal Court. Bandera has been advised by its Mexican counsel that the ruling of the Amparo Court has mistakenly assumed that the dispute related to the validity, or to a regulatory matter related to mining concessions (case in which the competent judicial authorities would have been the Federal courts), while the facts of the case are that the legal action initiated by Bandera against Minera San Jorge SA de CV and others refers to a commercial dispute about the beneficial ownership of the mining concessions of the projects known as “Cinco Minas” and “Gran Cabrera”, and not to any regulatory matter related to such concessions. Therefore, the matter was well within the jurisdiction of the Jalisco Mercantile Court.
The decision by the Amparo Court only refers to the issue of competent authority to rule on the matter and does not include any decision on the substance of the case.
Bandera Gold will continue to litigate the case and expects that the appropriate Mexican courts will ultimately ratify or uphold the judicial rulings on the matter so far, confirming Bandera’s ownership rights to the “Cinco Minas” and “Gran Cabrera” mining projects in the terms of the existing contracts.
Kelvin Williams President and CEO
July 16, 2009
BANDERA ANNOUNCES FIRST INSTANCE RULING IN CONNECTION WITH ITS MEXICAN PROPERTIES
Bandera Gold Ltd. (“BGL”) is pleased to announce that it has obtained a favorable first instance ruling (the “Ruling”) from the Fifth Mercantile Court (Guadalajara) (the “Court”) in its lawsuit against Minera San Jorge (“MSJ”), George Barnett and others. As previously announced, the lawsuit was brought by BGL to enforce its rights under the option agreement dated November 15, 2005 (the “Option Agreement”) under which BGL was entitled to earn in up to a 60% equity interest in the Cinco Minas and Gran Cabrera projects in Mexico (the “Properties”).
The validity and enforceability of the Option Agreement has been confirmed by the Court and it reinstates BGL’s rights to the Properties by ordering the transfer of title to both Properties to the Joint Venture company through which BGL holds its interest in the Properties.
The ruling is dated July 7, 2009 and is 118 pages in length. The board and its lawyers are reviewing the detailed contents of the ruling.
As of August 7, 2009 this ruling will be final absent any appeal by MSJ.
Additionally, the Court has been notified that in a separate legal action, to which BGL was not a party, the labor court awarded a settlement against MSJ which resulted in the transfer of title to the Properties to a third party. This transfer appears to have occurred without proper notification to the Court or reference to BGL’s prior lien over the Properties as registered in the records of the Mining Public Registry (“MPR”). BGL lawyers have commenced a case in the Federal courts, seeking an “Amparo judgment” (relief of violated civil rights by authorities). Our lawyers have argued that the process resulting in the transfer was illegal and should be declared invalid and null and void. The Amparo court has issued a suspension (freezing the process in place) pending issuance of its judgment. The suspension prevents MPR from registering any further changes of title to the Properties and make no further changes to its records until the Amparo court issues its ruling. We await the Amparo court’s ruling in the very near future.
BGL is assessing its continued strategy to enforce its contractual rights and to gain control over its projects in Mexico.
On behalf of the Board Kelvin Williams, CEO
May 14, 2008
UPDATE OF LEGAL PROCEEDINGS RELATING TO BANDERA’S DISPUTE WITH MINERA SAN JORGE AND GEORGE S. BARNETT AND OTHER DEFENDANTS
After the Fifth State Court of Jalisco Commercial Division admitted Bandera Gold Ltd.’s (“Bandera”) lawsuit for hearing under the terms filed, and Bandera met (on March 28) the court’s requirement for posting of a bond, the execution of preventive measures was performed. These measures allowed liens and/or encumbrances on mining concessions and certain bank accounts owned by the defendants, and prohibited Mr. Barnett from leaving Mexico without appointing an attorney in fact.
On March 28, following the execution of the preventive measures (save for the filing of the lawsuit before the Mining Registry), Minera San Jorge (“MSJ”) and the other defendants (MSJ et al) were served.
On April 10, 2008 MSJ et al filed their defence claim before the court. As might have been expected, they denied all Bandera claims as well as contesting the competency of the court (claiming Arizona to be the competent court).
On April 17, the Fifth State Court accepted for evaluation during the proceedings the defendants defense claims but rejected the court incompetence argument (ruling that Mexican law does not regulate transfer of a claim to a foreign court).
On April 24, Bandera filed its reply in the following terms: concerning the defense denials of all Bandera claims, the legal team made reference to all translated and certified evidence already submitted and offered additional evidence to prove Bandera’s legal right to demand this trial. Concerning damages, the legal team submitted a full record of share trading taken from the TSX website from the period of January 4 through February 20, evidencing the loss of share value subsequent to the January 4 news release and the public onset of the dispute.
The courts have been on a normal vacation period from May 1 through May 10. Upon resumption, the court is expected to issue a resolution accepting Bandera’s reply to the defense claim. The court will then be promoted to serve the lawsuit with the Public Registry of Mining. This may take some time, as it involves courts in Mexico City, where the Public Registry of Mining is located. Once served, the Public Registry of Mining will have nine working days to answer. If an objection is made by the Public Registry concerning Bandera requests, the Competent Court (Fifth State) will analyze it and ratify or revoke the request. Bandera’s lawyers are committed to promote this matter as expeditiously as possible.
Upon compliance with the above, the evidence period shall begin, with the time period being determined by the diversity of evidence, time spent by the court to evaluate Suite 6-3908 97 Street, Edmonton, AB T6E 6N2 Tel: (780) 465-4129 Fax: (780) 469-6040 info@banderagold.com http://www.banderagold.com submissions, and (perhaps) appeals by the parties to the evidence offered. The court must analyze the evidence and accept or deny the dispositions based on their relevance or the form in which they were submitted. This process could also involve hearing witnesses’ testimony and expert opinions and may include court visits. There may be third parties involved (bank institutions, experts) whose availability would affect the overall duration of this process. All this must be planned while considering the courts’ workload and scheduling, thus making it difficult to determine how long this will take.
Once all evidence is analyzed by the court, the evidence period will close and parties can proceed with the opening of the trial phase.
It is unfortunate that a resolution could not be negotiated and that legal action is necessary; however, Bandera is pleased that the courts are hearing the lawsuit and will be rendering a judgment. Bandera will dedicate all necessary resources to facilitate this action and will, whenever possible and permitted, work actively for speedy results.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. The Company’s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board Kelvin Williams President and CEO
Tuesday, April 01, 2008
THE STATE COURT OF JALISCO, MEXICO, COMMERCIAL DIVISION GRANTS PREVENTIVE MEASURES IN FAVOR OF BANDERA GOLD LTD. RELATING TO THEIR DISPUTE WITH MSJ & GEORGE S. BARNETT
On January 4 and 7, 2008, Bandera Gold Limited (?BGL?) issued news releases concerning the property dispute that is ongoing with our joint venture partner, Minera San Jorge, S.A. de C.V. (?MSJ?). We indicated at that time that our legal counsel had reviewed all of the documentation regarding our signed ?Option Agreement?, considered the circumstances of the situation that had arisen and concluded that the issues at hand represented a deliberate breach of contract by MSJ and George S. Barnett.
Since that time, representatives of our legal team in Guadalajara, Caracas and Calgary have been working diligently to quantify and enforce our position regarding the legally binding agreement that is in place between BGL and MSJ.
There has been little communication between representatives of BGL and MSJ since our January announcements. BGL is aware that the 60 tonne per day test production mill has been operating throughout the dispute and that a substantial amount of silver/gold doré has been produced. There has not been any documentation forwarded to BGL by MSJ or its sister companies regarding this doré production and/or the disposition of same.
On February 26, 2008, our legal counsel in Guadalajara filed a lawsuit, with ?preventive measures? that were applied for and granted on March 7, 2008, by a Judge in the State Court of Jalisco, Mexico, Commercial Division, Guadalajara, Mexico, naming: Minera San Jorge, S.A. de C.V.; Campânia Minera Cinco Minas, S.A. de C.V.; George Barnett Salazar, also known as George Salazar Barnett, also known as Jorge Barnett Salazar; Minera Amajac, S.A. de C.V.; and the Public Mining Register as defendants.
On March 7, 2008, the State Court, Commercial Division of Guadalajara, Mexico, issued preventive measures in favor of the Company consisting of: (i) The encumbrance of assets of the defendants for an amount of CAD $6,000,000; (ii) the registration of the lawsuit on the files of each of the mining concessions subject to the Option Agreement before the Public Mining Register in Mexico City; and (iii) a prohibition for Mr. Barnett to leave the Court?s jurisdiction (the Mexican State of Jalisco) until this case is settled, unless having appointed an Attorney to act on his behalf while he is away.
On March 28, 2008, Mr. Barnett and the company offices of MSJ and Amajac were served with the lawsuit. The defendants have nine (9) business days to reply to the suit in defense of the action or be considered to be in default.
In order to guarantee any damages to the defendants in case the lawsuit is dismissed, BGL was required by the Court to post a bond of 6,000,000 Mexican pesos (approximately [CAD $600,000]).
In order for these preventive measures to be put in place and stay applicable, BGL was required to place a Six Hundred Thousand dollars (CAD $600,000.00) warranty bond in order to respond to any damages and injury that the defendants may suffer as a result of the said preventive measures being put in place. In order for the co-defendants to have the preventive measures noted above removed, they will have to provide a warranty bond (or cash in lieu of) ranging from CAD $600,000.00 and CAD $1,200,000.00 (the exact amount will be determined by the judge in due course).
The management of Bandera Gold Ltd. and its legal team will continue to vigorously protect our shareholders interest in the Cinco Minas and Gran Cabrera properties and our rights under the Option Agreement. Additional information regarding the suit will be released in the near future.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
January 7, 2008
BANDERA PROVIDES ADDITIONAL INFORMATION ON PROPERTY DISPUTE
Further to our news release issued Friday, January 4th, 2008, Bandera Gold Limited ("BGL") wishes to advise shareholders further regarding the November 15, 2005 option agreement with Minera San Jorge, S.A. de C.V. (?MSJ?) to acquire a 60% interest in the Cinco Minas and Gran Cabrera Mexican mining properties (the ?Properties?) and how BGL proposes to deal with that situation.
The primary objective of BGL's management is to build value for shareholders. Management believes that the Properties represent strong assets that have the potential for development into stable, profitable mines. Management's strategy has been to dedicate resources to allow for the rapid advancement of the Cinco Minas and Gran Cabrera projects, in furtherance of which, BGL has proceeded ethically and responsibly with its partners and the local population to realize this potential as it has progressed with development. BGL has contributed approximately $7 million in project funding, and issued share capital to secure title in the Properties. BGL has thoroughly accounted for all financial transactions, and documented the relationship with MSJ throughout the process.
As a prerequisite to engaging in the business relationship with MSJ, BGL ensured that the terms thereof were meticulously detailed in the option agreement, which is a binding contract. BGL has honoured the terms of this contract, and fulfilled its obligation to earn its 60% interest in the Properties. This interest is not subject to unilateral cancellation and may not be revoked.
BGL's legal counsel has reviewed all of the documentation and considered the circumstances of the situation that has arisen, and concluded that the issues at hand represent a deliberate breach of contract by MSJ. BGL continues to seek a negotiated solution to the situation with MSJ, so the project can move forward.
BGL regards this breach as an unfortunate and unnecessary disruption to the ongoing operations of BGL in Mexico. Management has worked to respond to the challenges from MSJ. Management's priority going forward is to resolve the dispute that has arisen so that BGL may continue with its development strategy, while at the same time to consider all action necessary to protect the interests of shareholders. BGL continues to seek a negotiated solution to the situation with MSJ so the project can move forward, however BGL will vigorously defend its interests and work to ensure that further disruptions of a similar nature can be prevented in the future.
BGL remains well financed, and well represented in Mexico to allow BGL to consider other opportunities to build shareholder value while the ongoing dispute with MSJ is pending resolution. Management will provide regular updates on the progress of its actions, as it continues its efforts to build lasting shareholder value in the future.
On behalf of the Board
Kelvin Williams
January 4, 2008
BANDERA IN DISPUTE WITH OPTIONOR
Bandera Gold Ltd. (the ?Company?) signed an Option Agreement dated November 15, 2005 with Minera San Jorge, S.A. de C.V. (?MSJ?) to acquire a 60% interest in the Cinco Minas and Gran Cabrera Mexican mining properties (the ?Properties?) by making option payments of $300,000, issuing 2,800,000 common shares of the Company to MSJ and providing financing of $7,600,000 to MSJ over a five year period for the exploration and development of the Properties.
The Company has now made all of the option payments, met its entire financing requirement on the Cinco Minas property and issued and delivered 650,000 common shares to MSJ. The Company issued an additional 900,000 common shares and will deliver the shares to MSJ upon the parties entering into a Joint Operating Agreement (?JOA?). The Company will issue an additional 1,250,000 common shares to MSJ on the anniversary date of the signing of the JOA.
The Company has recently received an unsigned letter from an individual representing himself as Legal Representative of MSJ and purporting to terminate the Option Agreement. The Company has retained legal counsel to vigorously protect the Company?s interest in the Properties.
On behalf of the Board
Kelvin Williams
October 15, 2007
SEPTEMBER UPDATE ON CINCO MINAS AND GRAN CABRERA
HIGHLIGHTS
? 60 Tpd Mill Fully Operational
? First Doré Produced
? 2 Kilometers of Strike on Structure Added
Our Engineering Team has just returned from a three-week visit to our Properties and Offices in Mexico. Our Mining Engineer, Mr. Philip de Souza, P.Eng, toured the Cinco Minas Mine Site on separate occasions with both our QP Geologists (as defined by NI 43-101), Mr. Richard Munroe, B.Sc., FGAC.,P.Geol. and Sr. Baltazar Solano-Rico, M.Sc., of Behre Dolbear de Mexico, S.A. de C.V., and all met jointly to discuss an ongoing program for Cinco Minas.
We are able to report that considerable advances have been made at the mine site on all fronts, exploration, mining and processing; and as a result, we are able to better define the work that needs to be undertaken in order for us to join the ranks of successful producing miners in Mexico.
Minera San Jorge, S.A. de C.V., our Mexican joint-venture partner, has identified and constructed roads to new dumps from old workings to the northwest of El Abra. These materials will be analyzed and if worthwhile, will be added to the feed for our 60 tonne per day test mill facility. The dumps are known as Las Amarillas and Magdalena, and together with the other old workings further to the northwest have added a further one kilometre to the length of mineralized zones in our area of activity.
Exploration, which is continuing in the central section near the areas identified as El Abrita and El Kilo, has uncovered the northerly extension of El Abrita and the fault contact that separates El Abrita from the further northwest El Abra. This area, now named Cristo Rey, will be subjected to future surface drilling to define the zone northwest of the fault, which has clearly been down-thrown. Even further to the south towards Cerro Colorado, a new high road has been extended to an interesting mineralized ridge above an additional old working known as El Cohete. Good mineralization, newly uncovered by the Caterpillar, was sampled by Mr. Munroe and taken for analysis.
Guillermo Cuellar, our Mexican joint-venture partner?s geological advisor, has been concentrating his efforts on an area to the southeast of Cerro Colorado previously identified by Mr. Munroe as having significant mineralization. This new zone referred to as El Limon provides us with an additional approximate length of one kilometre of strike on the structure hosting the old rich mines that are the focus of our intentions.
Our immediate plans are to better define the total dump tonnage and raise it to a proven resource through additional channel sampling and more accurate surveying and in the near term, to institute a new infill drilling program at El Abra as well as a better definition at Cerro Colorado and El Limon. This program will allow for detailed mine planning and lead to the completion of a Feasibility and Ore Reserve Study for our larger operation.
The underground mining program initiated by MSJ on the Destajos horizon of the El Abra Mine, has intersected the south-eastern extremes of the old workings and is now progressing along those workings clearing and supporting them where necessary and enlarging them to allow for modern equipment access. This new access will allow for sampling/assaying and surveying of the old areas so as to allow for the calculation of insitu reserves for future mining. We are now reviewing this program to determine whether it would be advisable to mine a new footwall access to intersect with old workings that are known to extend into the footwall. This would provide a safe and permanent access from which underground diamond drilling could be done as well as allow access for the assay and sampling as noted above and also provide the infrastructure for low cost sub-level induced block-cave mining.
The 60 ton per day ?pilot? mill is now fully operational. We now have to adjust grind parameters to achieve 80% -200 mesh from the present 20% - 200 mesh. This will enable us to reduce the retention time in the cyanide circuit as well as achieve higher recoveries, as the coarser particles will have been removed up front. This could be achieved from a low cost Cerro Colorado operation with an added sweetener from El Abra.
Our first ?metal? was poured on September 7th and our second, witnessed by Messrs de Souza and Munroe, was poured on September 22nd, 2007. Management is currently reviewing their options before finalizing the selection of a buyer of the Doré.
On behalf of the Board
Kelvin Williams,
August 20, 2007
AUGUST UPDATE ON CINCO MINAS AND GRAN CABRERA
Since our last news release on mining activities in late April, the rainy season has been upon us slowing activity somewhat, however considerable advancement of the project on both the Cinco Minas and Gran Cabrera properties has occurred.
At Cinco Minas, testing continues on the mill circuitry including the crushers (jaw and cone), the ball mills (10 and 60 tonne), the agitation and settling tanks, the Merrill Crowe Zinc Precipitation Unit, the filter press, dore refinery and tailings pond. A new agitation tank, considerably larger than the two already in place has been constructed and is being added to the testing circuitry. This tank will actually be more integral to the expansion when the 250 tonne mill is brought online, but forms a valuable tool during the 60 to 70 tonne testing phase. A Falcon Gravity Concentrator, delivered in July has been set in place just behind the ball mills in the mill circuitry. The Gravity Concentrator has been added to the system in order to collect ?free? silver and gold which would not be collected in the cyanide process. It is expected that the amount of silver and gold collected in this manner could be as much as 1/3 of the silver and gold collected in the total circuit, so it is a very important part of the process.
Infrastructure at the Cinco Minas property has advanced considerably since our last report including the commissioning of the new connection to the Federal Electrical Grid and installation of a new water line from creek sources a number of kilometers away which is to be used both for mine water supply and enhancement of the community?s system. The road system within the Cinco Minas area has been considerably improved and added to over the past number of months. The total length of roadway added to or which has been rebuilt exceeds 6 kilometers.
The top of the Cerro Colorado area which is to be used as feedstock for the heap leach facility to be constructed later this fall is presently being sampled at the surface and at depth by use of an air-track drill. The upper portion of the deposit is weathered considerably and can be ripped and excavated by caterpillar rather than having to be drilled and blasted. It is expected that at least 30,000 tonnes and maybe as high as 50,000 tonnes of heap leach feed stock can be accessed in this manner allowing costs for mineralized grade materials supplied to the heap leach to be kept to a minimum.
At Destajos, advancement has been made underground toward the old Destajos workings where a block of high grade mineralization in the vicinity of Tumi?s RC hole No. 30 exists. It is expected that the total amount of exploration in progress and to be completed in the near future will involve approximately 90 meters of drifting, 105 meters of cross-cuts plus about 60 meters of raising and shaft sinking (to levels approximately 10 meters above and below Destajos). This could develop a substantial amount of high grade mineralization (estimated to be 9,000 to 10,000 t) for short term operation (150 plus days) of the 60 to 70 tonne pilot plant.
At Gran Cabrera, approximately 20 kilometers of new and/or refurbished roadway has been completed over the last number of months in order to advance exploration including exposure of mineralization, access to old workings, sampling by in-house geological teams and some mapping of the area. As well, the top of one of the many mineralized areas within the property has been stripped off allowing for sampling to take place and sufficient room for a helicopter to land if required. The total amount spent as a result of this activity is well in excess of $300,000.00 since the signing of the Option Agreement in November of 2005, and this expenditure will put us in an excellent position in order to be able to advance the property from a geological point of view.
Behre Dolbear de Mexico, S.A. de C.V., our consulting geologists, are in the process of reviewing exploration and development activities. Baltazar Solano ? Rico, who heads up our geological team, will be working in conjunction with Bandera Gold Ltd. and our joint venture partner, Minera San Jorge, S.A. de C.V., to provide a geological exploration plan for the next six to twelve months. This is expected in the near future.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
February 28, 2007
Cinco Minas Exploration Update
As previously reported, the object of Bandera?s exploration program is to increase the geological knowledge of the property and develop significantly greater resource definition.
To that end, Bandera has commissioned Behre Dolbear to review the existing geological interpretation of El Abra cross-sections and to define a recommended drilling program to support the classification of proven/probable reserves in this area. This review has already begun and is expected to be completed by late March, 2007.
In addition, exploration and development at the San Diego level has begun with the drilling and blasting of the high grade footwall section of the mineralized area in order to connect with existing underground workings at that level.
Cinco Minas Production Update
Dry run testing of the crushing equipment (jaw and cone crushers), conveyance system and milling equipment (60 tonne ball mill and 10 tonne regrind mill) is presently taking place. Wet run testing of the complete circuit will take place during the month of March, 2007.
High grade materials obtained through drilling and blasting to connect to the San Diego adit will supplement existing high grade feed to the 60 ton per day pilot plant.
The technical information contained in this news release was collected and compiled by Bandera Gold and reviewed by Baltazar Solano-Rico, Geol. Eng., M.Sc., General Director, Behre Dolbear de Mexico, S.A. de C.V., a qualified person under NI43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
October 18, 2006
Cinco Minas Exploration Update for October 2006
As previously reported in the exploration update of September 20, 2006, Bandera?s thrust of the program is to increase the geological knowledge of the property and develop significantly greater resource definition. The Company was successful in identifying three zones outside of the main workings at Cinco Minas including other structures adjacent to, but independent of, the main mine workings that show considerable potential for development. From this work it appears that the potential of very high grade workings can be developed in the footwall structures. Assay values of Au between 1.5 and 2.2 ppm and Ag between 192 and 400 ppm have been obtained from exposed vein rock.
The exploration success continues. Bandera?s exploration team has been successful at locating ore zones containing significant volumes of higher grade in the upper San Juan, El Cohete and El Abra areas of Cinco Minas. Further sampling will be taking place in these areas and in particular, at El Abra, where past drilling programs have encountered over 2 kg/tonne zones of Ag in areas originally thought to have been mined out.
In conjunction with these exploration activities a more comprehensive small scale mapping program was carried out at the Cinco Minas site to understand geologically where potential high grade shear zones are located. The completion of this mapping program will assist greatly in being able to define locations where high grade ore can be obtained for processing.
All of the information obtained from the continued field exploration will be used to enhance indicated and inferred resource estimates in the upcoming NI43-101 report which will be completed in the near future.
Production Update
Construction and fabrication at the site of the 60 tonne per day pilot plant is progressing nicely and it is expected that test production will take place by mid to late November. The rainy season is nearly ended for this year and therefore any further delays as a result of weather should be minimal.
Metric conversion:
1 ppm (1 gram per tonne) equals 0.0292 troy ounces per ton
1 meter equals 3.215 feet
A further update will follow in the next several weeks regarding timing of the construction of the intermediate sized mill and planned exploration going forward.
The technical information contained in this news release was collected, compiled and reviewed by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
September 20, 2006
Cinco Minas Exploration Update for August/September
In August and early September 2006, the horizontal and vertical extent of potential ore zones has been increased dramatically as a result of ongoing geological work in the area. A significant amount of work has been completed to expose vein locations that were either not reported upon in earlier reports or the information was limited. The thrust of these investigations is to increase the geological knowledge of the property and develop significantly greater resource definition.
Three zones have been identified and intensively explored during this period outside of the main mine workings at Cinco Minas. The zones are just NW of the San Juan mine (La Mina Del Coral), the volcanic cone structure NNW of Coral and Cerro Colorado. Cerro Colorado, which was reported on in our last exploration update, has been sheared down to a flat quarry plateau and is now ready for quarry development. The exposed vein system now at surface is approximately 55 meters with a variable true width up to 8 meters dipping to the SW at roughly 60°. Approximately 4,000 tonnes of mineralized vein rock has been stockpiled from this operation to date.
Other structures, the Las Animas mine and the La Plascencia, adjacent to, but independent of the main mine workings at Cinco Minas have shown considerable potential for development. Field explorations identified the hosting volcanic base rocks that come from a large extincty and exploded crater that borders the north side of the vein. This crater is a massive structure that warrants further attention. Several field trips across the cone were taken and many new volcanic sequences have been identified and sampled. Very old Spanish mines were uncovered and sampled. Some of these very large, near vertical flow and vein structures have been extensively worked but no history is available on them. From this work it appears that the potential of very high grade workings can be developed in the footwall structures that are adjacent to but independent of the main mine workings. Assay values of Au between 1.5 and 2.2 ppm and Ag between 192 and 400 ppm have been obtained from exposed vein rock.
The grid sample program also resulted in the discovery of no less than 5 old mines that had been lost to the dense bush overgrowth. Some of these mines extend for over 40 meters and have several cross adits, raises and collapsed drifts. It is safe to say that the minable area presented on this end on structure is very large. It reaches over 100 meters in vertical exposure and is easily reached by existing roads.
The information gained during the last several months of geological work will be used to supplement additional information being developed presently for the updated NI43-101 report expected to considerably enhance resource definition and be issued later this fall.
Production Update
A decision has been made to increase the capacity of the small scale pilot plant from 20 tonnes per day to 60 tonnes per day based on a thorough review by field engineering staff. The resultant increase in capacity will allow for significantly more material to be processed over a shorter period of time, but this also necessitates the installation of a larger process system. This work is ongoing and is expected to be complete later this fall in spite of delays in shipment of materials to site because of extremely wet conditions.
The majority of the equipment for the intermediate sized mill is now on site and installation is expected to be complete early in 2007 increasing the processing capacity to approximately 250 tonnes per day.
Metric conversion:
1 ppm (1 gram per tonne) equals 0.0292 troy ounces per ton
1 meter equals 3.215 feet
The technical information contained in this news release was collected, compiled and reviewed by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI 43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On behalf of the Board
Kelvin Williams
July 27, 2006
Cinco Minas Exploration Update for June/July
In June and July 2006 significant milestones were reached by Bandera Gold Ltd. at their Cinco Minas Silver/Gold project.
Exploration Activities
The main thrust of the geological development program revolved around the new Cerro Colorado quarry site and the opening of the San Diego adit to gain entry to the Destajos level. Re-excavation of the San Diego adit is presently underway and significant progress has been made in advancing the adit toward the Destajos level.
The work at Cerro Colorado quarry site has been progressing smoothly and the access road and initial ?topping? of Cerro Colorado was completed on July 17.
By the end of that day, approximately 100 tonnes of highly mineralized breccia from the main Cinco Minas vein was put into stockpile. This stockpiling work using a Komatsu caterpillar equipped with a two-fingered ripper resulted in the development of a small plateau.
The vein material at the surface of Cerro Colorado is deeply weathered and easily mined with the caterpillar equipment. By late on July 18, the plateau area had increased to roughly 610 square meters and the volume of stockpiled material had grown to around 800 tonnes of 0.3 metre minus material. It is important to note that all of the material encountered at the crest to date is similar in nature to the traditional El Abra type mineralized rock encountered further to the North West along the Cinco Minas vein. Daily grading samples are being taken as the pile grows and these samples are presently in the lab system for analysis.
As the plateau or quarry floor descends as a result of stripping, it is expected that the contact between the Cinco Minas vein and the footwall elements will be exposed along the base. After the removal of the majority of the deeply weathered vein material, and after the boundary between the vein and footwall elements has been determined, the method by which the quarry will be advanced will change to a more conventional benched operation using standard drilling and blasting equipment.
The above noted exploration activities in conjunction with the test production are expected to increase the potential resource area which will serve to increase property value.
Production Update
Due in part to the significant progress achieved on the Cerro Colorado quarry, the decision was made to wait for this higher grade material before initiating test production. Resources previously allocated to the test production have been directed to the set up of a larger crusher and advancing the installation of the intermediate production plant. This decision is expected to shorten the transition from small scale test production (20 tonnes per day) to intermediate production (200 plus tonnes per day). ?This is a prime example of exploration success dictating an adjustment of the operational plan? stated Bandera?s president, Kelvin Williams. ?Our operational plan was constructed to allow for small adjustments when warranted. The potential to confirm the existence of higher grade material in large quantities outside of the previously explored area this early in the process should be considered very positive for shareholders.?
The technical information contained in this news release was collected, compiled and reviewed by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI 43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On Behalf of the Board
Kelvin Williams
June 30, 2006
Bandera Initiates Small Scale Test Production of Cinco Minas Project
Bandera is pleased to report that the delivery and set up of a pilot processing plant has taken place at its Cinco Minas project near Magdelana, Mexico. Testing of gold and silver mineralization from current mine dumps containing bonanza grade silver-gold ores, processing and testing of 3,000 cubic meters of untreated tailings left in the old mill agitation tanks when it was dismantled is slated to begin in the first week of July.
Processing of virgin ores from outcroppings and near-surface and new open pit cuts into deeper mineralization is also scheduled to take place. In addition to the pilot processing plant, the Company has taken delivery of portions of a larger processing unit that is being assembled to expand the productive capacity into the ?intermediate? category as announced in its press release of May 29, 2006.
In preparation for the launch of test production the Company has sampled the tailings at 2 meter intervals across the tailings piles and is pleased to present the results in the tables below. When the mill closed in 1928, several thousand tonnes of tailings and crushed feedstock material were simply pushed over the bank to cover the old foundations once the mill was sold and moved. This resulted in irregular mounds of material that were subsequently covered by the vegetative growth. The refurbishing of the old mill site to provide the working envelope for the new mill complex required the tailings to be loaded by backhoe and trucked off site to a staging area nearby. The tailings were collected and piled from a rather large area in excess of an acre and were mixed with other rock in the process during the excavation, transportation and stockpiling process.
Table 1 below represents the average tailings assay results from 205 samples.
Table 1
Sample Au Ag Cu Pb Zn
Unit g/mt Ppm ppm ppm ppm
Average 0.98 87.4 507 1,532 1,842
It is also interesting to note that there is a large fluctuation of assay grades per sample with the ranges listed in table 2.
Table 2
Sample Au Ag Cu Pb Zn
Unit g/mt Ppm ppm ppm ppm
High value 2.40 402.6 4,705 3156 4653
Low Value 0.50 34.0 176 770 843
These fluctuations are understandable due to the changes in the historical production figures and the mixing of the tailings material during the stockpile process. We also note that these are samples of materials that have already undergone liberation and were considered plant waste at the time of production. Re-processing of these materials will only require screening and introduction to the new mill process. Bandera views these results as very encouraging as the indication is that this pre-crushed ore is suitable for heap leaching.
In addition and in concert with the test production the Company is expanding exploration activities for the next 30 to 60 days which will include further sampling of the tailings, dump areas, untested exposed surface and near surface showings and existing adits. Access to the 300 meter level of the El Abra mine has been achieved by opening up the San Diego adit to the Destajos level. Being able to sample and drill into the insitu resource from this level will expedite the conversion of the indicated and inferred resource to a measured category. Other exploration activities will include mapping and locating of both new showings as well as old mine workings.
The above noted exploration activities in conjunction with the planned test production are expected to increase the potential resource area which will serve to increase property value.
The technical information contained in this news release was collected, compiled and reviewed by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI 43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On Behalf of the Board
Kelvin Williams
May 29, 2006
UPDATE ON CINCO MINAS
Bandera Gold Ltd. (TSX Venture: BGL) is pleased to announce the hiring of Eng. Ismael Manriquez Olmos, an experienced Senior Mining Engineer, as the Project Manager for the Cinco Minas test facility and all subsequent mining and milling operations. Mr. Manriquez has degrees in both mining engineering and metallurgy. He has worked in senior management positions for the Fresnillo Mining Co. at Fresnillo, Zacatecas, one of the largest operating silver mines in the world today. Eng. Manriquez later worked for one of the largest gold producers in Mexico at El Cubo located in the historic Guanajuato mining district directing the expansion of milling and mining operations.
Bandera is also pleased to announce the hiring of Eng. Armando Gabriel Hernandez, a renowned mexican metallurgist bringing more than 30 years of experience in metallurgy ranging from the selective flotation of complex ores to the cyanidation leaching of ores in heap leaching operations and leaching using agitation in tanks with cyanide. Notably, Eng. Armando Gabriel was the lead metallurgist at the Federal Government?s large gold mine, El Barqueño and later worked on cyanide leaching with agitation in tanks for First Silver Reserve. He is now working for Bandera as a resident consulting metallurgist.
Bandera Gold Ltd. is fortunate to have this exciting combination of seasoned professionals in its employ as it begins installing the pilot test facility. The Company has purchased a small pilot plant which is the first step towards establishing a larger ?intermediate? mill at Cinco Minas. Upon delivery, management anticipates start up of this mode to be approximately 60 days. Testing will initially include gold and silver mineralization from current mine dumps containing bonanza grade silver-gold ores, processing and testing 3,000 cubic meters of un-treated tailings left in the old mill when it was dismantled and virgin ores from outcropping, near-surface and new open pit cuts blasting out deeper mineralization for testing.
Exploration is currently focused on better defining existing, known mineralization and taking bulk samples which will help determine metallurgical characteristics of mineralization from various mineralized zones. The Company will use the test results from the initial small milling operations to design and install the ?intermediate? plant facility.
Concurrent with the construction of the ?intermediate? milling operation, the Company will conduct bulk tests in order to process gold ores using conventional, well known heap leach technology.
The ?final? phase of work will involve designing and construction of milling and heap leaching operations optimized to treat different grades of mineralization with differing metallurgical characteristics. Based on historical processing at the old mill site of more than one (1.0) million tonnes of silver and gold ores with grading up to 476 g/t of silver and 3.17 g/t of gold (previously reported in a BGL news release dated Nov 16/05), Bandera?s consultants do not foresee any metallurgical problems regarding recovery of more than approximately 90 percent of the contained silver and gold using well known, conventional processing methods and a Merrill-Crowe precipitation unit(s) for production of precipitates that will be smelted to produce impure silver-gold bars known as doré.
Work continues on upgrading the camp facilities and new haul roads designed around the current pilot test mill facility and future site for the full-sized mill. The haulage road to the pilot mill test site has been finished. Construction of the haulage roads to the heap leach site and final tailings site is proceeding as well as a newer access to the top of the pilot processing plant site.
The Agrarian Community (?Ejido?) of Cinco Minas has signed an agreement for granting the Minera San Jorge and Bandera Joint Venture slightly over three hundred fourteen (314) hectares to the JV. This includes all surface areas planned for mining and beneficiation facilities, underground and open pit mines, milling operations for the pilot test plant and the future larger full-scale mill and/or heap leaching operations, crushers and conveyor systems
A recent visit to the Cinco Minas project by senior management accompanied by Senior Mining Consultants for both geology and mining/metallurgical testing and review of the design for the pilot test plant resulted in approvals for all phases of work done to date and for the current work program by the board of directors.
Bandera?s joint venture partner, Minera San Jorge, is creating a foundation for the local members of the Cinco Minas Ejido donating nearly twenty percent of its gross proceeds to the locals and to regional development under the care and management of a Trust Committee comprised of three men and two women and three independent Trustees. This foundation will provide scholarships for education, local transportation, busing of school children and support for improving local health services or more costly medical procedures. This is in support of the Bandera ? MSJ joint venture which has set a goal to enhance living conditions and future prospects for the local community.
Exploration programming for this month and for the following four months includes mobilizing three track drills to drill and blast mineralization exposed at the surface. One drill will be dedicated to working on the El Abra area, the famous old Spanish ore shoot developed to a depth of more than 2000 feet in the early 1900?s by the company operating Cinco Minas established by the founder of Anaconda Mining Co. A second track drill will continue on the project with the assignment of cutting into the top of the El Abrita zone where old workings indicate interesting values of gold and silver at the surface and in the shallow underground workings. The third track drill is programmed to work on expanding mineralization at the Cerro Colorado site and opening up this area for determination of continuity and grade of outcropping silver and gold mineralization with grades similar to those processed in other mining operations by either milling or in conventional heap leach operations.
Senior management from Bandera acting on the recommendation of their consulting mining engineer and geologist have approved the driving of a horizontal drift into the Destajos Level and accessing underground workings to use them to bulk test known mineralization containing bonanza grades of silver and gold once the ?Destajos? mine dump is removed and processed. During the month of May, major advances include the purchasing of milling equipment and completion of access roads as well as discovery of interesting silver and gold mineralization exposed at the surface that remains open both at depth and along strike. Bandera Gold?s management is committed to providing reliable testing of precious metals mineralization at Cinco Minas and enhancing shareholder value in this exciting project.
The technical information contained in this news release was collected and complied by Richard Munroe, B.Sc., FGAC, P.Geo., a qualified person under NI 43-101.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On Behalf of the Board
Kelvin Williams
April 10, 2006
BANDERA RECEIVES TSX-V APPROVAL OF OPTION ON CINCO MINAS & GRAN CABRERA PROPERTY
Bandera Gold Ltd. (the ?Company?) announced today that it has received approval of its option agreement with Minera San Jorge, S.A. de C.V. (?MSJ?) through the TSX Venture Exchange. The Company has made the final option payment of (CDN) $250,000 and has issued 650,000 common shares to MSJ pursuant to the terms of the agreement. MSJ is a privately held Mexican company which has Mr. George Barnett as its legal representative.
The shares issued pursuant to the option agreement have a hold period expiring August 5, 2006.
The focus of the work to be completed during the first half of 2006 will be dedicated to the exploration and development of the Cinco Minas property. The Cinco Minas property has an area of approximately 10 750 ha.
The scope of this work is set out to accomplish the following two objectives: first; to initiate small scale test production of approximately 100 tons/day and second; to complete geological work to provide a data set to begin expansion of the insitu resource.
The primary operations will begin at the historic Cinco Minas camp immediately with new field mapping, surface exploration and the development of a test mill operation. The new test mill will be constructed on the same site as the old mill. There are no extraordinary infrastructure costs to be incurred as existing roads, electrical power and water are all in close proximity to the historic Cinco Minas camp.
Initial activities will be simple low cost quarry processes with the potential to develop new underground workings in three directions from the primary excavation site. Once constant head grade values are established from the main quarry, additional underground work can access the high grade ore shoots that have been identified in drilling and mapping. This will provide a constant source of new feed to augment the waste dump materials going to the mill while the old mine workings are being re-visited.
All of these operations can start immediately with minimal cost and planning. This process will allow for both new and old ore grade materials to be assessed for optimum recovery and refinement at the outset.
Bandera Gold Ltd. is a Junior Canadian Exploration Company whose corporate strategy is to build shareholder value by finding and developing overlooked and undervalued mineral properties in North America and South America. By partnering with an experienced mining and mineral exploration entity, the Company?s core focus will be the continued exploration and advancement of the Cinco Minas property in Mexico to production, exploration of the Gran Cabrera property in Mexico and the exploration of the Belmira property in Colombia.
On Behalf of the Board
Kelvin Williams
December 01, 2005
BANDERA SIGNS OPTION TO ACQUIRE 60% INTEREST IN CINCO MINAS AND GRAN CABRERA
Bandera Gold Ltd. (?Bandera?) announced today that it has signed an Option Agreement with Minera San Jorge, S.A. de C.V. (?MSJ?) to acquire a 60% interest in the Cinco Minas and and Gran Cabrera Mexican mining properties (the ?Properties?) by making option payments of $300,000, issuing 2,800,000 common shares of Bandera to MSJ and providing financing of $7,600,000 to MSJ over a five year period for the exploration and development of the Properties.
Bandera made an initial option payment of $50,000 to MSJ and has incurred approximately $11,000 in due diligence costs which will credited to Bandera and deducted from the initial option payment.
Bandera is required to make a final option payment of $250,000 to MSJ within 7 days of receipt of the approval of the TSX Venture Exchange (the ?Exchange?) of the Option Agreement.
Bandera will be required to issue to MSJ 650,000 common shares in year 1, 900,000 common shares in year 2 and 1,250,000 common shares in year 3. The work commitments to be financed by Bandera are $800,000 in year 1, $1,300,000 in year 2, $2,000,000 in year 3, $2,000,000 in year 4 and $1,500,000 in year 5.
MSJ will retain a 2.0% Net Smelter Return on the Properties. Bandera has the right to purchase the remaining 40% interest in the Properties anytime within one year after Bandera has earned its 60% interest in the Properties by paying to MSJ 40% of the NPV of the Properties as defined in the Option Agreement by a 20% cash payment and the remaining 20% in cash and/or common shares at Bandera?s sole discretion.
The Properties are 95 km. north of Guadalajara in the Hostotoipaquillo Mining District, State of Jalisco, Mexico.
The Cinco Minas property is comprised of 12 licenses (Exploitation Mining Concessions) totaling 10,750 ha.
The Gran Cabrera property is 4,242 ha. comprised of three concessions for exploration and two for exploitation.
Bandera proposes to complete a private placement of up to 8,571,428 units of Bandera at a price of $0.175 per unit, for proceeds of up to $1,500,000. Each unit will consist of one common share and a warrant to purchase an additional common share at a price of $0.25 per share for a period of two years from closing of the private placement. The net proceeds of the private placement will be used for the final option payment to MSJ, the required year 1 work commitments on the Properties and general working capital.
There are no Finders Fees to be paid pursuant to the Option Agreement. Finders Fees will be paid on the private placement in accordance with the policies of the Exchange and applicable securities laws.
The Option Agreement and private placement are subject to regulatory approval including the approval of the Exchange.
On Behalf of the Board
Kelvin Williams
November 16, 2005
BANDERA GOLD IS NEGOTIATING FOR SILVER-GOLD DEPOSITS IN MEXICO
Bandera Gold is pleased to announce it is currently in negotiations with Minera San Jorge (MSJ) to acquire the Cinco Minas and Gran Cabrera projects in Mexico, including the historical Cinco Minas Mine. The previous operators (founders of the Anaconda Mining Co.) of the Cinco Minas Mine mined 1,083,000 tonnes of ore averaging 3.17 g/t gold (97,364 oz of gold) and 476 g/t silver (15,095,915 oz silver) from 1922 to 1928. Cinco Minas is an adularia-sericite-type epithermal silver/gold deposit that historically produced bonanza grade silver ore with significant gold credits. The main zone of adularia-sercite quartz veins has been identified over a strike length of approximately 5 kilometers. This project is considered now by Bandera to be one of the most advanced silver-gold exploration projects currently available for further exploration and development in Mexico.
Bandera is evaluating the geologic setting of several old historical producers along the Cinco Minas system (Cinco Minas) in order to determine if open pit mining or underground mining of bonanza grade silver and gold mineralization is a viable option or whether heap leaching with selective mining and milling of higher grade silver ores is more appropriate. The acquisition fits strategically with the company's overall precious metals focus, and may potentially provide desirable feed to either a heap leaching operation processing oxidized gold ores with relatively low silver values and/or milling ores with either higher grades of gold or silver or both.
The addition of the even more prospective Gran Cabrera area of mines may prove even more significant in the future to Bandera Gold. Geologists have been dispatched to review the technical database and visit the property in the field and review areas reportedly containing good grades of silver and gold in immediately adjacent area in the coming weeks. The company is reviewing previous operators? results in a careful and meticulous manner in order before proceeding with this proposed acquisition
The Gran Cabrera project, northwest of Guadalajara consisting of approximately 4300 hectares with 22 historic silver-gold mine sites. Within the Cabrera claims silver-gold mineralization occurs in quartz-calcite epithermal vein systems hosted by felsic volcanics. The mineralization occurs as argentite, galena, ceragyrite, native silver and native gold.
For further information contact Kelvin Williams
And a special treat for you: The NI43-101 for the properties:
http://www.mediafire.com/file/am3es3y4fm3a7cu/32%282%29.pdf
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