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Option Agreement With Kaiyue International Inc.
BCGold Corp. (or the "Company") (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) is pleased
to announce that the Company has entered into a Letter Agreement with Kaiyue
International Inc. ("Kaiyue") (TSX VENTURE:KYU.P) whereby, subject to regulatory
approval, Kaiyue can earn up to a 70% interest in BCGold Corp.'s 100% controlled
Toe Property, Yukon.
BCGold Corp. has granted Kaiyue the option to acquire a 60% interest in the Toe
Property ("Property") by making $255,000 in cash payments, $1,900,000 in
exploration expenditures and issuing 400,000 shares of Kaiyue to BCGold Corp.
over a four year period. Kaiyue can earn an additional 10% interest in the
Property by completing a feasibility study, for a total interest of up to 70%.
In addition to regulatory approval, the Kaiyue option is subject to BCGold Corp.
and Kaiyue entering into a definitive option and joint venture agreement on or
before August 31, 2012.
The 1,600 hectare Toe Property is one of BCGold Corp.'s 16 Minto/Carmacks Copper
Gold Properties (15,925 hectares) in Yukon, strategically located proximal and
adjacent to Capstone Mining Corp.'s currently producing, high-grade copper-gold
Minto Mine and Copper North Mining Corp.'s Carmacks Copper Project. BCGold Corp.
is the largest land holder in the Carmacks Copper-Gold Belt, having spent
approximately $4 million in exploration expenditures over the past 4 years and
discovering 7 copper-gold mineralized zones.
The Toe Property is located 7 kilometers northwest of the Minto Mine and 255
kilometres northwest of Whitehorse, Yukon. The Toe Property is drill-ready and
hosts a number of copper-gold soil anomalies and "Minto-type" geophysical
targets. The Toe Property is subject to a 2.5% net smelter returns royalty
interest held by BCGold Corp. and a third party.
BCGold Corp. also announces that BCGold Corp. and Pacific-Link Capital Inc. have
mutually agreed to terminate the March 14, 2012 letter agreement regarding the
Toe Property.
Thanks--I got ya' now. I was aware but have not looked at my south of the 49th partner board for a long time.
GL!
Just letting you know that there are two boards BCG & BCGOF on Ihub
http://investorshub.advfn.com/BCGOLD-CORP-BCGOF-22005/
I am in the States and we don't get all of the info without digging for it and I was giving you the US link for Pink sheets. BCGOF
Letter From the President July 10, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2012) -
Dear Investor,
I write this letter in addendum to BCGold Corp.'s announcement earlier today (July 10, 2012) that the Company is going to market to raise working capital for the remainder of 2012. The Company regrets that this financing must be done at a significant discount to our 2011 financing, but these are trying times for junior resource companies. BCGold Corp. has implemented a number of cost-saving measures to minimize its working capital expenses, which include staff reductions, restrictions of certain overhead expenditures, and downsizes to exploration efforts. We carefully implemented cost-savings measures that will allow us to maintain a high potential for exploration discovery and success in 2012 and see these measures as a prudent response to the current economic climate.
Like our peers, BCGold Corp. has seen its stock price plunge to record lows over the past year, in spite of a very successful year at our flagship Engineer Mine property. Unlike our peers, BCGold Corp. is positioned to offset exploration costs and minimize share issuances by obtaining capital through the monetization / forward sale of gold concentrate recovered from on-site processing of bulk sample material at the high-grade gold Engineer Mine property. By these means the Company has the ability to extract more exploration value for each dollar invested.
This financing will provide the Company with the necessary working capital to execute our budgeted exploration programs in 2012. BCGold Corp. has earmarked more than $750,000 in flow-through exploration dollars, currently on-hand, to advance Engineer Mine, the Off-White and South Quesnel copper-gold properties. Engineer mine will continue to be the primary focus of the Company. BCGold Corp. intends to dewater the 6 and 7 levels of the mine to access the down-plunge extension of the recently defined high-grade 505-3 and 505-5 gold shoots within the Engineer Vein. These levels will be mapped and sampled and air and water services will be installed for mining purposes.
In 2011 BCGold Corp. successfully mined and milled high-grade ore on the Engineer Mine property and produced nearly one tonne of marketable gold concentrate. That concentrate was sold to a refinery and the Company recently received a US$107,000 cash payment for 67.9 payable ounces of gold at US$1608/oz. Last year's work confirmed the presence of two accessible, high-grade gold exploration targets (please see news release dated February 29, 2012) grading between 1-2 oz/ton gold (containing up to 17,000 oz of gold) that the Company has targeted to mine and mill as bulk samples in 2013 and 2014.
The Company is aggressively marketing the forward sale of significantly more gold concentrate that could be produced at Engineer during the next 2 years and management is confident a deal will be at hand in the near term. Proceeds of this sale will be used to defer mining and milling costs of the recently confirmed high-grade shoots and to fund infrastructure improvements, resource expansion and mine design work. Until that time, however, the Company must go to market and secure operating capital by conventional means.
As a past, current or future BCGold Corp. shareholder, I would like to thank you for your support and consideration of the financing announced this morning. The current market malaise will not last forever and resource stocks will recover. Gold is holding its own, junior financings are gaining attention and investors are starting to take notice of the multitude of grossly undervalued opportunities out there - BCGold Corp. is a great example of such opportunities.
Please feel free to contact me or Kim Williams should you have any questions about additional information on the Company, our plans going forward, or our current financing.
Kind Regards,
Brian P. Fowler, P.Geo.
President & CEO
O/S....98,702,729
Option 6,711,000
Full Diluted...119,457,079
Management..... 5%
Retail.........73%
Institutional..17%
KGC............ 5%
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2012) - BCGold Corp. (or the "Company") (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) is pleased to announce that exploration and mining crews have mobilized to the Engineer Mine property to commence the 2012 exploration and development program. The fully funded $550,000 program will consist of the following:
-- dewatering 6 and 7 Level of the underground mine workings to access the
down-plunge extension of the 505-3 and 505-5 gold shoots within the
Engineer Vein
-- surveying, geological mapping and detailed panel sampling of the 6 and 7
Level underground workings
-- soil sampling orientation surveys along a 3-km strike length of Shear
Zone "A" and Shear Zone "B"
-- geological mapping, prospecting and soil sampling over the 16 km2
Engineer Mountain volcanic complex
-- commencement of a University of British Columbia research project
investigating depositional controls and the source of high-grade gold
mineralization at Engineer Mine (see UBC Research Project below)
-- continued evaluation of financing options to fund mine and mill
infrastructure upgrades required to optimize gold recovery during bulk
sampling
Ampex Mining Ltd. of Whitehorse, Yukon is contracted to refurbish the shaft area on 5 Level, the main access level of the mine, and to install and operate equipment required to dewater 6 and 7 Level later this month. This is to provide access and services required to further evaluate, geologically map, panel and bulk sample the high-grade 505-3 and 505-5 gold shoots, which were defined during the Company's bulk sampling program in 2011. The two gold shoots are a compelling exploration target between 5 and 7 Level, estimated to contain 6,000 to 8,600 tonnes, grading 30 to 60 g/t Au (1-2 oz/t), for up to 17,000 ounces of contained gold (see February 29, 2012 news release: http://www.bcgoldcorp.com/. The Company is fully permitted to dewater, mine, and mill up to 4,000 tonnes of bulk sample material in 2012.
Mine Conditions
The historic Engineer Mine has more than 5,500 metres of underground development along eight levels that provide access to seven high-grade gold veins and two potential bulk tonnage mineralized shear zones. Historic production came primarily from the upper five levels of the Engineer and Double Decker Veins over a three year period. The mine ceased production in the early 1930s after producing more than 560 kg (18,000 oz) of gold and 278 kg (8,950 oz) of silver. With the exception of an unsuccessful dewatering attempt by a previous operator in 1975, the lowermost three levels have been flooded since production ceased.
The Company expects the shaft and workings on 6 and 7 Level to be in good condition and suitable for continued access and mining along the Engineer Vein. According to historic records, there are 253 metres of pre-production drift along the Engineer Vein on 6 and 7 Level, and the Company intends to bulk sample the 505-3 and 505-5 high-grade gold shoots utilizing this development.
Financing Options for Continued Bulk Sampling
Larger-scale bulk sampling of the 505-3 and 505-5 Engineer Vein gold shoots provides an excellent opportunity for the Company to generate significant, near-term revenue for continued exploration and development. The Company is evaluating a number of financing options to fund mine and mill infrastructure upgrade requirements to optimize gold recovery, as well as direct mining and milling operating costs. Financing options under consideration include, individually or in combination, the forward sale of gold concentrate, secured convertible debt, gold royalty, and an interest bearing loan facility repayable over a two-year period. The Company continues to seek a suitable partner and terms for this venture.
UBC Research Project
The Department of Earth and Ocean Sciences (EOS) at the University of British Columbia (UBC) has commenced a one-year post-doctoral research project studying gold mineralization at the Engineer Mine. The main objective of the project is to develop a geological model to better understand the depositional controls and the source of the high-grade gold mineralization. Secondary objectives include investigating commonalities to other Au-V-Te deposits, such as the Cripple Creek Mine (USA), Porgera Gold Mine (Papua New Guinea), and the Emperor Gold Mine (Fiji); determining the link between gold in the low-grade shear zones and the high-grade veins; and "fingerprinting" the gold-using trace element signatures to establish comparisons between Engineer Mine's bedrock gold and the placer gold in the Atlin Gold Camp.
BCGold Corp. management is excited to be involved in this research project and believes the results will improve the Company's ability to drill target higher-grade, bulk tonnage gold mineralization within the shear zones. The project will be led by Dr. Leo J. Millonig, a post-doctoral research fellow with EOS, and Professor Lee A. Groat (EOS) and Professor Robert Linnen (University of Western Ontario) will provide academic and laboratory support. BCGold Corp. has committed up to $47,000 toward this project and along with UBC has applied for industry matching funding through the Mitacs-Accelerate research internship program.
Darren O'Brien, P.Geo., Vice President Exploration for BCGold Corp. and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.
About BCGold Corp.
BCGold Corp. (TSX VENTURE:BCG) is focused primarily on gold exploration and development in under-explored historic and emerging mining districts in British Columbia and Yukon. BCGold Corp. acquires and develops conceptual, early and mid-stage exploration opportunities and advances them towards resource development. Currently, institutional investors hold 21% of the Company's outstanding shares and Kinross Gold Corporation holds 5%.
BCGold Corp. is unique in that it not only exposes investors to the prospect of discoveries, but is also positioned to offset exploration costs by forward selling gold concentrate recovered from on-site processing of bulk sample material at the Company's high-grade gold Engineer Mine property.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo.. President & CEO
BCGold Corp. Receives Positive Preliminary Metallurgical Results for Engineer Mine Gold Concentrate
Date : 06/05/2012 @ 8:40AM
BCGold Corp. (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) (or the "Company") is pleased
to announce the receipt of positive preliminary metallurgy results from Gekko
Systems Pty Ltd. ("Gekko") that detail gravity and leach amenability test work
performed on two samples collected during the Company's 2011 bulk sampling and
test milling at the Engineer Mine. The samples included a 63 kg run-of-mine
("ROM") sample and a 4 kg table concentrate sample, which represent the 505-3
Shoot of the Engineer Vein.
Gekko's Metallurgy Results Highlights
-- A calculated ROM head grade of 54.9 g/t gold (1.6 oz/ton) and 40.6 g/t
silver (1.2 oz/ton).
-- High gold and silver recoveries of up to 71.4% and 67.8%, respectively,
using only gravity concentration methods, produced a concentrate grading
379.2 g/t gold (11.1 oz/ton) and 260.5 g/t silver (7.6 oz/ton).
-- Gold and silver recoveries from concentrate of up to 98% and 90%,
respectively, by intensive leaching after 24 hours.
-- Engineer mill table concentrate returned 6,738 g/t gold (196.5 oz/ton)
and 2,878 g/t silver (83.9 oz/ton).
Gekko's bench-scale laboratory test-work validated BCGold Corp.'s previous
report for bulk sample 505-3B of a calculated head grade of 44.6 g/t Au (1.3
oz/ton) and table concentrate grade of 6,485.8 g/t Au (189.2 oz/ton), using the
on-site gravity separation mill at Engineer Mine (see February 27, 2012 news
release at www.bcgoldcorp.com).
Gekko's analytical results indicate that not all the gold and silver in the ROM
sample was sufficiently liberated at the grind size utilized by the current
on-site ball mill, and that there is recovery upside potential with modification
of the gravity separation circuit. Gekko proposes that the gravity recovery of
gold and silver could be improved by adding a secondary re-grind mill to the
mill circuit and re-tabling the tails at a finer grind size, which may allow
further reduction of the concentrate mass while maintaining high gold and silver
recoveries. Gekko has designed a study to test this hypothesis and investigate
the efficacy of these relatively inexpensive modifications to the on-site mill
circuit. The Company has commissioned this study, which is expected to be
completed in approximately 10 weeks.
"We are very pleased with Gekko's preliminary gravity recovery test work,"
commented Brian P. Fowler, President and CEO of BCGold Corp. "The ability to
produce a high-grade gold concentrate with the potential of greater than 70%
gold recovery reduces the requirement to install an on-site leaching circuit to
produce a marketable product. We believe we can produce a marketable gold-rich
gravity concentrate utilizing the Engineer mill and ship this material for
off-site refining on an economic basis. The ongoing Gekko re-grinding study is
expected to substantially improve the gravity recovery process and further
enhance the economics of this project."
Background
In 2011, BCGold Corp. conducted bulk sampling and on-site test milling at the
Engineer Mine property that produced 970 kg of gravity gold concentrate from 246
tonnes of ore; the average concentrate gold grade was 2,193 g/t (64.0 oz/ton).
This concentrate is currently being refined for gold and silver recovery by SiPi
Metals Corp. in Chicago, Illinois (see May 2, 2012 news release at
www.bcgoldcorp.com).
In December 2011, BCGold Corp. submitted to Gekko a 63 kg ROM sample and a 4 kg
table concentrate sample from the 69 tonne Engineer Vein bulk sample 505-3B to
determine gold and silver recovery potential using continuous gravity recovery.
BCGold previously reported bulk sample 505-3B returned a minable head grade of
44.6 g/t gold. The amenability of the ROM concentrate produced by Gekko and the
table concentrate produced on-site to intensive cyanide leaching was also
tested.
Gekko specializes in the design, development and distribution of innovative,
low-cost mineral processing systems with a particular focus on gravity
separation. Gekko-built systems reduce the environmental impact of mineral
processing and have been installed worldwide.
Darren O'Brien, P.Geo., Vice President Exploration for BCGold Corp. and a
Qualified Person as defined by National Instrument 43-101, has reviewed and
approved the technical contents of this news release.
About the Engineer Mine
BCGold Corp. owns a 75% interest in the Engineer Mine property, with an option
to earn a 100% interest. Engineer Mine was a high-grade gold producer that came
to peak production in the mid-1920s and ceased operation in the early 1930s.
More than 560 kg (18,000 oz) of gold and 278 kg (8,950 oz) of silver were
officially produced at realized grades exceeding 39 g/t Au and 20 g/t Ag, from
high-grade epithermal quartz-carbonate veins on six of eight mine levels.
There are two large shear zones and more than 25 known veins on the property;
only four veins have undergone limited production and exploration to date. All
shear zones and veins remain open at depth and little exploration has been
conducted deeper than 200 metres below surface.
About BCGold Corp.
BCGold Corp. (TSX VENTURE:BCG) is focused primarily on gold exploration and
development in under-explored historic and emerging mining districts in British
Columbia and Yukon. BCGold Corp. acquires and develops conceptual, early and
mid-stage exploration opportunities and advances them towards resource
development. Currently, institutional investors hold 21% of the Company's
outstanding shares and Kinross Gold Corporation holds 5%.
BCGold Corp. is unique in that it not only exposes investors to the prospects of
new discoveries, but is also positioned to offset exploration costs and minimize
dilutive share issuances for capital by monetizing/forward selling gold
concentrate recovered from on-site processing of bulk sample material at the
Company's high-grade gold Engineer Mine property.
BCG Waiting and watching---GLTA!
What do you think is going on ??
repeated requests for updates regarding this matter to the company IR have all remained unanswered to date. hmmmmm....
Not sure LG. Many believe, once resources are proven that a neighbouring, larger miner will buy them out. GL!
Do you know if BCG has any plans in place to operate one of the mines or they just going to prove up and sell off to a operator?
Was there confirmation or an extension granted Pacific-Link of the Toe Property before April 30, 2012?
Pacific-Link can earn up to a 70% interest in BCGold
Corp.'s 100% controlled Toe Property, Yukon.
BCGold Corp. has granted Pacific-Link the option to acquire a 60% interest in
the Toe Property ("Property") by making $255,000 in cash payments, $1,900,000 in
exploration expenditures and issuing 400,000 shares of Pacific-Link to BCGold Corp. over a four year period. Pacific-Link can earn an additional 10% interest
in the Property by completing a feasibility study, for a total interest of up to
70%. In addition to regulatory approval, the Pacific-Link option is subject to
BCGold Corp. and Pacific-Link entering into a definitive option and joint
venture agreement on or before April 30, 2012.
They proved they can get the gold out, now they need a mill to process the ore and I told that is up to $100 million for equipment, can they raise the funds with or with out their partner?
BCGold Corp. Signs Agreements To Sell Gold Concentrate From Engineer Mine, B.C.
- BCGold Corp. (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) (or the "Company") is pleased to announce that it has entered into a concentrate purchase agreement (the "Purchase Agreement") with Auramet Trading, LLC ("Auramet"), a New Jersey-based precious metals merchant, to facilitate the sale of approximately 0.8 dry metric tonnes (dmt) of gold-rich gravity concentrate produced during bulk sampling at the Engineer Mine in 2011. Auramet has arranged a secondary agreement between BCGold Corp. and Sipi Metals Corp. ("SiPi"), a precious metal refinery situated in Chicago, Illinois, with respect to refining terms and treatment charges for the recovery of gold and silver from the concentrate.
"This is an important milestone for BCGold Corp.," states Brian P. Fowler, President and CEO of the Company. "We have demonstrated that we can produce a marketable gold-rich concentrate while continuing to explore and advance the Engineer Mine property. The proceeds from this sale will be used to supplement our 2012 Engineer Mine exploration budget. Our efforts to forward sell substantially larger lots of gold concentrate to a suitable buyer are ongoing; the proceeds of such sales would be used to provide for mining and milling capital requirements and to finance continued exploration drilling to increase the mineral resource at Engineer Mine."
Terms of Sale
The Purchase Agreement provides for the Company to sell 100% of the total gold and silver content in its concentrate to Auramet using a flexible and comprehensive pricing and payment facility. This includes spot, pre/forward, and option pricing mechanisms, and spot, forward, and in-process basis payment mechanisms. The Company will select the appropriate mechanisms once initial confirmation sampling is completed by SiPi.
BCGold Corp.'s gold-rich concentrate is currently in transit to the Sipi refinery in Chicago and the Company expects payment prior to the start of the 2012 exploration and development program at the Engineer Mine.
About the Engineer Mine
BCGold Corp. has a 75% interest in the Engineer Mine property, with an option to earn a 100% interest. Engineer Mine was a high-grade gold producer that came to peak production in the mid-1920s and ceased operation in the early 1930s. More than 560 kg (18,000 oz) of gold and 278 kg (8,950 oz) of silver were officially produced at realized grades exceeding 39 g/t Au and 20 g/t Ag, from high-grade epithermal quartz-carbonate veins on six of eight mine levels.
There are two large shear zones and more than 25 known veins on the property; only four veins have undergone limited production and exploration to date. All shear zones and veins remain open at depth and little exploration has been conducted deeper than 200 metres below surface.
About BCGold Corp.
BCGold Corp. (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) is a Vancouver-based junior resource company focused on copper and gold exploration and development in under-explored historic and emerging mining districts in British Columbia and Yukon. BCGold Corp. acquires and develops conceptual, early and mid-stage exploration opportunities and advances them towards resource development by using internal expertise, engaging preferred joint venture partners, and creating strategic alliances with major exploration and mining companies. Currently, institutional investors hold 21% of the Company's outstanding shares and Kinross Gold Corporation holds 5%.
BCGold Corp. is unique in that the Company not only exposes investors to the prospects of new discoveries, but is also positioned to offset exploration costs and minimize dilutive share issuances for capital by monetizing / forward selling gold concentrate recovered from on-site processing of bulk sample material at the Company's high-grade gold Engineer Mine property.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo., President & CEO
Some statements in this news release contain forward-looking information or forward-looking statements. These statements include, but are not limited to, statements with respect to future expenditures and exploration, development and production activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration, development and production activities. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
BCGold Corp.
Corporate Communications
604-697-2403
Share Info
Shared Issued 98,702,729
Fully Diluted 119,652,079
Long Term Debt Nil
Warrants/Options Outstanding:
Expiring June 19, 2012 100,000 @ $0.70
Expiring July 7, 2012 50,000 @ $0.50
Expiring August 22, 2012 446,000 @ $0.70
Expiring August 23, 2012 3,897,500 @ $0.20/$0.30*
Expiring August 31, 2012 1,342,000 @ $0.20
Expiring August 31, 2012 5,038,831 @ $0.30
Expiring August 31, 2012 333,333 @ $0.12
Expiring August 31, 2012 166,667 @ $0.30
Expiring September 28, 2012 250,000 @ $0.20
Expiring September 28, 2012 317,000 @ $0.30
Expiring October 29, 2012 2,743,020 @ $0.20/$0.30*
Expiring January 16, 2013 75,000 @ $0.13
Expiring October 24, 2013 755,000 @ $0.20
Expiring January 16, 2014 100,000 @ $0.12
Expiring January 8, 2015 1,645,000 @ $0.10
Expiring January 11, 2016 1,960,000 @ $0.15
Expiring October 28, 2016 2,000,000 @ $0.10
BCGold Corp. Discovers New High-Grade Gold Zone and Plans Bulk Sampling at Engineer Mine, B.C.
Date : 02/29/2012 @ 8:35AM
Source : MarketWire
BCGold Corp. (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) (or the "Company") is pleased to announce the discovery of a new, high-grade gold shoot ("505-3 Shoot") at the Engineer Mine Property. This discovery was made during the Company's 2011 bulk sampling and test milling program conducted on remnant pillars of the Engineer Vein on 5 Level of the underground workings.
New Exploration Target
On February 27, 2012, BCGold Corp. reported mining grades of 14.5 g/t Au and 44.6 g/t Au for bulk samples 505-3A and 505-3B, respectively, mined from remnant pillars of the Engineer Vein outside of the Inferred Mineral Resource and previously categorized as waste material by conventional chip sampling and drilling. These bulk samples, totaling 104.4 tonnes, comprise the top of a newly identified high-grade gold shoot within the Engineer Vein that is projected to plunge sub-vertically and is open to depth. A longitudinal section of the Engineer Vein, depicting bulk sample results and the newly discovered high-grade gold shoot, can be viewed on the Company's website (view Engineer Vein Longitudinal Section: 2011 Bulk Sample Locations). The 505-3 Shoot is a compelling exploration target for bulk sampling and on-site test milling as it can be accessed with minimal mine development from 6 Level.
Tonnage and grade ranges for the 505-3 Shoot as an exploration target between 5 and 6 Levels are defined in Table 1.
Table 1 - Exploration Target (i)
----------------------------------------------------------------------------
Gold Contained
Exploration Target Tonnage Range Grade Range Gold Range
----------------------------------------------------------------------------
505-3 Shoot 1,200 to 1,800T 30 to 60 g/t 1,500 to 3,000 oz
(between 5 & 6 Levels)
----------------------------------------------------------------------------
(i) The potential quantity and grade is conceptual in nature. There has been
insufficient exploration to define a mineral resource and it is
uncertain if further exploration will result in the target being
delineated as a mineral resource.
Plans for 2012 Mine Dewatering and Bulk Sampling
BCGold Corp. plans to conduct a staged $2.5 million exploration and development program at the Engineer Mine property in 2012 that will consist of the following:
- Dewatering 6 Level of the underground mine workings to access the down-plunge extension of the 505-3 Shoot approximately 30 metres vertically below bulk samples 505-3A and 505-3B on 5 Level,
- Mining the 505-3 Shoot between 5 Level and 6 Level, to potentially source 1,200 to 1,800 tonnes of in-site bulk sample material,
- Transporting mined material to the 30 ton per day, on-site gravity separation mill for gold recovery as a gold concentrate,
- Underground diamond drilling to target four previously untested veins and the Shear Zone 'A' and Shear Zone 'B' bulk tonnage exploration targets (view 3D Engineer Mine: 2012 Underground Exploration Drill Targets).
The Company's 2011 bulk sampling and test milling program produced 969.2 kg of dry concentrate estimated to contain 68.3 oz gold. The Company is in discussions to monetize the concentrate and forward sell gold concentrate produced from the upcoming 2012 program. Proceeds from both sales will be applied towards continued exploration at the Engineer Mine property and advancing the property towards sustainable, near-term, small-scale production.
Darren O'Brien, P.Geo., Vice President Exploration for BCGold Corp. and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release
BCGold Corp.'s Engineer Mine Bulk Sample Concentrate Averages 2,193.1 g/t (64.0 oz/ton) Gold
BCGold Corp. (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) (or the "Company") is pleased to announce final assay results and mining grades from the bulk sampling and on-site test milling component of the 2011 exploration program at the Company's Engineer Mine property. BCGold Corp. has received assay results from the 148.4 kg of Sluice Concentrate and 5.1 kg of High-Grade Gold Stream Concentrate produced while test milling six composite bulk samples mined from remnant portions of the Engineer and Double Decker Veins, some of which was outside of the currently stated mineral resource. This material was previously categorized as waste material by conventional chip sampling and drilling.
Gold was recovered in up to three separate concentrates from the on-site gravity separation mill for each of the six bulk samples. Sluice Concentrate returned an average gold grade of 550.7 g/t Au (16.1 oz/ton), with one subset bulk sample grading 1,091.5 g/t Au (31.8 oz/ton). The High-Grade Gold Stream Concentrate collected from the gravity circuit's finishing table returned a gold grade of 58,451.9 g/t Au (1,704.8 oz/ton or 5.8% Au). Incorporating the previously reported Table Concentrate results (see December 14, 2011 news release), test milling of 246.1 tonnes of bulk sample material in 2011 produced 969.2 dry kg of concentrate returning a weighted average grade of 2,193.1 g/t Au (64.0 oz/ton). An estimated 68.3 oz of gold is contained in the concentrate. Complete results are reported in Table 1.
GLTA!
BCGold Corp. Acquires Central Yukon Gold Property
BCGold Corp. (TSX VENTURE:BCG) (or the "Company") is pleased to announce that it has signed an option agreement (the "Agreement") to acquire a 100% interest in the 4,500 ha Off-White Gold property (the "Property") in central Yukon. The Property is an early-stage gold discovery that was identified through BCGold Corp.'s 2011 Yukon generative exploration efforts targeting bulk-tonnage, intrusion-related gold deposits in easily accessed areas of Yukon. The Property is well situated along the Klondike Highway with year-around road access, 8 km west of McQuesten village and 340 km north of Whitehorse, Yukon.
Prospecting and test pitting by Mr. Robert Stirling (the "Vendor") along the banks of the Stewart River in the early 1990s identified placer gold deposits that subsequently produced 455 ounces of gold during a two year period. Recent microscopic studies of the recovered nuggets defined a sizable sub-population of coarse-grained, angular nuggets, which is highly suggestive that a nearby bedrock source exists for a significant component of the gold. The Property was staked over the presumed bedrock source of this coarse gold.
BCGold Corp. believes the source of the gold is related to an underlying, Tombstone-style intrusive-related gold system situated along the margin of the nearby, regional Tintina Fault, and the Property represents an excellent discovery-stage opportunity. The Company plans to conduct an expansive auger-soil geochemical program in 2012 to further delineate the bedrock source of the gold.
Agreement Terms
The Company agrees to make a $47,000 cash payment to the Vendor upon signing the Agreement, and to issue 3,000,000 BCGold Corp. common shares to the Vendor and incur $600,000 in exploration work on the Property, in stages and over a four year option period, to earn a 100% interest in the Property. The Company will issue 150,000 common shares upon signing the Agreement and agrees to incur $75,000 in exploration expenditures and issue an additional 300,000 common shares by the first anniversary of the Agreement.
The Vendor retains a 2% Net Smelter Royalty, which can be reduced to 1% for a $1 million cash payment. The Company agrees to make annual advanced royalty payments of $60,000 commencing on the seventh anniversary of the Agreement.
All terms and conditions of the Agreement are subject to TSX Venture Exchange approval.
About BCGold Corp.
BCGold Corp. (TSX VENTURE:BCG) is a Vancouver-based junior resource company focused on copper and gold exploration and development in under-explored historic and emerging mining districts in British Columbia and Yukon. The Company acquires and develops conceptual, early and mid-stage exploration opportunities and advances them towards resource development by using internal expertise, engaging preferred joint venture partners, and creating strategic alliances with major exploration and mining companies. Currently, institutional investors hold 21% of the Company's outstanding shares and Kinross Gold Corporation holds 7%.
So true. It was fitting that I was telling the duck story and look what happened to the stock. The CEO maxed out the A/S and crushed the stock. GLTU!! BCG!! GLTA!!
You're welcome Fit4. If peeps would have listened to you/us/others over there---Their New Year outlook would be much brighter. GLTU! BCG GLTA!
Thanks my friend. Good luck here!
The devil is your friend! I've been accumulating as I please. January is going be a very directional month for BCG. GLTU!
First up .. me!!
09:30:00 0.10 0.00 1,500 2 RBC 67 Northern
Devil made me do that ..
Cactus
Suweeeeeeettttt. GO BCG
http://www.bcgoldcorp.com/index.php?id=127&y=2011&news=145#pagetop
Buy Confirmed today! Ready to rumble?
GO BCG
Most Recent Trades
Time Price Change #Shares Buyer Seller
09:31:26 0.12 0.01 5,000 7 TD Sec 7 TD Sec
09:31:23 0.115 0.005 20,000 7 TD Sec 28 BBS
09:31:10 0.115 0.005 24,000 7 TD Sec 7 TD Sec
09:30:00 0.11 0.00 24,000 2 RBC 7 TD Sec
09:30:00 0.11 0.00 10,000 2 RBC 7 TD Sec
09:30:00 0.11 0.00 2,000 7 TD Sec 7 TD Sec
09:30:00 0.11 0.00 5,000 7 TD Sec 7 TD Sec
You do that!
It will be worth it!
My first play was Richfield Ventures who in turn got bought out by NewGold
Awesome play!!!
BCG is heading in the same direction
Big things coming to those that hold shares!!
BCG
I don't know how closely you watch this Cactus but there is big news coming (soon)---One way or the other! I hope Kinross gets involved! This is my biggest JV gold play holding on the TSX-V. BCG GLTU/A!
Most Recent Trades
Time Price Change #Shares Buyer Seller
10:47:58 0.105 - 0.01 3,000 7 TD Sec / 9 BMO Nesbitt
10:47:58 0.105 - 0.01 7,000 7 TD Sec / 7 TD Sec
10:45:43 0.10 - 0.005 10,000 7 TD Sec / 9 BMO Nesbitt
10:21:47 0.105 - 0.01 8,000 7 TD Sec / 7 TD Sec
10:18:00 0.10 - 0.005 1,000 99 Jitney / 1 Anonymous
10:08:58 0.10 - 0.005 3,000 99 Jitney / 9 BMO Nesbitt
10:05:40 0.10 - 0.005 10,000 99 Jitney / 9 BMO Nesbitt
10:05:37 0.10 - 0.005 3,000 99 Jitney / 9 BMO Nesbitt
10:05:37 0.10 - 0.005 4,000 99 Jitney / 2 RBC
10:05:36 0.10 - 0.005 10,000 99 Jitney / 2 RBC
JMO--The next month will be very telling here! I'm holding myself back from posting any PPS predictions, I will keep them to myself as I know much less than others. It should be exciting if all pans out! GLTA!
Future Events ..
22–23-Jan-2012
Cambridge House – Vancouver Resource Investment Conference
Vancouver Convention Centre - West Building
1055 Canada Place
Vancouver, BC
Booth #1927
23-Jan-2012
Mineral Exploration Roundup 2012 – Map Tent Forum
Westin Bayshore - 2nd Floor
1601 Bayshore Drive
Vancouver, BC
04–07-Mar-2012
PDAC 2012
Metro Toronto Convention Centre - South Building
Session A (Mar 4/5): Booth 2415-A
Session B (Mar 6/7): Core Shack
BCG homepage
http://www.bcgoldcorp.com/index.php
BCGold Corp. Reports Bulk Sample Concentrate Grades up to 6,485.8 g/t Gold (189.2 Oz/Ton) from Engineer Gold Mine
1 hour ago - ACQUIREMEDIA
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2011) - BCGold Corp. (TSX VENTURE:BCG)(PINKSHEETS:BCGOF) (or the "Company") is pleased to report partial assay results from its 2011 bulk sampling and test milling program at the Engineer Gold Mine in northwestern British Columbia. The Company has received assay results for 815 kg of Table Concentrate (reported below in Table 1) that was produced while test milling six composite bulk samples mined from remnant portions of the Engineer and Double Decker Veins above 5-Level, in some cases outside and adjacent to the currently stated mineral resource. This material was previously categorized as waste material by conventional chip sampling and drilling.
Gold was recovered in up to three separate concentrates from the on-site mill's recovery circuit for each of the six bulk samples. The Company awaits assay results for approximately 190 kg of Sluice Concentrate and approximately 5 kg of High-Grade Gold Stream Concentrate in order to estimate diluted mining head grades for each bulk sample. These results are expected in January 2012.
Gold assay highlights from Engineer Vein Table Concentrate include the following:
-- Bulk Sample 505-3B assayed 6,485.8 g/t Au (189.2 oz/t).
-- Bulk Sample 505-3A assayed 1,324.1 g/t Au (38.6 oz/t).
-- Bulk Sample 505-5 assayed 1,382.2 g/t Au (40.3 oz/t).
Table 1 - Engineer Mine 2011 Bulk Sample Table Concentrate Gold and Silver
Grades(i)
----------------------------------------------------------------------------
Concentrate Table Concentrate Grade
Tonnes Produced ------------------------------------------
Bulk Sample Milled (dry kg) Gold g/t Gold oz/t Silver g/t Silver oz/t
----------------------------------------------------------------------------
DD Trench 9.4 15.5 379.3 11.1 244.6 7.1
----------------------------------------------------------------------------
505-2 40.7 167.5 204.8 6.0 231.4 6.7
----------------------------------------------------------------------------
505-3A 35.5 172.3 1,324.1 38.6 607.7 17.7
----------------------------------------------------------------------------
505-3B 68.9 173.5 6,485.8 189.2 934.8 27.3
----------------------------------------------------------------------------
505-5 69.7 228.1 1,382.2 40.3 826.7 24.1
----------------------------------------------------------------------------
505-6 21.9 58.7 621.2 18.1 414.4 12.1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total 246.1 815.6(i) - - - -
----------------------------------------------------------------------------
(i) Table Concentrate is a product of the finishing shaker table of a mill's
recovery circuit, where approximately 2% of the total rock mass is upgraded
to a potentially marketable product. Table Concentrate is the largest by
volume of the three concentrates collected by BCGold Corp. (Table, Sluice,
and High-Grade Gold Stream) and is most-likely the lowest grade. By itself
the Table Concentrate underestimates the contained amount of gold in the in-
situ bulk sample and the grades from the other two gold concentrates are
required to properly back calculate in-situ grades.
"We are very pleased with these preliminary bulk sample results from Engineer Mine," states Brian P. Fowler, P.Geo., President and CEO of BCGold Corp. "The results clearly indicate that substantial gold occurs in portions of the Engineer and Double Decker Veins where conventional, smaller samples obtained by drilling or chip sampling can grossly underestimate gold content. Management anticipates that remaining concentrate assay results and resultant diluted mining head grade calculations will more than justify additional exploration, mine de-watering, test mining and milling in 2012."
Pending Sluice Concentrate Assays
As part of the test milling process, a sluice tray was inserted into the milling circuit to capture the coarse gold fraction from the ball mill slurry prior to either being rejected by the 30 mesh screen deck or being pumped to the triple deck Deister tables. Approximately 190 kg (wet) of Sluice Concentrate was collected while processing the six bulk samples. The Sluice Concentrate is being processed by the Metallurgical Division of Inspectorate Exploration and Mining Services Ltd. ("Inspectorate"). A decision to either upgrade the Sluice Concentrate to a dore bar or sell to a smelter along with the Table Concentrate will be made once assay results have been received.
Pending High-Grade Gold Stream Concentrate Assays
Approximately 5 kg of High-Grade Gold Stream was cut into a separate concentrate while processing bulk sample 505-3B over the finishing shaker table. A 2 to 5 cm wide gold stream was observed and collected at the finishing table while processing this sample. The 5 kg sample has been shipped to the Metallurgical Division of Inspectorate to be processed into a gold-silver dore bar. A report of the final weight and bullion fineness of the dore bar is expected in January 2012.
Wire Gold Specimens
In addition to gold recovered from the gravity separation mill as concentrate, approximately 14 kg of high-grade roscoelite with greater than 5% "wire" gold were recovered while mining bulk sample 505-5. These samples were collected prior to being crushed at the mill and management believes their value as mineral specimens is much greater than the actual gold content. Mineral specimen dealers are being contacted to assist in marketing these samples.
Metallurgical Study
Gekko Systems of Ballarat, Australia has been contracted to conduct bench-scale gravity and leach amenability test work in order to determine gravity recovery potential of the Engineer Mine mill feed. The metallurgy samples have been shipped to Gekko and results are expected within the first three months of 2012.
Darren O'Brien, P.Geo., Vice President Exploration for BCGold Corp. and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.
Images and video of BCGold Corp.'s bulk sampling and test milling at Engineer Mine this year can be viewed on the Company's website (http://www.bcgoldcorp.com/index.php?id=162).
An interesting read for gold and silver investors: GLTA!
On the threshold of the greatest gold bubble in history10/6/2011
Will be life changing for those who participate
It may not feel like it after a 12% correction in the past 30 days, but Mike Maloney – founder of GoldSilver.com – is convinced that we’re in a gold bull market that will be life changing for those who participate. I interviewed him for our current edition of BIG GOLD and am sharing some of what we talked about here. You may be shocked at what you read, because he’s devoted a larger allocation to gold and silver than we have. See why he’s convinced a bubble is ahead for precious metals, how high prices will go, and why he stores some gold overseas.
Jeff Clark: For those who don’t know you, why is Mike Maloney such a big believer in gold and silver?
Mike Maloney: Around 1999, my mother needed help with the estate my father had left her. My sister and I interviewed a dozen financial planners and picked the one that had the most glowing recommendations and gave him control of the assets. He lost about 50% of them in the next year and a half. What I’ve found is most financial planners get it wrong. They’re always chasing yesterday’s news. To be fair, there was a market crash, but with 50% of her assets gone by 2001, I ripped everything away from him, moved it to cash, and started studying the economy like crazy.
I discovered that the people concerned about budget deficits and trade imbalances at that time were in the precious metals sector, the hard money advocates. All the rest of the economists and newsletter writers didn’t really care. Concerns about international trade imbalances and how they were going to come back to bite us one day were coming from the hard money analysts. They also wrote about monetary history, something I just fell in love with. The fact that things just repeat over and over again is amazing.
I have hard data from 1918 to today, and anecdotal evidence before 1918, that shows that throughout history a society has a certain amount of real money – gold and silver. Then they either come out with debased coinage, or paper representations of gold and silver and expand the currency supply, which eventually cause prices to rise. People then realize there was something wrong with the currency and they rush back toward gold and silver to protect their purchasing power… and in doing so, they bid up the value of the gold and silver in the country until it matches the value of the circulating medium.
It appears to me this process has been going on since 407 BC, with the first great inflation in Athens. I have charts in my book, Guide to Investing in Gold and Silver, starting in the year 1918, showing the value of the gold held at the United States Treasury compared to the value of all of the base money or paper currency, and it was a 1:1 ratio.
Jeff: So history shows that the value of gold eventually equals the value of all paper money in circulation?
Mike: Yes. Back then, the U.S. dollar was a claim check on real money – gold. Base money was the number of U.S. Treasury gold notes in circulation. Before World War I, base money equaled the value of the gold held at the U.S. Treasury. Then we established the Federal Reserve and did a bunch of deficit spending for WWI, expanding the currency supply, so now there wasn’t enough gold to cover all the dollars they printed. In 1934 the price of gold was changed to $35 per ounce and the values of base money and gold at the Treasury were once again in equilibrium.
Then we expanded the currency supply to pay for WWII, Korea, and Vietnam, and in the ‘70s the price of gold rose until its value at the Treasury exceeded base money. But, for a short time in 1980, the value of gold at the Treasury not only exceeded the base money, it surpassed base money plus outstanding credit card balances. This is important because credit cards are replacing cash in circulation, so you must include it if you want to estimate a price target.
Jeff: So how high do gold and silver go?
Mike: When I finished the book, it required a $6,000 gold price to cover base money plus outstanding revolving credit. I’m not saying that that’s going to happen, but if history were to repeat, that would be the price.
However, since the book was written, Bernanke created a whole bunch of base money to bail out the banks, and now it takes a $15,000 to $20,000 gold price. One caveat is that $1.6 trillion of excess currency is sitting on banks’ balance sheets. It has yet to enter circulation, and if it never does, then this price target changes. My point is that prices are a moving target. Putting a dollar figure on them is an exercise in stupidity, I think, because the dollar is always changing. You can’t use it as a measuring stick.
My target for gold is that it should be equivalent to 1/40 of a single-family, medium-priced home, or two shares of the Dow. So gold will probably buy you about 12 times more stocks and 3 times more real estate in the future than it does now. So those are my prices.
And silver will leverage you to that. There is more gold on the exchanges and with the dealers that investors can buy than there is silver. Their current prices do not reflect this. Gold is way too cheap compared to dollars, and silver is too cheap compared to gold.
Jeff: Sounds like it’s not too late to buy gold and silver.
Mike: No. What investors need to be aware of is that we are on the last legs of our currency system. History shows that the world sees a brand-new monetary system every 30-40 years – and ours is 40 years old. Right now all currencies on the planet are backed by debt. All of the previous transitions were baby steps from something (gold) to nothing (debt). In order to give confidence back to the currencies, we’ll have to go from nothing (debt) to something (most likely gold again) in one big, huge, gigantic leap. This will cause an economic convulsion the likes of which the world has never seen.
The end of this precious metals bull market will be marked by panic buying. Gold and silver will be going into an astronomical bubble one day, probably the biggest bubble in financial history. That is why I think gold and silver are still fundamentally undervalued.
Jeff: Investors reading this might be a little skeptical that a bullion dealer is telling them to buy gold and silver. Do you mind sharing what percentage of your assets is held in gold and silver?
Mike: My personal portfolio is 100% in gold and silver. I have no other investments. I am completely committed to this because I absolutely believe it. I spent 2-1/2 years writing what is now a bestselling book on gold, and I opened a precious metals dealership. There isn’t anything I do, no action I take, that isn’t somehow connected to gold and silver.
Jeff: What separates GoldSilver.com from other bullion dealers?
Mike: Everybody at GoldSilver.com invests in gold and silver. They have all been invested in precious metals since I started the company in 2005. Everyone is absolutely committed and very knowledgeable. So we are all on the same side of the boat as Casey Research. If you become a gold and silver client, you’ll know we’re invested just like you are. We’re walking the walk and talking the talk.
We also have a team of researchers who are constantly analyzing where we are in this bull market. It’s in our best interest to try to find the top of this bull market and sell when the time is right. I believe we can multiply your winnings by letting you know what we’re doing when it comes time to sell. The way I’ve set up my company is that if you don’t win, I don’t win.
Another thing you should know is that I am not a gold or silver bug. I couldn’t care less about these metals. They are just in their cycle right now and will be the best performing asset for the coming years – period – just based on history.
There are these brief moments in history where the safe-haven asset also becomes the asset class with the single greatest potential gains in absolute purchasing power. We’re in one of these cycles right now; as the currency supply gets ramped up and people realize there is something wrong with it, they’ll rush back toward gold and silver and bid the price up until it matches the value of the currency supply.
Jeff: You’re increasing the number of storage facilities outside the U.S.; why should a U.S. citizen consider storing bullion outside the country?
Mike: Some investors are concerned about “confiscation,” which is technically incorrect. The U.S. government never confiscated gold; they “nationalized” it. In 1933, they bought it from U.S. citizens at full face so that the Treasury could hold it as an asset for the entire nation. That’s the very definition of nationalization.
Jeff: Are you saying you don’t think gold could be confiscated?
Mike: It’s possible, but I don’t believe it would happen in the United States. More than half of our currency resides outside the border. We’re the only country in that situation. If Obama passed an executive order today once again nationalizing gold, I believe that banks and brokerage houses around the world would suspect something was wrong with the dollar, and they would immediately dump their dollars and buy gold and silver. That would cause the dollar to fall to zero and send gold and silver to infinity in a matter of weeks. I would hope there is someone in the government smart enough to know this. If so, then it makes nationalization very unlikely.
Jeff: Good point.
Mike: But I do believe that it is good to have some geographical diversity. I think we’re going to see governments trying to limit our financial freedom even more than we’ve seen since 9/11. They’ll do this by instituting such draconian capital controls that today’s IRS will seem magnanimous by comparison. I want to be able to travel freely and have access to my funds no matter what happens. Therefore, I keep some of my gold in offshore storage accounts in several countries.
Jeff: But why go to the hassle and bother with the reporting requirements?
Mike: Because if you’ve got ownership outside the country, you may be able to retain it, even in a nationalization. The point is, we don’t know the future. All we can do is look at what’s happening, try to figure out what governments are going to do, and then protect ourselves with a little bit of diversity. And of all the assets you could own offshore, I believe none are safer than physical gold or silver.
Jeff: Do you think foreign storage puts a target on my back with government officials?
Mike: Well, they want to make sure you’re declaring any capital gain. And I do think that precious metals investors will see some sort of windfall profit tax when the government tries to punish those nasty gold speculators that caused the dollar to crash. They will always point the finger anywhere but where it belongs – which is squarely at the government and the Federal Reserve. People are just trying to protect themselves from government stupidity and the Fed by buying gold and silver.
I think the reason they require the reporting is to make it difficult for people to cheat on their taxes. I don’t think it’s going to make you any more of a target than anybody else if you report everything. If you play within the rules, you’re not a target. I myself walk the straight and narrow. I make sure I comply with everything the IRS and the Treasury require.
Jeff: What about the small investor? Do you have any advice for the person who has limited funds?
Mike: Yes. It only takes $40 to become a silver investor. Regardless of what your income level is, you’re going to come out much better in the end. And once you take the leap and become an investor, your mindset changes and you find yourself starting to plan. A lot of people are not really planning on the future that much – but once you buy an ounce of silver and become educated, you give yourself a tremendous advantage over the rest of the population.
So just buy small quantities of silver. It has such leverage to it. And silver will probably go into some sort of super-spike that you will want to catch, which means you probably need some sort of guidance. That’s where subscribing to newsletters such as yours is very, very important for anybody who’s going to get into this.
Jeff: Thanks for your time, Mike. And we appreciate the discount you’re offering our readers.
Mike: You’re very welcome.
ABOUT THE AUTHOR
Jeff Clark, Casey Research
Editor: Casey's Gold & Resource Report and Explorers' League
Having worked on his family’s gold claims in California and Arizona, as well as a mine in a place to remain nameless, these days Jeff Clark focuses on following some of the most successful miners in the world in the Explorers’ League. Reporting on the Explorers’ League honorees (or short, “XL-ers”) is not a job for Jeff but rather a source of pride and enjoyment. Every month, he reports the inside stories of what makes the XL-ers so successful.
Jeff’s research and writing skills are also utilized in his role as editor and one of the primary writers of Casey's Gold & Resource Report. Whether it is researching new companies to recommend, analyzing the big trend in gold, or looking for other safe and profitable ways to capitalize on the bull market, Jeff is devoted to making Casey's Gold & Resource Report the best precious metals newsletter for the prudent investor. He coordinates the efforts among the research and writing team, ensuring that whatever is happening in the gold and silver market doesn’t escape coverage
Gold, silver miners start to outperform bullion9/21/2011 9:13:49
We are now reaching a point where the gold trade is becoming overcrowded and we see greater potential upside in our undervalued miners
There has been short-term profit taking in gold over the past few weeks as investors return to an oversold equity market. Make no mistake such a development is temporary and healthy as GST believes gold prices will make it back to the US$1900+ area.
It is important that our comments be clearly understood. As the Gold ETF (NYSE: GLD, Stock Forum) hit our overbought targets we moved laterally into our mining selections, which were just on the cusp of upside breakouts after several months of consolidation.
We remain firmly aboard the long term ascent of the golden highway. However, we are now reaching a point where the gold trade is becoming overcrowded and we see greater potential upside in our undervalued miners such as the Gold Miners ETF (NYSE: GDX, Stock Forum) and Silver Miners ETF (NYSE: SIL, Stock Forum).
A correction here to $1650 would be within the parameters of a healthy consolidation. Recognize that GLD has made a considerable move since our last buy signal.
As contrarians it requires tremendous discipline to take profits when everything is coming up roses and to buy when there is blood in the streets. Yet this is precisely the discipline of the astute trader. There are always situations under the radar, ripe for the picking.
The gold bullion trade may have been getting somewhat crowded in early August as these central banks entered during the eye of the storm. My readers have been prepared for this current debt hurricane for many years. Now when gold reaches the front pages of the media in early August our readers were prepared for a bullish consolidation and focused on the undervalued miners just beginning to make major moves.
The undervalued miners (GDX and SIL) have yet to enjoy the run up that gold (GLD) and ishares silver trust (NYSE: SLV, Stock Forum) bullion has experienced in 2011 and look to have recently broke out. Our chart below suggests that a rise is imminent in our selections in the precious metal miners(GDX and SIL) to catch up to the underlying bullion.
The markets will do whatever they can to confuse and misdirect us as prices may possibly retreat from these interim levels to long term support. It has been a breathtaking rise in the yellow metal as the Euro and the United States both attempt to work its way out of their respected debt crises. We have seen an accelerated move in gold and this recent pullback may furnish some holders with the opportunity to reenter. The miners appear to be outperforming the bullion and may have broken a key downtrend.
The uptrend in gold is still intact. Moreover, my firm believes that the rise in gold and silver is a sign that QE3 will occur in whatever guises necessary. The lawmakers in Washington are not ready to adopt draconian measures to reduce deficits by raising taxes and by cutting entitlements. Instead, they are choosing a much easier solution which is to monetize the debt. The Fed will continue to print cheap dollars (NYSE: UUP, Stock Forum) in order to pay off obligations. This is one of the subsurface meanings to the solution of the debt crisis.
Investors are concerned by the current brittle economic fears of fiscal troubles that may lie directly ahead. Prices already are repeating last year’s meteoric rise in gold. As the U.S. dollar grows weaker and inflation increases, the price of gold will move higher over the long term although there will be healthy, restorative pullbacks along the way. During those pullbacks the miners should outperform and shrink a very wide divergence. Stay tuned.
Disclosure: Jeb Handwerger is long on GLD,SLV,GDX
ABOUT THE AUTHOR
Jeb Handwerger
Handwerger is an independent analyst and newsletter writer who started to develop a passion for technical analysis at the age of 11. He has a Masters Degree in mathematics. http://goldstocktrades.com
GLTA!
BCGold Corp. Announces Changes to Board of Directors
VANCOUVER, BRITISH COLUMBIA, Sep 12, 2011 (MARKETWIRE via COMTEX News Network) --
BCGold Corp. (the "Company") (TSX VENTURE: BCG)(PINK SHEETS: BCGOF) is pleased to announce the appointment of Mr. Wes Roberts, M.Sc., MBA, P.Eng., to the Company's Board of Directors. The addition of Mr. Roberts is a continuance of the Company's corporate development strategy as it moves towards production at the Engineer Gold Mine. Mr. Roberts' appointment, which follows the recent addition of Mr. Darren O'Brien, P.Geo., as Vice President of Exploration, greatly enhances the Company's ability to identify, acquire and advance quality exploration, development and production opportunities.
Mr. Roberts is Vice President of Mining for Heenan Blaikie Global Advisors, an affiliate of Heenan Blaikie LLP. He is a professional mining engineer who specializes in the economic evaluation and development of mineral deposits. Mr. Roberts holds a B.Sc. (Mining Engineering) and M.Sc. (Mining Engineering) from Queen's University, and an MBA (Finance) from the Schulich School of Business. He has more than 25 years of experience in mineral exploration, mining operations, project engineering and management, as well as diverse mining engineering experience. Mr. Roberts has held numerous positions in the mining industry at various companies, including Canada Talc Ltd., Derry Michener Booth & Wahl, Davy International, BLM Bharti Engineering Inc., GMP Capital Inc., Inco Ltd. and most recently at Breakwater Resources Ltd. as Vice President of Corporate Development.
In concurrence with Mr. Roberts' appointment, the Company announces the resignation of Mr. Darren Bahrey from the Board of Directors. Mr. Bahrey has resigned from his position as director to focus on his duties as President of Oro Mining Ltd. Mr. Bahrey was a founding director of the Company and his exploration insights and passion will be sorely missed.
"On behalf of BCGold Corp., I extend a warm welcome to Mr. Roberts," states Brian P. Fowler, P.Geo., President and CEO of the Company. "Mr. Roberts' diverse and exemplary exploration, evaluations, development and mining background compliments BCGold Corp.'s growth strategy in every aspect. On behalf of the Company I also wish to thank Mr. Bahrey for his years of service and dedication. We wish him every success in the future."
GLTA!
Gold has risen 28.7% this year, compared to a -3.8% loss in the XAU Index
Gold has been rising faster than the price of mining stocks. Here are some statistics to prove this point.
In the 12 months ending August 31, gold has risen 46.5%, but the XAU Index of precious metal mining stocks climbed only 17.7%. By itself, that is a good rate of return for mining stocks, but not what one would expect given gold’s appreciation over this period.
The current year-to-date results are even more telling. Gold has risen 28.7% this year, compared to a -3.8% loss in the XAU Index.
In the last two months, gold has risen 21.7%, while the XAU Index climbed 8.4%. You might notice from these results that the XAU Index is finally starting to show some relative strength compared to its year-to-date results, which is one sign that things may be turning in favor of the mining stocks. Here is another.
The following chart simply measures the difference between the annual rate of change of gold and the XAU Index at each month end. So for example, using the 12-month results ending August 31st reported above, the last point plotted on this chart is 28.8%, which reflects gold’s outperformance over this period.
There is an important message from the above chart. Namely, gold’s relative outperformance compared to the XAU Index has reached a level that in the past has marked important turning points. If we take the period in 2008 relating to the collapse of Lehman Brothers as an unusual exception and not likely to be seen again – or at least not to be seen at the present time – we can conclude that gold’s outperformance has reached an extreme.
It is not uncommon for the XAU Index to underperform gold from time to time, which is clear from the above chart. But just like night follows day, relative valuations and performance turn when they reach an extreme. We appear to be at one of those turning points for gold and the XAU Index.
I expect gold to continue climbing higher. That is after all, its primary trend. But look for the price of the mining stocks to start climbing even more rapidly than gold. The mining stocks are on the runway and ready for take-off.
GLTA!
News!
BCGold Corp. Closes First Tranche of Private Placement
Date : 08/31/2011 @ 8:45AM
Source : MarketWire Canada
Stock : BCGold Corp. (BCG)
Quote : 0.12 0.0 (0.00%) @ 8:41AM
BCGold Corp. Closes First Tranche of Private Placement
print
BCGold Corp. (TSX VENTURE:BCG)(PINK SHEETS:BCGOF) (the "Company") is pleased to
announce that it has closed the first tranche of its private placement
previously announced on July 11, 2011. The Company has raised $1,472,440 through
the issuance of 2,660,000 of non-flow through units (the "NFT Units") at a price
of $0.10 per NFT Unit and 10,053,663 flow through units (the "FT Units") at a
price of $0.12 per FT Unit.
Each NFT Unit will consist of one common share and one-half of one common share
purchase warrant. Each whole such warrant will entitle the holder to purchase
one additional non-flow-through common share at a price of $0.20 per share for
one year expiring August 31, 2012. Each FT Unit will consist of one flow-through
or one BC super flow-through common share and one-half of one common share
purchase warrant. Each whole such warrant will entitle the holder to purchase
one additional non-flow-through common share at a price of $0.30 per share for
one year expiring August 31, 2012.
This offering was subscribed to by MineralFields Group and a number of private
investors, including two insiders of the Company. Finder's fees were paid on
this portion of the financing in the amount of $45,390 as cash commissions,
333,333 brokers options (the "Brokers Options") and 24,000 broker's warrants
(the "Finder B Warrants"). Each Broker Option entitles the holder to purchase at
a price of $0.12 for a one year period expiring August 31, 2012 one unit
comprised of one common share and one-half of one share purchase warrant
exercisable at a price of $0.30 for a one year period expiring August 31, 2012.
12,000 of the Finder B Warrants will entitle the holder to purchase one common
share at a price of $0.20 and 12,000 of the Finder B Warrants will entitle the
holder to purchase one common share at a price of $0.30, all exercisable for a
period of one year expiring August 31, 2012.
All securities issued pursuant to the private placement are subject to a four
month hold period expiring January 1, 2012.
The Company intends to use the proceeds of the private placement for bulk
sampling, test mining and on-site milling, drilling and other exploration work
on the Engineer Mine Property in British Columbia, generative copper-gold
exploration in British Columbia and Yukon, and for general working capital
purposes.
From another poster (elsewhere) once again:
Lets do some math
BCG has 14,000 tons grade 51 gpt. That means we have the potential to achieve roughly 1300-1500 oz of gold per month. At $2500 an ounce because we all know the economy is not poised to correct itself in 2012. Come spring 2012 BCG could be reporting 3.25-3.75 million in monthly gross earnings. By the end of first 12 months production BCG is poised to earn 39,000,000 gross assuming $2500 gold. The company has lots of information and confidence that these tons and grades can be obtained. This isn't a matter of if, just a matter of when and the when appears to be September. If the company feels as though it can push the drill program to next year, that means they are confident with what they have seen with this program and do not see the need to drill the bulk zone while the concentration is put forth to ramp up production. It would not surprise me to see the 1500m drilling program expanded with the infusion of non diluting capital BCG stands to earn in spring 2012.
Based on these forward looking statements BCG is significantly under priced at a 9 million dollar market cap. Century mining is a small scale producer. They have gold procution next quarter expected to be 8,000oz. They have a market cap of 125 mil. BCG at 30 tpd will be producing 4,000-4,500oz per quarter. To me that means BCG is still undervalued by several hundred percent. CMM was also worth as much as 360 million in 2011 and that was when gold was making its move through 1500. Now its 1850! So is CMM undervalued because they aren't solvent but have ounces? BCG doesn't have the ounces but they are verrrry profitable.
BCG did the first resource estimate strategically in my view. They mapped the mined out sections of Engineer and Double decker which 90% of the ore has been mined and thats why there is only 14,000 tons of bonanza grade left. The Boulder, Shaft, Governer and Shear B will add likely 100,000-250,000 tons of material because they are 95% untouched, also I was told the Jersey lily looks very promising for the future as well. I venture to guess based on historic numbers these areas will average in the 1 oz per ton range (give or take 10 grams going either way). Could you imagine a NR that says BCG increases resources at Engineer mine by 1000%. That would be 250,000ozs If the company has this many tons left in the underground.
I think the company will announce plans in the fall for construction of a shop around the mill or perhaps a new mill would be built and a shop all together to ramp up production in 2012?? That mill we already have can pay back in three days the refurb costs we just spent. So I have zero issues if BCG wants to put in a 100-300tpd mill in for mid 2012 production. If BCG makes announcements like this, then the stock will react ferociously in a good way! Remember they have long term plans of discovering a bulk tonneage open pitable resource so doing a little construction doesn't sound like a bad idea. Just because you install a 300 tpd mill doesn't mean you need to use the entire capacity. Also dumps could be set up for other companies in the area looking to mine and mill product (Blind creek and Eagle Plains are in the area). The company could get earnings from the mill this way. How much is a mining permit worth these days, we have one. Meaning no long delays just point and shoot!
Considering these short term expections.... What should our market cap be on our way to? The PP should close this week. I still think based on what we know right now 25-40 million is a reasonable valuation for this soon to be gold producer.
BCGold Corp. Announces Trench Assays Up to 979 g/t Gold and Prepares to Commence Milling at Engineer Gold Mine
8/16/2011 5:12:46 PM - Market Wire
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