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and here is why
8:42 AM ET, February 1, 2010
TORONTO, ONTARIO, Feb 1, 2010 (Marketwire via COMTEX) -- Chariot Resources Limited (CHD) ("Chariot" or the "Company") is pleased to announce that it has received a formal National Interest designation for its Mina Justa Project ("Project") from the National Government of Peru. The Project has been declared to be important under the provisions of the General Mining Law specifically citing its overall future contributions to the nation.
"We are very pleased to have received this formal declaration as it now places Mina Justa into an elite category of projects that are of special interest," said Ulli Rath President and CEO. He went on to say that "This declaration could facilitate approval of our ESIA and permits which are the last major steps prior to being able to start construction."
"Our aim throughout the sales process, which has now moved to Phase Two, is to make available a compelling package that consists of a technically sound DFS, a completed ESIA and a project that is at or near obtaining regulatory approval to start construction," concluded Mr. Rath.
ON BEHALF OF THE BOARD OF DIRECTORS
Ulli Rath, President & CEO
CHARIOT RESOURCES LIMITED
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
SOURCE: Chariot Resources Limited
and thats how its done !!!
http://cxa.marketwatch.com/TSX/en/Market/article.aspx?guid=http%3a%2f%2fsystem.marketwatch.com%2fnewscloud%2fdocguid%2f%7b0A0BF400-32AB-4CA8-9A10-AAC3253171E1%7d&symb=CHD
Chariot Resources Limited Enters Into Arrangement Agreement with China Sci-Tech Holdings Limited
9:04 AM ET, March 1, 2010
TORONTO, ONTARIO, Mar 01, 2010 (MARKETWIRE via COMTEX) -- Chariot Resources Limited (CHD) ("Chariot") announced today that it has entered into an arrangement agreement (the "Arrangement Agreement") with China Sci-Tech Holdings Limited (HK:985) ("China Sci-Tech") pursuant to which China Sci-Tech has agreed to acquire through an indirect, wholly owned subsidiary, by way of a court-approved plan of arrangement (the "Arrangement"), all of the issued and outstanding common shares of Chariot at a price of $0.67 in cash per common share (the "Consideration").
The Consideration payable under the Arrangement represents a premium of approximately 52% based on the volume weighted average price of Chariot's common shares over the 20 trading days prior to February 22, 2010, the date on which Chariot announced that it was in exclusive negotiations with a third party with respect to a potential transaction, and a premium of approximately 38% to the closing market price of Chariot's common shares on February 19, 2010, the last trading day preceding that announcement. The Consideration payable under the Arrangement also represents a premium of approximately 54% over the closing market price of Chariot's common shares on September 3, 2009, the last trading day preceding Chariot's annual shareholders' meeting at which Chariot announced that it was reviewing the timetable for launching a formal sale process.
The Arrangement represents the culmination of such formal public sale process which began in October 2009. As part of this sale process, RBC Capital Markets, Chariot's financial advisor, contacted over 60 parties of whom 20 parties entered into confidentiality agreements and conducted due diligence.
A special committee of Chariot's board of directors comprised of three directors has supervised the sale process and considered the Arrangement. At meetings of the special committee and board of directors of Chariot held on February 27, 2010, RBC Capital Markets delivered an oral fairness opinion to the effect that as of the date thereof the Consideration to be received under the Arrangement is fair from a financial point of view to the shareholders of Chariot. Chariot's board of directors, after receiving the unanimous recommendation of the special committee that the board approve the Arrangement and in consultation with its financial and legal advisors, has unanimously determined that the Arrangement is fair to Chariot's securityholders and is in the best interests of Chariot and has unanimously approved the entering into of the Arrangement Agreement and unanimously resolved to recommend that shareholders vote in favour of the Arrangement Agreement at a special meeting of Chariot shareholders to be held to approve the Arrangement.
The completion of the Arrangement is subject to, among other things, the approval by 66 2/3% of the votes cast by Chariot's shareholders at a special meeting of Chariot shareholders to be held to approve the Arrangement, the approval by a majority of the votes cast by China Sci-Tech's shareholders at a meeting of China Sci-Tech's shareholders to be held to approve the transaction as a "very substantial acquisition" in accordance with the listing rules of the Hong Kong Stock Exchange and receipt of court approvals. The Arrangement is expected to close during Chariot's first fiscal quarter in 2010. The completion of the Arrangement is not subject to a due diligence or financing condition.
Lundin Mining Corporation, Solway Finance Ltd. and the directors and officers of Chariot have entered into voting agreements with China Sci-Tech under which they have agreed to vote their shares (representing in aggregate approximately 36.2% of Chariot's outstanding common shares) in favour of the Arrangement.
Under the terms of the Arrangement Agreement, Chariot has agreed not to solicit or initiate any discussion regarding any other acquisition proposal. Chariot has also granted a right to match any unsolicited superior proposal and will pay a termination fee of $7.6 million to China Sci-Tech if the Arrangement Agreement is terminated in certain events, including if Chariot enters into an agreement with respect to a superior proposal or if China Sci-Tech terminates the Arrangement Agreement in circumstances where Chariot recommends or approves any other acquisition proposal.
China Sci-Tech, listed on the main board of The Stock Exchange of Hong Kong, is an investment holding company and its subsidiaries are principally engaged in investments in financial instruments and property and resources investments. China Sci-Tech has been pursuing opportunities in the mining sector to diversify its income and asset base. After the completion of the Arrangement, China Sci-Tech's mining operation will constitute the group's principal business.
Chariot is receiving financial advice from RBC Capital Markets and legal advice from a team comprised of McMillan LLP, Davis LLP in British Columbia and Rodrigo, Elias & Medrano in Peru. The special committee of the board of directors is receiving legal advice from Wildeboer Dellelce LLP.
China Sci-Tech's financial advisors are BOCI Asia Limited and Morgan Stanley Asia Limited and it is being advised by a legal team comprised of Fasken Martineau DuMoulin LLP in Canada, Freshfields Bruckhaus Deringer in Hong Kong and Muniz, Ramirez, Perez-Taiman & Olaya in Peru.
ON BEHALF OF THE BOARD OF DIRECTORSUlli Rath, President & CEOCHARIOT RESOURCES LIMITED.
Forward-Looking Statements: Some of the statements contained in this release are forward-looking statements. In certain cases forward-looking statements can be identified by the use of words or phrases suchas "plans", "expects", "anticipates", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", or "does not anticipate", or "believes" or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements inherently involve unknown risks, uncertainties, assumptions and other factors well beyond Chariot's ability to control or predict, including, without limitation, the risk that the Arrangement may not be completed. Actual results and developments may differ materially from those contemplated by such forward-looking statements depending on certain factors. Chariot's forward-looking statements in this release are based on certain assumptions. Any forward-looking statements included in this release represent Chariot's views as of the date of this release. While Chariot anticipates that subsequent events and developments may cause Chariot's views to change, Chariot specifically disclaims any obligation to update these forward-looking statements unless required by law. These forward-looking statements should not be relied upon as representing Chariot's views as of any date subsequent to the date of this release. Accordingly, readers should not place undue reliance on any forward-looking statements.
Contacts:Chariot Resources Limited, Toronto, Canada OfficeUlli RathPresident & CEO
lundin squashed brah!!
Chariot Resources Announces Results of Annual General and Special Meeting
9/4/2009 4:25:28 PM - Market Wire
TORONTO, ONTARIO, Sep 04, 2009 (MARKETWIRE via COMTEX News Network) --
Chariot Resources Limited (TSX: CHD) announced that it held its annual meeting of shareholders earlier today in Toronto starting at 10:00 a.m. At the meeting, shareholders:
1) re-elected Robert Baxter, David Bell, John Kutkevicius, Fernando Porcile, Ulrich Rath and Edward Thompson as directors;
2) appointed PricewaterhouseCoopers LLP as auditors for the ensuing year and authorized the directors to set PricewaterhouseCoopers LLP's remuneration; and
3) approved the Corporation's Shareholder Rights Plan.
At the meeting, a total of 202,787,600 common shares were represented by shareholders in person or by proxy amounting to 61.7 % of the issued and outstanding common shares of the Company. Common shares that voted the "White" proxy in support of the Chariot Board nominees amounted to 105,787,374, and common shares that voted the "Blue" proxy in support of the dissident ("Concerned Shareholders") Board nominees amounted to 96,638,434.
The Company has estimated that:
- Over 75% of the "White" votes represented Institutions and approximately 25% represented Retail shareholders, and
- if the block held by Lundin Mining is excluded from the "Blue" votes then the Concerned Shareholders attracted an estimated 36,447,934 votes. This represents about 13% of the total available issued common shares of the Corporation after removal of the block of 60,190,500 shares held by Lundin Mining.
"We are gratified by the substantial vote of confidence from shareholders," said Ulli Rath, President and CEO. "Having now had an opportunity to again consult widely with shareholders in the period leading up to the Annual Meeting, the Board and management of the Company are committed to getting the best possible price from a sale of the company and will be reviewing the time table for launching a formal sales process with a view to meeting the expectations of all shareholders," concluded Mr. Rath.
A copy of the presentation made to shareholders by President and CEO Ulli Rath will be available on Chariot's web-site. Additional details about the Company can be viewed at the Company's website, www.chariotresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Ulli Rath", President & CEO
CHARIOT RESOURCES LIMITED.
Contacts:Chariot Resources Limited, Toronto, Canada OfficeUlli Rath, President & CEOCell Phone: (416) 270-4481 or Office: (416) 363-4554Email: ullir@chariotresources.comWebsite: www.chariotresources.comForbes West, IR AdvisorOffice Phone: (416) 203-2200 or Toll Free: 1-888-655-5532Email: forbes@sherbournegroup.ca
SOURCE: Chariot Resources Limited
mailto:ullir@chariotresources.com http://www.chariotresources.com mailto:forbes@sherbournegroup.ca
Copyright 2009 Marketwire, Inc., All rights reserved.
Chariot Resources Announces Filing of Mina Justa Definitive Feasibility Study 43-101 Technical Report
- DFS identifies opportunities to increase after-tax NPV by US$54 million, or C$0.126 per Chariot share, plus - Potential to extend mine life by up to seven years, plus - Potential US$118 million reduction in capital costs (All currency US dollars unless specified)
On Tuesday June 9, 2009, 10:01 am EDT
http://finance.yahoo.com/news/Chariot-Resources-Announces-ccn-15476446.html?.v=1
TORONTO, ONTARIO--(Marketwire - June 9, 2009) - Chariot Resources Limited (TSX:CHD - News) announced the filing of the Definitive Feasibility Study (DFS) 43-101 Technical Report for its 70% owned Mina Justa Project ("the Project"). The Technical Report is available on SEDAR and at http://www.chariotresources.com
The DFS was undertaken by a consortium led by GRD Minproc Limited (GRD Minproc). The Project is designed to process 12Mt/a of oxide ore by crushing, vat leaching, solvent extraction and electrowinning to produce up to 52,000 t/a of cathode copper. The Project will be expanded during operating year 2 (quarter 7) to include a 5 Mt/a concentrator (costed to PFS level) to treat copper sulphide ore underlying the oxide ore in certain portions of the Mina Justa deposit.
The DFS has also identified opportunities for potentially increasing Project Net Present Value (NPV) by in excess of US$54 million. The specifically costed opportunities identified in the DFS could add an additional C$0.126 per fully diluted share (converting US$ to C$ using the 20 day average Bank of Canada noon spot exchange rate). Chariot had previously estimated that its 70% interest in the capital Project is valued at C$0.86 per fully diluted share.
The opportunities for improved economic outcomes include:
- Acid port change: the DFS considers that sulphuric acid will initially be shipped via San Martin port, 250 km by road from site for the first five years of operations, switching to the port to be developed at San Juan de Marcona. There is an opportunity to ship acid via an acid terminal that Naviera Petral S.A.(Petral) is considering for a site it owns on San Nicholas Bay, 30 km from site. Petral estimates possible savings of $7-8 M per year. The benefit of these savings during the first five years of operation would be to increase the after-tax NPV at 8% by $13.2 million.
- Modified terms and conditions for copper concentrate sales contract: replacing the price-sharing portion of the volume that could be committed with market terms, and also adopting market price participation terms on the market portion, has the effect of increasing the after-tax NPV at 8% by $40.9 M.
- Opportunities for capital cost reduction; capital costs might be reduced by up to 20% ($118 million) from the following:
- Limited and variable test data on ore competency and grindability was
available for the sulphide plant PFS. Expanding the testwork database
may indicate a decrease in ore competency, which would lead to a
reduction in size and cost of the comminution circuit.
- Additional tailings characterization studies are required to
investigate if combined tailings deposition will result in non-acid
generating tailings. In that case, a simplified tailings deposition
system would be possible, which would result in capital, operating and
closure cost savings.
- In the current economic climate, capital costs might be reduced
through the inclusion of second-hand or cancelled-order equipment.
- Additional ore reserve potential:
- Additional Whittle runs were performed using the current DFS costs and
process recoveries, updating the earlier assumptions on which the DFS
mine plan is based. If DFS recoveries and costs are used at the
$1.65/lb Cu price, used in Whittle runs on which the DFS mine plan is
based, there is potential to add 1.8 years to the oxide mine life, and
for a $2.00/lb Cu price, up to 4.3 years of oxide mine life. For
sulphide ore, using current DFS costs and process recoveries, a
$1.65/lb Cu price adds 4.6 years to the operation of the concentrator,
while a $2.00/lb Cu price adds approximately 6.9 years. Additional
reserves have not been determined, but the potential to increase the
life of the operation constitutes an obvious opportunity to improve
project economics.
"With the completion and filing of the Technical Report, Chariot will focus on the identified project optimization opportunities, including defining the economic benefit which may be derived from undertaking a more comprehensive sulphide only case, and potential capital cost savings," said Ulli Rath, President and CEO.
"Moreover, independent forecasting of copper prices by Brook Hunt Limited (Brook Hunt), included in the DFS suggests a cyclical price peak in 2016 and 2017, with copper rising to the $2.40 to $2.65 per pound range in the Brook Hunt Base Case and $2.65 to $2.80 in the Brook Hunt High Case. If Mina Justa is developed as set in the DFS, this cyclical peak would coincide with some of the highest sulphide copper grades in the Mina Justa mine plan. In this event, the weighted average copper prices realized on Mina Justa production would be considerably higher than the simple average price over the period. For example, using the Brook Hunt Base Case forecast, even though the average copper price over the period 2012 to 2023 is $1.93 compared to $2.00 in the DFS case, the after-tax NPV at 8% is $35.4 M higher than the DFS case. For the Brook Hunt High Case, with an average copper price of $2.12/lb Cu, the after-tax NPV at 8% is $143 M higher than the DFS case," concluded Mr. Rath.
The Definitive Feasibility Study covers the whole Project combining the mine, process plant, metals production facility and associated infrastructural facilities proposed for the Project. The actual DFS will be comprised of 11 volumes and appendices. Project statistics have been updated in the DFS and therefore vary in some cases from those used in Chariot Resources' April 23, 2009 press release presenting the study highlights; however, the differences are not material.
Forward Looking Statements. This release and the documents attached hereto contain certain forward-looking statements. These statements relate to future events or the Corporation's future performance and reflect expectations and assumptions regarding the growth, results of operations, performance, prospects and opportunities of the Corporation. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to: uncertainties and costs relating to exploration and development activities; uncertainties related to feasibility and other studies that provide estimates or expected or anticipated economic returns from a mining project; uncertainties related to the accuracy of mineral reserve and mineral resource estimates; changes in, and the effects of, the laws, regulations and government policies affecting mining operations; general business, economic, competitive, political and social uncertainties; future prices of copper; fluctuations in currency exchange rates (principally C$/U.S.$ and Peruvian Nuevo Sol/C$ and the Peruvian Nuevo Sol/U.S.$ exchange rates); and strikes, work stoppages or other labour difficulties, environmental hazards, industrial accidents or other events or occurrences that interrupt operations. A discussion of these and other factors that may affect the Corporation's actual results, performance, achievements or financial position is contained under "Risk Factors" in the Corporation's Annual Information Form. Although the Corporation has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that actual events, performance or results will be consistent with these forward-looking statements and accordingly readers should not place undue reliance on forward-looking statements. The Corporation assumes no obligation to update or revise forward-looking statements to reflect new events or circumstances, except as required by law.
ON BEHALF OF THE BOARD OF DIRECTORS
"Ulli Rath", President & CEO
CHARIOT RESOURCES LIMITED.
Contact:
Ulli Rath
Chariot Resources Limited
President & CEO
(416) 363-4554 or Cell: (416) 270-4481
Email: ullir@chariotresources.com
Website: http://www.chariotresources.com
Forbes West
IR Advisor
(416) 203-2200 or Toll Free: 1-888-655-5532
Email: forbes@sherbournegroup.ca
Chariot Resources Confirms Global Competitive Position of Mina Justa Project
On Tuesday May 5, 2009, 11:37 am EDT
http://finance.yahoo.com/news/Chariot-Resources-Confirms-ccn-15135011.html?.v=2
TORONTO, ONTARIO--(Marketwire - May 5, 2009) - Chariot Resources Limited (TSX:CHD - News; Chariot) announced the findings of a report by Brook Hunt which indicate that the cash cost for Mina Justa is in the lower half lower of the 2009 world copper cash cost curve. Mina Justa is located at the Marcona Copper Property in Peru, owned by Marcobre S.A.C. (Marcobre), which is in turn owned 70% by Chariot.
Brook Hunt was asked to undertake the following analyses:
1. Pinpoint the Mina Justa project on the 2009 cost curve using the project's life of mine average costs as provided by Marcobre.
2. Pinpointing the Mina Justa project on the 2009 cost curve using the Marcobre life of mine average costs but adjusting metal price and TC/RC forecasts to Brook Hunt's estimates for 2009, consistent with the peer group.
Using data provided by Marcobre, Brook Hunt calculated a life of mine C1 direct cash cost of 84.6c/lb for the Mina Justa project. For consistency, Brook Hunt excluded from this analysis mining royalties and other items included in the Feasibility Study estimate of C1 cash costs of US 88.5 cents per pound contained in Chariot's April 23rd Press Release.
Brook Hunt also modified the data used in the Feasibility Study estimate to reflect Brook Hunt's estimates for metal prices and TC/RC's for 2009, resulting in a final C1 cash cost of 79.8c/lb, equivalent to a position between the 47th and 48th percentiles on the 2009 cost curve.
"Chariot is pleased that Brook Hunt's analysis has confirmed the attractive position of Mina Justa in terms of its global competitiveness," said Ulli Rath, Chariot President and CEO. He went on to say: "although these operating costs are a solid foundation, we are looking at incorporating cost-saving opportunities into the Feasibility Study which could further enhance the competitive position of Mina Justa."
About Brook Hunt: Brook Hunt is a world leader in analysing mine, smelter and refinery production costs within the base and precious metal industries.
CHARIOT RESOURCES LIMITED
Ulrich (Ulli) Rath, President & CEO
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Contact:
Ulli Rath
Chariot Resources Limited
President & CEO
(416) 363-4554 or Cell: (416) 270-4481
www.chariotresources.com
Investor Relations Advisor
Forbes West
(416) 203-2200 or Toll Free (NA): 1-888-655-5532
Chariot Resources: Investor Conference Call Thursday April 23 at 2:00 p.m. ET
TORONTO, ONTARIO -- (Marketwire) -- 04/23/09 -- Chariot Resources (Chariot) (TSX: CHD) has released the results of the Mina Justa Feasibility Study. Chariot President and CEO Ulli Rath will hold an investor update conference at 2:00 p.m. (ET) that day to discuss the Feasibility Study (FS) and respond to questions from investors and analysts. To join the call dial:
Toll-free: 866-225-0198 Local 416-340-8061Replay: 416-695-5800 / 800-408-3053 Passcode: 8414348
Forward Looking Statements. This release may contain certain forward-looking statements. There can be no assurance that actual events, performance or results will be consistent with these forward-looking statements and accordingly readers should not place undue reliance on forward-looking statements. The Corporation assumes no obligation to update or revise forward-looking statements to reflect new events or circumstances, except as required by law.
ON BEHALF OF THE BOARD OF DIRECTORS
"Ulli Rath", President & CEO
CHARIOT RESOURCES LIMITED.
Contacts:
Chariot Resources Limited
Ulli Rath
President & CEO
Office: (416) 363-4554 or Cell Phone: (416) 270-4481
Email: ullir@chariotresources.com
Website: www.chariotresources.com
bla bla bla look its CHEAPER!!!!
BOTTOMS COMING!!
Ya, and who tipped ya to it Righty !!!
but its easy to see...
glad i took my .80 - 1.10 back when, EH!!
soon to be reloaded, but ahhh u were suposed to keep this quite
Now look what you done...
Gotcha radared bud GLTY
Thanx righty-eom
OS HAS GROWN ABOUT 10%, COPPER HAS DROPPED ABOUT 25%, BUT PPS HAS DROPPED HUGE!! NICE BUY OP HERE OR SOON imo
when we were talking back then this was over a buck...company is solid...huge reserves ...this is a bargain imo
Please see our full disclaimer at
http://www.marketmedias.org/Disclaimer.htm
CHD.TO I BELIEVE..IT IS ON THE TSX
L2 ticker symbol please
yo....it is time
NEWS
Chariot Announces Drill Intercepts as High as 9.07% Cu Over 4 Metres From HG Sulphide Zone
08:59 EST Wednesday, February 27, 2008
62 metres at 1.51% Cu (288m to 350m) including 4.0 metres at 9.07% Cu (336m to 340m); and 62 metres at 1.31% Cu (294m to 356m) including 6m at 6.31% Cu (342m to 348m)
TORONTO, ONTARIO--(Marketwire - Feb. 27, 2008) - Chariot Resources Limited ("Chariot") (TSX:CHD) announces significant new drill results from its 2007 drilling campaign at the Marcona Copper Project. Results reported today are from the HG Sulphide zone and from the Cu 40 zone. All results released today will be incorporated into a new resource estimate for Mina Justa that is expected to be completed by the end of the first quarter.
HG Sulphide Zone: The HG Sulphide zone has both copper oxide and copper sulphide mineralization. The copper sulphide mineralization tends to occur in robust intersections that are often over 30 metres thick and can be as high as 70 metres thick, and it is not uncommon to encounter multiple copper sulphide mineralization layers in one hole. This zone is also characterized by a high-grade core that has some of the highest copper sulphide mineralization grades at Mina Justa. Previous drill results from this zone were released on October 17, 2006
The drill results released today are from holes that were designed to test the eastern limits of the high-grade copper sulphide mineralization core. Notable highlights from the drilling at the HG Sulphide zone are (all results are copper sulphide mineralization):
- MJV-07-322 24.0 metres at 1.25% Cu (316m to 340m), including
6.0 metres at 2.42% (318m to 324m); and
42.0 metres at 1.46% Cu (234m to 276m), including
4.0 metres at 3.73% Cu (262m to 266m)
- MJV-07-323 30.0 metres at 1.41% Cu (302m to 332m), including
6.0 metres at 3.48% Cu (318m to 324m); and
22.0 metres at 1.18% Cu (246m to 268m), including
2.0 metres at 3.422 2.37% Cu (246m to 248m); and
12.0 metres at 1.17% Cu (158m to 170m), including
2.0 metres at 2.418 2.38% Cu (164m to 166m)
- MJV-07-324 22.0 metres at 1.15% Cu (310m to 332m); and
72.0 metres at 1.53% Cu (208m to 280m),
10.0 metres at 2.19% Cu (250m to 260m)
- MJV-07-325 62.0 metres at 1.31% Cu (294m to 356m), including
6.0 metres at 6.31% Cu (342m to 348m)
- MJV-07-330 28.0 metres at 1.21% Cu (324m to 352m), including
2.0 metres at 2.78% Cu (342m to 344m); and
10.0 metres at 1.11% Cu (220m to 230m), including
2.0 metres at 2.48% Cu (222m to 224m).
- MJV-07-337 20.0 metres at 1.40% Cu (274m to 294m); and
56.0 metres at 1.31% Cu (172m to 228m), including
10.0 metres at 2.78% Cu (212m to 222m)
- MJV-07-338 62.0 metres at 1.51% Cu (288m to 350m), including
4.0 metres at 9.07% Cu (336m to 340m); and
2.0 metres at 3.10% Cu (328m to 330m); and
34.0 metres at 1.07% Cu (192m to 226m)
- MJV-07-340 20.0 metres at 1.05% Cu (274m to 294m), including
4.0 metres at 2.53% Cu (278m to 282m)
- MJV-07-341 28.0 metres at 1.14% Cu (230m to 258m), including
4.0 metres at 2.24% Cu (242m to 246m)
Cu 40 Zone:
The Copper 40 zone, or as it was previously called the Cu 40 zone, is located in the south western part of the Mina Justa ultimate open pit. The copper sulphide mineralization tends to occur in multiple layers or bands and the zone contains some of the highest gold values found at Mina Justa.
Previous drill results from the Copper 40 zone were released on January 15, 2008. The results released today are from the most southerly located hole and demonstrate that this zone is still open.
Notable highlights from the drilling at Copper 40 zone are (all results are copper sulphide mineralization):
- MJV-07-351 14.0 metres at 1.75% Cu (170m to 184m), including
6.0 metres at 3.55% (172m to 178m)
Mr. Ulli Rath, President and CEO, said, "The drill results reported today from the HG Sulphide zone are a further confirmation of the robust nature of this zone; and demonstrate that the high-grade core is larger than previously estimated." He went on to add that "hole 351 confirms that the Cu 40 zone is still open."
All intersections were determined using a rolling 0.25% Cu cut-off and up to 2 metres of internal waste. High-grade intersections in copper oxide mineralization were calculated using a rolling 1% Cu cut-off and up to 2 metres of internal waste. Higher-grade intersections in copper sulphide mineralization were determined using a rolling 2% Cu cut-off. All intercepts are down-hole length and intersection true widths have not been calculated.
Sampling procedures for the current drilling program are the same as previously reported. All RC chips are logged at the Mina Justa project site. Holes are sampled in their entirety in two metres runs and split at the drill site. A 1/8 split or approximately 5 kilograms of a two metres sample is submitted to the on-site SGS Lakefield Research ("SGS") preparation facility where samples are crushed to 95% passing 10 mesh and riffle split from which a 250 gram sub-sample is taken. The sub-sample is submitted to SGS, in Lima, for analysis. The coarse sample prep reject is bagged and stored on site and following analysis, the analytical pulp sample is returned to Chariot for on-site storage.
All samples are analyzed for copper (Cu) using sequential leach, resulting in four Cu analyses per sample (Cu total, Cu soluble in sulphuric acid, Cu soluble in sodium cyanide and a Cu residual). Gold is sampled using a 30 gram Fire Assay with an AA finish. Sulphide samples are submitted for 38 element ICP analysis with aqua-regia digest. Quality control procedures include insertion of certified project standards at the drill site (1 in 30), field, crush and pulp duplicate samples (1 in 30 each), laboratory duplicates (1 in 30) and reagent blanks and reference material (1 in 30 each).
Data contained in this news release was validated and intersections calculated by John D. Kapusta, P. Geo, Vice-President Exploration and Geological Services, Chariot Resources Limited, the designated Qualified Person as defined in National Instrument 43-101.
Forward-Looking Statements: Statements in this document that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Chariot Resources Limited (TSX:CHD) is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project is scheduled to be a mid-tier copper producer.
Additional details about Chariot can be viewed at the Company's website, www.chariotresources.com.
CHARIOT RESOURCES LIMITED
Ulrich (Ulli) Rath, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Chariot Resources Limited - Toronto, Canada Office
Ulli Rath
President & CEO
(416) 363-4554 or Cell phone: (416) 270-4481
or
Investor Relations Advisor
Forbes West
(416) 203-2200 or Toll free (NA) 1-888-655-5532
or
Chariot Resources Limited - Lima, Peru Office
John Kapusta
VP Geological Services
+51-1-617 1313
Website: www.chariotresources.com
Chariot Resources Announces Appointment of EDC, K-EXIM, and KfW IPEX-BANK to Provide Senior Loans to Mina Justa
Wednesday October 31, 9:00 am ET
http://biz.yahoo.com/ccn/071031/200710310422100001.html?.v=1
TORONTO, ONTARIO--(Marketwire - Oct. 31, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD - News) is pleased to announce that its 70% owned subsidiary Marcobre S.A.C. ("Marcobre") has appointed Export Development Canada ("EDC"), The Export-Import Bank of Korea ("K-EXIM" or "Korea Eximbank"), and KfW IPEX-Bank (together, the "Agencies") to provide senior loans to Marcobre in an amount of up to US$145 million. EDC and KfW IPEX-Bank have been mandated to provide up to US$40 million each, while K-EXIM has been mandated to provide up to US$65 million.
In addition, EDC and/or K-EXIM may provide political risk cover for a portion of the bank senior debt being arranged by CIBC World Markets, Scotia Capital and Standard Chartered Bank (together, the "Bank Arrangers"). The bank senior debt facility is expected to be between US$140 and US$180 million.
Together with the Bank Arrangers, the Agencies will conduct due diligence and structure the project financing package in parallel with the progress on the feasibility study ("FS") and environmental/social impact assessment ("ESIA"). Following the completion of the FS and ESIA, Chariot expects that Marcobre will seek committed financing offers from the Agencies and the Bank Arrangers.
Ulli Rath, President and CEO of Chariot said: "I am delighted with the appointment of EDC, K-EXIM and KfW IPEX-Bank. Each of them is well-known and highly regarded in international project finance circles. Their involvement is a further vote of confidence for the Mina Justa project."
About EDC
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by 6400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, is a recognized leader in financial reporting and economic analysis, and has been named one of Canada's Top 100 Employers for seven consecutive years.
EDC is an active provider of limited recourse and corporate debt and political risk insurance in support of Canadian investments in and exports to mining projects and companies in all major markets worldwide. EDC has worked in a variety of lead arranging groups from all commercial bank groups to all agency groups and groups with a mixture of commercial banks, agencies and development banks. In Latin America, EDC has provided project financing and/or political risk insurance in support of the Antamina and Cajamarquilla projects in Peru, the Veladero project in Argentina, the San Cristobal project in Bolivia, the Collahuasi project in Chile, the Cerro Matoso project in Colombia, and the Milpillas project in Mexico.
About Korea Eximbank
Korea Eximbank is an official export credit agency of the Republic of Korea established in 1976. The primary objectives of the Bank are to facilitate the development of the national economy and enhance Korea's economic cooperation with foreign countries. To this end, the Bank extends financial support for export and import transactions, overseas investment projects, and development of natural resources abroad by providing loans, guarantees, trade refinancing, and other financial facilities. In 2006, the Bank provided a total credit amount of KRW31 trillion won, equivalent to US$33.1 billion.
About KfW IPEX-Bank
Within KfW Bankengruppe, KfW IPEX-Bank provides project and corporate finance and offers trade and export finance in Germany and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are done on commercial terms. It has been run as a legally dependent bank within KfW Bankengruppe since January 1, 2004 and as of January 1, 2008, will be separated into a legally independent subsidiary. In the year 2006, KfW IPEX-Bank made new commitments for a total of EUR 15 billion. It has Representative Offices in London, New York, Sao Paulo, Bangkok, Beijing, Istanbul and Moscow.
KfW IPEX-Bank has more than 40 years of experience in export and project finance and is a long-standing financier to the international mining industry.
Chariot Resources Limited (TSX:CHD - News) is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project is scheduled to be a mid-tier copper producer. Additional details about Chariot can be viewed at the Company's website, www.chariotresources.com.
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Contact:
Ulli Rath
Chariot Resources Limited
President & CEO
Office: (416) 363-4554
Cell: (416) 270-4481 (FAX)
Website: http://www.chariotresources.com
Investor Relations Advisor
Forbes West
Local: (416) 203-2200 or Toll free (NA): 1-888-655-5532
--------------------------------------------------------------------------------
Source: Chariot Resources Limited
Chariot Announces High Grade Copper-Gold Intercepts From Stacked Zones at Sulphide Mining Starter Area
Tuesday October 30, 9:00 am ET
50.0 Metres @ 2.91% Cu and 310 ppb Au; including 24.0 Metres @ 4.34% Cu and 521 ppb Au;
44.0 Metres @ 1.99% Cu and 332 ppb Au, including 16.0 Metres @ 4.59% Cu and 828 ppb Au;
Three holes with cumulative thicknesses of at least 100 metres from stacked high-grade zones
TORONTO, ONTARIO--(Marketwire - Oct. 30, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD - News) announced significant new drill results from its planned 40,000 metre 2007 drilling campaign at the Marcona Copper Project. Results reported today are from the Copper 40 zone which has been identified as a potential sulphide starter pit area.
Mr. Ulli Rath, President and CEO, said, "The exciting drill results reported today are the best that we have seen from the Copper 40 zone and confirm the importance of this area as part of our final mine plan." He went on to say that "the indication that we have multiple stacked high-grade copper zones with elevated gold values over cumulative thicknesses of up 114 metres makes this a key area in which to continue drilling prior to the mid-November cut-off date for the Feasibility Study."
The Copper 40 zone, or as it was previously called the Cu40 zone, is located in part in the southwestern part of the Mina Justa ultimate open pit. The copper sulphide mineralization contains some of the highest gold values found at Mina Justa. Previous drill results from the Copper 40 zone were released on August 7, 2007.
The recent drill results have confirmed that the copper sulphide mineralization tends to occur in multiple layers or bands. Three of the holes released today have cumulative thicknesses of high grade copper sulphide mineralization of up to 114 metres; and five other holes have cumulative thicknesses of over 50 metres from these stacked zones. The results released today have also extended the high-grade core area that is characterized by copper values up to almost 6% Cu and gold values of over 400 ppb and up to 1000 ppb. The Copper 40 zone remains open to the southeast.
After the multiple layers of copper sulphide mineralization were identified, some of the holes previously drilled in the Copper 40 zone, for which results were released on August 7, 2007 were subsequently deepened. Copper assay results for these deepened holes are also being released today; gold assays for these deepened holes are pending.
Notable highlights from the drilling at Copper 40 zone are (all results are copper sulphide mineralization):
[continued in following link]
http://biz.yahoo.com/ccn/071030/200710300421848001.html?.v=1
Chariot Resources Announces Feasibility Study and New Resource Calculation Schedule
Thursday October 25, 8:00 am ET
http://biz.yahoo.com/ccn/071025/200710250420946001.html?.v=1
TORONTO, ONTARIO--(Marketwire - Oct. 25, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD - News) announces that the Mina Justa Feasibility Study (FS) will be completed mid second quarter of 2008. Prior to that, a new resource calculation, which will incorporate the bulk of the 2007 drilling results, is scheduled for completion at the end of the first quarter of 2008. The FS will be based on the new resource calculation.
In order to meet this timetable, drilling for the Feasibility Study will be terminated in the middle of November. While drill results obtained after the middle of November will not be incorporated into the new resource model, drilling will continue on the Marcona Copper Property. The two priorities for the drilling program after the middle of November will be to close off the Mina Justa deposit, and regional exploration.
At the present time the Mina Justa project appears to still be open to the northeast at the Magnetite Manto zone, to the north at the Northern Oxide zone and to the southeast at the Cu40 zone. Currently there are six drill rigs on site dedicated to the Mina Justa project. After the middle of November, two drill rigs will be assigned to complete the condemnation-geotechnical program and the remaining four rigs will be dedicated to following up the three areas believed to be open at Mina Justa, and thereafter to start the regional exploration drilling.
"We plan to present a more comprehensive overall project schedule early in 2008," said Ulli Rath, President and CEO. "Negotiations are currently underway for Senior Loan commitments from Export Credit Agencies. A second important milestone will be completion of the Environmental and Social Impact Assessment (ESIA) which must subsequently be reviewed and approved by the various regulatory agencies. In addition, changing timelines for potentially long-lead capital items are continuously monitored for their impact on the construction schedule. We look forward to discussing our progress in each of these areas," concluded Mr. Rath.
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Chariot Resources Limited (TSX:CHD - News) is the 70% owner of Marcobre S.A.C., the Peruvian company which owns the Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project at the Marcona Copper Property is scheduled to be a mid-tier copper producer.
Additional details about Chariot can be viewed at the Company's website, http://www.chariotresources.com.
Contact:
Ulli Rath
Chariot Resources Limited
President and CEO
Office: (416) 363-4554
Cell phone: (416) 270-4481
Website: www.chariotresources.com
Investor Relations Advisor
Forbes West
Local: (416) 203-2200 or Toll Free (NA): 1-888-655-5532
--------------------------------------------------------------------------------
Source: Chariot Resources Limited
Chariot Resources to Add New Drilling to Resource Model In Feasibility Study
Thursday September 20, 10:18 am ET
http://biz.yahoo.com/ccn/070920/200709200414167001.html?.v=1
TORONTO, ONTARIO--(Marketwire - Sept. 20, 2007) - Chariot Resources (TSX:CHD - News) today announced that its 70%-owned subsidiary Marcobre S.A.C. ("Marcobre") had decided to incorporate the results of up to 250 holes drilled or to be drilled since the last resource update into the resource model it will use for the Feasibility Study (FS).
In November 2006, Chariot announced a new resource estimate for the Mina Justa project. That resource was based on results from a total of approximately 140,000 metres of drilling of which 65,000 metres was completed in 2006. Using a 0.3% cut-off, measured and indicated resources total 346 million tonnes at 0.71% copper, and inferred resources total 127.9 million tonnes at 0.60% copper.
Since the cut-off date for the November 2006 resource estimate update, Marcobre has conducted further drilling totalling 34,000 metres. Drill results were reported from the Northern Oxide, Western Pit Extension, Cu 40 and Southern Extension areas as well as the Magnetite Manto potential starter pit. As previously stated, the results from this drilling have highlighted the possibility that there could be several high-grade starter oxide areas which could complement the initial output from Magnetite Manto starter pit identified in the Scoping Study; the results also have the potential to yet again increase the size of the ultimate pit at Mina Justa (see press releases dated August 7, 2007, June 26, 2007 and Oct. 26, 2006).
"We believe that by incorporating the results of the new drilling into the resource model, the average grade of the oxide resources could be increased," said Ulli Rath, President and CEO. "If we are able to achieve a 10% increase in the oxide grade then this could add significantly to the project NPV - by reducing the tonnes of ore to be mined, reducing the size of the vat leaching and the associated capital, and possibly by improving recoveries."
Chariot anticipates that it will take approximately three months to update the resource model to incorporate the additional drilling done in 2007, which will in turn require the rescheduling of the FS. The Company expects to be able to provide a new target date for FS completion and the start of production in mid-October, following a project alignment meeting in Peru to be attended by Chariot and Marcobre staff as well as consultants from GRD Minproc, GMI, Knight Piesold, Indec/Cade and Snowden, all of whom are working on the project.
"Chariot's Board of Directors has also concluded that, following the completion of the Feasibility Study, it would be appropriate for the Board to consider what strategic alternatives may exist in respect of maximizing value at Mina Justa," said Mr. Rath.
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Chariot Resources Limited (TSX:CHD - News) is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, Mina Justa is well positioned to become a mid-tier copper producer. Additional details about Chariot can be viewed at the Company's website, www.chariotresources.com.
CHARIOT RESOURCES LIMITED
Ulrich (Ulli) Rath, President & CEO
Contact:
Ulli Rath
Chariot Resources Limited
President & CEO
Local: (416) 363-4554 or Cell: (416) 270-4481
Website: http://www.chariotresources.com
Investor Relations Advisor
Forbes West
Local: (416) 203-2200 or Toll Free (NA): 1-888-655-5532
--------------------------------------------------------------------------------
Source: Chariot Resources Limited
Chariot Resources Announces Changes to Compensation Committee
Monday September 17, 8:30 am ET
http://biz.yahoo.com/ccn/070917/200709170413400001.html?.v=1
TORONTO, ONTARIO--(Marketwire - Sept. 17, 2007) - Chariot Resources (TSX:CHD - News) has announced that Mr. Ulli Rath, President and CEO, has resigned from the Compensation Committee of the Board of Directors with immediate effect. He is being replaced by Mr John Kutkevicius, a lawyer and an independent director.
Chariot also announced that, in the event of his re-election to the Board at the Annual General and Special Meeting to be held September 20, 2007, Mr. Rath will not be re-appointed to the Compensation Committee.
"These changes are being made so that Chariot's practices correspond to the best current practices of corporate governance," said Mr. Edward Thompson, Chairman of the Board of Directors.
Chariot Resources Limited (TSX:CHD - News) is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, Mina Justa project is scheduled to be a mid-tier copper producer. Additional details about Chariot can be viewed at the Company's website, www.chariotresources.com.
Contact:
Ulli Rath
Chariot Resources
President and CEO
Local: (416) 363-4554 or Cell: (416) 270-4461
Website: http://www.chariotresources.com
Investor Relations Advisor:
Forbes West
Local: (416) 203-2200 / Toll free (NA) 1-888-655-5532
--------------------------------------------------------------------------------
Source: Chariot Resources Limited
Chariot Announces Additional High Grade Cu Oxide Intercepts at Potential Starter Pit
Thursday September 13, 8:33 am ET
22.0 Metres @ 2.08% Cu including 10.0 Metres @ 3.57% Cu;
42.0 Metres @ 1.26% Cu including 18.0 Metres @ 2.46% Cu
TORONTO, ONTARIO--(Marketwire - Sept. 13, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD - News) is pleased to announce additional drill results from its planned 40,000 metre 2007 drilling campaign at the Marcona Copper Project. Results reported today are from a follow-up round of drilling at the Magnetite Manto area. Previous drill results from this area were released on May 10 and August 1, 2006 and May 17, 2007.
Magnetite Manto is located approximately 1 km west of the Mina Justa Main Pit. The current results cover an estimated strike length of about 380 metres out of a projected strike length of about 550 metres for the entire Magnetite Manto zone. The Scoping Study has identified this area as having the potential to become a high grade copper oxide starter pit.
Notable highlights from the follow-up round of drilling at Magnetite Manto are (all results are copper oxide mineralization):
[CONTINUED IN FOLLOWING LINK]
http://biz.yahoo.com/ccn/070913/200709130412800001.html?.v=1
Chariot Confirms Mina Justa Not Affected by Quake
Thursday August 16, 11:51 am ET
http://biz.yahoo.com/ccn/070816/200708160408157001.html?.v=1
TORONTO, ONTARIO--(Marketwire - Aug. 16, 2007) - Ulli Rath, President and CEO Chariot Resources Limited (TSX:CHD - News) has announced that yesterday's earthquake, centred east of Lima, Peru, had not affected Chariot's operations in Lima, or at the Mina Justa project site.
"I've been in contact with both Lima and the project and am delighted that neither has been affected, and that all our people are safe. The Mina Justa project is located over 400 kilometres south of Lima and both the site and the nearby town of San Juan de Marcona are safe from the effects of the quake," said Mr. Rath.
"Naturally our thoughts and prayers are with families who have been impacted and Chariot will seek to contribute to the relief effort."
Chariot Resources Limited (TSX:CHD - News) is the 70% owner of Marcobre S.A.C., the Peruvian company which owns the Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project at Marcona is scheduled to be a mid-tier copper producer by 2009.
Additional details about Chariot can be viewed at the Company's website, www.chariotresources.com.
Contact:
Ulli Rath
Chariot Resources Limited
President & CEO
Office: +1 (416) 363-4554
Cell: +1 (416) 270-4481
Website: http://www.chariotresources.com
Investor Relations Advisor:
Forbes West
Local: +1 (416) 203-2200
Toll Free (NA): +1 (888) 655-5532
--------------------------------------------------------------------------------
Source: Chariot Resources Limited
Chariot Announces High Grade Copper With Gold Intercepts From Potential Sulphide Mining Starter Area
Tuesday August 7, 10:24 am ET
33 METRES @ 3.90% Cu and 443 ppb Au; 58 METRES @ 1.77% Cu and 284 ppb Au; and 8 METRES @ 2.95% Cu and 306 ppb Au
TORONTO, ONTARIO--(CCNMatthews - Aug. 7, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD - News) is pleased to announce significant new drill results from its planned 40,000 metre 2007 drilling campaign at the Marcona Copper Property. Results reported today are from the Copper 40 (Cu 40) zone from which drill results where previously released on July 18, 2005.
In view of these results, the Copper 40 zone will now be evaluated as a potential starter mining area for the concentrator with a view to determining whether production from the concentrator could commence earlier than estimated in the Scoping Study.
The Copper 40 zone, or as it was previously called the Cu 40 zone is located in the southwestern part of the Mina Justa ultimate open pit. This zone appears to be one continuously mineralized structure of near-surface copper oxide mineralization which towards the southern part of the zone also includes copper sulphide mineralization that lies beneath the copper oxide mineralization.
In 2005 the Copper 40 zone was drill tested with 10 widely spaced holes. At that time the zone was estimated to be about 250 metres by 350 metres. The recent drill results have increased the size of the zone to about 600 metres by 400 metres. Notable highlights from the drilling at Copper 40 zone are (all results are copper sulphide mineralization):
[continued in following link]
http://biz.yahoo.com/ccn/070807/200708070406220001.html?.v=1
CHARIOT RESOURCES
SPECIAL MEETING OF SHAREHOLDERS
Toronto, Ontario (July 23, 2007). – Chariot Resources Limited (TSX: CHD) announced today that its shareholder rights plan did not receive the requisite level of shareholder approval at the adjourned meeting of shareholders reconvened on July 23, 2007. Accordingly, the plan will terminate in accordance with its terms. At the meeting, 68,759,892 shares were voted in favour of the plan and 81,316,904 shares were voted against the plan. Approximately 74% of the shares voted against the plan are owned by Lundin Mining which acquired control of Rio Narcea Gold Mines, Ltd. earlier this month.
Chariot is not aware of any pending take-over or other change of control transaction at this time. In addition, the board of directors is not otherwise constrained in its ability to adopt a similar plan in the future should it be required for the board and shareholders of Chariot to properly evaluate a transaction or pursue alternatives to maximize shareholder value.
Chariot Resources Limited is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project is scheduled to be a mid-tier copper producer by 2009. Additional details about Chariot can be viewed at Chariot's website, www.chariotresources.com.
CHARIOT RESOURCES LIMITED
Ulli Rath – President and CEO:
Office: +1 – 416 – 363 4554
Cell phone: +1 – 416 – 270 4481
Forbes West – Investor Relations Advisor:
Local: +1 – 416 - 203-2200
Toll free (NA):+1 – 888 - 655-5532
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Chariot Announces Additional High Grade Cu Oxide Intercepts From Three Areas 16 Metres @ 3.27%; 24 Metres @ 2.46%; 28 Metres @ 2.00%; 36 Metres @ 0.95%; and 42 Metres @ 1.09%
Tuesday June 26, 9:03 am ET
TORONTO, ONTARIO--(CCNMatthews - June 26, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD - News) is pleased to announce additional drill results from its planned 40,000 metre 2007 drilling campaign at the Marcona Copper Project. Results reported today are from the Northern Oxide, Western Pit Extension and Southern Extension areas. Previous drill results where released on May 17, and May 10, 2007 and August 1, 2006.
Northern Oxides: The Northern Oxides area is situated in the northern portion of the Mina Justa ultimate pit boundary. The results released today are from 10 holes that were intended to evaluate the northern extension of this area, as well as to better define its high grade core. The Scoping Study has identified this area as having the potential to become a high grade copper oxide starter area that could produce in parallel with or sequentially to production from the Magnetite Manto starter pit.
All 10 holes drilled in the Northern Oxides area contained intercepts of mineralization of 0.5 % Cu or more over significant intersections; and 7 of the 10 holes had grades of between 1.02% Cu to 3.27% % Cu over significant intersections. Notable highlights from the drilling at Northern Oxides are (all results are copper oxide mineralization):
[continued in following link]
http://biz.yahoo.com/ccn/070626/200706260399211001.html?.v=1
Chariot Announces Substantial Progress on ESIA Related Changes on Marcobre Board
Monday June 18, 4:30 pm ET
http://biz.yahoo.com/ccn/070618/200706180397543001.html?.v=1
TORONTO, ONTARIO--(CCNMatthews - June 18, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD - News), on behalf of Marcobre SAC, the Peruvian company (70% owned by Chariot) that is developing the Mina Justa project, announces that Vector (Peru) has completed all environmental baseline studies which are an important component of the Environmental & Social Impact Assessment (ESIA) study that is currently underway for the Mina Justa Project. Under the auspices of the Peruvian Ministry of Mines, the results of these studies have been presented and discussed at a number of public meetings in the community of San Juan de Marcona. The overall reception of the Mina Justa Project has generally been very favorable.
On a related matter, Chariot also announces that Ms. Carol Fries has been appointed as a Director of Marcobre SAC ("Marcobre"), Furthermore, Ms Fries will also serve as Special Advisor to the President and CEO of Chariot, Ulrich Rath and in this capacity will provide advice and support related to Environmental and Community Relations matters relating to the Mina Justa project.
Ms. Fries replaces Mr. Jaime Soldi on the Board of Directors of Marcobre, while Mr Louis Carlos Rodrigo, currently a Director, becomes the Chairman of the Board. Mr. Bob Baxter, also a Director of Chariot, remains a Director of Marcobre.
Ms. Fries was most recently Vice-President, Environment, Health, Safety and Community Relations, with Chariot as well as Manager of Environment; Health, Safety Security and Community Relations for Marcobre. These responsibilities at Marcobre are now being assumed assumed by Mr. Jaime Soldi, General Manager with support from Mr. Maximo Ventura, Supervisor of Environment, Mr. Jorge Concepcion, Supervisor of Safety and Mr. Hugo Carrasco, Manager of Community Relations.
"I am delighted with the progress of our ESIA, and with the strong community support for our project," said Mr. Rath. "I welcome Carol Fries to the Board of Marcobre, and thank Jaime Soldi not only for his service to the Board and but also for his ongoing contributions to our critical community based programs," concluded Mr. Rath.
Chariot Resources Limited (TSX:CHD - News) is developing its 70% owned Marcona Copper Project in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, Chariot's Marcona Copper Project is scheduled to be a mid-tier copper producer by 2009.
Additional details about Chariot can be viewed at the Company's website, www.chariotresources.com.
CHARIOT RESOURCES LIMITED.
Ulrich (Ulli) Rath, President & CEO
Contact:
Toronto, Canada Office
Chariot Resources Limited
Ulli Rath, President & CEO
Office: (416) 363-4554 or Cell Phone: (416) 270-4481
Toronto, Canada Office
Chariot Resources Limited
Forbes West
Office: (416) 203-2200
Website: http://www.chariotresources.com
--------------------------------------------------------------------------------
Source: Chariot Resources Limited
Rhubarb,
Now I'm awake!
I certainly like the news too.
sumisu
HI, you guys, wake up, news...
24.0 METRES @ 3.79% Cu including 7.1 METRE @ 5.89%;
56.5 METRES @ 1.86% Cu; and 49.2 METRES @ 1.53%
TORONTO, ONTARIO--(CCNMatthews - May 17, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD) is pleased to announce initial drill results from its planned 40,000 metre 2007 drilling campaign at the Marcona Copper Project. Results reported today are from the Magnetite Manto area. Previous drill results from this area where released on May 10 and August 1, 2006.
Magnetite Manto is located approximately 1 km west of the Mina Justa Main Pit. The current results cover an estimated strike length of about 380 metres out of a projected strike length of about 550 metres for the entire Magnetite Manto zone. The Scoping Study has identified this area as having the potential to become a high grade copper oxide starter pit.
Twelve of the initial 14 holes at drilled at Magnetite Manto encountered mineralization of 0.4% Cu or more over significant intersections; and 6 of the 12 holes had grades of greater than 0.9% Cu over significant intersections. Notable highlights from the initial round of drilling at Magnetite Manto are (all results are copper oxide mineralization):
- MJV-07-001 56.5 metres at 1.86% Cu (24 to 80.5 m), including
6.0 metres at 4.29% Cu (28 to 34.5 m)
5.4 metres at 6.16% Cu (44.8m to 50.2m), and
7.1 metres at 5.89% Cu (58.9 to 66 m)
- MJV-07 003 24.0 metres at 3.79% Cu ( 116 to 140 m)
- MJV-07-005 49.2 metres at 1.53% Cu (41.9 to 91.1m), including
19.8 metres at 2.80% Cu (69.7 to 89.5 m)
- MJV-07-008 42.0 metres at 0.97% Cu (20 to 62 m)
- MJV-07-015 32.0 metres at 1.52% Cu ( 40 t0 70 m), including
16.0 metres at 2.57% Cu ( 54 to 70 m)
All intersections were determined using a rolling 0.25% Cu cut-off and up to 2 metres of internal waste. High-grade intersections in copper oxide mineralization were calculated using a rolling 1% Cu cut-off and up to 2 metres of internal waste. Higher-grade intersections in copper sulphide mineralization were determined using a rolling 2% Cu cut-off. All intercepts are down-hole length and intersection true widths have not been calculated.
Sampling procedures for the current drilling program are the same as previously reported. All RC chips are logged at the Mina Justa project site. Holes are sampled in their entirety in two metres runs and split at the drill site. A 1/8 split or approximately 5 kilograms of a two metres sample is submitted to the on-site SGS Lakefield Research ("SGS") preparation facility where samples are crushed to 95% passing 10 mesh and riffle split from which a 250 gram sub-sample is taken. The sub-sample is submitted to SGS, in Lima, for analysis. The coarse sample prep reject is bagged and stored on site and following analysis, the analytical pulp sample is returned to Chariot for on-site storage.
All samples are analyzed for copper (Cu) using sequential leach, resulting in four Cu analyses per sample (Cu total, Cu soluble in sulphuric acid, Cu soluble in sodium cyanide and a Cu residual). Gold is sampled using a 30 gram Fire Assay with an AA finish. Sulphide samples are submitted for 38 element ICP analysis with aqua-regia digest. Quality control procedures include insertion of certified project standards at the drill site (1 in 30), field, crush and pulp duplicate samples (1 in 30 each), laboratory duplicates (1 in 30) and reagent blanks and reference material (1 in 30 each).
Data contained in this news release was validated and intersections calculated by John D. Kapusta, P. Geo, Vice-President Exploration and Geological Services, Chariot Resources Limited, the designated Qualified Person as defined in National Instrument 43-101.
Mr. Ulli Rath, President and CEO, said, "The initial round of drilling at Magnetite Manto has reinforced our belief that this area will become the project starter pit. With the potential for several years of high grade output, the area's size, grade, and location make it ideal from which to start our vat leaching operations."
Chariot Resources Limited (TSX:CHD) is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project is scheduled to be a mid-tier copper producer by 2009.
Additional details about Chariot can be viewed at the Company's website, www.chariotresources.com.
CHARIOT RESOURCES LIMITED.
Ulrich (Ulli) Rath, President & CEO
>FOR FURTHER INFORMATION PLEASE CONTACT: > >Chariot Resources Limited >Toronto, Canada Office >Ulli Rath, President & CEO >Office: (416) 363-4554 > >Cell phone: (416) 270-4481 > > > >Chariot Resources Limited >Toronto, Canada Office >Forbes West, Investor Relations Advisor >Toll Free (NA) 1-888-655-5532 > > > > > >Chariot Resources Limited >Lima, Peru Office >John Kapusta, VP Geological Services >Office: 51-1-617 1313 > > >Website: www.chariotresources.com > >
Source: CCN Matthews (May 17, 2007 - 8:59 AM EDT) News by QuoteMedia www.quotemedia.com
Chariot Resources Selects Vat Leaching as Basis for Feasibility Study of Mina Justa Project Optimization Test Work Continue
Tuesday May 1, 11:30 am ET
Investor Conference Call at 2:30 pm ET, May 1, 2007
TORONTO, ONTARIO--(CCNMatthews - May 1, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD - News) announces that GRD Minproc Limited has completed the leaching process trade-off study and has recommended vat leaching as the preferred leaching process for incorporation into the feasibility study of the Mina Justa project. Other information on the leaching processes is contained in press releases dated February 5, 2007; March 7, 2007 and April 18, 2007.
The INDEC/Cade Engineering Group located in Santiago Chile has completed an evaluation of the capital and operating costs of vat leaching and thin layer heap leaching, the two leaching processes previously identified as potentially suitable for treating the Mina Justa copper oxide mineralization. GRD Minproc, the independent consultant engineer responsible for completion of the feasibility study of the Mina Justa project, has reviewed and evaluated the two studies. Highlights from these studies, with adjustments by GRD Minproc to match throughput requirements, and a comparison to the Mina Justa Scoping Study are:
[continued in following link]
http://biz.yahoo.com/ccn/070501/200705010387639001.html?.v=1
So i saw like 86 % recovery rates in Leach tests, these are no downtick kind of results i dont think, lets just think about copper for a min, with visual Aids
Thanks for the heads up, i see i had a lot of news today,
chariot not really moving, but the prices of copper keep me inspired, as allways
Chariot Resources Announces Additional Positive Results From Metallurgical Testing Program and Projections for Vat Leach Operating Conditions
Wednesday April 18, 8:30 am ET
TORONTO, ONTARIO--(CCNMatthews - April 18, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD - News) is pleased to provide an update on its metallurgical testing program and to provide initial projections of operating conditions for vat leaching.. Other metallurgical information was released on January 10, 2006 and September 15, 2006; and on February 5, 2007 and March 7, 2007.
A follow-up round of thirteen vat leach tests has been completed at C.H. Plenge Laboratories in Peru. Eleven vat leach tests were carried out on one sample from Mina Justa and two vat leach test were carried out on one sample from Magnetite Manto.
The sample from Mina Justa is a composite sample made-up from a broad variety of copper oxide mineralized sections of drill core. Tests were performed using short vats (approximately 1 m high) and tall vats (approximately 5 m high). The tests on the sample from Mina Justa were done under varying conditions. Crush sizes varied between 1/4" and 3/8"; acid cure strength varied between 10 kg/t and 40 kg/t; and leach solution strength varied between 9 g/l acid and 20 g/l acid. The leach time for all tests was held constant at seven days. Highlights of the tests from Mina Justa are:
[continued in following link]
http://biz.yahoo.com/ccn/070418/200704180384759001.html?.v=1
http://gold.seekingalpha.com/article/31852?source=d_email&u=50956
We alll want more dont we...
Thieft of 2 Canadian mining companys
Rob tv interview with gent from Lundin Mining
chariot gets honorable mention at end.
http://www.bnn.ca/servlet/HTMLTemplate/!robVideo/robtv0726.20070404.00049000-00049762-clip1/h/220asf...
Well now Sumisu, that sounds like speculation, which is what we basically live off of, so lets do that.
RNO or RNG if you preffer had quite the news today involving Lundun mining. I wont post it all here but the headline, and a lil something from further in upon which maybe we can "speculate"
Lundin Mining Corporation and Rio Narcea Gold Mines, Ltd. Enter Into Definitive Support Agreement in Connection With Cash Take-Over Bid by Lundin Mining for Rio Narcea
10:20 EDT Wednesday, April 04, 2007
Also we find this
Concurrent with the Offer and contingent upon the success of the takeover bid, Red Back Mining Inc. (TSX:RBI) has signed an Option agreement with Lundin Mining to acquire the Tasiast gold mine from Lundin Mining in consideration for US $225 million in cash and assumption of US $42.5 million in debt related to the Tasiast gold mine.
further in among the list of RNG projects...
Strategic Investments
Rio Narcea holds an approximate 20% equity interest in Chariot Resources Limited (TSX:CHD) which has a 70% interest in the Marcona copper project in Peru. Chariot has identified significant copper mineralization at the Mina Justa prospect and has initiated a scoping study on the potential of developing the deposit into an open pit mine with potential for underground expansion.
Now maybe im climbing out on a limb here because i dont yet know all id like to about Lundun mining, or Red back mining
But if Rio narcia didnt have the money to make a takeover bid on chariot, It sure is starting to look like they have found friends.
Im not sure where im going with this, but i hope it leads somewhere Warm and sunny !!!
Am i off My rocker yet?
Rhubarb,
Wonder if there has been any additional buying by another company? See following link from January:
Rio Narcea Increases Stake in Chariot Resources
Thursday January 11, 2:13 pm ET
http://biz.yahoo.com/iw/070111/0202427.html
TORONTO, ONTARIO--(MARKET WIRE)--Jan 11, 2007 -- Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company")(TSX:RNG.TO - News)(AMEX:RNO - News) today announced that it has purchased an additional 5.6 million shares of Chariot Resources Limited (TSX:CHD.TO - News) for a total cost of C$3.2 million, increasing its participation to 18.9% of the outstanding shares of Chariot. The transactions were completed through the facilities of the Toronto Stock Exchange. Rio Narcea's previous press release on December 19, 2006 reported the Company owning 16.9% of the outstanding shares of Chariot. Rio Narcea has purchased these securities for investment purposes. Rio Narcea might acquire additional securities if they become available at prices that are attractive to Rio Narcea, but has no current future intention of becoming a control person.
Rio Narcea Gold Mines, Ltd. is a growing Canadian mineral resource company with operations, development projects and exploration activities in Spain, Portugal and Mauritania. The Company currently produces nickel and copper at its Aguablanca mine in southern Spain. Construction of its new Tasiast gold project in Mauritania, West Africa, is underway, with production expected in 2007. The Company also has a strategic interest in Chariot Resources Limited, which provides exposure to the significant potential of the Marcona Copper Project in southern Peru.
Forward-looking Statements
This press release may contain certain "forward looking statements" within the meaning of the United States securities laws. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, capital expenditures, exploration efforts, financial needs, and other information that is not historical information. The forward-looking statements contained herein are based on Rio Narcea's current expectations and various assumptions as of the date such statements are made. Rio Narcea cannot give assurance that such statements will prove to be correct.
Factors that could cause Rio Narcea's actual results to differ materially from these statements include, but are not limited to, changes in gold and nickel prices, the timing and amount of estimated future production, unanticipated grade changes, unanticipated recovery problems, mining and milling costs, determination of reserves, costs and timing of the development of new deposits, metallurgy, processing, access, transportation of supplies, water availability, results of current and future exploration activities, results of pending and future feasibility studies, changes in project parameters as plans continue to be refined, political, economic and operational risks of foreign operations, joint venture relationships, availability of materials and equipment, the timing of receipt of governmental approvals, capitalization and commercial viability, the failure of plant, equipment or processes to operate in accordance with specifications or expectations, accidents, labour disputes, delays in start-up dates, environmental costs and risks, local and community impacts and issues, and general domestic and international economic and political conditions.
Rio Narcea undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The reader is cautioned not to place undue reliance on forward looking statements.
Contact:
Contacts:
Rio Narcea Gold Mines, Ltd.
Chris von Christierson
Chairman & CEO
+ (44) 207 629 2252
Email: cvc@sprospecting.com
Rio Narcea Gold Mines, Ltd.
Omar Gomez
C.F.O.
+ (34) 98 573 3300
+ (34) 98 573 33 01 (FAX)
Email: omar.gomez@rngm.es
Website: http://www.rionarcea.com
Roth Investor Relations, Inc.
Michelle Roth
(732) 792-2200
Email: michelleroth@rothir.com
--------------------------------------------------------------------------------
Source: Rio Narcea Gold Mines, Ltd.
CHD.TO -chart WOW this ticker is close to my CHDT LOL!
Nice run lately , hope you took profit at 1.03 that's a heck of a wall... .86 is support
Hollar at me if you retrace back to .86 ish
http://www.kitcometals.com/charts/copper_historical_large.html#60days
==========================================
http://www.kitcometals.com/charts/copper_historical_large.html#lmestocks_60days
=========================================
The futures so bright i gotta wear shades !!!
Rhubarb,
My Chariot is flying high. You are not alone here!
sumisu
Wow rhubarb did you see the high of .99 today ?
Why yes i did !!!
Thanks for asking
WOW on all of ihub am i the only long chariot holder supporter
take a look ALL TIME HIGH
iM TALKING TO MYSELF ARE I NOT?
and then we get this...
from chd.
Press Release
16:21 EDT Tuesday, March 13, 2007
TORONTO, ONTARIO--(CCNMatthews - March 13, 2007) - Chariot Resources Limited (TSX:CHD) is issuing this press release in response to a press release issued by Rio Narcea earlier today.
On March 1, 2007, Chariot announced that the TSX had decided to defer its consideration of acceptance of the Chariot shareholder rights plan until such time as the plan had been approved by Chariot's shareholders. As a matter of corporate law, the TSX's decision does not affect the validity of the plan or the rights issued thereunder (both of which became effective on January 24, 2007). The TSX's decision does, however, mean that the rights will not be accepted for listing on TSX until such time as the shareholders of Chariot have approved the plan.
Under the terms of the plan, the rights will not trade separately from the common shares until such time as the dilutive effects of the plan have been triggered. The dilutive effects of the plan will be triggered by an acquisition (other than pursuant to a permitted bid or a competing permitted bid, and subject to customary exceptions with respect to the activities of portfolio managers and others) of 20% or more of the outstanding common shares of Chariot. In these circumstances, the rights will continue to entitle shareholders, other than the acquiror, to acquire shares at a discount.
In the unlikely event that common shares were required to be issued to shareholders in circumstances where the rights became exerciseable in accordance with the terms of the plan (which Chariot does not believe has ever occurred in Canada) before receipt of shareholder approval, Chariot would be required to provide the TSX with prior notice before issuing the common shares. It is not possible to predict whether the TSX would accept this notice (the TSX has never been in this position). If the TSX refused to accept the notice and the board of directors of Chariot determined to issue the shares (in the exercise of their fiduciary duties), the TSX would have the right to suspend trading in or delist the outstanding Chariot common shares. It is not clear at this time whether the TSX would exercise this right.
Based on the advice of its advisors and following several discussions with the TSX, Chariot has determined that it is not possible to predict the outcome in the circumstances described above. Given this uncertainty and the determination by the directors of Chariot that the plan is in the best interests of Chariot shareholders, Chariot intends to allow the plan to continue in effect until its shareholders have had a chance to consider the plan at a meeting to be held on or before July 24, 2007.
The plan adopted by Chariot is consistent with those adopted by a substantial number of Canadian companies. The primary objective of the plan is to ensure that all shareholders of Chariot are treated fairly in connection with any take-over bid for Chariot by:
- providing shareholders with adequate time to properly assess a take-over bid without undue pressure;
- providing the board of directors with adequate time to fully consider an unsolicited take-over bid and, if applicable, to explore other alternatives to maximize shareholder value; and
- preventing creeping acquisitions of control or blocking positions with respect to a change of control transaction involving Chariot.
The Chariot plan contains "permitted bid" provisions which will not trigger the dilutive effects of the plan if a take-over bid is made by way of a take-over bid circular to all shareholders, remains open for acceptance for a period of 60 days and is accepted by holders of not less than 50% of the common shares held by independent shareholders. The plan also contains exceptions to prevent its application by virtue of the customary activities of portfolio managers and others whose business relates to the management of investments for unaffiliated investors.
In accordance with its terms, the plan will terminate if it is not approved by shareholders at a meeting to be held on or before July 24, 2007.
Rio Narcea has previously requested that Chariot terminate its rights plan. In its response that it did not intend to terminate the plan (except in accordance with its terms), Chariot advised that its board of directors became concerned during January 2007 that Rio Narcea might be attempting to accumulate a position that would constrain Chariot's ability to maximize shareholder value in the event that Rio Narcea launched an unsolicited take-over bid for Chariot. Without a rights plan, Rio Narcea could supplement a 19.9% ownership position with exempt trades which would effectively allow it to creep into a blocking position with respect to any change of control transaction involving Chariot.
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chariot Resources Limited
Ulli Rath
President and CEO
(416) 363-4554 or Cell: (416) 270-4481
and then we get this...
from chd.
Press Release
16:21 EDT Tuesday, March 13, 2007
TORONTO, ONTARIO--(CCNMatthews - March 13, 2007) - Chariot Resources Limited (TSX:CHD) is issuing this press release in response to a press release issued by Rio Narcea earlier today.
On March 1, 2007, Chariot announced that the TSX had decided to defer its consideration of acceptance of the Chariot shareholder rights plan until such time as the plan had been approved by Chariot's shareholders. As a matter of corporate law, the TSX's decision does not affect the validity of the plan or the rights issued thereunder (both of which became effective on January 24, 2007). The TSX's decision does, however, mean that the rights will not be accepted for listing on TSX until such time as the shareholders of Chariot have approved the plan.
Under the terms of the plan, the rights will not trade separately from the common shares until such time as the dilutive effects of the plan have been triggered. The dilutive effects of the plan will be triggered by an acquisition (other than pursuant to a permitted bid or a competing permitted bid, and subject to customary exceptions with respect to the activities of portfolio managers and others) of 20% or more of the outstanding common shares of Chariot. In these circumstances, the rights will continue to entitle shareholders, other than the acquiror, to acquire shares at a discount.
In the unlikely event that common shares were required to be issued to shareholders in circumstances where the rights became exerciseable in accordance with the terms of the plan (which Chariot does not believe has ever occurred in Canada) before receipt of shareholder approval, Chariot would be required to provide the TSX with prior notice before issuing the common shares. It is not possible to predict whether the TSX would accept this notice (the TSX has never been in this position). If the TSX refused to accept the notice and the board of directors of Chariot determined to issue the shares (in the exercise of their fiduciary duties), the TSX would have the right to suspend trading in or delist the outstanding Chariot common shares. It is not clear at this time whether the TSX would exercise this right.
Based on the advice of its advisors and following several discussions with the TSX, Chariot has determined that it is not possible to predict the outcome in the circumstances described above. Given this uncertainty and the determination by the directors of Chariot that the plan is in the best interests of Chariot shareholders, Chariot intends to allow the plan to continue in effect until its shareholders have had a chance to consider the plan at a meeting to be held on or before July 24, 2007.
The plan adopted by Chariot is consistent with those adopted by a substantial number of Canadian companies. The primary objective of the plan is to ensure that all shareholders of Chariot are treated fairly in connection with any take-over bid for Chariot by:
- providing shareholders with adequate time to properly assess a take-over bid without undue pressure;
- providing the board of directors with adequate time to fully consider an unsolicited take-over bid and, if applicable, to explore other alternatives to maximize shareholder value; and
- preventing creeping acquisitions of control or blocking positions with respect to a change of control transaction involving Chariot.
The Chariot plan contains "permitted bid" provisions which will not trigger the dilutive effects of the plan if a take-over bid is made by way of a take-over bid circular to all shareholders, remains open for acceptance for a period of 60 days and is accepted by holders of not less than 50% of the common shares held by independent shareholders. The plan also contains exceptions to prevent its application by virtue of the customary activities of portfolio managers and others whose business relates to the management of investments for unaffiliated investors.
In accordance with its terms, the plan will terminate if it is not approved by shareholders at a meeting to be held on or before July 24, 2007.
Rio Narcea has previously requested that Chariot terminate its rights plan. In its response that it did not intend to terminate the plan (except in accordance with its terms), Chariot advised that its board of directors became concerned during January 2007 that Rio Narcea might be attempting to accumulate a position that would constrain Chariot's ability to maximize shareholder value in the event that Rio Narcea launched an unsolicited take-over bid for Chariot. Without a rights plan, Rio Narcea could supplement a 19.9% ownership position with exempt trades which would effectively allow it to creep into a blocking position with respect to any change of control transaction involving Chariot.
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chariot Resources Limited
Ulli Rath
President and CEO
(416) 363-4554 or Cell: (416) 270-4481
so first we get this from RNG
Rio Narcea Provides Additional Information in Connection with Chariot Resources Limited Shareholder Rights Plan
11:28 EDT Tuesday, March 13, 2007
TORONTO, ONTARIO--(CCNMatthews - March 13, 2007) - Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company") (TSX:RNG)(AMEX:RNO), the holder of approximately 19.9% of the issued and outstanding shares of Chariot Resources Limited ("Chariot"), advises today that on Thursday, March 8, 2007, Rio Narcea had requested that the Board of Chariot, in the interest of good governance and transparency, issue a clarifying press release with respect to the release made by Chariot on March 1, 2007, concerning the status of the Chariot Shareholder Rights Plan (the "Plan").
In the opinion of Rio Narcea the referenced press release failed to contain sufficient information for the market to understand the implications of the position taken by the Toronto Stock Exchange with respect to the Plan and to understand the current status of the Plan.
As the Board of Chariot has not responded to Rio Narcea's request, Rio Narcea wishes to provide the following additional information in connection with the status of the Plan. It is Rio Narcea's understanding of the Rules of the Exchange that in withdrawing their acceptance of the Plan and deferring acceptance until such time as the shareholders of Chariot have ratified the Plan, the Exchange has put Chariot on notice that should the Board of Directors of Chariot determine to issue rights under the Plan in accordance with the terms of the Plan prior to shareholder ratification and acceptance by the Exchange, the Exchange would not list the rights or the underlying securities and Chariot would be in jeopardy of being delisted from the Exchange. None of this is evident from the press release made by Chariot and, in the opinion of Rio Narcea, such information is clearly material to understanding the status of the Plan and its implications for Chariot and its shareholders.
Rio Narcea regrets that it has been necessary to make this press release and also regrets that the Board of Directors of Chariot has seen fit to maintain the Plan in place notwithstanding the fact that the Exchange has withdrawn its acceptance of the Plan.
Rio Narcea Gold Mines, Ltd. is a growing Canadian mineral resource company with operations, development projects and exploration activities in Spain, Mauritania and Portugal. The Company currently produces nickel and copper at its Aguablanca mine in southern Spain. Construction of its new Tasiast gold project in Mauritania, West Africa, is underway, with production expected in 2007. The Company recently acquired a strategic shareholding in Chariot Resources Limited, which provides exposure to the significant potential of the Marcona Copper Project in southern Peru.
Forward-looking Statements
This press release may contain certain "forward looking statements" within the meaning of the United States securities laws. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, capital expenditures, exploration efforts, financial needs, and other information that is not historical information. The forward-looking statements contained herein are based on Rio Narcea's current expectations and various assumptions as of the date such statements are made. Rio Narcea cannot give assurance that such statements will prove to be correct.
Factors that could cause Rio Narcea's actual results to differ materially from these statements include, but are not limited to, changes in gold and nickel prices, the timing and amount of estimated future production, unanticipated grade changes, unanticipated recovery problems, mining and milling costs, determination of reserves, costs and timing of the development of new deposits, metallurgy, processing, access, transportation of supplies, water availability, results of current and future exploration activities, results of pending and future feasibility studies, changes in project parameters as plans continue to be refined, political, economic and operational risks of foreign operations, joint venture relationships, availability of materials and equipment, the timing of receipt of governmental approvals, capitalization and commercial viability, the failure of plant, equipment or processes to operate in accordance with specifications or expectations, accidents, labour disputes, delays in start-up dates, environmental costs and risks, local and community impacts and issues, and general domestic and international economic and political conditions.
Rio Narcea undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The reader is cautioned not to place undue reliance oon forward looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rio Narcea Gold Mines, Ltd.
Chris von Christierson
Chairman & CEO
+ (44) 207 629 2252
Email: cvc@sprospecting.com
or
Rio Narcea Gold Mines, Ltd.
Omar Gomez
C.F.O.
+ (34) 98 573 3300
Email: omar.gomez@rngm.es
Website: www.rionarcea.com
or
Roth Investor Relations, Inc.
Michelle Roth
Email: michelleroth@rothir.com
Here ya go, up to the minute coverage
Chariot Resources Announces Positive Results From Preliminary Round of Vat Leach Metallurgical Testing at Two Laboratories
10:30 EST Wednesday, March 07, 2007
TORONTO, ONTARIO--(CCNMatthews - March 7, 2007) - Chariot Resources Limited ("Chariot") (TSX:CHD) is pleased to provide an update on the metallurgical testing program for its Mina Justa project. Other metallurgical information was released on January 10, 2006; September 15, 2006 and February 5, 2007.
Preliminary Vat Leach Metallurgical Results:
An initial round of vat leach tests has been completed at Plenge Laboratories in Peru and at SGS Lakefield in Canada. These tests were performed using short vats; and testing was not performed under optimum leaching conditions as these are still being determined. The preliminary results obtained are:
----------------------------------------------------------
Laboratory Plenge SGS Lakefield
----------------------------------------------------------
Average head grade 1.26% Cu 1.19% Cu
----------------------------------------------------------
Recoveries obtained 80-82% 85%
----------------------------------------------------------
Acid consumption (GAC ) 33-36 kg/t 25 kg/t
----------------------------------------------------------
Crush size - 1/4" - 1/4"
----------------------------------------------------------
Leach time 3-6 days 3 days
----------------------------------------------------------
Acid cure 20kg/t 10 kg/t
Leach solution 20g/l 10g/l
----------------------------------------------------------
On February 5, 2007 Chariot announced that a third and forth round of leaching tests has been initiated to establish how acid consumption can be reduced under optimum leaching conditions. Leaching tests are on-going at Plenge Laboratories, SGS Lakefield and at Terral Laboratories in Chile. The current emphasis is to conduct additional vat leaching tests using taller vats; to complete the testing of optimum leaching conditions; and to determine final acid consumption and recovery projections.
The information contained in this news release was reviewed and validated by Adam Johnston the designated Qualified Persons as defined in National Instrument 43-101.
Mr. Ulli Rath, President and CEO, said: "The preliminary results from the vat leaching test are very encouraging and I believe the additional testing that we are doing on optimizing leaching conditions will help us to improve on the results from these preliminary tests.
"The vat leaching and thin layer heap leaching trade-off studies announced on February 5th are progressing well and we should be in a position to select the most suitable leaching process by May, which would be ahead of schedule," concluded Mr. Rath.
Chariot Resources Limited (TSX:CHD) is developing its 70% owned Marcona Copper Property in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, the Mina Justa project is scheduled to be a mid-tier copper producer by 2009.
Additional details about Chariot can be viewed at the Company's website, www.chariotresources.com.
CHARIOT RESOURCES LIMITED.
Ulrich (Ulli) Rath, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Chariot Resources Limited
Toronto, Canada Office
Ulli Rath, President & CEO
Office: (416) 363-4554 or Cell phone: (416) 270-4481
or
Chariot Resources Limited
Forbes West
Investor Relations Advisor
(416) 203-2200 or Toll Free (NA): 1-888-655-5532
Website: www.chariotresources.com
Chariot Provides Update on Shareholder Rights Plan
Thursday March 1, 5:00 pm ET
Rights Plan Remains Effective; TSX Defers Consideration
TORONTO, ONTARIO--(CCNMatthews - March 1, 2007) - Chariot Resources Limited (TSX:CHD - News) announced today that it has been advised by the Toronto Stock Exchange (TSX) that the TSX has determined to defer its consideration of the acceptance of Chariot's shareholder rights plan (Plan) until such time as it has been approved by Chariot's shareholders. Under its terms, the Plan is effective from and after January 24, 2007 and is required to be approved by shareholders not later than July 24, 2007. If the Plan is not approved by shareholders, it will terminate in accordance with its terms. During the period prior to the meeting of shareholders to be held on or before July 24, 2007, the Plan will remain effective in accordance with its terms.
Chariot Resources Limited (TSX:CHD - News) is developing its 70% owned Marcona Copper Project in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, Chariot's Marcona Copper Project is scheduled to be a mid-tier copper producer by 2009.
Additional details about Chariot can be viewed at the Company's website, HTTP://www.chariotresources.com.
CHARIOT RESOURCES LIMITED.
Ulli Rath, President & CEO
Contact:
Ulli Rath
Chariot Resources Limited
President & CEO
Office: (416) 363-4554 or Cell phone: (416) 270-4481
Website: www.chariotresources.com
IR Advisor
Forbes West
Office: (416) 203-2200 or Cell phone: (416) 806-6615
--------------------------------------------------------------------------------
Source: Chariot Resources Limited
http://biz.yahoo.com/ccn/070301/200703010375570001.html?.v=1
Copper Surfaces Eliminate Germs on Contact
It's cold and flu season, and you can't be too careful about the spread of germs. Have you ever wondered who touched that doorknob before you? When someone with a cold or the flu sneezes or coughs into his hand and then opens a door, the next person to touch that doorknob runs the risk of becoming infected. Cross-contamination of bacteria and viruses is one of the leading ways illnesses are spread. Frequent hand washing is one way to avoid the transmission of germs; another is to make the surfaces self-cleaning.
Studies being conducted at the University of Southampton in the United Kingdom are proving that copper and its alloys, brass and bronze, effectively eliminate bacteria and viruses that cause illness. The research has also shown that stainless steel, aluminum and plastic touch surfaces do nothing to help eradicate germs. Once contaminated, a stainless steel doorknob, faucet or handrail can harbor bacteria and viruses until it is disinfected, usually with harsh chemicals. However, uncoated copper, including brass and bronze alloys with high copper content, are intrinsically antimicrobial and begin eliminating pathogens such as streptococcus, staphylococcus and Influenza A on contact.
According to Dr. Harold Michels of the Copper Development Association, which is sponsoring the studies, "People have been using copper to fight infections and illness for thousands of years. The Egyptians used it to sterilize drinking water, the fifth century B.C. Greek doctor Hippocrates used it to treat skin irritations and open wounds, and the Aztecs used it on sore throats." Michels suggests using copper, brass or bronze for doorknobs and handles, push plates, countertops, sinks and other frequently touched hardware may help cut down on cross-contamination and the spread of infection.
http://www.copper.org/
Posted 22nd February 2007
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