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This is going to be big one day...
News: Karmin Announces Aripuanã Development Schedule
Date : 04/11/2013 @ 8:00AM
Interesting that it is not yet on BusinessWire or company website presently, so like to the iHub copy
http://ih.advfn.com/p.php?pid=nmona&article=57119521&symbol=TSXV:KAR
I suppose this will force their hand to start planning on what to do about their gold/silver rights in the oxide layers.
haven't been paying attention.. will have to dd again.. still tightly held i'm assuming....
Nice News, yet again...
Pretty much the same here . . . difficult situation with such low volume and tightly held equity
Just going to watch for now but looks like a buying oop setting up...
Don't know, but does not appear
http://micro.newswire.ca/70886-0.html
Sure was sluggish after the morning volume passed though.
So what do you figure ? Someone/Somehouse just wanted out asap?
Too bad their partner in the Zn is not obligated to do reporting.
Did it get halted?
Thanks for posting that. I also notice the sell down, was up to their website early today after open but no info there. Major sale volume yesterday later.
insiders been quiet for a while now.. maybe they are buying now... would be a good sign
Karmin Announces No Material Change
Press Release: Karmin Exploration Inc. – 7 minutes ago
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
TORONTO , Oct. 23, 2012 /CNW/ - At the request of Investment Industry Regulatory Organization of Canada , the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada , Karmin Exploration Inc. ("Karmin") (TSXV and the Lima Stock Exchange: KAR) confirms that it is not aware of any material undisclosed developments or information that would give rise to today's market trading activity of Karmin's shares.
About Karmin
The common shares of Karmin are listed on the TSX Venture Exchange and the Lima Stock Exchange and trade in both markets under the symbol "KAR". The principal business of Karmin is to acquire, explore and develop resource properties.
Karmin owns 30% of the Aripuanã Zinc Project, one of the ten largest undeveloped zinc projects in the world. The Aripuanã Zinc Project covers an 820 square kilometre mineralized massive-sulphide district that includes five areas of mineralization (Ambrex, Arex, Babacu, Massaranduba and Mocoto) over a 25-kilometre strike length. Votorantim owns 70% of the Aripuanã zinc project, but is responsible for 100% of the project costs until the completion of a bankable feasibility study.
Karmin owns 100% of the Aripuanã Gold Project, which encompasses the gold and silver mineralization associated with near-surface oxidized portions of numerous massive-sulphide deposits in the 820-square-kilometre Aripuanã Zinc Project in north western Brazil .
Karmin owns 100% of the 25-square-kilometre Cushuro Gold Project located in the world-class Alto Chicama gold-mining district of northern Peru .
interesting...
Just noticed the big selloff here...
Karmin Announces Brokered Private Placement Financing of Up to US$10 million
Press Release: Karmin Exploration Inc. – 1 hour 36 minutes agoCompanies:Karmin Exploration Inc.RELATED QUOTESSymbol Price Change
KAR.V 0.83 +0.00
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /
TORONTO , March 26, 2012 /CNW/ - Karmin Exploration Inc. ("Karmin") (TSXV: KAR.V - News) is pleased to announce that it has entered into an agreement with KALLPA Securities Sociedad Agente de Bolsa S.A., as its exclusive agent and leading arranger ("Kallpa" or the "Agent"), in connection with a "best efforts" private placement (the "Offering") of a minimum amount of US$4 million and a maximum amount of US$10 million of common shares of Karmin ("Common Shares") at an issue price of US$0.77 per Common Share. The Common Shares will be offered and sold in Perú, Colombia , Chile and such other South American countries as may be agreed to by Karmin and the Agent. As previously announced, the Agent has also been retained by Karmin to sponsor the listing of common shares of Karmin on the Lima Stock Exchange (the "BVL").
Karmin expects to close the Offering on or about March 28, 2012 (the "Closing Date"), subject to the receipt of applicable regulatory approvals, including the approval of the TSX Venture Exchange.
Kallpa is a Peruvian investment company specializing in equity sales, research and corporate finance, and is a leading sponsor for junior mining companies. As of today, Kallpa sponsors 9 of the 15 junior mining companies listed on the Venture Exchange of the BVL. Kallpa commenced operations in 2008 and now ranks 7th by volume traded among 25 Peruvian brokers with a 4% market share in the Peruvian market.
Karmin intends to use the net proceeds of the Offering (i) to fund exploration work on Karmin's Cushuro Gold Project in the Alto Chicama gold district of northern Peru ; (ii) to fund exploration work on Karmin's Aripuanã Gold-Silver Project; (iii) to satisfy its obligation to pay an aggregate amount of $2,500,000 to Alberto Aurelio Arias Dávila ("Arias"), payable in two equal instalments, with the first payable on the Closing Date and the second on the date which is 12 months after the Closing Date, pursuant to the terms of the previously announced purchase agreement between Karmin and Arias entered into on November 22, 2011 ; and (iv) for general corporate purposes.
About Karmin
The common shares of Karmin are listed on the TSX Venture Exchange and trade under the symbol "KAR". The principal business of Karmin is to acquire, explore and develop resource properties.
Karmin owns 100% of the 25-square-kilometre Cushuro Gold Project located in the world-class Alto Chicama gold-mining district of northern Peru.
Karmin owns 100% of the Aripuanã Gold-Silver Project, which encompasses the gold and silver mineralization associated with near-surface oxidized portions of numerous massive-sulphide deposits in the 820-square-kilometre Aripuanã Zinc Project in north-western Brazil .
Karmin owns 30% of the Aripuanã Zinc Project, one of the largest undeveloped zinc projects in Brazil . The Aripuanã Zinc Project covers a mineralized massive-sulphide district that includes five areas of mineralization (Ambrex, Arex, Babacu, Massaranduba and Mocoto) over a 25- kilometre strike length. A technical report completed by AMEC International ( Chile ) S.A. in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects in 2007 (available on SEDAR, www.sedar.com) states that the Ambrex deposit has indicated resources of 18.3 million tonnes grading 4.0% zinc, 1.5% lead, 0.18 g/t gold and 35.6 g/t silver. The Arex deposit has indicated resources of 9.4 million tonnes grading 2.5% zinc, 1.0% lead, 0.45 g/t gold and 34.7 g/t silver. Votorantim owns 70% of the Aripuanã zinc project, but assumes 100% of the project costs until the completion of a bankable feasibility study.
Disclaimer Relating to Forward-Looking Information
This news release contains forward-looking statements that are based on the belief of management and reflect Karmin's current expectations. Forward-looking statements include, but are not limited to, possible events and statements. The words "plans," "expects," "is expected," "scheduled," "estimates," "forecasts," "projects," "intends," anticipates," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements. The forward-looking statements and information in this press release include, but are not limited to, information relating to the business plans of Karmin and the closing of the Offering. Such statements and information reflect the current view of Karmin with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
Such statements are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections in the forward-looking statements will not occur, and that actual performance and results in future periods may differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.
The Cushuro Gold Project and the land they relate to are exploration properties only. Accordingly, there are a number of important factors that could cause Karmin's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors relating to the Cushuro Gold Project include, among others, the timing and content of work programs, results of the development of mineral properties, including the Cushuro Gold Project, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimates, receipt and security of mineral property titles, receipt of licenses to conduct mining activities, project cost overruns or unanticipated costs and expenses, fluctuations in metal prices and general market and industry conditions, changes in national and local government legislation, taxation, controls, policies and regulations, the security of personnel and assets, and political or economic developments in Canada and Peru , operating or technical difficulties in connection with mining or development activities, employee relations, the speculative nature of mineral exploration and development and the risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding.
Karmin cautions that the foregoing list of material factors is not exhaustive. When relying on Karmin's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Karmin has assumed a certain progression of events which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
The forward-looking statements contained in this news release are made as of the date of this news release. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Except as required by law, Karmin disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Karmin undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
it's a refreshing bid.. people whacking but he's eating it all
I only looked at the chart not individual trades but for it all to be at the same price is pretty odd...
didn't seem like arranged blocks trades to me.. but maybe
Something weird is going on...
Must be something arranged...
massive accumulation at the .83 bid today
interesting... i don't own enough to buy the report ... will just let her unfold
A got a google alert on it...
Looks like something u have to buy...
http://www.jdsupra.com/post/documentViewer.aspx?fid=f81cccc1-e812-4240-a381-ee171f2b1cc1
.85x.89 .. looking solid
Karmin Appoints Kallpa Securities SAB as Sponsor for Listing on the Lima Stock Exchange, Peru/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
February 16, 2012 8:00 AM
TORONTO, Feb. 16, 2012 /CNW/ - Karmin Exploration Inc. ("Karmin") (TSXV: KAR) is pleased to announce that Kallpa Securities SAB ("Kallpa") has been retained to sponsor the listing of Karmin's shares on the Lima Stock Exchange (the "BVL"). Kallpa is a Peruvian investment company specializing in equity sales, research and corporate finance, and is the sponsor for 9 of the 15 junior mining companies listed on the Venture Exchange of the BVL. Kallpa commenced operations in 2008 and now ranks 8th by volume traded among 25 Peruvian brokers with a 3% market share in the Peruvian market.
As Karmin's sponsor, Kallpa will support the marketing process of Karmin's common shares in Peru, Chile and Colombia while providing all services required by the BVL and any other local regulatory authorities. Kallpa will also prepare research reports and marketing documents for Karmin as well as organize meetings with the principal institutional and retail participants in the Peruvian, Chilean and Colombian capital markets.
Cushuro Gold Project
Karmin has acquired 100% of the right, title and beneficial interest held by Alberto Aurelio Arias Dávila, a well-known Peruvian mining entrepreneur, in the Cushuro Gold Project located in the world-class Alto Chicama gold-mining district in northern Peru.
Exploration work has commenced on the Cushuro Gold Project, where the initial focus is detailed geologic mapping and sampling in the vicinity of former small-scale (informal) gold-mining operations at Zona Cushuro. Additionally, GEADES Consulting S.A.C. has been engaged to complete the environmental impact declaration that is required before drilling can commence.
During the first half of 2012 Karmin plans to complete an exploration program at Zona Cushuro designed to identify an economically viable gold-silver deposit at a total cost of approximately $730,000.
A technical report (the "Cushuro 43-101 Report") in respect of the Cushuro Gold Project, entitled "Summary Report on the Cushuro Gold-Silver Project, Northwest Peru," has been prepared by John A. Brophy, P.Geo, in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and is available on SEDAR at www.sedar.com. The Cushuro 43-101 Report describes Zona Cushuro as a gold-mineralized zone that is similar to other operating gold mines in the district, including Lagunas Norte, La Virgen, La Arena, El Toro and Santa Rosa, which are all located within a distance of 8 to 30 km of the Cushuro Gold Project. The concessions cover a 25 square-kilometre area, span an elevation range of 3,900 to 4,200 meters ("m"), are crossed by a power transmission line and can be reached in four to five hours via well-maintained roads from the coastal city of Trujillo.
The Cushuro 43-101 Report further states that although there are other zones of mineralization on the Cushuro Gold Project, including meter-wide veins yielding multi-ounce silver assays (Zona Escalerillas) in the southern part of the property, the main target is Zona Cushuro in the northeast sector of the property, where anomalous gold is associated with highly fractured and/or brecciated quartzite. Goethite and hematite typically infill steeply dipping fractures and form the matrix of breccias. Silicification occurs as matrix inundations and as discrete quartz veinlets. Bedding strikes are north-northeasterly, parallel to the trend of the zone, and dips are 30° to 35° east. Regionally, bedding strikes are north-northwesterly, which suggests that the anomalous strike direction of the Cushuro beds is related to structural deformation.
The Cushuro 43-101 Report estimates that Zona Cushuro is about 560m long, 150m wide, and spans a vertical interval of about 60m. The zone covers approximately 10 hectares and is open to the south (where gold-in-sediment anomalies suggest an extension) and west. During 2004 to 2006, an exploration company (Minera IRL) took 621 rock samples from Zona Cushuro. Most of these were 6m-long channel samples. These rocks returned an average grade of 0.75 parts per million ("ppm") or 0.75 grams per tonne ("g/t") gold, with top-decile grades ranging from 1.0 to 87.0 ppm (g/t) gold. The Zona Cushuro gold-in-rock geochemical anomaly can be described as a zone of geochemically anomalous gold assays (several tens to several hundreds of parts per billion gold) punctuated by randomly distributed multi-gram assays.
The Cushuro 43-101 Report highlights that although the rock geochemistry shows that there are at least two trends of mineralization: (i) a strong one that trends north-northeasterly parallel to bedding and the long axis of Zona Cushuro, and a weaker one that is north-northwesterly trending and at a right angle to the first; and (ii) it does not look as though the higher-grade values are confined to one, or two, or even several continuous and distinct structures. Rather, it seems that there is a random nugget effect controlling the distribution of multi-gram gold assays. This interpretation is supported by the irregular distribution of cyanidation pools, which are constructed by the few "informal miners" who have been working at Zona Cushuro for several years. The "informal miners" need a grade of at least 5.0 ppm (g/t) gold in order to realize a profit, and the cyanidation pools consequently have to be near the source of the ore-grade material in order to reduce transportation-related costs.
John A. Brophy P.Geo. is an Independent Qualified Person for purposes of NI 43-101 and has reviewed and approved the technical information relating to the Cushuro Gold Project contained in this release, in the form and context in which it appears.
About Karmin
The common shares of Karmin are listed on the TSX Venture Exchange and trade under the symbol "KAR". The principal business of Karmin is to acquire, explore and develop resource properties.
Karmin owns 100% of the 25-square-kilometre Cushuro Gold Project located in the world-class Alto Chicama gold-mining district of northern Peru.
Karmin owns 100% of the Aripuanã Gold-Silver Project, which encompasses the gold and silver mineralization associated with near-surface oxidized portions of numerous massive-sulphide deposits in the 820-square-kilometre Aripuanã Zinc Project in north-western Brazil.
Karmin owns 30% of the Aripuanã Zinc Project, one of the largest undeveloped zinc projects in Brazil. The Aripuanã Zinc Project covers a mineralized massive-sulphide district that includes five areas of mineralization (Ambrex, Arex, Babacu, Massaranduba and Mocoto) over a 25-kilometre strike length. A technical report completed by AMEC International (Chile) S.A. in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects in 2007 (available on SEDAR, www.sedar.com) states that the Ambrex deposit has indicated resources of 18.3 million tonnes grading 4.0% zinc, 1.5% lead, 0.18 g/t gold and 35.6 g/t silver. The Arex deposit has indicated resources of 9.4 million tonnes grading 2.5% zinc, 1.0% lead, 0.45 g/t gold and 34.7 g/t silver. Votorantim owns 70% of the Aripuanã zinc project, but assumes 100% of the project costs until the completion of a bankable feasibility study
Karmin Announces Agreements to Acquire Mining Concessions in the Huamachuco Gold District of Peru
http://www.newswire.ca/en/story/882893/karmin-announces-agreements-to-acquire-mining-concessions-in-the-huamachuco-gold-district-of-peru
KARR Securities Inc. Announces Holdings of Karmin Exploration Inc.
October 27, 2011 17:34 ET
POINT EDWARD, ONTARIO--(Marketwire - Oct. 27, 2011) - KARR Securities Inc. ("KARR") announced today that it has acquired ownership and control over 14,618,501 common shares of Karmin Exploration Inc. ("Karmin") listed on the TSX Venture Exchange ("TSX-V") under trading symbol, "KAR" (TSX VENTURE:KAR), pursuant to private and open market purchases on the TSX-V all of which are reported on www.sedi.ca and have occurred since KARR became an insider of Karmin on December 1, 2003. The last early warning report of KARR with respect to Karmin was filed on www.sedar.com on November 22, 2006.
The common shares held represent approximately 37.4% of the 39,091,091 outstanding common shares of Karmin.
KARR has purchased these shares for investment purposes. KARR has no present intention to increase its holdings in Karmin although it will evaluate the investment in Karmin and whether to increase or decrease its shareholdings in response to market conditions, the business and prospects of Karmin and other factors.
A copy of the early warning report to be filed in connection with this transaction may be obtained from Karmin Exploration Inc.
damn a lot more insider buying reported...
Just called the CFO again, he said they have nick named the Karmin project Globestar 2, all the same players are coming together on this project as did their last, Globestar of course was eventually sold to Perilya for $184 million in 2010. http://www.miningweekly.com/article/perilya-wraps-up-globestar-mining-acquisition-2011-01-14
I asked about the Board of Director Robert Cicarelli stepping down and why. He said not to be concerned because his brother Larry was stepping in to fill his shoes and that Robert still owned all his shares, around 14 million...
So between Karr Securites, Robert Cicarelli and other insiders there is next to nothing in the float which is clearly showing up in trading, good luck getting any, not to mention the insiders and Karr have been buying even more...
he said to expect a series of PR's and that they are looking to advance the project...
Call me crazy but this looks like one hell of a setup to me...
This is an old insider rooster from 2008 I found, not to mention what they have been buying lately...
Karr Securities: 17,058,834 44.36%
Robert Ciccarelli: 13,730,677 35.71%
John Iannozzi(CFO): 1,965,943
Excellent old Blog interview with Larry Cicarelli
http://treasurepicks.blogspot.com/2008/03/interview-with-larry-ciccarelli.html
Good Summary
Fri May 20, 2011
Bottom-Fish Comment: Recommendation Strategy for Karmin Exploration Inc
Publisher: Kaiser Research Online
Author: Copyright 2011 John A Kaiser
--------------------------------------------------------------------------------
Karmin Exploration Inc (KAR-V: $0.25)
RS Profile Search Web Tree Forum SEDAR Quote IPV
Bottom-Fish Comment - May 20, 2011: Recommendation Strategy for Karmin Exploration Inc
Karmin Exploration Inc was initially recommended as a medium priority bottom-fish buy in the $0.30-$0.49 range on April 18, 2006 based on its 30% carried interest in a significant polymetallic VMS deposit in Brazil. The bottom-fish priority was upgraded to top on November 1, 2006 based on evidence that the Brazilian conglomerate Votorantim was stepping up exploration activity on the Aripuana project. Karmin had optioned Aripuana to Anglo American in 2000 but in 2004 the option was transferred to Votorantim which was interested in the zinc-copper sulphides in the Ambrex and Arex deposits. Under the amended deal Karmin retained 100% of the oxide mineralization which has a modest non-43-101 compliant gold-silver resource (the base metals are depleted) and a 30% interest in the sulphides which is carried until Votorantim delivers a bankable feasibility study. Votorantim did indeed step up activity, spending $19.2 million during 2006-2008, but has spent only $1.2 million annually since the crash for a total investment of $27.1 million since taking on the project. With the collapse of metal prices in late 2008 Karmin's stock slid below $0.20 and on December 24, 2008 I downgraded the priority to low while keeping the existing bottom-fish buy recommendation in the $0.30-$0.49 range open on the assumption that bottom-fishers would accumulate the stock at the much lower prices than the initial buy range. The hope in 2006 was that Votorantim would make a buyout offer for Karmin in the $1-$2 range when it was ready to develop Aripuana, but this prospect dimmed after zinc prices fell below $1/lb. In October 2007 Votorantim published an indicated and inferred resource estimate of 33,475,000 tonnes of 3.54% zinc, 1.34% lead, 0.26% copper, 0.29 g/t gold and 34.95 g/t silver for the two deposits. At spot prices as of May 20, 2011 the Aripuana resource has a rock value of $184 per tonne, of which zinc represents 41% while silver now represents 22%. The in situ value is $6.1 billion. Votorantim envisions a 3,000-4,000 tpd flotation and milling operation which would mine 1.2 million tonnes annually over a 15 year mine life. Preliminary metallurgical studies indicate no deleterious minerals, but a comprehensive study now underway remains an important milestone for the project. At the current spending rate Votorantim has Aripuana in a holding pattern, but it may step up activity after the 261 megawatt hydro-electric power plant located 13 km from the project is completed in 2011. Road access to the area has been improved as part of the construction of the $700 million plant which has the potential to supply the critical power needed for Aripuana. My reasoning that it was only a matter of time before Karmin gets bought out looked like a bad mistake when Karmin announced on March 19, 2010 that it planned to conduct a reverse takeover of Australian coal assets from a group that included Karmin insiders. The plan was to knock back Karmin's 38.5 million shares to 6.4 million shares through a 6:1 rollback, issue 168 million shares for the coal assets, and conduct a post-rollback $30 million financing. This transaction would have obliterated any upside bottom-fishers were hoping to get from the Aripuana asset, and the new coal asset would at best have represented fair value. Shareholder approval was secured but on October 1, 2010 the RTO was cancelled because Ignite Energy could not complete the financing, which tells us something about how negative this RTO would have been for the interests of existing Karmin shareholders. Trading resumed on October 4, 2010 and bottom-fishers were back in action with the original story intact. However, as of January 31, 2011 Karmin has a working capital deficit of $1.6 million that has been funded by the company's main shareholder, Robert Ciccarelli, who owns 13.9 million shares. As a group directors own 45% of Karmin's 38,453,591 issued stock, with associates likely owning additional stock. Karmin is almost a private company and there is a risk that management will conduct a debt settlement at cheap prices which takes some of the upside potential from the Aripuana asset away from minority shareholders, or worse, it may push the company into bankruptcy and privatize it. Given that bottom-fishers have hung in this long and survived a near catastrophe through the Ignite RTO, that metal prices, in particular silver, are so much better today than in 2008 when Votorantim spent heavily on the project, and that the critical power source needed to justify development is almost ready, I think it is prudent to maintain the open bottom-fish buy recommendation. Assuming Ciccarelli does not want the bad publicity of a bankruptcy and either figures out a reasonable way to convert the debt to equity or simply restructures it as long term for repayment when a buyout offer is received, the main risk to bottom-fishers at this stage is the possibility that another RTO is undertaken which eliminates meaningful upside but does provide the liquidity needed to get one's bottom-fish bet back.
Time and Sales
http://www.vantagewire.com/company?symbol=KAR:CA
Karmin Exploration Hires New CEO with Wide Mining Experience; Adds 4 New Directors
Follow Midnight Trader
Karmin Exploration (KAR.V) has a new chief executive officer. David Brace takes over the corner office for the junior zinc miner about nine months after his last firm, GlobeStar Mining Corp., was acquired by Australia-based Perilya Ltd.
Prior to Globestar, where he also was CEO, Brace had been a senior executive at Aur Resources Inc. with responsibility for business development for the copper miner, now part of Teck Resources Ltd. (TCK.B-T).
Concurrent with Brace's selection, the Karmin board of directors added four new members, all of whom are said to have extensive experience in the mining sector.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Read more: http://community.nasdaq.com/News/2011-09/karmin-exploration-hires-new-ceo-with-wide-mining-experience-adds-4-new-directors.aspx?storyid=93333#ixzz1Xvuhha00
O/S still very very low after options...
Karmin Announces Equity Participation by New Directors and the Granting of Stock Options
TORONTO, Sept. 9, 2011 /CNW/ - Further to its news release dated September 2, 2011, Karmin Exploration Inc. ("Karmin") (TSXV: KAR) announced today that certain members of the board of directors of Karmin (the "Board") appointed on September 2, 2011, being David Brace, Terence Orslan, Richard Faucher and Edmundo Guimaraes (collectively, the "Participating New Directors"), will participate in a non-brokered private placement (the "Private Placement"). A consultant to Karmin will also participate in the Private Placement. Karmin also announced that the Board has unanimously resolved to grant stock options (the "Options") to the Participating New Directors and Larry Ciccarelli, also a recently appointed member of the Board, as well as certain employees and consultants of Karmin (collectively, the "Option Participants").
As an indication of their belief in the continued success of Karmin, the Board has unanimously resolved to issue an aggregate of 637,500 common shares in the capital of Karmin (the "Common Shares") to the Participating New Directors and the consultant for gross proceeds of $255,000.00.
The proceeds of the Private Placement are intended to be used to further the mandate of the newly comprised Board to pursue various strategic transactions in order for Karmin to achieve its corporate objectives.
The 2,350,000 stock options previously granted to the former directors of Karmin have been surrendered and terminated. In accordance with the terms of Karmin's stock option plan (available on SEDAR), the terminated options are available to be granted by the Board.
In order to provide an additional financial incentive for the continued improvement in the performance of Karmin and encouragement to remain in the employ of Karmin, Karmin will grant a total of 2,535,000 Options to the Option Participants effective today. The Options permit the holders to purchase Common Shares at an exercise price of $0.40 per Common Share for a period of 10 years from today's date. The closing price of the Common Shares on the TSX Venture Exchange ("TSX-V") on September 8, 2011 was $0.355. Approximately 50% of the Options vest immediately with the remainder vesting in equal parts on the first and second anniversary of the issuance of the Options.
The granting of the Options and the Private Placement (the "Transactions") are both subject to the acceptance of the TSX-V. Karmin intends to close the Private Placement immediately following conditional acceptance of the Private Placement in order to accelerate its pursuit of its corporate objectives.
Each Transaction is considered to be a "related party transaction" under National Instrument 61-101- Take-Over Bids and Special Transactions ("NI 61-101"), however as the fair market value of both Transactions individually and together represent less than 25% of the market capitalization of Karmin, the Transactions are exempt from the formal valuation and minority shareholder approval requirements as set out in NI 61-101.
About Karmin
The Common Shares are listed on the TSX-V and trade under the symbol "KAR". The principal business of Karmin is to acquire and explore resource properties. Karmin's main project is located at Aripuanã, Brazil. Karmin owns 30% of the Aripuanã zinc project, one of the largest undeveloped zinc projects in Brazil. Aripuanã covers a complete mineralized massive sulphide district, with five areas of mineralization (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a 25 kilometre strike length. Karmin also owns 100% of the Aripuanã gold-silver project which includes the gold and silver mineralization associated with the near surface oxidized portions of the massive sulphide deposits.
More from the Globestar Mining board on Ihub...
Looks like the Ciccarelli brothers have known David Brace for sometime now...
Larry Ciccarelli - Chairman
Larry Ciccarelli holds a Bachelors Degree from the University of Western Ontario. He has served as Vice President and Secretary of Karr Securities Inc., a private investment firm.
Karr Securities is a private merchant-banking firm. Since 1989 Mr. Ciccarelli serves as senior partner and shareholder of Karr. The company is involved with various business markets including investments in real estate, sports and leisure, the hospitality industry and natural resource sector both precious, base metal and oil and gas.
Mr. Ciccarelli has served as founder and Chief Operating Officer of Sarmin since 1997, a privately held corporation prior to its acquisition by GlobeStar (TGW Corp). Mr. Ciccarelli through Sarmin was responsible for the acquisition of Corporacion Minera Dominicana, a wholly owned subsidiary of Falconbridge International Investment Limited. Corporacion Minera Dominicana (CMD) was Falconbridge’s Latin American exploration company. Through CMD, Sarmin acquired Falconbridge’s exploration staff, its assets, including all the exploration data.
Mr. Ciccarelli served as executive director and subsequent Executive Chairman of GlobeStar. He was responsible for the acquisitions of the Cerro de Maimón deposit from Falcondo, Falconbridge’s nickel operations in the Dominican Republic.
Mr. Ciccarelli also has served as Chief Operating Officer of CF Hospitality Inc. from 1992 to 1997, which partnered with Working Ventures, Canada’s largest labor sponsored capital fund focusing on strategic acquisitions in the hospitality sector while managing over 1000 employees. He also served on the Advisory Board as the sole Canadian representative for Cendant Corporation (NYSE).
David Brace - Chief Executive Officer & Director
David Brace is a geologist with a B.Sc. from the University of Toronto and an M.B.A. in finance and accounting from the University of British Columbia.
Mr. Brace was previously employed at Aur Resources Inc. from 1995 to 2004 as the President of the South America Division located in Santiago, Chile and then as the Executive Vice President Business Development in Toronto until 2007. His achievements included developing Aur’s operations in Chile from the initial construction of the Andacollo copper deposit through its development as a mine and the later acquisition of the Quebrada Blanca copper mine. During Mr. Brace’s Chilean tenure Aur’s copper cathode production increased from nil to 100,000 tonnes per year. Aur was acquired by Teck Cominco in 2007.
Mr. Brace worked at Canada Tungsten Mining Corp. from 1987 to 1994 as Manager of Business Development and was involved in the development of the Aurora Gold Mine in Nevada which produced 40,000 ounces of gold per year and was responsible for the acquisition of the Andacollo copper deposit from the government of Chile. Aur acquired control of Canada Tungsten in 1994.
From 1976 to 1986 Mr. Brace worked as the Chief Geologist at two underground mines and as a financial analyst.
Mr. Brace is a registered Professional Geoscientist in British Columbia and Alberta and is a member of the Canadian Institute of Mining and Metallurgy.
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About Karmin
The common shares of Karmin are listed on the TSXV and trade under the symbol "KAR". The principal business of Karmin is to acquire and explore resource properties. Karmin's main project is located at Aripuanã, Brazil . Karmin owns 30% of the Aripuanã zinc project, one of the largest undeveloped zinc projects in Brazil . Aripuanã covers a complete mineralized massive sulphide district, with five areas of mineralization (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a 25 kilometre strike length. Karmin also owns 100% of the Aripuanã gold-silver project which includes the gold and silver mineralization associated with the near surface oxidized portions of the massive sulphide deposits.
Karmin Announces Appointment of New Directors and CEO
Press Release Source: Karmin Exploration Inc. On Friday September 2, 2011, 4:34 pm EDT
TORONTO , Sept. 2, 2011 - Karmin Exploration Inc. ("Karmin") (TSXV:KAR.V) announced today that the Board of Directors of Karmin has approved the appointment of four new directors to fill vacancies among the Board of Directors as well the addition of a new director to the Board of Directors. David Brace , Ed Guimaraes , Larry Ciccarelli , Richard Faucher and Terence Ortslan have all agreed to join the Board of Directors, subject to the approval of the TSX Venture Exchange ("TSXV"). The new directors will serve until the next annual meeting of shareholders of Karmin and will be nominated for appointment at the meeting.
Karmin also announced the appointment of David Brace as Chief Executive Officer of Karmin to replace William Fisher , who tendered his resignation as Chief Executive Officer and director of Karmin to pursue other opportunities.
Each of the new directors and CEO has extensive experience in the mining sector and has served on the board of directors of other mining companies listed on the Toronto Stock Exchange (the "TSX") or the TSXV.
Mr. Brace served as the Chief Executive Officer and as a director of GlobeStar Mining Corporation ("GlobeStar"), formerly a TSX listed company, until Perilya Limited completed its take-over of GlobeStar in December 2010 . Mr. Brace was previously employed as Executive Vice President of Business Development at Aur Resources Inc. ("Aur").
Mr. Guimaraes is a Chartered Accountant who held progressive management positions with Aur between 1995 and 2007, ultimately serving as Executive Vice-President, Finance and Chief Financial Officer of Aur until December 2007 . Aur was acquired by Teck Resources Limited in August 2007. Since 2007, Mr. Guimaraes has worked as a consultant to the resources industry and is currently a director of Nuinsco Resources Limited, Aldridge Minerals Inc. and Giyani Gold Corp.
Mr. Ciccarelli founded Globestar and served as Chairman of the board of directors and a member of the Technical and Environment, Health and Safety Committee from 2002 until its take-over in 2010. Mr. Ciccarelli is also the Vice President of Karr Securities Inc., a private investment firm which holds 35.5% of all of the issued and outstanding shares of Karmin.
Mr. Faucher served as a director of GlobeStar from July 2005 until its take-over in 2010. As a director of GlobeStar, he was a member of the Audit Committee, Compensation Committee, Corporate Governance and Nominating Committee and the Technical and Environment, Health and Safety Committee. Mr. Faucher acted as the Chief Executive Officer of Canadian Royalties Inc., a TSX listed company, from 2005 to 2008 and held management positions in several mining companies including President and General Manager of Falconbridge Dominicana, S.A. from 1992 to 1994. He presently sits on the board of various companies and is responsible for business development at Neomet Technologies.
Mr. Ortslan currently serves as a director of a number of public companies, including Plexmar Resources Inc. and Silvermet Inc., both TSXV listed companies. Mr. Ortlsan served as a director of GlobeStar from October 2004 until its take-over in 2010. As a director of GlobeStar, he was a member of the Audit Committee, Compensation Committee, Corporate Governance and Nominating Committee and the Technical and Environment, Health and Safety Committee. Mr. Ortslan has been the Managing Director of TSO & Associates, an independent mining research firm, since 1995 and has had various positions as a mining engineer and a financial mining analyst with national and international investment dealers.
Karmin also announced today the resignations of Robert Ciccarelli , A. Douglas McCallum and Matthew Manson from the Board of Directors of Karmin.
The new directors have appointed Mr. Faucher , Mr. Orstlan and Mr. Guimaraes to the Audit Committee, with Mr. Guimaraes serving as chair of the committee.
Mr. Faucher , Mr. Ciccarelli and Mr. Ortslan have been appointed to the Corporate Governance Committee. Mr. Ortslan will serve as chair of the committee.
The mandate of the newly comprised Board of Directors will be to pursue various strategic transactions in order for Karmin to achieve its corporate objectives.
As a sign of each of the new directors commitment to the success of Karmin, each of the new directors intends to participate in a non-brokered private placement of shares of Karmin, details of which will be announced in due course.
About Karmin
The common shares of Karmin are listed on the TSXV and trade under the symbol "KAR". The principal business of Karmin is to acquire and explore resource properties. Karmin's main project is located at Aripuanã, Brazil . Karmin owns 30% of the Aripuanã zinc project, one of the largest undeveloped zinc projects in Brazil . Aripuanã covers a complete mineralized massive sulphide district, with five areas of mineralization (Arex, Ambrex, Babacu, Massaranduba and Mocoto) over a 25 kilometre strike length. Karmin also owns 100% of the Aripuanã gold-silver project which includes the gold and silver mineralization associated with the near surface oxidized portions of the massive sulphide deposits.
So let me guess why they are bringing this guy in....
Can we say Takeover coming down the pipes...
David Brace, CEO and Director, GlobeStar Mining Corp.
After graduating with a degree in geology from the University of Toronto in 1975, David Brace worked as an underground geologist in the Northwest Territories and British Columbia. From 1980 to 1986 he was employed by Cominco as a financial analyst in the treasury department, working on the formation of Highland Valley Copper (Canada’s largest copper mine).
David pursued his MBA at Sauder on a part-time basis from 1980 to 1985 then from 1987 to 1994 worked as Manager of Business Development at Canada Tungsten Mining in Vancouver. Cantung was taken over by Aur Resources in 1995 prompting him to move to Santiago Chile as General Manager of Aur’s first copper mine there. David remained in Santiago until 2004 as the President of Aur’s South America Division and then returned to Toronto as Executive Vice President Business Development at Aur. When Aur was acquired by Teck in 2007, David and his wife Louise took a 14-month personal leave of absence. In 2008 he was appointed CEO and Director of GlobeStar Mining Corporation.
Having lived in an advanced but still developing country in South America, David appreciates being back in Canada. He enjoys Toronto but describes is as “rather small” relative to South American cities. He and his wife enjoy dancing, boating, tennis, golf and travelling.
David’s advice to recent graduates is to look for work that you really enjoy. “Chances are you will work in that field for a long time and switching careers later in life isn’t easy.”
http://www.saudertoronto.ca/article.html?aid=353
David Brace
GlobeStar Mining Corporation has a professional management team with experience in different areas.
Management
David Brace, P.Geo., B.Sc., MBA, Chief Executive Officer & Director
Mr. Brace was President of the South America Division and Executive Vice President Business Development of Aur Resources Inc. Aur was acquired by Teck Cominco in 2007. Mr. Brace was Manager of Business Development of Canada Tungsten Mining Corp. From 1976 to 1986 Mr. Brace worked as the Chief Geologist at two underground mines and as a financial analyst.
Karmin Exploration Appoints David Brace As CEO - Quick Facts
9/2/2011 4:49 PM ET
(RTTNews) - Karmin Exploration Inc.(KAR.V: News ) announced the appointment of David Brace as Chief Executive Officer of the company to replace William Fisher, who tendered his resignation as Chief Executive Officer and director of Karmin to pursue other opportunities.
Karmin also announced that the Board of Directors of Karmin has approved the appointment of four new directors to fill vacancies among the Board of Directors as well the addition of a new director to the Board of Directors. David Brace, Ed Guimaraes, Larry Ciccarelli , Richard Faucher and Terence Ortslan have all agreed to join the Board of Directors. The new directors will serve until the next annual meeting of shareholders of Karmin and will be nominated for appointment at the meeting.
Karmin also announced the resignations of Robert Ciccarelli, Douglas McCallum and Matthew Manson from the Board of Directors of Karmin.
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http://www.karmin.com/
Corporate Presentation 2008
http://www.karmin.com/assets/pdf/karmin_exploration_corporate_presentation_2008.pdf
Ownership and Agreements
Karmin's involvement at Aripuanã began in 1995, when the Company optioned the Exedito properties from Ourominas Mining. Karmin explored alone, and with the Canadian Major base metals mining company, Noranda, who dropped their option in 1999. In 2000, a "contract of association" was signed between Mineração Rio Aripuanã Ltda. ("MRA") now a 100% owned subsidiary of Karmin, and Anglo American Brasil Ltda ("Anglo American") to unitize the district and explore for base and precious metals in areas adjacent to the town of Aripuanã. To reflect this , Anglo American and MRA hold 70% and 30%, respectively of the shares of a Brazilian company, Mineração Dardanelos Ltda (Dardanelos) representing this JV.
The contract was amended in May 2004 to allow Votorantim Metais (a division of the privately-held Votorantim Group) to earn into Anglo American´s 70% participation in Dardanelos, but not into Karamin's interest. According to Karmin´s attourney, Votorantim has already effectively completed their earn-in to the Anglo American interest. Votorantim is fully funding the project to bankable feasibility phase. Karmin is not required to contribute until a bankable feasibility study is completed, at which time Karmin must contribute, on a pro-rata basis, towards bringing Aripuanã into production.
Aripuanã Property
Aripuanã is a polymetallic mining district owned 30% by Karmin, in Mato Grosso state Brazil. Karmin discovered the large Ambrex deposit, and a numbere of smaller deposits in the area. The majority partner and operator is the Brazilian metals giant, Votorantim Metais, the world's 5th largest zinc producer who are required to fund the project to a bankable feasibility study before Karmin has to contribute.
SYMBOL/ EXCHANGE: | TSXV:KAR BVLIMA: KAR |
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*As at October 2, 2017 Karmin is currently traded in Canada on the TSX Venture Exchange and in Peru on the Bolsa de Valores de Lima. | |
Shares Outstanding: | 76,607,283 |
Options Outstanding: | 4,951,657 |
Warrants Outstanding: | 7,600,00 |
Shares Outstanding (Fully Diluted): | 89,158,940 |
Share Price: | $0.85 |
Market Capitalization: | $75M |
Major Shareholder Ownership | |
Karr Securities Inc. & Directors | 30% |
Alberto Arias Davila | 25% |
Dutch Investors | 7% |
Other Peruvian Investors | 5% |
Tonnage (kt) | Zn (%) | Pb (%) | Cu (%) | Au (g/t) | Ag (g/t) | |
---|---|---|---|---|---|---|
Resources reported for Ambrex are contained in the underground stope shapes defined using a NSR cutoff of US$ 20/t | ||||||
Indicated | 18,322 | 4.03 | 1.52 | 0.09 | 0.18 | 35.55 |
Inferred | 3,528 | 4.29 | 1.51 | 0.07 | 0.25 | 41.89 |
Tonnage (kt) | Zn (%) | Pb (%) | Cu (%) | Au (g/t) | Ag (g/t) | |
---|---|---|---|---|---|---|
Indicated | 9,380 | 2.54 | 1.00 | 0.58 | 0.45 | 34.65 |
Inferred | 2,245 | 2.54 | 1.02 | 0.51 | 0.60 | 20.37 |
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