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Astrata is now involve the Chromite, this could get very interesting.
http://www.xstrata.com/
KWG RECEIVES $2 MILLION AND ENGAGES XSTRATA PROCESS SUPPORT FOR METALLURGY
Symbol on TSX Venture Exchange: KWG
Shares issued and outstanding: 609,021,538
MONTRÉAL, Dec. 6 /CNW/ - KWG Resources Inc. ("KWG") reports that just under $2 million has been subscribed to its capital as a result of the exercise of outstanding options and warrants, each of which enabled their holders to purchase shares from treasury for $0.10 each. The warrants were previously issued in connection with the private placement of units comprised of flow-through shares and warrants.
KWG is also pleased to announce that the metallurgical test work on the Big Daddy bulk sample will be conducted by Xstrata Process Support (XPS) at their facilities in Falconbridge, Ontario under the direction of Mr. Arthur Barnes. Initial physical properties tests are expected to be completed in the next number of weeks and the material will be scheduled for further smelting tests at XPS in 2011. The tests will provide data on the friability of the ore and the amount of electrical energy consumed in its smelting. These data will enable consumers of the raw material to determine its potential value relative to similar materials from sources of supply located elsewhere.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
REC Minerals Announces Staking of 10,240 Acre Area in Chapleau, Ontario Gold District
12 minutes ago - Marketwire
Related Companies
Symbol Last %Chg
PROBF 1.89 0.00%
TMGOF 2.34 0.00%
As of 3:19 PM ET 12/6/10
REC Minerals Corp. ("REC" or the "Company") (TSX VENTURE: REC) is pleased to announce that it has successfully staked 256 claim units for a total of 10,240 acres in the vicinity of Probe Mines Limited's Borden Lake property. In November 2010, Probe Mines Limited announced a gold discovery at its Borden Lake property. The Company's newly-staked property (the "Borden Lake South Property") is 100% owned by REC and covers the central portion and eastern side of Borden Lake which is located 10 km east of the town of Chapleau in Northeastern Ontario. The Probe Mines Limited Borden Lake property is situated approximately two km north of REC's Borden Lake South Property.
The decision to stake these claim units near Chapleau, Ontario was made by REC based on its assessment of the Ontario Government's regional airborne magnetometer survey results over the area of interest in the context of the announcement by Probe Mines Limited of the gold discovery at its Borden Lake property, and a comparison of such airborne magnetometer survey results with similar public airborne magnetometer survey results available for the Timmins Gold Camp in Ontario.
REC is currently planning exploration of the Borden Lake South Property, including the contract of a high-resolution VTEM airborne survey in order to identify potential electromagnetic anomalies for a follow-up ground exploration program.
"We are very pleased with our acquisition of the Borden Lake South Property, which we hope will prove to be prospective for gold discovery", said Kabir Ahmed, Chairman, President and CEO of REC Minerals. "We look forward to completing the VTEM airborne survey by the end of this year so that we can have the Borden Lake South Property drill-ready for 2011."
Trevor Boyd, P.Geo., a qualified person as defined by National Instrument 43-101 ("NI 43-101"), Vice President of Exploration and a member of the board of directors of REC, supervised the preparation of the technical information contained in this press release in compliance with NI 43-101.
ABOUT REC
REC is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals and uranium. The Corporation holds an option to acquire a 100% interest in the MC Dalhousie Property located in northwestern British Columbia, Canada; an option to acquire a 100% interest in the North Nonacho Property in the vicinity of Nonacho Lake, Northwest Territories, Canada; and an option to acquire a 100% interest in the Esten Property located 10 km south of Elliott Lake, Ontario, Canada. The common shares of REC trade on the TSX Venture Exchange under the stock symbol "REC". The Company has 16,725,000 common shares issued and outstanding.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of REC or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of REC with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in REC's prospectus and in other continuous disclosure documents that will be filed by REC from time to time with the Ontario Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning REC, its prospects and the risks and uncertainties relating to REC and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of REC to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, REC cannot assure investors that actual results will be consistent with these forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date hereof. REC does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
REC Minerals Corp.
Kabir Ahmed
Chairman, President and Chief Executive Officer and Director
(416) 365-6580
(416) 946-1951 (FAX)
Cliffs Natural Resources Inc. Names Dave Anthony Vice President, Senior Project Director, of Its Canadian Chromite Operations
CLEVELAND, Dec. 1, 2010 /CNW/ -- Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced Dave Anthony will join the organization as vice president, senior project director, of Cliffs' Canadian chromite operations, effective January 2011. In this position, Mr. Anthony will lead the technical development of Cliffs' chromite deposits in Northern Ontario, Canada, overseeing project scope, execution plans, schedules and budgets to successfully design, procure, construct and begin production. He will report to William Boor, senior vice president, president - Ferroalloys.
(Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO )Earlier this year, Cliffs purchased two large chromite deposits and the controlling interest in a third deposit in the Ring of Fire area of Northern Ontario. Cliffs subsequently announced its intent to develop the mining operation in the Ring of Fire and a ferrochrome processing operation at a site to be determined in Ontario. Prefeasibility studies are underway, with projected start-up in 2015.
Mr. Anthony has more than 30 years of engineering and environmental experience in the mining industry. Most recently, he worked with Barrick Gold Corp. as chief operating officer, responsible for African Barrick Gold (ABG) Mines & Capital Projects. He also has held general management positions with Barrick's gold and copper operations in Tanzania, directing the design, commissioning and operating of greenfield projects. Mr. Anthony also completed designs for mining companies across the globe while a senior metallurgist for SNC-Lavalin Engineers & Constructors LTD, a leading Toronto-based engineering and construction group. In addition, Mr. Anthony held engineering and environmental roles with major Canadian-based mining operators for more than 20 years.
"As Cliffs establishes its presence in the ferroalloys industry, Dave's ability to bring large, complex mining projects to fruition, and his experience in Canada, will be instrumental to future success," Mr. Boor commented. "A demonstrated leader, Dave brings a wealth of knowledge and global mining experience that will be crucial for the development of this greenfield project."
Mr. Anthony received his B.Sc. Mining Engineering (Mineral Processing) from Queen's University in Kingston, Ontario. He is a member of the Association of Professional Geologists and Geophysicists of Alberta, Association of Professional Engineers of Ontario, and Canadian Institute of Mining and Metallurgy.
To be added to Cliffs Natural Resources' e-mail distribution list, please click on the link below:
http://www.cpg-llc.com/clearsite/clf/emailoptin.html About Cliffs Natural Resources Inc.Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, we are the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of high and low volatile metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:
The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and Canada and six coal mines located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. The Latin American business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in Brazil.
Other projects under development include a biomass production plant in Michigan and Ring of Fire chromite properties in Ontario, Canada. Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets
Yes, the buying last week started minutes before Lake Shore released its PR so I am most certain that it was their insiders. As far as a buy out I'm not sure that would be more than $6.00 a share but the end result is your shares could be worth in excess of $10.00
Well, it's not Ihub buying Prob. It's all outsiders who are in the Canadian mining inner circle.
Something big going on here for sure.
Buyout of 6.00 may be to cheap based on how low the share structure is, and the amount of Chromite they prob have found.
Smitter SMTT
One more thing, there could be accumulation this week till we get the NI 43 101 from Black Creek.
Last weeks buying was spurred by Lake Shore recent PR that showed an extremely good cross section that borders One of Probes gold mines and I believe that is the bordon property
There is clearly something going on. Lots of buying, and accumulating.
Smitter SMTT
Be watching for the NI 43 101 on the Black Creek Mine should be next week or week after. That will determing the quantity of chromite that will need to be purchased by Cliff.
Probe over 2.00 next week it looks like Carnac
Smitter SMTT
Happpy thanksgiving smitter, and yes Probe will be that amazing homerun we all need
Probe is going to be an easy Homerun
Smitter SMTT
Lakeshore gold hit another cross section near Probes Property, Lakeshore insiders were buying before news hit.
UGE NEWS!!!!!!!!!!!!!!!!!
Were going to roll soon
http://finance.yahoo.com/news/Probe-Mines-Announces-Second-ccn-920219494.html?x=0&.v=2
Smitter SMTT
The following post was posted on a Cliffs Natural Resources board and to me it says everything about how valuable the Black Creek Mine is to Cliff
You're right about that 'no management' at Cannon! GO PROBF!
the other company has management, Cannon has no management
She said "the management is very different between PROBF and CNEX." That's all she would commit to, that they are 'different'.
Karen is very knowledgeable and a great asset for cannon, edwin on the other hand is a POS.
Yes, that 'would' have been better!
She was very nice, very knowledgeable, and said to call anytime (1X per week, if I wanted to), just as you had said. It was hard to pin her down on any specifics however, except she said what different stage companies PROBF and CNEX are!
I like this part she said they could start drilling in the next 2 weeks
It would have been better if she would have used the work would instead of could.
I talked with Karen today, and she said they could start drilling in the next 2 weeks. She also said I was going to make money on this stock, and be very pleased with it! She said it is very different from the other stock I own, CNEX, and she revealed that she represents multiple companies simultaneously.
Probe Mines Announces Grant of Options
The Directors of PROBE MINES LIMITED (TSX VENTURE: PRB) ("Probe") announce that a total of 1,200,000 stock options to purchase Probe common shares have been granted to directors, officers and a consultant at an exercise price of $1.40 per share, expiring on November 11, 2015. The grant of options is subject to regulatory approval.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.5MM in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on two areas: McFauld's Lake, where it owns 875 claims covering approximately 14,000 hectares; and its Borden Lake gold project, which returned very encouraging initial results including a 91m intersection averaging 2 g/t Au. Probe also has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company has only 36,902,581 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators.
Shares Issued: 36,902,581
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
That is my goal and many others
1.380 on TSX---very good sign! Thanks!
Wow! $4 PPS by Xmas sounds great! I wish I could own more shares. But, I have what I have!
Here is a quote on the Canadian exchange
http://tmx.quotemedia.com/quote.php?qm_symbol=prb&locale=EN
I think you will see it reflect today, this is just another rung in the ladder towards what I believe will soon be a $4+ PPS by Christmas.
Carnac--- Thanks for the PM about Black Creek! That is great news. I can't wait for it to reflect in the share price, soon!
Probe Mines Continues to Intersect High Grade Chromite at Black Creek Deposit, James Bay Lowlands, Ontario
The Directors of Probe Mines Limited (TSX VENTURE: PRB) ("Probe") are pleased to announce that the Company has received assay results for its recently completed third-phase diamond drill program on the 100%-owned Black Creek chromite deposit in the Ring of Fire area, James Bay Lowlands, Ontario. Six holes of the 10-hole program successfully intersected the chromite horizon, returning long intercepts of high-grade chromite mineralization all containing significant intervals of greater than 40% Cr2O3. Highlights from the drill program include:
-----------------------------------------------------------------------
----
DDH From (m) To (m) Interval (m) Cr2O3 (%)
---------------------------------------------------------------------------
BC10-21 349.2 385.2 36 36.4
---------------------------------------------------------------------------
including 352 373 21 42.1
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BC10-23 388.4 426 37.6 36.2
---------------------------------------------------------------------------
including 388.4 415 26.6 43.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BC10-26 9 30 21 38.6
---------------------------------------------------------------------------
including 9 20.1 11.1 43.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BC10-27 44.6 67 22.4 35.4
---------------------------------------------------------------------------
including 44.6 59 14.4 41.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BC10-28 273.3 317.4 44.1 31.6
---------------------------------------------------------------------------
including 273.3 293.4 20.1 43.4
---------------------------------------------------------------------------
also including 309.4 317.4 8 36.7
---------------------------------------------------------------------------
---------------------------------------------------------------------------
BC10-30 44.1 67.5 23.4 36.1
---------------------------------------------------------------------------
including 44.1 60 15.9 40.4
---------------------------------------------------------------------------
The assay results and drill information have been sent to Micon International and will be used to update the previous 43-101-compliant preliminary chromite resource estimate on Black Creek (see release dated August 23, 2010). The drilling program successfully extended the chromite zone approximately 115 metres along strike and to a vertical depth of approximately 320 metres. The Black Creek deposit currently contains an estimated 5,714,000 tonnes averaging 40.00% Cr2O3 in the measured and indicated categories and an additional 2,726,000 tonnes averaging 40.99% Cr2O3 in the inferred category. Black Creek is a high-grade chromite deposit strategically located between the Black Thor and Big Daddy chromite deposits and represents a key segment of the chromite horizon.
The chromite mineralization appears very similar to that observed in previous programs, ranging in width (not true width) from 21 to 44.1 metres, and is comprised predominantly of massive chromite with minor inter-layers of semi-massive and disseminated chromite. Importantly, the third-phase drilling indicates that the chromite zone is found at surface and is near-vertically dipping at depth. One hole intersected the chromite horizon under less than 4 metres of overburden, confirming that the horizon does project to the bedrock surface and would be a likely candidate for open-pit extraction.
"We are very pleased with the assay results for Black Creek as they confirm its high-grade nature continues along strike and to depth", says Dr. David Palmer, President of Probe. "With the significant expansion of the chromite zone in this latest drilling we are looking forward to receiving the updated resource estimate, which is expected by the end of November".
Of the ten holes drilled, six successfully intersected the Black Creek horizon, three holes were lost due to poor ground conditions and one hole failed to intersect chromite mineralization. The latter hole was drilled to re-test the chromite zone at depth in the area where two holes were lost.
Probe has instituted a strict quality control program for all analytical work carried out on this program, which includes the use of reference standards, blanks and duplicate sampling. Strict quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.5MM in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on two areas: McFauld's Lake, where it owns 875 claims covering approximately 14,000 hectares; and its Borden Lake gold project, which returned very encouraging initial results including a 91m intersection averaging 2 g/t Au. Probe also has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company has only 36,902,581 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators.
Shares Issued: 36,902,581
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Excerpt from a post made on another board by Venturevest who explains the value of the Black Creek mine to Cliffs Natural Resources.
One more thing, if you pull up the map on the Cliffs presentation showing the survey and compare it to the one in the ibox you will see why Cliff is so interested. IMO
Good morning smitter, here is a slide show from Cliffs Natural Resources. On another board someone said that it mention Cliff Planned on open pit mining Black Thor and Big Daddy. My thought is that it would be easier to start in the middle where Black Creek sits.
http://www.slideshare.net/cpgllcir44256/clf-november-2010-investor-presentation-5667504?from=share_email
Great DD Carnac. I see no reason why Probe should hurry this takeover. The higher we go the more we are worth.
Smitter SMTT
Below is an article posted in Northern Miner.
Since October 1 Probe Mines (PRB-V) has shot up from 60¢ to $1.32 per share - largely on speculation that the junior may become a takeover target for its coveted 100%-owned Black Creek chromite deposit.
Black Creek lies between the Black Thor deposit of Cliffs Natural Resources (CLF-N) and the Big Daddy deposit, owned by a joint venture involving Cliffs, Spider Resources (SPQ-V) and KWG Resources (KWG-V).
But now there's another reason to take a closer look at the junior.
On Nov. 2, Probe unveiled assay results from the first phase of a drill program at its Borden Lake project in Ontario, about 15 km from Chapleau, and within 1 km of Highway 101, which links the towns of Chapleau and Timmins.
Eight holes were drilled to test a surface gold showing and six of them ended in mineralization, intersecting thick zones of continuous gold mineralization representing about 250 metres of potential strike length, the company says.
The zone remains open in both directions along strike and at depth and airborne geophysics indicate the zone continues for more than 1 km.
Hole 2 intersected 91 metres averaging 2 grams gold per tonne, while hole 4, collared at the same setup as hole 2 but drilled in the opposite direction, returned a 78-metre interval averaging 0.7 gram gold per tonne.
Sixty metres to the southeast, hole 5 returned an 86-metre intercept grading 1 gram gold and hole 6 contained a 78-metre interval averaging 0.9 gram gold.
Within all of these broad mineralized intercepts at least two significant higher-grade zones were identified with intervals returning up to 5.3 grams gold over 5 metres including samples of up to 15.5 grams gold over 1 metre.
Gold mineralization in the discovery area appears to be associated with a broad zone of disseminated sulphide, and is characterized by a lack of quartz veining.
The horizon can be traced from airborne geophysics over roughly 1.2 km within Probe's property and has been identified from surface to a vertical depth of 117 metres.
Hole 8 was drilled on a parallel structure to the discovery zone and intersected a 0.7 metre-wide quartz vein that returned an assay of 2.4 grams gold per tonne.
Hole 1 was terminated at 38 metres, before intersecting the gold zone, because of concerns over drill placement and orientation. But it will be drilled again in the next phase of the program to identify the hanging wall contact.
No significant work has been done in the Borden Lake area to date and second-phase drilling will start as soon as a drill is available.
Probe is also planning additional airborne and ground geophysical surveys. The initial focus will be untested airborne targets that were identified in the first VTEM program. Drill testing of satellite targets will begin once ground geophysical results have been received.
Probe has the right to earn a 100% interest in the Borden Lake property by making cash and share payments over three years.
In addition to Borden Lake and its Black Creek deposit, Probe has an option on the Cree Lake gold property in the Swayze belt of Ontario and an option-joint venture agreement with Lake Shore Gold (LSG-T) on its Bristol Township gold project next to Lake Shore's million-plus oz. gold deposit.
Probe also maintains a 5% net smelter royalty on a portion of Agnico-Eagle Mine's (AEM-T, AEM-N) Goldex Mine near Val d'Or, Quebec, which began production in 2008.
The company has about $4 million in its treasury and 36.6 million shares outstanding.
Good Morning, Carnac
Thanks for making me an Assn't Mod.
Have a great weekend.
Probe gonna Explode if we get a buyout.
Smitter SMTT
I believe after the next NI results are released it becomes game on for the buyout to begin or whatever because there are so many scenarios that could occur.
Yeppers
I will be buying a few shares of Probf in the near future.
Smitter SMTT
yes a very good day, your other holding seems to be moving toward that dime everyone is looking for. I'm hoping for news here on the updated NI 43 101 that will get quantities of chromite at the black creek hopefully in the next week and a half or so.
Hi Carnac
Another great day for gold. This is getting nutz
Smitter SMTT
Yes, both PCFG and PROBF seem to be doing quite well. I am very glad I joined in on both! Thanks for all of your help!
They have plenty of gold as well, I'm actually excited for a change, pcfg seem to be going in the right direction
2-3 weeks for Chromite quantities sounds great! I had never heard of Chromite until I encountered this stock...
yes it is a very good property as far as Chromite is concerned, we are awaiting updated NI 43 101 that will reveal quantities and I believe we will most likely see that within 2-3 weeks. Once that hits it's game on.
I understand about consolidation mode. I can't wait for the next news! Go PROBF! That map on the iBox with all that pink is awesome!
I get alot of that information from another post on another board that seems to have a finger on the pulse of Probe.. We might be in consolidation mode till the next news which could be today or tomorrow even next week
Carnac--I bought some more PROBF this morning, after DD reading and consideration, and also reading some of your earlier posts, especially the one estimating the future SP at ~ $45!
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Probe Mines Ltd.
http://www.probemines.com/s/Home.asp
Probe Mines Limited is a well-funded, Canadian base and precious metal explorer led by an experienced management team with quality projects in two of Canada's most important exploration plays - McFauld's Lake and Timmins, Ontario. The Company's strategy is to aggressively explore its key assets to maximize shareholder value, while joint venturing certain assets to advance exploration and preserve capital.
The Company has assembled a portfolio of quality projects in the heart of the McFauld's Lake area base metal projects in Northern Ontario and the West Timmins project in the Timmins West Gold Camp. Two promising, grassroots gold projects, the Cree Lake project near Timmins, Ontario and the Borden Lake project near Chapleau, Ontario have recently been acquired to round out the company's holdings. Probe also maintains a 5% gold production royalty on a portion of Agnico-Eagle's Goldex Mine in Val d'Or, Quebec.
Below is an image from the Black Creek Presentation on the Probe website. The reason I posted this image is it is the key to why this investment can and most likely go to $4 - $12.00 PPS. You will note that Black Creek falls between Big Daddy and Black Thor mines both are by now I assume properties of Cliff Natural Resourses. It is also my understanding that Black Creek is on solid ground with only 4 meters of burden to remove to get to the CHROMITE while both Black Thor and Big Daddy are basically swamp land. One other matter that is of considerable interest to Cliff Natural Resources is that if it does not aquire Black Creek it loses 100 meters of mining potential because of limitations restricting mining within 50 meters of a claims boundary.
Be sure to read the 2 articles below the picture concerning Cliff Natural Resources aquisition of Black Thor and Big Daddy Mines.
Shares Outstanding | 36,602,581 |
Warrants and Options | 5,059,721 |
Fully Diluted | 41,662,302 |
Share Stucture
Shares Outstanding 36,602,581
Warrants and Options 5,059,721
Fully Diluted 41,662,302
Shares Outstanding | 36,602,581 |
Warrants and Options | 5,059,721 |
Fully Diluted | 41,662,302 |
Shares Outstanding | 36,602,581 |
Warrants and Options | 5,059,721 |
Fully Diluted | 41,662,302 |
s
Cliffs Natural Resources (NYSE: CLF) (‘Cliffs’) announced it has entered into an Arrangement Agreement to acquire 100% of the outstanding shares in Freewest Resources (TSX-V: FWR) (‘Freewest’) in a share-based deal with a total estimated value of C$150.6 million, equating to C$0.70 per share. Freewest was previously the subject of an unsolicited offer from Noront Resources Ltd.
The offer from Cliffs represents a 122% premium to the Freewest share price on the 2nd October prior to Noront’s offer and a 27% premium on the closing price for Friday 20th November. Accordingly the Freewest Board of Directors unanimously support the offer from Cliffs. The Freewest board have deemed the offer to be ‘clearly superior’ to the Noront offer.
Freewest’s chromite assets, primarily the McFaulds property and the associated McFaulds joint venture property will be integrated into Cliffs broad base metal operations. Cliffs is the largest producer of iron ore pellets in North America and a major supplier of direct-shipping lump and fines iron ore out of Australia. Cliffs also has significant coking and thermal coal producing projects.
The company’s remaining non-chromite assets including its Shareholding in Quest Uranium Corp (TSX-V: QUC) (‘Quest Uranium’) and the high-grade Clarence Stream gold property will form a new company, New Freewest Resources (‘New Freewest’).
Under the terms of the proposed deal, for each share held in Freewest investors will receive a fractional share in Cliffs to the value of C$0.55 and one share in the New Freewest company.
According to the statement, New Freewest will be a well-funded, Canadian-focused mineral exploration company with C$2.0 million in cash, a portfolio of exploration assets and investments, New Freewest will be managed by the current Freewest Board and management.
New Freewest primary asset, the Clarence Stream gold property is located in New Brunswick. The high-grade gold property currently contains Indicated Resources of 235,000 ounces of gold grading 8.99 grams per tonne and Inferred Resources of 156,000 ounces of gold grading 7.35 grams per tonne.
Clarence Stream also has Indicated Resources of antimony estimated at 126,000 tonnes averaging 2.3% antimony, or 6.3 million pounds of antimony. Antimony has a variety of industry applications including the semi-conductor industry, it’s an element used in the manufacture of batteries and forms part of several metallic alloys.
Additionally once the deal is complete, New Freewest will own approximately 4.1 million shares in Quest Uranium which was valued at C$13.3 million on 20th November 2009, representing approximately 10% of Quest Uranium’s issued share capital. Quest is currently advancing several high-potential exploration projects in Canada, with four properties in North-Western Ontario, two properties in Quebec and one located in New Brunswick.
Freewest CEO, Mackenzie Watson commented on the latest proposal:
"We believe this transaction is clearly superior to the proposal put forward by Noront. It will provide Freewest shareholders with highly-liquid shares in a company with a market capitalization in excess of US$5 billion, while allowing New Freewest to continue as a well-financed exploration company focused on the high-grade Clarence Stream gold property and an attractive suite of early-stage exploration properties. The New Freewest shares represent significant value and ongoing upside potential."
TORONTO (miningweekly.com) – The exceptionally high grades at the Big Daddy chrome project, in Ontario's Ring of Fire district, may mean un- or partly-refined material could be economically shipped directly from a future mine to customers, says KWG Resources president Frank Smeenk.
KWG, fellow junior Spider Resources and US coal and iron-ore miner Cliffs Natural Resources are engaged in a tussle for control of the project, in which Cliffs owns 47% and KWG and Spider each own 26,5%, with an option to boost that to 30%.
Late last month, Cliffs announced it planned hostile takeover offers for both Spider and KWG, in a bid to ensure that it can control the development programme for Big Daddy. (Of course, with 47% already, it only needs to succeed in one of the offers to get a controlling stake in the project.)
Now, in an attempt to put control in their own hands, KWG and Spider are going ahead with a plan to combine their companies, in a merger that would give the enlarged firm 53% of Big Daddy.
Depending on which side comes out in the driving seat, there are a couple of quite different scenarios for the development of the Big Daddy project
Cliffs has said it would look at developing its larger- (but lower-grade) Black Thor project first, while KWG and Spider are naturally keen to see progress at their own asset.
Secondly, while Cliffs would likely focus on the North American market, Smeenk said he would have aspirations to tackle export markets.
And Cliffs has also indicated it would probably build electric-arc furnace facilities in Ontario to refine the ore mined from its projects into ferrochrome.
But for Big Daddy, that may not be necessary, Smeenk said.
“Big Daddy looks to be a deposit that can produce a marketable product readily and that is something that would be in the interest of Spider and KWG shareholders, but not necessarily in the best interest of Cliffs shareholders.”
Most of the world's supply of chrome - a key ingredient in stainless steel - is smelted into ferrochrome – about half of which comes from South Africa.
However, mines Kazakhstan, which also produces a big slice of global output, have high enough grades so that lump ore is shipped directly to users.
Importantly, the Kazakh grades are similar to what has been established at Big Daddy, at around 39% or 40% chrome, Smeenk said.
To get production to market, KWG has already staked a line of claims from the deposit down to the CN trans-Canada railroad.
“And to us, that looks like a viable option to access the export markets via Prince Rupert with lump product, with unrefined or perhaps partly refined material.”
The final decision will depend on the market, and what kind of product can be sold economically.
If the merger with Spider does go ahead, the next steps will be the consultation process with the local First Nations, and to launch baseline environmental studies.
A decision will also need to be made on whether to start out as an openpit mine, or to go straight underground.
“You can make the case that a nice big deposit like this may just as well go underground from the outset,” Smeenk said.
Depending on what kind of product can be marketed, it is possible that a concentrate could be produced on site using simple gravity separation and potentially magnetic separation.
Unless there are some roadblocks related to permitting or community relations, the route to production should not be a lengthy one, Smeenk said.
“If the First Nations consultations and permitting processes do not take longer than planning and construction, we are advised that the planning and construction process could be completed in less than four years.”
Commenting on the timetable, Spider Resources vice-president for finance Rick Hamelin said there will be a better indication of the timeline once a feasibility study is completed.
“There is still a lot of work that needs to be done,” he said.
TALKS ALL ROUND
Although the news only broke in the last couple of weeks, discussions had been under way with both Cliffs and Spider for some time, Smeenk said in an interview this week.
In fact, the negotiations with Cliffs got more “enthusiastic” in the last month or so, he said, but the parties could not agree on a valuation and so Cliffs opted to let the market decide whether its price was good enough.
With Spider, talks had been going on for more than a decade, which is about as long as the two companies have been working together in the Ring of Fire, and shareholders in both companies have responded positively to the merger plan, Smeenk asserted.
“By and large, our shareholders and Spider shareholders are thrilled. I think it's self-evident that the whole is greater than the sum of its parts.”
Cliffs launched its formal offer for Spider Resources this week. Because the US company has a stake in KWG, the offer is a related party transaction, and so KWG must first obtain an independent valuation report on the company. It announced on Thursday it has hired Cormark Securities to do the work.
Smeenk said there is always a possibility that something friendly could be negotiated with Cliffs, but said that there are no talks under way at the moment.
Spider's Hamelin declined to comment on whether the company would consider negotiations with Cliffs.
Cliffs was not immediately available to comment.
StockGoodiesRadio Interview with Karen Willoughby, Director of Corporate Communications, Probe Mining
www.stockgoodies.com/m/sounds/view/PRB-DOCC-Interview
(You have to register with StockGoodies to listen. When I figure out how to download and post the audio file, I will update the iBox).
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