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Prodigy Gold Inc. (PDG) fiat$0.61 UP $0.07 +12.96%
Volume: 728,387 @ 3:59:48 PM ET Strong demand
Bid Ask Day's Range
0.6 0.61 0.54 - 0.62
TSX:PDG Detailed Quote
Prodigy Gold Inc. - Investor September Presentation -
http://www.prodigygold.com/_resources/presentations/PRODIGY_GOLD_Presentation_09_2011.pdf
God Bless
Magino Resource Expansion Drilling Continues: 161 metres grading
1.35 gpt Gold and 36 metres Grading 2.64 gpt Gold -
http://tmx.quotemedia.com/article.php?newsid=44203754&qm_symbol=PDG
God Bless
Prodigy Gold Inc. (PDG) fiat$0.64 UP $0.06 +10.34%
Volume: 571,507 @ 3:59:59 PM ET good demand
Bid Ask Day's Range
0.63 0.64 0.58 - 0.64
TSX:PDG Detailed Quote
Prodigy Gold Inc. (PDG)
0.58 ? 0.02 (3.57%)
Volume: 385,285 @ 3:51:35 PM ET
Bid Ask Day's Range
0.57 0.58 0.55 - 0.58
TSX:PDG Detailed Quote
Prodigy Gold Inc. (PDG)
0.51 ? 0.01 (2.00%)
Volume: 358,650 @ 3:59:02 PM ET
Bid Ask Day's Range
0.49 0.5 0.49 - 0.51
TSX:PDG Detailed Quote
Prodigy Gold Inc. (PDG) fiat$0.5 UP $0.05 +11.11%
Volume: 591,030 @ 3:57:18 PM ET good demand
Bid Ask Day's Range
0.49 0.5 0.46 - 0.51
TSX:PDG Detailed Quote
Picassa' on ' Prodigy Gold Inc. (TSX:PDG)
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=63579696
OT.
dd....
BQI
and
CALVF
bottom picks....
e.g.,
CALVF Gold Targets: $6,000 – $7,000 – $10,000:
http://goldswitzerland.com/index.php/gold-entering-a-virtuous-circle-egonvongreyerz/
GOLD Target fiat$25,000.--/oz in my books
CALVF short snippet -
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65655037
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65504488
by mick, thanks good chart -
Got CALVF GOLD Mines profitable Gold production at a bottom
Au fishing penny play
Welcome to CALVF -
http://investorshub.advfn.com/boards/board.aspx?board_id=5294
Prodigy Gold Inc. (PDG)
0.57 ? 0.0 (0.00%)
Volume: 199,826 @ 3:57:55 PM ET
Bid Ask Day's Range
0.57 0.58 0.57 - 0.59
TSX:PDG Detailed Quote
Prodigy Gold Inc. (PDG)
0.61 ? -0.02 (-3.17%)
Volume: 215,279 @ 3:24:36 PM ET
Bid Ask Day's Range
0.61 0.63 0.61 - 0.63
TSX:PDG Detailed Quote
Prodigy Gold Inc. (PDG)
0.56 ? 0.01 (1.82%)
Volume: 235,550 @ 3:28:42 PM ET
Bid Ask Day's Range
0.56 0.57 0.55 - 0.57
TSX:PDG Detailed Quote
"-Assay news will be out next week.
-The lab is currently finishing up the processing of more than 80 drill cores."
This is an astronomical string of assays .
These pieces in conjunction with the intercepts from recent assay compilations should provide the results that will move the resource into significant higher numbers.
Assays to coincide with previous releases with this many coming out will direct the kind of attention this way that brings specialized interests and coverage out of the woodwork.
It should prove to be a very interesting next news release.
by itstheshadow, thanks good info
Prodigy Gold Inc. (PDG) fiat$0.66 UP $0.05 +8.20%
Volume: 470,155 @ 3:59:14 PM ET Strong demand
Bid Ask Day's Range
0.65 0.68 0.61 - 0.66
TSX:PDG Detailed Quote
Prodigy Closes First Tranche of Financing and Exercise of Over Allotment by Casimir Capital L.P., National Bank Financial Inc., Paradigm Capital Ltd., Byron Capital Markets Ltd. and Macquarie Capital Markets Canada Ltd. to Raise $24.3M
Jun. 9, 2011 (Filing Services Canada) --
Prodigy Closes First Tranche of Financing and Exercise of Over Allotment by Casimir Capital L.P., National Bank Financial Inc., Paradigm Capital Ltd., Byron Capital Markets Ltd. and Macquarie Capital Markets Canada Ltd. to Raise $24.3M
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Vancouver, British Columbia CANADA, June 09, 2011 /FSC/ - Prodigy Gold Inc. (PDG - TSX Venture, KX3 - FWB), is pleased to announce that it has closed the first tranche of the previously announced private placement to raise $24.3 million, including $4.3 million on the exercise of an over-allotment option. Casimir Capital L.P., National Bank Financial Inc., Paradigm Capital Ltd., Byron Capital Markets Ltd. and Macquarie Capital Markets Canada Ltd. (the "Agents") have placed 28,170,000 common shares at a price of $0.65 per share plus 8,000,000 flow-through common shares at a price of $0.75 per flow-through common share.
As consideration for their services, the Agents were paid a cash commission of $1,458,630, equal to 6% of the gross proceeds of the financing and were issued Agent's warrants exercisable to purchase 1,085,102 common shares. The Agent's warrants have a strike price of $0.70 and are exercisable for a period of 24 months from Closing.
All securities issued in conjunction with the private placement are subject to a four month hold period.
Prodigy expects to close the second tranche of the financing shortly.
The proceeds from the private placement will be used to fund the Company's ongoing exploration and development at the Magino mine project and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or unless an exemption from such registration is available.
About Prodigy Gold: Prodigy Gold Inc. is currently evaluating the development of the Magino mine gold project in Ontario as an open-pit mining opportunity with the potential for deeper, higher grade production. The Magino project contains Indicated gold resources of 1,924,200 ounces grading 1.16 gpt gold (51.6 million tonnes), and 587,100 ounces of Inferred gold resources grading 1.04 gpt gold (17.5 million tonnes). A Preliminary Economic Assessment (PEA) of the project shows a pre-tax NPV of $351 million and an IRR of 49% using a 5% discount rate (available on SEDAR or Prodigy's web site). The proposed operation would have an average annual gold output of over 166,666 ounces a year during a nine year project life. Total gold production is estimated to be 1.50 million ounces at cash costs of approximately US$496 (Cdn$521) per ounce. Please note: mineral resources that are not mineral reserves do not have demonstrated economic viability.
A full feasibility study for the proposed open pit mining project at Magino is scheduled for early 2012. Bringing the Magino mine project through the feasibility process and towards production, coupled with the exploration potential of our Beardmore-Geraldton exploration properties, are the catalysts to growing Prodigy and building substantial value for Prodigy shareholders: Today's Discovery, Tomorrow's Future.
All scientific and technical information for the Magino project has been reviewed and approved by Tom Pollock, P.Geo., Prodigy's Vice President - Exploration, who is a qualified person under the definitions established by National Instrument 43-101. Drill core at Magino is boxed, covered, and sealed at the drill rig and moved to the Prodigy logging and sample preparation facilities by Prodigy personnel. The core is then split down the centre using a typical table fed circular rock saw normally at one metre intervals. One half of the core is sent for assay to ALS Chemex, 2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other half is returned to the core box and stored at Prodigy's sampling facility in a secure, fenced off, area. Prodigy QA/QC procedures include the regular use of blanks, standards and duplicate samples in addition to sending 10% of the samples off to a second lab for check assays. Samples assaying >3.0 gpt gold are automatically re-assayed by the metallic screen method. Gold assays greater than 40 gpt are capped at 40 gpt when calculating composite intervals in drill holes. Drill holes are directed as much as possible perpendicular to the strike and dip of the mineralization at Magino. As a rough estimate the true thickness of the above intercepts is approximately 76%.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Prodigy Gold Incorporated
Email: ir@prodigygold.com
Website: www.prodigygold.com
tel.: 1-604-688-9006 Fax: 1-604-688-9029
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Magino mine property and other future plans, objectives or expectations of Prodigy Gold Incorporated (the "Company") 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 from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/prodigy06092011.htm
Source: Prodigy Gold Inc. (TSX-V: PDG) http://www.www.prodigygold.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com
Prodigy Closes First Tranche of Financing and Exercise of Over Allotment by Casimir Capital L.P., National Bank Financial Inc., Paradigm Capital Ltd., Byron Capital Markets Ltd. and Macquarie Capital Markets Canada Ltd. to Raise $24.3M
Jun. 9, 2011 (Filing Services Canada) --
Prodigy Closes First Tranche of Financing and Exercise of Over Allotment by Casimir Capital L.P., National Bank Financial Inc., Paradigm Capital Ltd., Byron Capital Markets Ltd. and Macquarie Capital Markets Canada Ltd. to Raise $24.3M
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Vancouver, British Columbia CANADA, June 09, 2011 /FSC/ - Prodigy Gold Inc. (PDG - TSX Venture, KX3 - FWB), is pleased to announce that it has closed the first tranche of the previously announced private placement to raise $24.3 million, including $4.3 million on the exercise of an over-allotment option. Casimir Capital L.P., National Bank Financial Inc., Paradigm Capital Ltd., Byron Capital Markets Ltd. and Macquarie Capital Markets Canada Ltd. (the "Agents") have placed 28,170,000 common shares at a price of $0.65 per share plus 8,000,000 flow-through common shares at a price of $0.75 per flow-through common share.
As consideration for their services, the Agents were paid a cash commission of $1,458,630, equal to 6% of the gross proceeds of the financing and were issued Agent's warrants exercisable to purchase 1,085,102 common shares. The Agent's warrants have a strike price of $0.70 and are exercisable for a period of 24 months from Closing.
All securities issued in conjunction with the private placement are subject to a four month hold period.
Prodigy expects to close the second tranche of the financing shortly.
The proceeds from the private placement will be used to fund the Company's ongoing exploration and development at the Magino mine project and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or unless an exemption from such registration is available.
About Prodigy Gold: Prodigy Gold Inc. is currently evaluating the development of the Magino mine gold project in Ontario as an open-pit mining opportunity with the potential for deeper, higher grade production. The Magino project contains Indicated gold resources of 1,924,200 ounces grading 1.16 gpt gold (51.6 million tonnes), and 587,100 ounces of Inferred gold resources grading 1.04 gpt gold (17.5 million tonnes). A Preliminary Economic Assessment (PEA) of the project shows a pre-tax NPV of $351 million and an IRR of 49% using a 5% discount rate (available on SEDAR or Prodigy's web site). The proposed operation would have an average annual gold output of over 166,666 ounces a year during a nine year project life. Total gold production is estimated to be 1.50 million ounces at cash costs of approximately US$496 (Cdn$521) per ounce. Please note: mineral resources that are not mineral reserves do not have demonstrated economic viability.
A full feasibility study for the proposed open pit mining project at Magino is scheduled for early 2012. Bringing the Magino mine project through the feasibility process and towards production, coupled with the exploration potential of our Beardmore-Geraldton exploration properties, are the catalysts to growing Prodigy and building substantial value for Prodigy shareholders: Today's Discovery, Tomorrow's Future.
All scientific and technical information for the Magino project has been reviewed and approved by Tom Pollock, P.Geo., Prodigy's Vice President - Exploration, who is a qualified person under the definitions established by National Instrument 43-101. Drill core at Magino is boxed, covered, and sealed at the drill rig and moved to the Prodigy logging and sample preparation facilities by Prodigy personnel. The core is then split down the centre using a typical table fed circular rock saw normally at one metre intervals. One half of the core is sent for assay to ALS Chemex, 2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other half is returned to the core box and stored at Prodigy's sampling facility in a secure, fenced off, area. Prodigy QA/QC procedures include the regular use of blanks, standards and duplicate samples in addition to sending 10% of the samples off to a second lab for check assays. Samples assaying >3.0 gpt gold are automatically re-assayed by the metallic screen method. Gold assays greater than 40 gpt are capped at 40 gpt when calculating composite intervals in drill holes. Drill holes are directed as much as possible perpendicular to the strike and dip of the mineralization at Magino. As a rough estimate the true thickness of the above intercepts is approximately 76%.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Prodigy Gold Incorporated
Email: ir@prodigygold.com
Website: www.prodigygold.com
tel.: 1-604-688-9006 Fax: 1-604-688-9029
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Magino mine property and other future plans, objectives or expectations of Prodigy Gold Incorporated (the "Company") 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 from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/prodigy06092011.htm
Source: Prodigy Gold Inc. (TSX-V: PDG) http://www.www.prodigygold.com
Maximum News Dissemination by Filing Services Canada Inc. http://www.usetdas.com
Resource Intelligence: Prodigy Gold Incorporated -
TICKER: TSX.V:PDG -
http://www.resourceintelligence.net/hot-stocks-prodigy-gold/15937
Prodigy Gold Incorporated -
TICKER: TSX.V:PDG
http://www.theaureport.com/pub/co/3542
Prodigy Gold Incorporated
TICKER: TSX.V:PDG
http://www.theaureport.com/pub/co/3542
Prodigy Gold has released an updated NI 43-101 compliant
mineral resource estimate for the Magino mine project
http://www.theaureport.com/cs/user/download/co_file/2172/PRODIGY_GOLD__Presentation_15APR2011.pdf
(please see Press Release dated February 28, 2011).
The updated mineral resource estimate, reported within
a conceptual pit shell, was completed by Snowden Mining
Industry Consultants Inc. (Snowden) of Indicated gold
resources of 1,924,200 ounces grading 1.16 gpt gold
(51.6M tonnes), a more than four-fold increase in Measured
and Indicated gold resources over the previous resource
estimate that was focused on higher grade underground
mineable zones (InnovExplo Technical Report
issued 28 May, 2009).
Using the same cut off grade (0.35 gpt gold), the Magino deposit
is also estimated to contain 587,100 ounces of Inferred
gold resources grading 1.04 gpt gold (18.3M tonnes).
A complete Technical Report will be filed on SEDAR within 45
days of the distribution of the press release.
The resource estimate is set out in the table below and
reported at a series of cut off grades.
Indicated http://www.stockhouse.com/Bullboards/MessageDetail.aspx?s=PDG&t=LIST&m=29686652&l=0&pd=0&r=0
Prodigy believes that the revised Magino resource estimate is significant for several reasons:
Prodigy anticipates that the new resource estimate will have a significant positive impact on the planned, upcoming PEA, due in April 2011.
The Magino project has a good average gold grade by open pit mining standards and locally exhibits zones of higher grade gold mineralization that extend to the surface. This geometry should enhance the pit optimization studies that are part of the ongoing PEA process. The PEA will examine mining and processing costs in detail and utilize a lower gold price for the base case economic analysis.
Deeper gold mineralization, drilled to a depth of only 600 metres and completely open, shows that the Magino gold system has the potential to grow further with additional exploration, not only along strike but at depth as well. The potential for deeper, high grade gold mineralization, has not been tested to date.
In-fill drilling, guided in part by the results of this resource estimate, can add additional gold resources to Magino. Data from the on-going in-fill drilling program will be incorporated into a further update to the project gold resource estimate as Prodigy moves the Magino project towards full feasibility.
The overall size of the Magino gold system as documented by this updated resource estimate confirms the growing gold budget of the district and underscores the exploration upside of the area.
http://www.usetdas.com/TDAS/NewsArticle.aspx?NewsID=17013
http://www.resourceintelligence.net/prodigy-gold-3d-drill-tour-magin/15280
Prodigy Announces $20.0 Million Financing
May 25, 2011 (Filing Services Canada) --
Prodigy Gold Inc.
(PDG - TSX Venture, KX3 - FWB), (the "Company" or "Prodigy")
is pleased to announce that it has entered into an agreement
with a syndicate of brokers led by Casimir Capital Ltd.
and including National Bank Financial Inc.,
Paradigm Capital Inc. and Byron Capital Markets Ltd.
(the "Agents") to act as agents in connection with a
private placement on a best efforts agency basis of
23,076,923 common shares at a price of $0.65 per share
plus 6,666,667 flow-through common shares at a price
of $0.75 per flow-through common share for aggregate
gross proceeds of approximately $20,000,000.
Under the agreement, the number of flow through common shares
sold in the offering may not exceed the lesser of
(i) 25% of the aggregate number of non flow-through common
shares and flow-through common shares sold in the offering and
(ii) that number of flow through shares that represent
proceeds of $5 million.
As consideration for acting as agents, the Agents will be paid
a commission of 6% of the total proceeds raised upon closing
and issued agents' warrants ("Agents' Warrants") equal to 3%
of the common shares issued pursuant to this offering.
Each Agents' Warrant will be exercisable to acquire one common
share at $0.70 expiring 24 months after the closing date.
The Company has also granted the Agents an over-allotment
option to solicit an additional $5 million in non flow-through
shares, exercisable 48 hours prior to closing.
All securities issued in conjunction with the private
placement will be subject to a four month hold period.
The private placement is subject to acceptance of a filing
to be made in respect of same by the TSX Venture Exchange.
The offering expected to close on or about June 8, 2011.
The proceeds from the private placement will be used to fund
the Company's ongoing exploration and development at
the Magino mine project and general corporate purposes.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities
in the United States.
The securities have not been and will not be registered
under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act") or any state securities laws
and may not be offered or sold within the United States
or to U.S.
Persons unless registered under the U.S. Securities Act
and applicable state securities laws, or unless an
exemption from such registration is available.
About Prodigy Gold:
Prodigy is currently evaluating the development of
the Magino mine gold project in Ontario
as an open-pit mining opportunity with the potential
for deeper, higher grade production.
The Magino Gold mine project contains;
Indicated gold resources of 1,924,200 ounces
grading 1.16 gpt gold (51.6 million tonnes),
and 587,100 ounces of Inferred gold resources
grading 1.04 gpt gold (17.5 million tonnes).
A preliminary Economic Assessment (PEA) of the project
shows a pre-tax NPV of $351 million and an IRR
of 49% using a 5% discount rate (available on SEDAR or
Prodigy's web site).
The proposed operation would have an average annual gold
output of over 166,666 ounces a year during a nine year
project life.
Total gold production is estimated to be 1.50 million ounces
at cash costs of approximately US$496 (Cdn$521) per ounce.
Please note: mineral resources that are not mineral reserves
do not have demonstrated economic viability.
A full feasibility study for the proposed open pit mining
project at Magino is scheduled for early 2012.
Bringing the Magino mine project through the feasibility
process and towards production, coupled with the exploration
potential of our Beardmore-Geraldton exploration properties,
are the catalysts to growing Prodigy and building substantial
value for Prodigy shareholders:
Today's Discovery, Tomorrow's Future.
All scientific and technical information for the Magino project
has been reviewed and approved by Tom Pollock, P.Geo.,
Prodigy's Vice President - Exploration,
who is a qualified person under the definitions established
by National Instrument 43-101.
Drill core at Magino is boxed, covered, and sealed at the
drill rig and moved to the Prodigy logging and sample
preparation facilities by Prodigy personnel.
The core is then split down the centre using a typical table
fed circular rock saw normally at one metre intervals.
One half of the core is sent for assay to ALS Chemex,
2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other
half is returned to the core box and stored at
Prodigy's sampling facility in a secure, fenced off, area.
Prodigy QA/QC procedures include the regular use of blanks,
standards and duplicate samples in addition to sending 10%
of the samples off to a second lab for check assays.
Samples assaying >3.0 gpt gold are automatically re-assayed
by the metallic screen method.
Gold assays greater than 40 gpt are capped at 40 gpt when
calculating composite intervals in drill holes.
Drill holes are directed as much as possible perpendicular
to the strike and dip of the mineralization at Magino.
As a rough estimate the true thickness of the above
intercepts is approximately 76%.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Prodigy Gold Incorporated
Email: ir@prodigygold.com
Website:
http://www.prodigygold.com
tel.: 1-604-688-9006
Fax: 1-604-688-9029
This news release includes certain forward-looking statements or
information---- the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
To review this press release as a web page, click onto the link
below :
http://www.usetdas.com/PR/prodigyrev25052011.htm
Source:
Prodigy Gold Inc.
(TSX-V: PDG)
http://www.prodigygold.com
Corporate Presentation
May 24, 2011
http://www.prodigygold.com/_resources/prodigy_gold_presentation_24may2011.pdf
Prodigy Doubles In-Fill Drilling Program at Magino
to More Than 40,000 Metres
May 19, 2011 (Business Wire) --
Prodigy Gold Incorporated
(PDG: TSX.V) is pleased to announce that it is doubling
the scope of its on-going in-fill and resource expansion
drilling program to a total of 45,000 metres at its
100% owned Magino mine gold project in Ontario.
Results to date have been very encouraging as all targets
defined during the analysis of the Magino block model have
been successfully tested.
These results have defined new targets for resource expansion
prompting the expansion of the scope of the drilling program.
Four drill rigs are currently operating on the property with
approximately 17,000 metres of drilling completed to date.
Drill holes will be prioritized so that those holes which
have the biggest potential impact on the block model and
gold resource are drilled first.
The Magino mine gold project Preliminary Economic Assessment
has been posted on SEDAR and is also available on
the company's web site.
About Prodigy Gold:
Prodigy Gold Inc. (PDG: TSX.V) is currently evaluating
the development of the Magino mine gold project in Ontario
as an open-pit mining opportunity with the potential
for deeper, higher grade gold production.
The Magino project contains Indicated gold resources of
1,924,200 ounces grading 1.16 gpt gold (51.6 million tonnes),
and 587,100 ounces of Inferred gold resources grading
1.04 gpt gold (17.5 million tonnes).
A Preliminary Economic Assessment (PEA) of the project shows
a pre-tax NPV of $351 million and an IRR of 49% using a
5% discount rate (available on SEDAR or Prodigy's web site).
The proposed operation would have an average annual gold
output of over 166,000 ounces a year during a nine year
project life.
Total gold production is estimated to be 1.50 million ounces
at cash costs of approximately US$496 (Cdn$521) per ounce.
Please note:
mineral resources that are not mineral reserves do not
have demonstrated economic viability.
A full feasibility study for the proposed open pit mining
project at Magino is scheduled for early 2012.
Bringing the Magino mine project through the feasibility
process and towards production, coupled with the
exploration potential of our Beardmore-Geraldton
exploration properties, are the catalysts to growing
Prodigy Gold and building substantial value for
Prodigy shareholders: Today's Discovery, Tomorrow's Future.
All scientific and technical information for
the Magino project has been reviewed and approved
by Tom Pollock, P.Geo., Prodigy Gold’s Vice President – Exploration, who is a qualified person under the
definitions established by National Instrument 43-101.
Drill core at Magino is boxed, covered, and sealed at the
drill rig and moved to the Prodigy logging and sample
preparation facilities by Prodigy Gold personnel.
The core is then split down the centre using a typical table
fed circular rock saw normally at one metre intervals.
One half of the core is sent for assay to ALS Chemex,
2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other
half is returned to the core box and stored at
Prodigy’s sampling facility in a secure, fenced off, area.
Prodigy QA/QC procedures include the regular use of blanks,
standards and duplicate samples in addition to sending 10%
of the samples off to a second lab for check assays.
Samples assaying > 3.0 gpt gold are automatically re-assayed
by the metallic screen method. Gold assays greater than
40 gpt are capped at 40 gpt when calculating composite
intervals in drill holes.
Drill holes are directed as much as possible perpendicular to
the strike and dip of the mineralization at Magino.
As a rough estimate the true thickness of the above
intercepts is approximately 76%.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
This news release includes certain forward-looking statements --
--the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Prodigy Gold Incorporated
Brian J. Maher
Email: ir@prodigygold.com
Website:
http://www.prodigygold.com
Tel.: 1-604-688-9006
Fax: 1-604-688-9029
PDG presentaiion, for your review...Incredible proof
of the MAGINO Mine...read carefully....
...enjoy, all you PDG Shareholders....here is the link
to this complete Report issued today... May 24....
http://www.prodigygold.com/_resources/prodigy_gold_presentation_24may2011.pdf
God Bless
PDG presentaiion, for your review...Incredible proof
of the MAGINO Mine...read carefully....
...enjoy, all you PDG Shareholders....here is the link
to this complete Report issued today... May 24....
http://www.prodigygold.com/_resources/prodigy_gold_presentation_24may2011.pdf
God Bless
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God Bless
Prodigy Drills 143m Grading 1.54 gpt Gold at Magino
Apr. 14, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
Prodigy Gold Incorporated
(TSX VENTURE:PDG)(FRANKFURT:KX3) is pleased to announce
additional results from its in-fill and resource expansion
drilling program at its 100% owned Magino mine gold project
in Ontario.
Highlights include drill MA11-006 which intercepted 143 metres
grading 1.54 gpt gold including 67 metres grading 2.12 gpt gold.
Higher grades were intercepted in drill hole MA11-005:
38 metres grading 2.11 gpt gold including 25 metres grading
3.13 gpt gold.
The grades and widths seen in these two drill holes are
consistent with earlier announced in-fill drill holes and
continue to expand the known zone of gold mineralization
within the proposed open pit modeled in the recently announced
Preliminary Economic Assessment (PEA) (April 4, 2011).
http://tmx.quotemedia.com/article.php?newsid=40337074&qm_symbol=PDG
Prodigy Gold sampling protocol mandates a metallic screen assay for any sample that produces a fire assay greater than 3 gpt gold. Revision to the sampling protocol now requires that any sample with visible gold is also subjected to a metallic screen assay. As a result, Prodigy has received new metallic screen assays for previously reported drill hole MA11-004 that have resulted in a recalculation and increase in the composite grade to 261 metres grading 1.32 gpt gold (previously reported as 261 metres grading 1.13 gpt gold, March 16, 2011). A table with all assay results including the restated data for hole MA11-004 is below.
Drill Hole From (metres) To (metres) Length (metres) Grade (gpt gold)
MA11-004 122.0 383.0 261.0 1.32
Including: 134.4 239.0 104.6 2.06
Including: 271.9 340.0 68.1 2.69
Including: 308.1 308.9 0.8 40.00*
Including: 315.5 316.0 0.5 40.00*
600.0 703.0 103.0 1.07
Including: 600.0 623.0 23.0 2.34
MA11-005 131.0 177.0 45.0 0.37
192.0 274.0 82.0 0.90
Including: 199.0 220.0 21.0 2.26
309.0 347.0 38.0 2.11
Including: 321.0 347.0 26.0 3.17
360.0 411.1 51.1 1.38
373.0 393.0 20.0 3.13
MA11-006 123.0 266.0 143.0 1.54
Including: 123.0 190.0 67.0 2.12
295.0 305.0 10.0 1.16
529.0 652.0 123.0 0.36
*Note: All gold assays greater than 40 gpt gold are capped at 40 gpt when calculating composite intervals.
The Magino in-fill drilling program now consists of four diamond drill rigs targeting areas for resource expansion within the proposed open pit. To date, Prodigy has completed 18 drill holes totaling 6,901 metres of the planned 20,000 metre drill program. When completed, the results of the in-fill drilling program will be used to update the Magino gold resource estimate and PEA later this year. A drill hole location map is shown below.
Note: To view "Magino Drilling map", please click the following link: http://media3.marketwire.com/docs/Prodigy_map_0414.pdf
Magino mineral resource update: A NI 43-101 compliant technical report entitled "Prodigy Gold Incorporated: Mineral Resource Estimate, Magino Gold Project, Ste. Sault Marie Mining District, Ontario" was filed on SEDAR yesterday, April 13th, and will also be available on the company's web site.
About Prodigy Gold: Prodigy Gold Inc. (TSX VENTURE:PDG)(FRANKFURT:KX3) is currently evaluating the development of the Magino mine gold project in Ontario as an open-pit mining opportunity with the potential for deeper, higher grade gold production. The Magino project contains Indicated gold resources of 1,924,200 ounces grading 1.16 gpt gold (51.6 million tonnes), and 587,100 ounces of Inferred gold resources grading 1.04 gpt gold (17.5 million tonnes) (Available on SEDAR or Prodigy's web site). A Preliminary Economic Assessment (PEA) of the project shows a pre-tax NPV of $351million and an IRR of 49% using a 5% discount rate (please see Prodigy press release dated April 4, 2011). The proposed operation would have an average annual gold output of over 166,000 ounces a year during a nine year project life. Total gold production is estimated to be 1.50 million ounces at cash costs of approximately US$496 (Cdn$521) per ounce. Please note: mineral resources that are not mineral reserves do not have demonstrated economic viability.
A full feasibility study for the proposed open pit mining project at Magino is scheduled for early 2012. Bringing the Magino mine project through the feasibility process and towards production, coupled with the exploration potential of our Beardmore-Geraldton exploration properties, are the catalysts to growing Prodigy Gold and building substantial value for Prodigy shareholders: Today's Discovery, Tomorrow's Future.
All scientific and technical information for the Magino project has been reviewed and approved by Tom Pollock, P.Geo., Prodigy Gold's Vice President – Exploration, who is a qualified person under the definitions established by National Instrument 43-101. Drill core at Magino is boxed, covered, and sealed at the drill rig and moved to the Prodigy logging and sample preparation facilities by Prodigy Gold personnel. The core is then split down the centre using a typical table fed circular rock saw normally at one metre intervals. One half of the core is sent for assay to ALS Chemex, 2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other half is returned to the core box and stored at Prodigy's sampling facility in a secure, fenced off, area. Prodigy QA/QC procedures include the regular use of blanks, standards and duplicate samples in addition to sending 10% of the samples off to a second lab for check assays. Samples assaying > 3.0 gpt gold are automatically re-assayed by the metallic screen method. Gold assays greater than 40 gpt are capped at 40 gpt when calculating composite intervals in drill holes. Drill holes are directed as much as possible perpendicular to the strike and dip of the mineralization at Magino. As a rough estimate the true thickness of the above intercepts is approximately 76%.
On behalf of the Board of Directors
Brian J. Maher, President and Chief Executive Officer
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Magino mine property and other future plans, objectives or expectations of Prodigy Gold Incorporated (the "Company") 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 from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Prodigy Gold Incorporated
President and Chief Executive Officer
1-604-688-9006
1-604-688-9029 (FAX)
ir@prodigygold.com
http://www.prodigygold.com
PDG Golden Goose Eggs $3000/oz
PDG NEW PRESENTATION April 11-11 Superb
Boy Mr. Maher, along with his BOD are working very hard to get to the production phase of MAGINO AND MORE...It is certainly fascinating, from a Geologic view, how they have discovered not only the existing Gold within these infill drilling, which show great amounts, like that 281 Ms an that 100Ms +of proven Economic Gold, at a cost of #496 per ounce, and they have yet to release the vast majority of these in fill drills, but I feel after a carefull review of this report , that PDG is actually finding much more gold, as they are able to identify many more Gold Areas, even within the envisioned Open Pit....
In my view , they will not be leaving this area anytime soon, and so we may have assay results due out, in a couple of months or so, but as I say much more drilling here will be necessary, because of the current drilling is showing many more Gold areas
I would reasonably say that this PDG open PIT, will at least this year rack up over 4 Million ounces, just in the outlined pit...And I would also that outside said open Pit area, there will also find large areas masses of similar grades...One very interesting point made at least 3 times, is that they only have drilled down to 600 Ms , and are very exited indeed about drilling down there, since it appears that the deeper thy drill, the higher the grade...
As for their other properties, It seemed to me that 2 smaller drilling programs will be undertaken this summer, however, my interpretation was that MAGINO would be for NOW, the main area of work. After reviewing this report I have come to the conclusion that MAGINO and it surrounding 20 square KMS, will hold some real surprises, as evidenced by the fact that they intend to study and acquire more land besides/adjacent to Magino...
I am sure next year when they are ready to open up the pit, that the 200 Millions $$ required will be easily available as a Bankable report will be done, up to that time...Mr. Maher intends to continue feasible take overs with known deposits of Gold, and continue building shareholder Values$$ for our PDG here in good old safe CANADA........
Thank you Mr. Maher and BOD , you now have the bull by it,s horns...well done...
M99.....ENJOY!!!!!
....
http://prodigygold.com/_resources/prodigy_gold_-presentation_11apr2011.pdf
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Prodigy Gold Live @ PDAC
By admin · April 6, 2011 · 10:44 am · Leave a Comment
http://www.resourceintelligence.net/prodigy-gold-live-pdac/16947
Resource Intelligence Live @ PDAC: Prodigy Gold’s Brian Maher, President and CEO
Check out the company’s profile and evaluate their resources HERE, with RI Analytics.
RI: Brian Maher, would you first update us on your Magino Mine project? Gold investors need to know about your new resource estimate that significantly increased your resources.
BM: At the Magino mine project—located northeast of Wawa, Ontario—we just put out a brand-new resource estimate. Indicated gold resources of 1.9 million ounces and inferred resources of 0.6 million ounces at an average grade in both categories of about 1.1 g/t gold. The real significance is that this is a resource estimate that’s really tightly constrained. We’ve used a conceptual pit shell so that all these numbers report to a conceptual pit shell and these aren’t resource numbers floating out into space. The pit shell goes down to 300 metres and what is really interesting about this system is that we know by drilling that it extends down to at least 600 metres and is open at depth. This is really just the first pass examination of what we have within a conceptual open pit operation.
RI: It’s been looked at in the past as an underground deposit but what you’ve found is more mineralization all around your high-grade mineralization.
BM: Exactly. It was an underground mine that operated between 1988 and 1992. It produced 105,000 ounces and that is how the project was traditionally viewed. We came and did our due diligence during the acquisition phase and that’s when we recognized there were large volumes of disseminated mineralization enveloping the higher grade chutes. We’ve now come through with a new model and we now have this resource which reflects what could possibly be mined in a future open pit operation.
RI: Let’s talk about this project as far as costs. Is this just a high-grade open pit deposit or do you have a lot of buffer in terms of gold dropping back down to $1,000 or $800?
BM: One thing that anyone who examines the data we’ve put out is that if you look at this deposit at a variety of cutoff grades it’s still very robust as that cutoff grade rises. How does that reflect the gold price? If gold prices should go down you’d have to apply that higher cutoff grade. In other words, it should be fairly well insulated from significant changes in gold prices which is something we’re all looking at when we think about what this thing is going to look like in 2015 or 2020 when it may actually be in production.
RI: Do you have a sense of your cash costs per ounce?
BM: What we’ve done is we’re going to take this resource and put out a preliminary economic assessment, essentially a scoping study or pre-feasibility study on the deposit. The engineering consortium that we put together to do the work have a series of parameters that we would like them to examine in terms of what this thing could look like. The targets we’ve established are in operation of about 15,000 tonnes per day. We would like to see the cash costs at the $500 or less range. These are targets obviously, but we feel with those types of parameters we’d be looking at a very robust and very profitable mining operation.
RI: You’re also a geologist and you’ve got experience on both sides of the coin with exploration experience and production experience.
BM: In the course of my career I’ve had the good fortune of working in exploration as well as in production. That’s unique for a geologist. Most people just have one side or the other. I’ve seen the pit falls of what can happen when you’re actually trying to produce from that great resource you have out there. When we sit down and we’re talking to the engineering team about what this could look like I understand the ins and outs of the milling, mining and production and the costs. It allows us to be a little bit tougher on these guys to make sure that we’re getting a good solid number out to the public.
RI: Let’s talk about the infrastructure for the project. It’s well-chosen in the sense that it’s a past producer. You’ve got an existing road to the project and power, what else?
BM: One of the things that is foremost in our business plan company-wide is that, with the projects that we have besides Magino, we like being in Ontario and Eastern Canada. Besides the obvious geopolitical stability portion of the equation, you are in a part of this country where there is a history and culture of mining. When you start announcing that you’re starting to think about putting something into production and going forward with a major mining operation, the reaction from the communities and in the regulatory agencies is one of good, we understand that. To me, that’s part of the infrastructure question as well.
For Magino’s infrastructure, we have power to the property, a rail line within three kilometers, road right to the project and adjacent to us is an operating underground gold mine. In other words, all those key pieces that you look for to build an operation are already in place. The key for a shareholder or investor is that it lowers your capital costs as you’re developing a project.
RI: You’re coming out with a PEA this year and you’re planning on a feasibility study next year, is that the kind of pace that you think investors need for this project?
BM: I think most of the people in this industry, investors as well as professionals, view the current gold price cycle as being long-lived. The reality is that this is an opportunity in this price cycle to develop projects. There is really no reason to go slow or delay especially if you have a project like ours which has an operating history, metallurgical tests already completed and 1,300 drill holes already present. We can somewhat fast-track this type of gold project.
So we put out a time-line that, while aggressive, is achievable. The PEA is scheduled for mid April of this year and then we’ll launch directly into full feasibility. We just put out the first revised resource number last week but we have drilling ongoing with a 20,000 metre program in-filling to upgrade the resource and move ounces from the inferred category into indicated and measured but also to make sure that we’re seeing all the gold that’s in the system and bring new ounces to the resource.
RI: You’re talking about a target production rate of 15,000 tonnes per day and up to 150,000 ounces of gold per year, what is the mine life?
BM: Ideally we’d like to see a mine life in the 10-year range. The reason for that is twofold, when you’re starting a mining operation and looking at cash flow and discounted cash flow analysis revenue dollars that at year 15, 16 or 17 are so highly discounted that they don’t really impact the NPV of a project. However, a very short mine life that may bring cash rapidly to the project doesn’t give you the flexibility should there be an issue during the operation. We try to plan for everything in the mining world but the reality is that each mine is its own unique situation and you want to have some flexibility in terms of operations so that if there is something that’s different than planned for you can make an adjustment and still go forward. A 10 year mine life is really ideal as you’re targeting what you’d like to see.
RI: When you look at a lot of projects of this size they might choose something smaller such as a 3,500 to 5,000 tonne per day model but what you’re going to be doing is bringing yourself much closer to a mid-tier producer status.
BM: We feel that the 150,000 ounce plateau is crucial because lower than that you’re really a micro gold producer and not approaching that mid tier level. If you look at market valuations those companies at 150,000 ounce per year or higher tend to receive more enterprise value per ounce of production than smaller producers. It’s a key benchmark of what kind of company you are and where you can go. It’s all driven by your deposit and we are fortunate enough at Magino to have a property that can meet those criteria.
RI: How well financed are you to take it through the next steps?
BM: Right now we have working capital of about $8 million, which we can easily get through the year if we wish. We believe we’re going to see some significant share price appreciation as the market starts to digest the news of our resource, as we put out the PEA, as the drilling results from the infill program continue and if an opportunity were to present itself to finance at a higher share price we’d certainly look at it.
RI: I look at your share price and compare it to your peers and it’s instantly clear to me that you’re being discounted for something there?
BM: We see that as well. Right now we’re trading for $25 or $26 per resource ounce in the ground and our peer group, those with an advanced project in Eastern Canada, are getting upwards of $150 per resource ounce in the ground. That does make us dramatically undervalued but perhaps that is the opportunity that we’re presenting to the investment community and recognizing that we’ve only had this resource out for five days and the PEA is still coming, drill results are forthcoming and a new resource update in the middle of the year followed up by full feasibility. There will be plenty of benchmarks along the way for re-valuation of the company so that we do achieve the valuation that our peer group has.
RI: What milestones do you think are most important and that investors are going to be looking for?
BM: I think in the short term, our PEA, so we can put some economic numbers to this resource. There are a lot of gold resources out there but not many of them actually get to the PEA stage where you’re demonstrating the economic viability and potential mining operation. When you do that you’re taking the risk out of those ounces in the ground and you provide some security for shareholders and give them something tangible they can look at. The PEA is going to be a major value driver for us.
Prodigy Gold Inc. (TSX:PDG) Schart TA TI P&F Alert Bullish Price 1st Target fiat$1.24 per share -
GOLD chart TA TI P&F Bullish Price 1st Target Obj $1710.8 per ounce
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=61802225
Prodigy Gold soars after PEA results from Magino
indicate 49% IRR
Mon 1:41 pm by Deborah Sterescu
Prodigy Gold soars after PEA results from Magino
indicate 49% IRR
Prodigy Gold's (CVE:PDG)
shares rose as high as 19% on Monday after the company announced
an estimated 49% internal rate of return from its Magino gold
project in northern Ontario, with cash costs of just
US$496 per ounce.
Following the release of the comany's preliminary economic
assessment (PEA) on the Magino mine today, its shares soared
to $0.50 as of 11:46am EST - up nearly 15%.
The NI 43-101 compliant report, led by CWA Engineers,
also estimated that using a US$1,000 per ounce gold price,
the open pit gold project would generate a pre-tax
net present value of $351 million at a 5% discount rate.
Average annual gold production for Magino is projected
at 166,500 ounces per year over a nine-year operating life,
for 1.50 million total ounces of recovered gold.
The recovery rate is estimated at a whopping 95%,
with the average grade processed during the first
two years of operations expected to be 1.6 g/t gold.
Prodigy said that start up capital costs were calculated
at $242 million, with an additional $34 million in
sustaining capital, and a payback period of 1.8 years.
"With a projected mine life of nine years, cash costs
of US$496 (Cdn$521) per ounce and rapid payback of capital,
Magino is developing into one of the leading undeveloped gold
projects in eastern Canada," said president and CEO Brian Maher.
"The on-going in-fill drilling program, which is targeting
gold mineralization within the proposed open pit, may enhance
project economics as we convert internal waste into resources,
simultaneously increasing contained ounces and lowering costs."
The company said it plans on updating the preliminary economic
report once this drilling is completed.
Based on the pit design and production schedule used for
the study, Magino has total mineable resources of
41.8 million tonnes, grading 1.18 g/t gold.
A full feasibility study for the proposed open pit mining
project is scheduled for early 2012.
http://www.proactiveinvestors.com/companies/news/13570/prodigy-gold-soars-after-pea-results-from-magino-indicate-49-irr-13570.html
Picassa well, the price have to be
above $3.- in the future
when the mine production starting up
Prodigy gold new Corporate Presention Dated March 28/2011
http://www.prodigygold.com/investors/
Too bad they don't come on the AMEX
Prodigy gold new Corporate Presention
Dated March 28/2011
http://www.prodigygold.com/investors/
Prodigy Receives Positive PEA For Magino: NPV of $351M and IRR of 49%
Apr. 4, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
Prodigy Gold Incorporated
(TSX VENTURE:PDG) is pleased to announce the results from a
NI 43-101 compliant Preliminary Economic Assessment (PEA)
of its 100% owned Magino mine gold project in northern Ontario.
The PEA, completed by CWA Engineers Inc., in a consortium
including Snowden Mining Industry Consultants Inc. (Snowden)
and Knight Piésold Canada, has established strong economics
for the proposed open pit gold mining project at Magino.
(All figures are in Canadian dollars except where noted).
http://tmx.quotemedia.com/article.php?newsid=40056575&qm_symbol=PDG
Highlights of the PEA (base case using US$1,000/oz gold):
Pre-tax Net Present Value (NPV) of $351 million at a 5% discount rate generating an Internal Rate of Return (IRR) of 49%; payback period is 1.8 years
At a US$1,300/oz gold price, the project generates a pre-tax NPV of $691 million and an IRR of 80%
Pre-tax cash flow from operations over the proposed Life of Mine (LOM) is estimated to be $796 million, net cash is projected to be $520 million LOM
Start-up capital costs are estimated to be $242 million with an additional $34 million in sustaining capital
Average annual gold production is estimated to be 166,500 ounces per year over a nine year operating life producing 1.50 million ounces of gold, recovery is estimated to be 95%
Average LOM cash operating costs (exclusive of sustaining capital) are estimated to be US$496 (Cdn$521) per ounce
During the first two years of proposed mine operations, the average grade processed will be 1.60 gpt gold
Total minable resources of 41.8 million tonnes grading 1.18 gpt gold with a strip ratio of 2.8:1
Ongoing in-fill drilling to date is targeted at increasing the gold resource by converting internal waste to resources; the PEA to be updated upon completion of the drilling
Brian Maher, President and CEO of Prodigy Gold stated: "The completion of the Magino mine PEA by the engineering consortium is a major milestone for Prodigy Gold, demonstrating the robust economics of our proposed open pit gold mine at Magino. With a projected mine life of nine years, cash costs of US$496 (Cdn$521) per ounce and rapid payback of capital, Magino is developing into one of the leading undeveloped gold projects in eastern Canada. The on-going in-fill drilling program, which is targeting gold mineralization within the proposed open pit, may enhance project economics as we convert internal waste into resources, simultaneously increasing contained ounces and lowering costs. We view this PEA as a first pass analysis and look forward to fine-tuning the operating and milling plan with a focus on lowering costs and increasing the resource base prior to completing a full feasibility study."
Project Assumptions and Parameters:
Assumptions:
Base gold price (US$/oz) 1,000
Exchange Rate (Cdn$/US$) 1.05
Milling rate (tpd) 15,000
--No royalty
--No sunk costs
--Total capital costs include initial and sustaining capital
--100% equity financing
--Costs are estimated in 2011 first quarter dollars
Mine and Mill Parameters:
Total resource milled (million tonnes) 41.82
Waste moved (million tonnes) 115.55
LOM strip ratio 2.76:1
Average gold grade (gpt) 1.18
Total contained gold (million oz) 1.57
Estimated gold recovery (%) 95
Total recovered gold (million oz) 1.50
Project life (years) 9
Average annual production (oz) 166,500
Costs and Capital Requirements:
Mining costs ($/tonne) 2.25
Transportation costs ($/tonne) 0.50
Milling costs ($/tonne) 9.17
G and A ($/tonne) 1.13
Pre-production capital ($ million) 242
Sustaining capital ($ million) 34
Average cash cost (US$/oz) 496 (Cdn$521)
Financial Analysis:
Average annual pre-tax cash flow ($ million) 57.8
NPV 5% discount rate pre-tax ($ million) 351
NPV 5% discount rate post-tax ($ million) 259
IRR pre-tax (%) 49
IRR post-tax (%) 41
Pre-tax payback period (years) 1.8
Magino Mine Resources
The Magino mine resources used in the PEA were previously reported in a Prodigy Gold press release dated February 28, 2011. The resource estimate, completed by Snowden, contained Indicated gold resources of 1,924,200 ounces grading 1.16 gpt gold (51.6 million tonnes) and 587,100 ounces of Inferred gold resources grading 1.04 gpt gold (17.5 million tonnes) using a 0.35 gpt cut off grade. The complete resource estimate table is included below:
Indicated Inferred
Cut off (gpt Gold) Tonnes Grade (gpt Gold) Grams Gold Ounces Gold Tonnes Grade (gpt gold) Grams Gold Ounces Gold
2.00 6,991,000 2.86 19,969,200 642,000 1,807,000 2.79 5,043,900 162,200
1.50 11,635,000 2.41 28,036,500 901,400 2,711,000 2.43 6,599,300 212,200
1.00 20,192,000 1.90 38,336,900 1,232,600 5,854,000 1.77 10,343,100 332,500
0.75 31,532,000 1.53 48,105,600 1,546,600 10,113,000 1.39 14,017,800 450,700
0.50 46,939,000 1.23 57,785,400 1,857,800 15,579,000 1.12 17,422,900 560,200
0.35 51,633,000 1.16 59,850,000 1,924,200 17,494,000 1.04 18,260,400 587,100
Potentially open-pit minable resources were calculated by Snowden using Snowden's resource model (as reported in a press release dated February 28, 2011). This resource model as well as the cost parameters mentioned above, and an average pit wall slope assumption of 45° were used to develop an optimum final pit shell using Whittle 4D. After determining the optimal pit shell Snowden then used lower revenue factor shells to select appropriate push backs to assist in scheduling the operation. Snowden then developed a life of project schedule for the resource which utilizes an extensive low grade stockpile to increase the average mill feed grade, maximizing value in the early years of the project's life. The schedule developed supports an average mill feed rate of 15,000 tonnes per day, for about nine years. To support this mill feed, total material movement from the open pit peaks at about 62,500 tonnes per day in year three with a typical material movement requirement of about 55,000 tonnes per day of combined waste and process feed.
Using the final pit shell from Whittle, Snowden designed a conceptual final pit design as well as associated waste dumps, low grade stockpile, and ramps. Mining is assumed to be undertaken by a contractor. The financial analysis includes a mobilization allowance of $5 million for the contractor.
Mining and Production
The pit design, optimization and production schedule prepared by Snowden resulted in a potential production schedule containing 41.82 million tonnes grading 1.18 gpt gold. Total gold recovered over a nine year project life is 1.50 million ounces, averaging 166,500 ounces per year. The LOM average strip ratio is estimated to be less than 2.8 to 1. A summary of the annual mine production is outlined below.
To view summary of the annual mine production, please visit the following link: http://media3.marketwire.com/docs/PGOLD44.pdf
Processing Facility
The PEA contemplates using a conventional carbon-in-leach (CIL) processing facility operating at 15,000 tpd with 95% availability. The crushing consists of a three stage crushing plant and a fine ore stockpile. The fine ore will be reclaimed to feed two ball mills in parallel. Each ball mill will be in a closed circuit with cyclones.
The cyclone overflow from each ball mill will be fed to a train of leach tanks with sodium cyanide and carbon (carbon-in-leach process) for 48 hours to extract 95% of the contained gold. The loaded carbon will be washed and stripped in a hot caustic solution at an elevated temperature and pressure. The pregnant solution exiting from the stripping circuit will be cooled and pumped to a set of electrowinning cells where the gold will be plated out on steel wool. The gold laden steel wool will be smelted on site to produce dore.
The stripped carbon will be reactivated and returned to the CIL circuit. The residual cyanide in the tailings from the leach will be destroyed using sulphur dioxide, copper sulphate and lime before the tailings are pumped to the storage area. The supernatant from the tailings will be reclaimed and re-used in the process plant.
Operating Costs
Operating cash costs, excluding sustaining capital, over LOM are projected to average US$496/oz (Cdn$521). Costs are summarized below:
$/tonne milled $/tonne mined $/oz gold
Average mining costs 8.31 2.25 232 (US$221)
Stockpile reclaim 0.50 - 2 (US$2)
Processing cost 9.17 - 256 (US$244)
G and A 1.13 - 31 (US$29)
Total: 19.11 - 521 (US$496)
Capital Cost Estimates
The PEA is based upon capital pricing as of the first quarter of 2011. The level of accuracy of the capital cost estimate is ± 40% for this PEA. Pre-production capital costs are estimated at $242 million. Because mining is assumed to be undertaken by a contractor, the mining fleet capital is limited to $5 million for the contractor mobilization. Sustaining capital, principally staged additions to the capacity of the tailings pond, is estimated to be $34 million. The cost breakdown for pre-production capital expenditures, assuming contract mining, is shown below.
Description Pre-production Capital ($ million) Sustaining Capital ($ million)
Mining 5
Process Plant 142
Tailings 17 34
Infrastructure 4
Total direct costs 168 34
Other Indirect 2
EPCM 16
Contingency (30%) 56
Total indirect costs 74
Total 242 34
Financial Analysis
The financial analysis for the Base Case evaluation utilizing a gold price of US$ 1,000 per ounce indicates a pre-tax NPV at a 5% discount rate of $351 million with an IRR of 49% and a payback period of 1.8 years. On an after tax basis, the NPV at a 5% discount rate is $259 million with an IRR of 41% at a gold price of US$1000 per ounce. The project generates an undiscounted pre-tax cash flow from operations of $796 million over the LOM. The table below outlines NPV and IRR at a variety of gold prices and discount rates (DR) on a pre-tax basis.
Gold Price (USD$) 1,000 900 1,200 1,300
Cash flow from operations ($ million) 796 638 1,112 1,269
NPV 0% DR ($ million) 520 362 835 993
NPV 5% DR ($ million) 351 237 578 691
NPV 7.5% DR ($million) 289 192 484 581
IRR Base Case (%) 49 38 70 80
Note on Mineral Resources
Mineral resources that are not mineral reserves do not have demonstrated economic viability. This assessment is preliminary in nature as it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable to them to be categorized as mineral reserves. At this time there is no certainty that the preliminary assessment and economics will be realized.
Qualified Persons for the PEA
The PEA was prepared by leading independent industry consultants, all Qualified Persons (QP) under National Instrument 43-101. The QPs have reviewed and approved the content of this news release. The following consultants and QPs participated in the PEA:
CWA Engineers Inc, under the direction of Frank Yu, P. Eng. Mr. Frank Yu is the Technical Director, Mining of CWA Engineers Inc. He supervised and reviewed the process design and infrastructure update requirement, capital and mill operating cost estimate and financial analysis of this project.
Snowden Mining Industry Consultants Inc., under the direction of Anthony Finch, MAusIMM. Mr. Anthony Finch is the Divisional Manager Mining Engineering and Principal Consultant at Snowden Mining Industry Consultants Inc. He supervised and reviewed all the mining design aspects of this project.
Knight Piésold Canada, under the direction of Daniel Y. Yang, P. Eng. Mr. Daniel Yang is a Senior Engineer of Knight Piésold Canada. He supervised and reviewed the tailings storage facility for this project.
A NI 43-101 compliant technical report will be filed on SEDAR within 45 days of the date of this press release.
About Prodigy Gold: Prodigy Gold Inc. (TSX VENTURE:PDG) is currently evaluating the development of the Magino mine gold project in Ontario as an open-pit mining opportunity with the potential for deeper, higher grade gold production. The Magino project contains Indicated gold resources of 1,924,200 ounces grading 1.16 gpt gold (51.6 million tonnes), and 587,100 ounces of Inferred gold resources grading 1.04 gpt gold (17.5 million tonnes) (please see Prodigy press release dated February 28, 2011). A Preliminary Economic Assessment (PEA) of the project shows a pre-tax NPV of $351million and an IRR of 49% using a 5% discount rate (please see Prodigy press release dated April 4, 2011). The proposed operation would have an average annual gold output of over 166,000 ounces a year during a nine year project life. Total gold production is estimated to be 1.50 million ounces at cash costs of approximately US$496 (Cdn$521) per ounce. A full feasibility study for the proposed open pit mining project is scheduled for early 2012. Bringing the Magino mine project through the feasibility process and towards production, coupled with the exploration potential of our Beardmore-Geraldton exploration properties, are the catalysts to growing Prodigy Gold and building substantial value for Prodigy shareholders: Today's Discovery, Tomorrow's Future.
All scientific and technical information in this news release, except as noted above, has been reviewed and approved by Tom Pollock, P.Geo., Prodigy Gold's Vice President – Exploration, who is a qualified person under the definitions established by National Instrument 43-101. Drill core at Magino is boxed, covered, and sealed at the drill rig and moved to the Prodigy logging and sample preparation facilities by Prodigy Gold personnel. The core is then split down the centre using a typical table fed circular rock saw normally at one metre intervals. One half of the core is sent for assay to ALS Chemex, 2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other half is returned to the core box and stored at Prodigy's sampling facility in a secure, fenced off, area. Prodigy QA/QC procedures include the regular use of blanks, standards and duplicate samples in addition to sending 10% of the samples off to a second lab for check assays. Samples assaying > 3.0 gpt gold are automatically re-assayed by the metallic screen method. Drill holes are directed as much as possible perpendicular to the strike and dip of the mineralization at Magino.
On behalf of the Board of Directors
Brian J. Maher, President and Chief Executive Officer
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Magino mine property and other future plans, objectives or expectations of Prodigy Gold Incorporated (the "Company") 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 from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Prodigy Gold Incorporated
President and Chief Executive Officer
1-604-688-9006
1-604-688-9029 (FAX)
ir@prodigygold.com
http://www.prodigygold.com
Prodigy Gold Inc. (PDG) funfiat$0.53 UP $0.095 +21.84%
Volume: 4,504,633 @ 3:59:30 PM ET Strong Demand
Bid Ask Day's Range
0.51 0.53 0.485 - 0.58
TSX:PDG Detailed Quote
Prodigy Reports Indicated Gold Resources of 1,924,200 Ounces
and Inferred Gold Resources of 587,100 Ounces at
Magino Gold Mine
http://investorshub.advfn.com/boards/board.aspx?board_id=8256
Picassa welcome to Prodigy Gold Inc. (TSX:PDG
great to see you at PDG
I like the story here
Making DD to go deep
http://investorshub.advfn.com/boards/board.aspx?board_id=8256
Prodigy Reports Indicated Gold Resources of 1,924,200 Ounces and Inferred Gold Resources of 587,100 Ounces at Magino
Prodigy Gold Closes Private Placement With Macquarie
Mar. 17, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Prodigy Gold Incorporated
(the "Company" or "Prodigy Gold") (TSX VENTURE:PDG),
is pleased to announce it has closed the non-brokered private
placement originally announced on March 8, 2011 pursuant
to which Macquarie Bank Ltd. ("Macquarie") has acquired
7,000,000 units of the Company at a price of $0.45 per unit
for proceeds of $3,150,000.
Each unit consists of one common share of the Company (a "Common Share") and one-half of one transferable Common Share purchase warrant (each whole warrant, a "Warrant").
Each Warrant entitles the holder, on exercise thereof, to purchase one additional Common share at a price of $0.60 for
a period of 24 months from the completion of the offering, provided that if the daily volume weighted average price for twenty (20) consecutive days of trading of the Company's shares on the TSX Venture Exchange (or such other stock exchange on which shares of the Company are listed) exceeds $0.75 per share, the expiry date of the Warrants may be accelerated to the day which is thirty (30) calendar days after notice of acceleration has been sent by the Company to Macquarie. All securities issued in connection with the private placement will be subject to a minimum four-month hold period.
The proceeds from the private placement will be used to fund the Company's ongoing exploration and development at the Magino mine project and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or unless an exemption from such registration is available.
About Prodigy Gold:
Prodigy Gold Incorporated (TSX VENTURE:PDG)
is currently evaluating the Magino mine project in Ontario
as an open-pit mining opportunity with the potential for deeper,
higher grade gold production.
The Magino mine
project contains Indicated gold resources of 1,924,200 ounces
grading 1.16 gpt gold (51.6M tonnes), and 587,100 ounces of
Inferred gold resources grading 1.04 gpt gold (18.3M tonnes) (please see Prodigy press release dated February 28, 2011).
The Company is producing a Preliminary Economic Analysis (PEA),
establishing the economic parameters of an open pit mining
operation at Magino.
The PEA is expected to lead to a full feasibility study,
projected for early 2012.
Bringing the Magino Mine project through the feasibility
process and towards production, coupled with the exploration
potential of our Beardmore-Geraldton exploration properties,
are the catalysts to growing Prodigy Gold, building substantial
value for Prodigy shareholders:
Today's Discovery, Tomorrow's Future.
The geological information for the Magino project has been reviewed and approved by Tom Pollock, P.Geo., Prodigy Gold's Vice President – Exploration, who is a qualified person under the definitions established by National Instrument 43-101. Drill core at Magino is boxed, covered, and sealed at the drill rig and moved to the Prodigy logging and sample preparation facilities by Prodigy personnel. The core is then split down the centre using a typical table fed circular rock saw normally at one metre intervals. One half of the core is sent for assay to ALS Chemex, 2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other half is returned to the core box and stored at Prodigy's sampling facility in a secure, fenced off, area. Prodigy QA/QC procedures include the regular use of blanks, standards and duplicate samples in addition to sending 10% of the samples off to a second lab for check assays.
Samples assaying greater than 3.0 gpt gold are automatically
re-assayed by the metallic screen method.
Drill holes are directed as much as possible perpendicular
to the strike and dip of the mineralization at Magino.
As a rough estimate the true thickness of the above
intercepts is approximately 76%.
On behalf of the Board of Directors
Brian J. Maher, President and Chief Executive Officer
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Magino mine property and other future plans, objectives or expectations of Prodigy Gold Incorporated (the "Company") 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 from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Prodigy Gold Incorporated
President and Chief Executive Officer
1-604-688-9006
1-604-688-9029 (FAX)
ir@prodigygold.com
http://www.prodigygold.com
Back
http://tmx.quotemedia.com/article.php?newsid=39662618&qm_symbol=PDG
Prodigy Drills 261m Grading 1.13 gpt Gold Including
104.6m Grading 2.06 gpt Gold at Magino
http://tmx.quotemedia.com/article.php?newsid=39626174&qm_symbol=PDG
Prodigy Gold Closes Private Placement With Macquarie
Mar. 17, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA --
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Prodigy Gold Incorporated
(the "Company" or "Prodigy Gold") (TSX VENTURE:PDG),
is pleased to announce it has closed the non-brokered private
placement originally announced on March 8, 2011 pursuant to
which Macquarie Bank Ltd. ("Macquarie") has acquired 7,000,000
units of the Company at a price of $0.45 per unit for proceeds of $3,150,000.
http://tmx.quotemedia.com/article.php?newsid=39662618&qm_symbol=PDG
Each unit consists of one common share of the Company (a "Common Share") and one-half of one transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder, on exercise thereof, to purchase one additional Common share at a price of $0.60 for a period of 24 months from the completion of the offering, provided that if the daily volume weighted average price for twenty (20) consecutive days of trading of the Company's shares on the TSX Venture Exchange (or such other stock exchange on which shares of the Company are listed) exceeds $0.75 per share, the expiry date of the Warrants may be accelerated to the day which is thirty (30) calendar days after notice of acceleration has been sent by the Company to Macquarie. All securities issued in connection with the private placement will be subject to a minimum four-month hold period.
The proceeds from the private placement will be used to fund the Company's ongoing exploration and development at the Magino mine project and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or unless an exemption from such registration is available.
About Prodigy Gold: Prodigy Gold Incorporated (TSX VENTURE:PDG) is currently evaluating the Magino mine project in Ontario as an open-pit mining opportunity with the potential for deeper, higher grade gold production. The Magino mine project contains Indicated gold resources of 1,924,200 ounces grading 1.16 gpt gold (51.6M tonnes), and 587,100 ounces of Inferred gold resources grading 1.04 gpt gold (18.3M tonnes) (please see Prodigy press release dated February 28, 2011). The Company is producing a Preliminary Economic Analysis (PEA), establishing the economic parameters of an open pit mining operation at Magino. The PEA is expected to lead to a full feasibility study, projected for early 2012. Bringing the Magino Mine project through the feasibility process and towards production, coupled with the exploration potential of our Beardmore-Geraldton exploration properties, are the catalysts to growing Prodigy Gold, building substantial value for Prodigy shareholders: Today's Discovery, Tomorrow's Future.
The geological information for the Magino project has been reviewed and approved by Tom Pollock, P.Geo., Prodigy Gold's Vice President – Exploration, who is a qualified person under the definitions established by National Instrument 43-101. Drill core at Magino is boxed, covered, and sealed at the drill rig and moved to the Prodigy logging and sample preparation facilities by Prodigy personnel. The core is then split down the centre using a typical table fed circular rock saw normally at one metre intervals. One half of the core is sent for assay to ALS Chemex, 2090 Riverside Dr., Timmins, ON, P4R 0A2, while the other half is returned to the core box and stored at Prodigy's sampling facility in a secure, fenced off, area. Prodigy QA/QC procedures include the regular use of blanks, standards and duplicate samples in addition to sending 10% of the samples off to a second lab for check assays. Samples assaying greater than 3.0 gpt gold are automatically re-assayed by the metallic screen method. Drill holes are directed as much as possible perpendicular to the strike and dip of the mineralization at Magino. As a rough estimate the true thickness of the above intercepts is approximately 76%.
On behalf of the Board of Directors
Brian J. Maher, President and Chief Executive Officer
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Magino mine property and other future plans, objectives or expectations of Prodigy Gold Incorporated (the "Company") 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 from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Prodigy Gold Incorporated
President and Chief Executive Officer
1-604-688-9006
1-604-688-9029 (FAX)
ir@prodigygold.com
www.prodigygold.com
Prodigy Gold (PDG) funfiat$0.44
? 0.0 (0.00%)
Volume: 248,771 @ 3:49:32 PM ET
Bid Ask Day's Range
0.425 0.445 0.42 - 0.445
TSX:PDG Detailed Quote
http://tmx.quotemedia.com/article.php?newsid=39632920&qm_symbol=PDG
PDG a great new start for the old Magino Gold Mine -
PDG it wil not take long before re-commissioned
with Higher Gold prices, more Gold Reserves and
the shallow old drilling results -
<3g/t from 1300 drill holes -
still not added and counted into the results -
plus a lot of new drilling results since 2008 has been done -
and soon will be added to the
old 43-101 resource estimate for PDG
Magino gold property -
the 2008 old est. -
Cut-off Grade
Grade - Tonnes - (Au g/t) - Ounces
-------------------------------------------------------------------------
-------------------------------------------------------------------------
3 g/t - 3,755,600 - 5.94 - 717,227
-------------------------------------------------------------------------
4 g/t - 2,515,400 - 7.19 - 581,469
-------------------------------------------------------------------------
5 g/t - 1,880,900 - 8.11 - 490,430
-------------------------------------------------------------------------
6 g/t - 1,371,200 - 9.09 - 400,733
-------------------------------------------------------------------------
7 g/t - 959,600 - 10.19 - 314,380
-------------------------------------------------------------------------
-------------------------------------------------------------------------
God Bless
Prodigy Gold owns this Au open pit deposit today
Golden Goose reports a new 43-101 resource estimate for its Magino gold property
Thursday May 29, 1:30 pm ET -
http://biz.yahoo.com/cnw/080529/e_goldengoose_manigo.html?.v=1
<< Innovexplo resource estimate targets new area, supplements previously known resource >>
MONTREAL, May 29 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR - News; the "Company") is pleased to report a new resource estimate for its wholly-owned Magino Mine property, located 1.5 km southwest of the Richmont/Patricia Island Gold Mine, near Wawa, Ontario. The estimate complies with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Prepared by Innovexplo, an independent mining and exploration consulting firm based in Val-d'Or, Quebec, the new estimate shows an inferred resource of 3.75 million tonnes grading 5.94 g/t Au at a cut-off grade of 3 g/t Au, representing over 700,000 ounces of gold. The resource lies in the area below the old Magino mine workings, at a depth of from 200 to 600 metres. The estimate is mainly based on drilling carried out since the beginning of 2006 that identified some 76 separate mineralized zones, all of which remain open at depth and along strike. The estimation method used was polygons on longitudinal section for each zone, designed based on the future underground mining potential.
"We knew our drill results were excellent, but we are still extremely impressed by the size of the resource," said Jean-Marc Lacoste, President and Chief Executive Officer of Golden Goose. "These numbers clearly demonstrate the excellent potential of the property. We will now begin work on upgrading this Inferred Resource to the Indicated category in preparation for prefeasibility."
Depending on the cut-off grade used, the new estimate shows an inferred resource below the 200-metre level as follows:
Magino Project
Innovexplo Inferred Mineral Resource
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cut-off Grade
Grade Tonnes (Au g/t) Ounces
-------------------------------------------------------------------------
-------------------------------------------------------------------------
3 g/t 3,755,600 5.94 717,227
-------------------------------------------------------------------------
4 g/t 2,515,400 7.19 581,469
-------------------------------------------------------------------------
5 g/t 1,880,900 8.11 490,430
-------------------------------------------------------------------------
6 g/t 1,371,200 9.09 400,733
-------------------------------------------------------------------------
7 g/t 959,600 10.19 314,380
-------------------------------------------------------------------------
-------------------------------------------------------------------------
The Independent and Qualified Persons for the Mineral Resource estimates
as defined by Regulation 43-101 are Carl Pelletier, B.Sc., P.Geo. and Bruno
Turcotte, M.Sc., P.Geo. (InnovExplo Inc.), and the effective date of the
estimate is May 23, 2008.
Notes:
- Mineral Resources are not Mineral Reserves having demonstrated economic
viability.
- Results are presented undiluted and in situ. The estimate included
76 gold-bearing zones and covers the Magino project area over
840 m E-W, 400 m N-S and from elevation -200m to -600m
- The resources were compiled using a cut-off grade of 3.0 g/t Au. This
cut-off must be re-evaluated in the light of the present market
conditions: gold price, exchange rate and mining cost. A fixed density
of 2.87 g/cm3 was used. A minimum of 1.6 m true width was applied,
using the grade of the adjacent material when assayed, or a value of
zero when not assayed. High grade capping was done on the raw data and
established at 40.0 g/t Au. No drill hole compositing was done.
Resources were evaluated from drill hole results using a polygonal on
longitudinal approach.
- Calculations used metric units (meter, tonnes and g/t Au).
- The company is not aware of any known environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant issues
that could materially affect the Mineral Resource estimates.
The new resource is in addition to a near-surface resource estimated by
Snowden Mining Industry Consultants Inc. in April 2004. Snowden estimated
measured and indicated resources of 7.3 million tons grading 2.33 g/t Au for a
total of 544,000 ounces and an inferred resource of 1.2 million tons at
2.21 g/t or 84,625 ounces. All these ounces of gold lie between surface and a
depth of 200 metres. These near-surface resources were based on a cut-off
grade of 1.24 g/t Au. Snowden's mineral resource estimate was designed for
low-grade, large-volume, open-pit potential. The estimation method used was a
block model with a block size of 7.6 m x 7.6 m x 3 m. Grade models were
estimated with multiple indicator kriging and ordinary kriging.
The Snowden and Innovexplo estimates stands as follows as at May 23, 2008:
Magino Project Resources
Innovexplo resource estimate - May 2008:
----------------------------------------
Area targeted: -200 to -600 metres
-------------------------------------------------------------------------
Category Tonnes Grade Ounces
(g/t Au)
-------------------------------------------------------------------------
Inferred 3,755,600 5.94 717,227
-------------------------------------------------------------------------
Snowden resource estimate - April 2004:
---------------------------------------
Area targeted: surface to -200
-------------------------------------------------------------------------
Category Tonnes Grade Ounces
(g/t Au)
-------------------------------------------------------------------------
Measured 6,090,000 2.33 456,209
-------------------------------------------------------------------------
Indicated 1,204,000 2.27 87,871
-------------------------------------------------------------------------
Total: Measured and Indicated 7,295,000 2.33 544,080
-------------------------------------------------------------------------
Inferred 1,191,000 2.21 84,625
-------------------------------------------------------------------------
Gilles Provost, P.Geo., a Qualified Person under NI 43-101, plans and
supervises the exploration work on the Magino property and has approved the
contents of this press release.
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX
Venture Exchange under the symbol GGR. The Company is principally engaged in
mineral exploration and acquisition and has a portfolio of gold, platinum
group metals, and nickel properties in Ontario and Quebec.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information
Golden Goose Resources Inc.: Jean-Marc Lacoste, President, 1-888-928-4667, Fax: 1-888-494-5371, lacoste@goldengooseres.com
Renmark Financial Communications Inc.: Barry Mire: bmire@renmarkfinancial.com
James Buchanan: jbuchanan@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com
Qualified Persons under NI 43-101: Carl Pelletier, B.Sc., P.Geo., Bruno Turcotte, M.Sc., P.Geo., InnovExplo Inc., (886) 749-8140, Fax: (819) 874-0379, www.innovexplo.com
Gilles Provost, M.Sc.A., P.Geo., Golden Goose Resources Inc., (888) 928-4667, Fax: (888) 494-5471, www.goldengooseres.com
Source: GOLDEN GOOSE RESOURCES INC.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29647043
GOLDEN GOOSE RESOURCES (TSX:GGR)
Prodigy Gold (PDG) fiat$0.34 UP $0.01 +3.03%
Volume: 669,718 @ 3:51:43 PM ET good volume
Bid Ask Day's Range
0.33 0.345 0.32 - 0.345
TSX:PDG Detailed Quote
NEW website -
http://www.prodigygold.com/
Prodigy Gold (PDG) fiat$0.33 UP $0.005 +1.54%
Volume: 120,139 @ 3:43:23 PM ET
Bid Ask Day's Range
0.33 0.34 0.32 - 0.34
TSX:PDG Detailed Quote
NEW website -
http://www.prodigygold.com/
Prodigy Gold (PDG)
0.325 ? -0.02 (-5.80%)
Volume: 112,610 @ 3:58:06 PM ET
Bid Ask Day's Range
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TSX:PDG Detailed Quote
Prodigy Gold (PDG)
0.34 ? 0.0 (0.00%)
Volume: 82,011 @ 10:47:10 AM ET
Bid Ask Day's Range
0.335 0.34 0.32 - 0.34
TSX:PDG Detailed Quote
Prodigy Gold (PDG) fiat$0.295 UP $0.015 +5.36%
Volume: 343,905 @ 3:59:36 PM ET
Bid Ask Day's Range
0.285 0.295 0.275 - 0.295
TSX:PDG Detailed Quote
http://www.kodiakexp.com/
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Prodigy Gold Incorporated (TSX.V - PDG)
Prodigy Gold Incorporated is a Vancouver-based gold exploration and mine development company with assets in Eastern Canada. Formed though the unification of Kodiak Exploration and Golden Goose Resources, Prodigy Gold is a new investment vehicle; creating shareholder wealth, by advancing gold projects through the exploration and mine development cycle. Prodigy has positioned itself as a leading Junior mining company; a Junior with the potential to emerge as a key player in the Canadian gold mining industry. Read more...
NEWS RELEASE TSX.V KXL
Kodiak Changes Name to Prodigy Gold Incorporated
Vancouver, British Columbia, December 31, 2010. Kodiak Exploration Limited (TSX-V: KXL) (the "Company") is pleased to announce that effective today at 1:15 PM PST, pursuant to a resolution passed by Directors, the Company has changed its name to Prodigy Gold Inc.
The common shares of the Company will trade on the TSX Venture Exchange under the symbol "PDG".
The Company will commence trading under the new name and symbol at the market open on Tuesday, January 4, 2011. There is no consolidation of capital and no exchange of shares is required.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Kodiak Exploration Limited
Email: ir@kodiakexp.com
Website: www.kodiakexp.com
tel.: 1-604-688-9006 begin_of_the_skype_highlighting 1-604-688-9006 end_of_the_skype_highlighting begin_of_the_skype_highlighting 1-604-688-9006 end_of_the_skype_highlighting Fax: 1-604-688-9029
(Kodiak Exploration Ltd -)
http://www.kodiakexp.com/projects/base_metals/nighthawk/
Kodiak Exploration Discovers Gold deposit -
in "The Golden Mile" -Ontario Canada- -
Here is the video Fly-by':
http://resourceworldtv.com/view_video.php?viewkey=bcfe8450a1a41c200364
www.youtube.com/watch
Business Description:
A mineral exploration company with properties
located in Canada.
The company acquires undervalued exploration prospects
and efficiently and aggressively explores them for resources.
Address:
700 W. Pender St.,Suite 1205, Suite 1205,
Vancouver, BC, CN V6C 1G8
Telephone:
(604) 688-9006 begin_of_the_skype_highlighting (604) 688-9006 end_of_the_skype_highlighting begin_of_the_skype_highlighting (604) 688-9006 end_of_the_skype_highlighting
Website:
http://www.kodiakexp.com
Facsimile:
(604) 688-9029
Email:
info@kodiakexp.com
What if you invest in Prodigy Gold Inc. and it become a LION -
ex. in 1975?..
take a look at the past gains in a few juniors:
$GOLD INDX Chart TA TI P&F Alert Bullish Price Objective $2,040.0 / oz
Good time to get back UP it was a bargain 3 yrs ago - its a Au steal
The Financial System Is A Farce -
http://www.sprott.com/pdf/marketsataglance/10_2007.pdf
by Eric Sprott spells it our clearly -
Welcome to Kodiak Expl. forum -
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