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Move to boost zinc imports
Source: China Daily
04-06-2007 09:46
The government may remove the export tax rebate on high-purity refined zinc in a move to promote zinc imports.
Plans are afoot to remove the 5-percent export tax rebate on zinc over 99.995 percent pure, Zhou Guobao, director of the lead and zinc division at the China Non-ferrous Metals Industry Association, was quoted by Shanghai Securities News as saying.
The proposal is subject to approval by the State Council, said Zhou, but did not elaborate when it will be implemented.
China's zinc demand will rise about 10 percent this year from last year's 3.4 million tons, said Zhou. Zinc prices will remain high at around 28,000 yuan to 30,000 yuan per ton in the domestic market, he added.
Zinc exports surpassed imports for the first time in October, a consequence of the price difference between domestic and overseas markets, said Feng Juncong, an analyst with Antaike Information Development Co Ltd, a State-owned non-ferrous metals information provider.
Zinc imports and exports will fluctuate over the next few months, but the nation will still remain a net zinc importer this year, she said.
"Small and outdated zinc mining capacity will be gradually phased out this year in accordance with the government's control policies," said Feng.
New lead and zinc mines will be blocked if their annual capacity is under 30,000 tons and the service period is less than 15 years, said a statement from the National Development and Reform Commission last month.
High raw-material prices led to frenzied zinc mine investments by major zinc companies last year, said Feng. Zinc smelters also expanded their production last year.
Chihong Zinc and Germanium Co Ltd, the listed subsidiary of Yunnan Metallurgical General Company, has issued an additional 35 million A shares to its parent for the acquisition of a lead and zinc mine in Zhaotong.
Huludao Zinc Industry Co Ltd said it will issue 300 million additional A shares to raise 120 million yuan to purchase a lead and zinc mine in Tibet
Editor:Li Yang
Online source:
http://www.cctv.com/program/bizchina/20070406/101131.shtml
China to Cancel Export Tax Rebate on Zinc Ingots This Year
By Interfax-China
04 Apr 2007 at 08:55 AM GMT-04:00
http://www.resourceinvestor.com/pebble.asp?relid=30573
SHANGHAI (Interfax-China) -- China will cancel the export tax rebate on 0#zinc ingots, grade >99.99%, this year, a China Nonferrous Metals Industry Association official, surnamed Zhao, said at the Zinc Futures Introduction for the Shanghai Futures Exchange (SHFE) last Saturday.
Since September 2006, the tax on zinc exports has been set at 5% and the zinc export tax rebate has been canceled for grade <99.99% 1#zinc ingots.
China is a net importer of refined zinc, and last year China has net imports totaling 191,000 tonnes in 2006, down 59.7% from the previous year.
0#zinc ingots are mainly used in steel mills for galvanized steel sheet production.
Yesterday, several analysts reported that zinc prices may decline after a peak in early 2007, due to increasing supply.
China's zinc output may rise by 400,000-500,000 metric tonnes this year to around 3.55-3.7 million metric tonnes.
However, China's apparent zinc consumption is set to grow to 3.65 million metric tonnes from last year's 3.39 metric tonnes.
Global zinc output increased 4.2% in 2006 and is predicted to increase an additional 5% this year, according to figures released by the International Lead & Zinc Study Group (ILZSG).
Zinc Futures closed higher after overnight gains on the London Metals Exchange. The July delivery rose RMB175 ($22.62) to RMB 28,985 ($3,747.30) on the Shanghai Futures exchange.
"The market is similar to aluminum market, as it is currently under supply pressure and the possibility that China might cancel tax rebates for zinc products exports weighs on market sentiment," said analyst Lu.
© Interfax-China 2007.
This article comes from Interfax China Commodities Daily, a daily digest produced by Interfax News Agency in Mainland China. To receive 10 free copies of this, please e-mail david.harman@interfax-news.com.
Excess Zinc Supply Could Cause Price Drop in 2007
http://www.resourceinvestor.com/pebble.asp?relid=30521
By Interfax-China
03 Apr 2007 at 08:36 AM GMT-04:00
SHANGHAI (Interfax-China) -- Zinc prices may decline after a peak in early 2007, but will still remain at around $2700 per metric tonne on the international market and RMB26,000 ($3361.69) per metric tonne on the domestic market due to increasing supply, according to several analysts at the Zinc Futures Introduction on Shanghai Futures Exchange.
"The slow down in the global economy, a rise in raw material prices, China's increasing exports and expanding smelting capacity, a temporary rise in stockpiles and falling demand will all have an impact on this year's zinc prices," said professor Feng Juncong at Antaike Information Development Co. Ltd., a state-owned nonferrous metals information provider.
China's zinc output may rise by 400,000-500,000 metric tonnes this year to around 3.55-3.7 million metric tonnes. China's apparent zinc consumption is set to grow to 3.65 million metric tonnes from last year's 3.39 metric tonnes, Feng told Interfax.
While zinc output and consumption figures for 2007 show that supply has increased, Feng stressed that there will still be a global shortfall of approximately 100,000 tonnes this year.
Part of the reason for the increased domestic zinc supply last year was as a result of secondary zinc production, facility upgrades and more tailing ore utilization following last year's increased zinc prices. Zinc production from tailing ore, which is a relatively high cost process, will decrease in line with the predicted fall in zinc prices. The use of tailing ore increased China's zinc production by 100,000 tonnes last year, Feng said.
In accordance with the Chinese government's controlling policies released last month, small and outdated mining capacity will be gradually phased out this year. New lead and zinc mines will be blocked if their annual capacity is under 30,000 tonnes and the service period is less than 15 years.
China's zinc exports surpassed imports for the first time last October, a consequence of the price difference between domestic and overseas markets.
Feng predicts that China's zinc imports and exports will fluctuate over the next few months, but China will still remain a net zinc importer this year. Zinc concentrate imports will rise by approximately 200,000 metric tonnes this year, regardless of temporary fluctuations.
High raw material prices lead to frenzied zinc mine investment by major zinc companies last year, including Chihong Zinc and Germanium and Huludao Zinc. Zinc smelters also expanded production.
Chihong Zinc and Germanium Co. Ltd., the listed subsidiary of Yunnan Metallurgical General Company (YMGC), issued an additional 35 million A-shares to YMGC for the acquisition of the Zhaotong lead & zinc mine. Huludao Zinc Industry Co. Ltd. will issue 300 million additional A-shares in an effort to raise RMB 120 million ($15.19 million) to purchase a lead and zinc mine in Tibet.
China's expanded zinc capacity will reach optimum capacity this year, while the number of new zinc projects is predicted to decrease. 313 zinc mining projects were under construction or expansion last year, with 218 newly constructed, among which 23 had investments over RMB 100-500 million ($12.94-64.68 million). Most of the new projects were in Inner Mongolia, Yunnan Province, Hunan Province and Gansu Province, Zhao Cuiqing with the China Nonferrous Metals Industry Association, said.
Zhao added that China has recently promoted zinc imports over exports and encouraged domestic zinc miners and smelters to develop overseas resources. Since September 2006, the tax on zinc exports has been set at 5% and the zinc export tax rebate has been cancelled for grade <99.99% zinc.
Global zinc output increased 4.2% in 2006 and is predicted to increase an additional 5% this year, according to figures released by the International Lead & Zinc Study Group (ILZSG). Antaike predicts global output will rise more than 7%.
China's zinc smelting capacity will increase 200,000 metric tonnes this year, following a 2006 increase of 400,000 metric tonnes in 2006. China produced 3.96 million metric tonnes of zinc in 2005.
China was a net importer of refined zinc last year, with net imports totalling 191,000 tonnes in 2006, down 59.7% from the previous year.
China reported a zinc export increase of 404.9% to 119,292 metric tonnes in January and February, while zinc imports fell 61.7% to 21,442 metric tonnes, according to statistics released by the General Administration of Customs recently.
Zinc prices have increased 137% as a result of good fundamentals, expectation of China's growing demand, insufficient supply of zinc concentrate and fund speculation, Feng said.
Zinc futures have risen in the past two years due to high demand, economic growth in western countries and insufficient global raw material supply caused by underinvestment in the mining industry. Falling stockpiles, a weak dollar and fund speculation have also increased zinc prices, she added.
"Investment banks began to approach me in October of 2005 with questions concerning China's zinc industry," Feng said.
Feng said China's zinc exports and demand will dominate world zinc prices in 2007. China's industrial policy movements will impact the world market.
The launch of zinc trading on the Shanghai Futures Exchange (SHFE) will allow interaction with the world market. "When open interests have risen more than 20,000 trading units, the SFE will affect the LME," said Feng.
China launched zinc futures last Monday on the SHFE and the market is currently quite active, according to analysts.
China's zinc concentrate output hit 2.65 million metric tonnes in 2006, accounting for 25% of world production. Refined zinc output stood at 3.15 million metric tonnes, accounting for 30.1% of the world market, ranking first worldwide for the 15th straight year. Domestic zinc consumption remained at 3.35 metric tonnes, accounting for 30% of the world market, making China the world's largest consumer for the 7th straight year.
Zinc futures on the Shanghai Metals Exchange closed down 1.88% after zinc prices fell on the LME overnight on fund liquidation. The July delivery fell RMB550 ($71.17) closing Tuesday at RMB 28,780 ($3,724.26).
"The market hasn't attracted speculators yet and most of the participants are traders in spot markets," said analyst Shi.
The market's open interest stood at 10,368 contracts at the close of trading on Tuesday. SHFE prices will start to affect LME prices if open interest reaches more than 20,000 contracts, according to professor Fen Juncong, at Beijing Antaike Information Development Co., Ltd.
Redcorp Ventures Ltd.: New Resource Estimate for Big Bull Expands Tulsequah Project Resources
Tuesday April 3, 9:00 am ET
http://biz.yahoo.com/iw/070403/0234468.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 3, 2007 -- REDCORP VENTURES LTD. (Toronto:RDV.TO - News) and its wholly-owned subsidiary, Redfern Resources Ltd. (together the Company), are pleased to provide an update on their 100% owned Tulsequah Project. A new resource estimate has been completed for the Big Bull deposit extensions by Wardrop Engineering Ltd. (Wardrop) The Big Bull deposit is located approximately 9 km to the south of the Tulsequah Chief deposit.
On March 19, 2007, Redcorp announced an update to the Tulsequah Chief deposit resource estimate which included the A-Extension. The addition of the Big Bull deposit resources increases the Company's total indicated resources to 6,139,800 tonnes grading 1.40% copper, 1.24% lead, 6.41% zinc, 2.67 g/t gold and 98.9 g/t silver. Total inferred resources are now estimated to be 1,717,800 tonnes grading 0.73% copper, 1.59% lead, 5.46% zinc, 2.63 g/t gold and 120.1 g/t silver.
"The new resource estimate firmly establishes the Big Bull deposit as a significant asset for the Company and a focus for growth of the resource base of the Tulsequah Project as its development unfolds. We are very excited about the opportunity to further increase the size of the deposit, particularly the high-grade "60-62" zone, with the upcoming exploration program," stated Company President and CEO, Terry Chandler.
Big Bull Resource Estimate(1) (@ CAD $86 NSR cutoff, Wardrop, 2007)
------------------------------------------------------------------------
NSR(2)
Resource Au Ag ---------
Category Zone(s) Tonnes Cu(%) Pb(%) Zn(%) (g/t) (g/t) $US $CDN(3)
------------------------------------------------------------------------
Indicated Main 211,000 0.40 1.25 3.33 3.04 161.67 144 169
Inferred Main 482,000 0.37 1.50 3.42 2.89 212.89 157 185
"60-62" 187,000 0.31 5.41 12.57 7.39 148.23 324 381
Total
Indicated All 211,000 0.40 1.25 3.33 3.04 161.67 144 169
Total
Inferred All 669,000 0.35 2.59 5.97 4.14 194.83 204 240
------------------------------------------------------------------------
NSR(1)
Resource Cu Pb Zn Au Ag ---------
Category Deposit Tonnes (%) (%) (%) (g/t) (g/t) $US $CDN(2)
------------------------------------------------------------------------
Indicated Tulsequah
Chief 5,928,800 1.44 1.24 6.52 2.66 96.7 192 226
Big Bull 211,000 0.40 1.25 3.33 3.04 161.67 144 169
Total
Project 6,139,800 1.40 1.24 6.41 2.67 98.93 191 224
Inferred Tulsequah
Chief 1,048,800 0.97 0.95 5.14 1.67 72.50 139 164
Big Bull 669,000 0.35 2.59 5.97 4.14 194.83 204 240
Total
Project 1,717,800 0.73 1.59 5.46 2.63 120.14 164 193
Mineral Resources Increase Significantly at Pacifica's Selwyn Project
Monday April 2, 9:02 am ET
http://biz.yahoo.com/cnw/070402/pacifica_selwyn_digs.html?.v=1
VANCOUVER, April 2 /CNW/ - Pacifica Resources Ltd. (PAX.TSX-V) is pleased to announce an update to the March 2006 NI 43-101 compliant mineral resource estimate for the Selwyn Project zinc-lead deposits in the Yukon. The updated mineral resource estimate includes the 2006 results from 191 drill holes totalling 41,658.5 metres. The 2006 exploration program demonstrated the expansion potential of the world-class Selwyn Project with five new discovery zones of SEDEX type zinc-lead mineralization. The new and updated mineral resources are reported for nine deposits that occur over a strike length of 26.2 kilometres representing the near surface expression of one continuous, large mineralized deposit. The mineralization is stratabound within the Active Member and is characteristic of sedimentary exhalative deposits (SEDEX).
Highlights
- Indicated mineral resources have increased more than 158% to
86,600,000 tonnes, grading 4.93% zinc and 1.73% lead containing
9,406 million pounds zinc and 3,293 million pounds lead.
- Inferred mineral resources have increased more than 91% to
215,460,000 tonnes, grading 4.71% zinc and 1.48% lead containing
22,377 million pounds zinc and 7,025 million pounds lead.
- In addition, the Mineral Potential is estimated from the 3D block
model to be at least 225 to 235 million tonnes grading from 4.0% to
5.0% zinc and 1.0% to 2.0% lead.
- XY high-grade underground target Indicated mineral resource of
7,394,860 tonnes grading 9.88% zinc and 4.32% lead containing
1,610 million pounds zinc and 703 million pounds lead. Note this is
contained within the Indicated mineral resource figure above.
- XY high-grade underground target Inferred mineral resource of
1,856,500 tonnes grading 10.41% zinc and 3.71% lead containing
425 million pounds zinc and 151 million pounds lead. Note this is
contained within the Inferred mineral resource figure above.
The updated mineral resource estimate was prepared by John J. O'Donnell, the onsite Qualified Person for Pacifica in conjunction with, and under audit by, Independent Qualified Person under NI 43-101, Cliff Pearson of Pearson Geological Ltd. of Victoria, BC. Mr. Pearson will oversee the preparation of the related NI 43-101 Technical Report. Mr. Pearson has also reviewed and approved the contents of this press release. In accordance with National Instrument 43-101, the Technical Report will be filed on SEDAR within 45 days.
Mineral Resources
The Indicated mineral resources for the Selwyn Project now total 86.6 million tonnes grading 4.93% zinc and 1.73% lead for a metal content of 9.40 billion pounds of zinc and 3.29 billion pounds of lead. The Inferred mineral resources total 215.5 million tonnes grading 4.71% zinc and 1.48% lead for a metal content of 22.37 billion pounds of zinc and 7.03 billion pounds of lead. The Inferred mineral resources are generally located outside of the main areas of drilling in the deeper part of the Active Member; which hosts the sulphide mineralization. Areas of Inferred mineral resources require more closely spaced drill holes to improve the confidence level for their inclusion in Indicated mineral resources. These closer spaced drill holes will be done from surface drill stations in 2007.
The March 2006 NI 43-101 compliant mineral resource estimation for the Selwyn Project defined 33,501,000 tonnes of Indicated mineral resource grading 5.53% zinc and 2.10% lead and 112,907,940 tonnes of Inferred mineral resource grading 5.40% zinc and 2.14% lead. The March 2006 NI 43-101 report on the Selwyn mineral resources can also be viewed in detail at www.sedar.com and was co-authored by John Nilsson, P.Eng. and John J. O'Donnell, P.Geo. Table 1 presents the mineral resources for the Selwyn Project zinc-lead deposits.
Table 1: Selwyn Project 2007 Mineral Resource Estimate
-------------------------------------------------------------------------
Resource Million Zn Pb Zn Pb
Deposit Class Tonnes (%) (%) (Mlbs) (Mlbs)
-------------------------------------------------------------------------
XY Deposit Indicated 36.27 5.77 2.35 4,610 1,874
-------------------------------------------------------------------------
Inferred 46.64 5.38 2.08 5,525 2,138
-------------------------------------------------------------------------
XY Nose Zone Indicated
-------------------------------------------------------------------------
Inferred 7.32 4.08 2.20 658 354
-------------------------------------------------------------------------
Brodel Indicated
-------------------------------------------------------------------------
Inferred 12.11 4.31 1.16 1,150 309
-------------------------------------------------------------------------
HC Zone Indicated 8.60 4.01 1.04 759 197
-------------------------------------------------------------------------
Inferred 33.02 3.85 1.07 2,800 780
-------------------------------------------------------------------------
HC West Zone Indicated 4.47 4.36 1.16 429 114
-------------------------------------------------------------------------
Inferred 13.93 4.98 1.32 1,528 404
-------------------------------------------------------------------------
Don East Zone Indicated
-------------------------------------------------------------------------
Inferred 24.71 5.54 1.43 3,017 780
-------------------------------------------------------------------------
Don Zone Indicated 2.36 5.15 1.15 268 60
-------------------------------------------------------------------------
Inferred 14.68 4.70 1.17 1,520 377
-------------------------------------------------------------------------
Anniv East Deposit Indicated 16.92 4.15 1.20 1,548 447
-------------------------------------------------------------------------
Inferred 16.05 4.04 1.08 1,429 381
-------------------------------------------------------------------------
Anniv Central Deposit Indicated 17.98 4.52 1.51 1,791 599
-------------------------------------------------------------------------
Inferred 40.12 4.63 1.48 4,093 1,308
-------------------------------------------------------------------------
West Extension Inferred 6.88 4.30 1.25 652 189
-------------------------------------------------------------------------
Total Indicated 86.60 4.93 1.73 9,406 3,293
-------------------------------------------------------------------------
Total Inferred 215.46 4.71 1.48 22,377 7,025
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Silvermet creates Turkey subsidiary for Waelz
2007-03-22 13:11 ET - News Release
Mr. Stephen Roman reports
SILVERMET ESTABLISHES TURKISH SUBSIDIARY FOR ITS WAELZ KILN ZINC PROJECT
Silvermet Inc. further to its corporate update, as reported in Stockwatch on Feb. 8, 2007, and specifically referring to the stated objectives contained therein, provides the following update.
Silvermet's management and consulting team has just completed an extensive two-week visitation to Germany and Turkey.
Silvermet has selected a law firm in Istanbul and has initiated incorporation of a Turkish subsidiary. The articles of incorporation will provide for the operational scope of the subsidiary to include mineral exploration, mining, processing, refining and recycling.
In Turkey, the subsidiary is to be called Cevresel Metal Donusum AS. In short form, the name is Cevmetko, which loosely translates into environmental metal recycling company. The short-form acronym's pronunciation would be "chevmetco."
Discussion as to the ultimate ownership of the Turkish subsidiary is still under consideration by Silvermet. The shortlist of potential minority shareholders and their selection should be decided in April. The choice of shareholders will be dependant on their continuing level of involvement in the project.
The B.U.S. Steel Services GmbH (Germany) Waelz kiln process modelling based on Silvermet's samples is proceeding on pace with the modelling expected to be completed by early April.
An SNC Lavalin senior metallurgical project engineer accompanied Mr. Frame to Germany and Turkey to maintain the tie between the data from Turkey and the ultimate SNC Lavalin definitive capital and operating costs report, needed for financing.
Peter George, PGeo (Silvermet's qualified person), has reviewed and approved the summer drill program for Tufanbeyli which again has pinpointed high-grade zinc targets for initial and detailed drilling. A 10,000-metre, 90-hole program is planned at a total cost of $1.2-million (U.S.). SGS Lakefield has completed upgrading tests and its report is forthcoming. Additional samples are being assayed by SGS to add to the background data on the project.
Silvermet's marketing team will visit Turkey in early April to progress the securing of feedstock.
Silvermet will not be dependent on any single source of feedstock. Silvermet's environmental approach involves zinc residue and zinc ore feedstocks, high in dolomite and limestone, a readily disposed byproduct from the process.
Some of it is subscriber-only stuff that I am reluctant to post, but believe me, I never hesitate to post pessimistic views as well as optomistic.
LC
Even if it's pessimist; don't hesitate to post the analysis of your trusted sources.
I was just looking at how BWR and HBM have stalled and was wondering if it's time to cash in my profits and move on. Reading through the various analysts I trust, the consensus is that zinc is the least robust of BMs for the rest of the year, but you have reminded me that China could stop the exports at any time.
Hmmmm...
LC
Following updates made to board header with intention of developing list of companies with primary focus on zinc:
IN: DON.V ELN.V TAM.V ZNC.TO
OUT: BCM.V CGP.V EAM.V(which had hostile take-over by MTS.V) GYD.V VUL.V
Zinc pinned down by bearish brew
Metals Insider - 26 March 2007
http://www.metalsinsider.com/WIR/zn260307.html
Zinc crunch coming?
Here's the best explanation found so far (on SH BWR & TAM boards):
Where did all the zinc come from?
Details of China's recent net zinc imports/exports just came out, and it shows it all came from China.
- 200,000 tonnes of net zinc exports from China, all in 4 months from Nov/06-Feb/07
- that's more than TWICE the western LME inventory in November
(if it wasn't for that big/quick Chinese zinc export, western supply would be virtually depleted now)
[Look for an article from yesterday titled "Zinc pinned down by bearish brew"]
For the 3 years prior, China was a substantial net zinc importer.
-----
Why did China suddenly export so much zinc?
- western zinc prices were higher than in China
- exporters could also grab last chance on an export tax credit that was being eliminated at the end of 2006
- AND the exporting parties knew quick depletion of Chinese zinc supply would boost their domestic zinc price
China's zinc suppliers made MORE money by selling to the west, they grabbed a nice export tax credit that was just about to be terminated, and they boosted China's own domestic zinc price - all by doing a big/quick dump into the western market.
And now if they want, they can buy zinc from the west at a discount to their domestic price.
(they know the true global zinc supply situation much better than the west)
-----
Looks like the new Shanghai zinc futures trading was part of this plan.
- China's domestic zinc price is now about 15% higher that western LME price
- 83,930 tonnes zinc was traded in Shanghai yesterday, the first day of trading
- China's zinc price went up again today
If China's big zinc exports stop as quickly as they started (and why export now, when domestic zinc price is 15% higher than western zinc price - re-stocking requirement could be substantial), then western zinc supplies should start shrinking nicely again soon.
-----
There could still be some overhang from China's well planned sudden/big zinc export.
- but even though China is the world's largest zinc producer, they've been a substantial net zinc importer over the past 3 years
- and continuing big growth of the China economy strongly suggests they won't have any left over for export
Canadian Zinc Corporation: Underground Drilling Intercepts 56% Combined Lead and Zinc With 10 oz/ton Silver Over 3.2 Meters at Prairie Creek Mine
Thursday March 22, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 22, 2007 -- Canadian Zinc Corporation (Toronto:CZN.TO - News) is pleased to report drill assay results on the third completed section of underground diamond drill holes from the newly established decline tunnel at the Company's 100% owned Prairie Creek Mine in the Northwest Territories. Drilling has been on-going through the winter season and continues with 17 of the 18 holes drilled to date reporting significant grades of mineralization.
Previous news releases dated January 9 and March 5th, 2007 reported results from the first two completed sections of drilling, Section 50650N and 50600N, from the new underground decline.
Underground Diamond Drill Results from Section 50700N
Assay results have now been received for the ring of six drill holes completed on Section 50700N. These holes were drilled from the 50700N underground drill station in the 870 level decline which was established during the 2006 exploration program at Prairie Creek.
All six holes on Section 50700N intersected mineralization and two reported multiple intercepts.
---------------------------------------------------------------------------
Prairie Creek Composite Underground Drilling Intersections: Section 50700N
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Dip
(deg-
Hole From To Length TT rees Pb% Zn% Ag Cu% Type
Number (m) (m) (m) (m) W) gm/t
---------------------------------------------------------------------------
PCU-07-013 95.71 98.04 2.33 2.11 13 19.97 12.69 318 0.831 V
PCU-07-014 92.21 95.49 3.28 3.21 -4 26.41 29.70 342 0.599 V
PCU-07-015 94.59 98.16 3.57 3.32 -29 16.99 16.49 228 0.403 V
PCU-07-016 154.00 156.70 2.70 1.97 -52 24.11 12.09 338 0.602 V
PCU-07-017 220.90 224.80 3.90 2.15 -66 11.43 18.73 334 0.945 V
" - 017 250.55 255.70 5.15 4.42 -66 0.41 2.71 6 0.003 SB
PCU-07-018 262.82 263.20 0.38 0.34 -75 6.39 4.69 36 0.010 SB
" -018 266.00 267.26 1.26 1.14 -75 6.90 25.56 61 0.048 SB
" -018 279.20 280.46 1.26 1.14 -75 6.20 16.51 57 0.021 SB
---------------------------------------------------------------------------
V equals Vein, SB equals Stratabound, TT equals estimated true thickness
Firestone Ventures Intersects 42.5 Metres of 9.7% Zinc-a New Discovery at the Torlon Hill Project
Friday March 30, 6:50 am ET
http://biz.yahoo.com/ccn/070330/200703300381340001.html?.v=1
EDMONTON, ALBERTA--(CCNMatthews - March 30, 2007) - Firestone Ventures Inc. (TSX VENTURE:FV - News; FRANKFURT:F5V - News) is pleased to announce a new high-grade zinc discovery on the southwest side of Torlon Hill, western Guatemala. Step-out drill hole TH07-53 intersected 42.5 metes of 9.7% zinc and 4.7% lead, including 19.9 metres of 13.8% zinc and 5.2% lead and 3.2 metres of 10.6% zinc, 13.0% lead and 88 grams/tonne silver. These values are comparable to previously drilled intersections from earlier "Bulge" area drilling on the east side of Torlon Hill, approximately 200 metres northeast.
-------------------------------------------------------------------------
Total Silver
Depth From To Thickness Zinc Lead grams/
Hole No. (metres) (metres) (metres) (metres) % % tonne
-------------------------------------------------------------------------
TH07-52 97.5 Zinc values up to 0.5%, lead values up to 0.4%
-------------------------------------------------------------------------
TH07-53 147.8 55.5 98.0 42.5 9.7 4.7 20
-------------------------------------------------------------------------
Including 55.5 58.7 3.2 10.6 13.0 88
-------------------------------------------------------------------------
Including 71.6 73.5 1.9 25.5 4.9 18
-------------------------------------------------------------------------
Including 71.6 91.5 19.9 13.8 5.2 15
-------------------------------------------------------------------------
Including 79.3 80.8 1.5 27.6 1.8 12
-------------------------------------------------------------------------
Initial Drill Results on Weixi Zinc Project
Thursday March 29, 2:37 pm ET
DRA.V
VANCOUVER, March 29 /CNW/ - Red Dragon Resources Corp. (the "Company") announces the following update for the Company's Weixi zinc project located in Yunnan Province, southwestern China. The Weixi project consists of five exploration concessions the company joint ventured with Chinese partners in 2006. The project has a total area of 196 square kilometres and covers similar stratigraphic units as those which host the Jinding/Lanping deposit located 130 kilometres to the south. The Jinding/Lanping deposit is China's largest zinc mine with annual production of 100,000 tonnes of zinc per year. Since acquiring the concessions, the Company has completed a surface sampling program that has outlined potentially economic concentrations of zinc mineralization in several areas over an 18 kilometre strike length.
The initial four diamond drill holes testing the Weixi project were completed in mid February at which time drilling was suspended due to heavy snow conditions at higher elevations. The target tested is referred to as the "Baluo prospect - main zone" from which surface sampling results were previously reported in News Release No. 14/06 (August 21, 2006). In this area, mineralization is exposed on surface over a continuous strike length of 700 metres with widths varying from 50 to 100 metres. A total of 61 samples of scree, dump material, and outcrop out of 254 samples collected within this area returned an average grade of 9.1% zinc, 4.8% lead, and 26.4 grams/tonne silver. This higher grade mineralization has an overall trend of northwest-southeast.
Assay results which have been received from three of the initial four holes returned no significant results and only anomalous concentrations of zinc. All drill holes intersected strong hematite and silica altered dolomitized limestone with varying degrees of fracturing and solution collapse breccias. Given the high values returned on surface, it is believed these holes were drilled into the footwall of the mineralized zone and the zone may be dipping shallowly to the east instead of to the west as initially interpreted. Appropriate drill locations were not available to test both possibilities due to the winter conditions.
Although the initial drilling results were disappointing, the Company is confident that detailed mapping will determine the controls to mineralization and future drilling will intersect similar grades and thicknesses of zinc mineralization as that sampled on surface. The Company has planned an extensive exploration program in 2007 with two drills dedicated to delineating the Baluo prospect as well as a third drill rig to test the Dadihua prospect located approximately eighteen kilometres to the north. In addition to drilling, a program of mapping, trenching and soil geochemistry will be completed over the entire land holdings to help delineate the numerous areas of zinc mineralization sampled by the Company in the second half of 2006 and reported in News Release 16/06 (September 21, 2006). This program is expected to commence in early May when snow has melted at higher elevations.
Laboratory Procedures
Drill core samples were analyzed by International Plasma Labs Ltd. in Kunming, China, an ISO9001:2000 certified laboratory. Samples arriving at the laboratory in Kunming are sorted, dried and crushed to -20 mesh. The sample is then reduced to a 250 gram charge by repeated passes through a riffle splitter and then pulverized to 90% passing -200 mesh. The sample is then rolled to assure a homogeneous particle distribution and transferred to a bag for analysis. Total copper, lead and zinc were analyzed by classical wet chemical techniques and lead and zinc oxide were analyzed by induced coupled plasma (ICP). Silver and gold were analyzed by fire assay with atomic absorption spectrometer (AAS) finish. Red Dragon Resource Corp. has inserted quality control samples in addition to quality control samples inserted by the laboratory.
Red Dragon Resources Corp. is a mineral exploration company actively involved in base and precious metals and uranium exploration in Canada and China.
On Behalf of the Board
Red Dragon Resources Corp.
Per: Alvin Jackson,
Chairman and Chief Executive Officer
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and reviewed by Garnet Dawson, P.Geo., Vice President of Exploration for Red Dragon Resources Corp.
Malcolm Forbes is Project Manager for Red Dragon Resources Corp. and the Qualified Person as defined in NI 43-101 on the Weixi Project. Mr. Forbes is responsible for supervising the drill program, sampling procedures and quality assurance program.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.
Mountain Lake to resume drilling at Bobby's Pond
2007-03-29 07:49 MT - News Release
Mr. Allen Sheito reports
MOUNTAIN LAKE RESUMES DRILLING AT BOBBY'S POND TO TEST THE DEPTH EXTENSION OF THE ZN-CU VMS DEPOSIT; DRILLING PLAN INCLUDES A MINIMUM OF 5 HOLES AND A MINIMUM 2,700 METERS
Mountain Lake Resources Inc. is about to resume drilling on the company's 100-per-cent-owned Bobby's Pond base metal (zinc-copper plus lead-silver-gold) project.
The drilling program will include the further testing of the depth extension of the known mineralized zone that extends for 300 metres vertically and continues to remain open at depth. A minimum of five diamond drill holes are planned for a minimum of 2,700 metres. The drilling contract has been awarded to Springdale Forest Resources Inc. (core drilling division), of Springdale, Nfld. Jamie Meyer, PGeo, is the qualified person on the Bobby's Pond project and has verified the contents of this news release.
The table below summarizes the National Instrument 43-101-compliant mineral resource estimate recently completed on the Bobby's Pond deposit by Scott Wilson RPA, independent consulting geologists.
SCOTT WILSON RPA's NI 43-101-COMPLIANT MINERAL RESOURCE ESTIMATE (JANUARY, 2007)
Lens Category Tonnes Cu (%) Zn (%) Pb (%) Ag (g/t) Au (g/t)
1 Indicated 585,000 1.00 5.78 0.37 12 0.20
2 Indicated 65,000 0.98 5.70 0.45 19 0.17
3 Indicated 210,000 0.72 7.92 1.02 41 0.36
All lenses Indicated 860,000 0.93 6.30 0.53 20 0.25
Plus 1 Inferred 265,000 1.15 5.04 0.38 12 0.19
2 Inferred 202,000 1.01 8.18 0.37 20 0.18
3 Inferred 2,000 0.57 5.36 0.49 14 0.09
4 Inferred 11,000 0.37 4.96 0.34 12 0.25
All lenses Inferred 480,000 1.07 6.36 0.38 15 0.18
Solitario Resources Reports High-Grade Drilling Results on Its Bongara Zinc Project, Peru
09:35 EDT Tuesday, March 27, 2007
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGe...
DENVER (Business Wire) -- Solitario Resources Corporation (TSX: SLR; AMEX: XPL) announced outstanding drill intercepts of high-grade zinc mineralization on its Bongara zinc project in northern Peru. The 26-hole, 4,354 meter program, completed in late 2006, was managed and funded by Solitario's joint venture partner Votorantim Metais. In addition, Solitario and Votorantim also signed a formal Framework Agreement that replaces the previously announced Letter Agreement and provides definitive terms for the relationship between the parties to the venture.
The Bongara project hosts the Florida Canyon zinc deposit where high-grade zinc mineralization has been intersected in drill holes over an area at least two by two kilometers in dimension. The deposit is open to expansion in all directions.
2006 Drilling Program Results
Highlights of the 2006 drilling program include the following drill holes:
-- A-1: 36.2 meters @ 12.84% zinc, 2.69% lead and 18.45 g/t silver
-- A-5: 5.2 meters @ 15.04% zinc, 0.66% lead and 5.73 g/t silver
-- C-4: 6.8 meters @ 15.98% zinc, 5.03% lead and 36.51 g/t silver
-- D-5: 8.2 meters @ 7.57% zinc, 1.27% lead and 10.31 g/t silver
-- E-1: 2.5 meters @ 25.48% zinc, 0.69% lead and 9.61 g/t silver
-- E-3: 2.8 meters @ 22.05% zinc, 6.47% lead and 47.96 g/t silver
-- E-5: 5.3 meters @ 29.77% zinc, 4.65% lead and 43.99 g/t silver
-- E-6: 4.8 meters @ 12.07% zinc, 1.06% lead and 6.94 g/t silver
The 2006 drilling program focused upon a relatively limited area within the known mineralized system. Four drill platforms situated between 100 and 150 meters apart tested in detail an area approximately 200 meters by 500 meters in dimension. Drill hole intercept spacing of the mineralized horizons within this detailed drill area ranged from 25 to 140 meters. The specific drilling targets consisted of two stratiform layers of mineralization, the Milagros and Karen zones. Significant mineralization, greater than 2.0% zinc over 2.0 meters (or equivalent), was intersected in 19 out of 24 drill holes completed to the target depth, with two holes failing to reach the target horizon due to drilling difficulties. This is an exceptional success ratio of good drill holes to sub-mineralized holes and bodes well for the overall potential of the project. Results of these 19 drill holes are provided in the attached table.
Chris Herald, President and CEO of Solitario commented, "To put these results into perspective, this program tested only about 5% of the known mineralized system. This is the first drilling program to define stratiform mineralization in detail, as previous drilling at Florida Canyon consisted of widely-spaced drill holes in the range of 100 to 300 meters apart. These impressive drilling results confirm the continuity and quality of mineralization and provide additional evidence that the Florida Canyon deposit represents one of the best undeveloped zinc deposits in the world. Votorantim has already initiated studies for an underground exploration program and analyses for road access to the Bongara project with definite plans for an expanded drilling program resuming in mid-2007. We look forward to Votorantim quickly advancing this quality asset."
The drill hole information contained within this release is reported under a quality control program reviewed by Mr. Walt Hunt, Vice President of Operations for Solitario Resources Corporation, who is a qualified person as defined by National Instrument 43-101. Samples are derived from 50% splits of HQ and NQ (2.5 and 1.9 inch) diameter core. Samples are then shipped via secured third-party land and air transportation companies and analyzed by ALS Chemex Inc., North Vancouver, Canada, an ISO9002 registered company.
Terms of the Framework Agreement
The Framework Agreement ("Agreement") contains business terms identical to the previously signed and announced Letter Agreement. Votorantim has already completed its year-one $1.0 million work commitment and can earn up to a 70% interest in the project by completing future annual exploration and development expenditures and making cash payments annually after the first year. The option to earn the 70% interest can be exercised by Votorantim at any time by committing to place the project into production based upon a feasibility study. Votorantim's future minimum annual expenditures are $1.5 million in each of years two and three, and $2.5 million in all subsequent years until a minimum of $18.0 million has been expended. Votorantim is the project operator and may elect to terminate its option to earn a 70% interest at any time.
Once Votorantim has fully funded its $18.0 million work commitment, it has further agreed to finance Solitario's 30% participating interest for construction. Solitario will repay the loan facility through its cash flow distributions.
Project History
Solitario discovered the Florida Canyon deposit in 1996 and joint ventured the Bongara project with Cominco Ltd. in early 1997. Cominco spent approximately US$16.0 million on the project, including drilling 80 core holes within the Florida Canyon deposit area between 1997 and 2000. (Previous drilling highlights are archived at www.solitarioresources.com).
About Votorantim Metais
Votorantim Metais belongs to a privately-held Brazilian industrial conglomerate that is a leader in every market segment in which it operates, including cement, pulp and paper, metals, chemicals, orange juice, and finance. In 2005, Votorantim Group's revenues
amounted to US$ 7.8 billion. The metal business division accounted for 30.4% of revenues and produces zinc, nickel, steel and aluminum. Votorantim Metais is the world's tenth largest primary zinc producer with three operating zinc smelters and two operating zinc mines. It owns the Cajamarquilla zinc smelter and is a major shareholder of Milpo, both located in Peru.
About Solitario
Solitario is a gold, silver, platinum-palladium, and base metal exploration company actively exploring in Brazil, Mexico and Peru. Besides Votorantim, Solitario has significant business relationships with Newmont Mining and Anglo Platinum. Solitario has approximately US$24 million in cash and marketable securities and no debt. Solitario is traded on the American Stock Exchange (AMEX: XPL) and on the Toronto Stock Exchange (TSX: SLR). Additional information about Solitario is available online at www.solitarioresources.com
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Solitario, 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. Development of Solitario's properties are subject to the success of exploration, completion and implementation of an economically viable mining plan, obtaining the necessary permits and approvals from various regulatory authorities, compliance with operating parameters established by such authorities and political risks such as higher tax and royalty rates, foreign ownership controls and our ability to finance in countries that may become politically unstable. Important factors that could cause actual results to differ materially from Solitario's expectations are disclosed under the heading "Risk Factors" and elsewhere in Solitario's documents filed from time to time with Canadian Securities Commissions, the United States Securities and Exchange Commission and other regulatory authorities.
Table I: Highlights of 2006 Bongara Drill Hole Results
(best 19 drill holes out of 26 total holes drilled)
Drill Hole Interval (m) Thickness (m) Zinc (%) Lead (%)Silver (g/t)
A-1 26.3-62.45 36.15 12.84 2.69 18.45
76.30-77.3 1.00 42.60 4.85 46.00
A-2 31.4-35.5 4.10 7.95 0.05 1.70
53.25-54.8 1.55 12.53 2.76 15.86
A-3 36.6-37.2 0.60 23.79 1.73 13.60
71.8-74.5 2.70 16.81 4.13 27.97
A-5 28.6-33.82 5.22 15.04 0.66 5.73
64-65.35 1.35 2.26 0.98 5.00
A-6 33.5-34.9 1.40 2.58 0.12 1.00
50.3-52.1 1.80 11.61 1.07 10.45
C-1 83.2-84.7 1.50 6.55 0.03 2.00
94.5-95.7 1.20 1.97 0.30 3.90
C-3 72.85-77.05 4.20 5.02 0.56 4.17
89.3-92 2.70 6.04 0.03 1.10
C-4 74.8-75.9 1.10 8.13 0.29 2.70
97.85-104.65 6.80 15.98 5.03 36.51
incl. 97.85-98.85 1.00 39.76 10.80 95.80
102.35-104.65 2.30 29.84 10.13 66.29
C-5 80.2-82.35 2.15 8.74 7.74 37.52
98.5-99.3 0.80 3.78 0.34 1.90
D-3 97.6-99.5 1.90 5.16 0.23 3.61
D-4 78.6-83.85 5.25 6.37 1.25 6.29
D-5 87-95.2 8.20 7.57 1.27 10.31
99.2-100.25 1.05 3.35 0.71 5.10
116.65-118.60 1.95 20.07 6.76 48.13
D6 92.4-93.3 0.90 9.07 2.07 17.70
E-1 189.3-191.8 2.50 25.48 0.69 9.61
194.3-195.4 1.10 3.58 0.05 13.40
E-2 144.25-148.6 2.60 14.82 1.22 9.06
175.65-176.7 1.05 9.00 0.07 1.90
200.5-200.85 0.35 18.00 0.02 2.90
E-3 178.4-181.2 2.80 22.05 6.47 47.96
201.95-203.55 1.60 5.53 0.36 2.55
E-4 163.85-166.05 2.20 6.39 0.33 2.32
174.5-175.7 1.20 2.91 3.21 20.00
180.4-185.05 4.65 6.01 3.04 21.93
incl. 182.85-185.05 2.20 10.75 6.01 43.35
E-5 158.05-158.65 0.60 2.55 0.35 2.50
171.4-176.7 5.30 29.77 4.65 43.99
E-6 142.45-147.25 4.80 12.07 1.06 6.94
If China slaps an export tariff on REEs, will they change their name back? <vbg>
LC
OT/ Check out this VMS Private Placement! This one used to have the ticker REM. What do people think?
This one has properties right next to HBM's existing zinc ops. They used to be called REM and still have their rare earth properties. Imagine if China restricts exports of rare earths next, as it did with moly. Accredited investors can find out more about this placement by emailing: sioilsands@yahoo.com Be quick!
VMS VENTURES ANNOUNCES FINANCING AND OPTION GRANT
VMS Ventures Inc. has arranged, on a non-brokered basis, to raise up to $2.5-million by the issuance of units at a price of 15 cents per unit and flow-through shares at 15 cents.
Each 15-cent unit will consist of one common share and one-half of one share purchase warrant. Each whole warrant entitles the holder thereof to purchase one common share of the company at a price of 20 cents for a period of 18 months from closing.
VMS analysis:
http://www.siliconinvestor.com/readmsg.aspx?msgid=23400820
http://www.siliconinvestor.com/readmsg.aspx?msgid=23401322
Disclaimer: The information contained in this email does not
constitute an offer to sell shares in or offer advice regarding the
company (ies) referred to by anyone in any jurisdiction where such
offer, solicitation or distribution would be unlawful or in which the
person making such solicitation or offer is unqualified to do so. All
recipients of this information should consult an appropriate
professional advisor as to whether they require governmental or other
consents or need to observe any formalities to enable them to invest
in any particular offering. If you are unsure of the meaning
contained in any documents you receive in relation to this offering
please consult your financial or other professional advisor.
Rockcliff Continues to Intersect High Grade Zinc-Silver Sulphides
08:51 EDT Thursday, March 22, 2007
SUDBURY, ONTARIO--(CCNMatthews - March 22, 2007) - Rockcliff Resources Inc. (TSX VENTURE:RCR) is pleased to announce that surface boreholes at the Zinc Zone continues to intersect massive sulphides rich in zinc and silver. Rockcliff's Zinc Zone is located within its 100% owned Shihan VMS Property located in central Ontario. Drilling continues to determine the overall dimensions of the Zinc Zone.
Highlights of drill intersections from the Zinc Zone are tabulated below, including:
- 4.25 metres grading 7.43% zinc and 3.76 opt silver including 1.8 metres grading 14.50% zinc and 3.65 opt silver
- 3.50 metres grading 6.01% zinc and 6.53 opt silver including 1.50 metres grading 13.01% zinc and 6.83 opt silver
- 5.15 metres grading 7.31% zinc and 2.95 opt silver including 2.10 metres grading 11.56% zinc and 4.05 opt silver
- 2.5 metres grading 17.63% zinc and 4.29 opt silver including 1.75 metres grading 23.73% zinc and 3.59 opt silver
To date, 22 boreholes have been completed with assay results returned from the first seven boreholes (RS07-01 to RS07-07). Results from boreholes RS07-01 and 02 were reported in Rockcliff's news release dated February 27, 2007. Drilling has identified the Zinc Zone across a strike length of 150 metres and to a maximum vertical depth of 110 metres. The Zinc Zone remains open along strike and to depth.
Highlights of significant Rockcliff borehole assay results are tabulated below. The lengths reported are drill intersected core lengths and do not represent true widths.
---------------------------------------------------------------------------
Borehole From (m) To (m) Length (m) Zn % Ag g/t (opt) Pb % Au ppb Zone
---------------------------------------------------------------------------
RS07-03 29.00 33.25 4.25 7.43 129 (3.76) 0.22 460 Zinc
---------------------------------------------------------------------------
includes 30.50 32.30 1.80 14.50 125 (3.65) 0.24 773 Zinc
---------------------------------------------------------------------------
RS07-04 41.00 44.50 3.50 6.01 224 (6.53) 0.21 400 Zinc
---------------------------------------------------------------------------
includes 43.00 44.50 1.50 13.01 234 (6.83) 0.30 384 Zinc
---------------------------------------------------------------------------
RS07-05 35.00 38.35 3.35 2.72 74 (2.16) 0.05 177 Zinc
---------------------------------------------------------------------------
RS07-06 53.75 64.80 11.05 4.29 121 (3.53) 0.06 362 Zinc
---------------------------------------------------------------------------
includes 59.00 64.15 5.15 7.31 101 (2.95) 0.05 178 Zinc
---------------------------------------------------------------------------
includes 62.05 64.15 2.10 11.56 139 (4.05) 0.10 114 Zinc
---------------------------------------------------------------------------
RS07-07 115.15 117.65 2.50 17.63 147 (4.29) 0.56 458 Zinc
---------------------------------------------------------------------------
Includes 115.4 117.15 1.75 23.73 123 (3.59) 0.47 209 Zinc
---------------------------------------------------------------------------
- (m) equals metres, % equals percent, g/t equals grams per tonne, opt
equals ounces per ton, ppb equals parts per billion
- Zn equals zinc, Ag equals silver, Pb equals lead, Au equals gold
Gold Hawk Resources Inc.: Signs Long Term Off-Take Contract
09:00 EDT Friday, March 23, 2007
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2007) - Gold Hawk Resources Inc. ("Gold Hawk" or the "Company") (TSX VENTURE:CGK) is pleased to announce that its wholly owned subsidiary, CMSJ (Peru), has signed a five year Off-Take Contract with BHL PERU S.A.C. ("BHL") of Peru, for the sale of all its lead and zinc concentrate production from its Coricancha mine for the next five years (period from 2007 to 2012). The Off-Take Contract entails very competitive commercial terms, and provides the Company with an established customer for its lead and zinc concentrates.
BHL (www.bhlcom.com) is part of a merchant group of companies specializing in non ferrous base metals in concentrates and mineral ores. BHL was created in 1992 in Peru, today is one of the major lead and zinc concentrate suppliers to the smelting community.
Gold Hawk is a Canadian natural resource company, based in Vancouver, B.C., engaged in the exploration, development and operating of precious and base metal mines. In addition to 100% ownership of the Coricancha Mine in Peru, the Company has exploration properties in Peru and Canada (Quebec).
This press release includes "forward-looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties involved in the discovery and delineation of mineral deposits, resources; the uncertainty of resource estimates and the ability to economically exploit resources; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Gold Hawk to obtain all permits, consents or authorizations required for its operations and activities; and health and safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Gold Hawk to fund the capital and operating expenses necessary to achieve the business objectives of Gold Hawk, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Gold Hawk. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Gold Hawk should not place undue reliance on these forward-looking statements.
Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and Gold Hawk undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Gold Hawk Resources Inc.
Mr. Gordon F. Bub
Chairman and C.E.O.
(604) 689-9261
First Yemen zinc, lead and silver mine to open soon
By Faisal Darem
Mar 24, 2007, 19:08
The Geological Survey and Mineral Resources Board is preparing to open the first mine to exploit and develop deposits of zinc, lead and silver in the Nehim area. Nehim is located about 110 km northeast of Sana’a. This project will include crude extraction and treatment in the Nehim area, said Amer Mohsen Sabri, general manager of promotion and evaluation at the Geological Survey and Mineral Resources Board.
Some 2,000 years ago, Yemeni people extracted silver from the mine, but no longer do so. The mineral deposits were rediscovered by the Geological Survey and Mineral Resources Board and the French Research Office in the 1980s. Since then, the board has been working with the Zincox Company of the U.K. to figure out the best way to mine the minerals. The feasibility study was completed in 2004.
The Zincox Company has developed a new way to extract minerals, by pouring chemicals over it that allows some 80 percent of the zinc in the deposit to be extracted. The project will work under the name of new company called Jabal Salab Company Ltd. This company consists of three partners: Zincox British Company, which owns 60 percent of the company’s shares; Anglo American Company, which owns 20 percent of the shares; and the Ansan Yemeni company, which owns 20 percent of the shares.
The execution of the project is expected to last 12 years, but the duration of the contract between the Jabal Salab Company and the Geological Survey and Mineral Resources board is 20 years, because of the probability of an extension of the mineralization, Sabri said. Some US$75 million has been invested in this project, which will provide employment opportunities for approximately 370 Yemeni people. The project has obtained a tax exemption for a period of six years, calculated from the beginning of the implementation of the project, according to investment law, said Sabri.
The benefits of the project to Yemen, over 12 years of the life of the mine, according to the estimates of the economic feasibility study submitted by Zincox company, include: profits (the world price of zinc is US$1900 per ton); tax proceeds, estimated at about US$58 million, in addition to US$12 million in taxes and social security contributions from the salaries of company staff; and a net profit ratio to the Yemeni government of approximately US$ 14 million during the period of operation of the mine. Yahya al-Nehimi, one of the people who live in the project area, said, “I feel very happy that this project will be set up in my area, because there are no projects of infrastructure and good social services, so we are lucky people, because the population of my area will find job opportunities easily and my area will be improved.”
The infrastructure and social services of the projects area will be developed in the project area. The area will receive water, electricity, better roads, education for the local children, better healthcare, and other benefits. The project would provide a steady source of foreign currency to the country, as a result of the export and sale of zinc on the international market, said Taha al-Foseil, Economic Professor at Sana’a University. The greatest benefit to Yemen of this project is that it could pave the way for further mining projects.
This project will prove that Yemen is serious in the development of the mining industry and confident in its ability to expand its non-oil sources of income, he said. Zincox and Anglo-American companies, which are investing in this mine, are internationally reknowned in the mining industry. This will help create a good reputation for Yemeni minerals, and word of the success of this project could quickly spread worldwide.
That hypothetical success would encourage and attract other foreign companies to invest in the mining sector in Yemen, just as the success which Yemen witnessed in the oil industry in the early 1980s encouraged foreign entities to invest in Yemen’s oil, said Mohammed Salah, Member of the Board of Directors of the Sana’a Chamber of Commerce.
Yemen has many unexploited mines, many that have not yet been discovered, and many that are not yet explored, such as the gold mine in Hajja governorate. If international companies invest in this mine, it would contribute greatly to the Yemeni economy.
Online source:
http://www.yobserver.com/article-11944.php
Seems to be building solid upchannel:
Alas, I have been focussed elsewhere the last few weeks and have lost track of zinc fundamentals, so can proffer no informed oponion.
LC
From what you've read/heard, is the Red Dog Alaskan Zinc Mine still the reason for this week's run-up in zinc inventories?
HudBay Options Exploration Properties to Rockcliff Resources
Fri Mar 23, 8:30 AM
http://ca.news.finance.yahoo.com/s/23032007/28/link-finance-news-hudbay-options-exploration-properti...
WINNIPEG, MANITOBA--(CCNMatthews - March 23, 2007) - HudBay Minerals Inc. (TSX: HBM.TO) (HudBay) today announced that its wholly-owned subsidiary, Hudson Bay Exploration and Development Company Limited (HBED), has entered into agreements with Rockcliff Resources Inc. (Rockcliff) providing Rockcliff, subject to it obtaining the requisite regulatory approval, with separate options respecting seven properties located in the Snow Lake area of the Flin Flon Greenstone Belt, in Manitoba.
These properties total approximately 15,847 hectares and relate to the Rail, Reed, Kof and Sylvia copper and zinc base metal deposits, along with additional properties with targets prospective for copper and zinc base metal deposits.
In order for Rockcliff to acquire 100% interests in all of these properties, it must pay HBED an aggregate of $2.06 million in escalating, incremental payments and incur aggregate, escalating exploration expenditures totaling $9.8 million over a four-year period.
If Rockcliff exercises any one or more of these options, HBED will:
1. retain a 2% Net Smelter Return Royalty in each of such properties respecting which the option has been exercised;
2. have a buy back right to acquire a 55% interest in each property by paying to Rockcliff 200% of its option payments and spending 200% of Rockcliff's work expenditures in such property; and
3. have the right to further increase its interest to 65% (an additional 10%) by bringing the property to commencement of commercial production and by financing Rockcliff's 35% portion, with such costs recovered from Rockcliff's share of profits realized from future production.
"Our agreements with Rockcliff continue to build on our aggressive 2007 exploration program," said Peter Jones, HudBay President & CEO. "In addition to our $45.2 million exploration activities this year, our agreements with Rockcliff, along with the other previously announced option agreements, will significantly leverage our exploration opportunities in the prolific Flin Flon Greenstone Belt."
About HudBay Minerals Inc.
HudBay Minerals Inc. is an integrated mining company that operates mines, concentrators and a metal production complex in northern Manitoba and Saskatchewan. The company also owns a zinc oxide production facility in Ontario, the White Pine Copper Refinery in Michigan and the Balmat zinc mine in New York state.
HudBay is a member of the S&P/TSX Composite Index.
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to future exploration activities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of HudBay, to be materially different from those expressed or implied by such forward-looking information, including risks associated with the mining industry such as economics, future commodity prices, results of exploration activities, government regulation, environmental and reclamation risks, timely and cost effective access by HudBay and option holders to sufficient capital, receipt of requisite regulatory approvals, risks related to option agreements, conclusions of economic evaluations, changes in project parameters as plans continue to be refined as well as those factors discussed in the section entitled "Risk Factors" in HudBay's Annual Information Form for the year ended December 31, 2005, available on www.sedar.com. Although HudBay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. HudBay does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Contacts
Brad Woods
HudBay Minerals Inc.
Director, Investor Relations
(204) 949-4272
Email: Brad.woods@hbms.ca
Website: www.hudbayminerals.com
Canadian Zinc Corporation: Underground Drilling Intercepts 56% Combined Lead and Zinc With 10 oz/ton Silver Over 3.2 Meters at Prairie Creek Mine
Thursday March 22, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 22, 2007 -- Canadian Zinc Corporation (Toronto:CZN.TO - News) is pleased to report drill assay results on the third completed section of underground diamond drill holes from the newly established decline tunnel at the Company's 100% owned Prairie Creek Mine in the Northwest Territories. Drilling has been on-going through the winter season and continues with 17 of the 18 holes drilled to date reporting significant grades of mineralization.
Previous news releases dated January 9 and March 5th, 2007 reported results from the first two completed sections of drilling, Section 50650N and 50600N, from the new underground decline.
Underground Diamond Drill Results from Section 50700N
Assay results have now been received for the ring of six drill holes completed on Section 50700N. These holes were drilled from the 50700N underground drill station in the 870 level decline which was established during the 2006 exploration program at Prairie Creek.
All six holes on Section 50700N intersected mineralization and two reported multiple intercepts.
[continued in following link]
http://biz.yahoo.com/iw/070322/0229771.html
China May Launch Zinc Futures
By Interfax-China
21 Mar 2007 at 10:40 AM GMT-04:00
SHANGHAI (Interfax-China) -- The Shanghai Futures Exchange (SHFE) may soon launch zinc futures contracts, although the implementation date is unclear as the exchange is still awaiting final approval from the China Securities Regulatory Commission (CSRC), an official with the SHFE said.
"We have heard that the launch date may be March 26, but as yet, there has not been any official announcement," China National Cereals, Oils and Foodstuffs Corp. (COFCO) analyst, Huang Chengkang, said.
China is both the world's largest zinc producer and consumer and is in need of a zinc futures market in order to minimize losses from price fluctuations in the international zinc market.
"Zinc futures in China will provide an alternative to companies looking to hedge and balance prices," analyst with East Asian Futures, Pang Ying, said.
Current zinc futures trading on the London Metal Exchange (LME) is limited to China's leading zinc producers, including Zhongjin Lingnan Nonfemet, Huludao Zinc Smelter, Zhuzhou Smelter Group and Chihong Zinc and Germanium Co. Ltd.
Steel companies have also welcomed the upcoming zinc futures launch, as 46% of China's zinc supply is used in the production of galvanized steel sheets. Galvanized steel sheets are high-grade steel products mainly used in automobile manufacturing.
Huang believes that a mature market and an active price movement on the world market has spurred the SHFE to launch zinc futures trading one year after its proposal to the CSRC. Global zinc prices increased almost 50% last year.
The SHFE began a zinc futures trading trial this week and will finish on Friday before the official launch. Long-distance transaction systems and market information transmission systems for off-floor traders are already in place, according to officials from the SHFE.
Huang predicts that China's growing zinc capacity will affect global prices. The Chinese government recently proposed to eliminate outdated production capacity in the industry, limit over-expansion and maintain a supply and demand balance for lead and zinc.
China will no longer approve new zinc smelting projects with an annual capacity below 100,000 tonnes and current zinc smelters with an annual capacity under 100,000 tonnes will be gradually phased out.
Pang predicts the domestic futures market will affect, but not dominate global prices. "The LME will continue to set global prices," Pang said.
China's zinc output hit 3.15 million metric tonnes last year, up 16.31% from the previous year, which was due to improved production techniques and rising global prices, according to the China Nonferrous Metals Industry Association.
China's output accounted for approximately 30% of world's total, ranking the world's top producer for 15 consecutive years. Antaike, a state-owned nonferrous metals industry consultancy, predicts China's zinc output will rise 400,000 metric tonnes this year to 3.55 million metric tonnes.
China's zinc consumption is set to rise 10% to 3.7 million or 3.8 million tonnes, according to Antaike. Last year's demand was around 3.4 million to 3.5 million metric tonnes.
Huang also predicts that China will become a zinc exporter in one or two years time due to rapid growth in domestic capacity.
China was a net importer of refined zinc last year, with total net imports of 191,000 tonnes in 2006, down 59.7% from the previous year.
China reported a zinc export surge of 558.4% to 71,377 tonnes in January, while zinc imports fell 12% to 14,485 tonnes, according to statistics released by the General Administration of Customs today.
Zinc prices on the London Metals Exchange are currently trading at $3,236 per tonne.
© Interfax-China 2007. For more intelligence on Chinese metals and mining, click here or contact David Harman in Hong Kong at david.harman@interfax-news.com or (852) 2537-2262.
http://www.resourceinvestor.com/pebble.asp?relid=30018
Terramin proceeds with underground mine following govt. approval
Source: Aggregate Research Industries
http://metalsplace.com/metalsnews/?a=10881
Construction can commence on Australia's newest zinc mine after the A$64 million Terramin Australia Limited Angas project south of Adelaide was today given the go-ahead by the South Australian Government.
The Government's approval for the Mining and Rehabilitation Plan (MARP) for Angas will enable Terramin (ASX: TZN) to proceed with development of the underground mine site to meet forecast first production in mid 2008.
"While we have been awaiting the MARP approval, our engineering contractors have been advancing mine design work so we are ready to commence construction immediately," Terramin's Executive Chairman, Dr Kevin Moriarty, said today.
"The Company has spent more than $5 million to freehold the mine site and its former quarry licence and to acquire nearby properties," Dr Moriarty said.
"Mining equipment and facilities are on site and the former quarry operation has been dismantled. We have obtained all necessary waivers and insurance, and are now waiting only for notification of the bond amount from PIRSA so we can start excavations."
The first task will be the box cut and tailings storage facility, followed by the decline to the underground mine in July.
Construction of the processing plant is scheduled for an October 2007 start, with full commissioning within 10 months. The Angas project provides a major boost for the Fleurieu Peninsula region with 179 jobs at the peak of construction. The mine will provide 103 permanent jobs in the region including 63 at mine site.
A $29 million per year boost for the local economy has been estimated in a study on the project by the SA Centre for Economic Studies.
First zinc and copper-lead-silver-gold concentrate production is expected by August 2008 at a rate of 60,000 tonnes per annum of high grade zinc concentrate and around 24,000 tonnes per annum of lead-copper concentrate. There will also a high level of precious metal entitlements (gold and silver) net to Terramin as a by-product of the concentrates once processed through a smelter.
Dr Moriarty said revised cashflow estimates for Angas showed the zinc mine would generate pre-tax earnings of around A$80 million in 2008-2009. The estimate is based on zinc and lead prices of US$3,000 and US$1,500 a tonne respectively, compared with current prices of US$3,205 and US$1,930.
About TERRAMIN AUSTRALIA LIMITED
Terramin is a dedicated base metals company focused on early development of the Angas Zinc project and advanced exploration at Menninnie Dam zinc/lead and copper project.
ADA
.....Scotia mine (zinc-lead) update
All mobile equipment necessary for mine start-up is now on site, and road construction for the open pit has commenced. Refurbishment of the mill is expected to be completed by March 30, 2007, and initial ore throughput is anticipated to commence in mid-April.
Photos showing the state of readiness of the Scotia mine start-up taken on March 16, 2007, can be viewed on the company's website....
http://www.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=B-662210-C:ADA&symbol=ADA&news...
Zinc demand supported by world economic growth
Source: Hoovers
http://metalsplace.com/metalsnews/?a=10865
A continuation of global economic growth over the medium-term should ensure strong zinc usage in the construction industry, the International Lead and Zinc Study Group said Monday.
At the same time, zinc demand in the public infrastructure sector should be strong in both the developed and developing world, said the ILZSG.
The construction and infrastructure sectors together account for over half of global zinc usage, said the ILZSG.
Within the construction sector, zinc is used for galvanized structural steel, roofs, facades, flashings, gutters and rainwater systems while within the public infrastructure sector, zinc is used for lighting columns, road crash barriers, railings and power transmission towers, the ILZSG said.
However, if zinc prices remain at such high levels, it could become a problem for zinc use in the construction sector, the ILZSG said, but will have a more muted impact on public infrastructure investment.
As public building standards are set by government and regional authorities and specify that zinc has to be used as a protector, it is less sensitive to price, said the ILZSG.
However, in the private sector, there are no such instances of mandatory zinc usage and therefore is subject to price fluctuations, the ILZSG said.
At 1100 GMT, three-month zinc traded at $3,200 a metric ton, down 30% from November's record high of $4,580/ton.
Adding to downward price pressure, the global refined zinc market reported a 50,000-ton surplus in January 2007, reversing a 31,000-ton deficit in the same month of 2006, a recent ILZSG report said. Refined zinc production in January was 941,000 tons while refined zinc consumption was 891,000 tons, the ILZSG said.
HudBay's First Lalor Lake Drill Hole Intersects Zinc
Tue Mar 20, 8:50 AM
http://ca.news.finance.yahoo.com/s/20032007/28/link-finance-news-hudbay-s-first-lalor-lake-drill-hol...
WINNIPEG, MANITOBA--(CCNMatthews - March 20, 2007) - HudBay Minerals Inc. (TSX: HBM.TO)(HudBay) today announced results from its first Lalor Lake surface drill hole DUB 168 located 2.4 km from its Chisel North mine site and 15 km from its Snow Lake concentrator, in the Flin Flon Greenstone Belt.
The Crone Geophysics deep penetrating Pulse Electromagnetic anomaly at Lalor Lake was modelled and a relatively large tabular flat dipping mineralized conductor was indicated at approximately 800 meters depth.
Drill hole DUB 168 was drilled almost vertically to test the anomaly and intersected a band of conductive mineralization between 781.74 and 826.87 meters (45.13m), which included an interval of near massive sulphide from 781.74 to 790.20 meters (8.46m), and an interval of massive sulphide from 790.2 to 798.19 meters (7.99m).
Assay results include:
- 0.30% Cu, 7.62% Zn over 45.13 meters including:
- 0.19% Cu, 17.26% Zn over 16.45 meters
Included within the 16.45 meter intersection of 17.26% zinc is a massive sulphide intersection of 7.99 meters of 31.93% zinc.
The mineralization includes coarse grained pyrite and sphalerite similar to that at the nearby Chisel North mine at approximately the same geological horizon. The mineralization is immediately underlain by a thick zone of intense hydrothermal alteration with varying concentrations of pyrite, pyrrhotite, chalcopyrite and sphalerite stringers.
"Our 2007, $45.2 million exploration program is returning exceptional results," said Peter Jones, President & CEO. "The first intersection at Lalor Lake is very encouraging and I look forward to the next group of holes to confirm the results of the first intersection and hopefully define a substantial and new high grade zinc deposit."
Today's announcement follows the previously announced Talbot Lake drill intersection of 12.44% copper and 3.50% zinc over 9.65 meters, located 83 km from the Snow Lake concentrator.
As also previously announced, HudBay's 2007 exploration plan includes an $8.5 million advanced exploration program and feasibility study expenditure on the Bur deposit, approximately 22 km from the Snow Lake concentrator. Good progress is being made on this project with permits now in place for road access, site preparation and underground excavation. Installation of the access road is underway.
HudBay's concentrator in the Flin Flon Greenstone Belt at Snow Lake has an annual capacity of approximately 1.2 million ore tonnes. The concentrator has available capacity to process ore from new mineral deposits as well as to continue to process ore from the Chisel North mine.
One priority of HudBay's strategy is a focus on organic growth and in 2007, $45.2 million is being invested in exploration largely within the Flin Flon Greenstone Belt, which is one of the most prolific in Canada. HudBay's exploration properties include approximately 380,000 hectares in the Flin Flon Greenstone Belt of Manitoba and Saskatchewan and approximately 20,000 hectares in the Balmat district of New York State. In addition, HudBay owns both the Tom and Jason zinc/lead mineral deposits in the Yukon.
HudBay Procedures
Exploration core drilling was BQ size. The core was logged and mineralized intersections were marked for sampling and assaying by HudBay's subsidiary Hudson Bay Exploration and Development Company Limited ("HBED") employed geologists. The marked intersections or intervals were sawn in half by a diamond saw and one half of the core was placed in plastic bags and tagged with unique sample numbers, while the second half was returned to the core box and stored.
Each bagged core sample was transported to the assay laboratory in Flin Flon, Manitoba operated by HudBay's Hudson Bay Mining and Smelting Co., Limited subsidiary where it was dried, crushed and pulverized and a 250-gram sample was prepared for assaying. From each 250 gram sample 0.25 grams was removed and leached in aqua regia and analyzed by ICP-AES for Ag, Cu, Zn, As, Pb, Ni and Fe. Also from the 250-gram sample, 15 grams was removed for gold determination by fire assaying with Atomic Absorption finish.
Assaying integrity is monitored internally with a quality control program, which includes the use of assay sample standards, blanks, duplicates and repeats and externally through national and international programs. In addition, within each group of 20 core samples, one core sample has a second 250 gram split collected for check assaying at Acme Analytical Laboratories Ltd. in Vancouver, B.C.
The news release provides core lengths and true widths are not provided. Where metal assays are provided for intersections they are either a single assay of a sample of the entire intersection length or a composite of assays calculated from interval weighted assays over the intersection length.
The data herein and the contents of this news release have been reviewed by Kelly Gilmore, B.Sc. P. Geo., Chief Exploration Geologist with HBED, who is a Qualified Person, within the meaning of National Instrument 43-101, with the ability and authority to verify the authenticity and validity of the data.
About HudBay Minerals Inc.
HudBay Minerals Inc. is an integrated mining company that operates mines, concentrators and a metal production complex in northern Manitoba and Saskatchewan. The company also owns a zinc oxide production facility in Ontario, the White Pine Copper Refinery in Michigan and the Balmat zinc mine in New York state.
HudBay is a member of the S&P/TSX Composite Index.
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect HudBay's exploration plans and spending and the success of such activities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of HudBay, to be materially different from those expressed or implied by such forward-looking information, including risks associated with the mining industry such as economic factors as they effect exploration, actual results of current exploration activities, government regulation, environmental risks, success of exploration activities, permitting time lines, capital expenditures, changes in project parameters as plans continue to be refined as well as those factors discussed in the section entitled "Risk Factors" in HudBay's Annual Information Form for the year ended December 31, 2005, available on www.sedar.com. Although HudBay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. HudBay does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Contacts
Brad Woods
HudBay Minerals Inc.
Director, Investor Relations
(204) 949-4272
Email: Brad.woods@hbms.ca
Website: www.hudbayminerals.com
Peru's zinc production rises sharply in January
Source: Hoovers
http://metalsplace.com/metalsnews/?a=10860
Peru's zinc production rose 35.7% in January compared to the same month a year earlier, partially offsetting a slide in gold and copper production, preliminary figures from the National Statistics Institute, or INEI, showed.
It said that zinc production reached 98,800 metric tons compared to 72,800 tons in January 2006 when production increased sharply at Compania Minera Antamina SA. Gold production, meanwhile, fell 22.5% to 14,000 kilograms compared with the same month a year earlier.
Gold production continues to fall due to lower output at Minera Yanacocha SRL, operated by Newmont Mining Corp (NEM).
Copper production reached 63,900 tons, 7.3% lower than in January 2006, when copper output slowed at Minera Antamina.
Silver production, meanwhile, remained strong, rising 7.5% to 266,100 kilograms. Peru is the world's largest silver producer.
Tin production reached 2,900 tons, a slide of 4.4%, while lead production gained 16.3% to 26,600 tons. Iron production rose 3.0% to 447,000 tons.
Finally, molybdenum production was 4,400 tons compared with 1,500 tons a year earlier.
Official production figures are also reported by the Ministry of Energy and Mines.
A spokesman Monday at the ministry said the figures would be published in the next few days.
Antamina is owned by BHP Billiton (BHP), with a 33.75% stake; Xstrata PLC. (XTA.LN) with another 33.75%; Teck Cominco Corp.(TEK.B.T) with 22.5% and Mitsubishi Corp. (8058.TO) with 10%.
Wolfden Resources Inc. and Zinifex Limited enter into Support Agreement; Zinifex to offer $3.81 per share
09:00 EDT Monday, March 19, 2007
Shares Issued: 88,732,878
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGe...
TORONTO, March 19 /CNW/ - Wolfden Resources Inc. (TSX:WLF) announced today that it and Zinifex Limited ("Zinifex") have entered into a support agreement (the "Support Agreement") in respect of Zinifex's intention to make an offer for all of the outstanding common shares of Wolfden at a cash price of$3.81 per share, including shares issued or issuable upon the exercise of Wolfden warrants and stock options (the "Offer"). Under the Support Agreement, a wholly-owned subsidiary of Zinifex (Zinifex Canadian Enterprises Inc., "ZCE") will, subject to certain conditions, make the Offer pursuant to a take-over bid circular to be mailed to Wolfden's shareholders on or beforeApril 2, 2007.
The Board of Directors of Wolfden, upon a recommendation of the special committee of the Board of Directors, has unanimously determined that the Offer is fair to Wolfden's shareholders (other than Zinifex and ZCE), that the Offer is in the best interests of Wolfden and the Shareholders, and accordingly, the Board of Directors has approved the entering into of the Support Agreement and recommends that Wolfden's shareholders (other than Zinifex and ZCE) accept the Offer. The special committee and the Board of Directors have received the verbal opinion of BMO Capital Markets that the consideration to be provided under the Offer is fair from a financial point of view to such shareholders. Each member of the Board of Directors and each of Wolfden's senior officers has entered into a lock-up agreement in respect of the Offer.
The Offer will be open for acceptance for a period of not less than 36 days and will be conditional upon, among other things, more than 66 2/3% of the outstanding common shares of Wolfden (calculated on a fully-diluted basis) being validly deposited under the Offer and not withdrawn. As described in Wolfden's press release datedFebruary 19, 2007 in respect of the non-binding and conditional letter of interest that Wolfden had received from Zinifex, the Offer will also be subject to, among others, the condition that Ewan S. Downie, President and Chief Executive Officer, Steven J. Filipovic, VicePresident Finance, and John Begeman , Chief Operating Officer entering into employment agreements with Zinifex. In addition, the Offer will be subject to certain other customary conditions, including the absence of any material adverse change, the obtaining of any relevant regulatory approvals and the absence of any adverse litigation, proceeding or legal prohibition in respect of the Offer.
The Support Agreement provides, subject to its terms, that the Board of Directors of Wolfden will issue a directors' circular, to be provided with Zinifex's take-over bid circular, which will contain the above recommendation to shareholders, together with a copy of the written fairness opinion prepared by BMO Capital Markets. The Support Agreement terms and conditions also provide for, among other things, a break fee provision in the amount of $11 million and the requirement that Wolfden not solicit competing offers and notify Zinifex of the receipt of any alternative proposals from third parties, together with a right of Zinifex to match any such proposal.
Inmet Mining Corporation and Goldcorp Inc. have also entered into lock-up agreements to tender, subject to the terms of such agreements, 13,500,000 and 6,000,000 common shares to the Offer, respectively. Together with the shares held by or issuable to the directors and senior offices of Wolfden, Zinifex has lock-up agreements in respect of approximately 27% of the shares of Wolfden (on a fully-diluted basis).
Wolfden is a Canadian-based mineral exploration and development company with a diversified portfolio of advanced stage properties and several ongoing exploration programs inCanada.
This release does not constitute an offer to purchase or a solicitation of an offer to sell securities. Shareholders should carefully review the take-over bid circular and the directors' circular when available because they will contain important information, including full details of the Offer and its terms and conditions.
Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Wolfden's control, and may include statements regarding resource estimates, potential mineralization, exploration results, completion of work programs and studies, and future plans and objectives. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. There can be no assurance that such statements will prove to be accurate and actual results could differ materially from those suggested by any forward-looking statements.
%SEDAR: 00010215E
For further information: Ewan Downie, President & CEO Phone: (807) 346-1668, Fax: (807) 345-0284, e-mail: Info@wolfdenresources.com, Web Site: www.wolfdenresources.com
Redcorp Ventures Ltd.: Update of Resource Estimate on the Tulsequah Chief Deposit
Monday March 19, 9:00 am ET
http://biz.yahoo.com/iw/070319/0228057.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 19, 2007 -- REDCORP VENTURES LTD. (Toronto:RDV.TO - News) and its wholly-owned subsidiary, Redfern Resources Ltd. (together the Company), are pleased to provide an update on the Tulsequah Chief Project. As announced in the Company's news release dated January 16, 2007, Wardrop Engineering Ltd. was contracted to complete an NI 43-101 compliant resource estimate on the "A-Extension" mineralization. The "A-Extension" was discovered by Redcorp in the summer of 2006 and is located within the footprint of the Tulsequah Chief mine. A positive feasibility study on the Tulsequah Chief was released January 29, 2007 and the Company is now focused on re-opening the mine.
"The A-Extension zone establishes the first significant mineral resources west of the 4400E fault in the mine area and proves that this area is prospective for hosting mineralization in addition to what has been established in the Feasibility Study. We are confident that the immediate Tulsequah Chief mine area and western margins of the established resource remain highly prospective for further discoveries and resource expansion," stated Terry Chandler, President.
A-Extension Resource Estimate
The A-Extension resource estimate incorporates information from 30 surface and underground holes, and was prepared by Gilles Arseneau, Ph.D., P.Geo, of Wardrop Engineering.
A-Extension Resource Estimate (@ CAD $86 NSR, Wardrop, March 14, 2007)
--------------------------------------------------------------------------
Category Tonnes Cu (%) Pb (%) Zn (%) Au (g/t) Ag (g/t)
--------------------------------------------------------------------------
Indicated 108,900 2.12 0.55 3.29 1.58 72.70
--------------------------------------------------------------------------
Inferred 98,300 1.02 0.35 4.22 0.75 27.46
--------------------------------------------------------------------------
--------------------
Tulsequah Chief Resource Estimate (@ CAD $86 NSR, Wardrop, March 14, 2007)
--------------------------------------------------------------------------
Indicated Tonnes Cu (%) Pb (%) Zn (%) Au (g/t) Ag (g/t)
--------------------------------------------------------------------------
Jan 29-07 5,819,900 1.43 1.25 6.58 2.68 97.2
--------------------------------------------------------------------------
A Extension 108,900 2.12 0.55 3.29 1.58 72.7
--------------------------------------------------------------------------
Total
Indicated 5,928,800 1.44 1.24 6.52 2.66 96.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Inferred Tonnes Cu (%) Pb (%) Zn (%) Au (g/t) Ag (g/t)
--------------------------------------------------------------------------
Jan 29-07 950,500 0.96 1.01 5.23 1.76 77.1
--------------------------------------------------------------------------
A Extension 98,300 1.02 0.35 4.22 0.75 27.5
--------------------------------------------------------------------------
Total
Inferred 1,048,800 0.97 0.95 5.14 1.67 72.5
------------------------------------------------------
Futures exchange to start test run on zinc trading
Last updated (Beijing Time):2007-03-18 14:10
China is poised to begin trading zinc at Shanghai Futures Exchange in the near future as a test runo n the new futures product will be held from the coming Monday to Friday, sources with the exchange said on Sunday.
Earlier report said ushing-in of zinc to China's futures market has been given green light by related authorities under the State Council, China's cabinet.
The new move will provide Chinese zinc enterprises with a hedging instrument and mitigate their heavy reliance on international markets.
China is the world's largest zinc producer and consumer, but has for long been denied a say in pricing process for the metal. Now, only London Metal Exchange has a zinc futures market in the world. Last year zinc futures price surged more than 120 percent on international markets.
According to Shanghai Futures Exchange, the minimum delivery unit was set at 25 tons for the coming zinc futures, whose price will be allowed to rise or fall within a daily limit of four percent of the closing price for the previous trading day.
The exchange has required its members and software developers for remote trading systems to complete preparations for official start of zinc trading before the next Friday.
China accounts for one fifth of world's total zinc ore production. Statistics from the China Association of Nonferrous Metal Industry showed that in the first three quarters of 2006, China consumed 2.48 million tons of zinc, a growth of 10.97 percent over the year-earlier level. The nation's year-on-year consumption increment stood at 245,000 tons for the nine-month period, as against the world's increment of 342,200 tons.
Source:Xinhuanet
http://en.ce.cn/Industries/Financial-services/200703/18/t20070318_10734777.shtml
oas
Still holding but it is boring
RosCan Begins Drilling on Its Zinc-Silver Property in Sweden
Fri Mar 16, 9:01 AM
TORONTO, ONTARIO--(CCNMatthews - March 16, 2007) - This press release is not for distribution to any U.S. news wire services or for dissemination in the United States of America.
ROSCAN MINERALS CORPORATION ("RosCan") (TSX VENTURE: ROS.V) is pleased to announce a Phase I exploration drill program is underway at its Jokkmokk property in north-central Sweden. The program is budgeted at US $650,000 and will consist of up to 1250 metres (4100 ft.) of diamond drilling initially focused on the Sakevare permit.
RosCan is currently earning an 80% interest in the property from Intrepid Mines Limited (TSX: IAU.TO)(ASX: IAU.AX) upon making option payments to BHP Billiton of US $1 million over a period of 4 years. Intrepid will be the project operator and will retain a 20% carried interest, while BHP Billiton will retain a 3% NSR royalty.
The Jokkmokk project is made up of four exploration permits totaling approximately 10,435 hectares (25,800 acres). In two of the areas, the Tjerkis and Sakevare, former operator BHP Billiton, identified several two- to five-kilometer long geophysical features within a favorable geological environment. RosCan is exploring geological environments in Sweden which may host large meta-sediment hosted zinc, lead, silver deposits. The company is modeling its search using features which are characteristic of the Australian Broken Hill and Cannington deposits. Previous drilling by BHP Billiton was successful in defining zinc-lead-silver mineral potential in these areas. Regional geochemistry also indicates the potential for base metal and silver mineralization over a large area.
The Sakevare permit consists of two magnetic, highly conductive anomalous areas, MGO1 and MGO2 that contain zinc, lead and silver mineralization. The strongest mineralization occurred in hole MGO1-4 in which the top 150 metres of the hole contained significant sections of anomalous zinc, lead and silver values. A section in the hole assayed 65.6 ppm Ag, 6.5% Zn and 2% Pb over 1.2 metres within an altered unit that assayed 38.5 ppm Ag, 3.3% Zn and 1.3% Pb over 7.1 metres. Including an interval above and below this intersection gives a composite assay result of 15.4 ppm Ag, 1.3% Zn and 0.6 % Pb over 26.1 metres.
In the MGO-2 target area the key mineralized horizon was intersected at the top of hole MGO2-1 and consisted of fine veinlets of sphalerite, galena and pyrrhotite. The best mineralized section in the hole assayed 4.6 ppm Ag, 3.9% Zn and 0.9% Pb over 8.25 metres.
RosCan believes the Jokkmokk project has the potential to host a world class zinc-lead-silver deposit due to the unexplored extent of the favorable geological domain in the region. RosCan is encouraged by the successful application of geochemical and geophysical tools on its properties with corroboration by drilling by the former operator. In addition, to drilling during Phase I, electromagnetic surveying will be used to better define target mineral horizons and guide drill emplacement.
RosCan is currently completing a qualifying report to NI 43-101 standards for the Jokkmokk project under the supervision of Bruce W. Mackie, P.Geo.
To view the accompanying map please click the link below:
http://www.ccnmatthews.com/docs/ros0316.pdf
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements. Such forward-looking statements include comments regarding acquisitions, mineral resource statements and exploration program performance.
Shares Outstanding: 26,699,573
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contacts
William Chymyck
RosCan Minerals Corporation
(416) 293-8437
(416) 293-3957 (FAX)
Email: info@roscan.ca
William Chymyck
Cobblestone Communications Inc.
(519) 851-2242
(519) 642-0839 (FAX)
Email: wchymyck@rogers.com
Cooper Financial Research Announces Investment Opinion on Abcourt Mines Inc.
http://biz.yahoo.com/bw/070228/20070228005639.html?.v=1
Full report (12-month target price of $1.50):
http://madisonaveresearch.com/ABIAnalyst.pdf
Minco PLC completes pre-feasibility study on Bilbao zinc-lead-copper-silver project
Source: Edited Press Release
http://metalsplace.com/metalsnews/?a=10771
Minco said Thursday that it has completed an independent pre-feasibility study on the development of zinc, lead, copper and silver sulphide resources at its Bilbao Project in the state of Zacatecas in Mexico.
Roger Turner, Executive Chairman and CEO, said: "Our exploration team has brought the Bilbao project to a pre-feasibility study only 12 months after we acquired our interest in the property and drilling which commenced in April. In Bilbao, Minco has a project which can be brought rapidly to production using established mining and processing techniques. The project is clearly robust at conservative commodity prices and our priority now is to bring it in to production as soon as possible."
The company said the pre-feasibility study was completed under the direction of an independent consulting engineer, Mr Al Summers, a former Vice-President of Operations for Hecla Mining Inc with extensive mining experience in Mexico.
The study addresses only the sulphide part of the resource which, as the following table, extracted from the full report shows, represents only around 40% of the combined oxide and sulphide resource of approximately 5.8million tonnes. The resources have been prepared by independent consultants. The "mixed and sulphide" resource has been generated, by Mining Exploration and Geosystem Associates (MEGA), using "Datamine" software and manually cross-checked by a further independent expert.
Metallurgical and mineralogical test-work is continuing in order to firm up the characteristics of the sulphide mineralisation and to establish the optimum flowsheet for treatment of the oxide resources, which would be amenable to open-pit mining.
The study uses current international smelter contract terms and assumes that concentrates are shipped by road to local smelters in Mexico. The Bilbao site is strategically located approximately 50 km east of the city of Zacatecas and some 5 km from the main highway between San Luis Potosi and has ready access to the electricity supply grid.
The company said the project is economically robust and in the "Optimistic Case" economic analysis, base metal prices are below the current market prices for lead and zinc. If these prices were realized during the life of the mine the project payback period would be 1.3 years and the net present value would be US$84.7 million. Analysis shows that the project is most sensitive to revenue with a 20% change generating a 60% change in the NPV discounted at 10%. Changes of 20% in either capital or operating costs result in changes in NPV of approximately 20%.
The report recommends a further 10-12 month programme of drilling to upgrade and increase the oxide and sulphide resources and an 18 month period of construction during which time a 1.5 km long access ramp will be excavated to provide underground access to the sulphide ore zones.
Firestone Ventures Reports Latest Drill Results From the Torlon Hill High-Grade Zinc Project
Thu Mar 15, 8:00 AM
http://ca.news.finance.yahoo.com/s/15032007/28/link-finance-news-firestone-ventures-reports-latest-d...
EDMONTON, ALBERTA--(CCNMatthews - March 15, 2007) - Firestone Ventures Inc. (TSX VENTURE: FV.V)(FRANKFURT:F5V) is pleased to announce results from an additional seven drill holes from the Company's Torlon Hill zinc project. These latest step-out intersections extend the known footprint of zinc mineralization an additional 100 metres southwest beyond the previous boundary.
Highlights of the most recent results are as follows:
- Hole TH07-46 intersected 13.7 metres of 2.4% zinc, including 1.8 metres of 7.2% zinc.
- Hole TH07-48 intersected 5.0 metres of 5.0% zinc.
- Hole TH07-49 intersected 4.3 metres of 11.6% zinc.
Results from drill holes TH07-48 and 49 are significant, as they are 100 metres southwest of previous drilling. Geological evidence indicates that the intersections in these holes are situated in a down-faulted block with respect to the main Torlon mineralization. They are located west of a northerly trending fault, in an area not previously known to contain mineralization. The potential for additional mineralization, both "oxide-type" and sulphide, is enhanced by the presence of previously unknown block faulting in this area.
Lead values within the mineralized intervals for the seven drill holes ranged from 0.5 to 4.7% and silver values ranged from 1 to 45 ppm. Results from drill holes TH07-45 and 47, both drilled on the southern margin of the main zone of high-grade zinc mineralization, returned predictable but generally low values. Results from drill holes TH07-50 and 51, both step-out holes to the west were generally low.
The current 2006/2007 Torlon Hill drill campaign has three priority objectives: further expansion of the mineralized zone, detailed in-fill drilling, and improved delineation of deposit geometry. In-fill drilling of the area of high-grade zinc (smithsonite) mineralization defined last year is now complete; the current drill holes are expansion holes testing for additional areas of zinc mineralization at Torlon Hill. A total of 2,502 metres has been drilled to date of a total of 3,600 metres planned in the current drilling program which is expected to finish at the end of March, 2007. The Company previously drilled an additional 1,442 metres in 22 holes in early 2006.
In related news, Firestone Ventures is pleased to announce that it has signed a formal option agreement with Goldcorp Inc. to earn a 100% interest in the Saturno and Saturno II concessions. The concessions surround the Company's Torlon project and cover an area of 12,226 acres (4947.9 hectares or 49.5 sq km). The properties cover Permian carbonate formations which are considered to have excellent exploration potential for zinc and lead mineralization.
Under the terms of the option agreement, Firestone Ventures must make a cash payment to Goldcorp Inc. (the Vendor) of USD $5,000 and incur USD $250,000 in exploration expenditures over three years. A total of USD$35,000 must be spent by the end of the first year. A 1.5% NSR is reserved for the Vendor, of which 0.5% may be purchased by Firestone at any time for $1,000,000. An additional 2% NSR is reserved for the underlying vendor.
The road-accessible Torlon Hill project is located 18 road kilometres northwest of the city of Huehuetenango, near the Pan-American Highway in western Guatemala. Drill hole location maps, assay results, technical report, a longitudinal section sketch, FAQ sheet and photos are available at www.firestoneventures.com.
This news release has been reviewed and approved by John Cleary, (CPG), Qualified Person for the Torlon Hill project in accordance with regulations under National Instrument 43-101, and by Al Workman, P.Geo., Vice President of Watts, Griffis and McOuat Limited. Sample preparation, quality control and analytical techniques have been described previously (see January 11, 2007 news release). All samples were analyzed by ALS Chemex in Vancouver, Canada.
Firestone Ventures Inc. is a well-financed Canadian-based resource exploration and development company with zinc, gold and uranium projects in Western Canada and Central America. The common shares of the Company are currently listed on the TSX Venture Exchange (symbol FV) and the Frankfurt Stock Exchange (symbol F5V).
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Lori Walton, P. Geol.
Firestone Ventures Inc.
President
1-888-221-5588
(780) 428-3476 (FAX)
Email: info@firestoneventures.com
Website: www.firestoneventures.com
Contact Financial Inc.
Investor Relations
(604) 689-7422
Prominex Resource Corp.: Bulk Sample Assay Returns 13.3% Zinc; 3.7% Lead at Tulks Hill
Tue Mar 13, 2:11 PM
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 13, 2007) - Mr. Paul O'Brien reports:
Prominex Resource Corp. (TSX VENTURE: PXR.V) announced today that a representative composite of a bulk sample taken in 1998 from the Prominex Tulks Hill property on the T-1 and T-2 lens at surface and the T-3 lens underground returned assays of 13.3% Zinc; 3.7% Lead; 0.66% Copper; 130.1 g/t Silver and 1.66 g/t Gold. This representative composite of the bulk sample was recently re-assayed to confirm historical results.
During 1997 and 1998, United Bolero Development Corp. took a 5.0 tonne underground bulk sample on the T-1 and T-2 lenses at surface and the T-3 lens underground at the bottom of the lens. Metallurgical testing was performed on 2.0 tonnes by Lakefield Research Ltd. This process was directly supervised by Paul O'Brien, B.Sc., P.Eng., Prominex's Vice President of Exploration and Development and a "qualified person" as defined by National Instrument 43-101.
The company is earning a 51% interest in the Tulks Hill property from Buchans River Inc. (TSX VENTURE: BUV.V) (refer to news release of November 14, 2005). The property is located in the Tulks Volcanic Belt in central Newfoundland and is 12 kms northeast of the base metal discoveries of Messina Mineral Inc. (TSX VENTURE: MMI.V).
QUALITY ASSURANCE
The bulk sample was taken from the Tulks Hill property in 1998 under the direct supervision of Mr. O'Brien, who is responsible for the preparation of technical information in this news release.
Mr. O'Brien has maintained a strict chain of control of the bulk sample since 1998. The 5.0 tonne bulk sample was secured in sealed plastic drums at the site and was transported directly to Mr. O'Brien's operations facility, Buchans Enterprises, in Buchans NL. Four of the plastic drums (approximately 2 tonnes) were sent to Lakefield Research Ltd. for metallurgical testing in 1998. The remaining 3.0 tonnes of the bulk sample has been kept secure by Mr. O'Brien since 1998.
This representative composite sample was collected in accordance with industry standards and was submitted to Eastern Analytical Limited, Springdale Newfoundland by Mr. O'Brien.
ON BEHALF OF THE BOARD OF DIRECTORS:
Paul O'Brien, Vice President of Exploration and Development
This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements. 'Forward-looking statements' are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this action may be identified through the use of words such as expects, 'will', 'anticipates', 'estimates', 'believes', or statements indicating certain actions 'may', 'could', or 'might' occur.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Paul O'Brien
Prominex Resource Corp.
Vice President of Exploration and Development
(604) 257-3604 or 1-800-404-0833
Email: info@prominex.ca
Website: www.prominex.ca
Michael D'Amico
Bay Street Connect
Investor Relations
(647) 500-6023
Pacifica Resources Extends Limits of High-grade Mineralization at XY
09:02 EDT Tuesday, March 13, 2007
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGe...
FSC / Press Release
Pacifica Resources Extends Limits of High-grade Mineralization at XY
Vancouver, British Columbia CANADA, March 13, 2007 /FSC/ - Pacifica Resources Ltd. (PAX - TSX Venture), is pleased to provide an update on drill hole results in the XY Zone including both the open-pit area and drilling both along strike and down-plunge of the previously defined underground Inferred resource. Location of the new drill holes and detailed drill plan maps are available at www.pacifica-resources.com. These holes complete the results from the 2006 drilling.
XY Central Zone - Open Pit
Drill hole XY-136 is the final drill hole from the XY Central Zone open pit target to be reported from the 2006 drilling program. It should be noted that the depth of the intercept in XY-136 is at the transition between the bottom elevation of the open pit and that of the high grade underground resource. XY-136 is also a transition drill hole from deposit average grade to higher grade mineralization as demonstrated by the presence of elevated lead grade. In all five areas known to possess the potential for high grade underground resource targets, the transition to high grade zinc-lead mineralization is denoted by lead grades above three percent over at least several metres of the Active Member.
-***-
-------------------------------------------------------------------------------
Drill Hole From To Thickness Pb Zn Pb+Zn True
(m) (m) (m) (%) (%) (%) Thickness(m)
-------------------------------------------------------------------------------
XYC-136 225.30 248.40 23.10 1.66 5.63 7.29 16.33
-------------------------------------------------------------------------------
Including 225.30 228.80 3.50 2.04 7.65 9.69 2.47
-------------------------------------------------------------------------------
Including 235.20 239.60 4.40 3.41 10.21 13.62 3.11
-------------------------------------------------------------------------------
Including 246.80 248.00 1.20 4.37 19.45 23.82 0.85
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Drill Hole From To Thickness Pb Zn Pb+Zn True
(m) (m) (m) (%) (%) (%) Thickness(m)
-------------------------------------------------------------------------------
XYC-149 309.40 315.10 5.70 3.45 8.56 12.01 4.03
-------------------------------------------------------------------------------
HudBay price target, rating cut by Blackmont
Leonard Zehr
00:00 EDT Monday, March 12, 2007
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGe...
The Street isn't putting much faith in HudBay Minerals Inc. becoming a takeover target or merger partner, even though management raised the possibility on a conference call last week.
The stock dropped 80 cents to $20.80 on the Toronto Stock Exchange Friday after Blackmont Capital analyst Lawrence Smith cut HudBay to "hold" from "buy" and lowered his 12-month price target to $22.50 from $26.
Fourth-quarter profit was below expectations on lower zinc production and higher-than-expected costs. Mr. Smith also cut per-share profit and cash-flow estimates for 2007 and 2008, citing higher costs at two mines and the likelihood of higher taxes in 2007 and 2008.
Mr. Smith hadn't figured on any provision for taxes this year and said that "we believed the effective tax rate in 2008 would be lower than the 34 per cent management has indicated is appropriate."
On the other hand, HudBay might be able to defuse negative sentiment by pulling off an acquisition of its own, and the company is keen on zinc, copper and nickel producers or assets.
Pacifica Resources Announces Drilling at Anniv East Deposit Continues to Expand Mineralization
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGe...
09:02 EST Friday, March 09, 2007
FSC / Press Release
Pacifica Resources Announces Drilling at Anniv East Deposit Continues to Expand Mineralization
Vancouver, British Columbia CANADA, March 09, 2007 /FSC/ - Pacifica Resources Ltd. (PAX - TSX Venture), is pleased to provide an update on drill hole results in the Anniv East area. Drilling in this area has increased the size of the mineralized zone significantly and demonstrates complexity of distribution and thickness of mineralization.
The Selwyn Project hosts the world-class Howard's Pass SEDEX zinc-lead deposits. Location of the new zones and detailed drill plan maps are available at www.pacifica-resources.com. Results of drilling of other zones will be released shortly.
Anniv East Deposit
Thirty-six drill holes were completed on the Anniv East deposit in 2006 that included infill drilling within the known March 2006 NI 43-101 compliant Inferred mineral resource of 18,380,000 tonnes grading 4.46% zinc and 1.28% lead (see NI 43-101 compliant mineral resource report on www.sedar.com) and systematic zone drilling for expansion purposes of the mineral resource potential.
The 2006 drilling has extended the open-pit mineral potential by 850 metres to the northwest and 500 metres to the southwest beyond the boundaries of the March 2006 NI 43-101 mineral resource estimation. Anniv East remains open for expansion of mineral potential to the northwest, west, and southwest.
-***-
------------------------------------------------------------------------------
True
Drill Hole From To Thickness Pb Zn Pb+Zn Thickness
(m) (m) (m) (%) (%) (%) (m)
------------------------------------------------------------------------------
AN-121 158.30 159.85 1.55 1.67 8.38 10.05 1.48
------------------------------------------------------------------------------
AN-128 136.30 136.90 0.60 1.10 7.19 8.29 0.58
------------------------------------------------------------------------------
AN-131 55.74 58.83 3.09 1.09 4.86 5.94 2.90
------------------------------------------------------------------------------
AN-132 22.61 30.48 7.87 1.27 4.62 5.89 7.87
------------------------------------------------------------------------------
35.58 36.24 0.66 0.95 2.64 3.59 0.66
------------------------------------------------------------------------------
45.10 54.51 9.41 1.06 4.25 5.31 9.41
------------------------------------------------------------------------------
Including 47.90 51.31 3.41 1.44 7.09 8.54 3.41
------------------------------------------------------------------------------
57.46 63.36 5.90 1.14 4.76 5.90 5.90
------------------------------------------------------------------------------
ANE-142 136.91 138.47 1.56 2.29 10.32 12.62 1.51
------------------------------------------------------------------------------
ANE-150 145.40 157.00 11.60 0.39 2.06 2.45 11.56
------------------------------------------------------------------------------
Including 145.40 151.85 6.45 0.54 2.51 3.05 1.80
------------------------------------------------------------------------------
Including 145.40 147.55 2.15 0.93 4.39 5.32 2.14
------------------------------------------------------------------------------
ANE-156 144.75 147.40 2.65 0.99 5.05 6.04 2.64
------------------------------------------------------------------------------
ANE-159 108.20 121.53 13.33 0.65 3.89 4.54 13.32
------------------------------------------------------------------------------
Including 108.20 112.10 3.90 1.63 10.59 12.21 3.90
------------------------------------------------------------------------------
ANE-178 213.45 217.40 3.95 0.55 3.90 4.46 3.95
------------------------------------------------------------------------------
Including 213.45 214.90 1.45 1.17 8.15 9.32 1.45
------------------------------------------------------------------------------
ANE-179 229.40 233.60 4.20 1.00 5.21 6.21 4.20
------------------------------------------------------------------------------
ANE-180 268.20 270.40 2.20 0.93 4.66 5.59 2.19
------------------------------------------------------------------------------
ANE-183 98.80 99.40 0.60 0.50 2.40 2.90 0.60
------------------------------------------------------------------------------
100.20 100.60 0.40 0.94 5.02 5.97 0.40
------------------------------------------------------------------------------
115.10 116.90 1.80 3.80 11.91 15.72 1.79
------------------------------------------------------------------------------
Redcorp Ventures Ltd.: Drilling on Lagoa Salgada Concession Discovers New Massive Sulphide Zone
Monday March 12, 9:00 am ET
http://biz.yahoo.com/iw/070312/0225421.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 12, 2007 -- REDCORP VENTURES LTD. (Toronto:RDV.TO - News) and its wholly-owned subsidiary, Redcorp Empreendimentos Mineiros Unipessoal Lda ("REM") (together, the "Company"), are pleased to provide an update on the Lagoa Salgada Project. The Lagoa Salgada Project is located in Southern Portugal, and covers 415 square kilometres of the Iberian Pyrite Belt, one of the most prolific geological terrains in the world for massive sulphide deposits.
Rio de Moinhos Area Drilling
A recently completed drill hole, RM07004, cut 2.5 meters of semi-massive to massive sulphides from 436.6 to 439.10 meters down the hole. This new discovery is located in the Rio de Moinhos area of the Lagoa Salgada Project. Previous operators had drilled two holes in the area, RM1 and RM2. Following up on prospective geology encountered in that historical work, the Company has been drilling targets generated using a geophysical model recently updated with the results from a series of basement soundings collected in the fall of 2006.
This new discovery is situated approximately 11.5 km to the west-southwest of the Lagoa Salgada massive sulphide deposit, and may represent the first intersection of an entirely new massive sulphide deposit within the Iberian Pyrite Belt. The mineralization encountered thus far is dominantly pyrite, with trace amounts of base metal sulphides in the hangingwall of the mineralization. Samples are being sent to Eco-tech Laboratories of Kamloops, BC for assay.
In addition to the massive sulphide mineralization, a large zone of jasper was cut in the hole from 164.90 to 200.80 meters. This jasper horizon is of particular interest as in the Iberian Pyrite Belt jaspers are often the lateral equivalent of massive sulphide mineralization. A down-hole geophysical survey has been completed on RM07004, which was successful in detecting off-hole conductive responses. The final survey results will be used to plan follow up drill holes.
RM07003, which was the first Company hole to be drilled in the Rio de Moinhos area, cut a series of sericite-altered mafic tuffs, followed by a sequence of graphitic shales. The geology encountered in this hole was encouraging, and identified volcanic rocks and associated alteration prospective for the presence of massive-sulphide deposits.
"The presence of a massive sulphide horizon in this geological environment is very important and greatly improves the potential to find a significant deposit. The Company is very excited about this discovery," stated Terry Chandler, Redcorp President.
In addition, the Company is pleased to report on drill holes drilled close to the Lagoa Salgada massive sulphide deposit.
Lagao Salgada Deposit Area Drilling
LS06043 cut a total of 24.7 meters of saprolite, which is believed to be the weathered equivalent of massive-sulphide mineralization. Individual samples within the saprolite graded up to 3.12% Zn and 16.6 gpt Ag over 1.3 meters. At the base of the saprolite, 1.85 meters of less-weathered pyritic massive sulphide was recovered from this hole and graded 2.08% Zn and 17 gpt Ag. This hole expands the known extent of massive-sulphide mineralization to the south by approximately 115 meters.
LS06044 was drilled to the south and west of the Lagoa Salgada massive-sulphide deposit to test a geophysical anomaly. Altered mafic volcanics were cut by the hole but no significant mineralization was intercepted.
LS06045 was drilled to the northeast of the Lagoa Salgada massive-sulphide deposit, as a follow up to the encouraging geology cut in hole LS05038. The hole cut a series of green shales and volcanics. Green shales have been interpreted to be the hangingwall unit to the massive-sulphide horizon, however, no massive sulphides were cut in this hole.
LS05046 targeted a prominent gravity anomaly northeast of the Lagoa Salgada deposit. This drillhole encountered bedrock at a higher elevation than modelled and the anomaly has been explained as a bedrock high.
LS07047 was drilled to the immediate north of the Lagao Salgada deposit across an interpreted cross fault. The hole encountered 243.22 meters of volcanics and breccias with varying intensities of footwall-style, sericite-pyrite alteration, including local quartz-pyrite stockwork. This new information has upgraded a series of anomalies trending to the north from LS07047. These anomalies will be evaluated for drilling as the drill program continues. In addition, the Company is waiting for assay results for this drillhole.
Geophysical Results
In addition to the new targets defined by the updated geophysical model in the Rio de Moinhos area, an additional cluster of anomalies was identified near the town of Agua Derramada. These newly identified targets are being evaluated for possible further drilling.
Additional Work
Redcorp has initiated a NI43-101 compliant resource estimate on the Lagoa Salgada Deposit. Wardrop Engineering has been retained as the independent QP for this work. The resource estimate is expected to be completed in the summer of 2007.
Quality Assurances and Controls (QA/QC)
For the 2006-2007drill program, sampling has been conducted and supervised by Redcorp geologists using established documented sampling procedures. Samples are shipped directly to Eco-Tech Laboratories in Kamloops for sample preparation, ICP analyses, wet assays for base metals and fire assays for gold and silver, using industry-standard procedures. The Company has a comprehensive QA/QC program in place to ensure sample and assay integrity including field blanks, duplicate samples and standards for base-metals, gold and silver.
Redcorp Ventures Ltd. is a Vancouver-based mineral exploration and development company with active projects in British Columbia and Portugal. Further information on Redcorp and the Tulsequah Project can be obtained on the Company's website at www.redcorp-ventures.com and at Redfern's website at www.redfern.bc.ca or by calling toll-free to Troy Winsor, Manager of Investor Relations, at 1-888-225-9662.
ON BEHALF OF THE BOARD OF DIRECTORS OF REDCORP VENTURES LTD.
Terence Chandler, President
Megan O'Donnell, P.Geo. and Michael G. Allen, P.Geo., are the qualified persons, as defined by National Policy 43-101, supervising the exploration program at the Lagoa Salgada Project. Eco-Tech Laboratories of Kamloops BC is an accredited assay laboratory conducting the sample analyses and assays using standard techniques.
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Securities Act (Ontario) and the Securities Act (Alberta). Forward-looking information includes disclosure regarding possible or anticipated events, conditions or results of operations that is based on assumptions about future economic conditions and courses of action and includes future oriented financial information with respect to prospective results of operations or financial position that is presented either as a forecast or a projection. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend"; statements that an event or result is "due" on or "may", "will", "should", "could", or might" occur or be achieved; and, other similar expressions.
More specifically, forward-looking information contained herein includes, without limitation, statements concerning the Company's plans at its Lagoa Salgada Project, mineral reserve and mineral resource estimates and timing of expected activities; all of which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.
Forward-looking information contained herein is based on material factors and assumptions and is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from a conclusion, forecast or projection in the forward-looking information. These include, without limitation, material factors and assumptions relating to, and risks and uncertainties associated with, the availability of financing for activities when required and on acceptable terms, the accuracy of the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the consistency of future exploration, development or mining results with the Company's expectations, metal price fluctuations, the achievement and maintenance of planned production rates, the accuracy of component costs of capital and operating cost estimates, current and future environmental and regulatory requirements, favourable governmental relations, the availability of permits and the timeliness of the permitting process, the availability of shipping services, the availability of specialized vehicles and similar equipment, costs of remediation and mitigation, maintenance of title to the Company's mineral properties, industrial accidents, equipment breakdowns, contractor's costs, remote site transportation costs, materials costs for remediation, labour disputes, the potential for delays in exploration or development activities, timely completion of future NP 43-101 compliant reports, timely completion of future feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations,
continuing global demand for base metals, expectations and beliefs of management and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's Annual Information Form, dated March 28, 2006, and in each subsequent Management's Discussion and Analysis. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from any conclusions, forecasts or projections described in the forward-looking information. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
News Release 07-08
Contact:
Contacts:
Redcorp Ventures Ltd.
Troy Winsor
Manager of Investor Relations
1-888-225-9662
Website: http://www.redcorp-ventures.com
Source: Redcorp Ventures Ltd.
Selkirk Metals and Doublestar plan merger
2007-03-02 06:05 ET - News Release
See News Release (C-SLK) Selkirk Metals Corp
Mr. Gordon Keevil of Selkirk reports
SELKIRK METALS AND DOUBLESTAR RESOURCES TO MERGE TO ACCELERATE DEVELOPMENT OF THEIR FLAGSHIP RUDDOCK CREEK PROPERTY
Selkirk Metals Corp. and Doublestar Resources Ltd., joint venture partners since 2004 in the Ruddock Creek zinc-lead property 100 kilometres north of Revelstoke, have executed a binding letter of intent intended to merge their businesses. The combined assets of both companies, should the merger proceed as currently planned, would result in approximately $14-million in current assets and a strong suite of British Columbia base metal mineral projects.
The merger is expected to proceed based on a court-approved plan of arrangement under the British Columbia Business Corporations Act.
Under the terms of the transaction, it is proposed that each existing Class A share of Doublestar will be exchanged for one-half of one common share of Selkirk. In addition, all existing warrants of Doublestar and the outstanding stock options of Doublestar held by certain employees will be exchanged for economically equivalent warrants and options of Selkirk, based upon the same exchange ratio described above.
Gordon Keevil, president of Selkirk, stated: "This transaction, which is financially positive to Selkirk, will consolidate the working interest in the Ruddock Creek property putting Selkirk in a much stronger position to advance its exploration and ultimate development. Furthermore, Selkirk looks forward to the addition of Doublestar's excellent portfolio of properties, which will enhance our already strong and diverse property base. We will continue to aggressively advance all of these properties to create greater value for our shareholders, including those we are inheriting from Doublestar through this transaction. We are also looking forward to working on an ongoing basis with the management of Doublestar to achieve the best possible results on behalf of the shareholders of both Selkirk and Doublestar."
Alan Savage, chief executive officer of Doublestar, said: "Doublestar's board of directors fully supports the Selkirk proposal. This transaction can effect enhanced shareholder value for both companies by placing the world-class potential of the Ruddock Creek zinc-lead deposit under one roof. In addition, the combination of Doublestar's other resource assets, including the large Catface copper deposit, with those of Selkirk will create one of the strongest base metal mineral deposit portfolios in British Columbia. We are extremely optimistic for a positive outcome for shareholder value based on this transaction, and I look forward to working with the board of directors of Selkirk in that regard."
Completion of the transaction, which is expected to occur in late June, 2007, is subject to a number of conditions, including:
* satisfactory completion of due diligence by both parties and execution of a definitive agreement by no later than March 31, 2007;
* receipt of all necessary shareholder, court, regulatory and third party approvals; and
* the absence of any material adverse change in the business of either Selkirk or Doublestar.
The parties intend to work toward executing a definitive agreement by no later than March 31, 2007, and will, thereafter, prepare a formal information circular describing the transaction in more detail and deliver that circular to all shareholders of Doublestar, who will be asked to approve the transaction at a meeting expected to be held in mid-June, 2007. The approval of Selkirk shareholders is not expected to be required in order to complete the transaction.
All directors and officers of Doublestar (and their respective affiliates and associates) have entered into or have agreed to enter into support agreements with Selkirk pursuant to which they have agreed to support the transaction and vote all shares of Doublestar held by them in favour of the transaction.
Selkirk and Doublestar will keep shareholders updated on the progress of the transaction as developments warrant.
We seek Safe Harbor.
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