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AAA discussed in the Northern Miner: Northern Miner article....
We're trying to play our hand right," he says. In ongoing negotiations, not only with the CMU, Abasov says Allana will consider joint-ventures and full-on takeovers. "Both are still on the table," he says.
Chinese fund making inroads with North American juniors
Vancouver - A new source of Chinese financing is proving to have a healthy appetite for juniors in its first six months of being. Allana Resources (AAA-V) has become the third public company targeted by a recently established Chinese investment fund called the China Mining United Fund (CMU), the first such fund approved by the Chinese government.
The CMU is buying 8 million Allana shares at 25¢ a share for a total of $2 million and has also agreed, pending signature of a definitive agreement and the outcome of a planned feasibility study, to take 20% of Allana's potential production at its Ethiopian potash project and to pay for 35% of the project's anticipated US$280 million in capital costs.
The Allana deal brings to $5.8 million the amount the CMU has doled out since it was formed in May when it announced it had raised about US$73 million in capital from Chinese investors. The CMU's goal?
"The fund will primarily invest in outstanding domestic or offshore mining-related projects and taking control of public mining companies with great potentials," the CMU states on its website. "The fund will also engage in activities such as resource integration, joint projects, pre-IPO investments, credit guarantee and short-term loans with its partners."
While the CMU promises to use a diverse financing toolkit, the CMU's forays into the North American market have so far followed a fairly simple formula. In all three financings it has spearheaded the CMU has taken minority stakes in juniors with market capitalization under $40 million.
The CMU's first investment was a $3 million private placement in Klondex Mines (KDX-T, KLNDF-O), which has long-owned and operated the Fire Creek gold project in Nevada, in return for about 1.7 million shares at $1.75 a share.
Next, partnering with China Nonferrous Metals Exploration, the CMU financed Murgor Resources (MGR-V), a junior with copper, zinc, silver and gold assets on option in Manitoba and Saskatchewan, with $810,000 in return for 8.1 million shares at 10¢ a share, giving it around 15% of the company's outstanding shares.
An emerging pattern in the CMU's investments is a desire to be involved with the companies it is buying. In each of three financings of public companies to date the CMU has been given a board of directors seat. Klondex is the first and only so far to have received a nomination from the CMU, while Murgor and Allana are still awaiting word of who will be coming to their tables.
Nor does the CMU's hunger for investments seem to be limited to a single flavour. Its three financings have so far been in companies with disparate assets: From gold (Klondex and Murgor), to copper, zinc, lead and silver (Murgor), and then all the way to potash (Allana).
The assets of each company are also at similar stages of development. In each case there are resources in the ground on flagship projects. Klondex has pegged its Fire Creek project at 5 million indicated tonnes grading 10.11 grams gold per tonne; Murgor puts its Wim deposit at 2.8 million indicated tonnes grading 1.94% copper, 0.3% zinc, 1.88 grams gold and 7.53 grams silver per tonne, and its Hudvam resource estimate at 854,100 tonnes grading 1.22% copper, 1.78% zinc, 3.82 grams gold and 13.84 grams silver; and finally Allana's Dallol potash project in Ethiopia weighs in at 105 million inferred tonnes grading 20.8% potassium chloride.
While so far the CMU's influence has come in the form of cash and board membership, the CMU has tentatively gone a step further in the case of its latest investment in Allana. It is the first to involve, at least publically, promises of an off-take agreement and help with financing construction of a proposed mine. Just how committed is the CMU to those promises?
"It's very firm," says Allana president and CEO Farhad Abasov. "We're going to sign a definitive agreement." Abasov could not, however, pin down a schedule for when that definitive agreement will be signed, explaining that with other parties interested in being involved in its potash project, "big players" Abasov says, the company is biding its time so as to get the best deal possible.
"We're trying to play our hand right," he says. In ongoing negotiations, not only with the CMU, Abasov says Allana will consider joint-ventures and full-on takeovers. "Both are still on the table," he says.
Though the partnerships with the CMU are still fresh, so far the relationships the CMU has forged appear void of controversy. Murgor president and CEO Andre Tessier says his experience with the CMU has been "nothing but positive".
While the CMU has yet to send a nominee to Murgor's board, Tessier says there have been numerous meetings, both in Canada and China, and that the two companies are essentially on the same page. "They've basically established goals for our company and we've discussed where we want to go."
Tessier, who says the presence of the CMU and other Chinese funds like it signal "the new way of doing things" in the market, suggests that the CMU, instead of buying a company outright, would rather collaborate. "They want to learn the Canadian way of doing things," Tessier says.
That desire, Tessier agrees, to be minority partners rather than dominating shareholders, may be born out of a recognition by the Chinese that in foreign markets its presence is not always perceived positively: The case in point being, of course, the recently failed Chinese attempt to secure an increased stake in Rio Tinto (RPP-N, RIO-L).
By this way of thinking the CMU may be seen as using a less controversial tactic by securing minority stakes in small commodities-based companies.
Whatever the reason for the new Chinese funding model, its implication to juniors in North America is becoming clear. There is a new kid on the block, with pockets full of cash, who may give traditional investment groups a run for their money.
Not only do both Tessier and Abasov report that the CMU has signaled its willingness to be involved in future financings, Tessier calls them "keen" while Abasov describes them as "eager", but the CMU also appears willing to pay more than going rates. It is noteworthy that in all three financings, with Klondex, Murgor and Allana, the CMU only bought straight-up shares without any warrants attached. Furthermore the CMU did so at shareprice premiums at a time, Tessier notes, when other North American firms would have likely demanded a rebate.
Though Tessier renders the CMU apparent generosity down to its longterm thinking, suggesting that securing commodities assets is driving their acquisitions moreso than pure financial considerations and returns on investments, it seems equally plausible that the premium the CMU has been willing to pay may be related to its relative inexperience in arranging these types of financings.
Whatever the case may be, the effect on the market is more or less the same. As Tessier puts it: "Larger North American companies (who finance juniors) will need to become aware that there is a hungry bear on the prowl."
The CMU has said it has plans to raise as much as US$1 billion and in August it announced it had created, in partnership with merchant bank Forbes and Manhattan, a US$100 million fund to invest in the mining sector.
© 2009 The Northern Miner. All Rights Reserved.
AAA discussed in the Northern Miner: Northern Miner article....
We're trying to play our hand right," he says. In ongoing negotiations, not only with the CMU, Abasov says Allana will consider joint-ventures and full-on takeovers. "Both are still on the table," he says.
Chinese fund making inroads with North American juniors
Vancouver - A new source of Chinese financing is proving to have a healthy appetite for juniors in its first six months of being. Allana Resources (AAA-V) has become the third public company targeted by a recently established Chinese investment fund called the China Mining United Fund (CMU), the first such fund approved by the Chinese government.
The CMU is buying 8 million Allana shares at 25¢ a share for a total of $2 million and has also agreed, pending signature of a definitive agreement and the outcome of a planned feasibility study, to take 20% of Allana's potential production at its Ethiopian potash project and to pay for 35% of the project's anticipated US$280 million in capital costs.
The Allana deal brings to $5.8 million the amount the CMU has doled out since it was formed in May when it announced it had raised about US$73 million in capital from Chinese investors. The CMU's goal?
"The fund will primarily invest in outstanding domestic or offshore mining-related projects and taking control of public mining companies with great potentials," the CMU states on its website. "The fund will also engage in activities such as resource integration, joint projects, pre-IPO investments, credit guarantee and short-term loans with its partners."
While the CMU promises to use a diverse financing toolkit, the CMU's forays into the North American market have so far followed a fairly simple formula. In all three financings it has spearheaded the CMU has taken minority stakes in juniors with market capitalization under $40 million.
The CMU's first investment was a $3 million private placement in Klondex Mines (KDX-T, KLNDF-O), which has long-owned and operated the Fire Creek gold project in Nevada, in return for about 1.7 million shares at $1.75 a share.
Next, partnering with China Nonferrous Metals Exploration, the CMU financed Murgor Resources (MGR-V), a junior with copper, zinc, silver and gold assets on option in Manitoba and Saskatchewan, with $810,000 in return for 8.1 million shares at 10¢ a share, giving it around 15% of the company's outstanding shares.
An emerging pattern in the CMU's investments is a desire to be involved with the companies it is buying. In each of three financings of public companies to date the CMU has been given a board of directors seat. Klondex is the first and only so far to have received a nomination from the CMU, while Murgor and Allana are still awaiting word of who will be coming to their tables.
Nor does the CMU's hunger for investments seem to be limited to a single flavour. Its three financings have so far been in companies with disparate assets: From gold (Klondex and Murgor), to copper, zinc, lead and silver (Murgor), and then all the way to potash (Allana).
The assets of each company are also at similar stages of development. In each case there are resources in the ground on flagship projects. Klondex has pegged its Fire Creek project at 5 million indicated tonnes grading 10.11 grams gold per tonne; Murgor puts its Wim deposit at 2.8 million indicated tonnes grading 1.94% copper, 0.3% zinc, 1.88 grams gold and 7.53 grams silver per tonne, and its Hudvam resource estimate at 854,100 tonnes grading 1.22% copper, 1.78% zinc, 3.82 grams gold and 13.84 grams silver; and finally Allana's Dallol potash project in Ethiopia weighs in at 105 million inferred tonnes grading 20.8% potassium chloride.
While so far the CMU's influence has come in the form of cash and board membership, the CMU has tentatively gone a step further in the case of its latest investment in Allana. It is the first to involve, at least publically, promises of an off-take agreement and help with financing construction of a proposed mine. Just how committed is the CMU to those promises?
"It's very firm," says Allana president and CEO Farhad Abasov. "We're going to sign a definitive agreement." Abasov could not, however, pin down a schedule for when that definitive agreement will be signed, explaining that with other parties interested in being involved in its potash project, "big players" Abasov says, the company is biding its time so as to get the best deal possible.
"We're trying to play our hand right," he says. In ongoing negotiations, not only with the CMU, Abasov says Allana will consider joint-ventures and full-on takeovers. "Both are still on the table," he says.
Though the partnerships with the CMU are still fresh, so far the relationships the CMU has forged appear void of controversy. Murgor president and CEO Andre Tessier says his experience with the CMU has been "nothing but positive".
While the CMU has yet to send a nominee to Murgor's board, Tessier says there have been numerous meetings, both in Canada and China, and that the two companies are essentially on the same page. "They've basically established goals for our company and we've discussed where we want to go."
Tessier, who says the presence of the CMU and other Chinese funds like it signal "the new way of doing things" in the market, suggests that the CMU, instead of buying a company outright, would rather collaborate. "They want to learn the Canadian way of doing things," Tessier says.
That desire, Tessier agrees, to be minority partners rather than dominating shareholders, may be born out of a recognition by the Chinese that in foreign markets its presence is not always perceived positively: The case in point being, of course, the recently failed Chinese attempt to secure an increased stake in Rio Tinto (RPP-N, RIO-L).
By this way of thinking the CMU may be seen as using a less controversial tactic by securing minority stakes in small commodities-based companies.
Whatever the reason for the new Chinese funding model, its implication to juniors in North America is becoming clear. There is a new kid on the block, with pockets full of cash, who may give traditional investment groups a run for their money.
Not only do both Tessier and Abasov report that the CMU has signaled its willingness to be involved in future financings, Tessier calls them "keen" while Abasov describes them as "eager", but the CMU also appears willing to pay more than going rates. It is noteworthy that in all three financings, with Klondex, Murgor and Allana, the CMU only bought straight-up shares without any warrants attached. Furthermore the CMU did so at shareprice premiums at a time, Tessier notes, when other North American firms would have likely demanded a rebate.
Though Tessier renders the CMU apparent generosity down to its longterm thinking, suggesting that securing commodities assets is driving their acquisitions moreso than pure financial considerations and returns on investments, it seems equally plausible that the premium the CMU has been willing to pay may be related to its relative inexperience in arranging these types of financings.
Whatever the case may be, the effect on the market is more or less the same. As Tessier puts it: "Larger North American companies (who finance juniors) will need to become aware that there is a hungry bear on the prowl."
The CMU has said it has plans to raise as much as US$1 billion and in August it announced it had created, in partnership with merchant bank Forbes and Manhattan, a US$100 million fund to invest in the mining sector.
© 2009 The Northern Miner. All Rights Reserved.
AAA.V moving on volume
Nov 06, 2009 (BAYSTREET NEWSWIRE via COMTEX News Network) --
TORONTO, Canada - Ubika Research has issued a special research bulletin on the recent announcement by Allana Resources Inc (AAA-TSX.V) that it has signed an agreement with China Mineral United Management Ltd. (CMU). This will result in CMU committing up to 35% of the required project cost for developing Allana's potash project in Ethiopia.
The required total project cost is estimated at $800 million of which China Mineral at 35% share will commit $280 million. Additionally CMU is committing to offtake 20% of the potential potash production.
Ubika Research views these developments positively as it reduces the financing risk and provides Allana $2million in immediate liquidity to continue to pursue development of its Dallol Potash Project. The agreement with China Mineral United Management Limited is a major step for Allana Resources to move the project towards feasibility and construction.
AAA.V gets press
TORONTO, Canada - Ubika Research has issued a special research bulletin on the recent announcement by Allana Resources Inc (AAA-TSX.V) that it has signed an agreement with China Mineral United Management Ltd. (CMU). This will result in CMU committing up to 35% of the required project cost for developing Allana's potash project in Ethiopia.
The required total project cost is estimated at $800 million of which China Mineral at 35% share will commit $280 million. Additionally CMU is committing to offtake 20% of the potential potash production.
Ubika Research views these developments positively as it reduces the financing risk and provides Allana $2million in immediate liquidity to continue to pursue development of its Dallol Potash Project. The agreement with China Mineral United Management Limited is a major step for Allana Resources to move the project towards feasibility and construction.
AAA.V got their rally caps on ... eom
AAA.V up 10% + ... eom
GLTU ... eom
Allana Resources Announces $2 Million Private Placement and a Strategic Off-Take/ Financing Deal With a Chinese Mining Group
TORONTO, ONTARIO, Nov 04, 2009 (MARKETWIRE via COMTEX News Network) --
Allana Resources Inc. (TSX VENTURE: AAA) ("Allana" or the "Company"), is pleased to announce that following the review of several proposals to participate in Allana's potash project in Ethiopia (the "Project") (See News Release dated October 28, 2009), Allana has decided to enter into a strategic offtake/financing agreement (the "Offtake/Financing Agreement") with China Mineral United Management Ltd ("China Mineral") and announces an initial $2 million private placement financing with China Mineral (the "Strategic Investment").
The Strategic Investment will be by way of a non-brokered private placement for gross proceeds of $2,000,000 based on the issuance of 8,000,000 common shares at a price of $0.25 per common share.
Closing of the initial $2 million Strategic Investment is anticipated to occur on or about November 5, 2009 or as soon thereafter as practicable (the "Closing Date") and is subject to the receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The common shares issuable will be subject to resale restrictions for a period of four months plus one day from the Closing Date.
In addition, based upon management's review and recommendation, Allana has agreed to negotiate the Offtake/Financing Agreement with China Mineral, a Chinese mining investment group closely associated with one of the largest fertilizer companies in China. Pursuant to the proposed Off-take/Financing Agreement, China Mineral would acquire 20% of the Project's total potash production at a price discounted to the market price and equal to Allana's full operating and shipping costs plus a profit margin for Allana. This potash pricing structure will continue until China Mineral completely recovers its initial investment of the Construction Costs described below. Once China Mineral recovers its initial investment, it is proposed that the pricing will then be negotiated in good faith, based on international potash market price benchmarks.
As consideration for the Offtake/Financing Agreement, it is proposed that China Mineral will commit to finance 35% of the Project's required Construction costs, which, based on current estimates are expected to be approximately US$280,000,000 (the "Construction Costs"). Allana also believes that its strategic relationship with China Mineral positions the Company well to attract debt financing in the future as required, which will further enhance the Project's return on equity.
Allana management believes that the Project is a significant potash asset that is undervalued based on Allana's current market capitalization, partially due to the financing risk associated with advancing the Project to commercial operations. Allana management also believes that any potential transaction whereby direct or indirect economic control of the Project changes hands at this early stage of the Project's development, is not in the best interests of Allana's shareholders. As such, management's primary objectives in negotiating a transaction structure were: (i) to significantly reduce the financing risks associated with the Project; and (ii) to allow Allana to retain full economic control of the Project in order to maximize value for Allana shareholders in the future, including being paid a change of control premium for the Project. The Offtake/Financing Agreement and Strategic Investment, in Allana's view, fulfill both of these objectives. Furthermore, Allana remains strategically positioned to freely continue discussions with any strategic counterparty, including ChinaCo. (see News Releases dated July 20, 2009 & September 15, 2009), and can pursue other mutually beneficial transactions.
Farhad Abasov, Allana's President and CEO, stated "We are delighted to be forming a strategic relationship with China Mineral as this marks an important milestone in the development of our potash project. We believe that this approach will result in near-term value creation for Allana shareholders while at the same time, preserve long-term shareholder value going forward. China Mineral is a strong mining group and we were particularly impressed with the professionalism, enthusiasm and speed with which they pursued and concluded negotiations. We look forward to working with China Mineral in developing this outstanding potash project."
The net proceeds of the Strategic Investment will be used to fund exploration and development of the Project and for general corporate and working capital purposes.
Allana has agreed to pay a commission in the amount 6% cash in connection with the Strategic Investment.
Allana Resources Announces $2 Million Private Placement and a Strategic Off-Take/ Financing Deal With a Chinese Mining Group
TORONTO, ONTARIO, Nov 04, 2009 (MARKETWIRE via COMTEX News Network) --
Allana Resources Inc. (TSX VENTURE: AAA) ("Allana" or the "Company"), is pleased to announce that following the review of several proposals to participate in Allana's potash project in Ethiopia (the "Project") (See News Release dated October 28, 2009), Allana has decided to enter into a strategic offtake/financing agreement (the "Offtake/Financing Agreement") with China Mineral United Management Ltd ("China Mineral") and announces an initial $2 million private placement financing with China Mineral (the "Strategic Investment").
The Strategic Investment will be by way of a non-brokered private placement for gross proceeds of $2,000,000 based on the issuance of 8,000,000 common shares at a price of $0.25 per common share.
Closing of the initial $2 million Strategic Investment is anticipated to occur on or about November 5, 2009 or as soon thereafter as practicable (the "Closing Date") and is subject to the receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. The common shares issuable will be subject to resale restrictions for a period of four months plus one day from the Closing Date.
In addition, based upon management's review and recommendation, Allana has agreed to negotiate the Offtake/Financing Agreement with China Mineral, a Chinese mining investment group closely associated with one of the largest fertilizer companies in China. Pursuant to the proposed Off-take/Financing Agreement, China Mineral would acquire 20% of the Project's total potash production at a price discounted to the market price and equal to Allana's full operating and shipping costs plus a profit margin for Allana. This potash pricing structure will continue until China Mineral completely recovers its initial investment of the Construction Costs described below. Once China Mineral recovers its initial investment, it is proposed that the pricing will then be negotiated in good faith, based on international potash market price benchmarks.
As consideration for the Offtake/Financing Agreement, it is proposed that China Mineral will commit to finance 35% of the Project's required construction costs, which, based on current estimates are expected to be approximately US$280,000,000 (the "Construction Costs"). Allana also believes that its strategic relationship with China Mineral positions the Company well to attract debt financing in the future as required, which will further enhance the Project's return on equity.
Allana management believes that the Project is a significant potash asset that is undervalued based on Allana's current market capitalization, partially due to the financing risk associated with advancing the Project to commercial operations. Allana management also believes that any potential transaction whereby direct or indirect economic control of the Project changes hands at this early stage of the Project's development, is not in the best interests of Allana's shareholders. As such, management's primary objectives in negotiating a transaction structure were: (i) to significantly reduce the financing risks associated with the Project; and (ii) to allow Allana to retain full economic control of the Project in order to maximize value for Allana shareholders in the future, including being paid a change of control premium for the Project. The Offtake/Financing Agreement and Strategic Investment, in Allana's view, fulfill both of these objectives. Furthermore, Allana remains strategically positioned to freely continue discussions with any strategic counterparty, including ChinaCo. (see News Releases dated July 20, 2009 & September 15, 2009), and can pursue other mutually beneficial transactions.
Farhad Abasov, Allana's President and CEO, stated "We are delighted to be forming a strategic relationship with China Mineral as this marks an important milestone in the development of our potash project. We believe that this approach will result in near-term value creation for Allana shareholders while at the same time, preserve long-term shareholder value going forward. China Mineral is a strong mining group and we were particularly impressed with the professionalism, enthusiasm and speed with which they pursued and concluded negotiations. We look forward to working with China Mineral in developing this outstanding potash project."
The net proceeds of the Strategic Investment will be used to fund exploration and development of the Project and for general corporate and working capital purposes.
Allana has agreed to pay a commission in the amount 6% cash in connection with the Strategic Investment.
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see Allana News Release Sept. 17, 2008). Allana has approximately 80.8 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA".
Forward-Looking Statement
Except for statements of historical fact relating to the Company, certain information contained herein constitutes ''forward-looking information'' under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms and use of proceeds of the Strategic Investment, the impact of the Strategic Investment on the Company, the likelihood of reaching a definitive Offtake/Financing Agreement on schedule or at all, the impact of the proposed Offtake/Financing Agreement, the estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. 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 statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or 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 statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
re: EVG, management said no dilution,
(even a small one), explains drop in
price, little guy gets sh*t on again ...
Evolving Gold Announces Bought Deal Private Placement Financing of $10,000,080
VANCOUVER, BRITISH COLUMBIA, Nov 3, 2009 (Marketwire via COMTEX News Network) --
Evolving Gold Corp. (TSX VENTURE:EVG) (FRANKFURT:EV7) ("Evolving" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Scotia Capital Inc. (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase 11,111,200 units ("Units") of the Company on a bought deal basis, at a price of $.90 per Unit for aggregate gross proceeds to the Company of approximately $10,000,080. Each Unit will consist of one common share (a "Common Share") and one-half of one common share purchase warrant (each whole purchase warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one Common Share at a price of $1.25 for a period of two (2) years from closing.
AAA.V moving ... eom
AAA.V running, + 20% on volume ... eom
Allana Resources Considering Multiple Unsolicited Offers for Its Ethiopian Potash Project
TORONTO, ONTARIO, Oct 28, 2009 (MARKETWIRE via COMTEX News Network) --
Allana Resources Inc. (TSX VENTURE: AAA) ("Allana" or the "Company"), is pleased to announce that it has received multiple unsolicited offers from various strategic counterparties (the "Other Offers") to participate in its potash project located in the Danakil Depression in northeastern Ethiopia (the "Project"). Allana's management is currently evaluating the Other Offers, all of which include terms and conditions which are presently believed by management to be more attractive than the previously announced memorandum of understanding ("MOU") with ChinaCo (See Allana News Release dated July 20, 2009). In light of its receipt of the Other Offers, Allana will assess the Other Offers relative to the MOU. Following that assessment, Allana will pursue the transaction for the Project that it believes offers the greatest value to Allana's shareholders and is in the best interest of the Company. Allana management firmly believes the Project represents a significant, unique potash asset and that the Other Offers are a testament to the scale, quality, value and scarcity of the Project.
Farhad Abasov, Allana's President and CEO, stated, "Allana is pleased to receive additional offers for its significant potash project in Ethiopia. There are currently a number of attractive proposals available to the Company, including the initially contemplated transaction with ChinaCo. Allana will evaluate each one and will pursue the proposal that maximizes shareholder value and is in the best interest of the Company."
About Allana Resources Inc.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see Allana News Release Sept. 17, 2008). Allana has approximately 80.5 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA".
SEMAFO Reports Mana Diamond Drilling Results - Best Ever Intersection of 5.24 g/t over 57.8 m
MONTREAL, Oct. 27, 2009 (Canada NewsWire via COMTEX News Network) --
<< SEMAFO TSX-SMF >>
SEMAFO (TSX: SMF) today announced its most recent drilling results at the Mana Mine in Burkina Faso. These results underscore the robust nature of a significant high-grade lode located just below the bottom of the Wona north pit. Results include the Company's best ever intercept at Mana, 5.24 g/t over 57.8 m (WDC 133).
The Company's 2009 exploration program at Mana began in April. As of October 21, a total of 29,309 meters of drilling have been completed; drill holes WDC80 up to WDC160. The exploration program remains in progress. Assay results have been received up to hole WDC 146.
The current drilling program confirms the NE at-depth high-grade extension of the Wona zone. Initial reference to this potential mineralization was made in SEMAFO's press release dated March 24, 2008, with further updates released on June 17, June 30, and August 8, 2008, as well as those published February 25, March 2, June 30, August 10, September 10, and October 13, 2009.
Recent drilling results validate the continuity of significant mineralized zones at-depth and further extend the mineralized zones both laterally and at-depth. Hole WDC133 returned the best ever grade times width product, with 5.24 g/t over 57.8 m for a product of 302.8 g-m. This intersection represents a swell in the main lode. In addition to the many infill confirmations, results from hole WDC138 suggest that the main lode continues an up plunge of the high-grade mineralization at the bottom NE end of the Wona main pit. Hole WDC140 slightly extends the mineralization vertically above the main lode.
The following table presents the drill results including the main mineralized intersections and high-grade values.
<<
DDH Intersections At-Depth
Wona NE Extension
-------------------------------------------------------------------------
DDH No. Section East From To Au / Length*
-------------------------------------------------------------------------
WDC132 17900 Outside corridor
-------------------------------------------------------------------------
WDC133 17050 336 393.8 5.24 g/t / 57.8 m
-------------------------------------------------------------------------
Included 17050 349.4 366 10.21 g/t / 16.6 m
-------------------------------------------------------------------------
WDC138 16650 183 210.4 7.05 g/t / 27.4 m
-------------------------------------------------------------------------
WDC139 16825 304 347.8 2.44 g/t / 43.8 m
-------------------------------------------------------------------------
WDC140 16900 138.7 160.2 3.90 g/t / 21.5 m
-------------------------------------------------------------------------
WDC141 16650 258 271 3.32 g/t / 13.0 m
-------------------------------------------------------------------------
WDC142 17400 Assays pending
-------------------------------------------------------------------------
WDC143 16875 Assays pending
-------------------------------------------------------------------------
WDC144 16550 248.4 267.4 2.55 g/t / 19.0 m
-------------------------------------------------------------------------
Included 16650 257.2 263.4 3.77 g/t / 6.2 m
-------------------------------------------------------------------------
WDC145 16875 261 308.2 3.29 g/t / 47.2 m
-------------------------------------------------------------------------
Included 16875 292.1 298.3 9.75 g/t / 6.2 m
-------------------------------------------------------------------------
WDC146 16975 332.7 378.2 2.33 g/t / 45.5 m
-------------------------------------------------------------------------
Included 16975 344.8 359.8 4.09 g/t / 15.0 m
-------------------------------------------------------------------------
* All lengths are measured along the hole axis; additional information
is required to determine true widths.
>>
http://files.newswire.ca/357/WonaNorth.doc
The drill holes described above are presented on the attached longitudinal section displaying contoured grade-thickness product. The longitudinal schematic shows the mineralization trend along with previously reported drill holes and upcoming targets to be tested.
The drilling programs were designed and managed locally by Dofinta Bondé, Mana Mineral's Exploration Chief Geologist, supported by Donald Trudel, experienced mine and exploration professional geologist, and guided and supervised under the direction of Michel Crevier, P.Geo MScA, Geology Manager and SEMAFO's Qualified Person who has reviewed this press release for accuracy and compliance with National Instrument 43-101.
All individual samples represent approximately one-meter in length of core which was sawn in half. Half of the core is kept on site for reference and its counterpart is sent for preparation and gold assaying at the ALS Chemex laboratories in Ouagadougou, Burkina Faso. Each sample is fire-assayed for gold content on a 50-gram sub-sample at the same ALS Chemex laboratories. In addition to ALS Chemex's own QA/QC (Quality Assurance/Quality Control) program, an internal quality control and quality assurance program is in place throughout the sampling program, using blind duplicates, blanks and recognized industry standards.
About SEMAFO
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines in Burkina Faso, Niger and Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest, while maintaining principles and strengthening relationships to increase shareholder value.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. Forward-looking statements include words such as "in progress", "pending", "current", "potential", "suggest", "continues", "trend", "upcoming", "targets", "committed", "evolve", "become", "maintaining", "strengthening", "increase" and other similar expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include our ability to continue or complete our 2009 exploration program at Mana, the accuracy of the results from hole WDC138 suggesting that the main lode continues an up plunge of the high-grade mineralization at the bottom of NE end of the Wona main pit, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays and other risks described in the Company's documents filed with Canadian securities regulatory authorities. Although the Company is of the opinion that these forward-looking statements are based on reasonable assumptions, such assumptions may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements. Readers can find further information with respect to risks in the Company's 2008 Annual MD&A, as updated in the 2009 First Quarter MD&A and 2009 Second Quarter MD&A, and other filings with Canadian securities regulatory authorities available at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
SOURCE: SEMAFO INC.
SEMAFO: Benoit La Salle, President & CEO, (514) 744-4408, Toll-Free: 1 (888) 744-4408, blasalle@semafo.com; Sofia St Laurent, Communications, (514) 744-4408, Toll-Free: 1 (888) 744-4408, sstlaurent@semafo.com
Copyright (C) 2009 CNW Group. All rights reserved.
OceanaGold Corporation - Third Quarter Results Webcast - October 29, 2009
MELBOURNE, Australia, Oct. 27, 2009 (Canada NewsWire via COMTEX News Network) --
<< /NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES/ >>
Notification of Third Quarter Results Webcast:
<< OceanaGold Corporation (TSX: OGC) Third Quarter Results Webcast October 29, 2009, 5:00 PM ET >>
To listen to this event, please enter http://w.on24.com/r.htm?e=170964&s=1&k=21A08D4B7CEC027BCC0ABED9C83B73C9
in your web browser.
Basserdan, who has the contract
out on EVG ?
kozuh, EVG will be bought out ... eom
Evolving Gold Intersects 36.6 meters at 4.11 gpt Au included in 175.3 Meters of 1.86 gpt Gold at Rattlesnake Hills
* Press Release
* Source: Evolving Gold Corporation
* On 2:08 pm EDT, Wednesday October 21, 2009
o Buzz up! 0
o Print
VANCOUVER, Oct. 21 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") is pleased to announce that drilling at its Rattlesnake Hills project continues to intersect long intervals of gold mineralization including intervals of higher grades.
Significant intersections include 175.3 meters at 1.86 gpt Au (575 feet at 0.054 opt Au) including 36.6 meters at 4.11 gpt Au (120 feet at 0.120 opt Au) in drill hole RSC-039 and 141.7 meters at 1.56 gpt Au (465 feet at 0.046 opt Au) including 7.6 meters at 16.41 gpt Au (25 feet at 0.479 opt Au) in drill hole RSC-041.
President and Chief Geologist, Dr. Quinton Hennigh states, "Drilling continues to support continuity of gold mineralization along the south side of North Stock. The strike length of the higher grade zone currently extends about 240 m and is open to the northeast. RSC-039 indicates that it can start less than 15 meters below surface and RSC-046 indicates it continues to a depth of approximately 300 m. The higher grade zone appears to be approximately 65 m wide where it is hosted in the diatreme breccia, widening to about 90 m at drill hole RSC-039."
Rattlesnake Hills is similar in geology to the Cripple Creek district in Colorado, where Anglo Ashanti currently produces approximately 275,000 ounces of gold annually in an open pit, heap leach operation with a recovered grade of 0.49 grams per tonne. More than 20 million ounces of gold has been produced from the Cripple Creek complex.
North Stock Target - The broad interval of gold mineralization in hole RSC-039, 175.3 meters at 1.86 gpt Au (575 feet at 0.054 opt Au) including 36.6 meters at 4.11 gpt Au (120 feet at 0.120 opt Au), continues to demonstrate continuity of gold mineralization along the southern boundary of the North Stock diatreme complex. RSC-039 is located 80 meters northeast of RSC-020 (67.1 meters at 10.8 gpt Au) and 130 meters southwest of RSC-003 (146.3 meters at 2.92 gpt Au). - Drill hole RSC-041 intersected 141.7 meters at 1.56 gpt Au (465 feet at 0.046 opt Au) including 7.6 meters at 16.41 gpt Au (25 feet at 0.479 opt Au). This hole intersects the southern boundary of the North Stock diatreme complex slightly above the interpreted highest grade portion of the contact zone mineralization. - Drill hole RSC-046 intersected the mineralized diatreme contact approximately 180 meters vertically below drill hole RSC-020 and intersected 39.6 meters at 1.52 gpt Au (130 feet at 0.044 opt Au), including 3.0 meters at 13.23 gpt Au (10 feet at 0.386 opt Au). Alteration and mineralization is related in part to an intermediate porphyry similar to that encountered to the east in drill hole RSC-027. There is growing evidence of the importance of this porphyry in the development of gold mineralization at Rattlesnake Hills. Drill holes RSC-033 and 037 targeted shallower levels of the North Stocktarget, largely above the upper portion of the higher grade goldmineralization in the vicinity of drill hole RSC-003. Drill hole RSC-036appears to have intersected a late stage diatreme breccia or fault offset. Dr. Hennigh comments, "Continuing development of evidence linking goldmineralization at North Stock to an intermediate porphyry, coupled withresults previously reported for RSC-027, opens up exploration potential for amajor, untested mineralized porphyry target at depth. This will likely be asignificant focus of our continued exploration at Rattlesnake Hills." Antelope Basin Target - Drill hole RSC-038 intersected several long intervals of gold mineralization, such as 61.0 meters at 0.62 gpt Au (200 feet at 0.018 opt Au) in schist northwest of the diorite intrusion which hosts much of the Antelope Basin gold mineralization. - Drill hole RSC-035 was lost due to open space caving. Prior to being lost it intersected 30.8 meters at 0.83 gpt Au (101 feet at 0.024 opt Au), starting at 13.7 meters (45 feet) down hole.
Drilling indicates that the Antelope Basin gold mineralization is not restricted to the diorite intrusion. The Antelope Basin mineralization is extensively oxidized. The character of the mineralization and alteration is similar to that at North Stock, suggesting a genetic link between the two. Mineralization appears to extend to the northeast, toward a known concentration of mineralized porphyry, and to the southwest toward a drill hole completed by ACNC (Inco) in the 1980's which contained reported anomalous gold values.
North Stock - Summary Table of Assays ------------------------------------------------------ ------------------ From To Interval Gold Interval Gold Drill Hole (meters) (meters) (meters) grams/tonne (ft) oz/ton ------------------------------------------------------ ------------------ RSC-039 13.7 189.0 175.3 1.86 575.0 0.054 ------------------------------------------- ------------------ Includes 70.1 106.7 36.6 4.11 120.0 0.120 ------------------------------------------- ------------------ Includes 102.1 106.7 4.6 10.58 15.0 0.309 ------------------------------------------- ------------------ Includes 163.1 172.2 9.1 4.11 30.0 0.120 ------------------------------------------------------ ------------------ RSC-033 44.2 57.9 13.7 0.40 45.0 0.012 ------------------------------------------- ------------------ 117.3 144.8 27.4 0.94 90.0 0.027 ------------------------------------------- ------------------ Includes 121.9 129.5 7.6 2.30 25.0 0.067 ------------------------------------------------------ ------------------ RSC-036 77.7 85.3 7.6 0.52 25.0 0.015 ------------------------------------------- ------------------ 157.0 164.6 7.6 0.41 25.0 0.012 ------------------------------------------- ------------------ 181.4 193.5 12.2 0.51 40.0 0.015 ------------------------------------------------------ ------------------ RSC-037 94.5 144.8 50.3 1.10 165.0 0.032 ------------------------------------------------------ ------------------ RSC-041 64.0 205.7 141.7 1.56 465.0 0.046 ------------------------------------------- ------------------ Includes 192.0 199.6 7.6 16.41 25.0 0.479 ------------------------------------------- ------------------ 231.6 254.5 22.9 0.81 75.0 0.024 ------------------------------------------- ------------------ 281.9 301.7 19.8 0.65 65.0 0.019 ------------------------------------------- ------------------ 323.1 350.5 27.4 0.65 90.0 0.019 ------------------------------------------- ------------------ 400.8 425.1 24.3 0.69 80.0 0.020 ------------------------------------------------------ ------------------ RSC-046 397.8 437.4 39.6 1.52 130.0 0.044 ------------------------------------------- ------------------ Includes 411.5 414.5 3.0 13.23 10.0 0.386 ------------------------------------------------------ ------------------ Antelope Basin - Summary Table of Assays ------------------------------------------------------ ------------------ From To Interval Gold Interval Gold Drill Hole (meters) (meters) (meters) grams/tonne (ft) oz/ton ------------------------------------------------------ ------------------ RSC-035 13.7 44.5 30.8 0.83 101.0 0.024 ------------------------------------------- ------------------ hole lost due to caving ------------------------------------------------------ ------------------ RSC-038 15.2 76.2 61.0 0.62 200.0 0.018 ------------------------------------------- ------------------ 85.3 93.0 7.6 0.47 25.0 0.014 ------------------------------------------- ------------------ 105.2 115.8 10.7 0.59 35.0 0.017 ------------------------------------------- ------------------ 149.4 169.2 19.8 0.44 65.0 0.013 ------------------------------------------- ------------------ 173.7 190.5 16.8 0.44 55.0 0.013 ------------------------------------------- ------------------ 195.1 217.9 22.9 0.37 75.0 0.011 ------------------------------------------- ------------------ 233.2 256.0 22.9 0.66 75.0 0.019 ------------------------------------------------------ ------------------ Please note: Lengths of intersections reported in all tables are down hole intervals. Estimates of true widths are still not reliable at this stage of exploration of this system.
Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish. For over limit assay results, initial assays in excess of 10.0 gpt Au, a gravimetric finish is utilized. The Company will undertake a program of metallic screen fire assays, particularly of the higher grade intervals.
General Update for Rattlesnake Hills
The Company has made major progress in defining the potential and continuity of the high grade and bulk tonnage targets at North Stock and Antelope Basin during the 2009 drill program. It has also identified a gold minerralized porphyry target southeast of North Stock, which is an important exploration target for 2010. Assays from approximately 51 drill holes remain to be reported.
Two track mounted core rigs will continue to operate at the Rattlesnake Hills project until approximately the end of October, when freezing weather and snow conditions mandate a termination of drilling due to logistical difficulties and safety concerns. The Company expects to complete hole number 93 on the property by the end of October.
Preliminary metallurgical studies indicate that floatation
EVG news from rattlesnake ... eom
RE: EVG UGLY eom
RE: EVG why the slide today ? eom
EAS hits $3 C ... eom
cl001, hear anything about AMC
buying GG.V ?
RE: EVG , Looks like the same as EAS.V,
results not bad, in fact very promising,
but no Bonanza , more holes coming in soon .
shorting, panic selling, manipulation
to take out stops ... pick one or more
may add if they drive it lower
basserdan, nice mid day release
by EVG , less than stellar results ?
EVG drill news
Evolving Gold Identifies New Zone of Mineralization At Rattlesnake Hills, Wyoming
VANCOUVER, Sep. 14, 2009 (Canada NewsWire via COMTEX News Network) --
Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") is pleased to announce that drilling in the southeast portion of the North Stock has indicated a new zone of gold mineralization at depth. The mineralization occurs in association with porphyries of a type not previously seen in this system of alkalic intrusions and diatremes.
Drilling at Antelope Basin has confirmed the zone of gold mineralization identified in earlier drilling. (See news release 8/10/09.)
The drill results at both North Stock and Antelope Basin indicate new exploration potential for the discovery of additional gold mineralization.
Five diamond drills are now operating at Rattlesnake Hills. Forty-six core holes have been completed in the 2009 drill program with five additional in progress. Expectations are that a total of approximately sixty drill holes will be completed this year for a total of approximately 27,000 meters. Currently nine drill holes have been received by the lab and are awaiting assays.
Five drill holes have intersected projections of the high grade zone reported in holes RSC-003, RSC-007, and RSC-020. Assays are still pending on these intersections. For a complete summary of drilling progress, please click http://evolvinggold.com/investors/drill-update-2009/.
<<
North Stock Target
- Near the bottom of drill hole RSC-027 a new style of mineralization
associated with intermediate porphyry and stockwork veining was
encountered well outside the margin of the diatreme. Intersections
included 30.5 meters 1.89 gpt gold (100 ft at 0.055opt Au), including
7.6 meters at 3.75 gpt gold (25 ft at 0.109 opt Au), and 35.1 meters
at 1.74 gpt gold (115 ft at 0.051 opt Au).
- Nearer surface, drill hole RSC-027 also intersected 135.6 meters at
0.89 gpt Au (445 ft at 0.026 opt Au).
- Drill hole RSC-028 intersected 59.5 meters at 0.85 gpt Au (195 ft at
0.025 opt Au) starting at 33.5 meters (110 ft) from surface.
>>
"The gold values encountered deep in hole RSC-027 represent a significant exploration discovery in this year's program at Rattlesnake Hills," states Quinton Hennigh, President and Chief Geologist. "This hole intersected numerous intervals of intrusive porphyry with associated stockwork veining unlike anything we had seen previously. This suggests the possibility that a focus of mineralization may lie to the southeast, completely outside of the diatreme itself and further exploration may show that stockwork system is the connecting link between North Stock and Antelope Basin."
<<
North Stock
-------------------------------------------------------- ---------------
Drill Hole From To Interval Gold Interval Gold
(meters) (meters) (meters) grams/tonne (ft) oz/ton
-------------------------------------------------------- ---------------
RSC-027 61.0 196.6 135.6 0.89 445.0 0.026
--------------------------------------------- ---------------
includes 160.0 170.7 10.7 3.87 35.0 0.088
--------------------------------------------- ---------------
455.7 499.9 44.2 0.89 145.0 0.026
--------------------------------------------- ---------------
includes 486.2 498.3 12.1 2.19 40.0 0.064
--------------------------------------------- ---------------
522.7 557.8 35.1 1.74 115.0 0.051
--------------------------------------------- ---------------
includes 542.5 556.3 13.8 2.19 45.0 0.064
--------------------------------------------- ---------------
699.5 730.0 30.5 1.89 100.0 0.055
--------------------------------------------- ---------------
includes 711.7 726.9 15.2 3.11 50.0 0.091
--------------------------------------------- ---------------
includes 716.3 723.9 7.6 3.75 25.0 0.109
-------------------------------------------------------- ---------------
RSC-028 33.5 93.0 59.5 0.85 195.0 0.025
--------------------------------------------- ---------------
includes 33.5 64.0 30.5 1.18 100.0 0.034
--------------------------------------------- ---------------
187.5 204.2 16.7 0.82 55.0 0.024
-------------------------------------------------------- ---------------
RSC-034 22.9 137.2 114.3 0.70 375.0 0.020
--------------------------------------------- ---------------
149.4 155.4 6.0 0.91 20.0 0.027
--------------------------------------------- ---------------
170.7 202.7 32.0 0.78 105.0 0.023
-------------------------------------------------------- ---------------
Antelope Basin
- Drill hole RSC-042 intersected several long mineralized intervals
including 54.9 meters at 0.70 gpt Au (180 ft at 0.020 opt Au) and
76.2 meters at 1.70 gpt Au (250 ft at 0.050 opt Au) which confirms
the size potential of the Antelope Basin target.
- Drill hole RSC-042 also intersected 32 meters at 2.72 gpt Au (105 ft
at 0.079 opt Au) including 3.0 meters at 10.19 gpt Au (10 ft at 0.297
opt Au), confirming the presence of high grade intervals in the
Antelope Basin target as previously reported in RSC-019.
- Drill holes RSC-029 and 030 in Antelope Basin drilled away from the
main zone of mineralization which is focused on the diorite intrusion
and intersected low levels of gold mineralization.
>>
"Hole RSC-042 confirms that the Antelope Basin target has significant size potential and also potential for higher grade mineralization as was previously indicated in hole RSC-019," Dr Hennigh continues. "The results in RSC-042 emphasize the importance of the diorite intrusion, which appears to be a major control on gold mineralization in this target area at Antelope Basin."
Coin, watch EVG / EVOGF for assays
on Rattlesnake property next week,
could run hard ...
EAS more drills out
East Asia Announces Resource Definition Drill Program at Miwah Gold Project
VANCOUVER, BRITISH COLUMBIA, Sep 11, 2009 (MARKETWIRE via COMTEX News Network) --
East Asia Minerals Corporation (TSX VENTURE: EAS) announces that the initial ten-hole diamond drill program at its Main Miwah Gold Zone Project in Aceh Province, Northern Sumatra will be expanded to acquire drill information to complete a NI43-101 compliant resource estimate. This decision is based on consistent strong gold results across the mineralized body.
To date five holes of the initial ten-hole program have been completed over 500 metres strike length. This program was designed to provide a 3D validation along the 1,200 metre east-west extent of the Main Miwah gold-bearing silica zone, and to provide the framework for follow-up drilling. The program has been consistently successful, achieving the following results:
-----------------------------------------------------------------------
----
Gold
Gold Silver Equiv.
Drill Hole From (m) To (m) Interval (m) (g/t) (g/t) (g/t)(i)
---------------------------------------------------------------------------
EMD001 10.9 68.0 57.1 1.97 11.90 2.17
---------------------------------------------------------------------------
Including 12.0 50.3 38.3 2.78 16.59 3.06
---------------------------------------------------------------------------
EMD002 8.3 166.3 158.0 1.71 8.67 1.86
---------------------------------------------------------------------------
Including 9.0 75.0 66.0 3.29 16.08 3.56
---------------------------------------------------------------------------
EMD003 9.1 152.0 142.9 2.25 18.54 2.56
---------------------------------------------------------------------------
Including 11.0 62.0 51.0 4.31 28.97 4.79
---------------------------------------------------------------------------
EMD004 4.6 69.0 64.4 1.37 9.05 1.52
---------------------------------------------------------------------------
EMD008 85.0 185.0 100.0 2.11 pending n/a
---------------------------------------------------------------------------
Including 85.0 115.0 30.0 4.81 6.31 4.92
---------------------------------------------------------------------------
(i) The gold equivalent uses a silver to gold ratio of 60:1 based on current
precious metal market prices, and assuming total recoveries of both metals.
In addition, EMD009 was completed at 206 metres downhole depth to test favourable mineralization west of EMD008. Assays are pending. EMD010 is in progress, being drilled to confirm the sub-horizontal gold mineralized layer between EMD008 and 009.
Michael Hawkins, President and CEO of East Asia Minerals Corporation stated "Although not completed, the initial ten-hole program at the Main Miwah Gold Zone has delivered what we expected, and more. Upon completion of this phase, diamond drilling will continue uninterrupted for approximately 45 holes to gather the information we require to complete a NI43-101 resource estimate. At the newly discovered South Miwah Bluff Gold Zone, adjacently to the south, initial scout drilling has confirmed the geological model of a gold mineralized diatreme breccia feeder that has been mapped over an area of 650 by 300 metres. Detailed mapping and sampling is ongoing, and a dedicated drill program is planned to commence there in Q4 of this year. The company is well funded to undertake much of the planned drilling well into 2010."
EAS up 15% on drill news
East Asia Minerals Drills 4.81 g/t Gold Over 30 Metres Within 100 Metres Grading 2.11 g/t Gold From 400 Metre Step-Out at Main Miwah Gold Zone
VANCOUVER, BRITISH COLUMBIA, Sep 10, 2009 (MARKETWIRE via COMTEX News Network) --
East Asia Minerals Corporation (TSX VENTURE: EAS) reports that assays have been received for the fifth diamond drill hole at the Main Miwah Gold Zone in Aceh Province, Northern Sumatra, Indonesia. The drill core intersection is located 400 metres east of the exceptional gold assays encountered in holes EMD001 to 003, and provides compelling support for the interpretation of shallow out-flowed, laterally extensive gold mineralization along the 1.2 kilometre long Main Miwah Gold Zone. New drill hole EMD008 encountered 2.11 g/t gold over 100 metres, including 4.81 g/t gold over 30 metres.
EMD008 is the Company's first drill hole in the eastern part of the laterally extensive gold system. EMD008 was collared 400 metres east of the EMD001 drill pad with an east-southeast azimuth (115 degrees) and 55 degree dip, and was drilled to 211 metres. Gold mineralization was encountered from 85.0 to 185.0 metres downhole depth, including 4.81 g/t gold from 85.0 to 115.0 metres (silver grades 6.31 g/t over this interval, providing a 4.92 g/t gold equivalent(i)). This hole was designed to test an area where rock sawn channel sampling returned consistently strong gold mineralization averaging 4.11 g/t gold across a 200 metre long, semi-continuous channel (news release January 21, 2009). Sections of this 200 metre zone include 20 metres of 14.00 g/t gold, 10 metres of 3.70 g/t gold, 32 metres of 2.41 g/t gold and 20 metres of 1.45 g/t gold. The mineralization in EMD008 is open in all directions and at depth, and is interpreted to be contiguous to the strong surface gold mineralization.
EMD008 was also collared 90 metres higher in elevation than the EMD001 to 003 drill pad, and supports the Company's interpretation of a laterally extensive, sub-horizontal layer, grading 3 to 4 g/t gold in the higher levels of the mineralized system. The high-grade 4.81 g/t gold portion commences at 85 metres and correlates laterally to the higher grades commencing near-surface at the lower elevation EMD001 to 003 drill area (EMD002 encountered 1.71 g/t gold over 158.0 metres, including 3.29 g/t gold over 66.0 metres starting at 9 metres depth; and EMD003 encountered 2.25 g/t gold over 142.9 metres, including 4.31 g/t gold over 51.0 metres starting at 11 metres depth). Interpreted from EMD004 (1.37 g/t gold over 64.4 metres), the Company's rock sawn surface channel sampling, and historic drilling, the lower part of the Main Miwah gold system contains 1 to 1.5 g/t gold within a broad sheet-like and flat-lying mineralized system. EMD004 was collared from a pad located to the southwest of holes EMD001-003, more than 90 metres in distance and 60 metres lower in elevation.
EMD009 was drilled from the same pad as EMD008 with a west-southwest azimuth (245 degrees) and 55 degree dip, and completed at 206 metres downhole depth. This hole was designed to test the extension of favourable mineralization and alteration to the west of EMD008, where surface rock sampling gave 14 metres of 2.55 g/t gold. Assays are pending.
EMD010 is in progress, drilled from the same pad as EMD008/009 with a south-southeast azimuth (150 degrees) and 65 degree dip. This hole is designed to confirm the sub-horizontal gold mineralized layer between EMD008 and 009.
RE: EVG, hope ur right,
sold my OGC and APG ,
bought a lot of EVG ... they got
5 star geo guys , management
looks straight, since i've been
diluted out of most of my gains
this yr by every jr i owned,
i figure i'm due ...
EVG.V up 15%, on volume ... eom
I use stockhouse for my
miner's watchlist, get the news
1st and it's free ...
EAS.V getting hit, drill results this AM eom
East Asia Minerals Encounters 106.46 g/t Gold Over 4.60 Metres in Rock Sawn Channel Sampling at Eastern Area of Main Miwah Gold Zone
VANCOUVER, BRITISH COLUMBIA, Aug 24, 2009 (MARKETWIRE via COMTEX News Network) --
East Asia Minerals Corporation (TSX VENTURE: EAS) continues to encounter significant gold intercepts from rock sawn channel sampling at its Miwah Gold Project located in Aceh Province, North Sumatra, Indonesia. The latest sampling has encountered high-grade gold from the eastern part of the shallow, laterally extensive Main Miwah Gold Zone, including 106.46 g/t gold over 4.60 metres and 3.10 g/t gold over 5.60 metres.
Miwah Channel Sampling Update
Additional encouraging assays have been received from rock sawn channel sampling at the Miwah Gold Zone (view map at www.EAminerals.com). Results from the eastern part of the 1,200 metres strike length Main Miwah Gold Zone returned an area of consistently strong gold mineralization. Selected intervals include:
- 106.46 g/t gold over 4.6 metres (Trench RC188)
- 3.10 g/t gold over 5.6 metres (Trench RC187)
- 1.00 g/t gold over 12.0 metres (Trench RC190)
- 1.02 g/t gold over 4.5 metres (Trench RC186)
- 0.51 g/t gold over 10.0 metres (Trench RC185)
- 0.37 g/t gold over 10.0 metres (Trench RC189)
- 0.36 g/t gold over 14.6 metres (Trench RC199)
In an area located 265 metres to the west-southwest, where current drill hole EMD008 is well advanced, previously reported samples (news release January 21, 2009) averaged 4.11 g/t gold across a 200 metre long, semi-continuous channel. Selected un-cut composite trench intervals here included:
Army Corps of Engineers Reactivates Permit at Coeur's Kensington Gold Mine, Clearing Way for Expected 2010 Production Start
COEUR D'ALENE, Idaho, Aug 17, 2009 (BUSINESS WIRE) --
Coeur d'Alene Mines Corporation (NYSE:CDE) (TSX:CDM) (ASX:CXC) today announced that the U.S. Army Corps of Engineers has reactivated the 404 permit for Coeur's Kensington Gold Mine located 40 miles northwest of Juneau, Alaska. With approximately 90% of the mine already complete, the Company will immediately begin to finalize construction of the remaining areas of the operation.
Golden Predator Raises $2,700,000
Aug 13, 2009 (BAYSTREET NEWSWIRE via COMTEX News Network) --
VANCOUVER, BRITISH COLUMBIA -- Golden Predator Royalty and Development Corp. (TSX VENTURE: GPD) (the "Company") announces that it has closed the previously announced non-brokered flow-through private placement of up to 3,000,000 flow-through common shares at a price of $0.50. The offering was oversubscribed and the Company has issued a total of 4,400,000 flow-through shares for gross proceeds to the Company of $2,200,000.
The $2,200,000 raised by the issuance of flow-through shares is in addition to the $500,000 non flow-through $0.50 unit financing announced July 14th, 2009 under which the Company issued 1,000,000 non-flow through units at a price of $0.50 per unit to Evolving Gold (TSX VENTURE: EVG) as part of Evolving Gold's strategic initiative to deploy capital in near term production opportunities where management is of a high calibre and has a proven track record. Each unit issued to Evolving Gold consists of one common share and one warrant exercisable for an additional common share at a price of $0.75 until January 14, 2011. Evolving Gold is the optionee of the Company's Rattlesnake Hills Property, as consideration for which the Company has received 2,000,000 shares of Evolving Gold to date (which the Company retains) and for which the Company anticipates being issued an additional 1,000,000 shares of Evolving Gold in January 2010.
The proceeds of the flow-through private placement will be used to fund the 2009 exploration programs on the Company's Yukon exploration properties, and the proceeds of the non flow-through private placement will be used for general working capital purposes.
Of the 4,400,000 flow-through shares issued, 730,000 are subject to a hold period expiring November 22, 2009 and 3,670,000 are subject to a hold period expiring December 8, 2009. The shares and share purchase warrants comprised in the 500,000 non-flow-through units are subject to a hold period expiring November 15, 2009.
The Company paid finders' fees of $46,290 to registered dealers for the placement of sales of the Flow-Through Shares.
The Company also announces that it has appointed John Legg as its Executive Vice-President of Corporate Affairs and General Counsel. Mr. Legg, previously General Counsel for a private mining company operating in Mexico, has 15 years experience advising companies in natural resources, securities and corporate finance law as well as the planning, structuring and implementation of mergers and acquisitions in Canada and the United States. Mr. Legg is a member of the Law Society of British Columbia and the Business and Securities Law Subsections of the Canadian Bar Association, and holds a BA from the University of British Columbia and an LLB from Dalhousie Law School.
About Golden Predator Royalty & Development Corp.
Golden Predator's corporate mandate is to establish a self-funded precious metal exploration company with an immediate focus on exploring for and developing world class gold deposits in the Tintina Gold Trend. The Company seeks internal revenue generation from early high grade precious metals production in Nevada augmented by increasing revenues from its royalty portfolio.
In the Yukon, in 2009 the Company is aggressively exploring its three Yukon properties, Gold Dome, Brewery Creek, and Antimony, in the prolific Tintina Gold Trend through its wholly owned subsidiary True North Mining Corp. Brewery Creek currently is authorized under mining leases, a Type A water license and a production license.
In Nevada, Golden Predator is planning to drill a number of its properties with bonanza-style gold mineralization in 2009 with the intent of identifying one or more properties for near term production of small-tonnage high grade ores. The Company intends, through its strategic use of its Taylor Mill near Ely, Nevada and a facilities use agreement at EMC Metals Corp.'s Springer Facility in Pershing County, Nevada, to become a mid-tier precious metals producer.
Golden Predator is partially self-financed through its passive pre-production royalty stream from a portfolio of properties, anticipated to yield approximately $1.2 million during 2009. The Company owns royalties on several known deposits including a portion of the Barrick Bald Mountain property, the Pan deposit of Midway Gold, significant portions of US Gold's Tonkin Springs deposit and Evolving Gold's Rattlesnake project.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Golden Predator's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Golden Predator assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts: Golden Predator Royalty & Development Corp. William Sheriff Chairman (867) 335-5000 Golden Predator Royalty & Development Corp. Robert Eadie President (604) 602-4935 www.goldenpredator.com
SOURCE: Golden Predator Royalty & Development Corp.
http://www.goldenpredator.com
re: FR, sold ...
like the old saying goes,
screw me once, shame on you,
twice, *#@^%@#$+!
FR at it again ...
First Majestic Silver Corp.: Non-Brokered Private Placement and Debt Settlement
VANCOUVER, BRITISH COLUMBIA, Aug 12, 2009 (MARKETWIRE via COMTEX News Network) --
First Majestic Silver Corp. (the "Company")(TSX: FR)(PINK SHEETS: FRMSF)(FRANKFURT: FMV)(WKN: A0LHKJ) is pleased to announce a proposed non-brokered private placement offering consisting of up to 4,000,000 units ("Units") of the Company to be issued at a price of CDN$2.30 per Unit (the "Offering") for gross proceeds of up to $9,200,000. Each Unit will consist of one common share (a "Unit Share") and one-half of one common share purchase warrant (a "Warrant"), with each full Warrant entitling the holder to purchase one additional common share of the Company ("Warrant Shares") at an exercise price of CDN$3.30 per Warrant Share for a period of two years after the closing of the Offering.
The Company is also pleased to announce that it will settle certain debts of its subsidiaries in the aggregate amount of up to $4,000,000 and has entered into debt settlement agreements with those creditors to settle such debt by the issuance of up to 1,739,130 common shares (the "Debt Shares") of the Company at a deemed price of CDN$2.30 per Common Share.
The Company plans to use the net proceeds of the Offering as general working capital in respect to its three operating silver mines; the La Encantada Silver Mine, La Parrilla Silver Mine, and the San Martin Silver Mine all located in Mexico.
A finder's fee of 6% cash will be payable on a portion of this private placement to an arm's length party. Closing of the private placement and the debt settlement is subject to receipt of all required regulatory approvals, including the consent of the Toronto Stock Exchange.
First Majestic is a producing silver company focused in Mexico and is aggressively pursuing its business plan to become a senior silver producer through the development of its existing assets and the pursuit through acquisition of additional assets that contribute to achieving its significant corporate growth objectives.
OGC, sold out last shares
that PP hurt, much like FR,
wrong time to be dead in the water ...