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Sumisu? righty. ??? anybody home,... corks are popping,
there Ya go ! News baby, very nice webcast. here it is
Chariot Announces Significantly Increased Mina Justa Resources
07:00 EST Thursday, November 16, 2006
- MEASURED AND INDICATED RESOURCES UP 150% TO 5.4 BILLION POUNDS
- FOCUS ON UPGRADING ADDITIONAL 1.7 BILLION POUNDS IN INFERRED CATEGORY
CONFERENCE CALL AT 11.00 AM 'ET', NOVEMBER 16, 2006
TORONTO, ONTARIO--(CCNMatthews - Nov. 16, 2006) - Chariot Resources Limited ("Chariot") (TSX:CHD) is pleased to announce the results of an updated resource estimate for the Mina Justa prospect located in Peru which incorporates the drilling done this year; and to compare it to the estimate which followed the drilling done in 2005.
At a 0.30% total copper cut-off, the new Indicated and Inferred resources of the Mina Justa prospect are as follows:
-----------------------------------------------------------------
Million Tonnes CuT%(i) MlbCu (ii)
Measured - - -
Indicated 346.6 0.71 5,418
------------------------------------------------------------
Measured + Indicated 346.6 0.71 5,418
Inferred Resources 127.9 0.60 1,690
-----------------------------------------------------------------
(i) (total copper) (ii) (million pounds)
The above resource classifications conform to CIM Standards on Mineral Resources and Reserves referred to in National Instrument 43-101. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and Indicated mineral resources are that part of a mineral resource for which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. An Inferred mineral resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified. The 0.3% is considered the most likely cut-off grade for this deposit based on the Scoping Study released May 2, 2006.
The new resource for the Mina Justa prospect is based on results from a total of 139,432 metres of drilling of which 64,959 metres was completed in 2006, 43,501 metres was completed during 2005 and 30,972 metres of drilling was completed by Rio Tinto prior to 2005.
In order to facilitate a more direct comparison between the new resource estimate and the resource estimate done in 2005, shown below are the Indicated and Inferred resources of the Mina Justa prospect at a 0.2% cut-off, the cut-off used in 2005:
--------------------------------------------------------------------------
Estimate
Done In
Million Tonnes CuT% (i) MlbCu (ii)
2006 Measured - - -
Indicated 419.2 0.63 5,831
----------------------------------------------------------
Measured + Indicated 419.2 0.63 5,831
2005 Measured - - -
Indicated 132.4 0.74 2,153
----------------------------------------------------------
Measured + Indicated 132.4 0.74 2,153
2006 Inferred Resources 172.2 0.51 1,938
2005 Inferred Resources 279.7 0.57 3,506
--------------------------------------------------------------------------
(i) (total copper) (ii) (million pounds)
The above resource classifications conform to CIM Standards on Mineral Resources and Reserves referred to in National Instrument 43-101. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and Indicated mineral resources are that part of a mineral resource for which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. An Inferred mineral resource is that part of a mineral resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified. . The 0.2% is considered an alternative cut-off grade for this deposit but it has to be confirmed by additional appropriate economic studies.
Methodology
In both 2005 and 2006 resource reports were generated for the three models: Power of Inverse Distance Squared ("IPD2), Ordinary Kriging ("OK") and Nearest Neighbour ("NN"). In both 2005 and 2006 all three models displayed similar global tonnes and grades, indicating that they are globally unbiased. The OK and IPD2 models were found to be very similar across the range of economically important cut-off grades, whereas the NN model is characterized by unrealistic extreme sensitivity.
As a consequence of the similarity between the OK and IPD2 resource models; Chariot decided in 2005 to use the IPD2 model at 0.2% cut-off for reporting the 2005 resource estimate in order to better facilitate earlier resource estimates done by Rio Tinto.
For the 2006 resource estimate, Snowden recommended using OK. The 2006 resource estimate is presented at 0.2% cut-off and 0.3% cut-off for comparison purposes. The 2006 resource estimate at 0.3% cut-off has been selected by Chariot as the basis for optimization in the Feasibility Study.
The Scoping Study further indicated that Mina Justa had potential dump leach resources of approximately 66 million tones at 0.22% Cu. Although these resources have the potential for dump leaching, Chariot elected in the Scoping Study to treat these resources as waste. The impact of raising the cut-off to 0.3% Cu will be further evaluated as part of the Feasibility Study which is currently underway.
Estimate Preparation
The 2006 resource estimate was done by Snowden Mining Industry Consultant Inc ("Snowden") which has reviewed this press release. Snowdon will prepare a 43-101 report within 45 days of today. The 2006 resource estimate can be compared to an estimate also prepared by Snowden as published in a 43-101 report dated October 20, 2005. This report can be seen on www.sedar.com.
The 2006 resource estimate was prepared by Warwick Board (MAusIMM, Pr. Sci. Nat.) of Snowden. Warwick Board is an independent Qualified Person (QP) as defined under National Instrument 43-101 for reporting this resource estimate. SGS del Peru S.A.C. prepares the split core and reverse circulation (RC) samples at the project site and assays all samples at its facility in Lima, Peru. Chariot's QA/QC program is monitored by John D. Kapusta (P.Geo), Vice-President Exploration and Geological Services, and managed on site by Marcobre SAC senior geological personnel.
Final Drill Program in 2007
Chariot intends to conduct a final drill program early in 2007 and to incorporate this, and other relevant information into a final Feasibility Study resource estimate to be done by Snowden. The final drilling campaign will be based on Snowden's analysis of the 2006 data and will be based on recommendations for drill hole spacings. As part of the final Feasibility Study resource estimate Snowden will determine the actual tonnages that qualify for the Measured, Indicated and Inferred categories.
Comment
Mr Ulli Rath, President and CEO stated, "We are very pleased that the 2006 resource estimate has confirmed that we have a larger global classified resource than the resource used as the basis of the Scoping Study which was released on May 2, 2006."
Mr Rath goes on to say that "we are now concentrating on upgrading our inferred resources and developing a new mine plan at a higher cut-off grade as the basis for the Feasibility Study which I expect could also be an improvement over the mine plan in the Scoping Study."
Chariot Resources will hold an investor conference call on Thursday, November 16th, at 11:00 a.m. Eastern Time. President and CEO, Ulli Rath and Vice-President John Kapusta will review the new resource estimate and Chariot's plans to develop the Marcona deposit with analysts and investors. Following their remarks there will be a question and answer session.
To join the call dial: Local / Intl'l Access: 416-695-5261
Toll-Free Access (N.A.): 1-877-888-4210
To access the replay: Local Access: 416-695-5275
Toll-Free Access: 1-888-509-0081
Passcode: 635495
Expiry Date: November 23, 2006
To access the webcast: http://www.ccnmatthews.com/ChariotResourcesNov16
Chariot Resources Limited (TSX:CHD) is developing its 70% owned Marcona Copper Project in Peru. With exceptional infrastructure, a significant resource and strong financial and commercial partners, Marcona is scheduled to achieve mid-tier copper producer status by 2009.
Additional detail about Chariot's projects can be viewed on the Company's website at www.chariotresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF
CHARIOT RESOURCES LIMITED.
"Ulli Rath", President & CEO
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chariot Resources Limited
Toronto, Canada Office
Ulli Rath, President & CEO
Office Phone: (416) 363-4554 or Cell Phone: (416) 270-4481
Email: ullir@chariotresources.com
or
Forbes West
IR Advisor
Office Phone: (416) 203-2200 or Toll Free: 1-888-655-5532
Email: forbes@sherbournegroup.ca
or
Chariot Resources Limited
Lima, Peru Office
John Kapusta, Vice-President
+51-1-436-9127
+51-1-436-9129 (FAX)
The Toronto Stock Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release.
sometimes i think Long posts help People Stay Long, cause there time slips away reading these boards.
hearing a lot of talk about what Larry should do, But i feel he has actually come up with a good one with the deal he worked us. Bearing in mind i dont think we know all we want to
about the Future of soma, and just how imminently its future may be, we have yet to see if the tactic will force some covering on or before tuesday the 11/21 cause after that, imagine your shorty and u need a share and a warrant and...
there not even trading yet...So your sphincters start puckering lil bit "minor uncontrollable spasm" who knows where that could lead. i dont wanna let my imagination run wild but im so curios how the warrant excersize price was established, being a non flow through share (assuming correct me if its stated otherwise) the share should be worth 1$ i expect a lower share value if the warrants were flow through. I see it that way based on a recent PP in CZN where there were 2 different units offered giving choice of tax break or not. I supose my real perponderence is whether we will need to excersize, or the squeeze will be done, am i wrong thinking it should be done by the 21st or i may be exercising warrants for Christmas And me Expecting SockS
any way i look at it we should be +.03 right now not accounting at all for the short position makes me think .30 is hardly worth starting at as a STARTING point to let em out.
tell me im wrong and how thinking like that will keep me poor...
Ya since u suggest, i checked and im able to place a order to buy 5000 @.35. even with no avail cash on hand it accepts the order, ill get 3 days to cover, Guess ill leave it in LOL!!!
thats on tdwaterhouse
what the lady said more clearly was i could be short untel they got through with changing my awyb to hvln cause today i still have awyb in my TDW but they admit i dont have those there gone but the awyb hasnt come through to me yet so...
i could owe interest on the sale from 3 days after untel they credit my acct with MY awyb and then close out my short by takeing them back. Thus concluding 20 % ish interest P/A on my money being in my acct while they look for my awyb.
sound confusing... i said id take my chances
i talked to a few people at tdw today best lie they could tell me was it could be as much as 15 days from the 9 of november, (that last pr) like she had no idea the certs were recalled near 2 weeks earlyer than that. yesterday a guy said sometimes these things take weeks or months. I asked MONTHS!!!
there electronic arent they? like u dont even mail them.
so the nice lady said "your stocks not trading but you can put a ask" so if they hurry they can have my few k for 2 $
if they piss me off, ill make it painful, as in, without lube.
But i was warned that i will be short on my shares that they havent delivered to me, and in 3 settlement days, i will be short , and will incure 20% interest on my short position.
Shouldn't they be owing me 20 % interest ?
what i been wondering about though , regarding "the divy"s just to make em cover, SUPER....
But there handing out 8 million soma shares to us wonderful supporters, as well as he who buys in soon. like before the 21 of nov. am i right? What i got on my mind is , if Crazy Larry (i can call him that cause he doesent know where i live) Wants us to excersize those warrants, cause to expire in 30 days? do we need/want to fund soma?
i mean maybe were just forcing a cover, maybe soma is ready to need, (8kk warrants @.78c USD=6240000) thats like a billion canadian, k not quite but. are u with me ???
we get a free share , and if we were convinced to excersize the warrants Christmas EVE ??? Holy christ Ahleluia
Its the 2nd comming of Larry
Or am i all hopped up on the goofballs
Ya Ya id try it but tdwaterhouse still only shows me my awyb at .4 ... so glad the price is holding up
Oh !! u dream big i like u
thats the spirit pre market release it all at same time
so when mr MM turns his comp on he Knows, "its gonna be a bad day" :)
Lubricants optional
Copely im sold i believe !!
but what the freak do i know
Ummm me, i do have a low ball bid in for 200 k at .006, if the gods will permit it, ill take it, its set for the week, oddly it doesent show up on my L2, and oddly when ive seen similar blocks move, i sure didnt get it...
Thats the stuff, for too long now ive been feeling theres been a lil washing going on keeping us down, i couldent prove it, but i was feeling it. So a lil uptick from our regular volume cheap shares dying up, I expect we wont see .51 anymore high of .58 close of .57 I can feel a Smile comming on its only gonna get better.
to bad its like were all alone here, ahh im ok with it.
You can lead a horse to water, but sometimes u have to beat it real bad to make it Drink !
Revised scoping, new 43-101, possible fast track plans Nov. looks good
I think u need to coat it in Sugar
lottsa sugar baby
Sumisu,... i luv you
i think you have all the news people need to see all laid out,
im new to Ihub, but ive been long on Chariot since newyears,i cant believe how long a road we have had, and how much copper has been found, from near surface, and near 300 meters down.
Theres another news item that tells more of the deal, check this
And tell me you luv CHD too
Rio Narcea Acquires Additional Stake in Chariot Resources
TORONTO, ONTARIO -- (MARKET WIRE) -- October 05, 2006 -- Rio Narcea Gold Mines Ltd. ("Rio Narcea" or "the Company") (TSX: RNG)(AMEX: RNO) today announced that it has agreed to purchase an aggregate of 31,812,500 common shares and 11,532,000 warrants in the capital of Chariot Resources Limited (TSX: CHD) from Amerigo Resources Ltd. (TSX: ARG). This purchase constitutes approximately 13.7% of the outstanding common shares and the common shares and warrants together constitute 14.7% of the common shares and warrants outstanding of Chariot. The purchase is to be completed at C$0.65 per common shares and C$0.30 per warrant for an aggregate purchase price of C$24,137,725. Each share purchase warrant entitles Rio Narcea to acquire an additional common share of Chariot at a price of C$0.35 per share until December 22, 2006.
This purchase is in addition to the 6,259,500 shares and 1,780,000 warrants purchased by the Company through the facilities of the Toronto Stock Exchange in the last few months, which brings Rio Narcea's total shareholding in Chariot to 16.4% of common shares of Chariot and 17.4% of the common shares and warrants outstanding of Chariot. In order to complete the trade through the TSX, Rio Narcea has agreed to offer to purchase certain share and warrants in the market prior to initiation of this trade.
The common shares and warrants will be acquired in a private transaction to close on October 20, 2006. The transaction will be completed through the facilities of the Toronto Stock Exchange. Rio Narcea has purchased these securities for investment purposes. Other than as set out above, Rio Narcea might acquire additional securities if they become available at prices that are attractive to Rio Narcea, but has no current future intention of becoming a control person in Rio Narcea.
"Rio Narcea is impressed with the potential of Chariot and its Marcona Copper Project, which is located in Southern Peru on the same Iron Oxide Copper Gold (IOCG) belt which hosts Mantos Blancos and Candelaria. Given our experience in developing and bringing mines into production, we look forward to contributing to the development of the Marcona Copper Project in whatever constructive way we can," said Chris von Christierson, Chairman and CEO of Rio Narcea.
Rio Narcea Gold Mines, Ltd. is a growing Canadian mineral resource company with operations, development projects and exploration activities in Spain, Portugal and Mauritania. The Company currently produces nickel at its Aguablanca nickel-copper-platinum group metals (PGM) mine in southern Spain and gold at it's at El Valle and Carles projects in northern Spain. Closure of the northern Spanish gold mines is planned for by the end of 2006. Construction of its new Tasiast gold project in Mauritania, West Africa, is underway, with production expected in 2007.
Forward-looking Statements
This press release may contain certain "forward looking statements" within the meaning of the United States securities laws. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, capital expenditures, exploration efforts, financial needs, and other information that is not historical information. The forward-looking statements contained herein are based on Rio Narcea's current expectations and various assumptions as of the date such statements are made. Rio Narcea cannot give assurance that such statements will prove to be correct.
Factors that could cause Rio Narcea's actual results to differ materially from these statements include, but are not limited to, changes in gold and nickel prices, the timing and amount of estimated future production, unanticipated grade changes, unanticipated recovery problems, mining and milling costs, determination of reserves, costs and timing of the development of new deposits, metallurgy, processing, access, transportation of supplies, water availability, results of current and future exploration activities, results of pending and future feasibility studies, changes in project parameters as plans continue to be refined, political, economic and operational risks of foreign operations, joint venture relationships, availability of materials and equipment, the timing of receipt of governmental approvals, capitalization and commercial viability, the failure of plant, equipment or processes to operate in accordance with specifications or expectations, accidents, labour disputes, delays in start-up dates, environmental costs and risks, local and community impacts and issues, and general domestic and international economic and political conditions.
Rio Narcea undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The reader is cautioned not to place undue reliance on forward looking statements.
Contacts:
Rio Narcea Gold Mines, Ltd.
Chris von Christierson
Chairman & CEO
+ (44) 207 629 2252
Email: cvc@sprospecting.com
Rio Narcea Gold Mines, Ltd.
Omar Gomez
C.F.O.
+ (34) 98 573 3300
Email: omar.gomez@rngm.es
Website: www.rionarcea.com
Roth Investor Relations, Inc.
Michelle Roth
+1 732 792 2200
Email: michelleroth@rothir.com
SOURCE: Rio Narcea Gold Mines, Ltd.