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GMXR up about 8% today.
Nat gas is the place to be!
Just frustrating to see a day's worth of nice gains wiped out in minutes.
Gold and silver getting slaughtered last 15 minutes...
TLR waking up again?
Looks to be the start of a super duper exponentially parabolic rise?
Its the only thing that would make sense.
AXU has been a star performer! Up almost 7% on this news - though it probably doesn't hurt that silver is up over a dollar today :)
Good drill results out this morning, doubt it will matter though. Only thing the market cares about right now is news on the financing.
Alexis Reports Additional Encouraging Gold Results at Snow Lake: 2.99 g Au/t Over 15.12 metres; 51.46 g Au/t Over 1.73 metres and 22.43 g Au/t Over 4.21 metres
http://finance.yahoo.com/news/Alexis-Reports-Additional-iw-3900943563.html?x=0&.v=1
TORONTO, ONTARIO--(Marketwire - 11/29/10) - ALEXIS MINERALS CORPORATION (TSX:AMC - News)(Pinksheets:AXSMF - News) ("Alexis" or the "Company") is pleased to report additional encouraging results from its gold exploration drilling program at its Snow Lake Mine in Manitoba. Drilling confirms the potential for mineralization from surface to 520 foot depth within the East Extension of the Main Mine, giving further support for the potential discovery of a major new ore zone. Also, very high gold grade results are being found in the Footwall of the Main Mine Horizon. Highlights include (see Table 1):
East Extension
-- 2.99 g Au/t over 15.12 metres (m) in hole HB 10-70; including -- 7.16 g Au/t over 4.73 m;-- 2.06 g Au/t over 8.41 m in hole HB 10-72.
Footwall Zones
-- 22.43 g Au/t over 4.21 m in hole HB 10-71; including -- 148.97 g Au/t over 0.59 m; or -- 51.46 g Au/t over 1.73 m-- 3.70 g Au/t over 9.86 m in hole HB 10-80; including -- 5.69 g Au/t over 5.40 m; -- 41.62 g Au/t over 0.52 m.
Drilling until August 2010 was largely focused on areas of Inferred Resources adjacent to the mine in order to further delineate these in support of the recently completed Snow Lake Feasibility Study (see news release: November 3, 2010). Drilling is now focused on several known gold showings and numerous structural targets across the property. Recent drilling has focused on the East Extension (see news release, June 15, 2010), an area immediately to the east of the principal zones historically mined at the Snow Lake Mine; and, on high grade intercepts in the Footwall (FW) of the Main Mine Horizon. The zone is cut by a Gabbroic intrusion below the 520 foot level. Down plunge exploration of this new ore trend is in progress. Mineralization in the footwall zones is locally very high grade and work to correlate this new area of interest is ongoing.
A program of recompilation and reinterpretation of all property data is in progress. This work is identifying good potential for the extension of known ore zones along strike, as well as down plunge of existing deposits. With its acquisition of the Snow Lake property and the addition of properties over the Snow Lake Basin, (see news release: November 24, 2010); Alexis' management feels the property could become the foundation for significant growth in resources, reserves and gold production within the next 12-18 months.
During the first eleven months of 2010, 28,841m of diamond drilling has taken place on the Snow Lake property. Alexis will invest approximately $5.5 million of its annual exploration budget in the Snow Lake property in 2010 and has three drill rigs operating. Exploration budgets on the Snow Lake properties are expected to increase to $8.0M for 2011.
Table 1 - Snow Lake Mine Exploration Drilling- Significant Intersections ((1)True widths are greater than 90% of core length)--------------------------------------------------------------------------- Core LengthHole Number From (m) To (m) (m) Au gpt Zone (All assays are uncut)---------------------------------------------------------------------------HB10-70 46.73 61.85 15.12 2.992--------------------------------------------- includes 46.73 56.78 10.05 4.227--------------------------------------------- Main Zone - East Extension includes 46.73 51.46 4.73 7.159--------------------------------------------- and 53.28 56.78 3.50 2.322---------------------------------------------------------------------------HB10-71 116.41 116.76 0.35 15.223 FW---------------------------------------------------------------------------HB10-71 183.72 187.93 4.21 22.428--------------------------------------------- includes 183.72 184.32 0.60 8.023--------------------------------------------- FW and 186.20 187.93 1.73 51.463--------------------------------------------- includes 186.20 186.79 0.59 148.973---------------------------------------------------------------------------HB10-71 234.84 236.10 1.26 3.218 FW---------------------------------------------------------------------------HB10-72 172.27 180.68 8.41 2.056 Main Zone - East Extension--------------------------------------------- includes 172.27 175.09 2.82 2.909---------------------------------------------------------------------------HB10-73 65.32 66.47 1.15 3.971 HW---------------------------------------------------------------------------HB10-73 224.00 225.73 1.73 2.411 Main Zone - East Extension--------------------------------------------------------------------------HB10-73 357.39 358.23 0.84 8.572 FW---------------------------------------------------------------------------HB10-73 451.16 453.48 2.32 3.305 FW---------------------------------------------------------------------------HB10-74 No Significant Assays---------------------------------------------------------------------------HB10-75 176.40 177.97 1.57 2.663 FW---------------------------------------------------------------------------HB10-75 189.94 190.94 1.00 5.623 FW---------------------------------------------------------------------------HB10-75 204.78 205.48 0.70 8.023 FW---------------------------------------------------------------------------HB10-76 259.92 263.14 3.22 2.338--------------------------------------------- FW includes 261.43 263.14 1.71 3.418---------------------------------------------------------------------------HB10-77 27.73 31.00 3.27 2.062--------------------------------------------- Main Zone - East Extension includes 29.00 31.00 2.00 2.718---------------------------------------------------------------------------HB10-78 No Significant Assays---------------------------------------------------------------------------HB10-79 No Significant Assays---------------------------------------------------------------------------HB10-80 46.21 48.05 1.84 2.559--------------------------------------------- Main Zone - East Extension includes 47.11 48.05 0.94 4.389---------------------------------------------------------------------------HB10-80 101.65 111.51 9.86 3.702--------------------------------------------- includes 103.27 111.51 8.24 4.286--------------------------------------------- includes 103.27 104.16 0.89 4.783--------------------------------------------- and 106.11 111.51 5.40 5.691 FW--------------------------------------------- Includes 107.65 111.51 3.86 7.075--------------------------------------------- Includes 107.65 108.94 1.29 2.963--------------------------------------------- includes 110.99 111.51 0.52 41.623---------------------------------------------------------------------------HB10-81 Assays Pending---------------------------------------------------------------------------HB10-82 Assays Pending---------------------------------------------------------------------------HB10-83 Assays Pending---------------------------------------------------------------------------HB10-84 Assays Pending---------------------------------------------------------------------------HB10-85 Assays Pending---------------------------------------------------------------------------
Quality Control
The technical and scientific content of this press release has been reviewed by Darren H. Simms P. Geo., Senior Exploration Geologist, Manitoba Division, Alexis Minerals and a Qualified Person as defined under NI 43-101 guidelines. Diamond drill core is logged and sampled by company personnel at the Snow Lake Mine. Core (NQ) is cut in half using a diamond saw with one half bagged and submitted for assay and the remaining half sample retained and archived in a secure facility. A strict QA/QC program is followed that includes mineralized standards, blank and field duplicate for each batch of samples. Samples are shipped by secure truck to TSL Laboratories Inc. (TSL) Saskatoon, Saskatchewan, an ISO/IEC 17025 accredited assay facility established in 1981. The Laboratory is certified by the Standards Council of Canada for gold analyses utilizing instrumental or gravimetric finish.
About Alexis Minerals
Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform (Pinksheets:AXSMF - News). The Company owns one producing gold mine in Val-d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. With these assets Alexis has the potential to develop gold production forwards. Alexis is targeting mid-tier gold production levels in 2011. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq. km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 92 sq. km). For more information about Alexis Minerals visit alexisminerals.com.
Forward-looking information
This document may contain or refer to forward-looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, mineralization projections, future exploration priorities, estimates and costs, projected capital and operating expenditures, future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, and future mining plans. Forward looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information form of the Company, which is available under the profile of the Company on SEDAR, and other factors that could cause actual results to differ materially from expected results. Estimates and assumptions underlying the mineralization projections are based upon extensive technical and scientific analysis conducted by the management of the Company, the results from drill programs and other exploration, the analysis of external consultants and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
Contact:
Contacts:Alexis Minerals CorporationDavid RiggPresident and CEO(416) 861-5889(416) 861-8165 (FAX)info@alexisminerals.comAlexis Minerals CorporationBruce BarchVP Investor & Corporate Affairs(416) 861-5905 or Toll free: 877-717-3027bruce.barch@alexisminerals.caAlexis Minerals CorporationLouis BaribeauRelationniste(514) 667-2304lb@decorporateconsultants.cawww.alexisminerals.com
CDY at its highest since January
This whole European debt thing is getting pretty old. I expect a very good "risk on" week next week.
OGC.TO and MLL.TO get a lot of attention here, but I just bought some JAG/JAG.TO which is similar to those names, but has more upside potential IMO.
Market cap only $557 million $6.61 $84.24 million shares out.
Hit $14 early this year and selling looks to have ended a few months ago. Good accumulation since then. Take advantage of the option expiry thin holiday trade gold dip!
Jaguar Mining Inc. ("Jaguar") is one of the fastest growing gold producers in the world. Jaguar's plan is to significantly expand gold production from 70,000 ounces produced in 2007 to 600,000 ounces of gold in 2015 through its wholly-owned operations in the state of Minas Gerais, Brazil.
Some clarification and a full update on all things is desperately needed.
I don't like this at all, and neither does the share price. Why the heck do they need to do this if they are getting a $60 million financing... or are they? No word on that for about 7 weeks now.
Alexis Announces Private Placement Financing of up to $10,000,000 and Provides Update on Potential Spin-Off
TORONTO, ONTARIO, Nov. 18, 2010 (Marketwire) --
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Alexis Minerals Corporation (TSX:AMC)(OTCQX:AXSMF) ("Alexis" or the "Company") is pleased to announce a brokered private placement in an amount of up to $10,000,000 (the "Offering"). The Offering will consist of 42,000,000 flow-through shares ("Flow-Through Shares") at a price of $0.24 per Flow-Through Share. Alexis has retained Industrial Alliance Securities to act as the agent for the Offering.
The closing of the Offering is expected to occur on or about December 3, 2010 and is subject to the completion of formal documentation and receipt of regulatory approval, including the conditional approval of the TSX.
The proceeds of the Offering will be used to incur eligible Canadian Exploration Expenses, as defined under the Income Tax Act (Canada), that will be renounced in favour of the purchasers with an effective date of no later than December 31, 2010.
Alexis also announces that further to its press release dated October 5, 2010, the board of directors of the Company has completed its review of the potential spin-off (the "Spin-Off") of the Company's Quebec exploration properties into a new publicly listed company and has determined that the Spin-Off is not the most efficient transaction structure in order to unlock Alexis shareholder value. Structuring a spin-off transaction in a tax efficient manner for shareholders has been a significant factor in the Board's considerations. The Company continues to review other strategic options available in relation to its Quebec exploration assets.
About Alexis:
Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform ("OTCQX:AXSMF"). The Company owns the producing Lac Herbin gold mine in Val-d'Or and the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba where a Feasibility Study is nearing completion. With these assets Alexis has the potential to increase gold production and is targeting mid-tier gold production levels in 2011-2012. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq.km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 50 sq. km). Alexis Minerals has two drills active in Val-d'Or and two drills active in Snow Lake on surface exploration programs. For more information about Alexis Minerals visit www.alexisminerals.com.
Cautionary Note:
This document may contain or refer to forward looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, proposed use of proceeds, timing for closing of the Offering, ability to attract financing, renunciation of flow-through expenses, regulatory approvals, ability to complete the Offering, and future exploration expenses and plans. Forward looking information is subject to significant risks and uncertainties, including those risks identified in the annual information form of the Company, which is available under the profile of the Company on SEDAR, and other factors that could cause actual results to differ materially from expected results. Estimates and assumptions underlying the forward looking information are based upon negotiations between the Company and prospective investors, extensive technical and scientific analysis conducted by the management of the Company, and information obtained by the Company from third parties. Readers should not place undue reliance on forward looking information. Forward looking information is provided as of the date hereof and the Company assumes no responsibility to update or revise them to reflect new events or circumstances.
Alexis Minerals Corporation President and CEO (416) 861-5889 (416) 861-8165 (FAX) info@alexisminerals.com Alexis Minerals Corporation VP Investor & Corporate Affairs (416) 861-5905 bruce.barch@alexisminerals.ca www.alexisminerals.com
I think the case for South African miners is more of a currency play than anything else - Betting that the Rand's recent rise will reverse and that costs of companies based there will go down.
"Companies such as Johannesburg-based Anglo Platinum Ltd. and Sasol Ltd., which incur costs in rand and make dollar- denominated sales, have said that the rand’s strength is eroding their profit margins. Grain SA, a farmers group, said on Oct. 13 that the rally in the currency was hindering efforts to export a 4.5 million metric ton grain surplus."
From: South Africa Cuts Rates to Record as Rand Surge Keeps Inflation in Check
http://www.bloomberg.com/news/2010-11-18/south-africa-cuts-rates-to-record-as-rand-surge-keeps-inflation-in-check.html
South Africa - Ya that is what I've thought for years so I've ignored the country. Heard something yesterday that things might be turning around so I thought I'd see if anyone else has heard the same. Could be some real bargains there if true. But really, why bother I guess when there are so many other places without such worries.
Hard to say, could be a bounce up before another final leg down, and then on to greener pastures. But is waiting for another buying oppurtunity worth it? Depends on how far down you think it could dip I guess.
On another note, anybody like to play the South African names? I've completely ignored them for years for a mulititude of reasons, but are they worth another serious look?
Bought some HTM today on the pull back.
Anyone have thoughts on GMXR?
Oh well, this is why you should always have some cash around...
.175 now, ick!
Do you have an expectation for the closing of the $60M financing for Snow Lake?
It seems the uncertainty about that is more of an overhang than anything.
Thoughts on results posted LATE last night?
Down to 0.19 today...
Alexis Minerals Reports Third Quarter Results
http://finance.yahoo.com/news/Alexis-Minerals-Reports-Third-ccn-337951111.html?x=0&.v=1
TORONTO, ONTARIO--(Marketwire - Nov. 15, 2010) - ALEXIS MINERALS CORPORATION (TSX:AMC - News; OTCQX:AXSMF) ("Alexis" or the "Company") has reported its third quarter 2010 Financial Statements and Management's Discussion and Analysis for the three month period ended September 30, 2010. Progress at the Snow Lake mine has been encouraging with the recent completion of the Snow Lake Feasibility Study. The study projects 80,000 ounces of annual gold production over a five year operating period. The study includes a revised estimate of Mineral Resources which have increased significantly during the year. Total resources in all categories have passed the million ounce mark. Proven and Probable gold reserves within Resources and supporting the production estimates now total an estimated 451,900 ounces gold (see news release, November 3, 2010, for details regarding the mineral reserve estimates). Our prime issue during recent months has been inconsistent gold grades being mined at our Lac Herbin gold mine. Operating costs are being closely monitored, and as the third quarter progressed certain expenses were reduced or eliminated to preserve cash. We are diligently and continuously assessing all factors to improve the grades and performance at Lac Herbin. The quarterly result documents can be reviewed in full on SEDAR (www.sedar.com) or on the Company's website at www.alexisminerals.com.
(Note: All figures are reported in Canadian dollars, unless otherwise noted).
Q3- 2010 Summary:
During the three months ended September 30, 2010 the following occurred at Alexis Minerals:
-- Total revenue of $7.74 million was generated, 17.9% higher than in Q3- 2009; 14.7% less than Q2-2010. The latter was due to fewer ounces of gold mined, milled and recovered during Q3-2010. -- The Company sold 6,498 ounces of gold at an average realized price of $1,250/oz (USD $1,208/oz.), compared to 6,575 ounces sold during Q3-2009 at an average realized price of $1,048/oz (USD $940/oz). -- Lac Herbin Mine, in Val-d'Or, Quebec, the Company's initial gold operation, mined 4,677 oz. of gold, a 47% reduction compared to 6,874 ounces mined in Q2-2010. The grades realized continued to be lower than expected. Management continues to work to better predict the nature of the gold grades. More drilling and in depth review of the geology has led to a better understanding of the nature of the deposit. -- Our wholly-owned Aurbel Gold Mill, performed at a more consistent level during this quarter with an average recovery rate of 91.6%, improved from 87.2% in Q2-2010. The Aurbel Mill was refurbished earlier this year with the rationale that Alexis would achieve an estimated 10% reduction in annual operating costs for the Lac Herbin gold mine. -- Cash cost of sales per ounce (see non-GAAP measures) of the Lac Herbin gold sold was at $1,283/oz Au for the third quarter. The deposit has continued to pose challenges, at the current stage of development, in producing sufficiently high grade ore (see further comments below). As an immediate action, various costs and mining development efforts were reduced in an effort to offset the lower revenue. Alexis is very focused on reducing unit cost. -- Compared to Q2-2010, cash flow was negatively impacted by the reduction of accumulated accounts payable, significantly depleting working capital. -- Exploration and delineation drilling totaling 7,714 metres occurred primarily at Snow Lake and Lac Herbin. Year to date drilling totals 55,544 metres. -- Exploration drilling continued in the Deep West target area, near the past producing Louvicourt mine. Drilling approximately 600 metres above the deep Massive Sulphide discovery intersected broad alteration and stringer sulphide zones. Recognized regional folding in association with geological trends should allow Alexis to align drilling to ultimately locate and test a large seismic-reflection geophysical anomaly in this general area. -- The Company raised $14.375 million through a public offering at a price of $0.15 per share. A portion of the net proceeds were devoted to reinforcing working capital and general corporate purposes. The Snow Lake Feasibility Study has been completed and key capital programs are being prepared to support the next phase of the Company's strategic plan focused on the Snow Lake Gold Mine in Manitoba. -- Subsequent to the end of the quarter, Alexis announced that a Letter of Engagement had been signed with Legend Securities, a New York based broker-dealer, in order to advance a facility of up to $60 Million in support of future Capital Cost and Working Capital requirements anticipated in the development of the Snow Lake Mine, Manitoba. -- Subsequent to the end of the third quarter the Feasibility Study for the Snow Lake mine was completed. Results propose the project to be economic, with the projected annual production of approximately 80,000 oz. of gold for at least five years, and a pre-tax Net Present Value of approximately $100.8 million. The Feasibility Study included an estimate of proven and probable reserves of 3,477,000 tonnes at 4.04 g/t totaling 451,900 oz. of gold (see news release, November 3, 2010).
The acquisition of Garson Gold has allowed Alexis to more than double its estimated gold resources. The recently completed Feasibility Study for Snow Lake added newly estimated Proven and Probable Reserves of 451,900 ounces of gold and estimated the potential for 80,000 ounces of gold production annually for at least five years at an estimated total cash cost of $640 per oz gold.
Our first gold mine, Lac Herbin, has continued to produce gold since late 2008; however there have been challenges in recent months with lower than expected gold grades being mined. Accordingly, the 2010 outlook for gold production from Lac Herbin is revised to be 24,000 ounces of gold as it is expected the shortage of ounces during the first three quarters cannot be recouped. New development that started in Q2-2010 resulted in lower grades of gold and it was expected that additional definition drilling into Q3- 2010 would identify areas of higher grade ore to mine. Where development has been undertaken in Q3, the narrow vein structure of the deposit has continued to deliver less than the target grade of gold. Therefore development was reduced to minimize the impact of the resultant lower than expected revenue stream. The net effect has been an increase in the cash cost (see non-GAAP measures) of sales to $1,283/oz Au.
A bulk sample program at our second gold project at Lac Pelletier was completed earlier in the year. A production commitment notice was issued to Thundermin Resources Ltd. with the Company thereby exercising its option to acquire the property. The Company is in discussion with Thundermin regarding the transfer of full title and ownership of the property to the Company.
The recovery rate from our wholly owned Aurbel Gold mill has been relatively consistent at an average of 91.6%, compared to the target recovery rate of 94%.
Management remains encouraged as exploration continues with many prospective targets. Our drilling program in Snow Lake has discovered significant gold mineralization in a potential, on-strike extension to the Snow Lake Mine. This may represent the discovery of a major new ore zone and characterizes the potential remaining on the property and in proximity to our Snow Lake Gold Mill, currently the only gold mill in the region. As well, two new high-grade gold zones were discovered containing mineralization that is similar in character to that of the Main and the No.3 Zones yet is of significantly higher grade.
Our expectations are high for further significant discovery from focused exploration through 2010 in the immediate vicinity of the Aurbel Gold Mill. Exploration and compilation in this area is already providing indications of untested extensions to the Herbin Mine to the north and northwest, of new zones between the Ferderber and Herbin mines and at greater depth potential at the Herbin and Dumont mines.
Alexis continued with the planned 2010 exploration campaign for over 80,000 metres of drilling, devoting approximately $6 million to the Snow Lake Mine property and $4 million to the Abitibi Mining Camp. This has been funded through the flow through financings completed in 2009.
Alexis Minerals Three months Three months Nine months Nine months Corporation ended ended ended ended 30-Sep-10 30-Sep-09 30-Sep-10 30-Sep-09 Tonnes of ore mined 26,050 46,319 106,724 122,915 Grade per tonne mined 5.58 5.29 5.27 6.08 Total gold ounces mined 4,677 7,883 18,080 24,038 Tonnes of ore milled 36,517 12,347 128,106 111,832 Grade per tonne milled 5.51 5.95 5.28 6.08 Total gold ounces milled 6,472 2,363 21,736 21,871 Average recovery rate 91.6% 96.1% 90.1% 97.5%Gold ounces recovered 5,925 2,270 19,593 21,314 Gold ounces sold 6,498 6,575 19,114 19,325 Average realized gold price (per oz CAD) $ 1,250 $ 1,048 $ 1,192 $ 1,083 Revenue from mining operations (net of Royalties and refining charges CAD 000's) $ 7,742 $ 6,564 $ 21,874 $ 19,920 Mine operating expenses (excludes depletion and amortization - CAD 000's) $ 8,340 $ 6,212 $ 21,898 $ 15,157 Amortization and depletion (CAD 000's) $ 2,384 $ 1,303 $ 6,071 $ 4,393 Gross profit/(loss) (CAD 000's) ($2,983) ($951) ($6,095) $ 370 Net earnings (loss) (CAD 000's) ($3,012) ($1,715) ($3,991) ($2,210)Basic and diluted earnings (loss) per share (CAD) ($0.01) ($0.01) ($0.02) ($0.02)Cash flow from operating activities (CAD 000's) ($6,847) ($299) $ 3,215 $ 4,136 (i)Cost of sales per ounces sold (CAD) $ 1,283 $ 945 $ 1,146 $ 784 (i)see Non GAAP Measures and comments under "Executive Summary - Third Quarter" section, regarding Cost of Sales at Lac Herbin
Non GAAP Measures
The Company has included certain Non-GAAP performance measures, namely cash costs per gold ounce sold and working capital, throughout this document. In the gold mining industry, these are common non- GAAP performance measures but do not have any standardized meaning. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, we and certain investors use this information to evaluate the Company's performance and ability to generate cash, profits and meet financial commitments. These Non GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The following tables provide a reconciliation of cash costs per gold ounce sold for the three and nine months ended September 30, 2010 and 2009, and a reconciliation of working capital to the financial statements for the nine months ended September 30, 2010 and the twelve months ended December 31, 2009.
Working Capital
----------------------------------------------------------------------------(CAD 000's) Current assets: September 30, 2010 December 31, 2009 ------------------------------------ Cash and cash equivalents $ 2,369 $ 6,106 Amounts receivable 481 2,083 Tax credits receivable 8,398 7,465 Inventory 2,109 6,168 Prepaid expenses 521 273 Investments 590 122---------------------------------------------------------------------------- 14,468 22,217Current liabilities Accounts payable and accrued liabilities $ 7,527 $ 13,687 Current portion of capital lease obligations 188 412 Current portion of long-term debt 68 99 Liability component of convertible debenture - 6,143---------------------------------------------------------------------------- 7,783 20,341 Working capital/(deficit) (current assets less current liabilities) $ 6,685 $ 1,876 Cash Cost per Ounce Q3-2010 Q3-2009 2010 2009 ---------------------------------------------------- Revenue From commercial production ounces (CAD 000's) $ 7,742 $ 6,564 $ 21,874 $ 19,920Ounces sold 6,498 6,575 19,114 19,325Mine operating expenses (CAD 000's) $ 8,340 $ 6,212 $ 21,898 $ 15,157Cash cost per ounce sold (CAD) (mining operating expenses divided by ounces sold) $ 1,283 $ 945 $ 1,146 $ 784
Quality Control
The technical and scientific content of this press release has been reviewed by Keith Boyle, P.Eng., Chief Operating Officer, Alexis Minerals and Qualified Person as defined under NI 43-101 guidelines.
About Alexis Minerals
Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the United States on the Over the Counter QX International platform (OTCQX:AXSMF). The Company owns one producing gold mine in Val-d'Or, and has the option to earn its 100% interest by bringing into production the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. Alexis is targeting mid-tier gold production levels in 2011-2012. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq.km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 50 sq. km). For more information about Alexis Minerals visit www.alexisminerals.com.
Forward looking information
This document may contain or refer to forward looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, mineralization projections, future exploration priorities, estimates and costs, projected capital and operating expenditures, future exploration plans and techniques, estimates regarding the timing and costs of exploration, mineral prices, and future mining plans. Forward looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information form of the Company, which is available under the profile of the Company on SEDAR, and other factors that could cause actual results to differ materially from expected results. Estimates and assumptions underlying the mineralization projections are based upon extensive technical and scientific analysis conducted by the management of the Company, the results from drill programs and other exploration, the analysis of external consultants and information obtained by the Company from third parties. Readers should not place undue reliance on forward-looking information. Forward looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
Gold consolidating here with many worried about a deeper correction. Once gold starts heading higher again this will fly IMO. Next 4-5 months will be great for this one I expect.
Don't forget about this either, news!
Timberline Drills 100.6 Metres of 1.06 g/t Gold at Lookout Mountain
http://finance.yahoo.com/news/Timberline-Drills-1006-Metres-iw-4089889404.html?x=0&.v=1
COEUR D'ALENE, IDAHO--(Marketwire - 11/15/10) - Timberline Resources Corporation (TSX-V:TBR - News)(AMEX:TLR - News) ("Timberline" or the "Company") is pleased to report on the progress and results of its drilling and metallurgical testing at its South Eureka Property, a sediment-hosted gold project located in the prolific Battle Mountain Eureka Trend in Nevada. Upon the Bureau of Land Management's final approval of Timberline's Plan of Operation in September 2010, the Company proceeded with its planned $2.2 million exploration program.
Over 12,000 feet (3,658 metres) of Reverse Circulation (RC) drilling has been completed and assay results have been received for four holes, with seven additional holes currently in the lab.
Significant drill intercepts include:
---------------------------------------------------------------------------- From To Length Feet (ft) Feet (ft) Feet (ft) Gold NaCNHole ID Metres (m) Metres (m) Metres (m) Grade(i) Recovery---------------------------------------------------------------------------- 265 ft 595 ft 330 ft 0.031 optBHSE-035 80.8 m 181.4 m 100.6 m 1.06 g/t 85%---------------------------------------------------------------------------- 130 ft 165 ft 35 ft 0.092 optBHSE-034 39.6 m 50.3 m 10.7 m 3.15 g/t Sulfide---------------------------------------------------------------------------- 135 ft 140 ft 5 ft 0.463 opt Including 41.1 m 42.6 m 1.5 m 15.86 g/t Sulfide---------------------------------------------------------------------------- 220 ft 290 ft 70 ft 0.016 optBHSE-034 67.1 m 88.4 m 21.3 m 0.55 g/t 78%---------------------------------------------------------------------------- 140 ft 165 ft 25 ft 0.196 optBHSE-032 42.7 m 50.3 m 7.6 m 6.71 g/t Sulfide---------------------------------------------------------------------------- 140 ft 150 ft 10 ft 0.430 opt Including 42.7 m 45.7 m 3.0 m 14.73 g/t Sulfide---------------------------------------------------------------------------- 270 ft 530 ft 260 ft 0.020 optBHSE-032 82.3 m 161.5 m 79.2 m 0.69 g/t 75%---------------------------------------------------------------------------- 530 ft 695 ft 165 ft 0.027 optBHSE-032 161.5 m 211.8 m 50.3 m 0.93 g/t Sulfide---------------------------------------------------------------------------- 0 ft 65 ft 65 ft 0.013 optBHSE-030 0 m 19.8 m 19.8 m 0.45 g/t 95%----------------------------------------------------------------------------(i)Troy ounces per ton (opt) and Grams per tonne (g/t)
Additionally, seven core holes have been completed, and the core from four of those holes has been submitted to Kappes, Cassiday & Associates (KCA) in Reno, Nevada for metallurgical testing. The core samples from the remaining three holes will be submitted to KCA this week, and assay results from all of these holes will be reported when the testing and assays have been completed.
Paul Dircksen, Timberline's Executive Chairman and Vice-President of Exploration stated, "We are very pleased with the progress and results at our Lookout Mountain Project on the South Eureka Property - particularly considering our very late start due to permitting requirements. Our on-site staff and contractors are to be commended for the rapid advancement of this project. All four holes for which assays have been received are infill drill holes targeting open zones of mineralization or aiming to better define high grade mineralization. The assay results are consistent with our projections, and we are especially pleased with the results from hole BHSE-035 which indicates a broader zone of better grade gold with exceptional metallurgy. Furthermore, all drilling and assay results to date support the geologic model for our resource estimate, including the sulfide intervals that establish continuity of the higher-grade sulfide mineralization."
Mr. Dircksen added, "Our NaCN shake test results confirm the positive metallurgical characteristics of the oxide mineralization which support our view that the operation may be able to process run-of-mine material without the added cost of crushing or grinding the ore. With a grade that is on par with many other sediment-hosted gold deposits in Nevada, metallurgical characteristics amenable to a low-cost heap leach operation, and gold prices at historical levels, we see significant value coming from this project."
Timberline is aggressively pursuing the objectives of its exploration program at South Eureka which include:
-- 7,500 foot (2,286 metre) core drill program focused primarily on obtaining core for process metallurgical scoping studies;-- 30,000 foot (9,144 metre) Reverse Circulation (RC) drill program directed primarily at in-fill and resource definition drilling necessary to complete a NI 43-101 technical report, including a compliant resource, for the Lookout Mountain Project by early March 2011;-- Drill testing of high grade sulfide/refractory lenses within the oxide resource area to better understand the controls and geometry of sulfide mineralization;-- Metallurgical testing by KCA on core samples to define the heap leach characteristics and process parameters;-- Channel sampling and bulk sampling within the historic Lookout Mountain pit for bench-scale metallurgical testing;-- Detailed geologic mapping and sampling to identify and target additional exploration targets on the South Eureka Property but outside of the main Lookout Mountain resource area;-- Incorporating all collected data into a Preliminary Economic Assessment (PEA) to be completed by early summer 2011.
Timberline's CEO, Randy Hardy, said, "We are also on track to obtain our Hard Rock Operating Permit at the Butte Highlands JV gold project in Montana by the end of the 3rd quarter of 2011. Underground development is advancing steadily at the project, and underground definition drilling is expected to begin by the end of November. Timberline Drilling, our wholly-owned contract drilling subsidiary, is doing an excellent job core drilling at Butte Highlands and South Eureka, and their surface and underground diamond drilling services are increasingly in demand due to their solid reputation of delivering superior customer service and the increased call for drilling at exploration projects and operating mines that are feverishly drilling to replace depleted reserves. We are looking forward to successfully meeting several significant milestones in 2011, including advancing the exploration programs at our South Eureka Property, gold production at Butte Highlands, and continued operational and financial improvements at Timberline Drilling."
The Company also announced that with increasing demand for drills and improved drilling margins at Timberline Drilling in the United States, along with an increasingly-difficult operating environment and growing country-related risk in Mexico, they have discontinued their drilling services operation in Mexico which was operated by their wholly-owned Mexican subsidiary, World Wide Exploration, S.A. de C.V. ("WWE"). All of the drills and related assets of WWE have been repositioned in the United States for deployment by Timberline Drilling, including one drill that has already been mobilized for a potentially long-term contract.
Timberline management recently gave a corporate presentation to a large group of investors at the New Orleans Investment Conference and will also be presenting at the San Francisco Hard Assets Conference which will be held at the Marriott Marquis on November 21-22, 2010. Investors are invited to attend and to visit company management at booth # 416 in the exhibit hall.
Paul Dircksen is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release. He has verified the drill results and other data disclosed in this news release, including sampling, analytical and test data. Field work has been conducted under his supervision. The Timberline sampling and analysis program included an industry standard QA/QC program. After logging and cutting or dividing the sample intervals in half, the samples were picked up by Inspectorate America Corporation and taken to their lab in Sparks, Nevada for analysis. The samples were analyzed for gold using a standard 30g fire assay with an AA finish. Samples returning a gold value in excess of 3 ppm were re-analyzed using a 30g fire assay with a gravimetric finish.
About Timberline Resources
Timberline is a U.S.-based exploration/development company with a focus on advanced-stage precious metals properties. The Company's management team has a solid track record of achievement in building successful companies and discovering, exploring, and developing economic mineral deposits. Currently, Timberline is executing an aggressive exploration program at its South Eureka Property, a large drill-tested and highly prospective property in Nevada's Battle Mountain - Eureka gold trend. In addition, Timberline has two other business units. The Company has a 50% carried-to-production interest at the Butte Highlands Joint Venture which is currently in development and targeted to begin gold production in 2011, where the Company has also undertaken additional surface drilling to test the extent of the mineralized zone. Timberline also has a wholly-owned subsidiary, Timberline Drilling, which provides cash flow to the Company from its underground and surface drilling operations at operating mines and advanced development and exploration projects.
Timberline is listed on the NYSE Amex where it trades under the symbol "TLR" and on the TSX Venture Exchange where it trades under the symbol "TBR".
Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the timing of the Company's continued drill program at Butte Highlands, the timing of assay results from such drilling program being released, the Company's 50/50 joint venture with Highland Mining LLC, the development and production of the Company's Butte Highlands project and South Eureka project, the targeted production date for the Butte Highlands project, targeted dates for the South Eureka technical report and PEA, results of the Company's drilling subsidiaries, possible growth of the Company and the Company's expected operations. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in the Company's Annual Report on Form 10-K for the year ended September 30, 2009. Except as required by Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:Timberline Resources CorporationPaul DircksenExecutive Chairman208.664.4859Timberline Resources CorporationRandal HardyCEO208.664.4859
These guys sure know how to kill a rally!
http://finance.yahoo.com/news/Caterpillar-agrees-to-buy-apf-3938525235.html?x=0
Caterpillar agrees to buy Bucyrus for $7.6 billion
This is good news for TLR, shows the great demand for mining services like the drilling division provides, a division which should bring in $20 million in revenues next year.
And then there is Butte which should bring in almost $30 million.
What's our market cap again? Oh ya, no where close to where it should be!
AMC.TO financing.
Good point.
"The completion of the facility is subject to, among other things, satisfactory completion of due diligence, completion of the Snow Lake Feasibility Study, and execution of the definitive facility documents."
Snow Lake Feasibility Study has since been completed. Hopefully the rest will be completed soon.
http://jsmineset.com/
"Jim,
All of the selling we are seeing across the entirety of the commodity complex is related to the news that China is hiking rates again. The fear is that this will cause a slowdown in the Chinese economy which will negatively impact demand for commodities across the board.
I am seeing every single commodity being sold regardless of any current fundamentals. It is even showing up in the soybean and corn markets which have very strong fundamentals. In other words, it is purely a function of hedge fund algorithms being tripped to sell because some downside technical levels have been violated.
The fact that it is occurring even with the Dollar showing weakness tells me that it is a pure money game right now so fundamentals are taking a back seat to the flow of money out of commodities today.
Gold would have to get down below $1,345 and stay there to give me any reason for concern on the charts. Even at that, it would still be okay although the chart picture would be a bit less positive. Only two closes below $1,320 would turn the chart bearish.
Best wishes from your pal,
Trader Dan"
RE small guys that haven’t really moved yet -
Quick back of the napkin notes, do your own DD to confirm…
AMC.TO is my latest focus
Market Cap 68M $0.21 325M shares out 420M FD
Got their $60M financing 6 weeks ago on favorable terms and gapped higher and have as of this week trickled back down to fill that gap.
Owns a producing mine in Canada and working on 2 others to grow to 150,000 annually next year targeting cost per ounce of C$577
Blue sky exploration potential
September 2010 Corporate Presentation – Denver Gold Forum
http://alexisminerals.com/docs/wp-content/uploads/2010/09/2010-09-Denver-full.pdf
Downsides –
Many more shares out than I typically like and Chairman Stan Bharti is not exactly known for keeping it low, but they got the big financing they needed. Their market cap is just way too low for their production profile for me to ignore. However I also won’t be surprised to see a few problems next year in an effort towards actually getting to 150,000/year.
I’m looking to buy more once funds clear.
My other focus is still now, and has been forever, TLR – TBR.V
$65M market cap $1.17 55.6M shares out, 71.8M FD shares
Producer next year at $450/oz cash cost through 50% carried-to-production interest in JV with SMD which should bring almost $30M per year in cash flow
Recent acquisition of Staccatto could well bring them towards 100,000+ ounces in next few years
Also drilling revenues from in house drilling divisions providing revenues next year around $20M
They just recently drilled 10ft of 7.88opt! 2.2 ft of 15.24 opt! Blue sky is certainly here too!
I already own way too many shares to be able to justify buying any more.
If anyone has any holes to poke in this analysis, please do! If I’m missing something I want to know about it!
I may be buying today.
We've been gifted a ST correction in an uptrend of a great bull market. This uptrend will last until next March before any significant correction. QE, sovereign debt, interest rates, etc., it's all just noise. Currencies don't float, they just sink at different rates. Gold is still gold.
Look at the minging indices, they are breaking out!
That said, I am staying away from the big names that have already had huge increases and will also fall the most if a real correction does take place. I'm going after some of the small guys that haven't moved much, if at all yet, and don't have much room to fall no matter what happens. (Unless its an even worse crash than last time and everything goes bankrupt, but i don't see that happening, at least not yet).
Look at the ST gold chart. It's developing a very nice range and base building before its next jaunt higher. There have been no consistent day after day 2 and 3% drops, and it never went parabolic, which it always does before any significant correction.
I think 1500 is in the cards at a minimum.
Dropped down to as low as 0.195 today. At least it closed the Sep. 30 gap after the financing PR...
Can the board please offer me some of their favorite nat gas plays? Thanks.
Yikes - Silver closed at $28.64 and now a half hour later has fallen over a dollar already!
RE 40% gains...
Put in stops? Do many here use them? Or afraid that they will be hit and don't bother? Maybe decide a stop level and monitor closely and sell on your own terms if hit?
Seems all the gold and silver stocks are soaring, but this one remains stuck. What's it going to take for it to join the party?
It's alive! Hopefully for real this time...
Have held IPT for many years. Have always been pleased with
their progress and results and competency, but have always been displeased with their exposure. They refuse to take any steps whatsoever to improve market awareness of their name.
They've always had the mentality that the market will figure it out sooner or later. After a decade or so, that strategy may finally be paying off.
Ah yes how could I forget about ECU!
Always had a kinda sneaky feeling about that one though... now that its FINALLY running I'm not sure how to feel about it.
geothermal - Not many names in this area (yet), but the few that there are sure are doing well today. RPG.TO, HTM, NGP.V... not sure of any other legitimate names out there.
URG has been my LT U holding and sure am happy it is.
URZ up over 13% today too.
EXK up another 10% to $6.46 on huge volume after a similar move on Friday.
The smaller silvers are finally getting some recognition!
AXU up another 5% IPT.v up 12% SMR.V up 8.62% SVL.V up 7%....
HTM up over 15% to $1.27
Anybody follow the geothermals?
Down today!?!?!!????