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"Exploration results at the Subranum gold prospect in Ghana were also disappointing."
from: http://www.cambrianmining.com/default.aspx?id=13
NEW: Castle Minerals starts trading tomorrow; Ghana properties
In Sydney, Australia, Castle Minerals Ltd. will start trading tomorrow under the ticker symbol CDT. The company has several gold properties, all in Ghana. The prospectus includes very nice geological maps of Ghana. See: http://www.castleminerals.com/
The company has headquarters in Perth, Western Australia
FL
Birim Acquires Techimentia Concession, Ghana Sefwi Belt Land Holdings Increase to 1,358 sq. km.
MONTREAL, CANADA--(CCNMatthews - May 1, 2006) - Birim Goldfields Inc. (TSX:BGI) ("Birim" or "the Company") is pleased to announce that it has signed an option agreement with Ghanaian vendor Sagon Mining Ghana Limited granting the exclusive right to earn a 100% interest in the 168 sq. km Techimentia Reconnaissance License on Ghana's productive Sefwi Gold Belt.
Techimentia property is situated at the northern end of the Sefwi Gold Belt between Birim's Nkenkasu concession and Newmont's Ahafo Mining Leases (see map at the following address: http://www.ccnmatthews.com/docs/Birimap.jpg). Techimentia covers geological structures that are associated with the gold deposits at Newmont's Ahafo Gold project, the closest of which are 5 kilometers to the west of the concession's western boundary.
The agreement provides for a partial re-imbursement to Sagon for previous expenses (an initial US$20,000 and another US$20,000 after Year 1). Birim will also make escalating annual payments to Sagon amounting to a total of US$280,000 over 5 years. Birim will commit to a minimum of US$150,000 exploration expenditure in Year 1 and a minimum of US$250,000 per year from Year 2 to Year 5. Birim will acquire 51% after expending US$750,000 and the remaining interest (100%) after expending another U$1,750,000 (total US$2,500,000) on the Property, subject to Sagon retaining a 1.5% NSR on commercial production. Birim will retain the exclusive right to purchase the 1.5% NSR from Sagon for a total consideration of US$2,000,000.
The objective of the acquisition of Techimentia is to increase Birim's land holdings over prospective ground in close proximity to a developing mine site. In Ghana the Sefwi Belt has become an area of active exploration; since 2003, the total contained resource on the Belt has expanded from 4,000,000 to 23,000,000 gold ounces. In the first year, Birim has planned reconnaissance activities on the concession to generate primary soil gold targets. This work will involve soil sampling on a regular grid pattern,regolith and geomorphological studies, and airborne and ground geophysical investigations and interpretations.
Birim Goldfields Inc. is a royalty-based exploration company focused on gold exploration in Ghana and trades on the Toronto Stock Exchange under the symbol BGI.
CONTACT INFORMATION
Birim Goldfields Inc.
Denis Simoneau, CEO
(514) 393-8611
1 (800) 721-8611 (toll free)
info@birim.com
or
Birim Goldfields Inc.
Farah Alibhai, Investor Relations
(604) 731-7340
farah@birim.com
www.birim.com
Eritrea sees gold as mining takes root after fits and starts
April 30, 2006, 19 hours, 54 minutes and 19 seconds ago.
By Andnetwork .com
Thirteen years after winning independence, Eritrea is looking underground to pump life into its struggling economy as international mining companies begin work in earnest.
Initially beset by fits and starts, including a brief government suspension of their operations, five extraction firms share high hopes for the gold, copper and zinc reserves of Africa's newest nation.
Canadian Nevsun Resources and Sunridge Gold, US-Canadian Sanu Resources, Canadian-Eritrean MDN/Eritrean Minerals Corporation and Australia's Sub-Sahara have all entered the potentially lucrative search for minerals in Eritrea.
Although none has yet begun to extract, they have started preparatory work and Nevsun's Bisha mine in western Eritrea - the biggest project in the country - is expected to be the first to come on line in 2008, officials said.
"We hope the others will follow later," said Alem Kibreab, director general of Mines at the Ministry of Energy and Mines. "Mining will boost the economy, employment, the currency," he said in a recent interview. "But it has to be sustainable development."
Alem estimates the Bisha project alone will directly employ up to 400 people and provide ten times that number with indirect jobs, such as truck drivers and port workers.
Eritrean officials are reluctant to discuss how much revenue they expect from mining, but diplomatic sources say it could generate hundreds of million of dollars a year.
"The money will start coming in by the end of 2008", the director of Nevsun in Eritrea, Stan Rogers, said.
Based on geological surveys, Nevsun believes its miners will extract gold for the first two years, before hitting a copper reserve beneath for another two years and then zinc, he said.
"It's like a three-layered cake," Rogers said, expressing confidence that the Vancouver-based firm, which also operates in Mali, would more than recoup its initial investment.
Eritrean officials say Nevsun has spent $20 million on its projects thus far in the country with the figure expected to rise to $150 million once extraction begins at Bisha. But while operations are progressing smoothly now, that was not always the case as a British geologist working for Nevsun was murdered near the Bisha site in April 2003 in what the government said at the time may have been terrorism.
Then, in September 2004, Asmara ordered the three companies then working in Eritrea to stop work without explanation. The order - seen by diplomats here as a negotiating tactic to win an increase from 20 to 30 percent the number of shares the government can own in the operations - was rescinded five months later after intense negotiations.
Eritrean officials refuse to discuss specifics of the stop-work order but allow it was a questionable move as it spooked mining company investors and management.
"We will not make the same mistake again," Alem said. "It was due to our lack of experience, the idea was genuine: check that our 1995 mining law covered everything. "The companies are to be commended for the patience they showed," he said.
Nevsun's Rogers said that since the stop-work order was rescinded, there have been no problems.
If companies are attracted to Eritrea, it is because mining there is not a new phenomenon. Gold production in Eritrea was recorded in the times of the Pharaohs of the Fourth Dynasty, and there are records of gold mining during the Portuguese occupation in the 17th century.
Modern mining came with the advent of the Italians at the end of the 19th century, said Alem.
It then stagnated during Eritrea's thirty-year struggle for independence from Ethiopia, from 1961 to 1991, and was hindered by the arch-rival's bloody 1998-2000 border war.
Some diplomats have privately expressed concern that revenue from the mining might be used to fund arms purchases, particularly as tensions with Ethiopia remain high.
But Alem vehemently dismissed those concerns. "Why do people portray us as a belligerent society? The government spends a lot on schools and hospitals. We hope for peace, we know what guns can do," he said.
Source: METIMES
Searchgold (RSG.V), Guinea: termite mounds near Glencar
FOR IMMEDIATE RELEASE
SEARCHGOLD PROVIDES AN UPDATE ON ITS MANDIANA GOLD PROJECT EXPLORATION PROGRAM
Montreal, April 18th 2006 – SearchGold Resources Inc. is pleased to provide an update on the exploration program currently in progress on its Mandiana Gold Property (“the Property”).
The Property is located in eastern Guinea approximately 12 km south of Glencar Mining’s Yanfolila Project where a recent drilling intersection of 55.19 g/t Au over 20 m was returned from a north-south trending gold-bearing structure. Also in the area and located about 35 km to the east in Mali, is Avnel Gold’s Kalana Project gearing up for commercial production in 2007.
The Property has been the object of limited previous exploration work which consisted mostly in soil geochemical sampling and shallow drilling. Significant preliminary drill results were obtained by previous operators with intercepts of 3.68 g/t Au over 10 m on the Karfakolo Prospect, and 1.89 g/t Au over 20 m and 0.94 g/t Au over 47 m on the Intercolonial Prospect.
SearchGold initiated a first phase termite mound sampling program in February 2006 (see press release of February 21st 2006). The object of this program is to achieve a higher degree of accuracy regarding the previously defined soil geochemical anomalies prior to engaging further work. The program is carried out under the supervision of Mr. Pierre Lalande, P. Geol. and former Iamgold Chief Geologist. Mr. Lalande has been involved with gold projects in tropical terrains in the Birimian rocks of West Africa.
The 2,427 planned sampling sites of the first phase program on the Property have now been visited and the corresponding samples are presently in the laboratory for analysis. An update will be released as soon as all results have been received and compiled.
A field visit in Guinea by SearchGold management is planned to assess the results of the first phase and prepare the follow-up work.
PRESS RELEASE
SearchGold Resources Inc.
440 René-Lévesque W. blvd, Suite 1160
Montreal, Quebec H2Z 1V7
StockSymbol :RSG-TSX V
Shares outstanding : 61,922,248
AngloGold’s (AU) Iduapriem (Ghana) seeks gold boost
Allan Seccombe -- MiningMX
Posted: Thu, 27 Apr 2006
[miningmx.com] -- ANGLOGOLD Ashanti’s Iduapriem mine in Ghana will increase gold output to between 220,000 and 250,000 oz by 2008 through a R25m upgrade of its plant, MD David Renner said during a media visit to the mine.
However, efforts to cooperate with neighbour Tarkwa, which is owned by Gold Fields, has not resulted in an agreement as yet. “We have spoken to Gold Fields about cooperative arrangements but nothing has come out of it,” said Renner. “We share a boundary so there are always opportunities but nothing is in the public domain yet.”
Iduapriem, 85% owned by AngloGold Ashanti, is conducting a feasibility study into expanding its carbon-in-pulp plant through the addition of a new crushing plant and another mill, he said. “We are in the final stages of a feasibility study and the call will be made by the middle of this year,” he said. The total cash costs are expected to be reduced by between 10% and 15%.
Iduapriem produced a total of 205 000 oz of gold in 2005 at a total cash cost of $348 an ounce. Its management expects to produce an attributable 185 000 to 193 000 oz this year at costs of $302 to $324 per oz.
Iduapriem’s 2006 capital expenditure of $15m is intended to increase the size of tailing dam walls and upgrading the crushing plant and milling circuit. The $25m expenditure on the carbon-in-pulp will be funded from this year’s budget and next, Renner said.
Iduapriem has 2.5 million oz of reserves, giving it a twelve year life. It has measured resources of 2.2 million oz. An underground scoping study is underway to measure what gold is below its open pits. “It is at a very early stage and we can’t yet say what it will add,” Renner said.
“The deposit goes down five hundred to seven hundred metres and it should take a year to gather firm data on the deposit,” he said.
This potential ore body is not reflected in either the reserve or resource statements, he added.
The hightening of the tailing dam walls, which are old mined out pits, will extend their life to 2009 at which point new dump river will need to be found.
Searchgold (RSG.V) pop due to Canada, not Africa
Searchgold had a pop (around 30%) at the open this morning.
See: http://web1.kitco.com/pr/1144/article_04262006083600.PDF
In Lac Fortune, Quebec, Canada they found 855.38 grams/ton gold over 0.35 metres, plus other "veinlets". Maybe the drill hit a nugget.
I had thought that the rise in the stock over the past weeks since the trading halt was due to its West African holdings and the Managem deal. Maybe not.
I'll wait (hope) for it to cool off a little.
The company website is: http://www.searchgold.ca
FL
Gold Fields (GFI) to triple Tarkwa plant, Ghana
Allan Seccombe
Posted: Wed, 26 Apr 2006
[miningmx.com] -- GOLD Fields is conducting a prefeasibility study into tripling capacity at its Tarkwa carbon-in-leach (CIL) plant in Ghana, the company said in a media visit to its west African mine.
If approved, the expansion will take the plant to 11 million tons/year as well as investigating at least three potential underground targets, company officials said on Tuesday.
The CIL plant has a nameplate capacity of 350,000 tons, but can handle up to 420,000 tons of ore a month. The thinking at this stage is to add a ball mill to join the SAG mill, said Gary Chapman, the head of mineral reserves and resources at Tarkwa.
The prefeasibility could be completed by the middle of 2006 and a bankable study by the end of the year, he told Miningmx during a visit to the operation.
“This plant is designed to accept a extra ball mill and there is no need to add that much extra tankage so it should be a fairly quick process,” he said.
The open cast operation’s two heap leach pads are to be consolidated to deal with the softer ore, handling some 800,000 to 900,000 tons/month. The CIL plant will deal with the nearly one million tons/month of harder ore. However, gold output will not rise.
“The aim is to keep us as a steady 700,000 oz/year producer,” Chapman said.
Machinery would be diverted from the discontinued heap leach pad to supply the extra demand from the CIL plant.
It makes good sense to switch to increased use of the CIL plant where recoveries are 95-97% versus the 64% at the heap leach operations. Rain, of which there is plenty at Tarkwa, adversely affects recoveries at the heap leach units.
Headgrade is expected to remain constant at 1.3 grams/ton for the foreseeable future.
“We are also looking at shallow underground potential,” Chapman told journalists.
Tarkwa management is evaluating old underground plans and samples as part of a process to generate fresh targets to mine.
Any underground targets will be mined once the cheaper nine existing open cast operations are depleted in 20 years time.
“The underground grade will be higher but it will be more expensive to integrate,” he said. “This is a scoping project at the moment and in the next phase we will drill more holes to confirm what is there.”
Tarkwa will investigate hydrothermal prospects next year.
A Johannesburg-based analyst said the heap leach facilities at Tarkwa were world class and said the mine was “going like a Boeing.”
Tarkwa is struggling to keep costs in check as the price of diesel, tyres, cement, cyanide and steel have all shot up. The mine uses 110,000 litres of diesel a day and prices have risen to $0.86 a litre from a budgeted $0.68.
“These rising prices have added another $4m to our expenditure in the six months to the end of December,” said Ludwig Eybers, Tarkwa’s manager.
Theft of diesel is a bigger problem on the mine than the theft of gold, he said, adding new security and monitoring systems similar to those on South African mines were being installed at Tarkwa.
The mine is targeting efficiencies to counteract rising input costs. Interestingly, procurement of tyres is not going to be a problem for at least another 18 months, he said, explaining Tarkwa had foreseen the looming global shortage of yellow-machinery tyres and had stockpiled them.
Robex (RBX.T) maybe found hard-rock source of placer gold in Mali.
[ For original article, with pictures of orpailleur (artisanal local digging) pits, and maps, see:
http://robexgold.com" target="_blank">http://web1.kitco.com/pr/frame/index_prec.html?http://robexgold.com ]
Montreal – Robex Resources Inc (TSX : RBX). Several times during the past year, Robex has suggested the possibility that the primary gold source that fed the La Corne placer which has been explored by Robex was necessarily nearby. This hypothesis was based on the fact that the nuggets found in the placer are angular which implies that they have not travelled very far. During the past few months, Robex has performed a detailed geophysical IP (induced polarization) survey. This survey led to the discovery of two important structures with a N 10 0 to 15 0 orientation, located in the western part of the La Corne placer, that could be related to the primary gold source. The drilling program starting in May announced in the last release dated April 12, will test these structures.
The numerous gold diggers working on the permit are exploiting two distinct gold-bearing quartz veins, with near N-S orientation, located in the western part of the La Corne placer, which apparently coincide with one of the structure identified by the geophysical survey. In one of the excavations, the gold diggers are exploiting hyaline quartz accompanied by iron oxide and iron hydroxide, which yield a reddish colour. The gold diggers are working at a depth of nearly 8 meters over a 20-meter length. In the second excavation, located approximately 100 meters west from the first one, the quartz is dark grey (smoky quartz) and strongly pyritized. An assay of a sample coming from rejects of this second excavation yielded 8 g/t Au.
Earlier assays of the samples collected in the La Corne Placer have revealed that they are barren of arsenic. The gold in the ‘’red quartz’’ would be free gold and the gold in the ‘’grey quartz’’ is associated with pyrite. The gold content coming from these excavations attests the discovery of the total or part of the primary source for the gold that has fed the La Corne placer gold deposit.
We would like to explain that in contrast to Canadian mining laws, in most African countries, including Mali, the natives benefit from century-old rights which allow them to exploit gold on artisanal scale, on exploration properties belonging to local or foreign mining companies. Once a company advances the property from the exploration to the exploitation phase, a perimeter is secured by fences and the access is protected by security guards.
In addition to the structures revealed by geophysics, which coincide with gold anomalies, the two main excavations that are currently being exploited by the gold diggers will be drilled in May. The drilling will test the width of these exploited quartz veins, their extension at depth and their eventual density (number of secondary quartz veins related to the main structures).
This Press Release and the within disclosure have been reviewed by Richard Savard, Geologist, President and CEO of Robex Resources Inc. and Qualified Person in accordance with NI 43-101.
Robex Resources Inc TSX-V: RBX is a Canadian mining exploration and development company focusing on Mali, West Africa. Mali is currently the 4th most important gold producing country in Africa. Robex's permanent exploration office is located in Mali, and is operated by senior geologists with an extensive experience in West African mining exploration. The team works on projects the Company already owns and is always on the lookout for new projects with favourable geology and a high potential for the discovery of world-class gold deposits. This permanent presence in Mali has allowed Robex to become one of the most active exploration and development companies in West Africa. In 2005, Robex was the third most important mining company operating in Mali in terms of investment in exploration.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
FOR THE BOARD
Marcel Bédard CA, Chairman of the Board. Information: Visit the Robex web site www.robexgold.com or call
Marcel Bédard, Chairman of the Board, Quebec, (418) 688-1035, marcel.bedard@mdcb.qc.ca Richard Savard, President and CEO, Montreal, (514) 626-2124, ric.savard@videotron.ca
André Vézina, VP Business Development, Quebec, (418) 670-1422, anvez@sympatico.ca
Raymond Legault, Director, St Bruno, Quebec, (450) 653-8245, rzlegault@hotmail.com
Stewart Robertson, Director, Trenton, Ontario, (613) 392-2646, stewrob@sympatico.ca
Serge Biron, VP Operations, Bamako, Mali, (223) 223-1828, serge.biron@sympatico.ca
This Press Release and the within disclosure have been reviewed by Richard Savard, Geologist, President and CEO of Robex Resources Inc. and Qualified Person in accordance with NI 43-101.
"Morocco's Managem Sells 40% Stake in Gold Miner Semafo for $53 Million." is all I can find via Google.
Craig Stanley wrote: "...the late November press release stated that “Georesources anticipates that its right to assign the Managem Block to substituted purchasers will result in a wide distribution of the block.” The result: no controlling shareholder."
Earlier story on Managem's partial sale of Semafo (40% for $53 million):
4 EST Monday, November 28, 2005
MONTREAL, Nov. 28 /CNW Telbec/ - SEMAFO (TSX - SMF) announces that Managem S.A. ("Managem"), its controlling shareholder holding approximately 52% of the outstanding common shares of Semafo, has entered into a conditional agreement with Georesources Exploration Ltd. ("Georesources"), an arms-length British Virgin Island corporation, to sell to Georesources, in a private off- the-market transaction, 40,000,000 common shares of Semafo or such other number of common shares of Semafo so that, after giving effect to the sale of such shares and the completion of the private placement of treasury common shares to be undertaken by Semafo (the "Private Placement"), it will own less than 10% of the outstanding common shares of Semafo calculated on an undiluted basis (the "Managem Block"). On Friday November 25, 2005, Managem filed a Notice of Intention to Distribute Securities on Form 45-102F1 under Multilateral Instrument 45-102 issued by the Canadian Securities Administrators. On May 27, 2005, Semafo announced that Managem was seeking and reviewing alternatives with respect to its investment in Semafo.
Georesources' obligation to purchase the Managem Block is conditional upon Georesources having obtained the requisite financing, on or before 6:00 p.m. (Toronto time) on December 10, 2005 from one or more substituted purchasers to purchase the Managem Block and upon completion of the Private Placement. Georesources has the right to assign its obligation to acquire the Managem Block to one or more substituted purchasers in Canada and abroad. The substituted purchasers will be accredited investors for purposes of Canadian securities legislation.
Georesources anticipates that its right to assign the Managem Block to substituted purchasers will result in a wide distribution of the block. Closing is anticipated on or before December 22, 2005.
On closing it is anticipated that Managem's nominees to the board of directors of Semafo will resign. Semafo's intention is to fill these vacancies with experienced independent directors.
The current gold hedge arrangements in place between subsidiaries of Semafo and Managem will continue on their current terms.
Semafo also wishes to announce that it is entered into an engagement letter with a syndicate of investment bankers in connection with a proposed private placement in Canada and abroad of up to $36.1 million by way of the issuance of common shares. The common shares will be issued at a subscription price based on the market. Proceeds will be used to retire certain indebtedness which has been guaranteed by Managem, for partial reduction of the 2006 gold hedge book, to accelerate the exploration programs and for working capital. It is also a condition of the closing of the sale of the Managem Block that this indebtedness be retired. Closing of the private placement is subject to regulatory approval.
FORWARD-LOOKING STATEMENTS { omit! )
You go, Red Back! 26m@13.23oz, 13m@63.54 oz gold
[ The trading pattern is good -- until today, every day a drift with a pop in the last hour. Accumulation. On this big down-day for gold and gold stocks, RBI.TO is up 6% so far. I have a little bit, may get more, but "Dip, where art thou?" The formatted article is at: http://web1.kitco.com/pr/1267/article_04192006080214.pdf FL ]
FURTHER HIGH GRADE RESULTS FROM AKWAABA
April 19, 2006 (RBI - TSX) … Red Back Mining Inc. (the “Company” or “Red Back”) is pleased to report on the initial results of a 3rd phase drill program at the Akwaaba deposit, located 5 kilometres to the south of the Chirano plant site. Drilling continues to target a high grade, north plunging structure that is showing increased grade and width at depth.
The first two holes of this program have intersected the highest grades ever seen at Chirano. The results are detailed below:
Hole ID From (m) To (m) Interval (m) Grade (g/t gold)
CHRC733D 269 279.2 10.2 7.68
incl 273 278 5 13.24
298 324 26 13.23
incl 310 320 10 23.47
CHRC734D 420 433 13 63.54
433 450 eoh 17 2.41
As a matter of routine and policy, the Company is conducting further quality control checks on these high grade intervals. Core recovery for all intercepts reported averaged over 90%. These holes are the first of a 7,000 metre programme of step-out and infill reverse circulation (pre-collars) and diamond drilling that is in progress at Akwaaba. Upon completion of this programme a preliminary underground resource evaluation will be calculated, scheduled for mid 2006.
Commenting on the results, Richard Clark, President and CEO of the Company stated: “The underground potential of Akwaaba continues to expand with increasing width and higher grade at depth. Drilling is being accelerated to establish a resource assessment and scoping study on a shallow underground operation at Akwaaba early in the Chirano mine life. In addition, a detailed model of the Akwaaba geology and high grade mineralization is being developed for application to the other 11 surface deposits which currently comprise the Chirano Mine. We are optimistic that our success at Akwaaba will be duplicated beneath some of the other pits.”
The technical contents of this release have been reviewed by Hugh Stuart, BSc., MSc, a Qualified Person pursuant to NI-43101. Mr. Stuart is the Exploration Manager of the Company. Selected samples from this lab are check assayed each month. Samples are prepared and analyzed by fire assay using a 50 gram charge at the Analabs facility in Bibiani, Ghana in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted. Selected samples from this lab are check assayed each month at other Analabs laboratories worldwide. True widths are not accurately known at this time; in some cases they may be less than the core lengths reported.
Red Back Mining Inc
2101 - 885 West Georgia Street, Vancouver, BC Canada V6C 3E8
Tel: (604) 806-3070 Fax: (604) 689-5452 redbackmining.com
On behalf of the Board of Directors
“Richard P. Clark”
President
This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.
Off-radar (tiny volume) but Avnel's hit's big.
Avnel (AVK.TO) in Mali: 24 meters@11.14 grams/ton gold
Avnel finds 24 metres with 11.14 g/t Au at Kalana
2006-04-19 10:33 ET - News Release
Mr. Roy Meade reports
AVNEL CONFIRMS AND EXTENDS ZONE OF SIGNIFICANT GOLD MINERALISATION IN A DIAMOND CORE DRILL PROGRAMME AT THE KALANA PROPERTY, SOUTH MALI
Avnel Gold Mining Ltd. has confirmed that a follow-up diamond drill program at the Djirila Main zone, Grid 8 area, of the Kalana exploitation permit in South Mali, West Africa, has confirmed and extended the mineralized zone discovered in 2005 (see Stockwatch on Aug. 8, 2005). Results include 11.1 grams per tonne gold over 24 metres (68 metres to 92 metres) in hole DDH-02 and 12.5 g/t Au over 19 metres (80 metres to 99 metres) in hole DDH-11. The significant intersections from the current drill campaign are given in table 1.
Gold mineralization is hosted within a sequence of altered Birimian volcanoclastic and sedimentary rocks (such as lithic-crystal tuff, lapilli tuff, shale). Some of the mineralized intersections are clearly related to quartz veins while other parts of the mineralized zones are related to silicified and sulphide-rich sedimentary rocks that contain abundant pyrite and arsenopyrite.
Diamond core holes DDH-01 to DDH-06 and DDH-11 to DDH-14 were designed to test the strike and continuity of mineralization found in a rotary air blast and reverse circulation drill program with previous results reported in Stockwatch on Aug. 8, 2005. Most of the holes were drilled at minus-50 degrees to N270 degrees while two holes (DDH-04 and DDH-05) were drilled at minus-50 degrees to N090 degrees as scissor holes to check strike and dip orientations. DDH-07 and DDH-08 were drilled as scissor holes to verify mineralization found previously in RAB-118 and DDH-09 was drilled to test anomalous results in RAB-090. DDH-10 was designed to test a possible northeast strike of mineralization. DDH-15 was drilled minus-50 degrees to N270 degrees and was designed to test a zone of artisanal workings to the north-northeast of the Djirila Main zone.
The gold mineralization in the Djirila Main zone is best developed in DDH-02 (11.14 g/t Au over 24 metres from 68 metres to 92 metres and 4.81 g/t Au over 10 metres from 136 metres to 146 metres), in DDH-06 (14.57 g/t Au over three metres from 98 metres to 101 metres), in DDH-11 (19.3 g/t Au over two metres from 46 metres to 48 metres, 12.55 g/t Au over 19 metres from 80 metres to 99 metres and 5.72 g/t Au over two metres from 120 metres to 122 metres), in DDH-12 (3.04 g/t Au over seven metres from 92 metres to 99 metres), in DDH-13 (3.74 g/t Au over 14 metres from 98 metres to 112 metres) and in DDH-14 (3.14 g/t Au over three metres from 113 metres to 116 metres). This mineralized zone has now been traced by diamond core drilling along a north-northeast strike for more than 225 metres where it has been found to have a vertical to steep easterly dip. The width of the mineralized zone varies from three metres to 50 metres and appears to be associated with a north-northeast-trending corridor of faulting and silica-sulphide emplacement. The zone of artisanal workings stretches another 150 metres beyond the present drill program. The results from the diamond drill holes, designed to verify the anomalous RAB intersections in the Djirila South zone reported in Stockwatch on Aug. 8, 2005, did not reproduce the same significant results.
A ground geophysical survey (IP) conducted over the Djirila Hill area has outlined a linear zone marked by both resistivity and chargeability anomalies parallel to the Djirila Main zone verifying the presence of the quartz vein network and anomalous sulphides that have been found in the core drill program. The continuation of the geophysical anomalies to the north and south of the present DDH locations indicates that the Djirila Main zone may have additional significant strike length. In addition, a parallel zone of combined resistivity and chargeability geophysical anomalies has been identified 450 metres to the east of the Djirila Main zone, which requires follow-up investigation.
TABLE 1
SIGNIFICANT RESULTS FROM THE RECENT
DIAMOND DRILL PROGRAM AT GRID-8
Hole ID From To Interval Au
(m) (m) (m) (g/t)
DDH-01 57 59 2 1.10
and 92 98 6 2.82
and 111 112 1 4.22
and 126 127 1 1.11
DDH-02 68 92 24 11.14
and 97 100 3 2.49
and 116 118 2 1.24
and 136 146 10 4.81
DDH-03 - 1 1 3.21
DDH-04 - 11 11 1.10
and 23 26 3 1.10
and 59 66 7 1.72
and 72 74 2 3.04
and 80 81 1 1.73
and 95 99 4 1.47
DDH-05 168 169 1 1.92
DDH-06 33 36 3 1.52
and 44 46 2 3.71
and 58 60 2 1.22
and 84 85 1 2.01
and 98 101 3 14.57
DDH-09 12 13 1 1.09
and 20 21 1 1.91
DDH-11 46 48 2 19.29
and 70 72 2 3.05
and 80 99 19 12.55
and 120 122 2 5.72
DDH-12 92 99 7 3.04
and 101 104 3 2.10
and 111 112 1 1.79
DDH-13 37 43 6 2.63
and 60 61 1 1.42
and 89 90 1 1.74
and 98 112 14 3.75
DDH-14 5 7 2 1.06
and 47 48 1 1.78
and 49 52 3 1.06
and 113 116 3 3.14
The high-grade gold intersections, combined with the plus-100-metre saprolite development in the area, bode well for a future open extraction mining method.
Sample protocol entailed the splitting of the HQ3 and HQ core by diamond core saw at Avnel Gold Mining's exploration preparation lab at the Kalana mine site, with half the sample preserved at the Kalana mine site and the other half separated by the metre and dispatched to the Abilab analytical facilities in Bamako, a well-recognized assay lab in West Africa, where each metre sample was again dried, then crushed and a two-kilogram subsample pulverized and analyzed for gold (50-gram fire assay).
Quality assurance-quality control entailed adding control samples at the level of 12 per cent of the number of samples, comprising standards (4 per cent), blanks (4 per cent) and duplicates (4 per cent). Six different certified reference material (CRM) standards were used. The QA-QC program for the sample preparation and data was conducted by Michel Mercier and observed in the field by Graham Greenway of Snowden Mining Industry Consultants (Pty.) Ltd.
Avnel is very encouraged by the results of the recent diamond core drill program and is currently interpreting the results. A technical report will be available by the end of April, 2006. A follow-on reverse circulation program is currently in the planning and budgeting stages. The emphasis of the next drill program will be to continue to build a mineral resource base at the new gold discovery in the Grid 8 zone and to test several of the nearby, kilometre-scale soil anomalies that have yet to receive drill investigation.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by the company's qualified person, Michel Mercier, PGeo, Avnel's exploration manager.
We seek Safe Harbor.
OT, sort of: "indigenisation"
... "Last month the Zimbabwe mines ministry presented a proposal on the “indigenisation” of the country’s mining assets, which had been approved by the cabinet, to the local Chamber of Mines,
The proposal was that the state would own 51% of all shares in mines in energy minerals, platinum and diamonds, but would pay for only 26%." ...
Takoradi stock has apparently sextupled in 3 months, in Australia (TKG) and in Berlin-Bremen (WKN: 888204 ISIN: AU000000TKG9). Takoradi Ltd. is a sub-penny stock with a remarkable number of shares outstanding. The recent surge in price could be because of Takoradi's deal with Red Back (RBI.T) on its large gold property in northwest Ghana. Or an upward "correction"? I don't know. (Disclosure: I have no Takoradi but I have a bit of Red Back.) FL
Hey, Investika, what about Subranum? 651,712,475 new shares are to be offered as stated in Investika's 6 March 2006 Prospectus:
http://www.investika.com/Investika%201%20for%201%20Rights%20Issue%20Prospectus%20Mar06.pdf
but but there's no mention of the crown jewel, the Subranum gold property in central Ghana that was jointly held with Cambrian Mining PLC (CBM in London) and Samtua Resources of Ghana? Isn't 651 million new shares enough?
I thought that there was something pretty strange about how the Subranum property was "obtained" by Cambrian and Investika from "a third party" -- see my earlier message on the subject.
I think Investika trades as IVK on Sydney ASX, KIZ in Berlin-Bremen and Frankfurt. If Investika no longer owns any Ghanaian gold interests like Subranum, or other West African gold interests, shouldn't Investika be expelled from this exalted board?
Investika's website still seems to have been "under construction" approximately forever.
FL
Why's AIM in this board's header? What gold assets have they in West Africa? I've forgotten the reason. Looking at their web page, http://www.aimresources.com.au/ they have zinc in Burkina Faso, and copper-gold in Zambia, but not necessarily any gold in West Africa:
< quote >
Key Points
1. Owns 100% of the high grade, World Class Perkoa Zinc Project (7.06 million tonnes grading 17.7% Zn) in Burkina Faso
2. Joint venture with BHPBilliton in major Copper-Gold Project in Zambia, where 12 priority exploration targets have been identified.
3. Owns +1 million ounce Mokopane PGM Project in South Africa.
4. Listed on the London Alternative Investment Market (AIM) on 21 March 2005.
5. Owns 10.2% of Discovery Nickel Ltd (ASX: DNL) from asset spin-off.
< end quote >
Semafo (SMF.TO) resumes at Mana in Burkina Faso
PRESS RELEASE
SEMAFO TSX-SMF
FOR IMMEDIATE RELEASE
DRILLING PROGRAMS RESUMED AT THE MANA GOLD PROJECT.
Montreal, Quebec, April 13, 2006. – SEMAFO (TSX – SMF) is pleased to announce that two drilling programs totalling 10,800 meters are actually in progress on its wholly-owned Mana gold project in Burkina Faso.
A first rig will be used to complete a reverse circulation program planned for a series of 160 holes totalling 6,500 meters on the high grade gold deposit of Nyafe, Semafo’s original discovery in the country, which should supply about 10% of the required feed at the Mana CIL gold recovery mill. The mill is planned to be commissioned before the end of year 2007. The majority of this drilling program has the objective to provide a more precise delineation of the geometry of the deposit and to improve the quality of the estimation of the mineral reserves in preparation for the pre-stripping and mining. Another rig, already at work, will supply large core samples (PQ/HQ sizes) dedicated to complete further metallurgical tests at SGS-Lakefield laboratories. These tests are necessary to fine tune and confirm the most important metallurgical parameters (comminution and leach recoveries for both Nyafe and Wona gold deposits) to allow completion of the final design of the Mana gold mill.
Construction-related work for the mine has been launched recently (January 31st, 2006) when announcement was made of the attribution of an EPCM (Engineering, Procurement and Construction Management) contract to Montreal-based engineering firm GENIVAR.
The diamond drill program is planned to return a total of 4,300 meters of core partly from the Nyafe deposit (1000 meters including a series of four (4) deeper holes planned below the bottom of the pits) and from the medium depth extension of the Wona deposit, located 10 kilometers north of the Nyafe deposit. On Wona, the program will comprise a series of seven (7) holes averaging 350 meters each in length and aiming the minus 200-300 meter level elevations. The free-milling sulphidic deep portion presence of this deposit was already recognized earlier (Dec.8th, 2004) with a single core intersection of 4.83 g/t Au over 12 meters, from 317 to 329 in hole WDC-24. On the Wona deposit, the deep drilling program will provide indications of the potential of increasing its drill-indicated mineral resource.
Semafo also announced earlier in January that the Mana gold project in-situ total proven and probable mineral reserves as of December 31, 2005, stand at 9,443,000 tonnes at a grade of 2.89 g/t Au representing 877,200 ounces, using a gold price of US$450 per ounce. Details showed proven mineral reserves of 6,831,000 tonnes @ 2.89 g/t Au and probable mineral reserves of 2,612,000 tonnes @ 2.88 g/t Au.
As a result of the conversion of mineral resource into mineral reserve, the measured and indicated mineral resources decreased by 60%, totalling 2,296,100 tonnes at a grade of 2.28 g/t Au thus representing a total of 168,600 ounces. Details showed measured mineral resources of 537,300 tonnes @ 1.77 g/t Au and indicated mineral resources of 1,758,800 tonnes @ 2.44 g/t Au. Nevertheless, the total mineral reserves and resources stand at 11,738,500 tonnes at a grade of 2.77 g/t Au representing 1,045,800 ounces of gold. Mr. Benoit La Salle, President and Chief Executive Officer of Semafo commented that: ‘’This drilling program, targeting the extensions at depths of Wona and Nyafe deposits, is of great importance to assess the full potential of the two structures in order to increase total mineral resources of the property over the actually known 1 million ounces of gold.’’
For year 2006, Semafo has allocated a 1.5M US$ budget to sustain the annual exploration programs planned on the properties of the Mana gold project. The objective of the regional programs, also in progress, is to further increase the mineral resources available and consequently, the expected mine life of the Mana Project.
The mineral reserves and mineral resources estimations reported above are documented in conformity with Canadian National Instrument 43-101. The estimations are based on a technical report that will be made available on SEDAR. Michel Cormier, geological engineer and Semafo’s Qualified Person has supervised the preparation of the technical report on the mineral reserves and resources estimates for the Mana Project, as of December 31, 2005. He has reviewed this press release for accuracy and has confirmed that the information relating to mineral reserves and mineral resources outlined above derived from the technical report prepared for Semafo by experienced mining geologists under his technical supervision. The exploration and drilling programs are designed and managed locally by Dofinta Bonde, senior project geologist and reviewed and supervised under the direction of Michel Cormier, geological engineer, Qualified Person and Director of geology for Semafo.
All individual samples will represent one-meter length of core or RC drilling and will be sent for preparation and gold assaying at the ABILAB laboratories in Bamako, Mali. Each sample will be fire assayed for gold content on a 50-gramme sub-sample at the same SGS laboratories. Complementing ABILAB’s own QA/QC (Quality Assurance / Quality Control) program, an internal quality control and quality insurance program will be in place throughout the sampling program, using blind duplicates and recognized industry standards. The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol “SMF”.
FORWARD-LOOKING STATEMENTS
[ omit ]
Semafo is a mining company whose mission is to explore, develop and mine
major gold deposits in West Africa. Semafo currently operates the Kiniero mine in Guinea, the Samira Hill mine in Niger and is developing the Mana project in Burkina Faso.
For more information contact :
SEMAFO:
Benoit La Salle,
President & CEO
Tel : (514) 744-4408
Fax: (514) 744-2291
E-Mail : blasalle@semafo.com
SEMAFO:
Michel Cormier
Geological Manager, Qualified Person
Tel: (514) 744-4408
Fax : (514) 744-2291
E-mail: mcormier@semafo.com
RENMARK :
Tina Cameron
Tel : (514) 939-3989
Fax: (514) 939-3717
E-Mail : tcameron@renmarkfinancial.com
Ghana: Mosquitoes Invade Ahafo Communities
Ghanaian Chronicle (Accra)
Posted to the web April 13, 2006
Clement Boateng
Trome
Communities around Newmont Ghana Gold Limited's Ahafo gold mining project are blaming the company for the increasing population of mosquitoes and sudden rise in the cases of malaria in the area.
According to the residents, mosquitoes were not rampant in the area before Newmont constructed the water dam on the Subri River because "Subri River flowed swiftly, and there was no huge stagnant pool of water."
"Now Newmont has dammed the river Subri and the stagnant pool of water in the dam is serving as breeding grounds for mosquitoes and this has led to the high prevalence of malaria in the area," a resident complained.
Some of the mosquito-infested villages and hamlets near the dam that Chronicle visited were Dokyikrom, Trome, and Agya Brobbey village.
At Trome, Yakubu Issa, a farmer, told The Chronicle that hardly do they sleep at night due to the heavy presence of mosquitoes in the area.
He said even though mosquitoes have been in the area for ages, the construction of the water dam by Newmont has compounded the problem. At the time of The Chronicle's visit to the area, his three-year-old boy, Adams Yakubu, was in bed suffering severely from malaria.
According to Yakubu Issa, the people in the area formed a committee to meet with the company to find a lasting solution to the mosquito invasion and the rising malaria incidence in the area "but in a desperate attempt to break our front, Newmont has intentionally recruited all the members of the committee numbering about twenty four as guards over the very water dam that is breeding mosquitoes."
"In fact, we are not happy about what Newmont is doing. It is using divide and rule tactics to break our front and drown our complaints and we are very much aware of this trick."
Isaac Azere, a farmer at Agya Brobbey's village also confirmed that mosquitoes have invaded the area and there had been a sudden increase in malaria cases in the villages.
Afia Achiaa, a mother of six from a hamlet near Agya Brobbey's village, said her family members are also victims of the mosquitoes.
Mosquito bites were evident on the skin of Kwame Aboa, her one-year-old son.
Residents of the affected communities said Newmont should find a solution to the malaria explosion and other problems that had befallen them as a result of the company's operations "because we are poor people who cannot afford the high cost of malaria treatment."
Compounding the woes of the malaria-infested villages was an acute shortage of water, which the villagers also say has been caused by Newmont.
"We no longer get water from the Subri since the dam was created. The company therefore provided us with hand-dug wells but these wells are always dry.
When we complained, they brought us plastic tanks but the water in these tanks is never enough for our use."
"It sometimes takes a month before the company supplies us with water when the water in the tanks get finished; especially when it rains and the roads get slippery, because their tankers cannot ply the slippery roads," Achiaa explained.
They suggested, "If Newmont thinks it cannot provide solutions to these problems, then it should better resettle us, because we can't continue like this," Achiaa lamented.
The people also expressed concern about the construction of a spillway across the main road linking Yawusu community and the surrounding villages to Kenyasi. They complained that water from the spillway would block the access road between the two towns and cut the other hamlets off.
Newmont officials, however, say that the allegations being made are not justified. They regarded it as sad that cases of malaria, a disease which has been there long before Newmont's presence, are being attributed to the company without any good reason when the company is rather "doing our bit to reduce malaria in the entire mine area and surrounding areas. We have been undertaking anti-malarial actions in the whole area including spraying and fogging. This programme is steadily being intensified. Newmont is also participating in and supporting programs such as Netmark through our Community Health and Well-Being programme with the Ghana Health Service". We are all, including all Newmont employees, affected by the threat of mosquitoes and malaria. We all also have a job to do in reducing the incidence of this terrible affliction" says Newmont's Regional Director for External Affairs Dr. Chris Anderson.
According to Newmont, there is no basis for claiming that the damming of the River Subri has created worse conditions for the breeding of mosquitoes. Newmont External Affairs Manager, Mr. Randy Barnes, said, "The dam is stocked with fish that consume mosquito larvae. The issue is therefore whether we are dealing with realities or perceptions." Mr. Barnes, however, disclosed that the company would send a team to the villages visited by the reporter and interact with community members since the company is sympathetic to the living conditions of neighbouring communities. Newmont officials point to how improved living conditions in resettlement areas now attract non-resettled communities to want to be resettled as well, but indicate that it is not the intention of the company to resettle populations that do not have to be resettled as a result of project requirements.
According to Newmont, it is also not true that the company has "intentionally recruited all the members" of a local committee "as guards over the very water dam that is breeding mosquitoes" in order to break the front of the community. "Newmont had nothing whatsoever to do with the selection of this committee", Dr. Chris Anderson, stated.
Regarding the water situation in the communities Newmont says that, in close consultation with community members, it installed seven wells in the area and that these wells, in addition to five poly tanks, holding between 500 and 2000 gallons each, that were installed and are never left to run dry, have rather improved water supply in the area. "The tanks are filled regularly.
We will also be shortly installing new wells with hand pumps to augment supply. We take our impacts on water very seriously", says Dr. Chris Anderson.
Copyright © 2006 Ghanaian Chronicle.
Semafo (SMF.TO) no longer controlled 50%+ by Managem
On page 12 of Semafo's annual meeting notice is this:
"Until December 21, 2005, Managem S.A. ("Managem"), a Moroccan company, was the majority shareholder of the company. At that date, Managen sold a portion of the Common Shares to a third party, following which it was no longer considered an 'informed person'... Managem had also been the manager of exploitation activities at both the Company's mining projects. Managem duly assigned, in favour of the company, all of its rights and obligations under the operator agreements between Managem and the subsidiaries of the Company that own the projects."
That is, Managem is no longer majority shareholder of Semafo, due to selling some Semafo stock to "a third party", and it's no longer the contractual gold-exploration manager in Niger and Guinea.
Managem itself is a north African mining group controlled by the Groupe ONA (also Moroccan) which is reputed to be controlled by the Moroccan royal family. It's traded on the Casablanca Stock Exchange as MNG.
Birim Goldfields (BGI.TO): 9 new Bui, Ghana, licenses
APRIL 12, 2006 - 08:50 ET
Birim Receives Approvals for Bui District Prospecting Licenses : Nine New Prospecting Licences Advance Birim's Property in Ghana
MONTREAL, CANADA--(CCNMatthews - April 12, 2006) - Birim Goldfields Inc. (TSX:BGI) ("Birim" or "the Company") is pleased to announce that the Minerals Commission of Ghana, the country's minerals licensing and regulatory authority, have supported Birim's application for nine Prospecting Licenses on the prospective Bui Gold Belt.
In Ghana, exploration companies are statutorily required, after satisfactorily and responsibly completing their exploration programs within the term of the license ("Reconnaissance License"), to select ground to convert to a successor license category ("Prospecting License") and to relinquish the remainder of the area. Once approved, the prospecting license enables the company to advance the properties through exploration techniques such as trenching and drill programs. Prospecting licenses have a maximum surface area allocation of 150 square kilometers, and all of Birim's current applications are of the maximum size.
Over the term of the Bui Reconnaissance License, Birim has undertaken systematic regional exploration on the 7,000 square kilometer Bui District, which entirely covered Ghana's Bui Gold Belt. The Company has successfully defined a number of regionally anomalous target areas for follow-up work and it is these areas (totalling 1,350 square kilometers) that Birim has selected and retained for conversion to Prospecting Licenses (see map at the following address: http://www.ccnmatthews.com/docs/Birim.pdf).
The Minerals Commission's recommendation to the Minister of Lands, Mines and Forestry for the license conversions is based on Birim's long-standing commitment and exploration performance in Ghana and more specifically on the wealth of reconnaissance work already undertaken on the Bui District to advance the properties there within.
"The approval to convert the nine licenses, along with our already tenured four licenses, will dramatically change the face of the Bui District," says Vic King, President of Birim. "Each of the prospecting licenses will be treated as a separate concession (property) and work programs will be advanced accordingly. Drilling activity has already been previously reported at Chenchu (Tombe), Brohani/Namasa and Tinga. This brings Birim's concession portfolio on the Bui Belt to a total of thirteen separate concessions."
A tenth licence application has been accepted in principle by the Minerals Commission and its approval is subject to the satisfactory definition of the boundary position and contingent upon Ministerial approval.
Birim Goldfields Inc. is a royalty-based exploration company focused on gold exploration in Ghana and trades on the Toronto Stock Exchange under the symbol BGI.
CONTACT INFORMATION
Birim Goldfields Inc.
Denis Simoneau
CEO
(514) 393-8611
1-800-721-8611 (toll free)
info@birim.com
or
Birim Goldfields Inc.
Farah Alibhai
Investor Relations
(604) 731-7340
farah@birim.com
www.birim.com
Robex (RBX.V) extends gold reefs at Nampala, Mali
See:
http://www.robexgold.com/fpnews.html
Orezone (OZN) increases gold resources at Essakane, BF
APRIL 10, 2006 - 12:00 ET
Orezone Resources Inc.: Gold Resource Increase at Essakane
OTTAWA, ONTARIO--(CCNMatthews - April 10, 2006) - Orezone Resources Inc. (TSX:OZN)(AMEX:OZN) is pleased to announce that an updated resource estimate for the Essakane Main Zone ("EMZ") has been submitted to Orezone by its partner, Gold Fields Limited ("Gold Fields"). Indicated resources in the EMZ now total 36.8Mt grading 1.6g/t (1.9Moz) and inferred resources amount to an additional 27.7Mt grading 1.7g/t (1.5Moz), based on a 0.5g/t cutoff grade. The JORC compliant resource calculation represents a recoverable resource estimate and was completed by independent consultant RSG Global (Perth, Australia).
A $9.2 million budget was recently announced and is designed to continue increasing resources by drilling along strike, drilling surrounding targets and carrying out an extensive re-assay program to determine if the grade of the deposit has been understated. Gold Fields has earned a 50 percent interest in Essakane and has exercised its right to increase its interest to 60 percent by funding a bankable feasibility study which will commence in the second half of 2006 and be finalized in 2007. Gold Fields currently has three drill rigs operating on the EMZ and there are two rigs working on the neighbouring Falagountou target, 6km east of the EMZ.
TABLE
Essakane Main Zone
JORC Compliant Resource Calculation,
RSG Global (Perth, Australia)
as at April 6, 2006
-------------------------------------------------------------
Indicated Inferred
Resources Resources
-------------------------------------------------------------
Cutoff(g/t) Mt g/t Moz Mt g/t Moz
-------------------------------------------------------------
0.5 36.8 1.6 1.9 27.7 1.7 1.5
-------------------------------------------------------------
1.0 19.6 2.3 1.5 15.3 2.4 1.2
-------------------------------------------------------------
Ron Little, President & CEO of Orezone stated, "We are pleased with the latest resource estimate and with the opportunities that exist to continue expanding resources in the EMZ and in surrounding targets. This resource represents a significant increase over our 2004 resource calculation due to the fact that the methodology of the calculation is more conservative and we are using a new and more refined geological model. This resource is more in keeping with mining scenarios and feasibility studies rather than just a global resource. Resources are expected to be updated again in the fall based on results from the current backlog of samples, the new drilling and the re-assaying program."
The new resource estimate is based on drilling to September 30, 2005 and excludes approximately 18,000 metres of drilling completed since that time. A copy of the report by RSG Global will be filed at www.sedar.com within 30 days. Jan de Visser, PhD. MSc. MAusIMM, MGAA and principal consultant for Resources at RSG Global is the qualified person for this estimate. The JORC compliant resource calculation represents a recoverable resource estimate after applying change of support by Uniform Conditioning ("UC") to an Ordinary Kriging large panel block model. It was established by RSG Global that a 6.25mE x 25mN x 10mRL panel could be reliably estimated from the drilling grid by Ordinary Kriging, and that a small panel or selective mining unit ("SMU") of 6.25mE x 6.25mN x 2.5mRL could be used in the UC estimation to represent surface mining selectivity. Mr. Jeffrey Ackert, Vice President, Technical Services, is the Company's Qualified Person under National Instrument 43-101.
Re-assaying Program
Recent metallurgical test work indicates that only partial leaching of coarse gold in the EMZ may have taken place under the previous assay procedure and that the undissolved gold was not always detected by a single fire assay of the tailing or residues. As a result, the grade of the deposit may be understated. A modified sampling protocol has been initiated that will involve a finer grind and adding a commercial accelerant to almost entirely leach gold from the samples within 24 hours. Gold will also be extracted from a subset of samples by gravity separation. Approximately 30,000 new exploration and definition samples from the EMZ are to be processed through the new procedure. In addition, a 20,000 sample re-assaying program will be initiated. This re-assay program will take five to eight months to complete and if successful, the new analyses could lead to an improved overall grade and a significant increase in the contained gold of the deposit.
Orezone is an emerging gold producer that has an exploration permit for Essakane, the largest gold deposit in Burkina Faso, West Africa where partner Gold Fields Limited is earning a 60 per cent interest by completing a bankable feasibility study. Orezone also has a pipeline of promising projects, all located in politically stable areas of West Africa which is one of the world's fastest growing gold producing regions. Orezone's mission is to create wealth by discovering and developing the earth's resources in an efficient and responsible manner.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
CONTACT INFORMATION
Orezone Resources Inc.
Ron Little
President & CEO
(613) 241-3699
(888) 673-0663 (toll free)
rlittle@orezone.com
or
Orezone Resources Inc.
Greg Bowes
Vice President & CFO
(613) 241-3699
(888) 673-0663 (toll free)
gbowes@orezone.com
OT, sort-of: Ominous sign in East Africa?
[ I recently saw somebody's prediction that ALL African mines will be expropriated, once they start making good money. That's really an opinion about African governments' "shakedown" mentality. I don't know how seriously to regard this. It's not a trend in West Africa. At present. I'm currently buying in West Africa, not selling. FL ]
Tanzania says may renegotiate mining laws
Fri Apr 7, 2006 7:05 PM GMT170
By Manoah Esipisu
PRETORIA (Reuters) -
"Tanzania will consider renegotiating mining laws to give a greater chunk of benefits to the country, President Jakaya Kikwete said on Friday.
Kikwete told a news conference in South Africa -- which he was visiting for trade talks -- that the government wanted Tanzania's economy to sustain a faster pace of growth, partly aided by the mining industry.
"Our concern would be that there be a win-win situation in mining. We are looking at the laws and if there are inadequacies, then we'd have to renegotiate the laws," he said.
He gave no further details. Growth in Tanzania's economy was expected to fall short of an official forecast of 6.9 percent in 2005 on spiralling fuel costs and investor caution.
Top gold miner AngloGold Ashanti, dominant diamonds company De Beers, both part-owned by diversified miner Anglo American Plc, as well as RandGold are some of the key players in Tanzania's mining industry.
"Tanzania's mining laws allow foreign companies to own virtually entire mines, with the government often holding less than five percent when the industry average for many African countries is 20 percent," a mining analyst in Johannesburg said.
In Tanzania, the only benefit to the country from the sector was in the number of jobs it created, while mining companies had made a fortune, he added.
"I do not think that mining companies would be averse to some kind of review of the laws. Of course the process will be difficult because the laws were negotiated and agreed to by the Tanzanians, they were not imposed," he said.
A senior Tanzanian official on Kikwete's delegation said a team of Tanzanian mining and legal experts were already examining the laws to determine what to renegotiate. He added that Kikwete had not set a deadline for any changes.
..."
Avnel Gold (AVK.TO): production doubles but loses $7.1-m
2006-03-31 17:24 ET - News Release
Mr. Roy Meade reports
AVNEL GOLD MINING LIMITED (AVK: TSX) ANNOUNCES 2005 ANNUAL RESULTS PERIOD ENDED DECEMBER 31, 2005.
Gold production at Avnel Gold Mining Ltd.'s Kalana mine increased by 100 per cent from 7,396 ounces in 2004 to 14,923 ounces in 2005 and cash costs reduced to $484 per ounce of gold sold, down from $791 per ounce sold in 2004. Gold production in quarter four was 5,222 ounces, the highest quarterly gold production since the mine started in 2004. The increase in production is due to higher underground grade mined and higher gold recoveries in the plant.
Avnel Gold Mining recorded a net loss of $7.1-million (29 cents per share) for the 12 months ended Dec. 31, 2005, and a net loss of $1.7-million (three cents per share) for the fourth quarter, compared with net losses of $5.4-million ($58.00 per share) and $1.9-million ($19.27 per share) respectively for the same periods of 2004. The high loss per share for the year 2004 results from there being only 200,000 shares outstanding prior to the initial public offering on June 30, 2005, when a further 47,193,605 shares were issued.
Exploration: Avnel commences to drill define two recently discovered high-grade mineralization zones.
Following on the success of the June, 2005, percussion drill program at the 387-square-kilometre Kalana exploitation permit in southern Mali, the company has completed a technical report which concluded that a follow-up diamond core and reverse circulation drill program would be justified in order to drill define and expand the newly discovered, high-grade gold zones at grid 8. A diamond drill program began in November, 2005, and results will be available in April, 2006. It is planned to continue a reverse circulation drilling on grid 8 in quarter two, 2006
The Djirila Main zone is interpreted as a northeast-trending, fault-controlled, quartz-vein-stockwork zone located on the northwest side of Djirila hill. This zone is characterized by high-grade gold mineralization and produced high gold assay intervals (for example, 73.6 grams per tonne over two metres from 70 to 72 m in RC-09a and 45.9 g/t Au over four m from 114 to 118 m in RC-15). In addition, the Djirila Main zone also contains significant widths of lower-grade intersections (for example, 5.4 g/t Au over 36 m from 64 to 100 m in RC-09a).
The Djirila South zone is interpreted as a northeast-trending, fault-controlled, quartz-vein-stockwork zone located on the southeast side of Djirila hill. This zone is characterized by wide intersections of lower-grade mineralization and produced several significant gold assay intervals (for example, 4.1 g/t Au over six m from 17 to 23 m in RAB-090 and 8.3 g/t Au over 22 m from 35 to 57 m in RAB-118).
Operations
The Kalana mine was initially developed and mined by Sogemork from 1985 to 1991. The mine was then put on care and maintenance until Somika (80-per-cent subsidiary of Avnel Gold) commenced production in 2004. The mine has limited developed ore reserves and it is planned to complete the necessary shaft sinking and haulage development to enable the mine to achieve an annual production rate of 60,000 tonnes and an average 26,000 ounces of gold over an initial eight-year period. During 2006 underground production will increase as new mining areas are exposed by continuing development.
Production data for the Kalana mine for the periods ended Dec. 31, 2005, and 2004 are as follows. The following table shows the production from the Kalana gold mine:
2005 2004
Tonnes milled 34,885 35,667
Gold grade
-- g/t 15.5 9.4
Recovery rate 86.1% 68.6%
Gold production
-- ounces 14,923 7,396
Cost per
tonne milled $155 $144
Operating cost
per ounce of
gold sold $484 $791
Tonnes milled in 2005 were 2 per cent below the production achieved in 2004 and 20 per cent below the budgeted production. Gold production at 14,923 ounces was 1 per cent below budget, reflecting higher grades and gold recovery. During 2005, underground production has mainly come from mining of a new ore reserve block below the lowest haulage level (100 m below surface). The ore reserve block is being developed down dip and rock is scraped up dip to the haulage level. This mining method will limit the production capacity of the mine until ore can be gravitated to new haulages being developed on the 150 and 180 levels lower in the mine. Productivity of the underground crews is improving, but at a slower rate than anticipated.
The gold grade of underground ore mined of 17.12 g/t in 2005 was 62 per cent higher than that obtained in the previous year (10.58 g/t). The grade was also 3.35 g/t higher than budget of 13.77 g/t because average stoping widths were reduced and actual grades of ore mined were significantly higher than that indicated by the reserve model. The mill grade of 15.5 g/t (2004 -- 9.4 g/t) obtained was lower than the underground grade as it was reduced by the processing of 4,614 tonnes of coarse sand (2004 -- 4,604 tonnes) at 4.9 g/t (2004 -- 4.7 g/t). In the fourth quarter, 8,442 tonnes, including 235 tonnes of coarse sand, were milled at a mill head grade of 21.96 g/t. Gold recovery was 87.6 per cent and 5,222 ounces were produced
Gold recovery in 2005 also exceeded both the prior year and the budgeted rate. This was because of improved performance in the recovery section, lower-than-budgeted throughput and higher-than-budgeted head grades. When ore production increases in the future, it is expected that the recovery rate will decrease to between 79 per cent and 84 per cent, depending on head grades and plant performance. Gold production increased to 14,923 ounces, approximately double the production achieved in 2004.
Mine development totalled 249 metres in 2005 compared with 168 metres in 2004. Underground development increased to 103 metres during quarter four 2005 but progress was unsatisfactory at No. 2 shaft. The shaft is being sunk from 125 metres below surface to a final depth of 200 m below surface. Shaft sinking has advanced 61 metres but only eight metres were achieved during the fourth quarter. During the quarter the station steelwork and a mid-shaft loading facility were installed at the 150-level shaft station. The mid-shaft loading facility will enable the 150-level haulage (previously named the 250 level) to be developed while sinking of the shaft and development of the 180-level station is completed. The 150 level was advanced 17 metres. The development of the 150 level is five months behind schedule. The main factor delaying the shaft sinking was inexperienced mining crews and turnover of the expatriate staff. The expatriate staff for mine development has been increased from two to six and the Malian mining crews have been increased.
We seek Safe Harbor.
Glencar (GEX London) record volume today. Does volume really precede price? (Disclosure: I have some GEX shares. FL)
Keegan Resources (KGN.V); Gold in Ghana at Asumura
Mon Mar 27, 2006
Keegan Updates Drill Progress at Asumura and Nevada Gold Projects
Vancouver, March 24, 2006: Keegan is pleased to announce that it has completed drilling the first 14 reverse circulation holes across the northern portion of the Wagyakrom target area on the Asumura Property in southwest Ghana (please see www.keeganresources.com for map). Keegan completed it's initial 9 hole fence on the north end of the anomaly and is now in the middle of a 10 hole fence 200 meters south where a recent trenching program intercepted 12 metres @ 0.65 g/t Au including 2 meters @ 1.1 g/t Au and 2 meters @ 1.2 g /t Au. Keegan will issue the first set of results to the public when all the fire-assay and metallic screen analysis have been received.
Geologically, the drilling on the first fence encountered a significant fault between metasedimentary and metavolcanic rocks directly beneath a gold-in-soil anomaly. The fault contains abundant sulfide and quartz and carbonate vein material. These developments have prompted the early mobilization of a core drill to the property expected to arrive early in April.
The Asumura concession comprises a 210 square kilometer area within the highly prospective Sefwi greenstone belt and in addition to the current drilling program; the company continues to conduct geochemical and geophysical surveys in order to target additional areas for drilling. Vincent Dzakpasu, a qualified member of the Institute of Mining and Metallurgy in the United Kingdom is Keegan's QP on the property and has reviewed this release.
Nevada Updates
Keegan is planning to resume drilling at the Regent Au-Ag epithermal bonanza vein property later this summer. Last fall, Keegan intercepted 16 meters @ 2.7 g/t Au including 1 meter @ 11.4 g/t Au and 1.5 meters @ 166 g/t Ag. Keegan plans to drill at least two holes deeper on the same vein structure. Keegan will also undertake a mapping and sampling program at the Black Velvet Au-Ag epithermal bonanza vein property this summer to better understand structural controls contributing to the 9.1 meters @ 28.7 g/t Au drilled by a previous operator. Keegan has also decided not to further pursue the Horse Mountain and Fri option agreements.
Dan McCoy, president and CEO of Keegan Resources states: "We continue to get confirmation of significant mineralized structures on the Wagyakrom, Twiapasi, and Mangoase anomalies. This is significant as these mineralized structures vary from two to eight kilometers in length and thus hold the potential of world class size gold deposits. We have also decided to retain only the best of our Nevada properties in order to effectively focus our capital and human resources. The company continues to evaluate advanced stage gold exploration opportunities in Ghana and the USA while maintaining our primary focus on Asumura."
About Keegan Resources
With a primary focus on established gold districts located in stable political environments, Keegan's seasoned exploration and management team have leveraged their collective experience and networks of contacts to efficiently assess, acquire and explore high quality, mid stage, precious and base metal projects. With active exploration programs in Nevada and Ghana combined with an enviable capital structure the company is well positioned to deliver an active, exciting year for its investors.
On Behalf of the Board
Dan McCoy, Ph.D.
President & CEO
For more information please visit the company website at http://www.keeganresources.com or contact investor relations at 604-683-8193 or info@keeganresources.com.
Rubicon (RMX.TO) - Africo stock spinoff deal
Thu Mar 23, 2006
Common Accord Struck With Africo To Facilitate Public Offering Of Africo's Kalukundi Asset
David W Adamson, President and CEO of Rubicon Minerals Corporation ("Rubicon") (RMX.TSX:RBY.AMEX), is pleased to announce that Rubicon, a 38.8% shareholder of Africo Resources Ltd. ("Africo") has reached an accord with Africo designed to maximize Africo shareholder value and to facilitate an Africo public offering.
As previously announced (see news release dated November 21, 2005), Rubicon intends, subject to regulatory and shareholder approvals, to carry out a Plan of Arrangement which includes the creation of a new company to comprise its 38.8% interest in Africo Resources Ltd. ("Africo"). Africo has the right to earn a 75% interest in the Kalukundi copper-cobalt deposit in the DRC on which a new resource was recently announced by Rubicon (see news release dated February 8, 2006).
Rubicon has concluded, based on external financial advice (see November 21, 2005 release), that shareholder value of its Africo holdings is maximized by achieving the following objectives:
a) creating a separate vehicle to house its shareholdings,
b) distributing its Africo shareholdings to Rubicon shareholders on a tax efficient basis, and
c) combining its shareholdings on a 1:1 basis with other non-Rubicon shareholders into a unified public company.
Rubicon is pleased to have reached an accord with the board of Africo, as detailed below, which is designed to achieve these objectives. It is hoped that the completion of the Rubicon Plan of Arrangement and unification of Africo can be completed during the second quarter of 2006.
Africo-Rubicon Accord
Rubicon has been informed by the board of directors of Africo that Africo intends to expeditiously carry out a public offering of its securities. In conjunction with this, Africo will undertake, on a best efforts basis, to raise sufficient funds to allow it to commence development of the Kalukundi deposit, pursuant to and contingent upon, completion of a bankable feasibility study, which is due for completion before the end of April, 2006.
Both Rubicon and the board of Africo confirm that the proposed distribution of Rubicon shareholdings in Africo to the Rubicon shareholders would be mutually beneficial to both companies and a fundamental objective of Africo going public.
Accordingly, Africo has indicated it will use its best efforts to assist Rubicon, subject to regulatory approvals and any requirements of a potential financing syndicate, to effect the distribution of Rubicon's shares in Africo to the shareholders of Rubicon.
"We believe that, provided it is done on an equitable and tax efficient basis, distribution of Rubicon's shareholdings in Africo to our shareholders will maximize their value. Both Rubicon and Africo recognize that a unified Africo will maximize Africo shareholder value and we look forward to working with Africo on this fundamental objective," said David Adamson.
RUBICON MINERALS CORPORATION
David W. Adamson
_________________________________
President & CEO
Cluff Gold (CLF in London) loses less; Baomahun focus
Excerpt from http://www.afxpress.com/about488/index.php?lg=en&c=00.00&story=1436299
Cluff Gold ...
LONDON (AFX) - Cluff Gold PLC ...
The company reported a pretax loss of 1.035 mln stg, improved from 1.139 mln last year.
Cluff Golf said it would focus, in 2006, on validating the independent reports that the Baomahun project in Sierra Leone "offers very good potential for the discovery of high-grade multi-million ounce gold deposit"
newsdesk@afxnews.com
ks
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
IAMGOLD listed on the Australian Stock Exchange
TSX Trading Symbol: IMG
NYSE Trading Symbol: IAG
ASX Trading Symbol: IGD
Fully Diluted Shares Outstanding: 178.0MM
TORONTO, March 24 /CNW/ - IAMGOLD Corporation ("IAMGOLD" or "the Company"), on 3 February 2006, applied for admission to the Official List of the ASX and quotation of approximately 26,212,850 common shares of IAMGOLD, over which CHESS Depository Interests (CDIs) would be issued. This represented the estimated number of IAMGOLD shares to be issued to former shareholders of Gallery Gold Limited ("Gallery") pursuant to the terms of the Gallery Scheme of Arrangement under Part 5.1 of the Australian Corporations Act 2001 (the "Scheme").
Pursuant to the terms of the Scheme, Gallery shareholders entitled to participate in the Scheme (and eligible to receive IAMGOLD shares as consideration under the Scheme) were entitled to receive for every 22 Gallery shares held:
- 10 Chess Depository Interests; or
- at the shareholder's election, one IAMGOLD share (tradeable on the Toronto Stock Exchange or the New York Stock Exchange, but not the ASX).
Various Gallery shareholders have elected to receive IAMGOLD shares instead of CDIs. Accordingly, IAMGOLD confirms that 165,186,350 CDIs have been issued to former shareholders of Gallery pursuant to the Scheme and quoted on the ASX.
Please note:
------------
This entire press release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through Canada Newswire's website at www.newswire.ca. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.
For further information: IAMGOLD Corporation: Lisa Doddridge, Manager, Investor Relations, Tel: (416) 360-4710, Fax: (416) 360-4764, Toll-free: 1-888-IMG-9999
Adastra bid amendment, extension from First Quantum
2006-03-24 19:40 ET - Takeover Bid
Also Takeover Bid (C-FM) First Quantum Minerals Ltd
TSX bulletin 2006-0341
Further to the Toronto Stock Exchange bulletin 2006-0206 dated Feb. 28, 2006, the offer by First Quantum Minerals Ltd. to purchase all of the outstanding common shares of Adastra Minerals Inc. has been amended pursuant to a notice of variation and extension dated March 21, 2006, as previously varied and extended by notice of variation and extension dated March 10, 2006, as follows:
1. the expiry of the offer has been extended until 5 p.m. (Toronto time) on March 31, 2006, unless further extended or withdrawn; and
2. the consideration being offered has been amended to:
1. $2.65 in cash per common share of the company; or
2. one common share of the offeror for every 14.76 common shares of the company, subject in each case, to pro ration based upon the maximum amount of cash and shares of the offeror offered, in accordance with the terms of the notice. The maximum amount of cash payable by the offeror pursuant to the offer shall not exceed 42 cents multiplied by the number of outstanding shares of the company on a fully diluted basis on the date of the offer. Based on the number of outstanding shares of the company on a fully diluted basis on Jan. 31, 2006, the maximum amount of cash payable will be approximately $36.3-million. The maximum number of the shares of the offeror issuable by the offeror pursuant to the offer shall not exceed 0.057 multiplied by the number of outstanding shares of the company on a fully diluted basis on the date of the offer. Based on the number of shares of the company outstanding on a fully diluted basis on Jan. 31, 2006, the maximum number of shares of the offeror issuable by the offeror pursuant to the offer shall not exceed 4,927,733 share of the offeror; and
3. the offeror has amended the original offer by reducing the number of Adastra shares that must be deposited under, and not withdrawn from, the offer as a condition of the offeror's obligation to take up, purchase and pay for any Adastra shares deposited under the offer from 66-2/3 per cent of the Adastra shares outstanding (on a fully diluted basis) to 50.1 per cent of the Adastra shares outstanding (on a fully diluted basis).
"German Listing" effect: Searchgold (RSG.TO) up 28% today
[ I saw this effect with Robex a while ago. It didn't last. FL ]
SearchGold Lists on Frankfurt Stock Exchange
MONTREAL, QUEBEC--(CCNMatthews - March 23, 2006) - The Company is pleased to announce that SearchGold Resources Inc. (TSX VENTURE:RSG) has been listed on the Frankfurt Stock Exchange ("FSE") under the symbol S1O (FSE:S1O)effective Tuesday, March 15th 2006. The German market maker, Xchange Brokers GmbH, sponsored SearchGold's listing.
The listing on the FSE provides the company with increased exposure to worldwide capital markets and provides a strategic tool for the establishment of a privileged relationship with the European investment community. The recent influx of junior resources companies listing on the FSE resulted in tremendous growth in awareness and shareholder value of those companies.
This listing also marks the first step of an aggressive campaign by SearchGold to increase its European exposure. As announced on March 6th 2006, SearchGold has entered into an Investors Relations Agreement with Value Relations GmbH ("VR"), a Frankfurt based, well-established Investor Relations Company. The following steps will include translation of SearchGold's press releases in German, coverage by a German based research group, follow-up by newsletter writers, access to VR's client and investor base, road shows in Germany, Switzerland and France as well as presentations at VR's Stock Day conferences.
SearchGold has a significant shareholder base in Belgium. Moreover, SearchGold's flagship advanced projects are located in West Africa, a well known and sought after region by the European investment community. The FSE listing and the agreement with VR therefore represent logical development steps for SearchGold and will provide additional leverage for the Company's future expansion.
SearchGold Resources is a Canadian based mining exploration company whose primary mission is to target, explore and develop gold and diamond deposits in Africa and in Canada. SearchGold's project strategy maximizes its experience and resources, and supports the company's commitment to strengthen shareholder value.
If you would like to receive press releases via e-mail please contact: info@searchgold.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Why no rise today in Red Back (RBI.TO) when it has just drilled a new development field (right next to its existing Chirano mine pit) yielding a width of 15.8 meters testing at 15.2 grams per ton gold plus other similar results nearby? Since these are fantastic results, and easy pickings for the company, and in the stablest and most pro-gold country, Ghana, I'd expect to see Red Back shooting up to CA$3.50 or over $4, but it hasn't done anything today.
I have a small amount of Red Back stock (my smallest gold stock holding) having bought some Champion before they merged, so I'm commiting the dismal sin of "talking book" or "pumping" here, but I'm really puzzled as to why Red Back share prices haven't shot up today in response to this news. (Maybe the news is too recent, being only hours old?)
(CORRECTED VERSION)
Delta, Birim, Axmin, Riverstone UP, Sanu DOWN; Why no rise in Red Back when it has just drilled a new development field (right next to its existing Chirano mine pit) yielding a width of 15.8 meters testing at 15.2 grams per ton gold plus other similar results nearby? Since these are fantastic results, and easy pickings for the company, and in the stablest and most pro-gold country, Ghana, I'd expect to see Red Back shooting up to CA$3.50 or over $4, but it hasn't done anything today.
I have a small amount of Red Back (RBI.TO) stock having bought some Champion before they merged, so I'm commiting the dismal sin of "talking book" or "pumping" here, but I'm really puzzled as to why Red Back share prices haven't shot up today in response to this news. (Maybe the news is too recent, being only hours old?)
Orezone releases first results from Sega property
By Ottawa Business Journal Staff
Wed, Mar 22, 2006 1:00 PM EST
Orezone president Ron Little
Ottawa-based Orezone Resources has released the first resource estimate for its Sega gold exploration project in Burkina Faso, West Africa.
Based on exploration work up to June 15, 2005 and using a 0.5g/t cutoff, the company estimates the resource at 4.8 million tones grading 1.99 g/t or 310,600 ounces of gold. Inferred resources total 1.4 million tones grading 1.61` g/t or 73,000 ounces.
The resource estimate encompasses the three main zones of mineralization on the Sega property---the Bakou, Gambo and RZ zones---all of which are located within a relatively small 2.5 square kilometer area.
In January, Orezone identified a number of new gold zones on the property. They are not included in the initial resource estimate.
"The current resource estimate is a good start towards building sufficient resources for a heap leach operation," says Orezone president and CEO Ron Little. "Based on current gold prices and operating costs for the West African region, a resource of double this size at the same grade or better is likely required to make a production decision. Recent drill results provide encouragement that we can achieve this goal and we are also evaluating a number of other scenarios in order to advance this project towards production."
Red Back (RBI.TO) drills 15.8m 15.2g/t gold at Akwaaba
2006-03-21 13:27 ET - News Release
Mr. Richard Clark reports
Red Back Mining Inc. has completed a nine-hole, 2,385-metre drill program at Akwaaba, the southernmost of the planned Chirano open pits. The program targeted a high-grade, north-plunging shoot that has the potential to provide easily accessible, high-grade material that could be introduced early into the existing mine schedule.
To date, drilling has identified high-grade gold mineralization extending 225 metres down-plunge from the base of the proposed open pit. Mineralization remains open.
Results of the remaining four holes to be reported (holes CHRC725D to CHRC728D) are in the following table. Highlights include hole CHRC728D, which returned 15.8 metres grading 15.2 grams per tonne (g/t) Au including 5.45 metres grading 31.19 g/t Au. For completeness, the table contains the previously reported results as well (news in Stockwatch dated Jan. 6, 2006).
AKWAABA DRILL RESULTS
Hole ID From To Interval Grade
(metres) (g/t Au)
Previously
reported
CHRC709D 181 197.6 16.60 5.70
incl. 183 189 6.00 9.40
CHRC710D 199.4 203 3.60 7.00
212 225.8 13.80 3.64
CHRC711D 188 189.8 1.90 11.20
204 209.5 5.50 10.20
CHRC712D 224 239 15.00 2.40
incl. 237 239 2.00 8.30
CHRC713D 200.7 210.1 9.40 4.50
incl. 206.1 208.1 2.00 12.10
224 246 22.00 7.66
incl. 241 246 5.00 17.48
New results
CHRC725D 258 262 4.00 4.70
266.9 273 6.10 5.48
CHRC726D 235 248 13.0 7.22
263 267 4.00 1.45
275 295 20.0 4.75
CHRC727D 261 265 4.00 5.63
268.2 270.1 2.90 1.84
284.8 291.7 6.90 7.98
308.8 318 9.20 6.16
320 338 18.0 5.36
CHRC728D 158.5 174.3 15.8 15.20
incl. 168 173.45 5.45 31.19
A further program of 7,000 metres of infill reverse-circulation (precollars) and diamond drilling has now commenced at Akwaaba, with a preliminary underground resource evaluation targeted for mid-2006. This will form the basis of a scoping study to assess the timing and parameters of a shallow underground mining operation at Akwaaba.
Commenting on the results at Akwaaba, Richard Clark, president and chief executive officer of the company, stated: "This latest drill program has confirmed that Akwaaba has the real potential to deliver high-grade underground ounces to the Chirano operation. These ounces could materially affect the economics of the mine and mine life. Consequently, the early development of underground production at Akwaaba is a high priority for the company. With the success at Akwaaba, we have commenced a program to test the other Chirano open pits for high-grade mineralization at depth."
Elsewhere at Chirano, follow-up drilling has commenced on the Abodoabo prospect, five kilometres north of the plant site, where drilling in January, 2006, returned up to 23 metres grading 2.8 g/t gold. This initial drilling intersected mineralization over a strike length of 750 metres. The current program will continue toward establishing a resource definition.
The technical contents of this release have been reviewed by Hugh Stuart, BSc, MSc, a qualified person pursuant to National Instrument 43-101. Mr. Stuart is the exploration manager of the company. Selected samples from this lab are check assayed each month. Samples are prepared and analyzed by fire assay using a 50-gram charge at the Analabs facility in Bibiani, Ghana, in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted. Selected samples from this lab are check assayed each month at other Analabs laboratories worldwide. True widths are not accurately known at this time; in some cases they may be less than the core lengths reported.
We seek Safe Harbor.
Glencar to drill in 36.85g/ton Malian orpailleur pits
[ Glencar is GEX on London AIM market. Disclosure: I have some. FL ]
Drilling to Recommence at Komana target in Mali
Glencar Mining plc (“Glencar” or “the Company”) is pleased to announce that the second phase of drilling on its Komana target in the Yanfolila Project in Mali is due to commence on 27th March. Approximately 2,500 metres of reverse circulation drilling will be carried out, predominantly to test the southerly continuation of the mineralised shear zone within which bonanza gold grades of 55.19 grams per tonne over 20 metres were reported from the first phase of drilling in December 2005.
Geological mapping and rock sampling has shown gold grades of up to 36.85 grams per tonne in grab samples taken from recently developed artisanal pits which occur 800 metres along strike to the south and in very similar geological setting to that of the mineralisation drilled in the first phase. Assay results from the drilling programme should be available during April.
8 March 2006.
For further information:
Hugh McCullough
Chief Executive
Telephone: +353 1 6619974
END
Cluff Gold (CLF in London) Sierra Leone Results
27 February 2006
CLUFF GOLD PLC London AIM: CLF
Completion of follow up core drilling programme at Baomahun Gold Prospect, Sierra Leone
Cluff Gold Plc (“Cluff Gold” or “the Company”) today announces the completion of its follow up drilling programme at the Baomahun Gold Prospect (“Baomahun”) in Sierra Leone.
Highlights:
• Five drillholes completed for a total of 790m
o four holes intersected significant mineralisation
• Assay results confirm that mineralisation remains open in all directions on the two zones
o additional 150 metres added to known strike extent of mineralisation
• Initial trench results extend mineralisation by more than 800 metres
o results include 20 metres grading 6.4 g/t Au and 18 metres grading 1.12 g/t Au
• More than 5,000 metres of follow up core drilling is programmed for the 2006 field season
The recently completed follow up drilling on the Central and Western Zones was programmed to investigate the northern mineral extensions of both zones. Below is a table of some of the significant intersections:
Hole ID Dip (°) Intercept From (m) Comments
DDH 28 45 25.3m@2.39g/t 105.4 Includes 2m@7.57g/t
DDH 29 45 21m@2.25g/t 85 Includes 6m@3.7g/t
DDH 30 45 16.4m@2.23g/t 134 Includes 2m@9.15g/t
DDH 32 45 8.5m@0.88g/t 11.5
The mineralisation remains open in all directions on both structures. The Company plans to embark on some 5,000 metres of follow up core drilling during the 2006 field season.
In addition, initial results from the trenching programme started early this year have been received. This programme was undertaken to investigate the coincident geophysical and gold-in-soil anomalies in the prospective corridor along the banded iron formation (‘’BIF’’). Included in the initial trench results are trenches 5 and 20. Trench 5, some 800 metres north and along strike of the Western Zone, intersected 18 metres grading 1.12 g/t Au including 1 metre at 14.1 g/t Au. Trench 20 is located on the Central Zone and intersected 20 metres grading 6.4 g/t Au. Both trenches were stopped in mineralisation and plans are underway to extend them.
Douglas Chikohora, Technical Director of Cluff Gold plc, comments, ‘”We are pleased to report further encouraging drill assay results which have extended the strike of the Central and Western Zones by 100 and 50 metres respectively. Initial results from the trenching programme support both the geophysical and soil-sampling findings previously announced, and are consistent with the Company’s belief that the geology in the prospective corridor is indicative of a potentially large mineralised system. This potential will be evaluated by a multifaceted exploration approach, which will include drilling and additional trenching, working towards further increasing our resource estimate at the project.’’
About Baomahun:
Baomahun is located about 180 km east of the capital, Freetown, in the Southern Province of the country and the geological setting is similar to the Lake Victoria goldfields in Tanzania. Cluff has a right to earn a 60% interest in Baomahun by funding the project to the completion of a bankable feasibility study or to a maximum of US$5 million. This right is to be acquired from Winston Mines which owns the two exploration licences relating to Baomahun, covering an area of approximately 137 km².
For further information, please contact:
Cluff Gold
J.G. Cluff / Douglas Chikohora
Chairman / Technical Director
Tel: +44 (0) 20 7340 9790
Numis Securities
John Harrison
Tel: +44 (0) 20 7776 1500
Parkgreen Communications
Cathy Malins / Annabel Leather
Tel: +44 (0) 20 7493 3713
For details on Semafo gold production, see http://web1.kitco.com/pr/1170/article_03022006093649.pdf
Semafo (SMF.TO) Record Gold Production
[ from http://www.azom.com/details.asp?newsID=4981 ]
SEMAFO is pleased to announce its 2005 gold production figures and provide outlook for the future.
2005 Gold Production
Semafo’s total gold production(1) for the year amounted to a record 158,000 ounces, an increase in excess of 150% over 2004. This increase can be substantially attributed to Samira Hill’s twelve-month contribution in 2005 versus three months the year prior.
Posted March 3rd, 2006