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The header of this board is out-of-date.
What's this impending war actually about?
If you look at the map of the disputed border regions...
(See
http://newsimg.bbc.co.uk/media/images/40005000/gif/_40005693_ethiopia_eritrea2_map416.gif
)
It looks like a few snippets of parched, soil-free, significance-free desert out in the middle of nowhere. (I haven't been there so I'm just judging by the map and scenes of nearby places.) The disputed parcels are on both sides, small, and approximately equal. Why didn't somebody draw a clear line in the cease-fire? Why are there ANY remaining disputed regions?
There must be something bigger at stake.
copy: not investing in Eritrea
cc from the West Africa gold IH board, I wrote re unacceptable political risk of Sanu:
I assume you're talking about Eritrea, not West Africa. I agree. I made the same decision based on the myterious "halt" of Eritrean gold exploration last year without any explanation from anybody. It looked like a classical shakedown rip-off of the explorers who had already invested a lot there. Luckily I'd sold all my Nevsun near the high, to buy a West African explorer.
Notice that this relates only to Eritrea, NOT to Sanu and Nevsun's West African projects. But it seemed as though they were being valued solely as Eritrean plays. Basically, the government of Eritrea lost is "cred" = credibility, with me at least.
Maybe I'll cc this to the Eritrea IH board if I can find it.
I assume you're talking about Eritrea, not West Africa. I agree. I made the same decision based on the mysterious "halt" of Eritrean gold exploration last year without any explanation from anybody. It looked like a classical shakedown rip-off of the explorers who had already invested a lot there. Luckily I'd sold all my Nevsun near the high, to buy a West African explorer.
Notice that this relates only to Eritrea, NOT to Sanu and Nevsun's West African projects. But it seemed as though they were being valued solely as Eritrean plays. Basically, the government of Eritrea lost is "cred" = credibility, with me at least.
Maybe I'll cc this to the Eritrea IH board if I can find it.
Keegan (KGN.V) anomalies in Asumura, Yamfo-Sefwi, Ghana
Thu Mar 2, 2006
IP Continues to Confirm Robust Drill Targets at Asumura Gold Project
Vancouver, March 2, 2006: Keegan is pleased to announce that it has completed an IP survey at the Twiapasi anomaly and discovered strong chargeability and resistivity anomalies coincident with the soil and trench results. The anomalies are at least 600 meters long and are open (and strongest) on the north side. The anomalies trend directly beneath the Keegan trench where a very sharp break in resistivity indicates a strong fault, which is coincident with a strong chargeability anomaly, almost certain indication of high sulfides associated with the fault beneath oxidation. As previously reported, this trench contains a saprolite/bedrock intercept of 6 metres @ 4.6 g/t Au associated with a 107 ppb Au-in-soil anomaly. Please visit www.keeganresources.com for supporting maps and sections.
The Tiwipasi anomaly is similar in size, strength and gold coincidence to the Wagyakrom anomaly, where Keegan is currently drilling. The Wagyakrom anomaly is mostly underneath a topographic low and bedrock is inaccessible for trenching whereas the Tiwipasi anomaly has had successful trenching results to date which now have not only confirmed soil anomalies but were further confirmed with an IP anomaly.
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 efficiently 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.
Dan McCoy, president and CEO of Keegan Resources states: "The IP anomalies give us strong indication that the gold mineralization we intercepted in the trench could continue at depth and along strike. We will be drilling this anomaly during the course of our current drill program. We are thrilled to now have two separate kilometer scale coincident gold and geophysical anomalies to drill during this program."
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.
This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.
DOWNLOAD PDF:
File: http://www.keeganresources.com/i/News/NR_Mar2_06.pdf
Mr.Monton, did you buy Sanu (SNU.V)? You were considering it. It has more than doubled in the last 10 trading days. Compare with its more famous sibling Nevsun.
Also: today there's a sharp rise today in Semafo (SMF.TO).
Also: strange (rare) action lately in Columbia River Resources (CRVV on Pink Sheets), owner, sort of, somehow, of some kind of interest the Mankranho deposit of AGG.V and/or AGG.V itself.
Crew Gold (CRU.TO) shareholder Pendragon declares holdings
2006-02-27 22:08 ET - News Release
Mr. John Pennells of Pendragon Capital reports
PENDRAGON CAPITAL LLP ACQUIRES SECURITIES OF CREW GOLD CORPORATION
On Sept. 7, 2005, Pendragon Capital LLP acquired control over 500,000 common shares in the capital of Crew Gold Corp. through the facilities of the Oslo Stock Exchange, increasing Pendragon's control over Crew securities from approximately 9.97 per cent to approximately 10.2 per cent of Crew's issued and outstanding common shares.
Pendragon also wishes to announce that on Dec. 2, 2005, it acquired control over 20,222,222 subscription receipts, exchangeable into 20,222,222 common shares in the capital of Crew. In the December transaction, Pendragon also acquired convertible bonds in the principal amount of 182 million kroner which are convertible into 16,545,455 underlying common shares at a conversion price equal to 11 kroner per share. The December transaction securities were purchased by way of a private placement. Following the December transaction, Pendragon controlled a total of 59,127,077 common shares and rights to underlying common shares in the capital of Crew, representing approximately 13.98 per cent of Crew's issued and outstanding common shares. The subscription receipts acquired in the December transaction were automatically exchanged into common shares in the capital of Crew on Dec. 9, 2005, pursuant to the terms of the subscription receipts.
Pendragon's acquisition of Crew securities in the September transaction and the December transaction was for investment purposes only.
Pendragon exercises control over the Crew securities in its capacity as investment manager of a number of funds, including the Pendragon (Master) Fund Ltd., the Pendragon (Guinevere) Fund LLC and the Pendragon (Convertibles) Fund Ltd.
How did you learn that "Greg Isanor of Jilbey fame is in this one."? (Merrex Resources)
FL
Merrex Resources shows up on the header on my screen as the last entry under "Mali," with no corporate web-page URL.
FL
Mr.Monton, does this mean that LMA should be in the board header?
See the message to which this is a reply. I found the press release hard to follow, and La Mancha's webpage seems to be about Argentina.
In the release, does the un-named "a French energy multinational" refer to
Cominor / Cogema / Areva (which is in our header)? And what WAS the seller/vendor??????? And the "vendor's gold business unit"???????
Should LMA be in the West Africa board header as a Cote d'Ivoire explorer?
FL
African Gold (AGG.V) 48m@2.95gold/ton at Kobada, Mali
[ Previous results by Cominor drilling, below. FL ]
2006-02-23 10:16 ET - News Release
Mr. Michael Nikiforuk reports
AFRICAN GOLD GROUP, INC: 48 METRES OF 2.95 G/T AU INCLUDING 19.20 METRES OF 5.91 G/T AU CONFIRMS GOLD DISCOVERY AT KOBADA, MALI
African Gold Group, Inc. (AGG) is providing results from the initial six holes drilled on the Kobada gold project in Mali, West Africa. Importantly, this drill campaign has extended the gold mineralization through the 125-metre saprolite horizon into bedrock.
The 41-square-kilometre Kobada concession is located in the Kangaba region of Mali. It hosts a significant anomaly that is defined by 12 kilometres of strike length with a corresponding width of one kilometre. This anomaly has greater than a 500-part-per-million, arsenic-in-soil geochemistry with coincident extensive artisanal surface, hardrock and placer mining activity. Previous work on the concession, commencing in the 1980s, was undertaken by French exploration entities: BRGM, La Source and Cominor (Cogema). Their collective work comprised surface geochemical and geophysical surveys, 1,736 metres of air core drilling, 13,200 metres of reverse circulation (RC) drilling, and 913.4 metres of diamond drilling. Their initial primary target within the 12-kilometre strike length that comprises the Kobada trend has been a one-kilometre zone of extensive artisanal hardrock mining activity referred to as zone 1.
Program objectives
AGG's initial exploration program at Kobada had two distinct objectives:
1. to verify and confirm the historical exploration work undertaken by Cominor. This verification was conducted in two ways; and
* three RC holes previously drilled by Cominor were twinned with AGG diamond drill holes to test the nature of the mineralization. Cominor holes, KBRC-56 and KBRC-127 located on Section 2200S, and KBRC-126 located on Section 2300S, were selected to be twinned for both the length and grade of their respective intercepts; and
* resample and analyze for gold, the rejects from two RC drill holes completed by Cominor (KBRC-126 and KBRC-127);
2. the second objective of AGG's diamond drilling program was to test the mineralization to depth and to obtain samples of previously untested bedrock mineralization below the saprolite horizon (holes KB05-3 and KB05-5). In addition, hole KB05-6 was drilled oblique to the section in anticipation of the existence of newly interpreted mineralized cross structures.
Results and analysis
Results from AGG's six diamond drill hole campaign, totalling 1,033 metres, are shown in Table 1 below. All samples from AGG's diamond drill program were analyzed by Eco-Tech Laboratory of Kamloops, Canada. Samples returning greater than 300 parts per billion gold (Au) were fire assayed.
TABLE 1: RESULTS FROM AGG's 2005
DIAMOND DRILLING CAMPAIGN
Hole Interval Au Ag
No. (m) (g/t) (g/t)
KB05-1 (i) Twin 6.00 2.93
19.50 0.29
KB05-2 (i) Twin 21.55 1.11
incl. 9.40 1.20
2.00 0.75 38.7
KB05-3 Bedrock 37.50 1.23
incl. 4.50 3.91
3.00 4.40 6.1
KB05-4 (i) Twin 48.00 2.95
incl. 19.20 5.91
KB05-5 Bedrock 38.50 1.58
incl. 12.00 3.50
KB05-6 Bedrock 17.00 0.82
incl. 7.70 1.31
(i) Represents diamond drill holes that
twinned Cominor RC drill holes.
Due to the possible coarseness of gold in drill core, metallic fire assay was undertaken on selected samples. The selected samples that were tested in this manner demonstrated an increase in gold values. As a result of the increase in gold values from these selected samples, AGG has requested all samples returning greater than one g/t Au that have not yet been subjected to metallic fire assay be tested using this process. These results will be disseminated in a subsequent release due to the time required to complete the tests, if material.
Results from historical RC drilling by Cominor along sections 2200S and 2300S are shown in Table 2 below. The samples from Cominor's RC drilling program were analyzed by AbilabAfrique de l'Ouest SARL located in Bamako, Mali.
TABLE 2: RESULTS FROM COMINOR'S PREVIOUS
RC DRILL CAMPAIGNS
Section Drill hole Inter- Au
val (g/t)
(m)
2200S KBRC055 1 0.41
KBRC056 (ii) 18 0.83
KBRC056 (ii) incl. 8 1.09
KBRC056 (ii) 25 8.41
KBRC056 (ii) incl. 13 12.82
KBRC057 2 1.19
KBRC057 6 2.54
KBRC127 (ii) 24 2.50
KBRC127 (ii) incl. 11 4.80
KBRC127 (ii) 7 0.75
2300S KBRC051 12 1.20
KBRC051 15 0.79
KBRC052 15 4.37
KBRC052 incl. 4 15.19
KBRC053 13 3.46
KBRC053 incl. 7 4.49
KBRC054 6 1.09
KBRC054 4 0.98
KBRC126 (ii) 8 2.21
KBRC126 (ii) 2 3.55
KBRC126 (ii) 14 1.89
KBRC126 (ii) incl. 10 2.47
KBRC126 (ii) 5 4.48
(ii) Cominor holes twinned by AGG
diamond drill holes.
"The results illustrated in both tables 1 and 2 provide AGG with the confidence to move aggressively with the development of the Kobada gold project not only along the initially targeted one-kilometre strike length within zone 1 of the concession but also along the entire 12-kilometre strike length that comprises the Kobada trend. AGG has successfully demonstrated oxide gold mineralization to a depth of approximately 125 vertical metres in saprolite and, furthermore, have extended the gold mineralization an additional 25 metres into bedrock. The bedrock mineralization is characterized by intense veining/silification and disseminated arsenopyrite in intercalated argillites and greywackes, and remains open to depth. As previously stated, the thickness of the saprolite horizon bodes well for demonstrating the potential for a low-cost surface deposit that will ideally complement the deeper resource potential. The occurrence of very high grades of gold along with the presence of free gold strengthens the economic potential of this mineralization. Results to date emanate from within approximately 200 metres of the one-kilometre primary target (zone 1) and indicates a broad zone averaging 30 metres in width with an associated grade averaging between one and three grams per tonne. Furthermore, we are encouraged by the identification of mineralized cross structures intersected in KB05-6, which further adds to the broader potential of this new gold trend," states Greg Hawkins, PGeo, technical director at AGG.
As per AGG's technical objective as stated in 1(a) above, a comparison of results derived from twinning three of Cominor's original RC drill holes with AGG diamond drill holes to confirm the presence of gold mineralization is shown in Table 3 below.
TABLE 3: MINERALIZED INTERSECTION
RESULTS FROM THE RC DIAMOND DRILL
TWINNING CAMPAIGN
Drill Sample From To Interval Au
hole type (m) (m) (m) (g/t)
No.
KBRC127 RC 14.0 15.0 1.0 1.26
KB05-1 DDH 12.0 15.0 3.0 2.96
KBRC127 RC 41.0 45.0 4.0 0.26
KB05-1 DDH 36.0 42.0 6.0 2.93
KBRC127 RC 66.0 95.0 29.0 2.06
KB05-1 DDH 85.5 105.0 19.5 0.29
KBRC056 RC 22.0 25.0 3.0 1.75
KB05-2 DDH 22.0 25.0 3.0 0.40
KBRC056 RC 35.0 36.0 1.0 0.95
KB05-2 DDH 36.0 37.5 1.5 0.42
KBRC056 RC 51.0 75.0 24.0 3.27
KB05-2 DDH 51.0 72.6 21.6 1.11
KBRC126 RC 52.0 71.0 19.0 1.48
KB05-4 DDH 52.5 69.0 16.5 0.87
KBRC126 RC 81.0 105.0 24.0 2.06
KB05-4 DDH 81.3 100.5 19.2 5.91
"The diamond drill twinning campaign has enabled AGG to gain a greater degree of geological information than was generated through previous RC drilling. As illustrated in Table 3 above, results from twinning holes can vary. The comparison of results from different drilling techniques can be problematic in areas where there is groundwater inflow in the case of RC drilling and variable core recovery in the case of diamond drilling. Both of these conditions were encountered in the upper levels of zone 1," states Mr. Hawkins, PGeo, technical director at AGG.
As per AGG's technical objective as stated in 1(b) above, results derived from AGG's resampling of two of Cominor's RC drill holes are shown in Table 4 below. These Cominor RC drill pulp rejects were resampled and collected by AGG's technical personnel, and reassayed by AbilabAfrique de l'Ouest SARL.
TABLE 4: REASSAY RESULTS FROM COMINOR
RC DRILL PULPS
RC hole From To Interval Cominor AGG
No. (m) (m) (m) 2004 2005
Au Ag
(g/t) (g/t)
KBRC126 52 105 53 1.49 2.17
incl. 52 54 2 2.02 1.88
incl. 56 63 7 2.03 4.89
incl. 69 71 2 3.55 9.21
incl. 80 94 14 1.89 2.48
incl. 82 93 11 2.31 2.94
incl. 100 105 5 4.48 2.44
incl. 101 104 3 6.99 3.28
KBRC127 14 15 1 1.26 3.78
66 69 3 11.06 12.13
73 77 4 4.77 3.35
incl. 73 74 1 16.99 8.40
83 84 1 2.21 3.24
89 90 1 1.28 2.20
116 117 1 2.87 4.29
"Zone 1 appears to be characterized by significant, coarse free gold which typically leads to a degree of variability in results when resampling drill pulps (as illustrated in Table 4 above)," added Mr. Hawkins.
Ben Adoo, chairman of AGG, states: "We are extremely encouraged by the overall results of the initial program which confirms the potential for a significant gold discovery within zone 1 of the Kobada project. Furthermore, we believe that the 12-kilometre Kobada trend may represent a major new gold-bearing structure in Mali, West Africa."
The drilling program is under the supervision of Chrisropher Naas, PGeo of CME & Co., a qualified person under National Instrument 43-101. This press release has been reviewed and approved by Mr. Naas.
High River (HRG.TO) 2 good hits: 14m@35.2g/t, 14.2m2@6.9g/t
Thu Feb 23, 2006
Further Positive Drill Results From High River Gold'S Bissa Project Drilling Programme Now Completed
Toronto, February 23, 2006 -- High River Gold Mines Ltd. ("High River" or the "Company") is pleased to report additional results from its 31,500 metre drilling programme on the Bissa project in Burkina Faso. Assay results were received from 10 diamond drill holes and one trench completed at Bissa Southwest and Bissa Hill deposit south extension to extend the known gold mineralization. Because of the success of this campaign, the Company has engaged SRK Consulting Engineers and Scientists to conduct an independent resource estimate for the project, which is expected to be completed by the end of the first quarter of 2006.
High River is very encouraged with the results at Bissa and is planning to start an aggressive drilling programme on high priority targets located within 10 to 15 kilometres of the Bissa project.
Highlights include:
- High-grade gold zone extended along strike at Bissa Hill deposit
south extension with three significant intersections in one hole:
35.2 g/t over 14 m
3.5 g/t over 15 m
4.0 g/t over 24.6 m
- Gold mineralization extended to near-surface and down-dip to
approximately 100 m vertical at Zone 3 of Bissa Southwest:
2.1 g/t over 20 m
6.9 g/t over 14.2 m
Bissa Hill Deposit South Extension
High River drilled six step-out core holes (901.5 m) on the high-grade southwestern zone of the Bissa Hill deposit south extension. Of these holes, ZK06-63 (section 8780E) drilled 40 metres east of the last fence drilled, returned three significant gold intersections: 35.2 g/t over 14 m from 69 m, 3.5 g/t over 15 m from 89 m, and 4.0 g/t over 24.6 m from 107.5 m. Hole ZK06-62, drilled above ZK06-63, intersected the zone near the top of the plunge with 1.1 g/t over 14.2 m from 90.8 m. Another fence of two core holes, drilled a further 40 metres to the east (section 8820E), returned 10 m averaging 0.97 g/t from the deeper hole ZK06-65 and lesser gold values in hole ZK06-64, which defined the up-dip extent of the zone. On the next fence (section 8860E), a further 40 metres to the east, core hole ZK06-66 returned 2.1 g/t over 9.4 m from 147 m and the deeper hole ZK06-67 returned several intersections with grades up to 11.2 g/t over narrow widths.
The high-grade mineralized zone now extends for 300 metres along strike (between sections 8500E and 8800E) plunging 30 degrees to the northeast and remains open down-dip. Drill results have confirmed the continuity and high-grade nature of the zone to a vertical depth of 85 metres.
To date, High River has completed 15 core holes (2,247 m), 19 RC holes (2,220 m) and 12 trenches (1,012 m) at the Bissa Hill deposit south extension. Prior to High River, Jilbey Gold Exploration Ltd. ("Jilbey") had drilled 16 core holes (2,058 m), 36 RC holes (3,589 m), and excavated one 1 trench (200 m).
Bissa Hill Deposit South Extension Highlights
---------------------------------------------------------------------
Hole No. From (m) To (m) Interval (m) Gold (g/t)
---------------------------------------------------------------------
DDH ZK06-062 90.75 105 14.25 1.10
---------------------------------------------------------------------
DDH ZK06-063 69.0 83.0 14.0 35.19
------------------------------------------------------
Including 69.0 70.0 1.0 228.78
------------------------------------------------------
Including 70.0 71.0 1.0 212.88
------------------------------------------------------
Including 71.0 72.0 1.0 8.63
------------------------------------------------------
Including 72.0 73.0 1.0 22.02
------------------------------------------------------
Including 73.0 77.0 4.0 3.52
------------------------------------------------------
Including 77.0 83.0 6.0 0.62
------------------------------------------------------
89.0 104.0 15.0 3.48
------------------------------------------------------
Including 94.5 95.0 0.5 22.60
------------------------------------------------------
Including 96.0 97.0 1.0 17.80
------------------------------------------------------
107.5 132.1 24.6 4.04
------------------------------------------------------
Including 113.0 114.0 1.0 38.90
------------------------------------------------------
Including 116.0 117.0 1.0 17.80
------------------------------------------------------
Including 126.0 127.0 1.0 13.00
------------------------------------------------------
DDH ZK06-064 No significant Assays
---------------------------------------------------------------------
DDH ZK06-065 No significant Assays
---------------------------------------------------------------------
DDH ZK06-066 137.6 147.0 9.4 2.15
---------------------------------------------------------------------
DDH ZK06-067 No significant Assays
---------------------------------------------------------------------
Note: Assays reported are uncut. All values above 10 g/t in the
composite are reported in the table. True width is estimated to be 60% of the drilled length.
Bissa Southwest
The Bissa Southwest area, located immediately north of the Bissa Hill deposit south extension and 700 metres southwest of the Bissa Hill deposit is composed of four subparallel gold zones hosted primarily by the argillaceous sediments of an easterly plunging syncline. Four diamond drill holes (495.5 m) tested the up-dip and down-dip projections of Zone 3 (3 holes) and Zone 4.
Zone 3 was tested on section 9306E with hole ZK06-69, which returned 2.1 g/t over 20 m from 115 m, extending the zone approximately 35 metres up-dip from ZK05-51, which had returned 1.3 g/t over 47 m, in addition to 9.3 g/t over 2 m and 5.1 g/t over 4.3 m. Hole ZK06-71 located on section 9260E, 46 metres west of ZK06-69, intersected 6.9 g/t over 14.2 m from 142 m, extending the zone 30 metres down-dip from hole ZK05-53, which had returned 2.9 g/t over 7.2 m from 102.8 m and 2.8 g/t over 7 m from 113 m. Hole ZK06-70, drilled on the same section, defined the up-dip extent of the zone returning just over 1.0 g/t over widths of 1 to 3.4 m. Trench ZKTR-9217E returned an intersection of 2.6 g/t over 9.4 m, successfully confirming a 35 metre up-dip extension of the mineralization intersected in RC ZBR-126, which had returned 2.6 g/t over 16 m. Zone 3 remains open along strike to the east and down-plunge.
To date, High River has completed 26 core holes (4,367 m), 20 RC holes (2,338 m) and 5 trenches (285 m) at Bissa Southwest and has defined four subparallel gold zones, 100 to 150 metres apart, trending northeasterly and dipping 30 to 40 degrees to the northwest. The previous campaign by Jilbey included 10 core holes (1,197 m), 28 RC holes (2,750 m), and two trenches (1,060 m).
On Zone 4, core hole ZK06-68 (section 9300E) did not intersect the targeted argillite unit and returned low-grade values in the footwall sandstone.
Bissa Southwest Highlights
---------------------------------------------------------------------
Hole No. From (m) To (m) Interval (m) Gold (g/t)
---------------------------------------------------------------------
Zone 3 DDH ZK06-069 108.0 110.6 2.6 4.13
----------------------------------------------
115.0 135.0 20.0 2.14
----------------------------------------------
Including 117.5 118.2 0.7 14.60
---------------------------------------------------------------------
DDH ZK06-070 No significant
Assays
---------------------------------------------------------------------
DDH ZK06-071 142.0 156.25 14.25 6.95
----------------------------------------------
Including 143.95 145.0 1.05 15.10
----------------------------------------------
Including 145.0 146.0 1.0 25.00
----------------------------------------------
Including 150.0 152.0 2.0 10.65
----------------------------------------------
Including 155.9 156.25 0.35 17.90
---------------------------------------------------------------------
Trench
ZKTR-9217E 30.5 32.7 2.2 5.07
----------------------------------------------
80.7 90.1 9.4 2.61
---------------------------------------------------------------------
Zone 4 DDH ZK06-068 No significant
Assays
---------------------------------------------------------------------
Note: Assays reported are uncut. All values above 10 g/t in the
composite are reported in the table. True width is estimated to be
90-100% of the drilled length.
Note: Assays reported are uncut. All values above 10 g/t in the composite are reported in the table. True width is estimated to be 90-100% of the drilled length.
High River has now completed a total of 31,311 metres of drilling consisting of 8,561 metres of core (DDH), 17,043 metres of reverse circulation (RC), and 5,707 metres of rotary air blast (RAB) drilling, and 2,580 metres of trenching. The last core hole (165 m) is being completed and assays are pending for an additional nine holes. Prior to the merger, Jilbey had completed 26 core holes (3,256 m), 81 RC holes (7,792 m), 809 RAB holes (31,983 m) and five trenches (1,971 m).
By combining the Bissa Hill deposit and its southern extension, Bissa Southwest and part of the Bissa-Gonglou corridor, High River anticipates achieving its initial goal of defining a one million ounce gold resource. All zones lie within a 5.5 kilometre strike length on the Sabce shear zone, which has been traced for over 30 kilometres. Five other promising gold target areas that are within 10 to 15 kilometres of the Bissa project have yet to be tested by High River, and offer the potential to host a similar size resource.
Complete tables of results, surface and longitudinal plans and cross-sections for the Bissa Project are posted on the Company's website www.hrg.ca/Projects/Exploration/Bissa Group Permits or on the home page under Qwik Access.
Bouly, Liliga and Gougre Targets
Three high priority gold occurrences in the Bissa area are being rapidly advanced to the drill target stage. High River completed geological mapping, soil sampling on a 100 m by 100 m grid, and rock chip sampling at both Bouly and Liliga, located approximately 10 kilometres from the Bissa Hill deposit. Results are being compiled along with past exploration work that included airborne geophysics and limited drilling. At Gougre, approximately 13 kilometres from the Bissa Hill deposit, similar work is being carried out; results of the detailed soil sampling are pending. Previous work completed by Randgold Resources Ltd. and its joint venture partners is detailed in High River Gold's press release dated November 10, 2005.
Quality Control Programme
The Quality Control Protocol ("QC") in place has been designed to meet or exceed the requirements of NI 43-101 of the Canadian Securities Administrators. This QC programme includes the use of certified standard reference samples, coarse field blank material and duplicate assaying. Driffield Cameron, Vice President Exploration, is the Qualified Person for High River Gold Mines Ltd supervising the Bissa Project. Analytical work is carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. A 0.5 g/t cut-off grade was used for the calculation of composite intervals. The maximum distance of dilution of assay results of less than the cut-off grade included within a composite interval is 2.5 metres.
About High River
High River is currently constructing two open pit gold mines, the Taparko-Bouroum project in Burkina Faso and the Berezitovy project in Russia. Upon successful commissioning of these two development projects, together with gold production from High River's 85%-owned Russian subsidiary, OJSC Buryatzoloto, High River's annual gold production rate is expected to exceed 300,000 ounces by 2007, establishing the Company as a mid-tier gold producer.
For further information, please contact:
Don Whalen, Executive Chairman or
Laurie Gaborit, VP Investor Relations
High River Gold Mines Ltd.
Tel: (416) 947 1440 • Fax: (416) 360 0010
Email: info@hrg.ca • Web site: www.hrg.ca
Red Back (RBI.TO) new gold area near Chirano
FEBRUARY 22, 2006 - 12:10 ET
Red Back Mining Inc.: Drilling Confirms Abodoabo Discovery
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 22, 2006) - Red Back Mining Inc. (the "Company" or "Red Back") (TSX:RBI) is pleased to announce that following the release of trenching results (please see news release dated November 23, 2005) a first pass reverse circulation (RC) drilling program on the Abodoabo Prospect has confirmed the discovery of a new mineralized zone located 5 kilometres north of the Company's Chirano Gold Mine.
The 11 hole, 1,534 metre program tested a strike length of 750 metres on 100 metre spaced section lines. Results for the drilling are tabulated below:
------------------------------------------------------
Hole Northing From To Metres Au g/t
------------------------------------------------------
CHRC 714 41950 9 17 8 0.96
--------------------------------
26 33 7 2.06
--------------------------------
41 44 3 1.00
--------------------------------
51 57 6 2.55
------------------------------------------------------
CHRC 715 42000 10 20 10 2.42
--------------------------------
28 33 5 0.86
--------------------------------
58 61 3 3.64
--------------------------------
67 70 3 1.63
--------------------------------
84 87 3 0.65
------------------------------------------------------
CHRC 716 42050 37 41 4 1.09
--------------------------------
46 49 3 0.61
------------------------------------------------------
CHRC 717 42050 29 32 3 3.35
------------------------------------------------------
CHRC 718 42150 59 62 3 2.23
--------------------------------
71 76 5 1.77
--------------------------------
82 85 3 0.52
--------------------------------
86 91 5 1.34
------------------------------------------------------
CHRC 719 42250 14 17 3 0.62
------------------------------------------------------
CHRC 720 42300 91 109 18 2.80
--------------------------------
incl 95 98 3 9.72
--------------------------------
112 115 3 2.03
------------------------------------------------------
CHRC 721 42400 53 56 3 0.65
--------------------------------
77 80 3 1.31
------------------------------------------------------
CHRC 722 42500 39 42 3 1.09
--------------------------------
61 64 3 0.75
------------------------------------------------------
CHRC 723 42600 70 73 3 0.60
--------------------------------
127 150 23 2.80
------------------------------------------------------
CHRC 724 42700 61 73 12 1.82
--------------------------------
76 82 6 1.52
------------------------------------------------------
Mineralisation is hosted by sheared phyllitic sediments just east of the main Birimian volcanic - sediment contact in a similar structural setting to the Bibiani gold mine (historical production +4 million ounces) owned by Anglogold Ashanti, 15km to the north.
Drilling will re-commence at Abodoabo in early March towards an initial resource definition.
Commenting on the results, Richard Clark, President and CEO of the Company stated, "A primary focus for Red Back in 2006 is to expand reserves at Chirano. The confirmation of extensive mineralization at Abodoabo only 5 km to the north of the Chirano process plant is an early success towards this objective."
Drilling has now re-commenced at the Akwaaba deposit, following up on recently reported high grade intercepts below the currently designed open pit. March will see the commencement of an infill program below the two primary pits at Chirano, Tano and Obra, towards expanding these pits at depth and testing for high grade extensions.
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. Abodoabo 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. is a Canadian mining company listed on the TSX under the symbol "RBI". The Company holds a 90% interest in the Chirano gold mine located in Ghana, West Africa. Gold production commenced in October 2005 and is scheduled to produce a minimum of 123,000 ounces of gold per year over an initial 8.5 year mine life. In addition to Chirano the Company has significant landholdings in Ghana both in proximity and along strike from Chirano and regionally.
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.
Randgold Res. (GOLD) W. Africa article; likes peace
(from Creamer Media's Mining Weekly)
Company hopeful of peace in West African nation
With the recent announcement of a doubled profit over 2004, there is little doubt that London- and Nasdaq-listed gold-miner Randgold Resources is currently one of the more successful juniors operating in Africa. In its financial year-end report for 2005, Randgold Resources reported a net profit of $41-million for the year to December, more than doubling its 2004 earnings of $18,8-million, on the back of a 54% increase in production and a buoyant gold-price. This financial success is attributable to the impressive operational performance of the company’s two West African mines, Morila and Loulo.
The company’s Mali-based Morila joint venture produced 651 110 oz of gold during the year, outstripping its 2004 output by some 140 000 oz, and its new Loulo mine, which came into production in the last quarter of the year and shipped its first bullion in November, contributed 67 984 oz to the production total. However, the success of Randgold Resources should not only be attributable to the performance of its existing operations but also to the company’s philosophy of creating value through discovery.
In an interview with Mining Weekly, Randgold Resources CEO Dr Mark Bristow explains that the key component of the company’s growth strategy is an aggressive exploration programme, designed to discover profitable ounces and build a well-balanced portfolio. “This process constantly feeds in fresh prospects at the base of our resource triangle and evaluates these to produce a layer of targets from which we select our feasibility projects,” explains Bristow.
“The concept behind a resources triangle is to constantly invest in the bottom and systematically promote the most viable projects to the top, enabling each project to gain value as it is rolled out.
“It is very difficult for mining houses to create value unless they are able to discover and develop new deposits as orebodies are not inexhaustible.” In comparison to most gold-mining companies operating in Africa, Randgold Resources has one of the most well-structured resource triangles with 99 out of its 159 targets located at the bottom, or in the identified geological anomaly stage of the triangle. Following this, the company has 48 exploration targets, 12 feasibility projects and four mine and mine-evaluation projects in Senegal, Côte d’Ivoire, Mali, Tanzania, Burkina Faso and Ghana.
“Over the past year, we delivered on our promise to expand our country exposure and project portfolio throughout the major gold belts of East and West Africa.” “We now have a groundholding of 8 700 km2 and 159 targets in six countries, in five of which exploration and drilling programmes are currently under way.” Although the company intends to continue its aggressive exploration drive, Bristow contends that one of the most significant priorities for Randgold Resources this year will be to continue on from the prefeasibility study that was undertaken at its Tongon site in Côte d’Ivoire before the outbreak of civil unrest in 2002. Randgold Resources’ Tongon Project in northern Côte d’Ivoire is situated in the gold-bearing Eburian province, which also occurs in Ghana and Sierra Leone.
The province consists of a group of sediments and volcanic-rocks known as the Birrimian group, which is the most highly-prospective gold-bearing rock in West Africa.
The company’s portfolio in the north of the country includes the Niele permit, which hosts the three-million-ounce Tongon project and complementary satellite targets within a 10-km radius, the Boundiali permit where the advanced target of Tiasso is located together with three reconnaissance licences, which amount to a ground- holding of some 2 628 km2. According to Bristow, Randgold Resources embarked on a prefeasibility study in 2001 as a result of this impressive geology in the north of the country.
“The prefeasibility study was completed in 2002 and indicated that this site had the potential to meet the company’s criteria for investment.” “However, with the outbreak of civil unrest in Côte d’Ivoire in 2002, the commencement of the prefeasibility study on this project was put on hold owing to the force majeure that exists in this area.” The civil unrest is the result of an abortive coup carried out in 2002, which divided the government-controlled south and rebel-held north.
However, a United Nations-backed peace plan aims to reunite the country by the end of October this year through presidential elections.
Notwithstanding recent events of renewed unrest, there is evidence of new optimism that, with the successful rollout of national elections, the requisite conditions will be in place for Randgold Resources to return to Côte d’Ivoire.
As a result, the company is currently involved in preparations for a return to its Tongon site and has also completed a review of the economics of this project. “While the gold price has increased significantly since the pre- feasibility study was undertaken, substantial increases in diesel, steel and transport have negatively affected the project economics,” says Bristow.
“Nevertheless, the total resource in the Tongon area is slightly larger at a higher grade and a preliminary economic assessment shows that the project exceeds our investment criteria as well as the other strategic filters.” In addition to this economic review, Randgold Resources recently visited the project site and ascertained that, while the infrastructure on the site had deteriorated, it will be relatively simple to restore the project office and site accommodation so that the bankable feasibility study can be completed as planned.
“We plan to meet with the relevant parties as soon as conditions allow in order to obtain approval to start some of the preliminary work before the wet season in advance of the planned general election, after which we will mobilise a comprehensive programme to complete the definitive feasibility study.” In conclusion, Bristow states that the three-million-ounce Tongon project is a superb asset in the company’s portfolio and has the potential to yield high-grades at relatively low operating costs.
“Consequently, Randgold Resources is prepared to ride through this political unrest and contribute to the restructuring and development of the country after the successful completion of the elections in October.”
Midlands Minerals (MEX.TO) up date; Ghana
technical review of Sian Goldfields property and Kwahu Praso on the Ashanti goldbelt
2/20/06
TSX-VN: "MEX"
TORONTO, Feb. 20, 2006 (Canada NewsWire via COMTEX) --
Kim Harris, Chief Executive Officer of Midlands Minerals Corporation (TSX-VN: MEX) ("Midlands" or the "Company") is pleased to provide an update on the development of NI 43-101 Technical Evaluation of the Sian Goldfields Limited ("Sian") property and Kwahu Praso project in Ghana. Sian Goldfields Limited is a past gold producer with a historical resource. Sian was mining gold from two open pits, with the larger open pit being at Esaase and a smaller pit at Ampeha. Sian ceased its gold mining activities in July 2004 due to lack of capital and operational issues related to the management of their mining operations.
The Sian property which is located on the north-east end of the Ashanti Goldbelt, is contiguous to Midlands' Kwahu Praso gold property. Both Kwahu Praso and Sian properties are not only surrounded by Newmont Mining Corporation, but they are also located north-east of Newmont Mining Corporation's Akyem property which is reporting more than 5 million oz of gold. Newmont Mining is investing $500 million on the Akyem project and plans to commence production in 2008.
The following is an update based on observations following three weeks of field work on the Sian and Kwahu Praso properties. The update is based on verification of gold showings on Esaase, Besease, Atunso and Ampeha (on Sian), and Nsuta, Bromkrom and Pankese (on Kwahu Praso). The field program was designed by Marc Boisvert, P.Eng. and field work was supervised by Marc Boisvert. Assays are still pending and will be reported on in the NI 43-101 reports. The NI 43-101 reports on Sian and Kwahu Praso are expected to be available by the end of April, 2006.
On the Sian property, two types of mineralization have been observed in the field as reported by previous workers. The Atunso-Besease features quartz veins with free gold where artisanal mining diggings are evident. The Esaase to north-Esaase, and Ampeha to East-Esaase, feature gold bearing disseminated pyrite with carbonates and silica flooding alteration where Sian Goldfields' two open pit mines are located. Esaase, Ampeha, East-Esaase and Odumasua appear to form a corridor of greater than 4km strike length with a width of 500 metres. This corridor coincides with a topographic depression bordered by higher ground. The high ground features gold showings in quartz veins.
On the Kwahu Praso property, quartz vein areas have been mapped at Nsuta-Bromkrom and at Pankese areas. The Pankese area is located on the south extension of the quartz veins Atunso-Besease which were observed on the Sian property.
Midlands' interpretation of the distribution of the gold showings and the style of mineralization is that all the gold occurrences appear to be part of the large system associated with Atunso-Besease-Pankese, (the eastern outside quartz vein boundary), with Esaase to North-Esaase and Ampeha to East-Esaase forming the central corridor of a carbonate-silicified-pyrite gold bearing structure oriented 020 degree northeast. The Nsuta-Bromkrom field of quartz veins form the western boundary sides.
Previous exploration on Sian focused on outcropping areas, mainly hills and hillsides, and therefore the focus was on quartz-vein occurrences. The low valley which is associated with carbonate-silica-pyrite is well covered and has not been tested by either pitting, trenching or drilling, with the exception of the existing two open pit mines - Esaase and Ampeha. Midlands' target is to focus exploration activities along strike or closer to the centre of the valley with the view to identify a large pyritic-silicified gold bearing type zone. Midlands will concentrate on determining the relationship between these gold bearing areas and their extensions in the hope of identifying large size targets.
Certain statements contained in this news release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from actual results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made and the readers are also advised to consider such forward looking statements while considering the risks inherent in the business of mineral exploration.
The TSX-VN has in no way passed upon the merits of the transactions and
has neither approved nor disapproved the contents of this press release.
%SEDAR: 00020880E
SOURCE: Midlands Minerals Corporation
please contact: Kim Harris, CEO, 1220 Sheppard Avenue East, Suite 402, North York, Toronto, Canada, M2K 2S5, Tel: (416) 492-6992, Fax:(416) 492-6993, E-Mail: info@midlandsminerals.com, Web Site: www.midlandsminerals.com
Copyright (C) 2006 CNW Group. All rights reserved. ********************************************************************** As of Thursday, 02-16-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated a DOWNTREND on 02-08-2006 for NEM @ $56.04. (C) 2006 Comtex News Network, Inc. All rights reserved.
Is Semafo (SMF.TO) completely out of Ghana now?
On the one hand, Semafo's web-page http://www.semafo.com/frameset.html says it sold the Ebi Teleku/Anwia project to Adamus (ADU in Sydney and Toronto Venture):
---------------
"GHANA
Ebi Teleku (Anwia deposit)
Semafo's Ebi Teleku property (Anwia project) in Ghana was sold to Adamus Resources Limited, an Australian company. At year-end, the transaction was subject to Adamus's shareholders approval. The approval was obtained on February 6, 2004.
The approximate total consideration for this transaction is $5.4 million. At closing on February 6, 2004, Semafo has received $300,000 in cash and 4,000,000 Adamus shares, valued at $4,041,312. The remaining cash payments are scheduled to be made four months after the closing date, for $200,000, one year after the closing date, for $500,000, and two years after the closing date, for $500,000.
Semafo was carrying, at year-end this project on its books at $1.00 .
Tinga
Negotiations are still on-going with a mining company interested in acquiring the concession."
---------------
On a "Tinga" property in Ghana, Birim Goldfields (BGI.TO) has announced gold discoveries, e.g.:
"MONTREAL, QUEBEC--(CCNMatthews - Jan. 19, 2006) - Birim Goldfields Inc. (TSX:BGI) ("Birim" or "the Company") is pleased to release the third set of diamond core and reverse circulation (RC) drill results from the now complete Phase One drilling program on the Company's Tinga Far East gold deposit in Ghana."
and Birim's web page says:
"Drilling is already underway on Birim's newly acquired Tinga Prospecting Licence ("Tinga"), located in the Northern Region of Ghana. Birim acquired the 43.8 square kilometer Tinga concession from Semafo Inc. ("Semafo") in June, 2005 to consolidate current and potential resources in the vicinity of the Company's Kuri gold prospect which lies 10 kilometers to the east of Tinga (see attached map)."
So, does Semafo have any more interests in Ghana? (Other than owning four million shares of Adamus?)
FL
Lundins, others buy all Macquarie Bank's Red Back
Red Back Corporate Update
Last Update: 3:11 PM ET Feb 17, 2006
VANCOUVER, BRITISH COLUMBIA, Feb 17, 2006 (CCNMatthews via COMTEX) -- Red Back Mining Inc. (the "Company" or "Red Back") (CA:RBI: news, chart, profile) is pleased to report that it has assisted in the sale of Macquarie Bank Limited's ("Macquarie Bank") share position in Red Back (15.3 million shares) to private banking clients in Switzerland at a price of CDN$2.65 per share. Macquarie Bank continues to hold 3.95 million warrants of the Company at an average exercise price of CDN$2.25.
Of the 15.3 million shares, the trusts associated with the Lundin family have acquired 8.5 million shares for a current aggregate holding of 17.3%.
Macquarie Bank has been a supportive shareholder of Red Back since 1999 and its financial support of the Company has been instrumental in the progression of the Chirano Project to a producing gold mine in Ghana, West Africa. Macquarie Bank remains the principal debt provider to the Chirano Project.
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.
SOURCE: Red Back Mining Inc.
Red Back Mining Inc. Sophia Shane (604) 689-7842 redbackmining.com Copyright (C) 2006 CCNMatthews. All rights reserved. End of Story
Birim Goldfields (BGI.TO) gets new president
BIRIM GOLDFIELDS INC.
1155 University St., Suite 812
Montreal, Quebec, Canada H3B 3A7
For immediate distribution
BIRIM GOLDFIELDS INC.
APPOINTMENT OF NEW PRESIDENT
Montreal, Canada, February 16, 2006 – Birim Goldfields Inc. (BGI: TSX) (“Birim” or “the Company”) is pleased to announce the appointment of Mr. Victor King as the new President of the Company. Mr. King holds a BSc. (Hons) in Geology from the University of Cape Town and for the past 25 years has been actively involved in the successful exploration and development of gold mines in Africa.
“We are very excited to have Vic join our management team,” says Mr. Denis Simoneau, current President of Birim, who will be continuing on as CEO of Birim Goldfields Inc. “Vic’s expertise in Africa will be invaluable in the further development of our existing projects and in the growth of our shareholder value through future acquisitions."
As a native South African, Mr. King was a member of the initial Gold Fields team in 1991 tasked with expanding Gold Fields interests out of South Africa. Recognizing the vast gold potential in Ghana, West Africa, they went on to acquire and grow what was then the state-run Tarkwa gold mine in Ghana. Mr. King led the exploration team at Tarkwa, which expanded the resource leading to the development of the world class Tarkwa surface mine, an important asset in the Gold Fields stable. Tarkwa now has total Resources (including Reserves) of 410Mt @ 1.5g/t for 22.3Moz. In 2005, Tarkwa mined just under 20Mt to produce 677,000 oz of gold at a total cash cost of US$234/oz.
Mr. King joined Birim Goldfields in 1995 as Chief Operating Officer & Exploration Manager. During his 6-year tenure in Ghana, he contributed to the growth of the company through the Mampon discovery and definition of multiple targets on the Dunkwa property on the Ashanti Gold Belt as well as the acquisition and subsequent exploration of the Bui District.
In 2001, Mr. King moved to the UK as Gold Field’s Regional Exploration Manager for Africa. The position included involvement in project assessments, valuations, acquisitions, exploration joint ventures and project management in Ghana, Burkina Faso, Guinea, Mali, Senegal, DRC, Eritrea, Kenya and Tanzania.
As the newly appointed President designate of Birim, Mr. King states “the last 5 years have proved invaluable to understanding the many parameters that contribute to the development of successful projects in Africa. Undoubtedly, Africa remains relatively under explored. Birim’s properties in Ghana provide an enviable land portfolio in one of the best gold-endowed countries in Africa, with a long mining history and which remains fully supportive of mine developments today. I look forward to contributing to and leading the team that has already built a well deserved reputation in Ghana, to further exploration success.”
Mr. King will conclude his responsibilities with Gold Fields and is scheduled to commence with his appointment during the second quarter of 2006.
Birim Goldfields Inc. is a royalty-based exploration company and trades on the Toronto Stock Exchange under the symbol BGI. There are presently 51,576,604 million shares outstanding.
For further information, please contact Denis Simoneau, President
Tel: (514) 393-8611 or 1-800-721-8611 Fax: (514) 393-1158
Email: info@birim.com Web site: www.birim.com
Samira Hill, Niger up 25%: Semafo(SMF.TO), Etruscan(EET.TO)
SEMAFO INC.
TSE-SMF 15.02.06
FOR IMMEDIATE RELEASE
Increase in Mineral Reserves by 25% at the Samira Hill Gold Mine
Montreal, Quebec, February 15, 2006. – SEMAFO (TSX – SMF) is pleased to announce that the in-situ proven and probable mineral reserves stated as of December 31, 2005 at the Samira Hill mine in Niger have increased by 147 300 ounces, thus representing a 25% increase over the recoverable mineral reserves reported in the 2004 year-end statement. Beyond this increase, the mineral reserves extracted during the year 2005 at the Samira Hill mine have also been replaced.
The Samira Hill mine in-situ total proven and probable mineral reserves as of December 31, 2005 stand at 10,360,500 tonnes at a grade of 2.22 g/t Au representing 739,000 ounces, using a gold price of US$500 per ounce. This compares to 9,637,200 tonnes at a grade of 2.21 g/t Au representing a total of 591,700 recoverable ounces, as of December 31, 2004, using a gold price of US$352.50 per ounce.
As a result of exploration and delineation drilling conducted during 2005, mineral resources were converted into mineral reserves hence the contained ounces in the measured and indicated mineral resources now represent a total of 25,854,000 tonnes at a grade of 1.36 g/t Au, for 1,133,300 ounces, compared to 1,495,000 ounces as of December 31, 2004. The main reason explaining this variation is a more precise geological interpretation, inducing better control on the mineralization. The total mineral reserves and resources now stand at 36,214,200 tonnes at a grade of 1.64 g/t Au representing 1,872,300 ounces of gold (2,086,700 ounces as of December 31, 2004).
The table below shows the details of the reserves and resources estimations as of December 31, 2005.
[table omitted]
Mr. Benoit La Salle, President and Chief Executive Officer of Semafo is pleased to comment that «With more than 2 million ounces in mineral reserves and resources, the future of the Samira Hill mine is extremely promising.»
In 2006, Semafo will continue its local and regional exploration programs to further increase the mineral reserves and resources and consequently, the expected mine life of the Samira Hill mine.
The Samira Hill mine is owned 40% by Semafo, 40% by Etruscan and 20% by the State of Niger. However, the cash flow attributable to Semafo represents 80% of the free operating cash flow from the mine until complete repayment of Semafo’s investment in the operating company.
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 reserves and resources estimates for the Samira Hill mine, 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 derives from the technical report prepared for Semafo by experienced mining geologists under his technical supervision.
Semafo Inc. is a mining company whose mission is to explore and develop gold and base metal deposits in West Africa.
For more information contact:
MONTREAL:
Benoit La Salle,
Chief Executive Officer and Chairman of the Board
Tel: (514) 744-4408
Fax: (514) 744-2291
E-mail: blasalle@semafo.com
RENMARK:
Tina Cameron
Tel.: (514) 939-3989
Fax: (514) 939-3717
E-Mail: tcameron@renmarkfinancial.com
More extensive information on Semafo can be found
on our home page at http://www.semafo.com
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
Newbie Do's and Dont's has big trend-following bias
Two main trading approaches are opposed to each other: 1. trend-following. 2 reversalism (which could be called "trend fighting" if in fact there are price trends at all).
When something goes up, the trend-follower buys. If it goes up more, he or she may buy more. The reversalist, on the other hand, is looking for a reversal, or a "reversion to the mean." If something goes up (to the top of its "channel") it's time to sell.
These views are basically opposed, although a trend-follower is really a LONG-TERM reversalist, simply believing in big reversals that are far apart in time. Neither one is mainly an "investor," for income, since both are speculating on price.
It seems that 70 to 90 percent of the postings on this "Newbie Do's and Dont's" board are restatements of the main rule of the trend-followers: Cut your losses soon, let your gains run. How many ways can the same point be made? (There are also some "money-management" messages.)
Is this because the trend-followers are simply right? Or is it just the bias of the board leader, and posters, towards trend-following?
Victor Niederhoffer is a reversalist author of investment books and articles. He says "The trend is not your friend." Others, like the "Turtles," were famous trend-following traders. They said "Losers average losers." Jesse Livermore (the Great) started as a reversalist in his youth, but converted to trend-following as an adult. The Dow Theory (of Dow, Hamilton, Rhea and Russell) is basically trend-following. In the "Market Wizards" books by Jack Schwager, the consensus advice is: follow trends, cut losses soon.
I'm too lazy to trade wiggles in price, as the short-term reversalist must do. To me, investment wisdom is "juncture recognition" -- recognizing the rare times, like 1929, 1974 or 2000, when there is "a turn in the tide" and bull market becomes bear market or vice-versa. (That, plus stock-picking, a different skill.) I like it when laziness is a virtue.
Both approaches might work -- but not for many people. The vast majority of traders LOSE MONEY. I wonder why the people on these boards think that they will not be in that majority. On the other hand, Goldman Sachs and Lehman Brothers have trading departments that seem to make money every year.
Anyway, the extreme bias of "Newbie Do's & Dont's" towards trend-following should be noted.
Red Back (RBI.TO), Ghana, produced 11,672 oz/mo
Red Back sells 11,672 ounces of gold in January, 2006
2006-02-13 13:05 ET - News Release
Mr. Richard Clark reports
RED BACK ANNOUNCES PRODUCTION INCREASE AT CHIRANO GOLD MINE AND 2006 CAPITAL
Red Back Mining Inc. has released the results of its operating performance for the last quarter of 2005 and its projections for 2006.
The company's Chirano gold mine poured its first gold on Oct. 10, 2005, and as at Dec. 31, 2005, the mine had recovered 3
0,247 ounces of gold against a budget of 24,431 ounces. Of those ounces, 26,471 were sold prior to year-end at an average price of $469 (U.S.), realizing $12,426,367 (U.S.).
In January, 2006, Chirano produced and sold 11,672 ounces of gold against the budgeted target of 10,775 ounces, a positive reconciliation of 8 per cent. Chirano continues to exceed design parameters.
The nameplate capacity of the Chirano mill is 2.1 million tonnes per year. After the successful start-up in Octoberm the throughput of the mill has been gradually increased to 2.5 million to 2.6 million tonnes per year and the mill has been operating at that level since December.
Based upon the positive performance of Chirano in 2005, the board of directors has recently approved a 2006 budget that projects operating levels at 2.5 million tonnes, realizing gold production of 148,000 ounces at a cash cost of $266 (U.S.) per ounce. These numbers are estimates only and as Chirano is a new mine without a long history of operating performance, actual results may vary from projections.
The exploration budget for 2006 is $5.2-million (U.S.). The primary focus of the exploration program is to increase reserves at Chirano and to advance the Enchi project to an initial resource calculation by the third quarter of 2006. Work will also continue on the company's other regional projects in Ghana to advance targets identified in 2005.
The primary objectives for the company in 2006 are to substantially increase the Chirano mine life, advance the Enchi project to initial feasibility and aggressively explore the large landholding in Ghana. Corporately, the company will continue to review opportunities in West Africa and elsewhere toward achieving the goal of becoming in the near-term, multimine gold producer.
We seek Safe Harbor.
Glencar/Gold Fields Mali deal (excludes Glencar's bonanza)
(Glencar stock is GEX on the London Stock Exchange, GCM on the Irish Stock Exchange. Gold Fields is GFI on the New York Stock Exchange and on the Johannesburg Stock Exchange. FL)
GLENCAR MINING PLC
Glencar Signs Agreement with Gold Fields on Sankarani Project, Mali
13 February 2006
Glencar Mining plc (“Glencar” or “the Company”) is pleased to announce the execution of a legally binding, conditional agreement (the “Agreement”) with Orogen Holdings BVI Limited, (“Gold Fields”) a wholly owned subsidiary of Gold Fields Limited relating to the Sankarani project in Mali, West Africa. Pursuant to the Agreement, Gold Fields must spend up to US$12 million in exploration expenditures in order for it to earn a 65% interest in three of the five exploration licences in Glencar’s Sankarani Project.
Glencar’s Sankarani Project consists of five exploration concessions at Bokoro, Sanioumale, Farasaba, Solona and Komana in southwestern Mali, totalling 1,250 square kilometres in area. Under the terms of the Agreement, Gold Fields may earn an interest in the Bokoro, Sanioumale and Farasaba concessions, (the “Property”) by making exploration expenditures as follows:
* Gold Fields will be entitled to earn a 25% right to the Property by incurring exploration expenditures of US$2.5 million by 31 December 2007, the Phase 1 Earn-in Period.
* Gold Fields will be entitled to a 51% right to the Property by incurring exploration expenditures of US$4 million in aggregate by 31 December 2008, the Phase 2 Earn-in Period.
* Gold Fields will then be entitled, but not required, to increase its stake in the Property by acquiring a further 14% interest, increasing its overall stake to 65%, by funding additional exploration if required and a Feasibility Study, prior to 30 June 2011, subject to a maximum additional expenditure of US$8 million (US$12 million in total) for such additional interest, the Phase 3 Earn-in Period.
The Agreement also provides that, following completion of a positive feasibility study, Glencar may require that Gold Fields provides Glencar’s share of the senior finance required to build a mine, in which case Glencar will transfer a further 5% interest in the Property to Gold Fields. Gold Fields will have the right to recover any such finance provided on behalf of Glencar, from the proceeds of production at an interest rate of LIBOR plus 2%. The Agreement is subject to certain conditions precedent, such as Mali Government approval of the transfer of the three concessions to a new Malian corporate entity to be owned jointly by Glencar and Gold Fields, following the completion of the Phase 1 Earn-in Period. The Agreement is also subject to the conclusion of a Shareholders Agreement between the relevant subsidiaries of Gold Fields and Glencar. However, pending the satisfaction of the conditions precedent, anticipated to be before 30 June 2006, Gold Fields has agreed to immediately commence exploration funding under the terms of the Agreement and it is expected that field work will commence within the next 10 days. Should certain of the conditions precedent not be met by the due date and those conditions are not waived, then the Agreement falls away except that the funds expended by Gold Fields up to a maximum of US$1 million shall be repayable from the proceeds of production from any mine found on the Property, but shall not be repayable at all in the event that no commercial deposit is found on the Property by Glencar or its subsidiary.
The effect of this Agreement (if it becomes unconditional) is that should a commercial deposit be found within the Property, Glencar may retain a 15% interest in a producing mine, without having to raise further funding to contribute to the capital cost of that mine or mines. In addition, should Glencar exercise the option which it has with Africa Resources s.a.r.l. and La Societe Malienne de la Petite Mine d’Or s.a.r.l., the two Malian companies which hold the concessions, Glencar may acquire the 5% interest in the Property held by those companies for a total of US$1 million (on the basis that only one mine will be found within the Property as a whole), thereby bringing its carried interest in a mine to 20%.
This Agreement does not affect the ownership of the Solona concession or the Komana concession, upon the latter of which Glencar has recently completed a drilling programme which encountered bonanza gold grades. Glencar will continue to work independently on these concessions which will now be referred to collectively as the Yanfolila Project. The Bokoro, Sanioumale and Farasaba concessions will now be referred to collectively as the Sankarani Project. The Agreement anticipates that Gold Fields may be given first refusal on the Komana concession, should Glencar in the future wish to bring in a major to assist in the further development of the Komana project.
Glencar is very pleased to have concluded this agreement with Gold Fields, one of the world’s largest gold producers. The terms are favourable to Glencar, securing a substantial exploration expenditure on very prospective ground. The Gold Fields technical team is very strong and focussed, and will be a big asset to the aggressive exploration programme which is now about to commence on the Sankarani Project.
For further information, please contact:
Glencar Mining plc
Hugh McCullough, Chief Executive
Tel: +353 1 661 9974
e-mail: info@glencarmining.ie
Keegan (KGN.V) drilling Asumura, Yamfo-Sefwi belt, Ghana
FEBRUARY 9, 2006 - 11:15 ET CCN Mathews Newswire
Keegan Completes Technical Report; Drilling to Commence at Asumura Gold Project
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 9, 2006) - Keegan Resources Inc. (TSX VENTURE:KGN) is pleased to announce that it has contracted a reverse circulation drilling company for the Asumura gold project with anticipated startup in February. Keegan has also finalized and filed a technical report under national instrument 43-101 which is available on the company's website at www.keeganresources.com. The report recommends a 10,000 metre Phase I reverse circulation drill program followed up by a 5000 metre Phase II core program contingent on favorable results from Phase 1. Keegan plans to focus it's initial drilling on the two kilometre plus geochemical and IP anomaly at Wagyakrom and in the area of the prospective trench within the Twiapasi gold-in-soil anomaly where Keegan obtained a bedrock intercept of 6 metres at 4.6 g/t Au. A further announcement will be made once drilling commences.
The Asumura Project is located within a favorable geological setting on a large convex flexure of the Sefwi greenstone belt. Each convex flexure of the Sefwi and Ashanti greenstone belts besides Asumura has delivered multi-million ounce deposits; the most recent discoveries occurring in Newmont's (TSX:NMX)(NYSE:NEM) Ahafo gold district (proven and probable reserves of 10.6 M oz at an average gold grade of 0.068opt (1.92g). The Asumura concession comprises a 210 square kilometer area 65 kilometers south of Ahafo along the same belt boundary.
Dan McCoy, president and CEO of Keegan Resources states: "We are looking forward to the chance to drill test these very prospective anomalies. The next few months will be a very exciting time for Keegan Resources."
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
This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.
CONTACT INFORMATION
Keegan Resources Inc.
Investor Relations
(604) 683-8193 or Toll Free: 1-800-863-8655
(604) 683-8194 (FAX)
info@keeganresources.com
www.keeganresources.com
SearchGold (RSG.V) options gold property in Guinea
PRESS RELEASE - CCN Mathews
SearchGold Resources Inc.
TSX VENTURE: RSG
INDUSTRY: Mining
FEBRUARY 8, 2006 - 10:32 ET
SearchGold Options the Mandiana Gold Property in Guinea, West Africa
MONTREAL, QUEBEC--(CCNMatthews - Feb. 8, 2006) - SearchGold Resources Inc. ("SearchGold")(TSX VENTURE:RSG) is very pleased to announce that it has entered into an agreement dated January 25, 2006 and signed in Conakry, Guinea with Pierre Lalande ("PL") and Boure Gold Fields SARL ("BGF") to acquire a 100% interest in the 487 km2 Mandiana Gold Property ("Mandiana") located in Guinea, West Africa.
Option Agreement : SearchGold can acquire a 100% interest in Mandiana by meeting the following conditions. The full details of the option agreement are provided in a further section of this press release.
a) Executing total work commitments of USD 270,000 over 18 months;
b) Paying a 2% Net Smelter Return Royalty to PL and BGF;
c) Paying a percentage of project expenditures to PL and BGF, such
payments being considered as an advanced royalty.
Mandiana is located in eastern Guinea, near the border with Mali, and is accessible by road. It is situated along the western margin of the Bougouni basin and is underlain by sedimentary rocks of the lower part of the Upper Birimian Group. The Morila-Syama Gold Belt, a large endowment of gold, is located across the Bougouni basin, along its eastern margin.
District mineralization : Important auriferous mineralization is also associated to the western margin of the Bougouni basin with the main feature being Avnel Gold's 900,000 oz Kalana deposit located 25 km east of Mandiana. Recent exploration activity has demonstrated the area's potential for significant additional discoveries.
- December 2005 : The intersection of 55,19 g/t Au over 20 m by
Glencar on their Sankarani project, approximately 40 km north
of Mandiana. The target is defined as a 20 m wide by 450 m
long north-south trending shear zone in silicified
metasediments with plurikilometric potential.
- August 2005 : The recovery of high grade intercepts yielding
73,60 g/t Au over 2 m and 45,90 g/t Au over 4 m by Avnel Gold
on their Kalana project, approximately 35 km east-south-east
of Mandiana. The target is defined as a northeast trending
quartz stockwork which also holds potential for widespread
disseminated mineralization as demonstrated by an intercept of
5,40 g/t Au over 36 m.
Mandiana property potential : Although at a very early exploration stage, Mandiana has already yielded significant preliminary drill results as demonstrated by an intercept 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.
Some very high-grade fire assays were reported which yielded soil geochemical grades of up to 65 g/t gold. Some of the higher grade assays are situated within clusters of anomalously high geochemical results from soil sampling. These clusters appear to have some distinct orientations which can be observed for over a kilometer. The SearchGold technical team is very excited with this acquisition and is anxious to begin exploration.
Two small villages of "gold diggers" are located on the permits which clearly demonstrate that gold is being mined on the property. The two villages and workings are located between the Karfakolo and N'Diambaye gold geochemical clusters which also demonstrates the north-south orientation of a "gold corridor".
SearchGold's Mandiana Gold Property is located within an area covered by a systematic 5,000 km2 reconnaissance geochemical soil survey executed by Ashanti Goldfields Corporation under a joint venture called the Ashanti-AGEM Alliance (Alliance). AGEM is a wholly-owned subsidiary of IAMGOLD Corp. A total of 25 anomalous areas were followed up by the Alliance through the execution of detailed surface surveys and three of these anomalous areas, namely the N'Diambaye, Karfakolo and Intercolonial gold prospects are located on Mandiana. Previous follow-up work on these prospects includes : detailed geochemical surveys, pitting and trenching, geological mapping, ground geophysical surveys and/or drilling.
Early indications show that Mandiana may be situated in a similar geological environment as the one hosting the aforementioned recent discoveries. Indeed, bedrock float reported form the Karfakolo prospect includes altered metasediments displaying fresh, disseminated pyrite, coarse grained dolerite, dacitic to andesitic volcanics, hornfeled metasediments and sheared acidic intrusive. Moreover, the coincidence of gold and arsenic soil anomalies observed on the Intercolonial prospect is a clear pathfinder as testified by Avnel Gold's recent discovery in close association with silicified sulphide-rich Birimian sediments containing abundant pyrite and arsenopyrite. Finally, surface rock sampling yielded grades of up to 5,30 g/t Au in mineralized quartz veins on the N'Diambaye prospect.
Numerous extensive artisan gold workings are present on Mandiana as well as some Alliance secondary targets from the reconnaissance geochemical surveys that have yet to be followed up.
Previous studies by the BRGM (French) and the BGR (German) have outlined a regional, north-south trending, shear system under the Sangarani River along the western boundary of the property which is consistent with the regional grain. Anomalous soil sites from the Alliance reconnaissance survey show east-north-east trends that may reflect mineralized splays buried under alluvial cover at the western boundary of the property. These working hypotheses were not tested by the Alliance.
Lastly, the potential for placers and paleo-placers was not investigated by the Alliance although the Siguiri deposits were found during the profitable mining of industrial-scale alluvial placers (the Koron mine).
Gold prospect details
N'Diambaye prospect : Follow-up of the regional survey on N'Diambaye was executed on 50-m centres over 13,2 km2 and 5,300 soil samples were collected. A north-south anomalous auriferous trend of approximately 2,6 km is defined and contains some north-east trending richer zones.
The area is mined by local miners along streams and on higher ground under a ferricrete bowl in the south half of the prospect area. Several existing artisan trenches were sampled. The results show some gold (150 to 500 ppb) in what may be wall rock adjacent to mineralized quartz veins (200 to 5300 ppb). Many existing pits were sampled and show low but significant levels of gold (97 to 1880 ppb).
It is concluded that the soil anomaly stems in part from the erosion of a vein or series of veins striking north-south across the southern part of the grid. The anomaly was enhanced by artisan workings under the laterite hardpan, where supergene gold has concentrated.
The gold distribution in the soils shows three higher grade zones within the N'Diambaye Prospect. Within the western half of Zone A is a 350 m long by 200 m wide high level gold area with half the soil results above 500 ppb and the remaining almost all above 250 ppb. The gold level content and lateral extent of Zone A is similar to the Sadiola soil anomaly in the Mali Ouest survey. Its coincidence with artisan gold diggings is comparable to the Sadiola, Syama and Morila mines in Mali which all have a saprolitic and fresh bedrock root.
Karfakolo prospect : Follow-up of the regional survey on Karfakolo delineated a north-south auriferous anomalous trend of approximately 2,8 km in length containing some richer zones.
One of the most striking features of the Karfakolo prospect is a north-south trending, 3 km-long zone of gold diggings. Artisan mining is carried out in stopes under ferricrete at higher topographic levels. A few small quartz veins crop on surface in the ferricrete covered area which slopes very gently in a southerly direction. Deep circular pits near a drainage system on the west side of the grid go down to water table. There is a north-south trend coincident with the workings.
Bedrock float includes altered metasediments displaying fresh, disseminated pyrite and coarse grained dolerite. Most of the quartz at surface consists of rejects from artisan workings. Schists and granitic cobbles are found near some deeper shafts in the lower ground area. In the northern part of the grid, float of dacitic/andesitic volcanics, hornfeled metasediments and sheared acidic intrusive are found on the ferricrete surface; these are presumably mining debris.
Eight lines of Rotary Air Blast ('RAB') holes (132) were drilled in a 255W direction and at -50 degrees to a depth of 30 m. Hole RAB-379 cut 10 m at 3,68 g/t Au using a 10 g/t Au cut-off grade on two 1-m high values (44,700 ppb and 14,200 ppb). The 1-m results were much higher than their 4-m equivalents, a display of a strong nugget effect. Hole RAB-379 was drilled to a depth of 30 m and ended in mineralization.
Intercolonial prospect : Follow-up of the regional survey on Intercolonial was executed at a 40-m centre spacing and revealed a 500 m long by 100 m wide north-south gold anomaly. There are also two arsenic anomalies. The first one peaking at 743 ppb As is coincident with the gold anomaly while the other one, peaking 2780 ppb, is a wide anomaly with an east-west orientation. The gold anomalies outline three potential structural directions : NS, NE-SW and NNW-SSE.
Although narrower than the previous two prospects, the Intercolonial prospect outlines a potential north-east trending, 13 km long by 1 km wide geochemical corridor. The best grades in RAB drilling are found in the bottom of many holes. The highlights of the RAB drilling program are presented below.
- RAB590 equals 2,66 g/t Au over 4,0m (0 - 4m)
- RAB590A equals 1,89 g/t Au over 20,0m (0 - 20m)
- RAB590A equals 0,50 g/t Au over 13,0m (32 - 45m)
- RAB591 equals 2,41 g/t Au over 13,0m (33 - 46m)
- RAB784 equals 0,94 g/t Au over 47,0m (4 - 51m)
- RAB804 equals 2,02 g/t Au over 12,0m (28 - 40m)
Option agreement details
SearchGold can acquire a 100% interest in Mandiana by meeting the following conditions:
a) by carrying out a semi-detailed survey over the N'Diambaye,
Karfakolo, and Intercolonial gold prospects estimated at USD
88,000 within three months of the Agreement date;
b) by conducting a reconnaissance survey within six months of
the Agreement date over the entire permit areas for an
estimated cost of USD 122,000;
c) by carrying out a follow-up semi-detailed survey within
eighteen months of the Agreement date with an estimated cost
of USD 60,000. The total work commitment is estimated at USD
270,000;
d) by paying a 2% Net Smelter Return Royalty to PL and BGF;
e) by paying 5% of project expenditures to PL and BGF per
quarter with a minimum of USD 5,000 and a maximum of USD
25,000 for the first year. On the second year onwards,
SearchGold will pay a combined 5% of project expenditures
with a minimum of USD 10,000 and a maximum of $USD 50,000 per
quarter. These payments are considered as an advanced royalty
and will be deductible from the NSR should the property
advance to a production phase;
f) SearchGold may terminate the Agreement at any time; and
g) No up-front payments. The first payment is due only on April
25, 2006.
SearchGold is currently planning the first phase of work on Mandiana with Pierre Lalande. A press release is expected to be disseminated in the next few days describing the work to be conducted on Mandiana as well as an estimated completion date.
This press release was prepared under the supervision of Mr. Joel Scodnick, P.Geo. and qualified person according to NI 43-101, who was in Africa conducting due diligence visits from January 18, 2006 to January 25, 2006 and executed a visit of the Mandiana property during that period.
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.
http://www.searchgold.ca
CONTACT INFORMATION
SearchGold Resources
Joel Scodnick
President & CEO
(705) 522-4439
jscodnick@xplornet.com
or
C H F Investor Relations
Nick Kohlmann, M.Sc.
(416) 868-1079x222
nick@chfir.com
www.chfir.com
or
SearchGold Resources
(514) 866-4224
info@searchgold.ca
Diamond Fields (DFI.TO) Updates ... Liberian Gold Exploration
Diamond Fields International Ltd.
Suite 1600 – 777 Dunsmuir Street Tel: 1-604-682-2113
P.O. Box 10425, Pacific Centre Fax: 1-604-688-0078
Vancouver, BC, Canada V7Y 1K4
SYMBOL: DFI
FOR IMMEDIATE RELEASE February 8th, 2006
Diamond Fields Updates on Marine Diamond Mining
and Liberian Diamond and Gold Exploration
Vancouver, February 8th, 2006 - Diamond Fields International Ltd. (TSX:DFI) (“DFI” or the “Company”) is pleased to report progress on its marine diamond mining project in Namibia and continuing results from its diamond and gold exploration in Liberia.
[ Note: Diamond mining information omitted here. FL ]
Gold Exploration
DFI continues to explore the Henry Town and Barteajam gold targets in Liberia. Although outcrop is scarce, both prospects are believed to consist of high grade gold bearing quartz veins in a mafic volcanic host rock and both are thought to be shear zone related. Artisinal miners are recovering coarse gold from regolith (weathered in situ rock) in both areas and DFI’s sampling has returned anomalous soil, rock chip and stream sediment samples indicating mineralization is present over extensive areas on the kilometer scale. Mr. Daniel added “Our Liberian geological team will shortly begin more detailed exploration work to better define these prospects as soon as orientation sampling is completed and the most prospective zones identified.”
[ Note: Diamond sampling information omitted here. FL ]
Gold samples are sieved and dewatered in the field and sent to Anglo American Research Labs in South Africa for Fire Assay and ICP analysis. Results of the sampling programs have been reviewed, verified (including sampling, analytical and test data) and compiled by the Diamond Fields' geological staff supervised by Mr. Randal Cullen, P.Geol., a "Qualified Person" as indicated under NI 43-101.
Diamond Fields International Ltd. is an internationally active exploration and mining company pursuing mineral exploration opportunities worldwide. The Company's corporate strategy is to maximize cash flow from its Namibian marine diamond concessions and systematically explore and develop its international mineral exploration projects. In addition, the Company continues to explore opportunities to acquire new economic mineral projects worldwide.
DIAMOND FIELDS INTERNATIONAL LTD.
“Roger J. Daniel”
Roger J. Daniel, President and Chief Executive Officer
For further information contact Greg Girdler, Investor Relations at (1.604.682.2113.Ext.257).
Website: www.diamondfields.com
Any opinions on Searchgold (RSG.V)?
Searchgold, with its main gold properties in Gabon, is at C$0.14, having doubled fast on relatively high volume after a recent trading halt, but it's still far below its January 2004 C$0.37 peak from which it more or less steadily declined to below $C0.07 until the recent trading halt.
Somethong seems to be going on. Searchgold did a financing deal with the Moroccan company Managem (MNG on the Casablanca Bourse), which is controlled by ONA, which is supposedly controlled by the Moroccan royal family. I've always thought that Managem's majority-controlled gold mining company Semafo (SMF.T) was competent and able to work well in French-speaking countries. But Semafo and Managem are not the same; reportedly they've had disputes.
Managem had "good taste" in buying into Semafo (disclosure: I own some Semafo stock) and its decision to deal with Searchgold is interesting to me. Is Managem now buying up Searchgold shares, as it did with Semafo before?
If anybody has ideas about what might be going on with Searchgold, please post them. I'm thinking of buying some Searchgold shares (I have none now) but I'm undecided.
FL
Perseus Gold results in Cote d'Ivoire Syama Belt
[ Perseus Gold trades as PRU in Sydney. FL ]
MineBox.com Article
Perseus Testing Syama Gold
Perth-based gold explorer Perseus Mining Ltd has announced that first pass drilling at Sissingue has been completed and drilling is continuing along strike at Kananono. Perseus is testing a series of gold in soil anomalies over 70km strike of the highly prospective Syama gold belt, which extends from Mali into Ivory Coast.
Perseus commenced drilling on the Sissingue gold in soil anomaly on the Tengrela Project in late November 2005. By 14 January a total of 142 drill holes had been completed for 6360m of drilling. Perseus Managing Director Mark Calderwood said: “Due to the large size of the Sissingue soil anomaly, drill traverses in this initial phase were spaced at an average of 800m. Individual traverses were up to 900m long and drill hole spacings on traverses did not provide complete coverage across strike, but are considered to be sufficient to discover any large zones of mineralization.”
Fire assay results for the first 73 holes have been received. Six holes intercepted potentially significant mineralization, including intercepts of 33m at 11g/t from 8m, 26m at 0.9g/t from 24m, 32m at 0.8g/tfrom 12m, 29m at 0.7g/t from 12m and 8m at 1.3g/t gold from 40m, whilst another 6 holes intercepted mineralization worthy of further exploration. Five of the six strongest intercepts are located over an open 2 km strike centrally located on the southern end of the Sissingue anomaly, where drilling commenced. The host of the mineralization appears to be weakly altered and veined volcaniclastic and argillaceous meta-sediments close to the margin of more competent volcanics or volcaniclastics.
Resolute Mining Ltd and Estruscan Resources Inc have announced a number of high grade gold intercepts at their Tabakoroni prospect in Mali, located 11km north along the Syama shear from Perseus’s high grade drill hole SRB047. The Tabakoroni soil anomaly is located 1.5km from Perseus’s tenement boundary. First pass drilling at Sissingue has been completed and drilling by the Perseus owned drill rig is continuing at Kanakono. Perseus is testing a series of gold in soil anomalies over 70km strike of the highly prospective Syama gold belt, which extends from Mali into Ivory Coast.
Mr Calderwood added that for a first pass drilling program on one of nine regionally significant soil anomalies, these results are considered to be most encouraging and they come on the back of Perseus’s continuing drilling successes at the Tolubay project in the Kyrgyz Republic.
- 26 Jan 2006
Randgold (GOLD,RRS in London) profits more than double
Mon 06 Feb 2006
RRS - Randgold Resources (GOLD on NASDAQ exchange)
Latest Prices
Randgold Resources 1,063.00p +4.32%
LONDON (SHARECAST) - Randgold Resources has reported a net profit of $41m for the year to December, more than double its 2004 earnings of $18.8m, on the back of a 54% increase in production and a buoyant gold price.
Its Morila joint venture produced 651,110 ounces of gold during the year, outstripping its 2004 output by some 140,000 ounces.
The new Loulo mine in Mali, which came into production in the last quarter of the year and shipped its first bullion in November, contributed 67,984 ounces.
It is scheduled to produce 250,000 ounces in 2006 from open-pit operations, but a complementary underground operation, which will substantially extend the size, value and life of the mine is currently being developed.
In the meantime continued exploration has increased the Loulo resource from 8.04m ounces at the end of 2004 to 9m ounces despite depletion by mining.
AGG.V buys 3 concessions in Mali from Cominor
[ Note: I added information on Cominor to the board header. Cominor is owned by Cogema which is owned by Areva which is/was about 89% owned by the government of France. Areva trades on the Paris Bourse. FL ]
African Gold Group, Inc: Acquisition of Cominor's 3 Mali Gold Concessions Concluded;
AGG (Barbados) Limited Created to Hold All African Concessions; Update on Ghana & Mali Drill Samples
TORONTO -- (MARKET WIRE) -- 02/06/2006 -- African Gold Group, Inc., ("AGG" or "The Company") (TSX-V: AGG) is pleased to report that it has concluded the acquisition of three gold concessions located in the Republic of Mali, West Africa, from Compagnie Miniere D'Or ("Cominor") SA, of France.
As per the terms of the Agreement, previously announced on June 28, 2005, the Kobada, Bagoe East and Bagoe West gold concessions are now registered in the name of the Company.
The Kobada concession comprises 41 sq. km of land located in the Kangaba region of Mali. It hosts an anomaly that is defined by 12 kilometres of strike length across 1 kilometre of width of plus 500 ppm arsenic in soil geochemistry with coincident extensive artisanal surface and hardrock as well as placer mining activity. Work carried out by the BRGM, La Source and Cominor (COGEMA) since the early 1980s has comprised surface geochemical and geophysical surveys and some 1,736 metres of AirCore drilling, 13,200 metres of RC drilling and 913.4 meters of diamond drilling. The primary target within the 12 kilometres of strike has been a one kilometre zone of extensive artisanal hardrock mining activity.
The Bagoe East concession comprises 183 sq. km of land located in the Sikasso region of Mali. Most of the exploration was conducted on the Darabougou-Tofola anomaly defined with 3,391 soil samples and soil radiometric and magnetometer geophysical surveys. The initial exploration work was followed by 3,796 m of RAB drilling in 82 holes.
The Bagoe West concession comprises 183 sq. km of land located in the Sikasso region of Mali. The soil surveys outlined two main zones. The southern Djissan soil anomaly, oriented at 010o, is continuous over 3.5 km. It corresponds to a sheared contact between intrusive and metasedimentary rocks. The Tiefala anomaly in the central portion of the claim extends for 4 km in an E-W orientation. In 2003, the Djissan Anomaly was tested with 1,342 metres of AirCore drilling in 32 holes.
The Bagoe East and West Concessions are situated approximately 30 km south-southeast of one of the most significant gold discoveries on the African continent in the past 20 years -- the Morilla deposit -- jointly owned by AngloGold Ashanti, Randgold and the Government of the Republic of Mali.
AGG (BARBADOS) LIMITED
The Company, adhering to the recommendation of professional advisors, has incorporated a wholly owned subsidiary in Barbados which will ultimately hold 100% of AGG's African based gold concessions as part of the fiscal management of these assets. This structure is intended to avoid the potential future possibility of double taxation issues arising where AGG's properties are located in African jurisdictions that do not have tax treaties with Canada.
UPDATE: GHANA & MALI DRILL SAMPLES
The recent increase in global exploration activity has resulted in high sample volumes flowing into many laboratory facilities throughout the world. This increased activity has created a backlog in sample analysis. AGG will report on the results of its Ghana and Mali drill campaigns that were concluded just prior to Christmas, as soon as the results become available.
African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa. To date, the Company controls a total of nine gold concessions that are consolidated in six separate standalone gold exploration projects, of which three projects are located in Ghana and the remaining three are located in Mali, West Africa. The Company is embarking on the next phase of its planned development in both Ghana and Mali by focusing on converting known gold potential into resources, initially at Mankranho, Ghana and Kobada, Mali and subsequently at Nyankumasi, Ghana, in early 2006.
Additional Information
Information is available on the Company's website at www.africangoldgroup.com and on www.sedar.com and through the Company's offices at: BCE Place, Canada Trust Tower, 27th Floor, 161 Bay Street, Toronto, Canada M5J 2S1
On Behalf of the Board:
Michael A. J. Nikiforuk
President, Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Distributed by Filing Services Canada and retransmitted by Market Wire
FOR FURTHER INFORMATION PLEASE CONTACT:
African Gold Group, Inc.
Michael A. J. Nikiforuk
(416) 572-2225
Email Contact
SOURCE: African Gold Group, Inc.
Adamus' (ADU Sidney,Toronto) Ashanti resources jump 30% in gold ounces
[ Note: still no decent volume in ADU trading in Toronto. Only in Sydney. FL ]
2006-02-06 07:10 ET - News Release
Mr. Hamish Halliday reports
ADAMUS INCREASES SOUTHERN ASHANTI GOLD PROJECT RESOURCE BY 30%
Adamus Resources Ltd. have recorded an overall 30-per-cent increase in ounces and a 5-per-cent increase in grade at its Southern Ashanti gold project to 15 million tonnes at 2.2 grams per tonne for one million ounces of gold (measured and indicated) and 7.7 million tonnes at two grams per tonne for 490,000 ounces of gold (inferred).
The upgrade follows a further three months of drilling, targeting extensions of both the Salman and Anwia deposits on the 420 square kilometres of tenure held by Adamus at the southern end of Ghana's world-class Ashanti gold belt.
TABLE 1
SUMMARY OF SOUTHERN ASHANTI GOLD PROJECT
RESOURCE ESTIMATE AT 1.0 G/T AU COG
Deposit Category Tonnes Gold Contained
mm t g/t ounces Au
Combined
Salman &
Anwia Measured 8.3 2.4 630,000
Combined
Salman &
Anwia Indicated 6.4 2.0 400,000
Total
Southern
Ashanti
gold
project M & I 15 2.2 1,000,000
Combined
Salman &
Anwia Inferred 7.7 2.0 490,000
The resource upgrade follows the previous resource estimate for the Southern Ashanti gold project completed by SRK Consulting in March, 2005.
At Salman 90 per cent of resources lie at less than 100 metres depth and at Anwia 80 per cent of resources lie at less than 150 metres depth.
Following completion of the resource estimate, Adamus is now finalizing a preliminary economic assessment designed to assist the company in evaluating the potential for the development of the Southern Ashanti gold project.
In addition to the finalizing the preliminary economic assessment, Adamus continues to focus on defining further resource ounces through its continuing drill program, targeting extensions to both the Salman and Anwia deposits, and evaluating the potential of the pending Anwia South acquisition, announced in Stockwatch on Jan. 18, 2006.
We seek Safe Harbor.
huesos wrote: "... Seems like you must reside somewhere near by."
No, I live far, far away.
>"I've always wanted to check the surf on that coast but I know it's a tough enviornment."
Along the Ghana coast there are serious warnings about sideways and undertow currents. The beaches (e.g. at Axim) can be beautiful but I think it's dangerous for surfing or even swimming.
>"How would you rate the stability of Senegal at the moment?"
I'm not up-to-date, but I believe that Senegal is very stable. The ongoing separatist trouble in the far South (Casamance, south of Gambia) never seems to amount to much.
Senegal is 90% or more islamic, and there are posters and T-shirts with Osama bin Laden everywhere. Unless an American (or Dane) has important business in Senegal, I'd suggest staying away for a while. Ghana on the other hand is fine (except for the far North). To me, Ghana is a fun place to visit.
FL
huesos wrote "...Beats BGI." Despite Birim Gold's stock doldrums, I've kept the faith, especially in Birim's huge Bui concession in western Ghana. I.e. kept all my shares through ups and downs. Maybe I have more faith in the Bui concession (which I've wandered around in) than the Birim people themselves have. I wonder how much they've really seen of it.
I know nothing about gold ore geology...BUT... I have a (maybe purely superstitious) idea that there is a good prospect for major gold finds on the margins around the two big igneous intrusions in the Bui concession that lie alongside the Ghana/Cote d'Ivoire border. I don't know whether they've been explored.
I went up to Bui to see the hippopotamuses, and took a few detours in the area. Lots of appealing white quartz veins and sheets around there.
I don't communicate with the company, and I've never seen them talk about those two igneous intrusions in their press releases or their web-page. A few years ago I guess I probably did have an exaggerated estimation of the prospectiveness (or ease of mining at least) of the Brohani Hills gold deposit on the Bui concession.
The gold fields they've found on Bui have been good, but not as splendid as what I'm (still) expecting.
FL
Note: Searchgold(RSG.V) doubled after failure-to-file trading halt.
Searchgold (RSG.V) shot up on volume after a failure-to-file trading halt that lasted for over two weeks. It doubled in four trading days from C$0.075 to C$0.15 and has pulled back now to C$0.125. The Managem (MNG in Casablanca) deal has credibility, to me. I don't know much about Gabon, where the main effort is. It looks as though Searchgold might also go after neglected areas in francophone West Africa, and/or Liberia/Sierra Leone, since it talks about acquisitions in "Archean" areas.
FL
Searchgold(RSG.V) Gabon deal with Managem; plans WAfrica acquisitions
JANUARY 30, 2006 - 09:00 ET
SearchGold Provides Update on African Gold Strategy
MONTREAL, QUEBEC--(CCNMatthews - Jan. 30, 2006) - SearchGold Resources Inc. (TSX VENTURE:RSG) is pleased to provide an update on the development of its gold activities in Africa.
SearchGold will emphasize two axis of development for gold in Africa :
- Advancement of its Bakoudou-Magnima gold project in Gabon
- Acquisition of additional gold properties in West Africa
Bakoudou-Magnima gold project
SearchGold initiated work on Bakoudou in 2004 following the positive recommendations of a scoping study by Met-Chem Canada inc. which outlined a combined oxide-sulfide measured and indicated resource of 277.380 oz Au on Zone A of the project (oxide resource of 165.412 oz Au comprising 2.100.000 metric tons at a grade of 2,45 g/t Au in the measured and indicated categories and a sulfide resource of 111.968 oz Au comprising 570.000 metric tons at a grade of 6,11 g/t Au in the measured and indicated categories). This study relied on historical data and should not be interpreted as NI 43-101 compliant.
One of the highlights of the 2005 drill program on Zone A, is the recovery by SearchGold of an intersection of 4,64 g/t Au over 55,10m from 14,90m to 70,00m in hole BA04-18 (press release dated June 28th 2005). This result was obtained under the supervision of Mr. Philippe Giaro, geologist and Qualified Person as defined in NI 43-101.
In mid-2005 SearchGold entered into a joint venture agreement with Managem which can earn 63% of the Project by executing :
- Cash payments : $CDN 1,200,000.
- Work commitments : $CDN 3,000,000 over a 2-year period.
- A bankable feasibility study.
A first technical committee meeting was held in late November 2005 during which it was decided that the following axis of development would be implemented.
- Execution of ground geophysical and geochemical surveys followed by pitting and trenching to cover the entire 24 km2 Bakoudou permit surface area with the objective to better define the underlying geology and locate additional extensions of Zone A.
- Execution of detailed reconnaissance on the Magnima permit with stream sampling and prospecting in a 5 km wide zone immediately surrounding the Bakoudou 24 km2 permit to identify potential gold mineralization associated with clearly identified structural features.
Exploration teams are now operational and presently in the field in Gabon to implement this strategy.
Additional gold properties in West Africa
SearchGold intends to leverage its competitive advantage provided by an established presence in West Africa through the acquisition of additional gold properties.
The Company is targeting the classic Proterozoic belt comprising the Birimian formations which are the host of the world class Ashanti deposits and which have provided significant recent discoveries such as the Sadiola deposit. SearchGold will also be targeting the Archean greenstone belts which underlie a significant part of West Africa and which have so far been severely under explored.
Negotiations and due diligence visits are presently underway and should pave the way for significant new additions to the Company's property portfolio.
SearchGold will provide regular updates on the development of its gold activities in Africa.
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.
PMI Ventures (PMV.T) announces new reef in Ghana
PMI VENTURES LTD.
Suite 511 – 475 Howe Street
Vancouver, British Columbia, Canada V6C 2B3
Phone: (604) 682-8089 Fax: (604) 682-8094
News Release #06-04 TSX Venture: PMV Frankfurt/Berlin WKN 888063
January 31, 2006 Issued & Outstanding: 39,771,353
Fully Diluted: 59,244,810
NEW REEF DISCOVERED - ASHANTI II PROJECT - GHANA
PMI Ventures Ltd. (the “Company”) [TSX Venture: PMV], announces that a new quartz reef system has been outlined by significant artisanal mining activity in the Appiahkrom area of the Agyaka-Manso concession – the southwestern most concession of the eight concessions operated by the Company on the Asankrangwa gold belt in Ghana.
Work by the artisanal miners consists of a series of open stopes connected by more than 50 small shafts over a current strike length of 150 metres and to reported depths of over 30 metres.
The new workings are co-incident with a previously outlined reconnaissance IP high anomaly near the interpreted contact of Birimian carbonaceous phyllites and greywackes, and 500 metres northeast of extensive alluvial gold workings. The reef system transects two shallow trenches cut by previous operators and for which no reliable historical data exists. Grab samples of quartz reef and wall rock material from the new workings have been submitted for assay.
Detailed IP surveys on this discovery and the other defined IP targets in this area will be completed prior to drilling. Surveys are now underway on the strong 2 kilometre long gold soil anomaly located on Switchback North and on the southwest continuation of the Diaso/Juabo survey, in preparation for a subsequent drilling program.
On behalf of the Board,
“Douglas R. MacQuarrie”
Douglas R. MacQuarrie
President
For further information please contact:
Douglas R. MacQuarrie, President
Telephone: 1 (604) 682-8089 Toll-Free: (888) 682-8089 Facsimile: 1 (604) 682-8094
Or visit the PMI Ventures Ltd. website at www.pmiventures.com or in German: http://pmi.goldseiten.de
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
Adamus extends [Ghana] mineralization, reviews operations
2006-01-31 06:41 ET - News Release
Mr. Hamish Halliday reports
ADAMUS RESOURCES SECOND QUARTER ACTIVITIES AND CASH FLOW REPORT
Adamus Resources Ltd. has released its activities and cash flow report for the quarter ended Dec. 31, 2005. Full copies of the reports are available on the company's website or on Stockwatch SEDAR files.
Highlights:
* Adamus agrees to acquire neighbouring project containing consistent high-grade, gold mineralization, including drill intersections of six metres at 148 grams per tonne, five metres at 71.7 grams per tonne and 14 metres at 10.1 grams per tonne gold.
* Drilling targeting the Akanko prospect, situated on the northern extension of the Salman trend, identifies consistent gold mineralization including intersections of 19 metres at 2.38 grams per tonne, 11 metres at 2.14 grams per tonne and five metres at 3.59 grams per tonne gold.
* Drilling at Akanko also discovers high-grade, reef-style gold mineralization east of the main Salman shear, with first-pass reverse-circulation drilling returning intersections up to seven metres at 11.2 grams per tonne gold.
* Resource drilling at Salman, targeting the Footwall lode, successfully extends the strike of mineralization to 450 metres, with RC intersections of 11 metres at 4.07 grams per tonne, 11 metres at 3.24 and seven metres at 6.24 grams per tonne gold.
Project review
The December quarter saw the continuation of a comprehensive diamond core and RC drill program, targeting extensions to both the Salman and Anwia deposits. The drill program has been continuing since early October, 2005, and has already successfully identified new zones of gold mineralization, potentially adding significant resource ounces to the fast-growing Southern Ashanti gold project.
The majority of drilling during the quarter focused on the Akanko prospect, situated on the northern extension of the main Salman shear. First-pass RC drilling tested both the main Salman Shear zone, as well as several subparallel zones associated with the historic Akanko mine. Results successfully identified several zones of significant mineralization hosted within the main Salman shear, as well as high-grade, reef-style mineralization proximal to the historic Akanko mine.
During the December quarter, the company continued to identify and evaluate acquisition opportunities with the potential to add high-grade resources to the existing resource base of the Southern Ashanti gold project. On Jan. 18, 2006, the company announced that it had entered into an agreement to acquire the Anwia South project, subject to certain conditions precedent. Following completion Adamus will control 100 per cent of tenure immediate adjacent to the company's current Anwia deposit. The new acquisition already hosts consistent high-grade gold mineralization and has the potential to substantially enhance the economics of the Southern Ashanti gold project.
With a scoping study currently under way, success from recent exploration activity at Akanko and a new acquisition pending, the company is well placed to make a decision on the future development of the Southern Ashanti gold project.
Salman deposit
The continuing focus for the company at the Salman deposit has been to drill test an extensive mineralized system known as the Salman trend, which extends over at least 8.5 kilometres of strike. Previous drilling completed by Adamus has already identified broad, consistent zones of gold mineralization throughout the trend, including the Central and Northern zones.
By December, 2004, the company had completed of a major RC drilling campaign consisting of about 35,000 metres of drilling, over a 15-month period. The program comprehensively drill tested approximately 5.0 kilometres of the current 8.5 kilometres of strike and provided sufficient density of drill data to allow the completion of a detailed resource estimation.
TABLE 1:
SUMMARY OF RESOURCE ESTIMATE FOR
THE SALMAN DEPOSIT AT 1.0 GRA
PER TONNE AU COG -- MARCH, 2005
Contained
Category Tonnage Gold ounces Au
mmt gpt
Measured 2.8 2.2 190,000
Indicated 6.9 1.9 420,000
Measured and
indicated 9.6 2.0 610,000
Inferred 2.2 1.7 120,000
Note: For full details on the key assumptions, parameters and methods used to estimate the mineral resource, please refer to the resource upgrade announcements in Stockwatch dated Feb. 25, 2005, and March 24, 2005, and the technical report announcement in Stockwatch dated March 29, 2005, all of which are available on Stockwatch SEDAR files.
The December quarter of 2005 saw the commencement of a second major drilling campaign, focused on the remaining 3.5 kilometres of strike of northern extension of the Salman shear. This area, known as Akanko, also contained an historic underground mine, which had seen no significant modern exploration.
Drilling initially focused on the main Salman shear, which had been defined through geological mapping, soil sampling and trenching. Results identified significant gold mineralization associated with the shear zone, including intersections of 19 metres at 2.38 grams per tonne, 11 metres at 2.14 grams per tonne and five metres at 3.59 grams per tonne gold -- all occurring less than 40 metres from surface.
The Akanko program also included first pass drilling targeting the historic mine area and associated soil anomalies located to the east of the main Salman shear. The drilling intersected high-grade, reef-style mineralization, suggesting the Akanko area has the potential to host additional resource ounces outside the main shear zone.
December also saw resource drilling at Salman successfully extend the strike of mineralization associated with the Footwall lode. The Footwall lode, discovered in 2005, is located about 200 metres east of the main Salman shear. Recent drilling extended the strike of the mineralization to 450 metres, with RC intersections of 11 metres at 4.07 grams per tonne, 11 metres at 3.24 and seven metres at 6.24 grams per tonne gold.
Anwia deposit
The Anwia deposit, purchased from Semafo Mining in early 2004, is located approximately nine kilometres west of the Salman deposit. The surface expression of the deposit consists of extensive, shallow dipping quartz veining, extending over several hundred metres of strike. Previous explorers completed a number of exploration programs involving both RC and diamond core drilling, which intersected multiple zones of gold mineralization within the top 150 metres.
Following Adamus's first resource estimate for the Anwia deposit in July, 2004, the company focused its efforts on extending mineralization at depth and building a more detailed geological model for the deposit. A comprehensive diamond core drilling program in late 2004 and early 2005 led to a 100-per-cent resource upgrade in March, 2005.
TABLE 2:
SUMMARY OF RESOURCE ESTIMATE
FOR THE ANWIA DEPOSIT
AT 1.0 GRAM PER TONNE AU COG
MARCH, 2005
Contained
Category Tonnage Gold ounces Au
mmt gpt
Measured 3.0 2.4 230,000
Indicated 2.5 2.2 180,000
Measured and
indicated 5.5 2.3 410,000
Inferred 0.8 1.7 44,000
Activities during the December quarter of 2005 focused on generating new targets proximal to the Anwia deposit. The company used IP (induced polarization) geophysics to generate both chargeable and resistive targets. Anomalies were identified at both the southeastern and northwestern margins of the Anwia deposit. Drill testing of these anomalies has now been scheduled for early 2006.
In addition to the geophysical survey at the Anwia deposit, the company also completed a one-kilometre square survey at the Nfutu prospect, located three kilometres east of Anwia. The survey identified a large anomaly that was both resistive and chargeable. Two diamond core holes were planned to test the anomaly, one of which has now been completed. The completed drill hole intersected carbonate altered greywacke and quartz veining, but no gold mineralization. The second drill hole will be completed in the first quarter of 2006.
Regional exploration
Regional exploration during the December quarter consisted of infill soil sampling and RC drilling at the Avrebo prospect. Avrebo, discovered in early 2005, is located 10 kilometres southeast of the Salman deposit and consists of a 100-part-per-billion gold-in-soil anomaly, extending over a combined strike length of six kilometres.
December saw the company complete its first comprehensive RC drill program, consisting of 15 drill holes, targeting one of the higher-grade zones within the broader soil anomaly. The program identified broad zones of gold mineralization including: AVRC 008 nine metres at 1.96 grams per tonne gold; AVRC 009 four metres at 2.12 grams per tonne gold; and AVRC 018 eight metres at 3.85 grams per tonne gold, including one metre at 25.0 grams per tonne gold .
Concurrent with the above program, the company completed infill soil sampling, targeting an anomaly about two kilometres to the north of the drilling. The results identified an almost continuous over-500-part-per-billion gold-in-soil anomaly, extending over 500 metres of strike. Maximum values recorded within the anomaly included 1,178 parts per billion gold.
With broad zones of significant gold mineralization already identified within the prospect, the company views the new anomaly as a priority target for testing with both trenching and drilling.
Goldcrest(GCL.V) trenches, maps, drilling plans in Burkina Faso
See:
http://www.goldcrestresources.com/files/013106PR.pdf
FL
Etruscan(EET.T) gets Red Back's(RBI.T) N.Ghana Nangodi/Bolgatanga extending Youga
ETRUSCAN ACQUIRES OPTION ON EXTENSION OF YOUGA GOLD BELT INTO GHANA
[See original article with map at: http://www.etruscan.com/s/NewsReleases.asp?ReportID=127868&_Type=News-Releases&_Title=Etrusc... ]
Windsor, Nova Scotia January 31, 2006 -
ETRUSCAN RESOURCES INC. (EET.TSX) announced today that it has concluded an option agreement with Red Back Mining Inc. (“Red Back”) to acquire a 100% interest in the Nangodi Prospecting Licence and the Bolgatanga Reconnaissance Licence (“the licences”) located in Ghana, West Africa. The licences cover 773 square kilometers contiguous with Etruscan’s land holdings in the Youga Gold Belt in Burkina Faso, where Etruscan has started construction of the 88,000 ounce per annum Youga Gold Mine. The licences include extensive gold occurrences in the Bole-Bolgatanga greenstone belt which is the southwestern extension of the Youga Gold Belt into Ghana.
The acquisition of an option on these licences is consistent with Etruscan’s aggressive exploration strategy of acquiring a dominant land position within a district scale gold belt where the potential for new discoveries is considered high. Etruscan’s land position in Burkina Faso covers an 80 kilometer strike length of the Youga Gold Belt, comprising 1,075 square kilometers which includes the Youga gold deposits and significant exploration targets at Ouaré, Nyatama, Zegoré, Bougré and Zerbogo (see accompanying map). The Ghanaian properties cover an additional 40 kilometers of strike length on the belt. Previous work carried out on the Nangodi Prospecting Licence has confirmed the presence of ore grades and widths in trenches and drill holes, most notably a drill intercept of 41 meters at 5.2 grams per tonne gold. Etruscan’s objective is to develop a stand-alone mining operation in Ghana.
The Nangodi and Bolgatanga Licences
The Nangodi and Bolgatanga licences are located 600 kilometers north of Accra in northern Ghana on the border with Burkina Faso. Infrastructure is excellent, the project area being accessible by paved road with the main power transmission line between Bolgatanga and Bawku traversing the licence areas. The town of Bolgatanga, with a population in excess of 50,000 is the capital of the Upper East Region and is situated just 12 kilometers east of the Nangodi Licence area.
Gold occurrences are well documented at a number of sites on the Nangodi Prospecting Licence and historic production dates back to the period 1934-1937. Small-scale workings focused on narrow quartz veins with limited strike length but which carried spectacular grades averaging in excess of 35 grams per tonne (maximum recorded assay of 384.5 grams per tonne).
The principal gold showings occur along a 12 kilometer shear corridor in proximity to an intrusive granitoid. More recent exploration efforts by BHP from 1992-1994 included regional stream and soil sediment surveys, limited ground geophysics and trenching. Exploration continued with Africwest from 1996-1998 which comprised more detailed soil sediment surveys, rock chip sampling, trenching and drilling. Not enough work has been done to allow for any resource estimations on the property, however, the Africwest program highlighted the potential for larger tonnage vein stockwork mineralization in addition to the historic lode vein mineralization.
Africwest completed 5,272 meters of trenching and 37 reverse circulation drill holes for 3,085 meters on Nangodi. Trench results* were highlighted by 16 meters at 1.2 g/t; 14 meters at 1.84 g/t; 8 meters at 4.2 g/t and 30 meters at 1.4 g/t. Reverse circulation drilling results* were highlighted by 41 meters at 5.2 g/t; 3 meters at 23.8 g/t; 32 meters at 3.1 g/t; 7 meters at 2.9 g/t; 15 meters at 4.6 g/t; 21 meters at 3.8 g/t; 13 meters at 2.5 g/t; 9 meters at 3.8 g/t; 12 meters at 2.4 g/t; 13 meters at 2.5 g/t and 4 meters at 6.2 g/t.
The Bolgatanga Reconnaissance Licence which was recently granted to Red Back, consolidates the strategic ground position around Nangodi and will require a more regional scale exploration program. Red Back has already compiled most of the historic data which will allow Etruscan to immediately prioritize ground targets for drilling and more detailed investigations. Etruscan has registered a wholly-owned Ghanaian subsidiary company, Etruscan Resources Ghana Limited, to carry out its exploration activities in Ghana. K. Kirk Woodman P.Geo., Etruscan's Chief Project Geologist, is the Qualified Person overseeing Etruscan's exploration programs in West Africa.
Don Burton, Vice President Exploration stated: “The acquisition of the Nangodi and Bolgatanga licences represents an important first step for Etruscan into Ghana, the second largest gold-producing country in Africa. We are extending the significant exploration experience we have gained in the Youga Gold Belt into a new country. Gold belts do not stop at borders and this is yet another example of Etruscan executing on its game plan of securing strategic land positions in the prolific gold belts of West Africa.
Etruscan has assembled a gold portfolio second to none in West Africa, with over 8,200 km2 of carefully selected ground focused on six established gold belts in five countries. We will continue with our aggressive exploration programs on these and other strategically located opportunities throughout Africa.”
Nangodi\Bolgatanga Option
Red Back has granted Etruscan the option to earn a 100% interest in the Nangodi and Bolgatanga licences, (subject to a production royalty to a maximum of US$5million) by expending US$1 million on the Licences prior to January 27, 2009, (US$250,000 of which is to be expended by January 27, 2007) and by making payments to Red Back of a total of US $300,000 during the period of the option.
The Youga Mine
The Youga Mining Permit is located approximately four kilometers north of the Ghanaian border and has an initial mineable gold reserve of 6.6 million tonnes at an average grade of 2.7 grams per tonne containing 580,000 ounces gold. The initial open pit mining operation will be comprised of five pits with the ore being processed through a conventional gravity-CIL (carbon-in-leach) plant with a design capacity of one million tonnes per annum over an initial 6.5 year mine life. Construction is scheduled to be completed in early 2007.
* IMPORTANT NOTE: trench and drill results as reported by previous operators are historic in nature and remain to be verified.
Expansion of Youga Gold Reserves
Etruscan continues to evaluate other near-surface mineralized zones that can provide additional mine reserves. The current drilling program is focused entirely on the Youga Mining Permit within a 3-kilometer radius of the Youga mill site. To date, six additional mineralized zones have been identified outside of the existing mineable reserve base including the Nanga Zone, the Leduc Zone, the A2 Village Zone, the Village Tail Zone, A2 West Zones 4 & 5, and the Zegore Zone. The most advanced zone is the Nanga Zone where Etruscan has completed 4,600 meters of drilling and 1,700 meters of trenching. Continuity of gold mineralization has been confirmed over a strike length of 400 meters to a vertical depth of 60 meters. The mineralization remains open along strike and at depth. Average grades of 1 to 2 g/t over widths of 10 to 30 meters have been encountered through much of the zone. Higher grade intercepts within the Nanga Zone include 5 meters at 3.1 g/t, 13 meters at 3.9 g/t, 7 meters at 4.6 g/t and 15 meters at 7.0 g/t.
Regional exploration on the eight exploration permits surrounding the Youga Mining Permit has already identified significant target areas at Zerbogo (25 kilometers southwest of Youga), Bougre (13 kilometers southwest of Youga) and Bitou (25 kilometers northeast of Youga). Additional drill programs will be undertaken on these areas in 2006. Management believes that each of these areas has the potential for new gold discoveries.
Etruscan Resources Inc. is a diversified Canadian junior mining company focused on the development of gold properties in West Africa and diamond properties in South Africa. Etruscan has an aggressive exploration strategy and now holds strategic land positions in a number of gold belts covering over 8,200 km2 in five countries in West Africa. The Company is developing a number of gemstone quality alluvial diamond operations in South Africa and looking to expand other opportunities in southern Africa. The common shares of Etruscan are traded on The TSX Exchange under the symbol “EET”. More extensive information on Etruscan can be found on its home page at http://www.etruscan.com.
For more information from Etruscan contact:
Richard Gordon, Investor Relations, email: rgordon@etruscan.com Tel: (877) 465-3674/ Fax (902)798-9702
Tony Hayes, email: thayes@etruscan.com Tel: (866) 638-3338 /Fax (905) 468-8407
This press release may contain certain forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements may include statements regarding exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, mine operating costs, production targets and timetables, future commercial production, strategic plans, market price of precious metals or other statements that are not statements of fact. Although the Company believes the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Various factors that may affect future results include, but are not limited to: fluctuations in market prices of precious metals; foreign currency exchange fluctuations; risks relating to mining exploration and development including reserve estimation and costs and timing of commercial production; requirements for additional financing; political and regulatory risks, and other risks and uncertainties described in the Company’s annual information form filed with the Canadian Securities regulators on SEDAR (www.sedar.com). Accordingly, readers should not place undue reliance on forward-looking statements.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
NY Times: World Bank funds Newmont for Ghana
See:
http://www.nytimes.com/2006/02/01/international/africa/01africa.html?ex=1139461200&en=5a321f52c6...
Loan for Foreign Mining in Ghana Approved
Ruth Fremson/The New York Times
A Newmont Mining construction crew was at work last May diverting river water through a pipeline by the side of a road that had been carved out of the Ghanaian bush near the towns of Kenyase and Sunyani.
By CELIA W. DUGGER
Published: February 1, 2006
The board of the International Finance Corporation, the World Bank's investment agency, yesterday approved a $75 million loan to a subsidiary of Newmont Mining, the world's largest gold producer, for a project in Ghana that the investment agency's managers say they hope will be a model for the developing world.
An alliance of advocacy and environmental groups urged the I.F.C. to postpone approval until it won additional safeguards to protect the thousands of people who are losing land and livelihoods to the gold mine's development, and to prevent contamination of drinking water from mine waste.
But a senior official at the agency said the loan had been approved on the condition that the company meet stringent social and environmental standards. The more than 9,000 people, many of them subsistence farmers, whose homes or land are being displaced by the project, are being resettled in new villages or compensated for their losses.
"The company is really committed, and the fact that they have deep pockets will help address many of these issues as they come up," said Rashad Kaldany, who heads the oil, gas, mining and chemicals department for the World Bank and its investment agency.
The $470 million project, already three-quarters built, will create 620 permanent jobs, I.F.C. officials said, and, depending on the price of gold, generate $300 million to $700 million for Ghana over the next 20 years.
Newmont could have finished the project without the loan, Mr. Kaldany said, but wanted the agency's stamp of approval for meeting social and environmental standards. A spokeswoman for Newmont did not return several phone calls yesterday.
In a report to the I.F.C., the mining company's Ghana subsidiary said it aspired to be "a model corporate citizen." The company's huge operation in Peru has generated fierce protests among peasants there. And in Indonesia, the government brought criminal charges of polluting against the Denver-based mining giant, charges the company has denied.
In its summary of the Ghana project, I.F.C. managers describe it as one "expected to become a demonstration for how to handle environmental, social and community development issues in Ghana."
Another project that was supposed to be a model for developing a poor African country's natural resources, the construction of a $4.2 billion oil pipeline through Chad and Cameroon, suffered a major setback less than a month ago. The World Bank suspended all loans to Chad after determining that its government had broken an agreement to dedicate most of the oil revenue to alleviating poverty.
Years ago, nonprofit groups advocated that the bank delay its loan to Chad until the country strengthened the institutions that could ensure that oil revenues were spent honestly and well. The groups counseled delay in the Ghana case and considered the I.F.C.'s decision to go forward with the loan a disappointment.
"The project poses a serious threat to the livelihoods and long-term well-being of the people in the area," said Keith Slack, a senior policy adviser for the international aid group Oxfam. "The I.F.C. has taken a very significant risk by approving this project."
A World Bank evaluation in 2003 of its own earlier investments in Ghana's mining industry raised questions about the benefits of large-scale mining by foreign companies. It noted that creation of jobs had been modest, local communities had seen little benefit and corporate tax payments had been low.
But Mr. Kaldany said the gold project approved yesterday would improve conditions for local residents and generate substantial revenue, enabling the government of Ghana to spend more on health, education, roads and other public works that would reduce poverty.
"Our goal and the company's goal is that people be better off after this," he said.
NGOs Urges World Bank not Support Newmont's Ahafo
By: Dorothy Kosich
Posted: '31-JAN-06 05:00' GMT © Mineweb 1997-2004
RENO--(Mineweb.com) A coalition of Ghanaian and international NGOs has asked the World Bank to postpone funding of a $125 million IFC loan to Newmont Mining for the development of the Ahafo gold mining project in western Ghana.
Groups opposed to the project claim that the mine will displace more than 9,000 people, at least 95% of whom are subsistence farmers. Keith Slack, Senior Policy Advisor for Oxfam America, claimed that "Given the problems we have already seen with this project, and the bank's poor track record in managing mining project in general, we do not think the bank should support this project at this time."
Mike Anane of the human rights NGO Fian-Ghana said that the World Bank needs to ensure that land and natural water resources aren't damaged by the Ahafo project, "if it expects to alleviate poverty and promote sustainable development."
A report prepared by the Montana-based environmental NGO Center for Science in Public Participation questioned the data and methodology submitted by Newmont to the IFC. "Newmont should commit, or be required to commit, to reasonable worst-case scenario environmental protection, mitigation, and monitoring until reliable and conclusive data indicates that lesser standards will protect human health and the environment," according to researchers David Chambers and Stuart M. Leavit.
Chambers and Leavit asserted that Newmont proposes "to employ significantly less stringent human health or environmental standards in Ghana compared to, for instance, what Newmont employs at its projects in the United States. There is no reason why the Ghanaian people and the Ghanaian environment should be subject to less than the most reasonable stringent protections and practices."
The duo also called for the use of the INCO SO2 process to lower the level of cyanide before it enters the project tailings pond "as is common practice in North America." They claimed that the tailings pond design "is adequate to contain the toxic contents intended to be reposited forever and significantly ignore standard practices and potential liabilities from failure."
Meanwhile, their report also asserted that "wetlands value and performance are not sufficiently considered."
Radhika Sarin, International Program Coordinator at the Washington, DC-based EARTHWORKS environmental NGO called on World Bank President Paul Wolfowitz "to take strong action to ensure that the company complies with the highest human rights and environmental criteria."
Newmont hopes to begin production from the $350 million Ahafo project during the second half of this year. The project will be developed in two phases with the development of four open-pit gold mines, and is anticipated to generate 500,000 ounces of gold annually over its 15-year mine life. More than 9,500 local residents will be impacted by the mine either through relocation or the loss of farmland. However, Newmont has prepared several versions of a resettlement plan to reduce the scope of the impacts caused by the displacement.
Newmont has also conducted extensive community consultations in the surrounding area, according to documents filed with the IFC.