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Serious report on gold mining pollution, destructiveness:
See: http://www.nodirtygold.org/pubs/DirtyMetals_HR.pdf
This interesting report includes negative facts about Golden Star, Newmont, the Syama mine in Mali, Ashanti in Ghana and other West Africa miners that I own. I don't agree that selling a stock does much or any ecological or social good. (I won't buy Freeport-McMoRan -- there are limits. I wouldn't like to have been an I. G. Farben investor under Hitler either.) Rather, I'd like to use my paltry influence as a minor shareholder to say that I don't need the mine to shave off the last few pennies of cost-per-ounce by destroying its environment. The big stock moves will be based on gold prices, discoveries and mine management, not on cutting environmental corners. With high gold prices, mines can afford to be good.
Others here may have a different attitude. I like to point out the negative along with the positive.
FL
Orezone (OZN) drills; options Greencastle's (VGN.V) Niger holdings
Orezone Expands Holdings in Niger to 4,200 km2
Drilling Commences on Kossa Permit
Orezone Resources Inc. (OZN:TSX, AMEX) is pleased to announce that drilling has started on its 100 per cent owned Kossa permit in Niger, West Africa. The 2,000 km square permit is located immediately adjacent to the Orezone/Gold Fields Essakane Project with the two properties being separated by the border between Burkina Faso and Niger. Kossa has the same geology as Essakane, extensive artisanal workings exist throughout the area, and large gold in soil anomalies on the eastern limit of the Essakane project extend across the border onto Kossa. Work done to date has confirmed the presence of large mineralized structures which are 8 to 10km in length and have many similarities with Essakane. One particular target, which parallels the eastern edge of the basin, has a length in excess of 15km. A 10,000m drill program is already underway as part of a US$900,000 exploration program at Kossa and initial results are expected in February.
Orezone has also optioned two gold properties in western Niger from Greencastle Resources (VGN:TSX-V). The 1,148 km square Namaga property is located in the Tera greenstone belt and completely surrounds the Koma Bangou gold deposit, an area of extensive artisanal workings. During 1997-98, initial trenching was carried out by Ashanti Gold. The 1,045 km square Koyria property is located in the Serba greenstone belt which hosts the producing Samira Hill Gold Mine. The concession contains a number of significant gold prospects and extensive gold in soil anomalies. In 1996 Imperial Metals/Sumitomo drilled 24 holes on the M’Banga prospect at Koyria.
Ron Little, President of Orezone stated, “Optioning these properties will enable us to move our equipment and crews between the projects and keep them fully occupied while we are waiting for results. In addition, they give us control over approximately 30 per cent of the favourable ground that has been staked in western Niger.” He added that “These are prospective areas that have not received a lot of exploration attention and can rapidly be advanced to the drill ready stage using the same techniques that have proven effective for us in Burkina Faso.”
Under the terms of the agreements, Orezone can earn a 50 per cent interest by spending $1 million on each property over three years and can increase its interest in either one to 75 per cent by completing a Bankable Feasibility Study. If Greencastle elects not to participate should a production decision be made, Orezone will be required to buy the remaining 25 per cent interest for $2.0 million. Orezone has also agreed to buy one million units in a Greencastle private placement for $0.30 per unit. Each unit consists of one common share and one half of one common share purchase warrant. A full warrant entitles the holder to buy one common share at a price of $0.45 per share for a period of 18 months.
Orezone is an emerging gold producer that has an exploration permit for Essakane, the largest gold deposit in Burkina Faso, West Africa where its partner Gold Fields Limited is earning up to a 60 per cent interest. Orezone also has a pipeline of promising projects, all located in politically stable areas of West Africa which is one of the world’s fastest growing gold producing regions. Orezone’s mission is to create wealth by discovering and developing the earth’s resources in an efficient and responsible manner.
For further information please contact:
Ron Little
President & CEO
rlittle@orezone.com
Greg Bowes
Vice President and CFO
gbowes@orezone.com
Phone (613) 241-3699 Toll Free (888) 673-0663
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Greencastle options Niger gold concessions to Orezone
2006-01-23 10:33 ET - News Release
Also News Release (C-OZN) Orezone Resources Inc
Mr. Anthony Roodenburg of Greencastle reports
GREENCASTLE JOINT VENTURE WITH OREZONE RESOURCES INC.
Greencastle Resources Ltd. has entered into joint venture agreements with Orezone Resources Inc., whereby Orezone will earn an interest in Greencastle's Namaga and Koyria gold exploration concessions in the republic of Niger. The Namaga and Koyria concessions overlie Birimian greenstone-granite assemblages which extend southwest through Burkina Faso and Ghana, where these rocks host multimillion-ounce gold deposits.
Ron Little, president of Orezone, stated: "Optioning these properties will enable us to move our equipment and crews between the projects and keep them fully occupied while we are waiting for results. In addition, they give us control over approximately 30 per cent of the favourable ground that has been staked in western Niger. These are prospective areas that have not received a lot of exploration attention and can rapidly be advanced to the drill-ready stage using the same techniques that have proven effective for us in Burkina Faso."
Anthony Roodenburg, chief executive officer of Greencastle, commented: "Orezone has a great deal of experience in West Africa and we are pleased to have established a relationship with them in Niger. With Trigger Resources developing the Primate oil project in Saskatchewan and Orezone advancing the Niger properties, Greencastle management can remain focused on exploration at its gold properties south of the Cortez Hills and at South Eureka on the Battle Mountain trend in Nevada where we plan to be drilling this year."
Under the terms of the agreements, Orezone can earn a 50-per-cent interest by spending $1-million (U.S.) on each property over three years and can increase its interest in either to 75 per cent by completing a bankable feasibility study. If Greencastle elects not to participate should a production decision be made, Orezone will be required to buy the remaining 25-per-cent interest for $2.0-million.
The 1,148-square-kilometre Namaga property is located in the Tera greenstone belt and completely surrounds the Koma Bangou gold deposit, an area of extensive artisanal workings. During 1997 and 1998, initial trenching by Ashanti Gold on one of the large gold in soil anomalies returned values of 1.2 grams per tonne (g/t) gold over 38 metres, and 1.17 g/t gold over 26 metres.
The 1,045-square-kilometre Koryia property is located in the Serba greenstone belt, which hosts the producing Samira Hill gold mine. The concession contains a number of significant gold prospects and extensive gold in soil anomalies, which require follow-up drill testing. In 1996, Imperial Metals/Sumitomo drilled 24 holes on the M'Banga prospect at Koyria, including one intersection which returned 1.64 g/t gold over 65 metres.
Separately, Orezone has agreed to subscribe for one million units of Greencastle at a subscription price of 30 cents per unit. Each unit consists of one common share and one-half common share purchase warrant exercisable for 18 months at 45 cents. Proceeds from the proposed private placement will be used for general working capital and exploration in Nevada where Greencastle is advancing three exploration projects located on the Battle Mountain-Eureka mineral trend of Carlin-type gold deposits. This highly productive regional trend hosts multimillion ounce gold deposits such as Placer Dome's Pipeline deposit and recent discovery nearby at Cortez Hills.
In a separate initiative, Greencastle has submitted an application to acquire the Tin Negoran uranium concession in the republic of Niger. The Tin Negoran concession has a brief history of uranium production from a small open pit in the 1990s. No details regarding the operation are available in the official records. The Tin Negoran concession covers part of the same general sequence of Mesozoic sedimentary rocks where the two main producing uranium mines are located and which lie to the west of the Proterozoic basement rocks of the Air Massif.
In west-central Saskatchewan, Greencastle holds an overriding royalty of up to 15 per cent of production on a heavy oil property near Primate, Sask. The pool, discovered by Greencastle in 2003, was subsequently farmed out to Trigger Resources Ltd. of Calgary. Trigger has drilled four wells into the pool and has a continuing option to drill up to 16 wells on the property. Royalty revenue received by Greencastle in the month of December, 2005, was $78,108.
We seek Safe Harbor.
Has ANY investor EVER benefitted from those idiotic pro-forma "Forward-looking Statements" warnings? What an utter, repetitive waste of readers' and writers' time. And printer's ink.
FL
Etruscan (EET.T) high grades at Finkolo in Mali
ETRUSCAN RESOURCES INC.
Finkolo continues to deliver high grade gold for Etruscan in Mali
WINDSOR, NS, Jan. 23 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported today on additional drill results from the Finkolo Gold Project in Mali, West Africa which continue to confirm the continuity of the main mineralized zone at Tabakoroni and the presence of high grade lodes. Continuity of this mineralized zone has now been confirmed over a strike length of 1.6 kilometers with the potential to extend to over 2 kilometers. The Finkolo Permit is contiguous with the Syama holdings of Resolute Mining Limited which host the 6.4 million ounce Syama gold deposit. Highlights from the current round of drilling at Finkolo include:
14 meters of 67.9 g/t Au from 33 meters in TAC-083 (including 2 meters of 465.2 g/t Au)
7 meters of 15.0 g/t Au from 24 meters in TAC-070 (including 2 meters of 43.3 g/t Au)
5 meters of 16.8 g/t Au from 114 meters in TAC-082 (including 1 meter of 73.8 g/t Au)
25 meters of 3.4 g /t Au from 71 meters in TAC-077 (including 4 meters of 9.3 g/t Au)
This most recent drill program was initially planned to encompass only 5,200 meters however the program was expanded to a total of 6,075 meters in 62 holes (TAC066-127) to the end of December. The two meter intercept of 465.2 g/t Au in hole TAC-083 represents the highest grade intercept drilled to date at Tabakoroni, and comprised 1 meter of 336.9 g/t Au and 1 meter of 593.4 g/t Au. There is a significant backlog of samples at the assay laboratory and results have only been reported to hole TAC-083. Additional results from another 44 holes (TAC-084 to TAC-127) are pending and are expected shortly, after which drilling will continue. Resolute Mining Limited is managing and funding the exploration program at Finkolo pursuant to an option and joint venture agreement.
Strong results continue to be reported from infill drilling in the central part of the Tabakoroni Zone and good results were reported along strike to the south in hole TAC-077 (25 meters @ 3.4 g/t Au from 71 meters) which is some 400 meters south of the centre of the high-grade zone. Drilling has also been completed on nominal 50 meter sections throughout the northern part of Tabakoroni Zone right up to the Porphyry Zone where reconnaissance drilling had previously been conducted by Etruscan. Significant down the hole intercepts from the most recent drilling are reported as follows:
------------------------------------------------------------------------
Hole ID From(m) To(m) Length(m) Au Grade(g/t)
------------------------------------------------------------------------
TAC-066 15 26 11 4.01
incl. 15 18 3 7.5
TAC-068 4 12 8 6.28
incl. 7 12 5 9.44
TAC-069 15 28 13 3.48
incl. 17 22 5 5.27
TAC-070 24 31 7 14.95
incl. 27 27 2 43.3
TAC-073 22 33 11 2.58
incl. 22 26 4 4.47
TAC-074 59 84 25 1.69
incl. 59 65 6 4.59
TAC-075 84 89 5 2.03
incl. 85 87 2 3.63
TAC-077 71 96 25 3.39
incl. 90 94 4 9.28
TAC-078 34 39 5 3.1
incl. 36 39 3 4.11
TAC-080 69 72 3 10.99
incl. 69 70 1 31.28
and 79 81 2 2.79
TAC-081 73 77 4 2.57
incl. 75 77 2 3.36
TAC-082 86 92 6 3.74
incl. 88 91 3 5.31
and 114 119 5 16.8
incl. 116 117 1 73.79
TAC-083 33 47 14 67.88
incl. 36 38 2 465.16
TAC-084 19 24 5 1.75
incl. 20 22 2 3.03
------------------------------------------------------------------------
All gold analyses were performed by Analabs Laboratories at Morila, Mali using standard screen metallics assay procedures. K. Kirk Woodman P.Geo., Etruscan's Chief Project Geologist, is the Qualified Person overseeing Etruscan's exploration programs in West Africa.
As previously reported, detailed structural studies have been conducted at Finkolo and re-logging of all current and historical drill core has now been completed with the assistance of a consultant structural geologist. The broad structural geometry of the central north plunging fold at Tabakoroni is now considered to be similar to the structural setting at Syama, and three styles of hypogene mineralisation have been identified including Syama style pyrite-dolomite hosted mineralization, mineralization within the main graphite shear zone, and a very high-grade (lode) stylolite quartz vein hosted mineralization which carries abundant visible gold.
A detailed 3D induced polarisation survey was also completed over the main Tabakoroni drilling area. Results of this geophysical survey are currently being evaluated and initial interpretations suggest the method is able to model the mineralised zone effectively, and will assist with future drill planning.
Resolute has the option to earn a 50% interest in Etruscan's 100% interest in the Finkolo Permit by expending US$2,000,000 prior to October 1, 2006. Resolute has the right to earn an additional 10% interest by either contributing a further US$1,000,000 to expenditures on the permit or completing a feasibility study within two years following its initial earn-in.
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 holds strategic land positions covering over 7,000 km2 in ten gold belts throughout 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.
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
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
-----------------------------------------
Randgold & Exploration(RANGF) out of Randgold Resources(GOLD)?
[Note: There was a big mystery about how much of Randgold Resources (Mali, Ghana, Burkina Faso, Cote d'Ivoire, Senegal) was still owned or controlled by Randgold & Exploration at the time of boss Brett Kebble's recent murder. Apparently it's not so easy for a public company to figure out who owns it's own stock, because of nominee names, fiduciaries, etc. I assume that this unusual press release is an effort to settle that question for the investing public. FL]
Randgold Resources Ld announces Holding(s) in Company
Jersey, Channel Islands -- (MARKET WIRE) -- 01/23/2006 --
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
SALE OF RANDGOLD & EXPLORATION SHARES IN RANDGOLD RESOURCES
London, 23 January 2006 (LSE:RRS) (NASDAQ: GOLD) - Randgold Resources announced today that it was informed by Societe Generale SA (SG) on 20 January 2006 that SG had acquired 4 000 000 Randgold Resources shares on 19 January 2006.
Based on available information, Randgold Resources believes that these shares - which represent some 5% of the company's issued share capital - were formerly owned by a wholly owned subsidiary of Randgold & Exploration Company (RG&E) and have since been sold by SG at a price of US$16.50 to a number of investors.
Dr Mark Bristow, chief executive of the London and Nasdaq listed gold miner, said according to the company's records, the shares concerned represented RG&E's only identifiable remaining holding in Randgold Resources. Randgold Resources believes that their sale terminates the last link between the two companies and underlines Randgold Resources' status as a fully independent business with a broad shareholder base.
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive Investor & Media Relations
Dr Mark Bristow Kathy du Plessis
+44 779 775 2288 +27 11 728 4701
+27 82 800 4293 Cell: +27 83 266 5847
+223 675 0122 Email: randgoldresources@dpapr.com
Website : www.randgoldresources.com
DISCLAIMER: Statements made in this document with respect to Randgold Resources' current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Randgold Resources. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Randgold Resources cautions you that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore you should not place undue reliance on them. The potential risks and uncertainties include, among others, risks associated with: fluctuations in the market price of gold, gold production at Morila, the development of Loulo and estimates of resources, reserves and mine life. For a discussion on such risk factors refer to the annual report on Form 20-F for the year ended 31 December 2004 which was filed with the United States Securities and Exchange Commission on 29 June 2005, as subsequently amended. Randgold Resources sees no obligation to update information in this release.
This information is provided by RNS
The company news service from the London Stock Exchange
SOURCE: Randgold Resources
Keegan (KGN.V) found more gold in Ghanaian trench
[Note: This is about a month old. FL]
Keegan Resources, Inc.
Thu Dec 22, 2005
Keegan Reports Higher Grade Gold Assays from Asumura Trench
Vancouver, December 22, 2005: Keegan is pleased to announce results from deeper sampling of its first saprolite/bedrock trench from the Asumura Property in southwest Ghana. Keegan previously reported an intercept of 6 metres of 3.2 g/t Au in a trench located in the Twiapasi gold-in-soil anomaly. The new intercept, sampled one meter deeper in the same trench, had an intercept of 6 metres of 4.6 g/t Au.
Keegan is awaiting assays from trenches along strike of this intercept as well as trenches from the Wagyakrom anomaly. Additional soils and IP studies have been completed and results for all existing programs should be received by the end of the year. Keegan is currently completing a 43-101 technical report and is in the planning stages of an extensive drilling program to commence early in 2006.
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 (NYSE: NEM; TSX:NMX) 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. Vincent Dzakpasu, a qualified member of the Institute of Mining and Metallurgy in the United Kingdom is Keegan's QP on the property. TWL Labs in Tarkwa, Ghana performed the fire assay analysis on the intercept reported in this press release.
Dan McCoy, President and CEO of Keegan Resources states: "We are pleased that the original trench results have not only been confirmed, but grades have increased by sampling to depth. We expect additional trench data by the end of the year and look forward to launching an aggressive drill program early in the New Year."
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_Dec22_asumura.pdf
37 KB, approx. 8 seconds at 56.6Kbps
Goldbelt (GLD.V) applied for new Burkina Faso license
[Note: This is about a month old. FL]
December 22, 2005 For Immediate Release
GOLDBELT SUBMITS APPLICATION FOR AN EXPLOITATION LICENSE FOR THE INATA PROJECT
Ouagadougou, Burkina Faso, West Africa -
Goldbelt Resources Ltd. (TSXV: GLD) is pleased to announce that it has submitted its application for a mining permit (Exploitation License) for the future development of the “Inata Gold Mine”.
The Exploitation License Application consists of three key elements as proscribed by the Laws of Burkina Faso:
· an Environmental Impact Statement,
· a Sociological Impact Study
· Economic & Technical Analysis
Approval for the Exploitation License submission is expected in early 2006. Further Exploration and Development Program Goldbelt will conduct further exploration in the Belahouro Exploration License particularly around Inata to identify additional mineralization. Exploration in the Souma and Fete Kole areas will be conducted to identify additional mineralization which will be within easy trucking distance from Inata.
For further details on Goldbelt Resources and the Belahouro site, please visit the Company’s website at www.goldbeltresources.com or contact Laura Sandilands, Investor Relations, at (416) 364-0557 or by email lsandilands@goldbeltresources.com.
GOLDBELT RESOURCES LTD.
Per: “Collin Ellison”
Collin Ellison, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The news release includes certain “forward-looking statements.” All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, exploration results and future plans and objectives of Goldbelt Resources Ltd., are forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important actors that could cause actual results to differ materially from Goldbelt Resources Ltd. expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Or maybe it's just a certain atmosphere where you realize after a while that the company "action" seems to be more about the stock, warrants, financing deals and Public Relations hype, than about actually succeeding on the ground. It's a subtle thing and I guess it includes a bit of old-fashioned mainstream prejudice against the penny stocks of the old Vancouver Exchange, most of which ended up worthless.
As an example of my qualms about "Vancouverishness", I began to balk at Cassidy Gold's pattern of PR, dilutions, and personal linkages to other obscure enterprises, and the fact that $500+ gold hadn't revived the stock price, so I finally bailed out at a loss. Cassidy stock has risen substantially since then.
FL
Yeah. Or else over-dilute on any (real or hyped) good news and enrich the management via warrants, stock issues and other dilutions.
FL
Thanks. NEW: MaxTech Ventures in Liberia
See: http://www.maxtechventures.com/
It has a subsidiary: Max Oil & Gas Corp. Lately it's been exploring a "Carruthers Pass" prospect in Canada.
Not long ago this (presumably now out-of-date) information appeared
"MaxTech Ventures Inc. --- MVT.V
Web: http://www.maxtechventures.com
Email: alder@direct.ca
Contact: Curtis R. Huber, President
Phone: 1(604) 681-3364
FAX: 1(604) 689-7654
* * * * * * * * * * * * * *
MaxTech Ventures Inc.: Junior capital pool company which at the present time does not have a major investment in an operating business. Common shares listed on the TSX Venture Exchange; *** Suite 480 - 789 West Pender Street *** Vancouver, British Columbia *** V6C 1H2 *** V6C 1H2".
This company seems a bit "Vancouverish" -- is that mean-spirited to say? After all, Placer Dome is/was in Vancouver.
Thanks, adding Goldrush (GOD.V) to header for BurkinaFaso
[Goldrush Resources announced a deal in Burkina Faso with High River Gold Mines (HRG.T). See below. I can't find any company webpage for Goldrush. It's been renamed a few times. FL]
Goldrush announces strategic partnership with High River Gold Mines Ltd. in Burkina Faso, West Africa
15:21 EST Wednesday, January 04, 2006
FSC / Press Release
Goldrush announces strategic partnership with High River Gold Mines Ltd. in Burkina Faso, West Africa
Vancouver, British Columbia CANADA, January 04, 2006 /FSC/ - Goldrush Resources Ltd. (GOD - TSX Venture), ("Goldrush" or the "Company") today announced that it has entered into a Strategic Alliance Agreement (the "Agreement") with High River Gold Mines Ltd. (HRG: TSX) ("High River") which will result in Goldrush obtaining from High River 21 exploration permits totaling approximately 4,690 square km in Burkina Faso, West Africa. The exploration permits are divided into three groups, with each group located in different regions of Burkina Faso.
The Taparko area permits are located in northeastern Burkina Faso, approximately 200 km northeast of Ouagadougou, the capital city of Burkina Faso. The Taparko ground consists of nine separate permits: Tougouri, Wole, Nomikdou, Doumissi, Karga, Taranga, Birgui-Nabingou, Bougou and Taparko South. These permits cover an area of approximately 2,186 square km; four of the permits are surrounding most of High River's Taparko Exploitation Permit where High River is developing the Taparko-Bouroum open pit gold mine and processing plant. Production at Taparko-Bouroum is to commence in late 2006 at a rate of 100,000 ounces of gold per year, increasing to over 140,000 ounces of gold per year in the third year of operation [Source: High River News Release dated November 10, 2005].
The Hounde group is located in southwestern Burkina Faso, approximately 280 km southwest of Ouagadougou and consists of seven exploration permits, of which six are contiguous: Tinkiro, Koro, Olongo, Tokora, Loropeni, and Bangbara; and the Massamo permit, which lies to the northwest of the Tinkiro permit. These permits cover an area of approximately 1,400 square km. The Massamo permit lies approximately 20 km southwest of the Bondigui ("Bondi") deposit of Orezone Resources Inc. ("Orezone") where Orezone has outlined an indicated resource of 162,964 ounces of gold grading 2.88 g/t [Source: Orezone News Release dated November 26, 2004]. The other six Hounde group permits run contiguously from the southern border of Orezone's Poyo permit in the north to the northern border of the Kampti II permit of Goldcrest Resources Ltd. ("Goldcrest") in the south where Goldcrest has recently completed a Bulk Leach Extractable Gold (BLEG) Survey which outlined a prospective structural corridor 4 km wide by 22 km long, traversing the entire Kampti II permit [Source: Goldcrest News Release dated December 8, 2005].
The Kindo/Kaya group permits are located on the Boromo greenstone belt in north-central Burkina Faso, approximately 40 km north of Ouagadougou, and consist of five exploration permits covering an area of approximately 1,105 square km. The Tikare and Kongoussi I permits lie approximately 25 km southeast of Orezone's Sega Project and 6 km to the northwest of High River's Bissa Project where High River is currently conducting an extensive drilling programme with the objective of defining a large gold resource [See High River News Release dated December 14, 2005]. The Mane, Noungou and Nahilli permits lie approximately 30 to 40 km southeast of the Bissa Project.
Prior acquisition and exploration expenditures by High River and Jilbey Gold Exploration Ltd. on the Taparko, Hounde, Kindo/ Kaya group permits from 1997 to 2005 totaled C$3,302,277.
In exchange for receiving a 90% interest in the exploration permits (with the remaining 10% interest being retained by the Government of Burkina Faso) Goldrush will:
(1) issue to High River 4,800,000 common shares at a deemed value of C$0.20 per share (for a value of C$960,000) which will represent an approximate 19.9% interest in Goldrush after such issuance. Both parties have agreed that this number of shares shall be increased by 19.9% of the number of any common shares issued by Goldrush prior to the closing of the transaction; and
(2) issue to High River a non-interest bearing convertible debenture with a term of five (5) years after closing in the amount of C$2,342,277. Goldrush will have the right to redeem the debenture for cash or by the issuance of common shares at a deemed value of C$1.00 per common share anytime during the term of the debenture.
The Agreement is conditional upon regulatory approval and board approval of both companies. Upon completion of the transaction, High River will have the right to nominate one director to Goldrush's Board of Directors.
Goldrush will contract part of High River's exploration team at cost to operate the exploration programmes on the permits, using High River's existing resources and infrastructure and subject to Goldrush's approval of all exploration programmes. The Agreement provides Goldrush with access to the future processing plant at Taparko-Bouroum for up to 500,000 tonnes per annum once the planned mill has been expanded beyond its current 1,000,000 tonne per year design capacity. High River will have a one time right, in the event a deposit is discovered on Goldrush's ground, to purchase a 50% interest in each property at a cost of 1.5 times Goldrush's actual out-of-pocket costs to date on that property. If the 50% interest is purchased, a joint venture will be formed and High River will be the operator during the mine development and production stage.
The Agreement also provides for High River to be given a one time right to purchase a 50% interest with operatorship rights in any new property acquired by Goldrush in Burkina Faso at a cost of 2 times Goldrush's actual out-of-pocket costs to date on that property.
High River will have 60 days from the date of a positive feasibility study on each property to exercise their back-in right, after which time the right shall expire.
The Agreement gives Goldrush a further right to acquire, at High River's discretion, any new exploration property identified by High River in Burkina Faso.
The Agreement positions Goldrush for accelerated growth with a highly regarded strategic partner. High River's stated strategy is to directly focus on advanced projects and to maintain exposure to potential discoveries, on prospective properties within trucking distance of its existing and future processing facilities, through preferred status agreements with well-managed exploration companies.
Access to High River's Taparko-Bouroum mill will permit Goldrush to place satellite discoveries into production without the capital costs associated with the construction of stand-alone milling facilities.
Exploration programmes on the permits are currently being planned with a preliminary 2006 exploration budget of approximately US$2.2 million. Exploration work is scheduled to commence early in 2006. High River may advance exploration funding to Goldrush while Goldrush arranges financing for the exploration programme. In addition, High River has agreed to consider subscribing for a minimum of 10% and a maximum of 19.9% of any future financings.
Subject to regulatory approval, the Company will pay a finder's fee of 250,000 shares to an arm's length party at a deemed price of C$0.20 per share.
ON BEHALF OF THE BOARD OF DIRECTORS,
GOLDRUSH RESOURCES LTD.
"Len Brownlie"
Len Brownlie - President
For further information, please contact Len Brownlie - President at (604) 602-9973 or High River Gold Mines Ltd. - Laurie Gaborit, Vice-President, Investor Relations at (416) 947-1440.
FORWARD-LOOKING STATEMENTS: This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
GOLDRUSH RESOURCES LTD.
Suite #584 - 885 Dunsmuir Street, Vancouver, B.C. V6C 1N5
Email: firstsilver@hotmail.com
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
Adamus (ADU Sydney,ADU.V) to Acquire Anwia Project (Ghana)
[Note: Adamus Resources trades in Sydney; it's also listed on the Venture Exchange in Canada, but for some reason it has very little trading volume there. If you want make a bid or ask in Canada, I suggest being guided by the Australian price. It has some good properties just north of Axim in Ghana, where the Ashanti gold belt meets the sea. This looks to me like a good acquisition -- from afar. I have no Adamus. FL]
MineBox - 21 January 2006
http://www.minebox.com/story.asp?articleId=7047
PICTURE: Free gold sample from Anwia South Project
Adamus Resources has agreed, subject to conditions precedent, to acquire 100% of the Anwia South gold project in West Africa through the acquisition of Nkroful Mining Ltd.
Adamus believes the acquisition has the potential to add significant high grade resource ounces to the company’s current resource base of 18Mt at 2.0 grams per tonne (g/t) for 1,200,000 oz gold at its Southern Ashanti Gold Project, in Ghana, West Africa.
The Anwia South (formerly Nkroful) Project consists of granted prospecting license covering 80sqkm, bordering both the southern and western boundaries of Adamus’ Anwia Project.
The Anwia South Project contains high grade mineralization including drill intersections of 6m at 148g/t, 5m at 71.7g/t and 14m at 10.1g/t gold extending over 350m of strike with mineralization remaining open both along strike and down dip.
Gold mineralization often occurs as free gold in quartz veins, with historic cyanide leach tests on RC chips returning 94% recovery. According to the company, the project is extremely well located with the Atom prospect situated only 3km south of the Anwia Deposit and 10km southwest of the Salman Deposit.
Previous diamond and RC drilling has already defined multiple westdipping lodes at the Atom prospect and highlighting the potential for additional discoveries throughout the broader project.
Under the proposed agreement, Adamus will acquire 100% of the issued capital in Nkroful Mining, including all rights, licenses and interests in the Anwia South Project.
- 19 Jan 2006
Semafo's (SMF.TO) Mana (Burkina Faso) Increases Reserves 62%
[Note: This is ANOTHER reserves increase, at a different mine, in Burkina Faso, in addition to the one just announced the other day about Semafo's Kiniero Mine in Guinea. Disclosure: I have some Semafo stock. The original, better-formatted article is at:
http://web1.kitco.com/pr/1170/article_01192006155531.pdf
FL]
PRESS RELEASE
SEMAFO TSX-SMF
FOR IMMEDIATE RELEASE
INCREASE IN MINERAL RESERVES BY 62% AT THE MANA PROJECT.
Montreal, Quebec, January 19, 2006. – SEMAFO (TSX – SMF) is pleased to announce that the in-situ proven and probable mineral reserves stated as of December 31, 2005 at its Mana project in Burkina Faso have increased by 334 800 ounces of ore, representing a 62% increase over the recovered mineral reserves reported in the 2004 year-end statement.
The Mana project in-situ total proven and probable mineral reserves as of December 31, 2005, stand at 9,443,000 tonnes at a grade of 2.89 g/t Au representing 877,200 ounces, using a gold price of US$450 per ounce. This compares to 6,916,200 tonnes at a grade of 2.78 g/t Au representing a total of 542,400 recoverable ounces, as at December 31, 2004, using a gold price of US$380 per ounce.
As a result of the conversion of mineral resource into mineral reserve, the measured and indicated mineral resources decreased by 60%, totalling 2,296,100 tonnes at a grade of 2.28 g/t Au and representing a total of 168,600 ounces (424,400 ounces as of December 31, 2004) thus leading to total mineral reserves and resources of 11,738,500 tonnes at a grade of 2.77 g/t Au representing 1,045,800 ounces of gold (966,600 ounces as of December 31, 2004).
The table below shows the details of the Reserves and Resources estimations as of December 31, 2005. Reserves and Resources as of December 31, 2005 Mana Project.
MINERAL RESERVES Dec.31, 2005 (2)
Dec.31, 2004 (1)
Proven Mineral Reserves
tonnes 6,831,000 5,488,800
grade (g/t Au) 2.89 2.50
ounces 635,300 391,300
Probable Mineral Reserves
tonnes 2,612,000 1,427,400
grade (g/t Au) 2.88 3.85
ounces) 241,900 151,100
Total Mineral Reserves
tonnes 9,443,000 6,916,200
grade (g/t Au) 2.89 2.78
ounces 877,200 542,400
MINERAL RESOURCE Dec.31, 2005 (3) Dec.31, 2004(1)
Measured Mineral Resources
tonnes 537,300 1,484,900
grade (g/t Au) 1.77 2.53
ounces 30,600 120,800
Indicated Mineral Resources
tonnes 1,758,800 3,413,800
grade (g/t Au) 2.44 2.76
ounces 138,000 303,400
Total Mineral Resources
tonnes 2,296,100 4,898,700
grade (g/t Au) 2.28 2.69
ounces 168,600 424,400
TOTAL MINERAL RESERVES
AND RESOURCES Dec.31, 2005 (3)
Dec.31, 2004(1)
tonnes 11,738,500 11,814,900
grade (g/t Au) 2.77 2.74
ounces 1,045,800 966,600
Inferred Mineral Resource
tonnes 7,396,000 7,472,200
grade (g/t Au) 2.31 2.31
ounces 555,400 557,000
(1) In 2004, mineral reserves included consideration for metallurgical and mining recoveries and a gold price of US$380 per ounce.
(2) 2005 in-situ mineral reserves at Mana at US$450 /ounce
(3) 2005 mineral resources at Mana: cut-offs: oxide and sulphides at 0.50 g/t.
Mr. Benoit La Salle, President and Chief Executive Officer of Semafo is pleased to comment that ‘’With mineral reserves and resources exceeding 1 million ounces, the Mana project confirms its long-term viability and potential.’’ In 2006, Semafo will continue its local exploration programs to further increas e the mineral reserves and resources and consequently, the expected mine life of its Mana Project.
The mineral reserves and mineral resources estimations reported above are documented in conformity with Canadian National Instrument 43-101. The estimations are based on a technical report that will be made available on SEDAR. Michel Cormier, geological engineer and Semafo’s Qualified Person has supervised the preparation of the technical report on the reserves and resources estimates for the Mana Project, as of December 31, 2005. He has reviewed this press release for accuracy and has confirmed that the information relating to mineral reserves and mineral resources outlines above derived from the technical report prepared for Semafo by experienced mining geologists under his technical supervision.
The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol “SMF”.
FORWARD-LOOKING STATEMENTS
This press release contains « forward-looking statements », including, but not limited to, the statements regarding the Company’s expectations as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mine operating costs, fixed assets expenses, mineral reserve estimates and to the company’s perspectives. Forward -looking statements express, as at the date of this press release, our estimates, forecasts, projections, expectations and beliefs as to future events or results. Forward-looking statements are reasonable, but involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuatins in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves, risks related to the grade of reserves, risks related to hedging strategies, risks of delays in construction and requirements of additional financing.
Semafo is a mining company whose mission is to explore, develop and mine major gold deposits in West Africa. Semafo currently operates the Kiniero mine in Guinea, the Samira Hill mine in Niger and is developing the Mana project in Burkina Faso.
For more information contact :
MONTREAL :
Benoit La Salle,
President & CEO
Tel : (514) 744-4408
E-Mail : blasalle@semafo.com
MONTREAL
Michel Cormier
Geological Engineer, Qualified Person
Tel: (514) 744-4408
E-mail: mcormier@semafo.com
RENMARK :
Tina Cameron
Tel : (514) 939-3989
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
Red Back (RBI.T) Accelerates Expiry of CA$2.50 Warrants
[Note: Red Back is now trading at CA$2.80. Disclosure: I have some stock, not the warrants, and recently doubled-up on it. FL]
NEWS RELEASE
RED BACK MINING INC. ACCELERATES EXPIRY DATE OF SHARE PURCHASE WARRANTS
January 19, 2006 (RBI - TSX) Red Back Mining Inc. (the “Corporation” or “Red Back”) announces that, inaccordance with the terms of the indenture setting out their terms, the Corporation is electing to accelerate the expiry date of all currently outstanding common share purchase warrants (the “Warrants”) which were issued in connection with a private placement financing on June 9, 2004. The Warrants are exercisable to acquire up to a maximum of 3,885,000 common shares at a price of $2.25 each.
Under the terms of the warrant indenture, if the weighted average trading price of the Corporation’s shares for 30 consecutive trading days is equal to or exceeds $2.50, the Corporation may accelerate the expiry date of the Warrants. Since the weighted average trading price of Red Back’s shares has exceeded $2.50 for the requisite 30 consecutive trading days, Red Back has today exercised its right and caused to be mailed to each holder of Warrants a notice confirming the acceleration of the expiry date of the Warrants to March 2, 2006. All Warrants must be exercised on or before 5:00 p.m. Vancouver time on March 2, 2006, failing which they will expire.
A holder wishing to exercise its Warrants must, on or before 5:00 p.m. on March 2, 2006:
1. Complete and execute, with signature appropriately guaranteed, the Exercise Form that is attached to the original warrant certificate;
2. Issue a certified cheque or money order payable to Red Back Mining Inc. in the amount of $2.25 per Warrant exercised; and
3. Deliver the original warrant certificate, the duly completed, executed and guaranteed Exercise Form and the certified cheque or money order in payment of the exercise price, to:
COMPUTERSHARE TRUST COMPANY OF CANADA
3rd floor – 510 Burrard Street
Vancouver, B.C. V6C 3B9
Attention: Judith Conyette, Corporate Trust Department, phone (604) 661-9567
If a holder of Warrants has questions regarding the exercise of their Warrants, please contact Judith Conyette at Computershare Trust Company of Canada at the above telephone number. Warrants that have not been duly exercised on or before 5:00 p.m. Vancouver time on March 2, 2006 will expire immediately thereafter.
On behalf of the Board of Directors
“Richard P. Clark”
President
Red Back Mining Inc
2101 - 885 West Georgia Street, Vancouver, BC Canada V6C 3E8
Tel: (604) 806-3070 Fax: (604) 689-5452 redbackmining.com
Birim (BGI.TO) extends Tinga incl. 11.5m gold @6.95g/ton
JANUARY 19, 2006 - 09:58 ET
Birim Goldfields Inc./Drilling Continues to Extend Tinga Far East Gold Deposit, Ghana: Phase One Drilling Complete
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.
Following the Company's last news release (December 15, 2005) in which a 100-meter strike extension to the north was reported, newly received assay results continue to extend the strike length of the deposit by a further 100 meters to the north (see map). The extension is defined by intersections in a drill fence containing drill holes BFE 36 (3m @ 8.61 g/t) and BFE 37 (4m @ 4.4 g/t), which intersected mineralization at vertical depths of 78 meters and 101 meters respectively. In this area the mineralization remains open in all directions.
In the most recent set of assays, the best intersection received was from verification hole BFE 15 in the central part of the deposit which cut 6.95 g/t over 11.5 meters. This intersection verifies Semafo's drillhole RTC084 which intersected 7 meters at 6.18 g/t, although both grade and width were increased.
A summary of the significant intersections recently received are presented in the table below:
---------------------------------------------------------------------
Drillhole(i) Depth from Depth to Width (m) Grade (Au) Type
---------------------------------------------------------------------
BFE 15(i)(i) 42 53.5 11.5 6.95 g/t Diamond
---------------------------------------------------------------------
BFE 23 46 48 2 6.52 g/t RC
---------------------------------------------------------------------
BFE 25 57 58 1 0.69 g/t RC
---------------------------------------------------------------------
BFE 32 69 71 2 1.12 g/t RC
---------------------------------------------------------------------
BFE 36 96 99 3 8.61 g/t RC
---------------------------------------------------------------------
BFE 37 120 124 4 4.40 g/t RC
---------------------------------------------------------------------
BFE 42 125 126 1 0.56 g/t RC
---------------------------------------------------------------------
BFE 43 98 99 1 0.53 g/t RC
---------------------------------------------------------------------
110 111 1 1.09 g/t RC
---------------------------------------------------------------------
BFE 44 104 105 1 3.70 g/t RC
---------------------------------------------------------------------
BFE 45 146 148 2 3.29 g/t RC
---------------------------------------------------------------------
BFE 47 106 110 4 1.00 g/t RC
---------------------------------------------------------------------
142 146 4 1.12 g/t RC
---------------------------------------------------------------------
(i) Drill intersections have not been corrected for width.
(i)(i) BFE15 was drilled as a verification hole adjacent to Semafo's RTC084 which intersected 7m @ 6.18 g/t between 42m to 49m.
Drilling of the southern extension of the gold deposit has defined a continued although weaker trend. This reflects a narrowing of the mineralised zone to the south although the system does remain open. To date, Birim has extended the strike of the down-dip extent of the mineralization in the south by 200 meters. The strike of the Far East deposit has been extended to 1,850 meters.
The drill hole samples were submitted to SGS Laboratories (Tarkwa). The samples were analyzed by fire assay using a standard 50g charge with a AAS finish, a gravimetric finish was requested for any fire assay results which reported above 5 g/t gold. Birim and SGS have routinely inserted quality control samples into all sequences of submitted samples to ensure full compliance with NI 43-101 securities regulations.
Jean Rainville, P. Eng., the Qualified Person under NI 43-101 has verified the intersections in the table above.
The 7,940-meter Phase One drill program has now been completed on the Tinga gold deposit. The outstanding results will be compiled, interpreted and released as they become available. After successful completion of the current drill plan and based on analysis of all assay results received, it is the Company's intention to undertake a second phase of drilling on the mineralised shear system which remains open to the north. Birim purchased the Tinga concession from Semafo in a transaction that was announced on June 22nd, 2005 (www.birim.com).
A reminder to investors is that Ghana's mineral wealth remains best exemplified by an historical gold production in excess of 55 million ounces with more than 100 million ounces in both the reserves and resources categories outlined thus far. Birim Goldfields Inc. is a royalty-based exploration company focused on gold exploration in Ghana and trades on the Toronto Stock Exchange under the symbol BGI.
A map is available at the following address: http://www.ccnmatthews.com/docs/bira0119.pdf
CONTACT INFORMATION
Birim Goldfields Inc.
Denis Simoneau
President
(514) 393-8611
1 (800) 721-8611
info@birim.com
or
Birim Goldfields Inc.
Farah Alibhai
Investor Relations
(604) 731-7340
farah@birim.com
www.birim.com
Managem (MNG on Casablanca Exchange) still rising
Managem, the Moroccan mining company that has a controlling interest in the successful West Aftrican explorer/miner Semafo (SMF.TO) is continuing its rise, recently reaching 399.5 on the Casablanca Stock Exchange. Managem has various Moroccan mines, including gold mines, in addition to its West African holdings via Semafo. It's been said to be controlled by Morocco's king and royal family.
See the Casablanca Bourse via http://www.casablanca-bourse.com/ and type in the Managem symbol "MNG" at lower left to get the chart and statistics.
There were press releases and stories a while ago about some dispute between Managem and Semafo. I never knew what it was about or what became of it. For one thing, I don't speak French, the business language of Morocco. Does any reader know what that was about?
(Disclosure: I own some Semafo stock, but not any Managem.)
FL
PMI Ventures (PMV.V) "Banket Gold" discovery 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 #06-01 TSX Venture: PMV Frankfurt/Berlin WKN 888063
January 17, 2006 Issued & Outstanding: 35,941,967
Fully Diluted: 51,586,038
NEW “BANKET GOLD” DISCOVERY - OFOASE CONCESSION - GHANA
PMI Ventures Ltd. (the “Company”) [TSX Venture: PMV], announces that assays have been received from a preliminary sampling program, testing a small part of the previously noted 2.5 km long “Banket 1” gold soil geochemical anomaly on the OFOASE concession. This concession is located on the Ashanti Gold Belt, 20 kilometres due west of Newmont’s Akyem gold project and 45 kilometres northeast of Anglo Ashanti’s Obuasi Mine.
Trench BH-1, located in the Banket Hill area on Line 10200E from 10192N to 10212N was cut to test a 140 ppb gold in soil anomaly. Sampling of quartz pebble conglomerate returned 7 metres grading 1.83 g/t gold, with individual one metre fire assays within this section grading to 4.24 g/t gold.
In addition, a grab sample of pyritic quartz pebble conglomerate taken 570 metres along the strike of the soil anomaly on Line 10800E at 10165N assayed 1.61 g/t gold. Sample analyses were completed at SGS Analabs Pty. Ltd. at Bibiani, and analyzed for gold by fire assay-AA on a 50 gram sample charge. The work program was under the direction of Douglas R. MacQuarrie, P.Geo. (B.C).
These samples are the first confirmation that ‘banket type’ quartz pebble conglomerates on the concession carry potential mining grades and widths. Additional trenching to further outline the favourable ‘banket’ horizon has commenced.
Further maps and diagrams which complement the above disclosure will be available in due course on the Companies web site.
On behalf of the Board,
“signed Douglas 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.
DELETED: Guinor (Guinea) and St. Jude (Ghana, Burkina Faso)
Guinor was bought for cash by Crew Gold (CRU.T); St. Jude was acquired (for a PITTANCE in my amateur opinion!) by Golden Star (GSC.T, GSS on the American Exchange).
FL
Crew Gold (CRU.T, bought Guinor) presentation
Crew Gold Corporation -- Company Presentation
2006-01-18 13:18 ET - News Release
LONDON, Jan. 18, 2006 (PRIMEZONE) -- Crew Gold Corporation ("Crew") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRUGF).
Mr Jan Vestrum is making a presentation on Wednesday, January 18, 2006 in Toronto at 16:00 p.m. local time.
To view the presentation visit www.crewgold.com under Investor Relations/Newsroom or www.oslobors.no ticker symbol CRU.
Jan A Vestrum
President & CEO
Safe Harbor Statement
Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where Crew is conducting business and/or investor relations. Forward-looking statements, include, but are not limited to those with respect to the expected pricing, size and timing of the proposed private placement. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "targets", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the price of gold, fluctuations in financial markets, investor interest in the proposed private placement. Although Crew has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
For more information about Crew, additional contact information or to subscribe to future news releases, please visit our new website www.crewgold.com
CONTACT: Crew Gold Corporation
UK Head Office
+44 -1932 268755
enquiries@crewgold.com
Randgold (GOLD) overcoming incidents; big year
from Business Day
Posted to the web on: 17 January 2006
Randgold overcoming incidents, looking forward to another big year
Stephen Clayson - www.resourceinvestor.com
LONDON - Though just hit by twin misfortunes, Randgold Resources has much to offer those investors seeking a well-managed mid-tier gold miner. Randgold is putting the finishing touches to its Loulo mine in Mali, which is already producing, as well as making progress with other endeavours to grow its production profile.
Two scandals affecting Randgold have surfaced of late, the first being a dispute over the taxation of Morila, the company’s first mine, a 50% joint venture with AngloGold also located in Mali, and the second being the sudden dismissal of the prime contractor at the Loulo mine. The first issue has now been totally resolved, while potential operational damage from the second has been counteracted, although full resolution may take some time. Randgold’s CEO Mark Bristow aptly describes the wrangling over the taxation of Morila as “typical third world stuff,” complicated by the intercession of the Christmas period, which despite the fact that Mali is a Muslim state, still causes a slowdown in Malian government departments. Such disputes tend to be settled fairly easily once a typical sequence of posturing has taken place on both sides.
The dismissal of the prime contractor at Loulo is a little more unusual. Of course, inept contractors exist in the mining industry as in any business, and the conduct of MDM Ferroman, the contractor that was engaged at Loulo, has indeed been inept. It has also led to MDM being indebted to Randgold to the tune of $12 million, a state of affairs that arose as Randgold essentially had to bail out MDM to keep their heads above water. MDM has pledged security for $7m of the debt, but has not provided security for the remaining $5m.
According to Bristow, Randgold has no overriding wish to force MDM into liquidation, but will do so unless it can come up with security for the remaining $5m. Now that the Loulo project has been taken back under direct management by Randgold, the only risk posed to Randgold by MDM is that of its debt. MDM may advance security for the remaining $5m sum, avoid liquidation and in time, settle their entire debt with Randgold through normal means. But if the company is forced into liquidation and other creditors line up as well, there is the possibility that Randgold may not be able to recover all that it is owed.
The loss of MDM as contractor will probably push back the completion date of the Loulo mill’s hard rock circuit, but Randgold hopes to be able to prevent this by continuing to draw on its stockpile of softer ores, which Bristow describes as “plenty big enough.” The final shipment of components for the hard rock circuit should have left for Mali last week, following Randgold’s intervention to ensure that all relevant parties were paid; something that MDM had neglected to do.
Bristow hopes to see the hard rock circuit functioning by April or at the latest May of this year, and believes that through careful management, Randgold can avoid significant deviation from Loulo’s year 2006 production target. Work on the planning of an underground mine at Loulo to complement the open pit operations already underway is proceeding unabated, and Randgold intends to begin construction of the underground mine this year.
Randgold’s early stage project portfolio is also still being progressed, with the company fairly active in Tanzania, Ghana and Burkina Faso, and beginning to nose around Congo. Thanks to the improving political situation in Ivory Coast, Randgold is also hopeful of gaining significant access this year to its Tongon project in the country, which may have the potential to produce in fairly short order around 100,000 ounces of gold per annum, assuming that circumstances in troubled Ivory Coast permit.
As if in vindication of Randgold’s position, the company’s share price shrugged off its initial concerns over the MDM debacle, and was trading today back above 1,000 pence, close to its lifetime high. The market seems to have faith in Randgold’s ability to manage incidents such as the two detailed here, as well as confidence in the company’s ability to keep generating value. With particular regard to Loulo’s underground scheme and the possibility of somewhat near term access to the Tongon project, it could be said that the scope for further value generation is significant.
Semafo (SMF.TO) boosts mineral reserves to 357,100 ounces
2006-01-17 15:06 ET - News Release
Mr. Benoit La Salle reports
INCREASE IN MINERAL RESERVES BY 37% AT THE KINIERO GOLD MINE
Semafo Inc.'s in situ proven and probable mineral reserves stated as of Dec. 31, 2005, at its Kiniero gold mine in Guinea have increased by 96,200 ounces, representing a 37-per-cent increase over the recovered mineral reserves reported in the 2004 year-end statement. Beyond this increase, the mineral reserves extracted during the year 2005 at the Kiniero gold mine have been replaced.
The Kiniero mine in situ total proven and probable mineral reserves as of Dec. 31, 2005, stand at 2,596,000 tonnes at a grade of 4.28 grams per tonne (g/t) gold (Au) representing 357,100 ounces, using a gold price of $450 (U.S.) per ounce. This compares with 1,972,000 tonnes at a grade of 4.58 g/t Au representing a total of 260,900 recoverable ounces, as at Dec. 31, 2004, using a gold price of $400 (U.S.) per ounce.
Since official opening of the mine in April, 2002, the Kiniero mine has produced more than 190,000 ounces of gold. At a production rate of 60,000 ounces per year and, strictly taking into account the mineral reserves, the minimum expected mine life at Kiniero is six years.
In addition, the measured and indicated mineral resources increased by 35 per cent, reaching 8,175,200 tonnes at a grade of 2.79 g/t Au and representing a total of 733,300 ounces (545,200 ounces as of Dec. 31, 2004), thus leading to total mineral reserves and resources of 10,771,200 tonnes at a grade of 3.15 g/t Au, representing 1,090,400 ounces of gold (806,100 ounces as of Dec. 31, 2004).
The table below shows the details of the reserves and resources estimations as of Dec. 31, 2005.
RESERVES AND RESOURCES AT KINIERO MINE
AS OF DEC. 31
---------------------------------------
Mineral reserves 2005 (2) 2004 (1)
---------------------------------------
Proven mineral
reserves
Tonnes 1,279,000 1,316,800
Grade (g/t Au) 4.07 4.42
Ounces 167,400 169,200
---------------------------------------
Probable mineral
reserves
Tonnes 1,317,000 655,200
Grade (g/t Au) 4.48 4.91
Ounces 189,700 91,700
---------------------------------------
Total mineral
reserves
Tonnes 2,596,000 1,972,000
Grade (g/t Au) 4.28 4,58
Ounces 357,100 260,900
---------------------------------------
Mineral resource 2005 (3) 2004
---------------------------------------
Measured mineral
resources
Tonnes 2,493,400 2,195,800
Grade (g/t Au) 2.87 3.00
Ounces 230,200 211,700
---------------------------------------
Indicated mineral
resources
Tonnes 5,681,800 3,079,500
Grade (g/t Au) 2.75 3.37
Ounces 502,400 333,500
---------------------------------------
Total mineral
resources
Tonnes 8,175,200 5,275,300
Grade (g/t Au) 2,79 3.22
Ounces 733,300 545,200
---------------------------------------
Total mineral 2005 (3) 2004
reserves and
resources
---------------------------------------
Tonnes 10,771,200 7,247,300
Grade (g/t Au) 3.15 3.59
Ounces 1,090,400 806,100
---------------------------------------
(1) In 2004, mineral reserves included consideration for metallurgical and mining recoveries, and a gold price of $400 (U.S.) per ounce.
(2) Two thousand five in situ mineral reserves at Kiniero at $450 (U.S.) per ounce; cut-offs of oxide at 0.96 g/t Au and sulphides at 1.80 g/t Au.
(3) Two thousand five mineral resources at Kiniero cut-offs: oxide and sulphides at 0.70 g/t.
Benoit La Salle, president and chief executive officer of Semafo, comments, "The Kiniero operation has now achieved a new milestone in surpassing one million ounces in total mineral reserves and resources, thus demonstrating the ability of the Kiniero exploration team to replace its reserves annually."
In 2006, Semafo will expand its local and regional exploration programs to further increase the mineral reserves and resources and, consequently, the expected mine life of its Kiniero gold mine.
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 Kiniero mine, as of Dec. 31, 2005. He has reviewed this press release for accuracy and has confirmed that the information relating to mineral reserves and mineral resources outlines above derived from the technical report prepared for Semafo by experienced mining geologists under his technical supervision.
We seek Safe Harbor.
Newmont(NEM); one killed, 3 shot in Ghana
NEW ABIREM: TUESDAY, 8 NOV 2005, POLICE KILL, INJURE THREE
New Abirem (E/R), Nov. 8, GNA - Police shot and killed one farmer and injured three others at New Abirem in the Brim North District of Eastern Region on November 2, when they went in defence of Newmont Gold Limited.
The victims were among a group of farmers, who were demanding that the right method must be used in calculating compensation for their cocoa and other economic trees that would be destroyed by Newmont Gold Ghana Limited in their concession.
The victims were identified as ff:
Yaw Manu, 35, died on admission at Holy Family Hospital, Nkawkaw.
Anthony Arthur, 28 Shot and injured, admitted.
Kwaku Awentenga, 20 Shot and injured, treated and discharged.
Yaw Boateng, 23 Shot and injured, treated and discharged.
A meeting between Newmont and the Chief and people of the town a day earlier was deadlocked as Newmont insisted on using the acreage method to calculate compensation to be paid whilst the people had demanded that the number of trees must be counted and paid for at an agreed price per tree.
Narrating the Police version of the incident to the GNA in Koforidua on Tuesday, the Eastern Regional Police Commander, Assistant Commissioner of Police Reynolds K. Kwakye said the Police Regional Headquarters received a call from an official of the Newmont Mining Company at New Abirem that the youth of the town had erected blockades on all roads in the town and were preventing vehicles and workers of the Company from passing to their offices and work sites.
He said three police teams were dispatched to the town from the ff:
Koforidua
Akyem Oda
Nkawkaw
Ofoase
to restore law and order.
Mr. Reynolds K. Kwakye said a five-man Police team from nearby Ofoase were the first to reach the town but had to park at the outskirts because of the barricades and walked to the town.
He said on seeing the approaching Policemen, the demonstrators moved towards them and the Police fired, killing one and injuring two. Mr. Reynolds K. Kwakye said when the other Police reinforcement teams arrived in the town they managed to remove the barriers and restored law and order. On the background to the mob action, he said a day earlier the Chiefs and people of the town had gathered to discuss the deadlock between them and Newmont on its proposed payment of compensation of ¢15 million to ¢31 million per acre of destroyed oil palm trees and cocoa trees, respectively, within its concession.
Glencar's (GEX, London) bonanza Mali hit confirmed, enlarged
See article at: http://web1.kitco.com/pr/1931/article_01132006131939.pdf
[Notice the conservatism of footnote 1 "excluding exceptionally high assay values"; these don't seem like hypesters to me. FL]
GLENCAR MINING PLC
71 Lower Baggot Street, Dublin 2, Ireland
Tel: 353 1 661 9974, Fax: 353 1 661 1205,
e-mail: info@glencarmining.ie
Glencar Intersects Additional High Grade Mineralisation in Mali
13th January 2006
Glencar is pleased to announce the receipt of the remaining assay results from the Komana West drilling programme.
Highlights are:
• Ore grade mineralisation has now been confirmed by drilling over a strike length of 800 metres.
• Mineralised intersections in boreholes on each of four fencelines in metasediment show an average width of 20.3 metres at an average grade of 11.58 grams/tonne (uncut) or 4.33 grams/tonne (cut)1.
• Drilling in the intrusive porphyry in the southern portion of the drilled area has also shown extensive mineralisation.
• Previously reported bonanza intersection in KWRC 002 has now been
increased to 20 metres at 55.19 grams/tonne (uncut) following receipt of outstanding assays.
• Recent field mapping has identified evidence of significant mineralisation 900 metres along strike to the south of the recently drilled area.
Background
The Komana licence is one of a block of five licences in Glencar’s Sankarani Project in southern Mali. Glencar may earn up to an 85% interest (net of the Mali Government’s interest of 10%) in the Komana licence and, in addition, Glencar holds an option to acquire the outstanding 5% interest through payment of US$1 million at any time within 90 days of completion of senior financing for the development of a mine on the property.
[Footnote 1: In order to reduce the influence of exceptionally high assay values for purposes of evaluating overall grades, it has been decided to cut all higher values to a maximum grade of 30 grams/tonne and grades are quoted herein in both cut and uncut form.]
Glencar is currently finalising an agreement with Gold Fields relating to three other licences in the Sankarani area, at Bokoro, Sanioumale and Farasaba. The Komana West target is a mineralised, north-south trending shear zone in Birimian metasediments with intrusive feldspar porphyry bodies locally emplaced within the shear zone. The drill programme was designed to test this north-south shear zone, and also to examine the nature and extent of gold mineralisation observed in east-west veins mapped within the shear zone.
Drilling Programme
A drilling programme of 21 reverse circulation drillholes was completed for a total of 1,942 metres of drilling. Two of the planned drillholes were not drilled due to access difficulties with the particular drillrig on site. Holes were drilled on five NW-SE oriented fencelines, with all holes drilled to either the NW or SE, depending on local ground conditions, at an angle of 50 degrees from the horizontal. Four of the fencelines were drilled in metasediment and the fifth was in a 200 metre wide intrusive porphyry body in the southern part of the drilled area. The hole depths were between 72 and 120 metres.
Assay Results
Within the metasediment, where 17 of the 21 holes were drilled, significant, ore grade mineralisation has been found on each of the four fencelines drilled. The mineralisation intersected on each fenceline is consistent with a mineralised, sub vertical shear zone trending north – south, although continuity of the ore zone between fencelines remains to be confirmed by additional drilling. The density of drilling completed to date at Komana West is not yet sufficient to accurately determine the disposition of the ore nor whether or not the intersections obtained represent true widths. However, taking the mineralised intersections in borehole KWRC 012 on Fenceline 1; borehole KWRC 002 on Fenceline 2; boreholes KWRC 019 and KWRC 020 on Fenceline 3 and boreholes KWRC 006 and KWRC 007 on Fenceline 4, yields an average ore zone width of 20.3 metres grading 11.58 grams/tonne (uncut) or 4.33 grams/tonne (cut) in what is a potentially continuous zone over a strike length of 450 metres.
A previous announcement dated 12 December 2005 reported that grades of 53.6 grams/tonne (uncut) over 19 metres were intersected in hole number KWRC 002. There were a number of samples from that hole for which assay values had not been received from the laboratory at the time of the announcement. These have since been received and both the width and the grade of the complete intersection has now been increased to 20 metres grading 55.19 grams/tonne (uncut) or 11.96 grams/tonne (cut) with the hole finishing in ore at 80 metres depth.
Within the larger porphyry intrusive in the southern portion of the drilled zone, not all of the planned holes were drilled due to access difficulties. Of the four holes that were drilled, two intersected significant mineralisation. Hole KWRC 023 intersected 2 metres grading 67.77 grams/tonne (uncut) or 15.61 grams/tonne (cut) between 35 and 37 metres depth. Additional mineralisation within this hole was found at 43 metres depth (1 metre at 5.62 grams/tonne) and between 67 and 70 metres depth (3 metres at 3.09 grams/tonne).
Hole KWRC 016 was drilled predominantly in the porphyry intrusive and intersected extensive mineralisation including 9 metres at 4.47 grams/tonne (uncut) or 4.30 grams/tonne (cut) between 31 and 40 metres depth. Of greater significance in this hole perhaps, is the fact that the hole shows elevated gold values over 50 metres of its entire 72 metre length. All holes were sampled on a metre-by-metre basis and each sample was split to an assay sample of nominal 2.5kg weight. Samples were assayed by SGS Analabs Laboratories at Morila Mine, Mali, by fire assay with atomic absorbtion finish using a 50 gm charge. All values assaying over 5 grams/tonne were reassayed with a gravimetric finish. Where multiple assays were carried out, the values quoted are the averaged assay values returned from the laboratory for that sample. A full QA/QC programme of duplicate, blank and standard reference material samples is in place for all assays.
Interpretation
The ore grade intersections in the metasediment in holes KWRC 002, 006, 007, 012, 019 and 020 may represent the intersection of a single structure along the mineralised shear zone although the density of drilling to date is not sufficient to prove this. These intersections occur over a strike length of 450 metres and at vertical depths from surface of up to 60 metres. Our initial interpretation suggests that the structure may diverge in the southern part of the drilled area, around the 200 metre wide intrusive porphyry body, over a strike length of 350 metres. The limited drilling completed to date in the porphyry confirms that it is persistently mineralised with clear potential for significant additions to the mineralisation already established further north in the metasediments. Surface mapping completed since the commencement of the drilling programme now shows that this mineralised shear zone extends at surface for at least a further 900 metres to the south of the porphyry, giving a currently delineated total target strike length of 1.7 kilometres.
Drill testing of the additional 900 metres of strike length will be carried out in the next drill programme which will also incorporate drillholes to complete the initial drill testing of the larger porphyry body.
Conclusion
These results are extremely positive for the potential of the Komana West target and will be followed up with an intensified drill campaign involving both reverse circulation and diamond core drilling, further details of which will be announced as
soon as possible.
The more significant assay results are given in the table below in both cut and uncut form. Further details of the drilling including hole locations and assay grades will be posted shortly on our website at www.glencarmining.ie
Table 1 – Assay intersections from the Komana West Drilling
For further information, please contact:
Hugh McCullough, Chief Executive
Telephone +353 1 6619974
========
Directors : H. McCullough (Managing Director), W.W. Cummins (Canada), S. Finlay, K. Harrington,
P. O’Quigley, Secretary : P. O'Quigley. Registered in Ireland No. 35324. VAT No. IE 9D51220H.
I'm a bumbling amateur, not a guru. I've made some terrible choices, and am ahead now (on average) only because gold is way up. I don't always read all through the press releases I post here, just skim them for relevance to West African gold mining.
FL
High River cuts 10 m of 39.4 g/t Au at Bissa Hill
2006-01-10 19:40 ET - News Release
Mr. Don Whalen reports
HIGH RIVER GOLD ENCOUNTERS ADDITIONAL POSITIVE INTERCEPTS FROM ITS BISSA GOLD PROJECT IN BURKINA FASO
High River Gold Mines Ltd. is providing assay results from an additional 14 drill holes and 14 trenches at Bissa Southwest, the Bissa Hill deposit south extension and the Bissa-Gonglou corridor of the company's Bissa project in Burkina Faso. The results reported today, from its nearly completed 33,500-metre drilling program, confirm the potential for outlining a significant gold resource sufficient to support a mining operation.
Highlights include:
* high-grade gold mineralization intersected at the Bissa Hill deposit south extension with three significant zones in one hole: 39.4 grams per tonne over 10 metres, 5.5 g/t over 11.5 metres, 12.2 g/t over 27.1 metres;
* mineralized zones 2 and 3 of Bissa Southwest extended down dip and down plunge: 10.6 g/t over seven metres in Zone 2, 11.7 g/t over 5.4 metres in Zone 2, 5.9 g/t over 10.1 metres in Zone 2, 16.3 g/t over eight metres in Zone 3; and
* gold mineralization extended to near surface at Zone 51 of the Bissa-Gonglou corridor with significant trenching results of: 1.5 g/t over 14.1 metres, 2.1 g/t over 10.8 metres, 5.0 g/t over 9.6 metres.
Bissa Hill deposit south extension
High River completed two additional core holes (337 metres) and two trenches (155.8 metres) on the southwestern zone of the Bissa Hill deposit south extension. The known high-grade zone was further extended down dip with core hole ZK05-054, drilled behind RC ZBR-189 (20 metres grading 17.0 g/t gold from 82 metres) on Section 8740E, which returned three significant gold intersections: 39.4 g/t over 10 metres from 53 metres, 5.5 g/t over 11.5 metres from 76 metres, and 12.2 g/t over 27.1 metres from 93.1 metres. The three intersections include very high gold grade intervals ranging from 40.9 g/t to 276.5 g/t as shown in the highlights table. The results also suggest the presence of two new potentially significant gold zones to the north of the target zone. Follow-up diamond drilling on these zones is planned for January.
The Bissa Hill deposit south extension is the southwest continuation of the Bissa Hill deposit, which currently contains a measured and indicated resource of approximately 150,000 ounces of gold (81,980 ounces in the measured category and 65,270 ounces in the indicated category). The gold mineralization in the south extension zone is hosted in a mafic schist unit, which forms the footwall of the Bissa Hill deposit. Since mid-September, High River completed 12 trenches (877 metres), 19 reverse-circulation holes (2,220 metres) and two core holes (337 metres) on this zone that has a strike length of approximately 1.5 kilometres. Refer to the company's announcements on Nov. 23, 2005, and Dec. 1, 2005, for more details.
BISSA HILL DEPOSIT SOUTH EXTENSION
Hole From To Gold
No. (m) (m) (g/t)
DDH ZK05-054 53.0 63.0 39.38
Incl. 58.0 59.0 15.10
Incl. 59.0 59.9 143.27
Incl. 59.9 60.5 80.93
Incl. 60.5 61.2 276.50
76.0 87.5 5.48
Incl. 83.0 84.0 19.67
Incl. 84.0 84.6 40.90
93.1 120.2 12.23
Incl. 94.3 95.2 17.21
Incl. 95.2 96.0 11.20
Incl. 96.0 97.4 27.80
Incl. 99.0 100.5 163.12
DDH ZK05-055 No significant results
Trench 8657E No significant results
Trench 8677E No significant results
Bissa Southwest
Assay results from a further nine core holes (1,618 metres) and two trenches (145 metres) returned encouraging intersections over significant widths at Bissa Southwest, located 700 metres southwest of the Bissa Hill deposit.
At Zone 2, core hole ZK05-050, testing the down-dip extension of a previously reported intersection of 12 metres grading 6.0 g/t (DDH ZK05-036) on Section 9180E, returned 8.4 g/t over 3.7 metres from 104 metres and 11.7 g/t over 5.4 metres from 111.9 metres. Core holes ZK05-048 and 049 on Section 9220N, drilled down dip from the previously reported intercept of 2.5 g/t over 11.8 metres (DDH ZK05-041), returned 5.9 g/t over 10.1 metres from 124.9 metres, and 10.6 g/t over seven metres from 136 metres, respectively. Core hole ZK05-057, drilled down dip from DDH ZK05-035, returned 3.6 g/t over 8.2 metres from 150 metres, confirming continuity of the mineralized zone.
At Zone 3 on Section 9260N, core hole ZK05-052 returned 1.9 g/t over 7.9 metres from 114.1 metres and core hole ZK05-053 cut 16.3 g/t over eight metres from 81 metres, 2.9 g/t over 7.2 metres from 102.8 metres and 2.8 g/t over seven metres from 113 metres. Core hole ZK05-051, drilled on new fence 9306E, cut a series of significant gold intersections with 9.33 g/t over two metres from 99 metres, 5.1 g/t over 4.3 metres from 105.9 metres, and a 47-metre interval grading 1.3 g/t from 144 metres along the hole. Follow-up drilling and trenching will continue in January.
At Zone 4, results from DDH ZK05-061, drilled down dip from a previous intercept of 51 metres grading 1.0 g/t (RC ZBR-139) on Section 9220N, confirmed continuity of the gold mineralization with an interval of 64 metres grading 0.9 g/t from 22 metres, and additional gold intersections of 1.1 g/t over 11 metres from 99 metres and 2.0 g/t over 13.6 metres from 172 metres. Trench TR-9057E(N) cut a 25-metre zone averaging approximately one g/t. Thus far, drilling results from Bissa Southwest Zone 4 have given less than one g/t values over wide intervals, which could potentially provide feed for a low-cost heap-leach operation.
BISSA SOUTHWEST HIGHLIGHTS
Hole From To Gold
No. (m) (m) (g/t)
Zone 2
DDH ZK05-048 109.0 112.0 3.68
124.9 135.0 5.89
Incl. 126.0 126.4 28.60
Incl. 127.0 128.0 10.00
Incl. 129.15 130.2 22.30
DDH ZK05-049 136.0 143.0 10.64
Incl. 138.0 139.2 30.40
Incl. 141.0 142.0 10.50
Incl. 142.0 142.7 14.20
DDH ZK05-050 104.0 107.7 8.38
Incl. 104.45 105.0 18.80
Incl. 106.0 106.4 13.50
Incl. 107.0 107.7 19.60
111.9 117.3 11.71
Incl. 111.9 113.0 26.60
Incl. 113.0 114.1 17.23
DDH ZK05-056 No significant results
DDH ZK05-057 150.0 158.2 3.56
Incl. 153.0 154.0 14.52
Zone 3
DDH ZK05-051 99.0 101.0 9.33
Incl. 99.0 100.0 18.05
105.9 110.2 5.15
Incl. 106.5 107.35 11.20
Incl. 109.7 110.2 20.60
144.0 191.0 1.30
Incl. 144.0 152.0 1.76
Incl. 156.0 166.0 1.64
Incl. 171.0 191.0 1.13
DDH ZK05-052 114.1 122.0 1.87
DDH ZK05-053 81.0 89.0 16.33
Incl. 82.0 83.0 12.47
Incl. 83.0 84.0 60.80
Incl. 84.0 85.0 30.09
Incl. 88.0 89.0 22.90
102.8 110.0 2.92
113.0 120.0 2.84
Zone 4
DDH ZK05-061 22.0 86.0 0.94
Incl. 22.0 41.0 0.85
Incl. 44.0 69.0 1.01
Incl. 72.5 86.0 1.25
99.0 110.0 1.06
172.0 185.55 1.96
Trench 9057E(N) 52.0 61.0 1.44
64.0 77.0 0.91
Trench 9217E(N) No significant results
To date, High River has completed 20 core holes (3,489 metres), 20 RC holes (2,338 metres) and five trenches (285 metres) at Bissa Southwest. High River has defined five subparallel gold zones, 100 to 150 metres apart, trending northeasterly and dipping 30 to 40 degrees to the northwest. Geological interpretation of the data indicates that gold mineralization is localized at the hinge zones of parasitic folds (zones 0 to 4), forming a moderately northeasterly plunging syncline. All five subparallel zones remain open down plunge to the northeast and have been drilled to depths ranging from 34 metres at Zone 0 to depths of 140 metres at Zone 2. Gold mineralization occurs primarily in altered, pyrite-bearing argillites and occasionally siltstones, and in the underlying massive sandstones with zones of grey cryptocrystalline quartz veining and strong silicification. Oxidation occurs to depths between 50 and 75 metres. Drilling and trenching will continue in January on the best zones.
Bissa-Gonglou corridor
High River received assays from an additional three core holes (418 metres) and eight trenches (1,025 metres) on Zone 51 of the Bissa-Gonglou corridor, located immediately southwest of Bissa Southwest and the Bissa Hill deposit south extension.
Zone 51 contains a series of subparallel gold zones hosted by mafic schists. Gold occurs with quartz veins and associated alteration (silica, iron carbonate and pyrite with enveloping sericitization) in strong deformation zones. The dips of the gold zones are subvertical to north and locally south.
Previously announced results on the western portion of Zone 51, located 330 metres east of the Gonglou artisanal mining site, indicated the presence of at least two, and possibly four, subparallel zones extending over a strike length of 220 metres. One of two core holes drilled successfully extended the gold mineralization down dip on Section 6300E. Core hole ZK05-059 returned 1.4 g/t over seven metres from 61 metres and 15.2 g/t over 1.45 metres from 84.6 metres, confirming continuity at depth.
Other significant results are from the trenches excavated on the eastern portion of Zone 51: TR-7097E intersected 1.82 g/t over 6.6 metres and 1.47 g/t over 14.1 metres; TR-7177E(N) encountered 2.1 g/t over 10.8 metres; TR-7337E intersected 5.0 g/t over 9.6 metres and 1.82 g/t over 6.4 metres; and TR-7497E cut 3.2 g/t over 8.9 metres and 2.4 g/t over 5.6 metres.
To date, High River has completed 10 core holes (1,434 metres), 66 RC holes (7,742 metres) and 11 trenches (1,163 metres) at Zone 51.
BISSA-GONGLOU CORRIDOR HIGHLIGHTS
Hole No. From To Gold
(m) (m) (g/t)
Zone 51 (west)
DDH ZK05-059 61.0 68.0 1.44
84.55 86.0 15.23
Incl. 84.55 85.0 26.40
Incl. 85.0 86.0 10.20
DDH ZK05-060 No significant results
Zone 51 (east)
DDH ZK05-058 No significant results
Trench 7097E 18.4 25.0 1.82
116.0 130.1 1.47
Trench 7177E(S) 28.6 36.0 1.76
Trench 7177E(N) 31.0 41.8 2.12
Trench 7257E No significant results
Trench 7337E 11.7 21.3 4.97
99.1 105.5 1.82
Trench 7417E 0.2 5.1 2.90
Trench 7497E 27.0 35.9 3.18
Incl. 28.0 29.0 12.36
40.8 46.4 2.35
45.6 46.4 11.07
Trench 7577E No significant results
Trench 8137E No significant results
Trench 8217E 21.0 24.0 3.51
62.6 64.6 9.82
Incl. 62.6 63.7 12.20
Bouly and Liliga targets
High River is advancing preliminary work on two of the five high-priority areas, defined in the compilation work completed in early November, 2005, with a drilling program planned to start in the first quarter of 2006. At Bouly and Liliga, both located within 10 kilometres of the Bissa project, geological mapping at 1:5,000 is near completion, soil sampling on a 100-metre by 100-metre grid, and rock chip sampling have been completed. Assays are pending. Both targets were previously investigated by the Sanmatenga joint venture, which was carried out by Randgold Resources Ltd. from 1993 to 2001 (refer to news in Stockwatch on Nov. 10, 2005, for more details).
Complete tables of results, surface and longitudinal plans and cross-sections for the Bissa project are posted on the company's website.
In mid-September, High River started an exploration program consisting of 10,500 metres core (DDH), 17,000 metres reverse circulation (RC), 6,000 metres rotary air blast (RAB) drilling and 2,500 metres of trenching. Approximately 4,300 metres of the core-drilling program remains to be carried out. After completion of the drilling campaign, the company will commission an independent resource estimate for the project, which is expected to be completed by the end of the first quarter of 2006. By combining the Bissa Hill deposit and its southern extension, Bissa Southwest and part of the Bissa-Gonglou corridor, High River expects to achieve its initial goal of defining a one-million-ounce gold resource amenable to open-pit mining. 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.
Quality control program
The quality control protocol in place has been designed to meet or exceed the requirements of National Instrument 43-101 of the Canadian securities administrators. This quality control program 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, supervising the Bissa project. Analytical work is carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. A 0.5-gram-per-tonne 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.
We seek Safe Harbor.
African Gold (AGG.V) stretches Nyankumasi mineralization
2006-01-11 12:55 ET - News Release
Mr. Michael Nikiforuk reports
AFRICAN GOLD GROUP, INC.: NYANKUMASI, GHANA: 4 KILOMETRE MINERALIZED STRIKE LENGTH IDENTIFIED; ALL GHANA AND MALI DRILL SAMPLES NOW IN CANADA FOR ANALYSIS
African Gold Group Inc.'s phase I exploration program at Nyankumasi, Ghana, has confirmed a gold mineralized strike length measuring approximately four kilometres, at the southernmost significant gold-in-soil anomaly known as the -- linear anomaly.
The Nyankumasi concession covers approximately 20 square kilometres and is situated in the northeastern section of the Ashanti gold belt, approximately 48 kilometres east of AngloGold Ashanti's Obuasi mine and approximately 30 kilometres south-southwest of Newmont Mining Corp.'s $500-million (U.S.) Akyem project, which is scheduled for production in the second half of 2008.
Past exploration work programs at Nyankumasi have consisted of a reconnaissance alluvial program, stream and outcrop sampling, geological mapping, sampling of historical workings, survey grid work, pitting, trenching, and reverse-circulation drilling.
To date, three significant gold-in-soil anomalies have been identified within the concession: The Northern, Central and Linear anomalies. Approximately 3,135 soil samples were collected with 107 of those results showing greater than 100 parts per billion gold with a peak value of 3,820 parts per billion gold.
The southern most gold-in-soil anomaly (the Linear anomaly) is a linear feature with dimensions of approximately 4,000 metres by 400 metres that trends in a northeast-southwest direction.
AGG's phase I exploration program, completed in the fourth quarter of 2005, targeted the Linear anomaly and consisted of:
* grid establishment (48.55 line kilometres);
* soil sampling (1,221 samples);
* ground magnetic surveying (44.55 line kilometres); and
* trenching (three new trenches -- 203 metres and 595 cubic metres, one old trench -- 42 metres, for a total of 302 samples).
TRENCH SUMMARY AND SIGNIFICANT RESULTS
HORIZONTAL CHANNEL SAMPLES
Trench From To Length Au
m m m gpt
NK-T1 0 8 8 0.49
incl 5 6 1 1.60
NK-T1 0 85 85 0.27
incl 31 56 25 0.49
or 48 52 4 1.21
NK-T2 0 55 55 0.24
incl 11 12 1 0.44
incl 16 17 1 0.64
incl 30 55 25 0.32
NK-T3 0 42 42 0.28
incl 4 6 2 0.42
incl 12 21 9 0.51
incl 39 41 2 0.45
NK-T4 No significant intercept
A threshold value of 33 parts per billion gold was determined to be the lower limit of anomalous conditions and values as high as 1,320 parts per billion gold were recorded. The soil sample program confirmed the presence of the east-west-trending Linear anomaly and also provided a better definition of the anomaly relative to previous sampling programs and results. The soil anomaly is confirmed by geophysics and geochemistry to be continuous along the entire four-kilometre strike length. However, two distinct zones were defined:
1. L140+00N to L163+00N, approximately 2,300 metres long, with widths from 50 to 350 metres. Values of up to 1,106 parts per billion were reported in this zone. The stretch from L149+00N to L161+00N is linear, strong and consistent, with widths between 100 metres and 250 metres. The best showing occurs on L150+00N from 49+75E to 50+75E, with a minimum value of 260 parts per billion and a maximum value of 1,106 parts per billion.
2. L169+00N to L176+00N, approximately 700 metres long and widths between 50 metres and 250 metres. This zone is slightly shifted to the north (local grid west) relative to the other anomaly. Values up to 312 parts per billion occur along this trend.
The ground magnetic survey provided some indication that suggests that these two zones are connected.
The Nyamkumasi concession is an attractive target worthy of further exploration. Elevated gold values in soils that overlie barren to very low-grade saprolite suggest that gold has been remobilized from a source which has been masked by the high rate of leaching and dispersion associated with tropical environments.
AGG director, Greg Hawkins, PGeo, states: "The region of the concession encompassed by the Linear anomaly clearly shows potential for a resource but current drill and trench coverage does not allow any interpretation of mineralization controls or depth extent into fresh bedrock. What is of great significance is both the continuous widths of greater than 0.25 gram per tonne gold over up to 85 metres, that indicate potential for considerable tonnage of pittable low-grade material and intercepts confirmed in deep saprolite of greater than 2.0 grams per tonne gold over 12.0 metres with high grades of up to 10.0 grams per tonne gold in more than one stacked zone. If the Tarkwaian turns out to be the host rock, as suspected and as demonstrated by the lack of arsenic in the soils, the more simple metallurgy is also a big plus. A provision for 5,000 metres of RC and diamond drilling is recommended to test mineralization in the primary rock and other targets based on IP and magnetic surveys."
Ghana and Mali drill program update
AGG is pleased to report that its two diamond drill programs, in both Ghana and Mali, were completed prior to the Christmas/New Year holiday season. Partial samples arrived in Canada prior to Christmas and the remaining samples have just arrived in Canada. Assay results from these two programs will be reported as soon as the company is in receipt of the laboratory analysis.
We seek Safe Harbor.
Mali gold mine ‘to resume shipments soon’
Charlotte Mathews -- Business Day South Africa
Resources Editor
THE Morila Gold Mine in Mali, which is owned by AngloGold Ashanti, Randgold Resources and the Mali government, expected to resume shipments of gold shortly, said AngloGold Ashanti yesterday.
Corporate affairs spokesman Steve Lenahan was responding to a Reuters report quoting Abdou Diarra, head of the mines division at the Mali mines ministry’s National Office for Geology and Mines, that the mine had suspended gold shipments since late last month as a result of a tax dispute.
An industry source said Morila had wanted to offset part of its tax bill by cancelling debts owed to it by the government of Mali. However, tax authorities had rejected the proposal.
Lenahan said Morila and the Mali government had been in discussions since last October about a wide range of taxes.
There were differences of opinion over the interpretation of regulations and talks were in progress on a protocol to avoid future differences of interpretation.
The discussions were expected to be concluded shortly.
Lenahan confirmed that the last shipment of gold from Morila was on December 29 and there was no shipment last week, pending discussions with the government.
But Morila was confident negotiations with the government would yield results and that shipments would resume.
The temporary suspension of shipments was not expected to have any financial effect on the mine.
Morila is the biggest mine in Mali.
It is owned 40% each by AngloGold Ashanti and Randgold Resources, with the Mali government holding the remaining 20%.
AngloGold Ashanti manages the mine, which produced 510000oz of gold in 2004 at a total production cost of $263/oz.
Randgold Resources (GOLD) contractor trouble at Loulo
SOMILO PUTS LOULO CONTRACTOR ON NOTICE
Bamako, Mali, 6 January 2006 (LSE:RRS)(Nasdaq:GOLD) - Société des Mines de Loulo SA (Somilo), owner of the Loulo gold mine currently being completed in Mali, has advised plant andinfrastructure contractor MDM Ferroman that MDM has defaulted on its construction and commissioning contract.
Loulo has been in production since September last year but the second phase of the plant, the hard rock crushing circuit, still has to be completed. (The mine is currently running on soft ore.) MDM was due to complete all works by 16 December 2005 but has not done so and is not able to provide Somilo with an exact new completion date. In addition, its indebtedness to Somilo, arising from advance payments made by Somilo to ease MDM’s cash flow problems and to keep the project on track, has exceeded the securities that have been provided and MDM has not been able to provide satisfactory additional securities for its increased indebtedness. It has also become apparent to Somilo that MDM is having difficulties in paying its creditors on the Loulo project.
Somilo said today it had been aware since the middle of 2005 that MDM was experiencing financial difficulties which could compromise its ability to complete the Loulo project. On a number of occasions, Somilo was obliged to intervene through additional financing for MDM and negotiation with its creditors. Late last year Somilo learned that the delivery of the critically important crushers for the hard rock circuit had been cancelled by the supplier because of nonpayment by MDM. Somilo had to step in to take over the contract and make payment directly to the supplier. The crushers are being shipped to site immediately which will prevent further delays.
Randgold Resources, Somilo’s major shareholder and the project sponsor, had a series of meetings with MDM in the course of November and December to discuss the increasingly unsatisfactory position at Loulo. At these meetings, MDM stated their belief that they were capable of completing the project - albeit late - and that given the opportunity, they would recover from their current financial problems and repay their debt to Somilo. To date acceptable confirmation of these assurances has not been provided. Consequently Somilo has decided to take back the project and call in the various securities. With the assistance and support of Randgold Resources’ capital projects team, the mine will complete the project under its direct management. Steps will also be taken to recover the monies owed by MDM to Somilo and Randgold Resources.
MDM are at present still working on site and are obliged under their contract with Somilo to cooperate and assist with an orderly handover process.
Randgold Resources chief executive Dr Mark Bristow said he would update the market on new schedules and new completion dates over the next few weeks. “At this stage we do not believe that this development should materially impact on our operational plans for 2006, but there will probably be additional costs if MDM are unable to repay their debt. In the meantime, should it become necessary, Somilo has made contingency plans to continue running the plant on soft and semi-soft ore until the hard rock circuit has been completed,” he said.
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive Investor & Media Relations
Dr Mark Bristow Kathy du Plessis
+44 779 775 2288
+27 11 728 4701
Cell: +27 83 266 5847
Email: randgoldresources@dpapr.com
Website : www.randgoldresources.com
DISCLAIMER: Statements made in this document with respect to Randgold Resources’ current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Randgold Resources. These statements are based on management’s assumptions and beliefs in light of the information currently available to it. Randgold Resources cautions you that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore you should not place undue reliance on them. The potential risks and uncertainties include, among others, risks associated with: fluctuations in the market price of gold, gold production at Morila, the development of Loulo and estimates of resources, reserves and mine life. For a discussion on such risk factors refer to the annual report on Form 20-F for the year ended 31 December 2004 which was filed with the United States securities and exchange commission (The ‘SEC’) on 29 June 2005. Randgold Resources sees no obligation to update information in this release.
No, I didn't buy Merrex; I wanted Glencar instead. I had a fiasco setting up an account to buy some Glencar, which trades in London. Idiotically I assumed it traded in British pounds instead of pence, so I bought only one percent of what I meant to buy. After I realized my blunder, and could correct it, the price had more than doubled. Ouch! But I bought anyway because the announced Glencar discovery in Mali seems "transcendant" -- transcending any other discovery since I started watching West Africa golds.
Anyone with a Bank of America custody account or trust account can now buy Glencar stock easily, thanks to me. I had them set it up in their computer system.
FL
Interesting. Any valuable property just across the border in Guinea? If so, who has it?
Newmont Works In Ghana To Avoid Indonesia, Peru Pitfalls
By Heather Draper
Of DOW JONES NEWSWIRES -- 22 December 2005
DENVER (Dow Jones)--Newmont Mining Corp. (NEM) says it is working hard in Ghana to avoid the environmental and social mistakes it made in Peru and Indonesia, but the world's largest gold producer still has its critics.
Ghana, in Western Africa, is among Newmont's biggest hopes for future gold reserve replacement, a key measure used to value mining companies.
Chief Executive Wayne Murdy has said that Newmont, of Denver, can't afford to walk away from Ghana because of the large estimated gold reserves there, even though it poses the same socioeconomic and public relations risks as other developing countries.
To try to avoid some of the pitfalls it has encountered overseas - including an ongoing criminal trial over pollution charges in Indonesia - Newmont hired the University of Colorado School of Medicine to do health assessments in Ghana prior to starting operations there.
The studies found that disease and poor sanitation were already problems in many of the communities in Ghana near where Newmont wants to open two new open pit mines - Ahafo in 2006 and Akyem, which is still in the permitting phase.
Newmont expects to produce from 500,000 to 550,000 ounces of gold a year at Ahafo and 375,000 ounces a year at Akyem.
"We've learned a lot of things at all of our operations globally ... so as we started in Ghana, we focused on bringing our best practices to bear," said William Zisch, vice president of African operations for Newmont. "We're really working with the communities, and our environmental standards in Ghana will be as strict as anywhere we operate."
Still, bad news has trickled out of Ghana, including the shooting of a farmer by Ghana police in November during a protest of Newmont near its Akyem project. Newmont has said its only involvement in the incident was calling the police about the protest, which included a roadblock near the future mine site.
Ute Hausmann, the German coordinator of the human rights group FoodFirst Information and Action Network, or FIAN, said Newmont is spending a fair amount of time and resources on communication with villagers in Ghana.
"However, you cannot solve substantial issues through communication only," Hausmann said. "About 9,500 people have been displaced economically, which means they have lost access to land that they depend on for their livelihood."
FIAN is also concerned about the environmental effects the mines will have on water resources in the areas near the mines, she said.
Most recently, technical mining experts have raised concerns about Newmont's environmental assessments at Ahafo.
In a report by the Center for Science in Public Participation dated Dec. 9, scientists pointed out problems with Newmont's data in the Environmental and Social Impact Assessment it prepared for the International Finance Corp. in hopes that the IFC will help fund the project. The center, based in Montana, provides technical advice to grassroots groups on environmental issues related to mining.
Newmont used data averaging or admitted it had incomplete data in the Ahafo ESIA, the center's report said.
"It is sometimes unclear whether this 'averaging' is a product of lack of data or reporting, but it makes it impossible to accept many of the ESIA's conclusions," wrote authors Stuart Levin, a mining reclamation expert, and David Chambers, a geophysicist.
The report also asserts that Newmont "sometimes proposes to utilize significantly less stringent human health and environmental standards in Ghana than those it uses in the United States."
Neither of the authors could be reached for further comment Wednesday.
Newmont spokeswoman Heatheryn Higgins said the company hasn't seen the report so she couldn't comment on it.
"We understand they (the center) submitted it to the IFC and it's just part of the public comment process," Higgins said. "We're working with the IFC and will address any issues that arise in a responsible way."
Newmont's Zisch admits it will be hard for the company to avoid problems when it's starting mining operations in such a poor region.
"I can't deny that we have an impact when we come in and start a mine," he said. "Hopefully, that impact will be mostly positive, but we know there will be issues along the way."
One of the biggest issues he sees arising in Ghana stems from the high expectations of villagers there for jobs.
"We recently had 10,000 applicants for 600 jobs," Zisch said. "In a region like that, with its lack of resources, you have the potential to have a lot of people with high expectations ... and some who will be disappointed."
But unlike in Peru and Indonesia, Newmont is partnering with nongovernmental organizations in Ghana to try to do things better, he said. "NGOs understand the community and development ... We do mining and exploration, so it's better to partner with them," he said.
Newmont is working with the OICI (Opportunities Industrialization Centers International), the Ghana Wildlife Society and Conservation International, among others, he said.
Newmont has even flown tribal leaders from Ghana to Denver to meet with company executives and to Nevada to check out the company's operations there.
"The assets are here (in Ghana) and will have us here for a long time, and that's why we can commit to doing these projects in an environmentally sound and socially responsible manner," Zisch said. "We're going to be here for a long time ... and we're making a commitment up front to do it right."
GOLDEN STAR ANNOUNCES CLOSING OF ST. JUDE ACQUISITION
Denver, Colorado, December 21, 2005: Golden Star Resources Ltd. (TSX: GSC; AMEX: GSS) announced that it has today completed the acquisition of St. Jude Resources Ltd. The principal assets of St. Jude are the Hwini-Butre and Benso projects, which are located at the southeastern end of the Ashanti gold belt region in Ghana and within trucking distance of Golden Star’s Wassa mine. St. Jude also owns other exploration properties in Ghana, Burkina Faso and Niger, which are complementary to Golden Star’s exploration focus in West Africa
The acquisition was completed by way of a court-sanctioned plan of arrangement in which every one common share of St. Jude was exchanged for 0.72 of a Golden Star common share. The former St. Jude shareholders now hold approximately 18% of the outstanding common shares of Golden Star. Concurrent with the completion of the acquisition, Michael Terrell, the President and Chief Executive Officer of St. Jude, became a director of Golden Star. BMO Nesbitt Burns Inc. acted as financial advisor to Golden Star and Salman Partners Inc. and Haywood Securities Inc. acted as joint financial advisors to St. Jude.
About Golden Star
Golden Star holds a 90% equity interest in the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in West Africa and in the Guiana Shield of South America. Golden Star's production is expected to increase to over 500,000 ounces in 2007, compared to expected production of approximately 200,000 ounces in 2005. Golden Star has approximately 174 million common shares outstanding following the acquisition of St. Jude.
Statements Regarding Forward-Looking Information:
Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially. Such statements include comments regarding Golden Star's expected production in 2005 and 2007.
Factors that could cause actual results to differ materially include unexpected events during construction and start-up of the Bogoso expansion; variations in ore grade, tonnes mined and crushed or milled from those anticipated; variations in relative amounts of refractory, non-refractory and transition ores; delay or failure to receive government or regulatory approvals relating to increased production; timing and availability of external financing on acceptable terms; technical, permitting, mining or processing issues; and fluctuations in gold prices and costs. There can be no assurance that future developments affecting Golden Star will be those anticipated by management. Please refer to the discussion of these and other factors in Golden Star's Form 10-K for 2004. The forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. Golden Star expects that these estimates will change as new information is received and that actual results will vary from these estimates, possibly by material amounts. While Golden Star may elect to update these estimates at any time, Golden Star does not undertake to update any estimate at any particular time or in response to any particular event. Investors and others should not assume that any forecasts in this press release represent management's estimate as of any date other than the date of this press release.
For further information, please contact: GOLDEN STAR RESOURCES LTD. +1 800 553 8436 Peter Bradford, President and CEO Allan Marter, Chief Financial Officer
Goldcrest (GCL.V) and High River (HRG.TO) zooming now. Burkina Faso companies.
Pleasure, but looking for potential business. It seems to me that China's still going full out. Money is the religion and everyone is lectured to work hard almost from birth. Competent people are delighted to work for 1/10 the North American wage. Everything charming was old; the new is unappealing. I saw no signs of any dissent or discontent myself, but as I was leaving rural Guangdong Province, the government shot about 20 protesting villagers in a nearby village, so I guess it's in the background. Any time the government feels insecure, I expect it to whip up public anger over the Taiwan issue (which is very easy to do).
Goldcrest finds high grade surface gold in Burkina Faso
High Grade Rock Sampling Results, up to 385 g/t Gold in Quartz Veins and up to 158 g/t Gold in the Altered Host Rocks, at the Kampti Permit in Burkina Faso, West Africa
20 December 2005 Goldcrest Resources Ltd. (“Goldcrest” or “the Company”), (GCL-TSX.V) is pleased to announce the following results from its ongoing exploration program at its 100% owned Kampti permit located in southernmost Burkina Faso, West Africa. Kampti represents an exceptional property that contains several walk-up drill targets at Maména, the prospect that has seen a large influx of artisanal miners over the last twelve months. The results from this program confirm the high grade nature of quartz veining within the widespread Maména Hills gold system.
In commenting on the results Kevin Bullock, Goldcrest’s President, said “We are extremely impressed by the results from this sampling program. They confirm the high grade nature of the quartz veining and the immediate host rocks adjacent to veins over a widespread area at Maména. Trench sampling, presently underway, will help to provide additional information on grades and disposition of gold mineralization in host rock distant from quartz veining. The trench results, combined with these rock sample results, will provide us with good targeting criteria for our planned RC drilling campaign scheduled for late January, 2006.”
There is a total of over 65 gold-bearing quartz veins and mineralized systems covered by over 1,000 individual pits, trenches and shafts, from which some 360 rock grab and chip samples were collected and dispatched to ABILAB in Ouagadougou in late-November. These represent gold-bearing quartz vein, both ore and reject material, plus assorted wall rocks. These results provide useful information on the grade and distribution of gold mineralization throughout the widespread Maména Hills gold system, which covers an area of some 2.8 x 2.8 km.
The following table summarizes the results;
Sample Type Number of Samples High (g/t gold) Low (g/t gold) Average (g/t gold)
Mineralized Quartz Veins 93 384.5 0.01 8.1 (1)
Altered Host Rocks 240 157.8 0.01 2.5 (1)
Mineralized Quartz Rejects 24 35.2 6.3 14.6
Mineralized Host Rock Rejects 3 34.9 2.6 13.5 (1)
Highest grade assay excluded from average
Samples were comprised of multiple, small chips and pieces from each sample location, each individual composite sample weighing between 1 to 2 kg. Samples were sent to ABILAB Ouagadougou/Bamako for standard preparation then Fire Assay on 50g charge. The company, for field quality control, inserted duplicates on an approximate 1 in 20 samples. Standards and blanks were interposed by the laboratory into the sample batch on an approximate basis of 1 in 20 samples. Laboratory repeat assays were undertaken on an approximate basis of 1 in 10 samples. From a QA/QC perspective, the initial review of results suggests this is a very satisfactory and reliable data set with standards, blanks and laboratory checks all confirming the accuracy and precision of the results.
Mineralized Quartz Veins
Quartz veins are sub-vertical and range in width from a few centimeters to 50 centimeters. Some 93 samples of quartz vein material were taken from artisanal pits and trenches, of which 58 reported greater than 1 g/t gold, with only 11 samples returning less than 0.1 g/t gold. Twenty-two percent of the samples returned values greater than 10 g/t gold.
Altered Host Rock
The host rock within the Maména area varies but is usually altered on both sides of the quartz veins. Field descriptions include altered meta-andesite and meta-basalt to rhyolites, quartz porphyries and rhyodacites. A total of 240 samples of the host rock were taken from the artisanal pits and over 57% (137 samples) recorded values over 0.5 g/t. Most samples were taken less than 0.5m from vein material, so this sample population may not necessarily be representative of host rock over the wider prospect. Our present trenching program is designed to sample and assay the intervening spaces between the vein sequences which vary in the order of 50m to 200m.
Mineralized Quartz Rejects
Twenty-four samples were collected from the rejects generated through the artisanal processing of the quartz material. All of these samples generated results greater than 6.0 g/t gold and ranged between 6.3 g/t gold and 35.2 g/t gold with the average being 14.6 g/t gold. These results confirm the poor recovery of the gold by the artisans and their rudimentary exploitation means.
Mineralized Host Rock Rejects
Although processing of the host rock by the artisans is rare, due to the fine grained nature of the gold within the host rock, 3 samples from these rejects generated results of 2.6, 3.0 and 34.9 g/t gold. The altered wall rock is being exploited in some instances but the gold seems too fine to allow for good recoveries by the artisans.
A possible east-west control on highest gold grades is evident from the sample population at the very northern part of the Maména Prospect.
During the past eight to twelve months, artisanal gold diggings at the Maména Prospect have grown rapidly with artisanal miners exploiting gold from narrow quartz veins and altered host rocks. All workings developed by the current artisanal activities have been mapped, surveyed and sampled. The gold-bearing veins locally form a dense stockwork of veinlets and veins, hosted by sheared and highly altered volcanic and intrusive rocks which are marked by intense silicification, sulphidation and kaolinisation.
Under the guidelines of National Instrument 43-101, the qualified person for the Kampti Gold Project is Mr. Michael Higgins who is a Fellow of the AusIMM. Mr. Higgins has reviewed and approved the contents of this news release.
Goldcrest Resources Ltd. is a mineral exploration company focused on growing shareholder value through the advancement of its Youanmi project in Western Australia and its Malba, Kampti and Souhouera projects in Burkina Faso. The Youanmi project has a complete infrastructure including a Carbon in Pulp (“CIP”) processing plant, Bactech bio-oxidation plant and a mine village on site. The CIP plant, which was built in 1986, is capable of processing 600,000 tonnes per annum through its circuit. The plant operated from 1987 through 1993 with an overall average recovery of 89.4% and is described in detail in the Technical Report prepared by RSG Global, which has been filed on SEDAR (www.sedar.com). The technical report also fully describes the Bactech bio-oxidation plant and other infrastructure. The Youanmi property has previously produced over 670,000 ounces of gold.
Goldcrest Resources Ltd. has 54,667,073 common shares outstanding and 75,581,380 common shares on a fully diluted basis. For further information please contact: Kevin Bullock, P.Eng., President & CEO Goldcrest Resources Ltd. kbullock@goldcrestresources.com Ph: 416 867 2299 Fax: 416 867 2298 Corporate Website: www.goldcrestresources.com
Yes I went all over China, and am back.
FL
Glencar Mining (GEX,London) just doubled again. Looking "parabolic" now, but that bonanza hit in Mali of 19 meterrs at 53 grams gold/ton may justify valuing the company at several times what it was before. Now it's at 8p/share in London.
You can see a Glencar price chart at http://www.bigcharts.com by typing in the symbol "UK:GEX" there. How much higher and steeper can Glencar stock go before reacting sharply? These rises almost never form a smooth S-curve (that is, after going parabolic and vertical, smoothly curve back to horizontal at a higher level). No; rather they form a sharp upward spike and prices crash jaggedly after the "parabolic" phase. Usually.
Lucky are those prescient investors who happened to buy up Glencar stock on increasing volume just before the official announcent of the bonanza hit.
FL
Birim Gold (BGI.TO) hits 7 meters 4.06g/ton gold
See original story with map at http://web1.kitco.com/pr/1639/article_12152005152138.pdf
BIRIM GOLDFIELDS INC.
DRILLING EXTENDS TINGA FAR EAST GOLD DEPOSIT, GHANA
7 meters @ 4.96 g/t Gold Intersection Defines 100 meter Strike Extension
Montreal, Canada, December 15, 2005 – Birim Goldfields Inc. (BGI: TSX) (“Birim” or “the Company”) is pleased to release the second set of diamond core and reverse circulation (RC) drill results from the Phase One drilling program on the Company’s Tinga Far East gold deposit in Ghana. The new drill results have successfully delineated a 100-meter northward extension of the mineralization along strike as well as an extension of the deposit to depth in the south-central portion. Of these new assay results, the best intersection BFE 28 produced 7 meters at 4.96 g/t gold and delineates the continued northerly trend of the Far East mineralized zone at a vertical depth of 64 meters. In the same drill line, BFE 29 and 30 support the continuation of this intersection to the surface.
A summary of the recent intersections received are presented in the table below:
BHID Depth from Depth to Width (m) Grade (Au) Type
BFE 8 190 193 3 1.35g/t DD
BFE 12 141.2 143.2 2 1.16g/t DD
BFE 26 30 32 2 1.03g/t RC
BFE 28 77 84 7 4.96g/t RC
BFE 29* 57 60 3 2.27g/t RC
BFE 30 17 18 1 1.64g/t RC
20 23 3 5.39g/t RC
36 37 1 1.85g/t RC
BFE 33 38 42 4 1.56g/t RC
*BFE29 mineralization can be alternatively stated as: 51m to 60m (9m) @ 1.31g/t Au; Drill intersections not corrected for width;
[map omitted]
The new results provide evidence that the Far East deposit may be shallowing in dip (25 degrees) towards the north. Continued drilling in this direction will follow and define the northward continuation of the deposit, which has a total current defined strike length of 1,600 meters and is open in alldirections.
In the south, initial visual observations of alteration in the RC drill chips look encouraging for a continued southern extension of the deposit. Due to the presence of a thick laterite cap that prevented trenching, this region had not been adequately prospected in the past by previous owners. Birim’s intent is to drill test the possible extension and the dual-purpose (Diamond and RC) drill rig has now been positioned on the southern strike extent of the deposit.
The drill hole samples were submitted to SGS Laboratories (Tarkwa). The samples were analyzed by fire assay using a standard 50g charge with a AAS finish, a gravimetric finish was requested for any fire assay results which reported above 5 g/t gold. Birim and SGS have routinely inserted quality control samples into all sequences of submitted samples to ensure full compliance with NI 43-101 securities regulations. Jean Rainville, M.Sc., P. Eng., the Qualified Person under NI 43-101 has verified the intersections in the table above.
To date 44 of the 60 planned drill holes in Phase One have now been completed on the Tinga gold deposit (see map). Results will be compiled, interpreted and released as they become available. Birim Goldfields Inc. is a royalty-based exploration company focused on gold exploration in Ghana, West Africa and trades on the Toronto Stock Exchange under the symbol BGI.
For further information, please contact:
Denis Simoneau, President Farah Alibhai, Investor Relations
Tel: (514) 393-8611 Tel: (604) 731-7340
Toll Free: 1-800-721-8611 Email: farah@birim.com
Email: info@birim.com Web site: www.birim.com
Cassidy Gold: Today's entire volume was me selling
If $500/oz gold can't float Cassidy stock up by now, my patience is at an end. They have a lovely map, a splendid ad campaign, and evidently a fine property in Guinea, but I'm getting the idea that the market lacks faith in this company --- maybe expecting untoward dilutions on every substantial rise.
I'm standing aside for now -- or rather, still trying to. I have more Cassidy to unload. Please be so kind as to relieve me of Cassidy shares at C0.50/share tomorrow -- at least part of the current ASK is mine, I think. Get on this runaway gold train as I step off...
FL