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Four PinkSheet gold miners: GSRS,CRVV,CGHI,HABE (question)
Gold Coast Resources http://www.goldcoastresources.com/ (GSRS on the Pink Sheets) has a pre-existing, formerly-lucrative gold mine shaft in Tarkwa, Ghana.
Columbia River Resources (CRVV on the Pink Sheets http://www.pinksheets.com ) has the underlying interest in the Mankranho gold property in Ghana upon which African Gold Group (AGG on the Toronto Venture Exchange) depends.
Centurion Gold Holdings (CGHI on OTCBB) http://www.centuriongold.com/ gold mines in S. Africa, Gabon, Mali. May no longer be trading independently. It was once the only American-traded S. African "junior".
Haber, Inc. http://www.haberscience.com/ (HABE on the Pink Sheets) has a gold property in Ghana (with Nevada's Gold City Inc.) but its main thing is an environmentally-friendly process for extracting gold from ore.
Question: Does anyone understand the ownership relationship between Columbia River (CRVV) and AGG.V? Apparently the gold property itself in Ghana is valuable.
Niger Gold Miners (artisanal) Exploit Children
Ousseini Issa
NIAMEY, Aug 26 (IPS) - Abdou Adamou spends his days in a pit 50 to 80 metres below ground at the Komabangou gold prospecting site. His job involves hacking up rocks and raising them to the surface with a bucket.
He is only 15 years old.
Komabangou, where Adamou works, is located some 175 kilometres southwest of the capital Niamey.
This mineral-rich region has sparked gold rush since 2001. A second gold-mining site at M'Banga, also located in southwest Niger, is some 95 kilometres from Niamey. The extraction of gold at M'Banga has, however, begun only recently.
"Each morning, they lower me into the shaft at 8 a.m. with the food and water I'll need for the next 18 hours. In the beginning it was awful but once you get used to it, it becomes routine," Adamou told IPS.
Like many other children, Adamou dropped out of school. "I left school when my parents decided to leave our village for Komabangou to look for gold. And since they had no one to leave me with, they brought me with them," he said.
"If I could've found someone to take care of my child, I never would have brought him here. I would have let him to continue with his study," Adamou's father told IPS. "It's hard for everyone in the village. People don't want to take care of other people's children when there's nothing in it for them.''
Harouna Sadou, a Niamey sociologist, said: "Rural elementary school pupils are confronted with guardianship problem, especially when the school doesn't have a feeding programme. Even in secondary schools, when the child does not receive a government allowance, it's hard to find a family that will provide for him. And that frequently explains why children end up leaving school.''
More than 100 children between the ages of 10 and 16 are believed to be working in Komabangou.
According to Niger's 1993 mining code, the minimum age at which one may work in mines and quarries is 18. But no inspectors have been assigned to the gold mining sites. Only occasionally does a team arrive for a surprise inspection, according to Ibrahim Balla Souley, the national coordinator for the International Programme for the Elimination of Child Labour (IPEC-Niger), based in Niamey.
"To work at the site, one doesn't need papers to document your age for the mine owners. And the government does nothing at the point of recruitment. Here, it's basically the informal sector which operates," Daouda Kabani, the general secretary of the Gold Prospectors Association of Komabangou told IPS.
According to him, no gold miner or parent has ever been prosecuted for a child labour offence.
IPEC, which set up shop in Niger in 2002, is run by the International Labour Organisation (ILO). The group seeks to abolish child labour worldwide.
"IPEC-Niger is a programme that was negotiated by Niger government with the ILO to fight child labour,'' Souley explained.
More than 15,000 people of various nationalities from West Africa live at the Komabangou prospecting site. The concession was abandoned by a foreign firm in 2001 for lack of profit.
''Right next to the Nigeriens, the people from Benin, Burkina Faso, Ghana, Mali and Togolese work together. They've come to prospect for gold or to engage in trade,'' Kabani explained.
''That's the reality. Children constitute a workforce here. They work in various capacities. Some help with the rock-crushing; others work in extraction; others in transporting the water used to mix the crushed sand obtained after pulverising the rock," Kabani explained. A gram of gold fetches between 10 and 12 dollars for the miner, he said.
According to Kabani, some gold prospectors pay about 20 dollars a month to the children they employ, others 30 dollars. But they provide the children - who came to work at the site without their parents or guardians - with free room and board.
Adults doing similar jobs earn double, Kabani said, because they produce more.
The minimum monthly wage of a government worker in Niger is about 50 dollars.
Mahamadou Aboubacar, 13, supplies water at the gold prospecting site, where he has lived with his mother for three years. ''I began working after my father died to help my mother out. I fill about three 200-litre barrels of water every day, which I deliver to my employer on a cart one kilometre away,'' he told IPS. He earns about six dollars a day.
''I have no means of support here except my child since the death of my husband. He's the one who works and feeds and clothes me,'' Mamata Gado, Aboubacar's mother, told IPS.
''But parents also push their children to come and work here,'' Souley acknowledged.
''The children are exposed to all sorts of risks like dust poisoning and possibility of tunnel collapsing,'' Souley stated. There are also diseases connected to physical activity, like lumbago and injuries from hammers and pestles that the children grind rock with.
Lumbago is lower back pain or general pain in the lower back especially in younger people whose work involves physical effort.
Dr. Bako Bagassi from the National Programme Against Sexually Transmitted Diseases and HIV/AIDS in Niamey said the children are often exposed to and infected by various diseases.
''Many of these children begin sexual activity early. In Komabangou, more than 50 percent of sex workers are infected with HIV," Bagassi said, referring to a 2003 survey conducted by a health group.
To ease the pandemic, the Niger branch of World Vision, an international non-governmental organisation (NGO), has been conducting awareness campaigns and training since 2004.
''We've trained about 100 community workers to conduct awareness campaigns in Komabangou and surrounding villages. We've also created an HIV/AIDS testing centre,'' Abdoulaye Soumana, a World Vision worker, told IPS.
IPEC-Niger also established a primary school in Komabangou in 2002. It also trains children in revenue-generating activities such as selling water, using carts as a mode of transport.
''We built the first primary school on this gold-mining site and today it has about 140 children," said Souley, who is happy that some parents have chosen to enrol their children and keep them in school.
''Niger has ratified various international conventions relating to the protection and promotion of children, including the Convention on the Rights of Children,'' said Zakari Hamadou, from the Ministry of Public Service and Labour in Niamey. In addition, Niger's Labour law bans child labour.
''These children operate in informal environment which complicates the task of labour inspectors. That's why I think we have to concentrate more on awareness campaigns,'' Souley recommended, pointing to poverty as the main cause of child labour.
Sixty-three percent of Niger's population lives below the poverty line, according to the 2004 World Report on Human Development of the United Nations Development Programme (UNDP). (END/2005)
Yup, a bonanza! Glencar stock (GEX in London) has almost doubled from L2.25 to L4.50 per share. That's a lot of gold to find in Mali. Also, Glencar's Ghana properties split off from Moydow are OK too.
Good article on African gold exploration/mining
See the "subsaharan gold" survey article from the Indaba conference:
http://www.mining-journal.com/data/pdfs/indaba%2003-05.pdf
Haber Executives Meet with World Bank Officials on ''STAMP'' Program Implementation in Ghana
ARLINGTON, Mass.--(BUSINESS WIRE)--Dec. 12, 2005--Haber, Inc, (OTC: HABE - News), a Massachusetts-based company with proprietary and environmentally friendly technologies for the extraction and recovery of gold and other precious metals from ores and electronic waste, announced today that its president and COO, Albert B. Conti, and Dr. Edward S. Ayensu, non-executive chairman of Haber Mining Ghana, Ltd., Haber's Ghanaian subsidiary, had a series of meetings with officials of the World Bank at its headquarters in Washington D.C. on Nov. 21-22.
Dr. Ayensu, formerly the chairperson of the World Bank's Inspection Panel and one of Ghana's most distinguished scientists, had arranged the meeting to review potential funding avenues for Haber's proposed initiative in Ghana, known by its acronym "STAMP" (Strategic Abatement of Mercury and Poverty).
The STAMP program seeks to eliminate the destructive use of mercury in the widespread small-scale mining industry in Ghana and replace it with Haber's environmentally friendly gold extraction and gold recovery processes. Not only will this mercury abatement eliminate serious risks to human health and the environment, but it is expected that the efficiencies inherent in the Haber processes and improved automation will allow the small-scale miners to earn significantly more than their current average earnings of one U.S. dollar per day.
Under STAMP, it is estimated that more than 80 mine sites would eventually be operating, and employing more than 5,000 Ghanaians through the basic program, each targeted to produce concentrate containing approximately 15-20 ounces of gold per day with potentially thousands more individuals bringing their own gold concentrate to Haber for processing. The program also contains provisions for establishing humanitarian funds in each of the country's regions and for establishing an artisanal gold jewelry manufacturing capability in Ghana.
Haber is seeking $3 million in governmental, non-governmental and private funding to begin the pilot/demonstration effort in Ghana, and an additional $10 million for later expansion throughout the country.
"Dr. Ayensu and I were very encouraged by our productive and open discussions at the World Bank," said Conti. "There is no question that the elimination of mercury usage in small-scale mining worldwide is seen as a positive and achievable objective. Dr. Ayensu will be following up during the next few weeks with the authorities in Accra and with World Bank representatives."
About Haber, Inc.
Haber, Inc. is a high technology process development company with proprietary technologies in extractive metallurgy and electrochemical separations. These technologies include the company's Haber Gold Process (HGP) and Haber Recovery Process (HRP), chemical systems discovered by Norman Haber, the chairman of the company, for the hydrometallurgical extraction and recovery of gold from its ores. The Haber Gold Process is both non-toxic and more efficient than conventional solvents such as cyanide. This technology accelerates the gold extraction rate and may increase gold recovery from its ores by a substantial factor. The company's Electromolecular Propulsion (EMP) technology is an electrochemical process that enables the electrically controlled movement or positioning of a variety of different molecules. It is distinguished from the techniques of electrophoresis and chromatography by its wide variety of potential applications and the greater speed and control of the results. For more information, call Peter R. D'Angelo (781) 643-2727, or visit the company's website at http://www.habercorp.com.
Safe Harbor Statement
[omitted]
Contact:
Peter R. D'Angelo
Haber, Inc.
781-643-2727
Source: Haber
Newmont in Ghana pollution issue
Newmont Polluting Water Source?
Ghanaian Chronicle (Accra)
December 9, 2005
Clement Boateng
THE CHRONICLE'S investigation has established that one of the world's leading gold mining companies, Newmont Gold Ghana Limited (NGGL) may be polluting the source of water for some people in Ahafo. This they are doing through the discharge of stinking fluids from the company's plant site into a stream called Asuopre, a tributary of Tano River, in the company's Ahafo concession.
The Asuopre stream, which serves as the main source of drinking water for people living in hamlets, and farmers from Ntotoroso, Kenyasi I and II, and other villages who farm in that area, lies near Newmont's plant site, located between Kenyasi and Ntotoroso communities.
Some of the farmers interviewed by this reporter complained that for sometime now they have found it difficult to drink from the Asuopre stream because of the offensive odour it emits.
"I am 55 years and I have been drinking from this stream for the past twenty years, and I know the quality of water in this stream; but now the water smells. Why should Newmont deprive us of this precious stream in addition to the low compensation that they are paying to us? This company just wants to kill us that's all," Kwaku Nsia, a farmer, lamented.
More worrisome for a number of people who spoke to The Chronicle in Kenyasi II and Ntotoroso, is the fact that the contaminated stream is a tributary of the Tano River, which runs through Newmont's Ahafo concession.
"River Tano is the main source of drinking water for Hwediem, Acherensua and most of the towns and villages in the Brong Ahafo region; we are really worried that Asuopre stream is flowing into the Tano River," one bemoaned. "Despite the fact that we drink from Asuopre, we also worship the Tano river god, which the contaminated Asuopre flows into; because we worship it here, we don't even fish from it, let alone defecate into it, but now the white man is putting toilet into it."
Speaking to this writer on his father's farm located some few metres from the contaminated stream, Kwaku, who is 14 years old and the eldest of Papa Akwasi Fufuo's three sons, disclosed that his father had warned them not to drink from the stream again, so they had to bring in water from Ntotoroso.
However, dozens of inhabitants of the hamlets and some farmers downstream who are not aware that the stream had been contaminated were seen drinking from it.
"Yes, the water from the stream now has a funny smell, but we have no choice; we are thirsty and we cannot walk several kilometers in search of water. We are just hoping that we do not get sick from the germs in the stream, we do not have any money to go to hospital if we fall sick," Alhassan, a 44-year old farmer and the head of one of the hamlets closer to the polluted stream, stated, when asked if they had any the stream had been contaminated.
Kwabena Ampratwum, an expert in fish breeding and pond construction, was also spotted with two yellow rubber containers fetching water from the stream. "In fact this water is cool; we drink this one and draw some from the hand dug well near our home for bathing," he said.
Akua Frimpomaa, a farmer from Kenyasi II, however disclosed that she had been cautioned not to drink from the Asuopre stream.
"About a month ago when I was fetching water from Asuopre to my farm, one of the Newmont officials saw me and asked me to stop fetching the water because the stream was not good for drinking.
When The Chronicle visited the point of the expulsion, this reporter saw the stinky sludge was discharged through a sewage pipe into a gutter, from where it flowed under a bridge and into a reservoir constructed by the company on the bed of the stream.
The paper learnt that the company used water from that reservoir to water down the dusty roads. At a point, some amount of the contaminated water is allowed to flow again where the stream continues its course to Tano River.
The paper gathered that the people of the communities, including members of WACAM and some opinion leaders in the district, had visited the scene and confirmed in an interview what this reporter saw.
When reached, the Communications Manager of Newmont, Mawuena Dumor, explained that the company had a sewage treatment plant that uses "an activated sludge process" before the waste is discharged, in the form of water, into the a ditch she described as "a redundant system connected to the environmental control dam" and finally into the stream.
She said the company also does weekly sample test on the stream across various control dams throughout the project area, to regularly monitor water quality to evaluate its environmental impact.
She continued that the security personnel around the sewage treatment facility were one of the communication channels "to inform the surrounding communities that water going through the sewage treatment exit was not good for consumption".
But the people the paper spoke to believed that it would have been more prudent on the part of Newmont to publicly inform all the communities who farm in the area on the issue instead of informing a few individual farmers.
Miss Dumor said as part of ongoing monitoring, the company was conducting micro-biological sampling to ascertain any changes in water quality. She hinted that the Environmental Protection Agency (EPA), as part of their regular independent monitoring activities, had collected samples as well and that Newmont is required, and does, report to the EPA all monitoring results.
She identified that given the concerns raised, the company had discontinued discharge from the facility, but was making available potable water for the communities to utilize.
She added that although the company had not received any formal complaints, it was meeting with communities further downstream and would involve the local health centers in checking the health status of people in the area.
She concluded, "Newmont remains committed to consulting with local stakeholders to meet the challenges of operating a world class mining project."
Glencar bonanza hit in Mali: 19m@53grams gold/ton
For the full report, see:
http://web1.kitco.com/pr/1931/article_12122005044351.PDF
12 December 2005
Glencar Mining plc (“Glencar” or the “Company”) is pleased to announce that bonanza grades have been intersected in the recent initial drilling programme at the Komana West target in Mali:
19 metres at 53.6 grams/tonne
Since we recently began drilling at Komana West twenty-one holes have been drilled for a total of 1,942 metres. The initial drilling programme has now been completed and a proportion of assays received which confirm ore grade mineralisation. While no firm evidence of the orientation of, or controls on mineralisation has yet been established and considerable additional evaluation is required, the Company is extremely encouraged by results to date.
The target of the drilling is a north-south trending shear zone along which there is extensive artisanal working over a strike length of at least 900 metres. Five NW-SE oriented fencelines of drillholes were completed in this first pass drilling programme to test both the main N-S shear structure and mapped, east – west trending, gold bearing quartz veins within it. Assays have been received for nine of the twenty-one holes completed. Ore grade mineralisation has been intersected in five of the nine holes. One of the four holes, KWRC 002, intersected bonanza grade mineralisation of 53.6 grams/tonne over 19 metres from 61 to 80 metres depth. This hole finished in the mineralised zone at 80 metres. A second hole, KWRC 012, on the next fenceline some 180 metres to the north of KWRC 002, intersected two mineralised sections within the shear zone. The first section assayed at 9.57 grams/tonne over 5 metres between 47 and 52 metres depth and the second at 13.1 grams/tonne over 5 metres between 60 and 65 metres depth. Further details of these intersections and other mineralised intersections are given in the tables at the end of this announcement.
[tables, etc. omitted]
See: http://web1.kitco.com/pr/1931/article_12122005044351.PDF
NEW: Diadem Resources; Is Tinkeleni related to Diokeba?
Diadem Resources, although it's mainly a diamonds company, has been added to the board header due to its announced participation in Mali gold exploration. There seems to be an option on "Tinkelini" in Mali, and separately a joint effort on "Diokeba", "Dalakan" and "Sinzeni" (also in Mali) with North Altantic Resources. But the Tinkelini property is also reported as having been explored by North Atlantic.
Golden Goliath Resources Ltd. (TSX-V: GNG)
French Kiss High-Grade RC Drill Intercepts
Gold mineralised quartz from the Eastern Goldfields
Recent drilling at the French Kiss deposit, within Integra Mining’s Aldiss Gold Project, east of Kalgoorlie in Western Australia, has returned high-grade RC drill intercepts and has not closed-off the extensions to the mineralisation.
Highlights from the recent drilling program include 2m at 10.39 grams per tonne (g/t) gold, 2m at 9.61 g/t gold, 1m at 20.79 g/t gold and 5m at 5.61 g/t gold including 1m at 18.78 g/t gold.
...
Eldorado replaces Afcan in West Africa
Eldorado Gold acquired Afcan; Afcan stopped trading as an independent stock on Sept. 19, 2005. So Eldorado replaces Afcan in the board header.
I din't see much sign on Eldorado's part that they are serious about their newly-acquired West African gold properties. Their new fcous seems to be on the old Afcan's Chinese properties.
FL
Geological: gold in the Pan-African basement
=========================================
From: African Geoscience 10 (1 & 2), 109-119
Gold mineralization in the Pan-African (600�150 Ma) basement is associated with areas of supracrustal schist belts, hosted by practically all the lithologies of the belts and their older gneiss-migmatite basement. The gold occurrences are apparently late-tectonic (c. 500 Ma) and spatially related to transcurrent (regional) fault systems, which are considered to represent possible Pan-African crustal sutures. At deposit-scale, however, the mineralization sites are localized by subsidiary faults, shear zones and other penetrative structures. Geochemical data of lithophile elements, rare earth elements (REE) and sulphur isotope of key sites have been used to characterize the origin of the gold-ore fluids. In all the sites studied, the gold mineralization is shown to be accompanied by potassium-metasomatism, defined by co-enrichment of lithophile elements: K, Rb & Ba and K/Rb, K/Ba, Ba/Rb & Rb/Sr ratios which are unlike the lithophile element distribution pattern observed in typical magmatic-related or submarine hydrothermal ore deposits. REE distribution patterns in mineralized rocks almost always mimic average crustal (sedimentary) composition, characterized by a relative enrichment of light REE (La-Sm) over heavy REE (Gd-Lu), coupled with a negative Eu-anomaly. Typically the delta34S values are in the range +1 to +9 per thousand, which is interpreted to be indicative of hydrothermal sulphur source from upper crustal sedimentary reservoirs. The mineralizing fluids were possibly generated from dehydration-devolatilization of crustal rocks (mainly sedimentary rocks) following cessation (collapse) of the Pan-African orogenic event, and evidently mobile and active on a regional scale along late Pan-African conjugate fracture systems. Gold deposition was influenced by structural-physical-chemical constraints offered by suitable local host rocks and structures.
Crew and Guinor Mail Offering Material
Not for dissemination in the United States
Crew and Guinor Mail Offering Materials
London, November 3, 2005/CNW/ Crew Gold Corporation (TSX & OSE: CRU) and Guinor Gold Corporation (TSX & OSE: GNR) announced today that Crew's Take-Over Bid Circular, together with Guinor's Directors' Circular, have been mailed to Guinor's registered shareholders.
Crew's offer of C$1.50 cash per Guinor common share will be open for acceptance until 5:00pm (Toronto time) on December 9, 2005, unless withdrawn or extended. Assuming the conditions to the Crew offer are satisfied or waived, Crew will have three business days to take-up and pay for common shares tendered to its offer. Crew will also purchase Guinor common shares issuable on exercise of Guinor's outstanding options and broker warrants. The Crew offer is fully financed with US$300 million to be provided by a limited number of existing Crew shareholders in Europe who have guaranteed US$150 million of new equity and subscribed for US$150 million of Crew's five-year 6.0% convertible debentures with a conversion price of NOK12.16 (C$2.23).
Crew has also waived the condition of its offer that Crew's shareholders approve an increase in its authorized capital. The Crew board of directors has determined that such approval is no longer required to be obtained as authorized capital is sufficient to complete the transaction.
The offer price of C$1.50 represents a 20% premium to the weighted average closing price of Guinor's common share over the 30 trading days on the TSX prior to announcement of the transaction on October 17, 2005 (C$1.25).
The Board of Directors of Guinor has determined that the Crew offer is in the best interests of Guinor, and is fair to the Guinor shareholders, and is recommending that shareholders accept the offer.
Guinor shareholders are advised to read carefully the Take-Over Bid Circular and the Directors' Circular, as they contain important information shareholders should consider in deciding whether to tender their shares to the Crew offer, as well as information concerning the process for tendering shares. The Take-Over Bid Circular and the Director's Circular will be filed at SEDAR (www.sedar.com) and on the Guinor website (www.guinor.com).
Contact Information
Jan A. Vestrum, President & CEO Crew Gold Corp +44 (0)1932 268755
Trevor Schultz, President & CEO Guinor Gold Corp +44 (0)207 661 9319
Marius Bretteville, Investor Relations Officer Guinor Gold Corp +47 2200 7050
Attachments:
Crew and Guinor Mail Offering Material pdf
Safe Harbour Statement
Certain statements contained herein, as well as oral statements that may be made by the companies or by officers, directors or employees of the companies acting on the companies' 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-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where Crew and Guinor are conducting business and/or investor relations. Forward-looking statements, include, but are not limited to those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, the timing and amount of production estimates, the amount and timing of the closing of the financings by Crew, targeted production cash costs and forecasted cash reserves, Crew and Guinor's hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. 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 actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities. Although Crew Gold Corporation and Guinor Gold Corporation have 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.
Randgold Res.(GOLD): Loulo to ship bullion
2005-11-03 02:02 ET - News Release, Jersey, Channel Islands -- (MARKET WIRE) -- 11/03/05
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
LOULO PREPARES TO SHIP FIRST BULLION;
EQUITY OFFERING TO STRENGTHEN BALANCE SHEET
London, 3 November 2005 (LSE:RRS)(Nasdaq: GOLD) - London and Nasdaq listed gold miner Randgold Resources' new mine at Loulo in Mali will ship its first commercial consignment of bullion later this month after the successful commissioning of the first phase of the plant, the company said today.
Reporting an increased profit of US$9.2 million for the third quarter (Q2: US$7.1 million) and of US$28.5 million for the nine months to September (2004: US$3.6 million) the company said throughput at the Loulo plant was currently being raised to design levels and the mine was steadily being brought into commercial production. Selective mining and ore stockpiling has been in progress since May, ahead of the mill start-up, and the first gold was poured on 27 September. Work on the second phase of the development is underway, with the completion of the hard rock crushing circuit scheduled for the first quarter of 2006.
Meanwhile the Randgold Resources board has approved the development of an underground mine at Loulo to complement the original open-pit operation. An integrated plan to optimise the value of the combined open-pit and underground operations is scheduled for completion within the next three months.
The company's other mine, the Morila joint-venture in Mali, posted good results for the September quarter. Tonnage and grade were maintained in spite of a strike by the mining contractor's workers, and plant throughput exceeded one million tonnes - up 60 000 tonnes on the previous quarter. The consistent plant performance enabled Morila to produce 172 901 ounces of gold, a 7 542-ounce improvement on the June quarter.
On the exploration front, fieldwork in West Africa has resumed after the annual break for the wet season. In East Africa, field activities were accelerated during this period and good progress has been made. The company has recently concluded a joint-venture agreement with the government of Tanzania to develop new mineral deposits in the Kiabakari Maji-Moto region. Included in the agreement are the Buhemba South and Kiabakari prospecting licences. The latter includes the old Kiabakari mine and adds an advanced project to Randgold Resources' portfolio.
A busy final quarter has been planned, with drilling at Loulo, Sitakili, Selou and Morila as well as in Senegal and Tanzania. At Loulo the focus is on resource conversion and on identifying new resources. At nearby Sitakili, a firstphase reconnaissance drilling programme has been designed to probe significant gold in porphyry intrusives identified through field mapping and sampling.
In the Morila region, a hyperspectral study is being undertaken for the development of a three-dimensional model and the identification of drilling targets for 2006. In Senegal, four permits now consolidate the company's groundholding on the Sabodala belt, where two targets have been earmarked for further work.
In Burkina Faso, the emphasis has been on building a country model and in Ghana, fieldwork will start once government has approved pending applications.
The company said that in view of the postponement of elections in Cote d'Ivoire, it did not expect to start work on the final feasibility study on its Tongon project until the political situation stabilises.
On 1 November 2005, the company priced a fully marketed global equity offering of 7 500 000 ordinary shares and American Depositary Shares ("ADSs") at US$13.50 per share. The underwriters have been granted an over-allotment option by Randgold Resources to purchase up to 1 125 000 additional ordinary shares. The funds will be used for the development of the Loulo underground mine, the Tongon pre-feasiblity study and new business opportunities.
With its extensive exploration portfolio, and a strengthened balance sheet, the company is now well-placed to continue with its development projects.
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive Financial Director Investor & Media Relations
Dr Mark Bristow Roger Williams Kathy du Plessis
+44 779 775 2288 +44 791 709 8939 +27 11 728 4701
Cell: +27 (0) 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, development of Loulo and estimates of resource, 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 field with the Securities Exchange Commission on 30 June 2004. Randgold Resources assumes no obligation to update information in this release. Cautionary Note to US Investor: The United States Securities Exchange Commission (The "SEC") permits companies, in their filings with the SEC, to disclosedisclose only proven and probable ore reserves. We use certain terms in this release, such as "resources", that the SEC does not recognise and strictly prohibits us from including in our filings with the SEC. Investors are cautioned not to assume that all or any part of our resources will ever be converted into reserves which qualify as 'proven and probable reserves' for the purposes of the SEC's industry guide number 7.
A registration statement relating to the securities offered in the global offering has been declared effective by the Securities and Exchange Commission. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This information is provided by RNS
The company news service from the London Stock Exchange
NEW:Merrex Resources to option Mali property in LOI
[ Merrex Resources trades as MRX.H on the Toronto NEX Exchange. It was halted in late 2004 and seems to have had little or no trading in the first half of 2005. Since August it has nearly quadrupled from C$0.10 to C$0.38 with some volume. It also trades (extremely thinly and rarely) as MRXFF on the Pink Sheets. FL ]
2005-11-01 12:12 ET - News Release
Mr. John Cumming reports
MALI PROPERTY OPTION
Merrex Resources Inc. has entered into a letter of intent with Societe d'explorations Miniera Touba SARL of Bamako, Mali, to option certain mining concessions within the West African nation of Mali. Pursuant to the terms of the letter of intent the corporation may earn up to a 95-per-cent interest in certain mining concessions, including the 132-square-kilometre Siribaya permit and other concessions totalling approximately 500 square kilometres, for which applications are pending or negotiations are under way within a 4,100-square-kilometre defined area of interest. The concessions will include all minerals but the corporation's primary interest in the concessions is for their potential for gold exploration.
The Siribaya permit is located in the southern part of the Kenieba Birimian window that hosts several deposits including Sadiola, Tabakota and Loulo. Past exploration on the Siribaya permit has identified structures with associated geochemical anomalies and gold Orpailleur workings. The Siribaya permit has not been drilled.
To earn the agreed interest, the corporation must make annual cash payments totalling $85,000 and incur exploration expenditures totalling $750,000 over three years as follows:
Due date Cash Exploration Interest
payments expenditures earned
On exec-
ution $10,000
By first
anniver-
sary $25,000 $200,000 30%
By second
anniver-
sary $50,000 $250,000 30%
By third
anniver-
sary $300,000 35%
If optioned interests are earned and if the concessions are to be developed as a mine, the corporation's interest will be diluted in favour of the government of Mali as required by the mining laws of Mali as follows:
Parties Interest
Merrex 75% participating
Government
of Mali 0% participating (optional)
10% carried
Touba 5% carried
If the government of Mali elects not to participate, its 10-per-cent participating interest reverts to Merrex.
All concessions are subject to a 5-per-cent net profit interest in favour of Touba.
The letter of intent is subject to a number of conditions including completion of formal documentation within 90 days, exchange approval, exercise of the Jubilee option and graduation to TSX Venture Exchange Tier 2.
We seek Safe Harbor.
Sanu acquires Burkina Faso exploration permits
2005-11-01 15:28 ET - News Release
Mr. Michael Winn reports
SANU RESOURCES LTD.: APPOINTMENT OF WEST AFRICAN MANAGER AND BURKINA FASO PROPERTY ACQUISITIONS
Sanu Resources Ltd. has appointed Dr. Salif Napon as exploration manager, West Africa. Dr. Napon brings a wealth of exploration experience in West Africa, including working for Anglo American, Anglogold, Boliden and others.
The company is also pleased to announce several new acquisitions in Burkina Faso, including the signing of an option agreement to purchase the Nyieme exploration permit, and the granting of the Loto and Kodyel exploration permits.
West African manager
Dr. Napon has a doctorate in economic geology from the University of Franche Comte-Besancon. His previous experience includes 11 years (1994 through 2005) as senior geologist for Anglo-American Exploration and Ashanti Anglogold in West Africa, where he was responsible for project generation and management of gold and base metal exploration projects. His early experience as an exploration geologist was with BUMIGEB (Burkina Faso Geological Survey Department), where he worked on the Perkoa massive sulphide discovery, which was the subject of his 1988 PhD thesis. Thereafter, he served as senior geologist for Boliden in Burkina Faso and as a consultant to Outokumpo Oy, as well as other exploration companies. The company welcomes Dr. Napon to Sanu and anticipates that he will significantly expand Sanu's exploration opportunities in West Africa.
Nyieme exploration permit
The company has entered into an option agreement to acquire 100 per cent of the Nyieme exploration permit in Burkina Faso. The Nyieme permit was granted on Oct. 4, 2005, and has a three-year term with the right to renew for an additional three years. The permit is located in the Boromo belt south of the Poura gold deposit and covers 246 square kilometres. The geology consists of metavolcanics and associated metavolcano sediments intruded by granites, with shear zones striking north-south. Artisanal gold workings are located in southeast corner of the permit and a known (unworked) gold occurrence lies in the eastern part of the permit. Soil sampling and an airborne geophysical survey were completed as part of a United Nations' project. The UN program was targeting base metal concepts while soil samples were not assayed for gold. Sanu's work program will include mapping, soil sampling along the major shear zones (400-metre-by-100-metre grid) and rock chip sampling.
Under the terms of the agreement, the company paid $10,000 (U.S.) on signing and is required to make further cash payments totalling $190,000 (U.S.) over a three-year period to maintain its rights. In addition, the company will also issue a total of 175,000 share purchase warrants. Such warrants will be exercisable for a two-year period at market price from the date of issue on or before the first, second and third anniversaries of the agreement. A one-time cash payment will be made one year after commercial operations have been established, and is based on the proven and probable reserves defined in excess of 500,000 ounces and will be calculated at $1.00 (U.S.) per ounce for any ounces between 500,000 and 999,999, $1.50 (U.S.) for any ounces between one million and 1,999,999, and $2.00 (U.S.) per ounce for all ounces over two million ounces. Completion of the transaction is subject to the approval of the TSX Venture Exchange.
Loto exploration permit
The Loto permit was recently granted to Sanu, covers 93 square kilometres and is directly adjacent to the company's Moule gold permit (see news in Stockwatch dated June 6, 2005). The permit has a three-year term, with the right to renew for an additional three years. The geology consists of mafic to intermediate volcanics intruded by granodiorite and gabbro plutons. Reconnaissance sampling by Sanu showed numerous quartz veins and vein swarms in dilational zones in volcanics. Limited rock chip sampling from three areas returned gold values of 21.8 grams per tonne, 3.3 g/t, 1.3 g/t, 0.2 g/t and 0.15 g/t. The previous titleholder performed no work on the licence until it was cancelled by the Burkina Faso government and reissued to Sanu. The work program will include mapping and soil and rock chip sampling.
Kodyel exploration permit
The Kodyel exploration permit was recently granted to Sanu and is located close to the Niger border. The permit has a three-year term, with the right to renew for an additional three years. The geology consists of metavolcanics associated with northeast-striking metasediments strongly affected by northeast-southwest shear zones. Of several artisanal workings, the most significant include Kodyel 1 and CFA, which were previously explored by Semafo Inc. in 1997 and 1998. This work included stream and soil sampling, and RAB, reverse circulation and diamond drilling. Drilling on the Kodyel 1 tested a 2,000-metre-long geochemical anomaly with locally coincident artisanal workings.
Semafo drilled 290 RAB holes at Kodyel 1 and outlined a northwest-dipping, northeast-striking 25-metre-wide zone of gold mineralization extending for 300 metres. The highest gold values appear to correlate with a zone of steeply dipping quartz veins in sheared granites along a diorite intrusive contact. The company is in the process of reviewing all the available data for Kyodel 1 and the other prospects within the permit area.
NEW: Mwana Africa replaces African Gold PLC
See:
http://www.mwanaafrica.com/African%20Gold%20Mwana.pdf
Mwana Africa stock is now trading as "MWA" on the London AIM exchange. Its focus is in Zimbabwe and Congo, but it inherits several Ghana gold properties from African Gold PLC. I don't know how serious Mwana Africa is about the latter. It may be that Mwana bought African Gold mainly: 1. as a "shell company" to get listed on the London AIM, and 2. to get the operating Zimbabwe gold mine.
[ Note: This has nothing to do with Toronto-Venture-Exchange-listed African Gold Group (AGG.V) , which also has gold exploration property in Ghana. ]
FL
Orezone (OZN) finds four new gold zones
[ See http://www.orezone.com/site/media/press118.asp ]
Drilling Discovers Four New Gold Zones on Sega Project
[ initial part only ]
Results Include 13m grading 4.9 g/t and 19m grading 2.0 g/t in new Guibou Zone
Orezone Resources Inc. (OZN:TSX, AMEX) is pleased to announce the results from an ongoing 17,000m drilling program being carried out on the Company’s 100 per cent owned Sega Gold Project (Seguenega Permit) gold project in Burkina Faso, West Africa.
The 15,000m Reverse Circulation (RC) and 2000m Diamond Drill Core program, started in September 2005 and is focussed on extensions to the three known zones (RZ, Bakou and Gambo) as well as drilling a number of new proximal targets. The overall objective is to build enough resources that would support a mining operation. One RC rig and one core rig will continue to drill until late December.
Highlights of the New Zones include:
*
Guibou Zone, Hole GBC518 intersected 13m grading 4.9 g/t and hole GBC520 intersected 19m grading 2.0 g/t located 5km Northeast of the RZ/Bakou/Gambo complex. These two holes are 150m apart and further drilling along strike is underway.
*
Tiba SE Zone, Hole TBC509 intersected 16m grading 2.3 g/t while hole TBC 512 intersected 9m grading 4.1 g/t located 4km East of Guibou.
*
Mossi Zone, Hole GRC561 intersected 24m grading 1.5 g/t located 500m WSW of Gambo.
*
RZ East Extension, Hole RZC540 intersected 13m grading 3.2 g/t and hole RZC536 intersected 34m grading 1.7 g/t 400m further East than previous results.
Ron Little , President of Orezone stated, “Many gold deposits in West Africa consist of a number lenses or zones that in aggregate, make an economic deposit and Sega is no exception to this model.” He added that “Until now our drilling has been focussed on a relatively small 2.5 km2 area around the RZ/Bakou/Gambo complex. We are very encouraged that we have now identified new zones with potentially economic widths and grades along a 14km deformation corridor which stretches from Guibou to Tiba.”
For a complete table of results see our website at www.orezone.com/Segatable.html
Etruscan catching up with Semafo?
See the message to which this is an answer. It shows a ratio chart of Semafo (SMF.TO) to Etruscan (EET.TO. Together they own the Samira Hill gold mine in Niger. Each has other West African gold properties. Etruscan also has diamond properties.
For a long time, Semafo had gone up a lot while Etruscan went down. This seems to have reversed a little bit in the last month or two.
A while ago, Semafo announced possible changes in its relationship with its controlling owner Managem (of Morocco).
FL
NYT: Bad Effects of Gold Mines (Ghana section toward end)
A critical New York Times article is currently available at:
http://www.nytimes.com/2005/10/24/international/24GOLD.html?ex=1130817600&en=6b32f3a1573bead8&am...
Golden Star, Ghanaian Mining Targeted by NGOs
By: Dorothy Kosich
Posted: '21-OCT-05 04:00' GMT © Mineweb 1997-2004
RENO--(Mineweb.com) Size does not matter when it comes to being targeted by The No Dirty Gold Campaign, as foreign companies mining gold in Ghana have learned.
This week, Washington, D.C.-based EARTHWORKS, Heidelberg, Germany-based FoodFirst Information & Action Network (FIAN) and Ghanaian-based the Wassa Association of Communities Affected by Mining (WACAM) targeted Colorado-based gold miner Golden Star Resources (GSR) for renewed scrutiny.
The three NGOs called on the Environmental Protection Agency of Ghana to conduct an environmental audit of Bogoso Gold's mining operations in Prestea in the Western Region of Ghana. Coincidentally, Golden Star Senior Vice President and CFO Allan Marter told Mineweb Thursday that he supports the idea. Golden Star is the parent company of Bogoso Gold Ltd. (BGL).
A suspension order was issued to BGL last month by the EPA for violating conditions of its environmental permit at its Plant-North pit of the Bogoso/Prestea mine. During the suspension, the processing facility continued to mill stockpiled ore. Meanwhile, mining and processing at the Wassa Mine, 35 kilometers east of Bogoso/Prestea and construction work at the sulfide expansion project at the Bogoso plant continued without interruption.
The mitigation work included relocating the Prestea Police to a new police station built by Golden Star to replace the existing police station located adjacent to the southern end of Phase 3 pit development. A fence was erected around the pit development, and a road was construction to divert traffic away from the southern end of the pit development.
In their news release, the NGOs criticized BGL for generating excessive noise, dust and property damage during mine blasting activities. Golden Star had already called in experts from the nearby School of Mines to research blasting effects on the community. Meanwhile, Marter said blasting schedules were changed to better accommodate the community and mitigate dust. He added that the property damage has already been repaired and/or villagers were compensated.
In his fight against BSL, Daniel Owusu-Korenteng of WACAM resurrected a topic, which he also employed in his battles with Newmont Mining--allegations that the exploration and/or mining operations have impacted water quality. Meanwhile, Ute Hausmann of FIAN Germany declared that "the government of Ghana is obligated under international law to protect the rights to health and water and to ensure an adequate standard of living for people affected by mining operations."
Marter acknowledged there had been one cyanide spill from mine tailings a year ago, which affected a local river. The mining company quickly went to work providing alternative sources of water for the community, which included hiring 20 women to carry water to the local community. Ironically, water trucks from the mine so busy delivering fresh water to local residents, they have less time to mitigate dust at the minesite.
The NGOs also raised objections to covering a natural spring with waste rock. Marter noted that the Ghanaian EPA had studied, approved and permitted the temporary disposal of waste rock over the spring. Since then, the waste rock was moved and the spring is clear of debris.
While Marter understands and does his best to address the environmental concerns raised by NGOs, Golden Star is mystified by the continuous allegations that the mining operation is violating human rights. Last June, what originally began as a peaceful demonstration against the mine intensified, spilled onto BSL property, and exploded into violence after police were pelted by rocks by demonstrators. Several people are injured, according to Marter. However, he added, he is unaware of other incidents that could have violated human rights.
Marter asserted that NGOs may be wrongfully raising allegations of human rights violations in an effort to attract more publicity to Ghanaian mining. For instance, the website Actionnetwork.org claims that "local communities contend that GSR operations are contributing to serious human rights and environmental problems and making their communities uninhabitable." Marter responded that BSL has been active in community consultation for years. However, parts of the mining operation are approaching the end of mine life. Therefore, he suggested, some members of the community may be trying blackmail GSR into providing them additional compensation before mining ends.
One of the people quoted by the NGOs in this week's news release as a member of the Concerned Citizens Association of Prestea, Kwesi Blay, happens to be employed by a milling operation which processes ore allegedly illegally mined from BSL's concessions. "We hoped that BGL would quickly begin the clean-up the environmental pollution caused by their mine and this would also be a lesson to all the multinational companies in the country," Blay declared. Marter said a consideration portion of the pollution Blay refers to come from illegal mining, not Bogoso/Prestea. In fact, Marter bluntly asserted that Blay is employed processing gold stolen from BSL. Concessions belonging to BSL in the Beta Boundary area of Bogoso/Prestea have been over-run by an estimated 3,000 to 5,000 illegal miners
NEWMONT ESTABLISHES BASELINE HEALTH DATA
The World Bank invested $9.37 million from 1996-2001 to enhance the capacity of mining sector institutions to encourage and regulate investments in the Ghanaian mining sector in an environmentally sound manner. As part of this project, reduction of environmental impacts by small-scale mining were also emphasized. Small miners were trained in marketing, basic business skills, safety and environmental protection, using World Bank funding.
Villagers located near the mining hub of Tarkwa have complained that the operations of mining companies, such as Ghanaian Australian Goldfields, a subsidiary of AngloGold Ashanti and Goldfields Ghana Ltd., have created health problems. Farmers have complained that they are not adequately compensated for the loss of their farm land to mining waste management operations.
Independent studies have asserted that while the Ghanaian Government has done an excellent job in stimulating the expansion of foreign mining investment in the nation, subsistence farmers are being inadequately compensated for the loss of their crops and/or lands to mining operations. These studies also concluded that the Ghanaian government must pressure foreign mining companies to assume greater environmental and social responsibility.
Newmont Mining has responded with a partnership with the University of Colorado School of Medicine (CU), which is documenting Ghanaian villagers' health prior to opening Newmont operations in Ghana. The health assessment of the communities located near the Ahafo project in the Brong-Ahafo region of Western Ghana was released this week by CU.
The CU team identified 15 health-related issues for the region including reduce of malaria, support for the Regional Health Directorate in surveillance and treatment of HIV/AIDs, and strengthening training and implementation for the integrated management of childhood diseases. Also recommended were improving and expanding maternal audits for the prevention of maternal mortality, increasing access to clean water, and proving support for home latrines development and maintenance, and for improved garbage collection and landfill sites.
The group also called for the training of new community health officers in the Asutifi District, and upgrading the Kenyasi, Gyedua, Acherenusa and Dadiesoaba health centers and district hospitals. They also recommended that certain schools be enlarged or renovated, and housing provided for teachers. Domestic violence prevention and adult literacy programs aimed at women were also suggested.
The university team will now work with Newmont and local residents near the project area to develop criteria for implementing their recommendations.
Haber (HABE) gets 365 sq.mi. Ghana gold concession
HABER INC. ACQUIRES 365 SQUARE MILE MINING CONCESSION IN GHANA
Will Use its Environmentally Safe Extraction Process to Recover “Green Gold”
ARLINGTON, Mass. -- October 18, 2005 – Haber, Inc, (OTC: HABE), a Massachusetts-based company with proprietary technology for the environmentally friendly processing of gold bearing ores, announced today that its wholly owned Ghanaian subsidiary, Haber Mining Ghana Ltd., has acquired a concession with reconnaissance licensing rights covering an area of up to 365 square miles (589 square kilometers) from Good Ground, Ltd. of Ghana, West Africa. The acquisition is subject to appropriate government approval.
The concession is located in an active exploration area, surrounded on all sides by concessions operated by major gold mining companies, including Newmont Mining Corporation and, Anglogold Ashanti Ltd., the two largest gold companies in the world, Gold Fields Ltd., the world’s fourth largest, along with Red Back Mining Co. and Birim Goldfields Inc. Haber will be actively engaged in the exploration and development of this property and other Ghanaian properties in cooperation with its joint venture partner, Gold City Mining Ghana, Ltd., and other mining companies.
Albert B. Conti, Haber’s president and COO, said, “I am especially gratified that we have successfully acquired the rights to this world-class mining concession. The purchase allows Haber to embark on its own large-scale mining project, and to incorporate the Haber Gold Process (HGP) in its future processing of gold ores from this site. HGP is an environmentally safe process that does not use cyanide or mercury, both of which are presently used extensively in large- and small-scale mining in Ghana.”
Conti continued, “Although there is no guarantee that our new concession will ultimately prove economically viable, we are encouraged by the strong activity and successes of the major mining companies who have already discovered millions of ounces of gold exploring this general area. This commitment in Ghana broadens our corporate growth strategy and revenue prospects by adding another dimension to our commercial objectives. Haber’s long-range strategy for maximizing the potential of our technologies was originally focused on licensing and joint ventures with companies holding gold properties. Our goals have now been expanded to include Haber’s acquisition of high-prospect gold bearing properties for its own inventory.”
“This strategy will significantly increase our partnering options and business opportunities and insure, we believe, lead to higher profits from gold revenues derived from properties contained in our asset portfolio , all of which we expect will enhance shareholder value. MiningExploration and mining of these sites shall be accomplished through partnering with, or otherwise using the services of, full-service mining companies,” said Conti.
Green Gold
Major initiatives to promote the production and the use in manufacturing of “green gold” are growing worldwide. Green gold is that which is extracted and recovered without the use of chemicals harmful to human health or the environment.
In this regard, Dr. Edward S. Ayensu, non-executive chairman of Haber Mining Ghana, Ltd., stated, “I believe that Haber’s advantage over other mining companies is our superior proprietary and non-polluting processing technology. The industry’s challenge in the future is to take gold ore and extract and recover gold efficiently, economically and in an environmentally safe manner. We believe we have the technology to differentiate Haber economically and in a socially responsible manner from our competition over the long run.”
Dr. Ayensu continued, “The company is committed to producing only green gold, and Haber believes that the public in the future will increasingly demand green gold products because of the growing worldwide awareness of the ecological damage and human toll associated with gold extracted using cyanide and mercury.”
Haber intends to investigate unilaterally, or with joint venture partners, other lode and placer gold opportunities, which it believes will meet its long-term production objectives. Haber’s concession is located in the Sunyani, Asutifi, Tano and Asumafo Districts of the Brong Ahofo Region and the Sefwi Wiawso and Juabeso-Bia Districts of the Western Region The northern boundaries of the concession are approximately 12 km south of Sunyani, the Brong Ahafo regional capital, and approximately 95 km northwest of Kumasi, the Ashanti regional capital in the Western Region and Ghana’s second largest city. The southern boundary is approximately 170 km northeast of the port city of Takoradi in the Western Region. The eastern limit of the concession is approximately 300 km from Accra, Ghana’s capital. Site information may be found on www.habercorp.com
Haber’s extraction and recovery processes were previously tested and qualified at Kwame Nkrumah University of Science and Technology in Kumasi, Ghana in February, 2005. Gold was extracted and recovered from Ghanaian alluvial ore over a three-hour period with a 99 percent extraction and recovery efficiency, and the processes were proven to be environmentally safe.
Haber has also been actively working in Ghana toward the implementation of a program known as the Strategic Abatement of Mercury and Poverty (STAMP), and is confident that a portion of the Good Ground property containing alluvial deposits can be utilized for the STAMP program as well.
STAMP is designed to eliminate the use of mercury for gold extraction by small-scale miners who eke out meager livings by extracting gold using mercury amalgamation techniques that expose them, their families and the environment to the ravages of long-term mercury poisoning. Recognizing this growing menace to the people of Ghana, the government has requested that Haber implement the STAMP program as quickly as possible. Haber will to begin STAMP operations in Ghana once necessary funding initiatives have been successfully concluded.
About Haber, Inc.
Haber, Inc. is a high technology process development company with proprietary technologies in extractive metallurgy and electrochemical separations. These technologies include the company’s Haber Gold Process (HGP) and Haber Recovery Process (HRP), chemical systems discovered by Norman Haber, the chairman of the company, for the hydrometallurgical extraction and recovery of gold from its ores. The Haber Gold Process is both non-toxic and more efficient than conventional solvents such as cyanide. This technology accelerates the gold extraction rate and may increase gold recovery from its ores by a substantial factor. The company’s Electromolecular Propulsion (EMP) technology is an electrochemical process that enables the electrically controlled movement or positioning of a variety of different molecules. It is distinguished from the techniques of electrophoresis and chromatography by its wide variety of potential applications and the greater speed and control of the results. For more information, call Peter R. D’Angelo (781) 643-2727, or visit the company’s website at http://www.habercorp.com.
Safe Harbor Statement
[ the obvious omitted ]
NEW: TEAL to own Congo propeties
New gold and copper giant to list in 4 weeks
South African miner African Rainbow Minerals (ARM) recently formed a new company, TEAL Exploration & Mining (TEAL), into which ARM's non-South African exploration portfolio will be injected.
This portfolio comprises mainly copper, cobalt and gold in Zambia, the DRC and Namibia.
The intention is for TEAL to complete an initial public offering in Canada and list on the Toronto Stock Exchange (TSX), which should be completed in the next three to four weeks.
The company's portfolio will include four advanced projects in Zambia, Namibia and the Democratic Republic of Congo.
Two of its mines, copper mine Konkola North and copper-cobalt mine Kalumines should be in production in the third quarter of 2007, while the remaining two - Mwambashi copper and Otjikoto gold a year later.
Defined resources are at 15,7-billion pounds of copper and 873 000 oz gold.
ARM has already invested some $30-million into Teal's assets since the early 1990s and the new firm is to look at a treasury offering, targeting $45-million for development and exploration.
Its management team comprises president and CEO Rick Menell, VP and head of exploration and business development Claus Schlegel, VP and head of project development Arné Lewis and CFO Jarrad Niehaus.
ARM will not be selling any of its shares pursuant to the initial public offering and will not realise any proceeds.
Birim (BGI.TO) Updates Drilling at Tinga, Ghana
Birim Goldfields Inc.: Drilling Update on the Far East Gold Deposit, Ghana
MONTREAL, QUEBEC--(CCNMatthews - Oct. 20, 2005) - Birim Goldfields Inc. (TSX:BGI) ("Birim" or "the Company") is pleased to release an update of its current drilling activities on the Far East gold deposit located on the recently acquired Tinga Prospecting Licence ("Tinga") in Northern Ghana. Tinga is situated 10km to the west of another node of Birim's exploration activity, the Kuri Prospect.
The drill program at the Far East deposit, which commenced in August 2005, has a three-fold objective: to verify the unpublished resource data purchased from Semafo Inc. ("Semafo") in June 2005; to develop a geological understanding of the deposit using diamond drilling; and, most importantly, to further extend the resource down-dip.
To date, of the planned 21-drillhole program, 18 holes have been drilled for a total of 1,809 meters of reverse circulation and 780 meters of diamond drilling. Samples have been sent to SGS Laboratories at Tarkwa, Ghana for analysis. Quality control samples have been routinely inserted into all sequences of submitted samples to ensure full compliance with NI 43-101 securities regulations.
The diamond core has provided Birim with the first-ever view of the stratigraphic profile of the Far East deposit, and the core has been orientated to enable the development of a structural geological model for the deposit.
In addition, the Company has created a 3-D geometry model of Semafo's resource data. The model is being used to verify expectations of Semafo's internal resource estimates, to manage Birim's drill planning, and as a resource framework upon which Birim hopes to add further ounces. A review of the drill progress against the 3-D model has prompted Birim to deepen a number of drill holes in the high-grade portion of the Far East deposit. Amongst its many other projects in Ghana, the Company is focusing much effort into the growth of Tinga, and the definition of further gold resources in this under-explored region.
After successful completion of the current drill plan and based on assay results, it is Birim's aim to undertake a second phase of drilling to follow the strike of the mineralised shear system which remains open to the north and south.
Birim Goldfields Inc. is a royalty-based exploration company focused on gold exploration in Ghana and trades on the Toronto Stock Exchange under the symbol BGI.
CONTACT INFORMATION
Birim Goldfields Inc.
Denis Simoneau
President
(514) 393-8611
Toll Free: 1-800-721-8611
info@birim.com
or
Birim Goldfields Inc.
Farah Alibhai
Investor Relations
(604) 731-7340
farah@birim.com
www.birim.com
Semafo announces record third quarter production
TSX-SMF
MONTREAL, Oct. 20 /CNW Telbec/ - SEMAFO (TSX - SMF) is pleased to announce that it produced a total of 47,562 ounces of gold from its operations during the third quarter ended September 30, 2005. This represents an increase of 24 % or 9,377 ounces of gold compared to the previous quarter record production of 38,185 ounces set at the end of June 2005 for both operations.
In the third quarter, the Samira Hill gold mine processed a total of 410,526 tonnes of ore at an average grade of 2.62 g/t at a recovery rate of 90%, resulting in record production of 31,272 ounces of gold. This represents a 56% increase or 11,242 additional ounces of gold over the second quarter ended June 30, 2005. Increased production was due to higher mill availability and higher grade throughput at the mill.
The Kiniero gold mine, processed a total of 150,523 tonnes of ore at an average grade of 3.60 g/t at a recovery rate of 93%, resulting in total production of 16,291 ounces of gold. These results are consistent with the previous quarter and in line with budget forecasts. It demonstrates that Kiniero is online to fulfill its yearly objective of producing 65,000 ounces in 2005.
"We are delighted with third quarter results" stated Benoit La Salle, Semafo's CEO. "Both Samira Hill and Kiniero are progressing towards their overall production objectives."
Complete results for the third quarter along with Management's Discussion and Analysis will be released and posted on the Company's website in November.
The Samira Hill Gold Mine is owned 40% by Semafo, 40% by Etruscan and 20% by the State of Niger. However, the cash flow attributable to Semafo represents 80% of the free operating cash flow from the mine until complete repayment of Semafo's investment in the operating company.
The Kiniero Mine is owned 85% by Semafo and 15% by the Republic of Guinea.
The supervision of the Kiniero and Samira operation is conducted by Patrick Moryoussef, eng., Mining Operation Manager of the company. Mr. Moryoussef is a qualified person as defined by the Canadian standards 43-101, and possesses over 15 years experience in exploration, operation and mining exploitation activities. All samples were assayed at the Samira and Kiniero on site laboratories in Niger and Guinea for the determination of the grade in gold by fire assay and atomic absorption.
FORWARD-LOOKING STATEMENTS
[ omit tedious statement of the obvious ]
The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol "SMF".
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 and the Samira Hill mine in Niger.
For further information: Montreal: Benoit La Salle, Chief Executive
Officer, (514) 744-4408, blasalle@semafo.com ;
Benoit Desormeaux, Chief Operating Officer, (514) 744-4408, bdesormeaux@semafo.com ;
Renmark Financial Communications Inc.: Tina Cameron, tcameron@renmarkfinancial.com
Christopher Wells, cwells@renmarkfinancial.com ;
Media: Cynthia Lane, clane@renmarkfinancial.com ;
(514) 939-3989, www.renmarkfinancial.com
Red Back(RBI.TO)'s Chirano Mine pours first gold bars
CHIRANO GOLD MINE IN PRODUCTION -- PRESS RELEASE
October 18, 2005, (RBI – TSX). Red Back Mining Inc. (the “Company”) is pleased to announce the commencement of gold production at its Chirano Gold Mine in Ghana, West Africa. This achievement is a culmination of 14 months of hard work from development decision to production. The result is a new modern mine which is a show-piece of engineering and environmentally sensitive mine development.
After a smooth and successful commissioning of the process plant, a first gold pour was achieved on schedule on October 10, 2005. To date a total of 4,000 ounces of gold have been recovered to circuit, including 750 ounces produced. To this point, the head grade of the oxide ore is higher than indicated in grade control drilling, which itself was higher than stated in the original reserve studies. The plant process rate of 250 tonnes per hour (2 million tonnes per annum) established by the Bankable Feasibility Study has already been achieved. After an appropriate break-in period the plant throughput will be increased, further optimizing gold production, as the operations team becomes more familiar with the plant configuration and process controls. The original mine plan anticipates 145,000 ounces of gold to be produced for the first 3 years of production with an overall average of 123,000 ounces per annum over the currently scheduled 8.5 year mine life (based on a US$375 gold price). However, recent drilling at and around Chirano suggests the potential for higher grades at depth below the existing open pit resources and has also identified new targets on strike from Chirano. Typically mines in Ghana have had this profile and in some cases have ended up producing substantially more ounces from their underground operations than the open pit developments. The prospect of higher grade ore at depth, new surface deposits and a robust gold price offers exciting opportunities to substantially increase the economics and longevity of Chirano. Work will continue in the ensuing year to maximize the mine's resource and reserve potential. In commenting on the first production from Chirano, Richard Clark, President and CEO of the Company stated, “The first gold production at the Chirano Mine is the result of a committed effort by many talented, dedicated people. I congratulate all of our employees and contractors on this impressive achievement. Chirano is the first new mine in Ghana for many years and the first under the administration of President Kufour and his Government. The successful commissioning of Chirano clearly demonstrates and confirms Ghana’s commitment to mining and foreign investment, both at a national and local level. I would also like to thank our shareholders and our bankers, for their support and confidence.”
Lukas Lundin, Director, commented, “I would like to congratulate Rick Clark for his outstanding achievement and leadership in the building of this new mine. He deserves high accolades for his work in bringing the project to fruition. I would also like to thank Ross Ashton and his exploration team who were the first to recognize the potential of Chirano. At this stage of development Chirano has exceeded expectations in all material areas: grade, tonnage, commissioning and production and we look forward to continuing this positive trend.”
The technical contents of this release have been reviewed by Ross Ashton, BSc, FAusIMM, a Qualified Person pursuant to NI-43101. Mr. Ashton is a Director of the Company. Samples are prepared and analyzed by fire assay using a 50 gram charge at the Analabs facility in Bibiani, Ghana in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted. Selected samples from this lab are check assayed each month at other Analabs laboratories worldwide.
On behalf of the Board of Directors
“Richard P. Clark”
President
For further information, please contact Sophia Shane at (604) 689-7842.
Red Back Mining Inc
2101 - 885 West Georgia Street, Vancouver, BC Canada V6C 3E8
Tel: (604) 806-3070 Fax: (604) 689-5452 redbackmining.com
Managem (controls Semafo, controlled by ONA) has almost doubled in the last few months, from 139.25 to 265 on the Casablanca Stock Exchnage. It has a deal with Searchgold in Gabon.
Here's my thought on this: In a place like Niger or Chad or any Muslim place that gets very few American tourists, it is genuinely dangerous for Americans (or apparent Americans) now, even though the danger was greatly exaggerated in the press before the 9-11 attacks.
Suppose that only 20% of the population are pro-Al Qaida. And of these, only 1% really want to do anything to help the cause. Still that's a lot of people. Now their leader Osama bin Ladin has said that killing any American is good; their problem is that there are no Americans around to kill. If only 40 young men in all of Chad want to kill an American, and you are known to be one of the few non-official Americans in the country, it seems likely that you will be SELECTED for trouble, simply because you're almost the only candidate. That danger (on top of the ordinary ones) seems bad enough to keep me away unless I have a strong reason to go.
Most of Ghana is delightful -- but I'd avoid the far north (north of, say, Yeji) which is Muslim and "troubled".
FL
Not yet, tackler; I'm avoiding Muslim lands during the current difficulties, and I recommend the same to anyone who might be taken for an American.
Island Arc's James Gillis is the Cassidy Gold CEO Gillis, with a Kamloops, BC, address. I don't know why Island Arc is the chosen "vehicle" for entering Niger gold mining.
Island Arc has several overlapping personnel with Cassidy and with Abacus (see http://www.amemining.com ).
I can't find a company web-page for Island Arc. Its implied market cap is about 1.5 million Canadian.
It has Canadian properties and was once active in Mexico. In 1996 the stock reached C$19/share. Now it's C$0.15.
FL
If you bought Guinor in the initial spike (after the Canadian listing) you lose a little money on the Crew deal paying C$1.50. The rest of us should make a little gain (I was in later at C$1.11), but no nice "X-baggers" here.
FL
Crew Offer for Guinor [details]
Crew Gold Corporation Offers to Purchase 100% of Guinor Gold Corporation in a US$ 328 Million Fully Financed All Cash Transaction
Crew expected to have annual production of 600,000+ ounces of gold in 2007 following completion of the transaction
Crew Gold Corporation President & CEO Mr. Jan Vestrum and Guinor Gold Corporation President & CEO Mr. Trevor Schultz will host a conference call at 11:00 a.m. (North American EST) October 17, 2005 to provide further details regarding the combination. Call-in numbers are as follows:
North America - Toll free: 800-814-4857
Toronto: 416-640-4127
United Kingdom - 00-800-0000-2288
Norway - 00-800-0022-8228
Germany - 00-800-0022-8228
An internet broadcast of the conference call is also available. Details are located at the end of this release.
-------------------------------------------------------------------------
/NOT FOR DISSEMINATION IN THE UNITED STATES/
LONDON, United Kingdom, Oct. 17 /CNW/ - Crew Gold Corporation (TSX & OSE: CRU), an international mining company focused on becoming an intermediate sized gold producer, and Guinor Gold Corporation (TSX & OSE: GNR) today announced that they have entered into an agreement under which Crew has agreed to offer to purchase 100% of Guinor's common shares, at a price of C$1.50 per common share, in an all cash, fully financed transaction valued at approximately C$ 389 million (US$ 328 million). As part of the transaction, Crew will also offer to purchase Guinor common shares issuable on exercise of Guinor's outstanding options and broker warrants.
On completion of the transaction, Crew will have:
- Anticipated gold production of more than 600,000 ounces in 2007;
- Proven & Probable gold reserves of approximately 2.5 million ounces and gold resources of approximately 7.4 million ounces;
- Target cash costs averaging US$ 220 - 240 per ounce;
- Growth opportunities from a substantial portfolio of greenfiel exploration properties;
- Potential upside in its non-gold portfolio
"This major transaction will help us reach our publicly stated goal of transforming Crew Gold from a junior exploration and production company into a considerable intermediate size international miner," said Mr. Jan Vestrum, President & CEO, Crew Gold Corporation. "We will enhance the depth of our senior management and technical team and have a strategic portfolio in several of the world's important gold districts."
Mr. Vestrum added: "We also believe this transaction will expand our already strong shareholder base by providing us with greater visibility in the important North American capital markets."
"We believe that this all cash offer is fair to our shareholders and provides them with the opportunity to reinvest in what is destined to be one of the sector's most exciting companies," said Mr. Trevor Schultz, President & CEO, Guinor Gold Corporation. "I personally look forward to joining a dynamic and growing international miner that has significant production and the resources to bring an asset such as LEFA to value."
Transaction Overview
Under the terms of the agreement, Crew will make a cash offer to Guinor shareholders of C$1.50 for each Guinor common share. The offer price represents a 20% premium to the weighted average closing price of Guinor's common share over the last 30 trading days on the TSX (C$1.25). The Crew offer is fully financed with US$ 300 million to be provided by a limited number of existing Crew shareholders in Europe who have guaranteed US$ 150 million of new equity and subscribed for US$ 150 million of Crew's five-year 6.0% convertible debentures with a conversion price of NOK 12.16 (C$2.23). The transaction is expected to be completed in early December and no later than January 15, 2006.
The Board of Directors of Guinor has determined that the Crew cash offer is in the best interests of Guinor, and is fair to the Guinor shareholders and will be recommending that shareholders accept the offer. In addition, BMO Nesbitt Burns Inc. and Macquarie North America Ltd., Guinor's financial advisors, have provided opinions to the Guinor Board of Directors that the Crew offer is fair, from a financial point of view, to the Guinor shareholders.
Key Investment Highlights of Guinor Gold
Crew considers Guinor to be one of the premier operating companies in the strategically important West African gold region. Guinor is a gold mining and exploration company that operates the LEFA Corridor Gold Project in Guinea through its 85% ownership of its subsidiary Société Miniére de Dinguiraye ("SMD"). The Government of Guinea is a 15% partner in SMD. As the current heap leach production of Guinor is tailing off, Guinor is implementing a US$ 150 million CIL plant expansion. Once the plant is completely operational, full output is forecast for 2007 at more than 300,000 oz/year with a forecasted cash cost of US$ 234 per ounce before royalties (with royalties calculated at a gold price of US$ 400 per ounce).
In the last six months of 2004 Guinor produced some outstanding drillresults with a program that led to significant increases in resources and reserves. As of March 2005, Guinor's proven and probable reserves were 2.3 million oz (40.5 Mt @ 1.7 g/t) contained within a measured and indicated resource of 3.43 million oz (68.1 Mt @ 1.6 g/t) and an inferred resource of 0.9 million oz (18.8 Mt @ 1.4 g/t). Guinor has continued its successful drilling into 2005. Guinor's recent drilling activities commenced in July 2005, for a total of 89 reverse circulation holes for 8,499 meters and 10 diamond drill holes for 406 meters. The drilling has extended the mineralized strike and depth of the gold deposits at Lero South, Camp de Base, Bofeko and Fayalala within the LEFA Corridor Gold Project in Guinea.
In Lero South, recent drilling extended the mineralized strike at the high-grade zone that remains open on strike, extending west of the Lero pit. Three of the more significant intercepts are hole LKC 617 which returned 27 meters (no holes are at true width) at a grade of 10.94 g/t, LKC 630 which returned 17 meters at 12.84 g/t, and LKCD 644 which returned 21 meters at a grade of 8.23 g/t with all intercepts within the softer near surface saprolite material. The drilling continues on the trend discovered in the second half of 2004 that added 102,000 ozs of indicated resources (0.75M tonnes at a grade of 4.23 g/t), at a grade significantly above the average reserve grade of 1.75 g/t. Drilling at Camp de Base, Bofeko and Fayalala - together with Lero South - continues to present positive intersects in the near surface, near pit saprolite material.
Combined Portfolio
The acquisition of Guinor by Crew will create a portfolio that contains majority ownership of three current and near-term producing gold mines in Greenland, Guinea and the Philippines, a 20% stake in the Barberton gold mine in South Africa, several gold exploration properties, and a number of non-gold mineral properties, including the Mindoro nickel project in the Philippines.
Crew's producing gold mine, Nalunaq (82% owned), located in Greenland currently has annual production of 100,000 ounces. Crew's recently acquired Apex Mining Company (72.5% owned), situated in the Philippines, is targeted to produce more than 100,000 ounces in 2006 and 200,000 ounces by 2007. The attributable share of production from Crew's 20% interest in the Barberton mine in South Africa is approximately 20,000 ounces of gold per year.
The table below highlights the key metrics of the combined company's major gold assets:
-------------------------------------------------------------------------
Project Forecast Target Resources (100%) Reserves (100%)
Production Cash Cost
2007 (100%) per oz.
2007
-------------------------------------------------------------------------
Nalunaq 105,000 oz. US$200-250 313,000 oz. (M&I)
926,000 oz. (Inferred)
-------------------------------------------------------------------------
Apex 200,000 oz. US$220-240 1,868,183 oz.(*) 155,545 oz.(*)
(Masara)
-------------------------------------------------------------------------
LEFA 300,000 oz. US$ 234 3,400,000 oz. (M&I) 2,300,000 (2P)
900,000 oz. (Inferred)
-------------------------------------------------------------------------
(*) According to the Bureau of Mines and Geoscience, a Philippines Government Agency, Masara has a gold reserve in the range of 500,000 -600,000 tonnes at 9-10 g/t (JORC) and an inferred resource of1.7 to 1.9 million ounces at similar grades. However, Crew has commissioned an independent resource evaluation according to the Canadian standard NI 43-101 to confirm the MGB estimate.
Crew's principal non-gold asset is the Mindoro Nickel property, a large nickel laterite deposit located in a concession area of 97 sq. km. in the Philippines. The potential resource is estimated at more than 200 million tonnes of nickel ore, grading approximately 0.94% Ni. A positive pre-feasibility study conducted by Kvaerner was completed by a previous owner of the property and Crew has signed a non-exclusive memorandum of understanding with Jilin Jien Nickel Corp related to the potential development of the project.
Significant Exploration and Development Upside
On completion of the transaction, in addition to the extensive exploration ongoing at the properties that are in proximity to its existing producing mines, Crew will have an exploration portfolio that includes:
- Niaqornarsuk Gold Development Project in Greenland where three new discoveries are being examined;
- Akuliaruseq Exploration Property where Crew holds a 284 sq. exploration license and has collected a 109 g/t gold sample in a major shear structure;
- Ringvassoy and Kvaenangen, two highly prospective gold exploration projects, both with finds of visible gold;
- Dinguiraye Concession (which contains the LEFA Corridor Gold Project) and encouraging regional exploration within the 1,559 sq. km. lease area; and
- Prospective nickel, molybdenite and sulphur projects.
Enhanced Management Resources
Crew expects to add to the strength of its world-class management team with the integration of key Guinor management and technical personnel. Trevor Schultz, current President & CEO of Guinor, has agreed to become President of African Operations with Crew. Mr. Schultz's previous experience includes his tenure as Chief Operating Officer of Ashanti Gold.
Details of Offer and Follow-on Financing
The offer is fully financed. Crew has received private placement subscriptions for five-year senior unsecured convertible bonds for an aggregate of US $150 million. The bonds will have an annual coupon of 6% per annum and will be convertible at the option of the holder into common shares of Crew at a conversion price of NOK 12.16 (C$2.23) per common share. Crew has also received guarantees to subscribe for common shares, on a private placement basis, in the aggregate amount of US $150 million, which, together with the proceeds of the bond issues and Crew's existing cash reserves, will be more than sufficient to finance the transaction.
Crew is intending to undertake a broader placement of common shares by way of a private placement offering of subscription receipts in the range of approximately US$ 150 - 200 million that will be co-led by Pareto Securities Inc. of Norway and Sprott Securities Inc. of Canada. Proceeds from the subscription receipts placement would replace the US$ 150 million equity guarantees. The subscription price for the Crew shares under the subscription receipt placement will be established through a book building process provided however that the subscription price shall not be below NOK 9 (or the equivalent amount in Canadian dollars) per share, which is the floor price under the guarantees. Each of the guarantors who have provided guarantees will be entitled to subscribe for and be allotted common shares under the subscription receipt placement for an amount equal to no less than 75% of the amount of their guarantee commitment.
Crew and Guinor have entered into a support agreement with respect to the offer. Crew and Guinor expect to mail Crew's offer and take-over bid circular, the Guinor board of directors circular and related documents to Guinor shareholders in the next two weeks. Crew's offer will be open for acceptance for 35 days following the date of mailing, unless withdrawn or extended. The offer will be subject to certain conditions, including receipt of all necessary regulatory approvals and acceptance of the offer by Guinor shareholders owning not less than 66 2/3rd percent of the Guinor common shares on a fully diluted basis. Once the 66 2/3rd acceptance level is met, Crew will take steps to acquire all the remaining Guinor common shares. The offer is also conditional upon approval by Crew's shareholders of an increase in its authorized capital and the approval of Crew's existing convertible bondholders to additional borrowing by Crew. In this regard, Crew has obtained written commitments from existing shareholders who hold approximately 53% of its common shares to vote in favour of the authorized capital increase. Crew has also obtained writtencommitments from 67% of Crew's existing convertible bondholders to waive the prohibition on additional borrowing.
The support agreement also prohibits Guinor from soliciting other offers and provides for the payment of a fee of $16 million to Crew by Guinor in the event the acquisition is not completed for certain reasons, including a superior proposal, and by Crew to Guinor in the event that shareholder or convertible bondholder approval is not obtained or the Crew financings are not completed. Sprott Securities Inc. and Pareto Securities Inc. are acting as financial advisors to Crew and BMO Nesbitt Burns and Macquarie North America are acting as financial advisors to Guinor.
Conference Call Details
Crew Gold's Management Group will host a conference call at 11:00 a.m. eastern time in North America to provide further details of the proposed transaction. A webcast of this conference call is available at
http://www.newswire.ca/en/webcast/viewEvent.cgi eventID=1277100
A replay of the conference call will be available from 1:00 p.m. EST October 17, 2005 until Monday October 24, 2005. The phone numbers to access the replay are: 877-289-8525 (toll-free) or 416-640-1917. The passcode is 21158359.
Safe Harbour Statement
[ obvious "forward-looking statements" trivia etc. ]
For further information: Contact Information:
London: Jan A. Vestrum, President & CEO, Crew Gold Corp., +44-1932-268755; Trevor Schultz, President & CEO, Guinor Gold Corp., +44 207 661 9319;
John Barker, Vice President, Guinor Gold Corp., +44 207 661 9319; Toronto: Martti Kangas, The Equicom Group, (416) 815-0700 x 243; Andreas Curkovic, The Equicom Group, (416) 815-0700 x 262
=========
Militia attacks still plague DRC's gold industry
October 17, 2005 -- Business Report
Mongwalu, DRC - Just over a week after a violent attack of rape and pillaging in this central African village, locals who mine gold for a living are trying to return to normality.
Inhabitants of Mongwalu, in the northeast of the Democratic Republic of Congo, live in fear of a return of the militias who, until recently, controlled their gold mines for years.
"We stopped working for four days (after the attack)," said Ali Kosiembala, leader of dozens of gold washers who sort through the muddy earth in open gold mines. "The militias could have stolen the little we own."
The DRC, under supervision of a UN force, MONUC, is currently engaged in a transition towards holding its first democratic election in 40 years by June 2006, following years of war that have ravaged the resource-rich but poverty-stricken central African country.
The eastern DRC is an unstable region of rival and often anti-Kinshasa militias where violence has claimed more than 60 000 lives since 1999, according to humanitarian groups.
Despite the demobilisation of more than 15 000 militias in the Ituri region in June, small groups of militias are maintaining a reign of terror there.
"We lived through a nightmarish night," Bikilisende Badombo, mayor of Mongwalu, said of events on October 6.
"Militias attacked the centre of the village and the central market. They pillaged stalls and raped women," Badombo said.
The village is waiting for Congolese troops, who are slowly taking control of the Ituri region, to reach and protect them.
For now they are relying on 140 Pakistani soldiers from MONUC who were deployed there in April.
Hundreds of inhabitants ran to the village church after the most recent attack and local stall holders moved nearer to the MONUC camp, which is in the village.
"The day after the attack we arrested 17 people," said Pakistani Major Mohammed Javed of MONUC.
He said that between 200 and 300 militiamen left the village, heading south, after the attack.
Congolese forces dealt with a series of militia attacks in neighbouring Kilo, where there is a major gold reserve, and in the villages of Bambu and Kobu at the end of September.
A Congolese officer told a cheering crowd at Mongwalu's market square that his troops would be there soon.
Gold washers in this eastern village can find around 10 grams (0.35 ounces) of gold on a good day. A gram sells for 10 dollars (8.2 euros) in Mongwalu.
"We hadn't been attacked for months," said Ali Kosiembala. "Most militiamen are now working with us ... because they can no longer impose taxes like before," he said.
The United Nations and Kinshasa are still negotiating with the militiamen, estimated at between 1 000 to 2 500, to disarm and join in the DRC transition government and end the reign of terror in the east.
Many are waiting anxiously for that moment.
South African gold company AngloGold Ashanti has obtained a licence from Kinshasa for the exploitation of a site of 8 000 square kilometres, including Kilo and Mongwalu, but it is holding back from starting work in the region.
"Insecurity is preventing us from carrying out explorations for the moment," said Wayne Lambinon, the company's security chief.
Inhabitants of Mongwalu are also dreaming of the day that they can finally live in peace. - AFP
==============
Mwana Africa's Congo holdings through Anmercosa subsidiary.
Mwana Africa is reverse-merging with African Gold PLC, which has gold properties in Ghana and Zimbabwe. The merged company will be controlled by Mwana Africa (previously private) people, and traded on the London AIM exchange.
It has deals with Gecamines on Congo cobalt, and "Okimo" (Moto) on Congo gold.
See the text of
http://www.africangoldplc.com/_latest_news/latest_news.htm
for details.
Destructive: AngloGold, Red Back, Newmont, et al.
Minerals and Mining Bill Under Scrutiny
Ghanaian Chronicle (Accra)
October 14, 2005
Posted to the web October 14, 2005
Joseph Coomson
Seventy representatives from across all mining areas in the country are outraged at the way Members of Parliament (MPs) from the areas have remained silent about their plights in the promulgation of the Mining and Minerals bill into law.
Expressing their concerns about the bill, which has been designated as one of the emergency bills to be passed when parliament resumes, community representatives revealed that, but for the advocacy campaign of the National Coalition on Mining (NCOM), they would not have known that the mineral and mining bill existed.
These came to the fore on the first day of a two-day National Conference of communities affected by mining activities organized by the Third World Network and the Coalition on Mining in Accra yesterday.
They called on parliament to consider the views of ordinary people who were living in mining communities in the process of promulgating the bill, as it had not received the desired contribution from them.
A representative, Richard Alima from Obuasi did not understand that after over a hundred years of mining, the town had nothing to show for it except poverty, cyanide-infested crops, abuse of human rights, the destruction of property as well as environmental degradation.
He appealed to parliament and the drafters to inculcate into the bill, the human right aspect that life is more important than mining when it comes to conflict between mining and human rights.
Mr. Alima called on the Commission for Human Rights and Administrative Justice (CHRAJ) to investigate the incident in which an illegal miner was hurt at the AngloGold Ashanti's Obuasi mine.
He was however disappointed with the MP of the areas, as he had not educated his constituents on the bill and done nothing for the Obuasi Community.
Gibson Asante, from the Sefwi Ahiaso/ Bibiani area said AngloGold Ashanti, Bibiani Limited, Chirano Gold and the Ghana Bauxite Company Limited had been polluting the environment of the area. He said frequent blastings by the companies had cracked buildings in the area but inadequate compensations were paid for properties destroyed.
He accused Chirano also of creating dams that bred mosquitoes.
Mr. Asante called on parliament to come to his area to explain the bill to them.
Richard Adjei-Poku, on his part, said the women in the Kenyasi area where Newmont Ghana operates do not respect men who do not work with Newmont because men who do not work for Newmont are classified as poor people because Newmont pays their workers well. Mr. Adjei-Poku noted that the youth of the area have been employed for only the menial jobs.
He complained as well of high rent in the area as more people enter the town.
Kwesi Blay, who represented the Himan and Prestea area, blame the poor state of the town on assemblymen and District Chief Executives (DCEs) who have sided with mining companies by soliciting for contracts. "Hospitals have been designated for the dumping of waste products from their mines."
Mr. J.A. Osei from Tarkwa further asked, "Should we leave cocoa which fetches the country 60% of the country's foreign exchange earning to go waste in favour of surface mining?"
He was of the view that surface mining came to kill people of the mining communities. Mr. Osei noted also that only 5% of profit from the mining industry is retained, leaving Ghana nothing for development.
Opening the conference, Dr. Yao Graham, Coordinator of the Third World Network said the bill should not be left in the hands of politicians and the minerals commission but to the people who live in the communities where mining coys operate.
He said the undemocratic processing of the bill is bad, as no dissenting views were included, especially Non-Governmental Organisations (NGOs) and the people in mining areas.
=========================
Mwana Africa got African Gold PLC; London AIM
[ has gold properies in Ghana and Zimbabwe ]
Mwana Africa averse to platinum mining
Roadwin Chirara
EMERGING mining group, Mwana Africa, this week ruled itself out of the lucrative platinum mining sector despite having shown interest in mining other minerals like gold after acquiring Freda Rebecca Mine.
The company had also shown interest in acquiring chrome processing firm, Zimbabwe Alloys, but lost out to a consortium led by banker Farai Rwodzi.
"We are not at the moment looking at platinum, but if an opportunity was to present itself, we would consider it carefully," Mwana Africa chairman Kalaa Mpinga said.
Zimbabwe's platinum sector is currently dominated by Australian-listed Zimplats, Zvishavane-based Mimosa Mines, while Anglo American Corporation Zimbabwe (Amzim) is expected to join the fray in 2007 with its US$90 million Unki Platinum as a third player in the sector.
The Mwana Africa boss also ruled out any possible secondary listing by the group on the Zimbabwe Stock Exchange (ZSE) despite its recent reverse listing on the London Stock Exchange (LSE).
Mpinga said the group would have to weigh the advantages of such a listing.
"We are not at this stage planning to list Mwana on the Harare (ZSE) stock exchange and need to study carefully the merit of such listing," Mpinga said.
Mwana Africa was listed on the LSE this week after it agreed on its conditional acquisition by African Gold, a deal which found Mwana Africa acquiring over 71% on conclusion of the 4,4 million pound deal.
Mpinga said the deal was meant to allow the group access to capital for its various expansion and exploration projects in the country.
"The listing of Mwana Africa in London will allow more flexibility to raise project financing for its various investments in Zimbabwe," said Mpinga.
Listing will also allow it to position itself in the mining sector, while at the same time allowing it further acquisitions going forward.
"The listing in London will also position us for more acquisitions on the continent. The reverse take-over has indicated to us that there is a strong appetite in taking exploration money in Zimbabwe as well as for the development of the new project."
He said some of the projects likely to benefit from the deal include the deepening of its Shangani Mine and the construction of a new concentrator at Trojan mine, a subsidiary company in which Mwana Africa has interests through its majority stake in Bindura Nickel Corporation.
He said feasibility studies for its proposed multi-billion dollar Hunters Road project under BNC will begin next year as the company had just completed the required metallurgical studies on the site.
"Again at BNC, we will be starting early next year, a bankable feasibility (study) for the development of the Hunter Road project having just completed a number of metallurgical studies to determine the suitation. ...
Prestea citizens vow to stop BGL unless...
Accra, Oct. 14, GNA - The Concerned Citizens Association of Prestea on Friday said it would use all available means to prevent Bogoso Gold Limited from resuming its surface mining operations in the centre of the town unless the company took steps to resettle the people of the community.
Speaking in an interview with the Ghana News Agency, Mr Kwesi Blay Secretary to the Association said the Environmental Protection Agency's order to BGL to suspend its mining activities in the centre town did not in anyway address the concerns of the people of the community.
The EPA on September 13 requested the suspension of mining in the Prestea township until some outstanding mitigation measures were completed. These are relocation of the Prestea Police Station built by the company, erection of a fence around the pit, construction of a by-pass road to divert traffic and the closure of the existing road and sensitisation of the communities and vendors adjacent to the pit. But Mr Blay said these measures fell short of community's demands for resettlement because of the current negative impact of BGL's mining activities on the environment and the threat that it posed to the lives of the people.
"We are not stopping BGL from their mining operations in Ghana. All we are asking is resettlement to save people's lives from pollution and blasting," he said.
Mr Blay, who is in Accra to attend a two-day conference on the Mining Bill, said information he had received from Prestea indicated that the Police were parking from the police station claiming that this was a sign that BGL would soon re-start operations in the town. "The people of the community will use all legitimate means to stop BGL even if it means taking over the pits and administration blocks to prevent the workers from carrying out their jobs."
Mr Blay said although confrontation was not the best way to address their concerns, there was no other alternative since BGL had refused to dialogue on the issue.
He said the Association had already presented a resolution to the EPA on the community's resolve for resettlement or relocation or the surface mining activities of BGL be stopped completely.
Meanwhile, representatives of communities affected by Mining at a two-day national conference on the Mining Bill concluded that the Bill was severely flawed in terms of adequate framework for criteria for compensation, valuation of property and access to justice, among others. In a resolution read on their behalf by Richard Ellimah they said consultation on the bill did not go far enough since communities, which were mostly affected were not contacted for their views on the process. "We are concerned with the undemocratic and unaccountable approach to the revision of the bill and also the limited space offered to citizens in the policy making process," they said.
In this connection, they asked Parliament to carry out further consultation with various stakeholders, especially communities affected by mining, and called for the development of a national mining policy.
AXMIN plans 14,000-metre drill program at Kofi
[ note: the earlier Kofi result passes the "Rule of 100" test. FL ]
2005-10-13 11:30 ET - News Release
Dr. Jon Forster reports
AXMIN ACCELERATES EXPLORATION AT KOFI PROJECT AREA, MALI FOLLOWING UPDATED RESOURCE ESTIMATE
AXMIN Inc. has plans for a 14,000-metre combined-core and rotary air blast (RAB) drilling program over the next six months on its four exploration permits, comprising the Kofi project area, in Mali. A resource of 290,000 ounces (inferred mineral resource of 245,000 ounces (2.03 million tonnes grading 3.8 grams per tonne Au) plus an indicated mineral resource of 45,000 ounces (415 thousand tonnes grading 3.2 g/t Au)) was recently announced (see Stockwatch on Sept. 27, 2005) from two structures, Kofi SW zones B and C. Each structure has to date been identified over a strike length of about 250 metres to 300 metres.
Chief executive officer Dr. Jonathan Forster commented: "AXMIN's recent resumption of control of the Kofi project area has acted as a catalyst to re-establish our own program, with the objective to outline further deposits to build upon the established resource and capable of supporting a stand-alone operation. During the past two years, exploration effort focused primarily on the two main targets and on understanding the controls of gold mineralization. The forthcoming program will take this information and expand it across other targets where potentially economic drill intersections have previously been identified. The recently reported discoveries at the adjacent Loulo and Yalea deposits of Randgold demonstrate that large and high-grade deposits can be discovered in this district below relatively narrow surface structures."
The forthcoming phase of drilling is targeting near-surface mineralization that is amenable to open pit extraction and will be focusing initially on three priority targets within a 10-kilometre radius at the Kofi project area, namely Kofi SW zone C, Kofi South and Kofi South south. The program will consist of approximately 11,000 metres of angled RAB holes to depths of 40 metres to 50 metres followed by 3,000 metres of core holes where further delineation is merited. All drilling is targeting Loulo-Yalea-style mineralization comprising structurally controlled deposits similar to those delineated at Kofi SW zones B and C.
At Kofi SW zone C drilling will concentrate on extensions to the deposit, following up on a previous single fence about 400 metres to the south which intersected nine metres of 14.9 g/t Au and a second intercept 600 metres to the north-northeast of 5.4 metres of 11 g/t Au.
Drilling at Kofi South will target three zones along the large (4,500-metre) gold-in-soil anomaly (greater than 50 parts per billion Au) located on a north-south jog along a major north-northeast structure, similar to the structural location of Yalea. All three zones were previously sampled with positive results on broadly spaced (variously 200 metres to 400 metres) drill fences by reverse circulation (RC) drilling. The northern most zone will target a mineralized corridor with a potential 400-metre strike length where previous drill intersections included 18 metres at four g/t Au and 10 metres at 3.6 g/t Au. The second zone lies 1,400 metres to the south and will target an 800-metre-long zone where previous drill intersections included 10 metres at 2.2 g/t Au and five metres at 9.7 g/t Au. The last zone at Kofi South located 600 metres farther south across an alluvial plain previously mined by artisans is defined by a 1,000-metre-long structure drilled to date on only a single fence -- here an intercept of five metres at two g/t Au was recorded.
Finally at Kofi South south drilling will target two zones, each with a potential minimum strike length of 300 metres. The first zone was previously discovered on one drill fence where intersections included five metres at 3.5 g/t Au and eight metres at 6.6 g/t Au. The second zone was previously tested by a single fence which identified two closely spaced mineralized structures with results including seven metres at 1.8 g/t Au, four metres at 11.1 g/t Au and, at a vertical depth of 80 metres on the same structure, two metres at 16.6 g/t Au.
This press release has been reviewed by an in-house qualified person, Dr. Forster, fellow of the Institute of Materials, Mining and Metallurgy (IMMM).
Volume today in Birim and Axmin; Moydow holding.
Odd that there's no mention of being bought by Golden Star. (Not in this press release.)