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Red Back(RBI.TO)'s Chirano pouring gold in October
Red Back Mining expects gold production in October
2005-09-07 14:42 ET - News Release
Mr. Richard Clark reports
RED BACK CHIRANO GOLD MINE UPDATE
Red Back Mining Inc. has released an update on the development of its Chirano gold mine located in Ghana.
The primary crusher at Chirano started operations on Sept. 6, 2005. This will immediately be followed by the commissioning of the SAG and ball mills. Commercial gold production is anticipated in early October, 2005.
As at Aug. 31, 2005, the construction status at Chirano is as follows.
Plant and infrastructure:
* project design and engineering are 100 per cent complete;
* all major construction contracts awarded;
* procurement is 98 per cent complete, with the focus now on spares and logistics;
* concrete work is complete;
* plant offices are complete
* leach tanks are complete;
* ball mill, SAG mill and motors are in place, with commissioning scheduled for first week of September;
* primary crusher is complete with commissioning in the first week of September;
* overland power line is connected;
* water storage facility is complete and ready for plant start-up;
* site earthworks complete;
* tailings storage facility main embankment complete;
* tailings and water overland piping are 70 per cent complete; and
* commissioning manager is on site and precommissioning has commenced.
Mining
Mining operations at the Obra, Obra South and Tano pits at Chirano are ahead of schedule. The mined ore currently stands at 297,996 tonnes containing 16,765 ounces of gold. Grade control and mining continue to show a material improvement over projections in the bankable feasibility study, with an overall 18-per-cent increase in ounces to date.
COMPLETED ORE BLOCKS
August, 2005
Density Tonnes g/t Ounces
Depleted
Explor-
ation
reserve
Obra 1.72 265,326 1.66 14,136
Tano 1.72 1,423 1.53 70
---- ------- ---- ------
Total - 266,749 1.66 14,207
==== ======= ==== ======
Mined
Grade
control
Obra 1.92 291,575 1.75 16,448
Tano 1.57 6,421 1.54 317
---- ------- ---- ------
Total - 297,996 1.75 16,765
==== ======= ==== ======
Variance
% Difference
Tonnes g/t Ounces
Obra 10% 6% 16%
Tano 351% 0% 352%
--- - ---
Total 12% 6% 18%
=== = ===
With continued mining and an extensive continuing grade control drilling program, a reconciliation of reserves will be completed and restated by year-end against revised gold pricing; the BFS was calculated on a gold price of $375 (U.S.) per ounce.
Capital cost
Nearing completion, the capital cost of Chirano has remained at $73.4-million (U.S.). A recently announced private placement of $11.9-million (see news in Stockwatch July 11, 2005) completed the necessary financing for commencement of production at Chirano.
Rick Clark, president of Red Back, commented: "We're ever closer to our first gold pour. Early October should see the start of commercial gold production from the Chirano mine. This project keeps getting better; not only has the development gone smoothly, but our exploration and resource definition drilling has hinted strongly at the expansion potential of the mine. High-grade gold has been intersected below and on strike with the known Chirano deposits, a scenario typical of other gold mines in the region as they are developed and continue to grow."
The Chirano gold project is located in Ghana, with proven and probable reserves of 17.8 million tonnes grading 1.9 grams per tonne gold for approximately 1.09 million ounces contained gold (RSG Global, December, 2004). There is significant resource and reserve upside through both brownfields and greenfields exploration. The Chirano project is within the Bibiani gold belt 25 kilometres along strike from AngloGold Ashanti's (over-five-million-ounce) Bibiani gold mine. In addition to Chirano, the company retains one of the largest mineral land positions in Ghana (5,000 square kilometres) and is systematically exploring this landholding.
The technical contents of this release have been reviewed by Ross Ashton, BSc, FAusIMM, a qualified person pursuant to National Instrument 43-101. 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.
Mystery of the Randgold (GOLD and RANGY) shares
Nobody in the press seems to know how many shares of Randgold Resources (GOLD) are still "owned" or otherwise controlled by Randgold & Exploration (RANGY). (Randgold Resources mines gold in Mali, and has gold exploration or development properties in Cote d'Ivoire, Senegal, Burkina Faso and Ghana. Randgold & Exploration is a South African mining holding company, until recently run by South African lawyer, entrepreneur and modern-art patron Brett Kebble.)
From Mining Weekly: "Randgold Resources CEO Dr Mark Bristow, following an extensive share-register interrogation, had only been able to trace 4,4-million shares owned by R&E, but Kebble insisted that the company still owned nearly 19-million shares. “We will account for the shares in detail,” Gray promised, adding that there would be a full explanation in the statements as to where the shares were and what would be done with them.
Also in another report: "Mark Bristow, Randgold Resources' chief executive, says Randgold & Exploration owns 4.4 million Randgold Resources shares. Kebble said he has 18.9 million shares in a statement on Randgold & Exploration's Web site on Aug. 2."
FL
Red Back (RBI.TO) hits 2oz/ton
Red Back Mining Inc
2101 - 885 West Georgia Street, Vancouver, BC Canada V6C 3E8
Tel: (604) 806-3070 Fax: (604) 689-5452 redbackmining.com
NEWS RELEASE
RED BACK CONFIRMS HIGH GRADE AT CHIRANO
September 6, 2005 (RBI - TSX) ... Red Back Mining Inc. (the “Company”) is pleased to announce that recent drilling at the Company’s Chirano gold mine has confirmed high grade intersections of up to 2 ounces per tonne. A 2004 in-fill drill program at one of the southern deposits (“Akwaaba”) at Chirano suggested the potential for significantly higher grade at depth below the existing open pit resources and reserves. In June/July 2005 a follow-up drill program was mobilized at Akwaaba to test this deeper, higher grade potential. The Company is pleased to present the results of the 2004 program and announce the 2005 confirmation of high grade mineralisation below and on strike from the known resources/reserves at Akwaaba. Significant results are tabulated below
2004 High Grade Intercepts
HOLE COORDINATES DEPTH (m) INTERCEPT (m) GRADE (g/t gold) COMMENTS
CHRC316 31469N 17020E 78-93 15 5.19 Including 4m @ 11.92g/t
CHRC538 31496N 16997E 80-97 17 3.33 Including 5m @ 7.3 g/t
CHRC540 31522N 17045E 81-96 15 10.74 Including 6m @ 25.5 g/t
CHRC655 31518N 17003E 103-114 11 4.3 Including 3m @ 11.64 g/t
2005 High Grade Intercepts
HOLE COORDINATES DEPTH (m) INTERCEPT (m) GRADE (g/t gold) COMMENTS
CHRC702 31542N 17037E 115-130 15 14.26 Including 6m @ 31.33 g/t
CHRC703 31491N 16992E 112-121 9 4.11 Including 3m @ 8.7 g/t
CHRC704 31517N 17001E 130-153 EOH 23 4.08 Including 3m @ 13.77 g/t
CHRC705 31439N 16981E 95-110 15 3.58 Including 3m @ 11.20 g/t
Note:
1. True widths are approximately 60% of down hole intercepts
2. Hole CHRC704 ended in mineralisation
Previous drilling at Akwaaba outlined Measured and Indicated Resources of 599,000 tonnes at 2.90g/t, including Proven and Probable Reserves of 422,799 tonnes at 2.7g/t. Further drilling in 2004 and 2005 has confirmed that Akwaaba has a high grade core (with grades increasing at depth) averaging 15-60g/t with a predominantly shallow to moderate 30°-50° northerly plunge. The deposit remains open at depth and along strike to the north and south, suggesting the potential for an increase in resources and reserves. A 2,000m follow-up drill program in October 2005 will further test the extent of this high grade mineralization. Optimisation and mine scheduling studies have been initiated with a view to fast tracking the development of Akwaaba to take advantage of mining these higher gold grades early in the mine scheduling program. The October 2005 drill program will also test an 800 metre northerly strike extension of Akwaaba where a previously identified gold in soil anomaly has yet to be followed up. This anomaly is associated with a significant structural jog in the main Chirano Shear Zone and in light of recent results at Akwaaba is a high priority target. In commenting on the high grade at Akwaaba, Richard Clark, President and CEO of the Company stated:
“The success at Akwaaba in identifying a deeper, higher grade potential at Chirano is very exciting for the economics and longevity of the mine. Numerous mines in Ghana have this profile and in fact have ended up extracting substantially more ounces from their underground operations than the open pit developments. We
certainly hope this will be the case at Chirano.”
Following on the results at Akwaaba, the Company has now completed deeper drill holes under each of the Obra and Tano pits at Chirano and has intersected multiple mineralized lodes 100m below previous drill coverage. Structural logging is in progress ahead of core cutting and assay. These deeper holes form part of a total review of controls to the Chirano mineralisation by an independent consultant. This review will be completed by the end of 2005 and will be the basis of an extensive program of deeper drill holes at Chirano to determine the logistics of underground mining operations.
The Chirano Gold Project is located in Ghana, West Africa with proven and probable reserves of 17.8 million tonnes grading 1.9 g/t gold for approximately 1.09 million ounces contained gold (RSG Global - December, 2004) There is significant resource and reserve upside through both brownfields and greenfields exploration. The Chirano Project is within the Bibiani gold belt 25 kms along strike from AngloGold Ashanti’s (+5 million ounces) Bibiani gold mine. In addition to Chirano, the Company retains one of the largest mineral land positions in Ghana (5,000 sq. kms) and is systematically exploring this land holding. 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.
Jilbey Gold to delist from TSX-V at the close
[ Jilbey has been removed now from the board header. ]
2005-09-06 16:29 ET - Shares Delisted from TSX-V
Further to the TSX Venture Exchange bulletin dated Aug. 31, 2005, the common shares of Jilbey Gold Exploration Ltd. will be delisted from the TSX Venture Exchange, effective at the closing of the business, Tuesday, Sept. 6, 2005. The delisting of the company's shares results from a plan of arrangement between the company and High River Gold Mines Ltd., a company listed on the Toronto Stock Exchange. Pursuant to the arrangement, High River has acquired all of the outstanding shares of the company. In return, each shareholder of the company has received 0.75 common share of High River for each common share of the company.
For further information on the arrangement, please refer to the management information circular dated July 20, 2005.
Randgold (GOLD): Kebble, Gold Magnate, May Lose Fortune After Ouster (Update1)
Sept. 5 (Bloomberg) -- Brett Kebble, the South African millionaire who helped create two of the country's four largest gold producers, may lose his fortune after resigning as chief executive of three companies.
Kebble, 41, quit on Aug. 30 as head of Western Areas Ltd., joint owner of a $24 billion gold deposit near Johannesburg, and two other gold-investment companies after Western Areas ran out of money. He faces questions from investors in Randgold & Exploration Ltd., one of the two other companies, over the whereabouts of shares worth $268 million and is the subject of fraud charges related to a takeover battle five years ago.
``Things could definitely get worse for Brett,'' said David Shapiro, an analyst at Sasfin Frankel Pollack Securities in Johannesburg who has traded stock in Kebble's companies for more than a decade and met him several times.
Kebble's troubles may end an 11-year career in the country's $5.5 billion gold industry that spawned Harmony Gold Mining Co., South Africa's No. 3 gold miner, DRDGold Ltd., the No. 4, and the development of South Deep, the world's largest gold deposit. Local newspapers Business Day and the Mail & Guardian have chronicled the downfall of Kebble, a patron of South African arts through an award that takes his name.
Kebble didn't return five messages seeking comment left on the voicemail of his mobile phone last week. The bell at the gate of his house in the Johannesburg suburb of Inanda wasn't answered. When his father, Roger, was called on his cell phone Aug. 31 he said his son was in a meeting and couldn't talk.
Out of Money
Kebble quit his jobs at Western Areas, Randgold and JCI Ltd. after Johannesburg-based Investec Ltd., South Africa's No. 5 bank, told investors it wouldn't free up a 460 million-rand ($71 million) loan to keep the companies afloat unless he left.
Western Areas and JCI said on Aug. 30 in statements to the stock exchange in Johannesburg that Investec insisted that their boards be changed before they made the loan. The companies announced the resignations that day of Kebble and non-executive director Sello Rasethaba.
``The reason Kebble is out is that the investment community has lost faith in his ability to deliver on South Deep,'' said Wayne McCurrie, who oversees the equivalent of $5.9 billion at Johannesburg's Advantage Asset Management. McCurrie said some of the fund he oversees may have small holdings in Western Areas.
Shares in Western Areas have dropped 25 percent in the past six months, the second-biggest decline on the seven-member FTSE/JSE Africa Gold Mining Index after Randgold, which has fallen 29 percent. JCI, which together with Randgold was suspended from trading on Aug. 1, has dropped 45 percent.
Gold Price Bet
The partnership with Placer began in 1999, when Kebble helped secure a $235 million investment from the Vancouver-based miner, ensuring South Deep's development. The project to dig the 3.3 kilometer (2.1 mile) mine went awry as it ran up costs of more than $1 billion. South Deep is 2 1/2 years behind schedule.
The delays at South Deep were compounded by Kebble's bet in June 2002, through futures contracts, that the gold price would fall. The price of bullion has since surged 40 percent.
``He took a view on the gold price twice and he was wrong,'' said Bernard Swanepoel, the chief executive of Harmony, in an interview in Johannesburg yesterday. ``That is his contribution to this dilemma.''
As a result of derivative contracts Western Areas holds, the company sold its gold at $308 an ounce in the quarter ended June 30, compared with a an average market price of $427.88. Production costs were $426 an ounce.
Clever Financier
Kebble was born in the gold mining town of Springs, east of Johannesburg, and schooled in the Free State province before graduating in law from the University of Cape Town in 1988. He entered business after his mining engineer father, who once worked for Anglo American Plc, sold his Cape wine farm and came out of retirement in 1991.
Teaming up with Adam Fleming, a relative of the James Bond spy-novel author Ian Fleming, Kebble joined Randgold, working initially under Executive Chairman Peter Flack. After accumulating a majority stake in the company, he fired Flack and installed himself as chief executive. He was 32 at the time.
``He was one of the brightest corporate financiers I ever met, and I've met some clever ones in my time,'' Flack said in an Aug. 17 interview from Johannesburg.
Harmony, DRDGold and Randgold Resources Ltd., all of which were spun out of Randgold during Kebble's period as a director, have a combined market value of 26 billion rand ($4.1 billion).
The family's possessions include multimillion-rand properties ranging from a three-storey house overlooking Cape Town's Atlantic coast to Melrose Place, a national monument in northern Johannesburg once owned by Gavin Relly, a former chairman of London-based Anglo American.
Criminal Charges
``He's bright, eloquent and can be very charming,'' said Mike Schroder, who oversees mining stocks at Old Mutual Asset Management, South Africa's largest money manager. ``The problem is that you needed two analysts just to follow him around because his strategy kept changing.'' Schroder doesn't hold shares in JCI, Western Areas or Randgold & Exploration.
Kebble's plan to weld together seven companies in which his family held stakes and trade the company's shares in Toronto was scuppered five years ago by Harmony's Swanepoel, a former mine manager under Kebble who started and won a hostile takeover for the biggest of the companies, Randfontein Estates Ltd.
The legacy of that contest is that Kebble faces charges of fraud, conspiracy and contravention of South Africa's Companies Act, Lucinda Moonieya, a spokeswoman for South Africa's Public Prosecutor's Office said in an e-mail on Aug. 31. The case will be heard in October next year.
On Nov. 3, 2003, Kebble said he would contest charges announced by Johannesburg High Court Judge Joop Labuschagne.
`Blatant'
``It is a blatant attempt to elevate technical breaches'' into fraud charges, he said in an e-mail that day. ``He is contesting the charges vigorously,'' said David Barritt, a personal spokesman for Kebble, in a Sept. 2 telephone interview from Greece.
Shareholders including Aflease Gold & Uranium Ltd., which owns 12 percent of Randgold & Exploration, are asking Kebble to account for stock the company owned in Randgold Resources.
``We want a strong executive in Randgold, with corporate finance experience, to go in there and see what's going on,'' Jean Nortier, Aflease's finance director, said in an interview on Sept. 1.
Shares Suspended
Mark Bristow, Randgold Resources' chief executive, says Randgold & Exploration owns 4.4 million Randgold Resources shares. Kebble said he has 18.9 million shares in a statement on Randgold & Exploration's Web site on Aug. 2.
Randgold & Exploration's shares were suspended from trading on Johannesburg's stock exchange on Aug. 1 after the company missed a deadline to submit annual financial statements.
``He's the kind of person who will get a second lease of life,'' said Sasfin Frankel's Shapiro. ``He may be out now, but he's the kind of person who has a definite knack of getting people to back him.''
To contact the reporter on this story:
Stewart Bailey in the Johannesburg bureau sbailey7@bloomberg.net
Last Updated: September 5, 2005 04:19 EDT
High River Gold (HRG) completes Jilbey merger
[ The Jilbey web-page is still up and doesn't seem to note that Jilbey no longer exists. The board header here should probably be updated by deleting Jilbey at some point. FL ]
2005-09-01 15:59 ET - News Release
Mr. Don Whalen reports
HIGH RIVER GOLD COMPLETES ACQUISITION OF JILBEY
High River Gold Mines Ltd. has completed its merger with Jilbey Gold Exploration Ltd. by way of plan of arrangement, which was approved by Jilbey's shareholders on Aug. 19, 2005.
Under the terms of the plan of arrangement, Jilbey amalgamated with a 100-per-cent-owned subsidiary of High River and Jilbey shareholders received 0.75 common share of High River for each common share of Jilbey held. As a result of the completion of the plan of arrangement, High River issued 19,346,758 common shares of the company with 6,750,028 common shares issuable in respect of the exercise of warrants/options held by Jilbey shareholders. High River now has 216,150,272 common shares issued and outstanding.
The merger establishes High River as a dominant gold company in Burkina Faso, with production scheduled to commence in 2006 at the Taparko-Bouroum property and a large highly prospective property package (approximately 8,000 square kilometres), which includes the exciting Bissa property and the recent high-grade gold discovery at Labola. As a result, High River can effectively optimize its technical exploration programs and development initiatives in Burkina Faso.
The Bissa project exploration program for the remainder of 2005 will be accelerated, with $2.4-million (U.S.) budgeted for the last three months of the year. A drilling contract covering three drills is being finalized to carry out core, reverse circulation and reverse air blast drilling for 10,500 metres, 17,500 m and 6,000 m respectively. This drilling program is expected to provide the information required to calculate a new resource estimate for the Bissa property by year-end or early 2006.
High River is constructing two open-pit gold mines, which are scheduled to commence production next year, the Taparko-Bouroum project in Burkina Faso and the Berezitovy project in Russia. Annual gold production from Taparko-Bouroum is planned at 100,000 ounces in year one, increasing to over 140,000 ounces in the third year of operation, with annual production from Berezitovy of 100,000 ounces. Combined with gold production from High River's 84-per-cent-owned Russian subsidiary, OJSC Buryatzoloto, High River's attributable annual gold production is planned to exceed 300,000 ounces by 2007, establishing the company as a mid-tier gold producer.
Gold Fields (GFI) into Mali with Glencar (GCM on London (LSE or AIM?), and on Ireland Stock Exch.)
[ See: http://www.mineweb.net/sections/junior_mining/478500.htm ]
Gold Fields dips its toes into Mali
By: Gareth Tredway
Posted: '31-AUG-05 15:00' GMT © Mineweb 1997-2004
JOHANNESBURG (Mineweb.com) -- Glencar Mining, an African exploration junior, said on Wednesday that Gold Fields, the world’s fourth largest gold producer, has made an indicative offer on the Sankarani project in Mali.
In a nutshell, Gold Fields would need to spend $12 million up to feasibility study completion to earn as much as a 70% interest in the project. This option covers three of Gelncar’s licences, but excludes the Komana licence on Sankarani.
The expenditure includes $2.5 million on exploration by end-2007 to earn 25% of the project, and another $1.5 million by end-2008 to earn a 51% interest.
Hugh McCullough, Glencar’s chief executive, told Mineweb, that Glencar did not include the Kamana licence in the deal, because it wanted to remain active in the area.
An exploration budget of $500,000 has been set-aside for Kamana, with drilling expected to start at the end of this year, according to McCullough. Gold Fields will retain a right of first refusal at Kamana.
[ map goes here ]
source:Glencar website. Green area is pending approval.
AngloGold Ashanti’s Siguiri mine in Guinea is located 80km west of Sankarani and forms part of the same geological structure.
Certain conditions still need to be met regarding the Gold Fields deal, these include, a due diligence, exploration budget and Gold Fields board approval amongst other things.
Gold Fields already has a strong foothold in Africa, with operations in Ghana and advanced exploration in Burkina Faso. The company has a large portfolio of investments in junior stocks with exploration targets located all over the world. It also has cash of about R3.4 billion (roughly $523 million).
The £4 million Glencar also has exploration licences in Ghana and Uganda. Recent regulatory changes at the London Stock Exchange meant that Dublin-listed Glencar, could no longer trade on the LSE. McCullough says an application for an AIM listing is imminent but that the listing will not involve any fund raising since the company recently raised about $1.5 million.
NEW Sierra Leone: Golden Prospect PLC (GOL on London AIM)
See: http://www.goldenprospectplc.com/
This company has been added to the board header.
Company Profile
Golden Prospect plc is a diversified investor in the natural resources sector, with additional significant gold, diamond and platinum exploration properties in Africa.
Listed on the London Stock Exchange AIM Market since 1999. Ticker - GOL
The company is recognised as representing a unique investment opportunity in the London markets to gain diversified exposure to the gold and other junior resources sectors.
It has built an impressive portfolio of strategic investments mostly in small to medium resources companies with a commodity range of gold, nickel, oil, gas, zinc, diamonds, copper and platinum.
Golden Prospect plc announced recently that it has agreed to purchase a 25% interest in Interactive Resources Information Limited, which owns Minesite.com and has a 30% free carried interest in Oil Barrel.com. These websites are widely considered to be London’s two leading news websites for the resources sector.
=====================================================================
Exploration Properties – Sierra Leone Lake Sonfon Gold
Lake Sonfon lies within the Archean Greenstone Belt of the Sula Mountains, in the Northern Province, an established and extensive gold province. Golden Prospect’s exclusive prospecting licence covers the northern end of the greenstone belt with basement granites in the northwest corner of the licence area. Mano River Resources Inc. holds the contiguous exclusive prospecting licence situated on the eastern and southern boundaries of the licence.
A 3 kilometre wide belt of ultrabasic rocks strikes northeast-southwest across the centre of the licence. This belt is separated from the basement granites to the northwest by a 0.5 to 2 kilometre wide belt of amphibole and hornblende schists. The ultrabasic rocks, at their northern end, have been intruded by a later granite, which interfingers into the ultrabasics for some 2 to 3 kilometres parallel to their strike. A Heads of Agreement to jointly explore the two licences, which cover 256 square kilometres, wassigned in May 2002 on a 50/50 basis, with Mano River as operator. Golden Prospect and Mano Riverentered into a Heads of Agreement, in late 2003, with Golden Star Resources Limited, as operator ofthe gold exploration activities over the combined 256 square kilometre area.
[ map ]
Previous work by both partners on their respective licences includes regional geochemistry, trenching and outcrop and soil sampling. Initial exploration programmes on the Golden Prospect licence focussed on the alluvial gold potential of the lease. The presence of significant quantities of alluvial gold were confirmed by an independent assessment in 1994 by Gavin Bowyer, Principal Geologist, IMC Mackay & Schnellmann. A second independent sampling and appraisal programme, carried out by Gavin Bowyer in 1997, showed that “Golden Prospect has confirmed that the rich grades of alluvial gold reported in 1994 from its Lake Sonfon licence were an indication of primary gold mineralisation in the area. Golden Prospect has identified two targets with quartz from which samples have returned significant gold grades, up to 2.5 g/t over 0.55 metres at Kantenki and 10.3 g/t over 3 metres at Yisangba. Both these targets lie within extensive prospective areas. The Kantenki target lies within the 5 km by 3 km contact zone of interfingered later granite intruded into earlier ultrabasic and amphibolitic rocks. The Yisanga target lies in the Bongone block, within which exploration in the 1960’s identified disseminated sulphides over a width of 86 m and a strike length of 2 km. The Lake Sonfon licence area can therefore be expected to contain further similar primary gold mineralisation to that already found and the size of the prospective areas for such mineralisation is extensive. The extent of the prospective areas within the licence area and of the structures, such as granite dykes and zones of disseminated sulphide within these prospective areas, indicate the potential for the discovery of gold deposits of significant size”. Recent activities on the joint venture area have shown the following significant results:
• 3 km long by 0.3 km wide gold anomaly discovered, with peak value of 1,100ppb
• High grade gold-bearing stockwork vein system beneath anomaly, with trench intersect of 7.3 m @ 7.4 g/t.
• Potential bulk tonnage gold deposit identified for drill testing.
• Highly encouraging gold grades from grab samples confirm historical work, which includes a previous grab sample of 77 oz/t.
Further details can be seen in the Golden Prospect News Release of 20 February 2003.
NEW Senegal: Mineral Deposits Ltd. (MDL in Sydney)
See: http://www.mineraldeposits.com.au/index.html
This company had been added to the board header.
Company Profile
Mineral Deposits Limited is an Australian based resources company, developing a gold project in Senegal and two mineral sands projects, one in Senegal and the other in southern India. In order to develop these mineral sands and gold Projects, which are of an international calibre, MDL combines its proven management and marketing skills with the technical expertise of major external groups.
The Grande Côte Zircon Project ("GCZP"), on the coast of Senegal, is in feasibility study stage and is expected to ramp up production of 70,000 tonnes of Zircon and 12,000 tonnes of Rutile/ Leucoxene per annum, in late 2006. MDL is relocating much of its existing heavy dredge and concentrating equipment from Australia, where it is currently being disassembled, to the GCZP, thus saving at least U$50 million of capital expenditure.
The Sabodala Gold Project, which is situated 450 kilometres inland from the coast, near the Mali border, will be subject to a feasibility study. The Mining Convention has been signed by the Minister of Mines and Energy and the commencement of the feasibility study into recommencing a gold mine, where a resource of some 1 million ounces of gold has previously been estimated, is awaiting the Presidential decree.
In India, Mineral Deposits has a contract with Beach Minerals (Sands) Company pvt Ltd ("BMC") to assist them with marketing the ilmenite, which is being produced from the recently expanded Kuttam operation in the state of Tamil Nadu. This expansion was facilitated by the relocation and re-erection of the Company's Fullerton wet mill to BMC's sand mining operation in India
In July 2003, the company ceased operating activities, which were centred on production at the Hawks Nest mineral sand plant in New South Wales, Australia. The company is completing it environmental rehabilitation programs.
Sabodala Gold Project
Mineral Deposits Limited ("MDL") was selected by the Government of Senegal to develop the Sabodala Gold Project ("Sabodala") in October 2004, following an international open tender. The open tender was also keenly sought by international mining companies including several major gold producers.
The MDL bid was as a joint venture between MDL (70%) and private Senegalese interests (30%). MDL and the private Senegalese interests, subject to finalising title over Sabodala and following completion of the Mining Convention, intend to merge their interests in the project with MDL to manage.
The Mining Convention has been signed by the Minister of Mines and Energy and the commencement of the feasibility study into recommencing a gold mine, where a resource of some 1 million ounces of gold has previously been estimated, is awaiting the Presidential decree.
Once concluded the company intends to rapidly optimise and validate the existing gold reserve/ resource. Work will include a drill programme, commencement of an ongoing social responsibility plan and initiation of an environmental impact study. MDL plans to expedite start-up of a gold mining operation.
The political environment in Senegal is very attractive for investment. The new Mining Code (24 November 2003) has facilitated an encouraging investment environment for the development of mining projects. In particular, the tax incentives introduced for new mining projects include a tax-free period of up to 15 years.
The area involved is a 20.3 square kilometre rectangular lease centred on the main defined ore zone and oriented so as to encompass the strike extensions both north and south of the major shear zone hosting the deposit. The deposit, as known to date, has been partially drilled and has a previously announced resource of approximately one million ounces. MDL believes that drilling below the current drilling limit of 120 metres and along strike has the potential to substantially expand the resource. The shallow nature of the deposit, the good grade and the low waste to ore ratio all point to an outstanding development opportunity. Further details of the project are given below.
============ [ from Projects page: ] ======================================
SABODALA
The Sabodala deposit was drilled in the early 1980s by the French government's resources arm, Bureau de Recherches Geologique et Miniere ("BRGM"). The Australian company Paget Mining Limited optioned the project from BRGM in 1993 and conducted a limited drilling programme. Following a dispute with BRGM, the option expired in 1994 with drilling incomplete. No work was done on the project until a Senegalese company mined a small quantity of soft, shallow oxide ore in 1999.
Access to the Sabodala project area is very good with all-weather roads leading to and throughout the project area and a large private, paved air-strip within 10 kilometres.
Based on the limited and incomplete work of Paget combined with the earlier BRGM drilling, consultants commissioned by Paget calculated a resource of 8.79 million tonnes at 3.15 grams per tonne. MDL will not quote its own resource estimates until it has completed its proposed detailed 20,000m development drilling program.
Sabodala is hosted by Birimian greenstones and sediments and is linked structurally to a number of large gold deposits in adjacent Mali by the broad Mali-Senegal Shear Zone. These include the Sadiola Gold Deposit of IAMGold and AngloGold. The 9.8 million ounce Sadiola Gold Deposit has annual production of approximately 600,000 ounces of gold. Additional world-class gold deposits in adjacent Mali hosted by the same structural/geological environment include Morila (5.6 million ounces), Syama (5.2 million ounces) Loulo (4.0 million ounces) and Yatela (2.6 million ounces).
[ map picture here ]
The Mali-Senegal Shear Zone, a 5.0 kilometre wide northeasterly trending structural zone hosts all of the known mineralised showings and deposits in the Sabodala region. At the Sabodala deposit, mineralisation within the shear zone is expressed by albitised-pyritised and silicified breccia and complex sheeted vein hosted gold mineralisation over a true width in excess of 120 metres, features similar to the well-established gold deposits in adjoining Mali.
[ maps, charts and tables ]
NOTICES
The information contained in this section is based on, and accurately reflects, information compiled by Messrs Nic Limb and Chris Young who are Corporate Members of the Australasian Institute of Mining and Metallurgy.
Mr Young has relevant experience in relation to mineralisation being reported to qualify as a Competent Person as defined in the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves and Chapter 5 of the ASX Listing Rules.
I've no clue why. Guinor's candlestick price pattern has simply looked suspicious to me for many months. The daily drop with pull-up at the close, day after day forming a "horizontal line with hanging icicles" is not seen in any other gold stock. I don't know what it means -- it seems to me more that the price is being artificially held up rather than artificially held down, but what do I know? If a broker pool tries to put a "ceiling" on a stock against real buyer interest, I've read that the pool usualy fails after a while and the price breaks out upwardly. The volume in Guinor is so light that such standard maxims may not apply. A group of insiders may be orchestrating the whole thing.
I have a little Guinor (thanks to jeepdriver) and a little Cassidy and I'm not very happy about either one. My third Guinean mining investemnt, Semafo, has been a dandy -- so far.
Of course! I mentioned Guinor games on June 5 in message #1078 when I said: #1078 "I find Guinor's (GNR.TO) recent price pattern odd."
I'm a night-owl. OT:On China, to answer jeeptrader's questions, I studied Mandarin Chinese (a lot harder than Spanish!).
China seems 99% capitalist and highly materialistic. It's moving fast with little sentiment for its own cultural past or for anything other than making money, though Chinese people get emotional about national issues rapidly. There's little opposition to the government because "you don't quarrel with success" so the Communist Party now still has "the mandate of Heaven". Fairness and property rights take a back seat to the interests of big developers. Insiders and the well-connected seem to rule. You may think you own your home or farm, only to find it bulldozed one morning by a developer coming in. (Justice Kennedy and the Supreme Court just legalized basically the same practice in the USA.)
For investments, it seems that you can't assume that any property or "rights" in China cannot later be trumped by someone with better political connections. So a really good gold mine might get taken away someday. It's just a political risk.
Both China and Taiwan intend to be able to win an all-out war in 2010, I believe. Millions could die.
Compared with West Africa, I think China will continue to develop fast, because of the attitude of the people more than any political factor. West Africans now don't have this same widespread drive to work hard and succeed. China is graduating millions of competent engineers. Every day in school and later life the Chinese are urged to work hard and save. I found Ghanaians universally friendly and welcoming whereas the Chinese are not. Ghana is in many ways more pleasant, while slower to develop.
FL
St.Jude gets Crew Gold's Hwini-Butre interest
St. Jude Acquires Crew Gold Interest in Hwini Butre For
$5 million USD
Vancouver, August 23, 2005 -
St. Jude Resources Ltd. (SJD-TSX.V) is pleased to announce that it has served notice to Crew Gold Corporation, indicating its desire to increase its interest in Hwini Butre to 65%, pursuant to the call option stipulated in the original agreement between the parties dated February 1995. As a result of a new agreement, Crew has offered and St Jude has agreed to acquire Crew’s remaining 25% interest in the concession effective immediately. The total consideration to be paid for these transactions is USD $5 Million which shall be paid in equivalent number of St. Jude shares. As a result St. Jude will issue 2,995,000 common shares to Crew. These shares will be subject to a four month statutory hold period, after which time one third of these shares will be subject to a hold period spanning an additional 12 months.
As a consequence of the above transaction St Jude will now hold an 80% interest in the Hwini Butre project. The original Ghanaian vendor holds a 10% interest and the Government of Ghana holds their standard 10% carried interest. St. Jude is in the process of completing a feasibility study on both the Hwini Butre and adjoining Benso concession where the company now controls a N.I. 43-101 compliant, measured and indicated resource of 1,316,000 ounces.
ST. JUDE RESOURCES LTD.
PER:
MICHAEL A. TERRELL,
President
No Stock Exchange has reviewed or accepts the responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Todd McMurray
Vice President, Corporate Development
St. Jude Resources Ltd.
Suite #200, 5405 - 48th Avenue
Delta, British Columbia
Canada, V4K 1W6
Tel: +1 - 604 - 940 - 6565
Fax: +1 - 604 - 940 – 6566
Toll Free 866- 281- 2193
Or visit the company’s website at:
www.stjudegold.com
Yes, spent summer in Beijing studying. Avnel news looks good; do they have a web-page yet? Last time I checked, they didn't, and I notice there's still no Avnel webpage in the header here.
FL
"Rule of 100" for pay-dirt gold?
You see all these gold drilling results, and it's hard to distinguish the "great" results from the "somewhat good" results reported by gold exploration companies. (Actual "bad" results -- like "we found little or no gold" -- seem rarer in press releases.)
In fact all kinds of complicated factors affect the real value (absolute depth, distance from mill, orebody consistency and type, management issues, etc.) of a drilling report, but it's nice to have a few "rules of thumb" for the non-expert.
One rule I'm considering is a "rule of 100": multiply the width in meters by its average grams of gold per ton. If the result is a number over 100, that's good and noteworthy. If less, its a nice report but somewhat normal.
For example the recent "North Atlantic intersects 9.32 g/t over 16 metres" was good because 9.32 x 16 equals 149.32 which is more than 100. Such "good" results have recently appeared for Orezone, Cassidy, Guinor and others in West Africa.
Now of course this is too simplistic and ignores zillions of relevant factors. It treats 50 meters at 2g/ton just like 2 meters at 50 g/ton. I'm only proposing it as a rough (easy) "rule of thumb" for skimming through drilling reports.
FL
Ayensu at Haber Mining Ghana (HABE on PinkSheets)
Edward S. Ayensu, Ph.D., Accepts Post as Chairman of Haber Mining Ghana, Limited; Former World Bank Official and Renowned Ghanaian Scientist to Direct Haber's Mercury Abatement and Mining Operations in Ghana
7/13/2005 5:00:01 AM
ACCRA, Ghana & BAYONNE, N. J., Jul 13, 2005 (BUSINESS WIRE) -- Haber, Inc, (HABE), a New Jersey-based company with proprietary technology for the environmentally friendly processing of gold bearing ores, announced today that Dr. Edward S. Ayensu, formerly the Chairperson of the World Bank's Inspection Panel and one of Ghana's most acclaimed scientists and world figures, has accepted the post of non-executive chairman of Haber Mining Ghana, Ltd. (HMGL), a Ghanaian corporation and subsidiary of Haber, Inc.
Ayensu will provide guidance and counsel to HMGL as it and its licensee in Ghana, Gold City Mining (Ghana), Ltd., work with the Ghanaian government, international organizations and local authorities to implement a program to eliminate the destructive use of mercury in the artisinal gold mining industry throughout Ghana.
The Haber Mining program designed to address this problem, known by its acronym, STAMP (Strategic Abatement of Mercury and Poverty), was initially announced by the company in May, 2004, and has as its primary objectives the elimination of mercury in artisinal gold mining through its environmentally friendly Haber Gold Process for extraction and its Gold Recovery Process. The Haber processes will also facilitate significant improvement in the health, income and standard of living of the miners and their families and the expansion of a value-added component of the Ghanaian economy through increased gold jewelry manufacture for the world market.
"The use of mercury by artisinal gold miners has for centuries been a plague on our country and throughout the developing world," said Edward Ayensu. "The Haber processes have the potential to eliminate this scourge and lift the lives of hundreds of thousands of people who support their families through small-scale mining. I am pleased to aid in this effort."
Albert B. Conti, president and chief operating officer of Haber, Inc., and its principal executive involved in the STAMP program, said, "Haber Inc. is very gratified that an individual of Dr. Ayensu's stature in the world community has agreed to join with us in working to eradicate the devastating effects of mercury usage in his own country and beyond. His wide-ranging experience, counsel, business acumen and knowledge of local conditions will be invaluable in making the STAMP program a success and a model for all of Africa and the developing world. We could not be more honored and pleased."
Throughout his distinguished career, Edward Ayensu has built a reputation of international renown. He is Chairman of the Council for Scientific and Industrial Research (CSIR), President of the Pan-African Union for Science and Technology, Chairman of Edward S. Ayensu Associates, Ltd., founding Chairman of the African Biosciences Network. He was the former Secretary-General of the International Union of Biological Sciences, Chairman of the Ghana National Biodiversity Committee, Member of the International Advisory Board on Global Scientific Communications, UNESCO, and a member of the Board of Directors and International Vice Chairman of the International Institute for Sustainable Development.
Ayensu is a Fellow of a number of academies of the arts and sciences. He has served as senior advisor to the President of the African Development Bank and as the Bank's Director for Central Projects. He was formerly Director and Senior Scientist at the Smithsonian Institution, Washington, D.C., Visiting Fellow of Wolfson College, Oxford University and a Distinguished Professor of the University of Ghana. Ayensu was twice the recipient of the Ghana National Science Award and received the Outstanding Statesman Award during Ghana's Millennium celebrations. He was recently awarded the 2004 World Medal for the Biological Sciences from the Third World Academy of Sciences.
Ayensu holds a doctoral degree in the biological sciences from the University of London and is the author of numerous books and articles on science, technology and the social and economic development of developing countries. His insights into various aspects of the extractive industries led to his publication of the book "Ashanti Gold" (1997), as well as his many reports for the Inspection Panel of the World Bank.
During the past year, Conti and his team have obtained a site for initial field trials and have worked out the logistics needed to support implementation of the STAMP program. Haber recently received a highly favorable report on tests of the efficiency and environmentally friendly nature of the Haber Gold Processes from the Kwame Nkrumah University of Science and Technology, Kumasi, Ghana and has been strongly urged by Ghana's scientific and government authorities to implement the program as rapidly as practical on a large scale. Arrangements are being made with the Ministry of Land, Forestry and Mines to raise funds to begin field trials to enable small-scale gold miners in Ghana to use Haber's environmentally safe chemicals and technologies to recover gold and ultimately expand the technology in the West African sub-region.
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), a chemical system discovered by Norman Haber, the chairman of the company, for the hydrometallurgical extraction 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
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions. These statements are subject to uncertainties and risks including, but not limited to, economic conditions, the impact of competition and pricing, government regulation, and other risks. All forward-looking statements made by or on behalf of the Company are qualified. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
SOURCE: Haber, Inc.
Haber, Inc.
Peter R. D'Angelo, 781-643-2727
Copyright Business Wire 2005
Haber Strongly Urged by Ghana Science and Government Authorities to Rapidly Introduce Gold Extraction and Recovery Processes
WEDNESDAY, JUNE 22, 2005 10:58AM-BusinessWire
Haber (HABE on Pink Sheets price: US$0.115 +0.035 today)
BAYONNE, N.J., Jun 22, 2005 (BUSINESS WIRE) -- Note to Editors: Included with the release is a brief sidebar describing the environmental and health dangers caused through the use of highly toxic mercury by artisinal gold miners in Africa and throughout the developing world.
Kwame Nkrumah University of Science and Technology Evaluation Report confirms 99 Percent Efficiency of Haber Processes on Native Alluvial Gold Concentrates
Haber, Inc. (HABE) , a New Jersey-based company with proprietary technology for the environmentally friendly processing of gold bearing ores, announced today that, based on a highly favorable report regarding its extraction and recovery processes from the Kwame Nkrumah University of Science and Technology (KNUST) of Kumasi, Ghana, the Ghanaian Council for Scientific and Industrial Research and the Ministry of Lands, Forests and Mines strongly urged the company to introduce its gold extraction and recovery technology into Ghana's artisinal mining sector on a large scale as soon as practical.
KNUST had been asked to verify through a demonstration on Feb. 7 and exhaustive analysis thereafter, the practicality of using the extractive Haber Gold Process (HGP) on the alluvial gold-bearing ores widespread throughout Ghana, the efficiency of the Haber Recovery Process (HRP) in recovering the gold present and; Haber's claims that both processes were environmentally friendly. The Haber processes do not use mercury, cyanide or any other component that is dangerous to human health or to the environment.
The report, prepared under the direction of Professor F.W.Y Momade of the Materials Engineering Department of KNUST's College of Engineering, and forwarded to Haber on June 13th by Ghana's Council for Scientific and Industrial Research, concluded that the test results showed that: 1. HGP can extract gold without use of mercury or cyanide; 2. HRP can recover the gold present; 3. that extraction is relatively fast with roughly 99 percent of the gold present being extracted within three hours and; 4. that both processes are, in fact, environmentally friendly. The test ore was an alluvial gold concentrate obtained from small-scale gold miners from the Wassa Akropong region of Ghana
Albert B. Conti, president and COO of Haber, and its principal executive involved in the implementation of Haber's initiative in Ghana, known as STAMP (Strategic Abatement of Mercury and Poverty) developed jointly with Haber 's licensee Gold City Inc. (a private Nevada Corporation), said, " We are very pleased by the KNUST report findings and by the strong support of the Ghanaian scientific community and government officials. We believe that the Haber Gold Processes can effectively assist the artisinal mining community in Ghana in improving their health, their standard of living and their environment. We are confident that the field testing and eventual full implementation of these processes will make the Ghanaian artisinal mining sector a model for all of Africa and elsewhere around the globe."
The STAMP program objectives, as announced at its inception by Haber in May 2004, focus on the elimination of mercury use in artisinal mining, significant increases in the health, incomes and standard of living of the artisinal miners and their families and offers the expansion of a value-added component of the Ghanian economy through gold jewelry manufacturing for the world market.
During the past year, Conti and his team have focused on successfully obtaining a site for the initial field trials and working out logistics involved in the start-up. They are now engaged, along with the Ghanaian authorities, in raising the funds necessary to begin field trials and move ahead to regional expansion throughout Ghana.
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), a chemical system discovered by Norman Haber, the chairman of the company, for the hydrometallurgical extraction 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
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions. These statements are subject to uncertainties and risks including, but not limited to, economic conditions, the impact of competition and pricing, government regulation, and other risks. All forward-looking statements made by or on behalf of the Company are qualified. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
The Dangers of Mercury's Use In Small-Scale "Artisinal" Mining
Highly toxic mercury is the chemical of choice for use as an
amalgamating agent in gold production by artisinal miners in at
least 55 developing countries.
Based on the estimated 800 tons of gold produced annually by
small-scale miners worldwide, many of whom produce as little as
one gram of gold per day, it is believed that there are roughly 30
million people, one third of them women and children, actively
engaged in these small-scale mining efforts. Based on the sizes of
the communities in which they live and work, perhaps as many as
100 million people in total are at severe risk to their health due
to the mercury vapors created when mercury-gold amalgams are
heated or burned to further concentrate the mined gold and/or
recover excess mercury in the process. Many others are placed at
risk as mercury is introduced by this process into rivers, streams
and groundwater and is taken up and retained by fish.
Mercury, a heavy metal, is highly toxic. Exposure by handling or
ingestion causes severe neurological damage, renal system failure
and a general weakening of the immune system in humans. Because
most artisinal mining takes place in alluvial terrain adjacent to
rivers, streams or lakes and involves hydraulic sluicing, excess
mercury is being washed into these water sources and the soil in
large volumes.
The cost of mercury has risen in lockstep with the recent rises in
the price of gold on world markets. The higher gold prices in turn
have attracted more subsistence workers into the artisinal gold
fields, further increasing demand for mercury. The use of mercury
in gold mining in the United States is now both rare and severely
limited by permitting procedures. The U.S., Canada, European
countries and others in the developed world export roughly 1,600
tons of mercury annually to developing countries. Since mercury's
use in mining is illegal in many of these countries, much of the
mercury being imported is falsely described as being for "dental"
applications. As a consequence, there is a strong global mercury
"lobby" working to preserve its industry's franchise and
discourage any search for affordable and practical alternatives to
mercury usage.
National and international organizations, NGOs, private
individuals and companies rightly concerned about the extreme
public health and environmental damage caused by mercury, have
worked diligently for some years to mitigate the escape of mercury
residues into the environment. Their efforts and mitigation,
through educational and mechanical means, however, have been
hampered by an a priori assumption that there is no alternative
process available, and that they must make the best of a bad
situation.
The mercury- and cyanide-free Haber processes, coupled with the
advent of the STAMP program in Ghana, provide the potential that,
for the first time, the root cause of the health and environmental
problems can now be addressed by totally eliminating mercury usage
from the artisinal gold mining sector.
SOURCE: Haber, Inc.
Haber, Inc.
Peter R. D'Angelo, 781-643-2727
Guinea NEW: Chester Mining Ltd. (CHT on ASX)
Chester Mining is a very small Perth, Australia, based company with a gold property in Australia, and three gold properties in Guinea owned through Compagnie Miniere Atlantique (which is 100% owned by Chester). It's doing something else: "Chester entered into a strategic alliance with Rewards Group Limited pursuant to which Chester commenced a new agribusiness division which is involved in managed agribusiness investment schemes..." (Dec. 2004 Activities Report) "... an economic interest in approximately 136 hectares of mango orchards..." (22 April 2005 report). The mango orchard is in Australia.
In Guinea the gold properties are said to be:
Bankole (125 sq. km.)
-----Compagnie Miniere Atlantique SA 40%,
-----Australian United Gold 40%,
-----Mincor Resources 20%.
Kosoko (125 sq. km.)
-----Compagnie Miniere Atlantique SA 100%.
Sananfora (248 sq. km.)
-----Compagnie Miniere Atlantique SA 100%.
The Guinea licenses were recently renewed. There was no active exploration by Chester in the last reported quarter. Australian United Gold and Mincor are publicly traded on the Sydney ASX.
The Chester shares (traded as "CHT" on the Sydney ASX) have fluctuated around AU$0.01 for over two and a half years. There are 465,379,503 shares, according to
http://www.goldinvestment.com.au/where.asp?investmentType=1&letter=c
Another "dilution delight".
See the company's 2004 Annual Report at:
http://www.bourseinvestor.com/bi4/pdfnews/default.asp?d=00471848&f=20041026&y=0
I haven't found any company web-page for Chester Mining Ltd. (This company has nothing to do with Chester Mining Company (CHMN) in the Coeur d'Alene district of Idaho, USA.)
The contact information is:
Chester Mining Limited
ABN 93 009 204 175
32 Parliament Place, West Perth, WA, 6005, Australia
PO Box 378, West Perth, WA 6872, Australia
Telephone: +61 8 9481 5763; Facsimile: +61 8 9481 5759
Email: ppg@highway1.com.au
FL
Ghana-Midlands Minerals granted new gold concession on Asankrangwa gold belt
[ Note: Midlands Minerals has been traded on the Toronto Venture Exchange as "MEX" for about a month. The board header has been altered to show this. The price of MEX declined from C$0.50 to about C$0.20 during the month. FL ]
Kim Harris, Chief Executive Officer of Midlands Minerals Corporation (TSX VENTURE:MEX - News; "Midlands" or the "Company") is pleased to announce the company has been granted a Reconnaissance License for gold exploration in Ghana. The Kaniago Concession is located on the Asankrangwa Gold Belt in Ghana, and is approximately 25 km east of AngloGold Ashanti's Bibiani Mine with a recorded historical production of 3.2 million oz of gold and reported current reserves of 1.9 million oz. The property is located about the same distance from Obuasi Mine which is to the east of Kaniago and Ayanfuri which is to the south-east of this new Midlands concession. AngloGold Ashanti's Obuasi/Ayanfuri mines have a recorded historical production of over 29 million oz of gold and recorded current reserves of 34 million oz of gold. Kaniago concession is contiguous to Resolute Mining Company's Obotan Mine.
This concession is in addition to Midlands' 109 sq km Kwahu Praso Gold property which is located on the northeast end on Ashanti Gold Belt. Kwahu Praso is approximately 30 km northwest of Newmont Mining Company's Akyem gold deposit which is reporting at least 4.3 million oz of gold. Kwahu Praso is 6 km from the Sian Goldfields open pit mine which is reporting reserves of 500,000 oz of gold.
The license was granted on 45.14 sq km. Midlands holds 100% right title on the concession with no local partners. The government of Ghana holds the right to a statutory 10% free-carried interest.
The concession is underlain by Birimian metasediments intruded by basic epidiorite, gabbro and dolerite as well as granitoids made up of dixcove granite and quartz porphyries. The mineralization, as observed by Geodita Resources Limited, is located within shear zones along margins of the intrusives and zones of alteration.
Previous work on the property includes geochemistry carried out in 1997 by Kiwi Goldfields Limited. At that time, 2,529 soil samples were collected and three regional mineralized corridors were identified within which 13 mineralized trends were defined. Average results, as reported by Kiwi Goldfields in the Terminal (1997) Report, ranged from 50 Au ppb to 100 Au ppb.
Midlands continues to regard Ghana as a good location for gold prospects given the amount of foreign direct investment going into the mining sector in Ghana. The company's selection of new acquisitions for mineral rights in Ghana is based on an assessment of the prospective geological potential of each area selected as well as proximity to known gold deposits.
The TSX-V has in no way passed upon the merits of the new concession and has neither approved nor disapproved the contents of this Press Release.
Contact:
Midlands Minerals Corporation
Kim Harris
Managing Director and CEO
(416) 492-6992
Fax: (416) 492-6993
info@midlandsminerals.com
http://www.midlandsminerals.com
======================
"Private Detention Facilities" for Ghana galimseys?
Group accuses mining companies
MyJoyOnline News; Posted: Jun 14 2005
The Wassa Association of Communities Affected by Mining (WACAM) has asked the Commission for Human Rights and Administrative Justice (CHRAJ) to expedite investigations into allegations of human rights abuses by some mining companies.
The association says an increasing number of mining companies are taking the law into their own hands, meting out punishment to people arrested for illegal mining.
It particularly wants CHRAJ to intervene to ensure the closure of private detention facilities being operated by some mining companies.
The association is also worried about the use of wild dogs to arrest suspected illegal miners.
The President of WACAM, Daniel Owusu-Koranteng, says if CHRAJ does not intervene, the situation could get out of hand.
Adamus to raise $3.01-million (Australian)
[ Note: Adamus trades on the Sydney ASX; it also seems to be listed as "ADU" on the Toronto Venture Exchange, but on the TSX webpage http://www.tsx.com I see no history of ADU trades, or asks, just some bids. Adamus has gold properties in southwestern Ghana. FL ]
2005-06-13 22:39 ET - News Release
Mr. Hamish Halliday reports
PRIVATE PLACEMENT TO NORTH AMERICAN AND AUSTRALIAN INVESTORS
Adamus Resources Ltd. has committed to concurrent private placements in North America and Australia (the offerings), to raise gross proceeds of up to approximately $3,015,000 (Australian) through the issue of up to 6.7 million ordinary shares in the capital of the company at a price of 45 cents per ordinary share.
The net proceeds of the offerings will be used primarily to advance exploration and development activities within the company's Southern Ashanti gold project.
The private placement in North America consists of up to 5.8 million ordinary shares in the capital of the company to be issued to accredited investors in Canada and accredited investors in the United States at a price of 45 Australian cents per ordinary share, for gross proceeds to the company of up to $2.61-million (Australian).
Adamus has also committed to concurrent private placements in Australia, which consist of up to 900,000 ordinary shares in the capital of the company at a price of 45 Australian cents per ordinary share, for gross proceeds to the company of up to $405,000 (Australian).
The North American shares will be issued pursuant to prospectus exemptions in certain provinces in Canada and registration and prospectus exemptions in the United States. The Australian shares will be issued pursuant to prospectus exemptions in Australia. The offerings are expected to close on or about June 24, 2005, and are subject to regulatory approval, including the approval of the TSX Venture Exchange. The shares issued to North American subscribers will be subject to a four-month hold period.
===========================
I'd like to say "Birim on sale" as of Friday, when it plummeted, but I don't understand the Birim situation. I still suspect that there's a lot of gold to be discovered in the Bui concession. Most of the huge area is unexplored still. For example, has anyone looked along the edges of the igneous intrusives near the Ivory Coast border? (Amateur question. I've never pestered Birim management.)
FL
Pages critical of Ghana gold mining:
http://www.nodirtygold.org/wassa_district_ghana.cfm
http://www.nodirtygold.org/sansu_ghana.cfm
A related web-page of the Wassa Association of Communities Affected by Mining is:
http://www.wacam.org/
Afcan being acquired by Eldorado Gold
The following press release of May 31 says that Afcan Mining Corp. (AFK.TO) is to be acquired by Eldorado Gold Corp. (ELD.TO, and EGO on the American Exchange):
http://www.afcan-mining.com/pressreleases%5Cenglish%5C2005%5C2005.05.31%20Afcan-%20Eldorado.pdf
Afcan's main emphasis shifted to China a while ago, but it still has some gold properties in Mali and Sierra Leone. It's not clear whether Eldorado will take much interest in its newly-acquired West African assets. If not, then maybe some other, active company should make an offer for them.
FL
SEMAFO’S BOARD FORMS SPECIAL COMMITTEE [FL questions]
WHICH APPOINTS WESTWIND AS FINANCIAL ADVISOR
[ My questions:
1. What is exactly is "Westwind Parters" ( http://www.westwindpartners.ca/ ) being paid to do for Semafo?
2. Is Managem (Semafo's majority owner, in turn controlled by the royal family of Morocco) bailing out of Semafo, or taking over all of Semafo, or what?
3. Is Westwind supposed to be helping Semafo "adversely" to Semafo's majority owner Managem? FL ]
Montreal, Quebec, June 9, 2005 – SEMAFO INC. (TSX: SMF) announces that following the hiring, by its majority shareholder MANAGEM S.A., of a financial advisor that has for assignment to seek and review MANAGEM’s alternatives with respect to its investment in SEMAFO, the Board of Directors of SEMAFO has formed a Special Committee. The mandate of the Special Committee consists in receiving and examining all proposed transactions that might be presented to SEMAFO by MANAGEM, and to set out recommendations to the Board of Directors in connection therewith. SEMAFO’s Lead Director, Mr. Jean Lamarre, acts as Chairman of the Special Committee, and all the members thereof are independent, unrelated and external directors of SEMAFO.
For its part, the Special Committee has appointed Westwind Partners Inc. to assist it in such task and to provide it with related financial services. The Board of Directors, the Special Committee and Westwind are committed to work with a view to serve the best interests of SEMAFO and of its shareholders. The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol “SMF”.
[ Pro-forma statement on forward-looking statements omitted ]
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 more information contact:
MONTREAL :
Benoit La Salle,
Chief Executive Officer
Tel : (514) 744-4408
E-Mail : blasalle@semafo.com
MONTREAL :
Michel Cormier
Geological Engineer, Qualified Person
Tel: (514) 744-4408
E-mail: mcormier@semafo.com
RENMARK :
Tina Cameron
Tel : (514) 939-3989
E-Mail : tcameron@renmarkfinancial.com
More extensive information on Semafo can be found on our home page at http://www.semafo.com
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
Good trade. When tackler said "JLB on sale" it was impressive timing. I didn't jump in though, because I generally had too much of this gold stuff and I couldn't decide what else to get rid of in order to free up funds to buy Jilbey. (I'm still happy with Semafo and Orezone, while lamenting Birim's long slide. Guinor seems to have a manipulated price pattern, for better or worse.)
I'm not a trader; I especially dislike selling, in a long term bull market. I want only the large scale move, not intermediate.
Ghana explorers have underperformed Burkinan explorers for too long now, fully compensating for any prior Ghanaian overperformance years ago.
FL
This looks quite good for Golden Star (GSS):
GOLDEN STAR COMPLETES WASSA MINE’S POWERLINE
Reduces Wassa’s cost structure by up to $80 per ounce
Denver, Colorado, June 3, 2005:
Golden Star Resources Ltd. (AMEX: GSS; TSX: GSC) today announced that it has completed the construction and commissioning of the 50 kilometer, 161 kilovolt powerline to connect its Wassa Mine in Ghana to the national power grid. The Wassa processing plant began commissioning in late 2004 utilizing used diesel generators, including those it acquired from the previous operators.
The national power grid is operated by the Volta River Authority, who, in terms of an agreement with Golden Star, will also own and operate the new powerline to Wassa. Use of grid power in lieu of diesel-generated electricity is expected to reduce cash operating costs by up to $80 per ounce from June.
In addition to the reduction in power related operating costs, the connection to the national power grid should enable more stable processing plant operations and allow the processing throughput performance to be fully tested and optimized. Whilst we have been successful in operating the Wassa processing plant over the last few months in certain areas at rates in excess of design, we have been constrained to an overall processing rate of about 90% of design by the diesel-fired powerhouse, whose capacity is limited as a result of the intensive maintenance requirements associated with the used generators. The diesel generating equipment will now be used solely for standby purposes, and the mine management team can now focus all its attention on realizing the full potential of the operation.
Peter Bradford, President and CEO commented, “We decided in December 2004 to internally manage the construction of the powerline following early termination of the Wassa Mine construction contract. Our people and sub-contractors are proud to have completed the powerline construction in just over five months – a significant achievement relative to the 6-8 months quoted by other specialist contractors. We congratulate them on their efforts and thank the Volta River Authority for their cooperation and assistance during the construction and commissioning of the powerline.”
COMPANY PROFILE
Golden Star holds a 90% equity interest in the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, the Company has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in West Africa and in the Guiana Shield of South America. Golden Star has approximately 142.4 million common shares outstanding.
[pro-forma Statements Regarding Forward-Looking Information and non-GAAP accounting omitted]
For further information, please contact:
GOLDEN STAR RESOURCES LTD. +1 800 553 8436
Peter Bradford, President and CEO +1 303 894 4613
Allan Marter, Chief Financial Officer +1 303 894 4631
=========
[ I own some Golden Star. FL ]
'Artificial Famine' Hits Newmont Ahafo Project Area
Ghanaian Chronicle (Accra)
June 2, 2005
Posted to the web June 3, 2005
Clement Boateng
Brong Ahafo
We Are Starving - Affected farmers, residents cry out
Some affected farmers and residents in the Ahafo Project area of Newmont Ghana Gold Limited (especially those at the Ntotoroso resettlement village) are gradually being deprived of one of the indispensable elements that guarantee human existence -'food.'
The affected people are crying because food prices are rising day after day. This 'artificial famine ' in making has been attributed to the presence of Newmont, one of the leading gold mining companies in the World, and its activities.
The company's operations have reduced food production in the area drastically, while the population in the area has doubled, raising the cost of living in the area and adding to the economic woes of the people.
The Chronicle's recent visit to the area to assess how the people, especially the affected farmers and the resettlers were living, found the situation unbearable for the people.
The poor, affected farmers, mostly women who since birth had depended on their farms for food, are today rubbing shoulders with Newmont's affluent workers on the food market, while the meager crop compensation received is finished whilst others are still on the waiting list, either fighting for more reasonable compensation or yet to go through the exasperating bureaucratic process for their compensations.
Almost all the people this reporter interviewed, expressed similar concern about the affordability and availability of food in the area.
Even though they were happy with their new buildings, not because of the sizes but the quality, comparing them with those at their former settlements, the people were much particular about food and the sudden change in their living environment.
A 30-year-old Cecilia Malik (at the Ntotoroso resettlement village) lives with eight other relatives, including her mother in one of the resettlement buildings, which contains two bedrooms, a kitchen (turned a bedroom), toilet and bathroom.
She told this reporter, ' In fact, we are happy with this house because it is made of concrete and roofed with aluminum sheets but comparing it to our old place, this one is too small to contain us; that is why we have turned the kitchen into a room instead.'
Asked what they had missed from their old settlement, she responded ' free food; we were not buying food; we got foodstuffs free from our farms and sometimes sell the surplus for income.' 'We are indeed starving at this place,' she added.
Malik and her family were waiting for the training in soap making, which is one of Newmont's variety vocational courses being organized for the affected farmers.
According to her, the family could not afford the cost of chemicals being used for making batik, tie and dye, besides they were told to choose only one training program and they opted for soap making.
Gyinabu Ali, formerly a hard working farmer who used to enjoy some of the proceeds from her mixed cropping farms, is now a porridge seller making ¢150, 000 (equivalent to $15) a week.
Ali finds her new job tedious because, ' I have to comb round if all the porridge is not bought after selling it in front of my house (at the Ntotoroso resettlement village) and I sell from as early as 6:30 am till this time,' she explained when this reporter reached there around 3: 40pm one Tuesday afternoon.
'I love planting trees and farming, I used to get enough food to feed my family, sometimes I get mushroom for my soup and above all, sell some of the foodstuffs for money,' Ali expressed how dearly she missed her occupation and its benefits.
Similarly, she complained about difficulties she passes through before her four-member family, including herself, is fed.
'We are facing hunger because we have never bought food since birth until recently when our living environment is changed,' she said.
Ali, a 38-year-old divorcee with five children (two in boarding school in Kumasi at the time of the visit) got a single room with toilet and bathroom without a kitchen, painted in her beloved color 'orange'. Just like Malik's family, it has always been a hell to cook when it rains.
She said her 19-year-old daughter was taking part in the batik, tie and dye making, whilst she waited for the soap-making classes, which were yet to begin at the time of filing the story.
But the underlying issue is where to get the capital to implement the skills they would acquire from the various trainings Newmont is organizing for them since most of the people who got crop compensation had finished their monies and are even borrowing money for living.
Most of the affected farmers complained that they have no place to farm again especially in the cases of the above interviewees.
However, some of them also hinted that they had some pieces of land somewhere for farming but their fears were that, they did not know where Newmont's concession ended and that they did not want to make new farms before they were informed that the moratorium had affected their farms, and this was austerely affecting food production in the area.
Others explained that in some places, their unaffected farms and lands are encircled by the company's activities and that it is difficult working on such farms and pieces of land.
Likewise, if care is not taken, the people would not only cry for food but weep also for water very soon because Newmont has started constructing dams in their major rivers such as the Subri River, which is the main source of drinking water for the people in the communities within the river's catchment area.
This means that the communities at the southern part of the river or back of the dam would not get water from the river again because when this reporter visited the place, the southern part of the river had almost dried up and a pipe had been laid from the Tano River, which would supply the dam with additional water.
Only God knows the fate of the fishes and other creatures in the Subri River, both before and at the back of the dam.
The river has began losing its natural value to its inhabitants and other dependants, including the surrounding communities that depended on it as their source of drinking water.
==================
[ I have some Newmont. FL ]
I find Guinor's (GNR.TO) recent price pattern odd.
It looks as though someone maybe has tried to keep it around C$1.00 to C$1.04/share; on many days it would decline, then pop back up to that desired level at the end of the day, mostly on very low volume. The resulting price "candlestick" pattern has been unlike that of any other gold stock during the same period.
Take a look at the "all charts" link in the header, to see what I mean.
I have some Guinor.
FL
Why Algy Cluff Won't Put Money into S.Africa
[ NOTE: Algy Cluff is behind Cluff Gold (CLF in London AIM) which is exploring in several West Africa countries. FL ]
================
Why Algy Cluff Won't Put More Money into S. Africa
By Tim Wood
31 May 2005 at 10:53 AM EDT
NEW YORK (ResourceInvestor.com) -- Algy Cluff once had a lot of money and pride invested in Cluff Mining, a London listed junior platinum play with assets in South Africa that is now called Ridge Mining. Today he has nothing at risk in South Africa, and considers it less investable than Côte d'Ivoire, Burkina Faso and Sierra Leone
Speaking to Resource Investor on the tail end of an American investor roadshow for the eponymous Cluff Gold [AIM:CLF], Cluff said he had an “unfortunate experience in South Africa,” which is why he has moved his final mineral investment venture to West Africa.
“I raised a lot of money [for Cluff Mining] having advised the South African government that I was raising that money – and for South Africa.
“A week after I closed the successful issue they introduced this raft of legislation. They changed the rules of the game overnight.
“I felt that it was outrageous that they had allowed me to go out and raise money knowing they were going to change the whole basis of investment there. So I was extremely unhappy about that and remain so too,” said Cluff.
He said he had enjoyed a much warmer reception in West Africa. “I question from my experience whether [SA] really does want foreign investment. There’s no question that West Africa needs and wants foreign investment,” Cluff said.
“I judged that South Africa was not a good destination for foreign investors at the present time,” Cluff said, elaborating that the strength of the rand also made it an unattractive destination for exporters. He is also not that enthused about the prospects for junior platinum players in SA.
Asked about the sovereign risk comparisons between the likes of civil war affected Côte d'Ivoire and Sierra Leone with South Africa, Cluff said it was just a matter of national growing pains.
“It’s usually quite ephemeral. It settles down quite quickly. Fiscal terrorism doesn’t,” he added, making his strongest comments about the impact of the SA Mining Charter.
Cluff says the new mining codes in West Africa also provide a competitive world class environment without any restrictions on exporting profits.
================
Managem might alter its Semafo (SMF.TO) holding
FL
===============
Majority shareholder notifies SEMAFO it is exploring alternatives with respect to its investment in SEMAFO
MONTREAL, May 27 /CNW Telbec/ - SEMAFO INC. (TSX: SMF) announces that it has been notified by MANAGEM S.A., its majority shareholder, that it has hired Rothschild as financial advisor in connection with seeking and reviewing MANAGEM's alternatives with respect to its investment in SEMAFO. MANAGEM's review of alternatives may include the consideration of a number of transactions. There can be no assurance that any transaction will be
entered into or completed as a result of this process, nor the timing thereof. The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol "SMF".
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements", including, but not limited to, the statements regarding the Company's expectations as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mine operating costs, fixed assets expenses, mineral reserve estimates and to the company's perspectives. Forward-looking statements express, as at the date of this press release, our estimates, forecasts, projections, expectations and beliefs as to future events or
results. Forward-looking statements are reasonable, but involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves, risks related to the grade of reserves, risks related to hedging strategies, risks of delays in construction and requirements of additional financing.
Semafo is a mining company whose mission is to explore, develop and mine major gold deposits in West Africa. Semafo currently operates the Kiniero mine in Guinea, the Samira Hill mine in Niger and is developing the Mana project in Burkina Faso.
More extensive information on Semafo can be found on our home page at http://www.semafo.com
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
For further information: MONTREAL: Benoit La Salle, Chief Executive Officer, (514) 744-4408, blasalle@semafo.com; MONTREAL: Michel Cormier, Geological Engineer, Qualified Person, (514) 744-4408, mcormier@semafo.com; RENMARK: Tina Cameron: tcameron@renmarkfinancial.com ; Henri Perron: hperron@renmarkfinancial.com ; Media: Cynthia Lane: clane@renmarkfinancial.com , (514) 939-3989, www.renmarkfinancial.com
Etruscan discovers new mineralized zone near Youga
2005-05-25 09:08 ET - News Release
Mr. Richard Gordon reports
ETRUSCAN RESOURCES DISCOVERS NEW MINERALIZED ZONE NEAR MILL SITE AT THE YOUGA GOLD PROJECT, BURKINA FASO, WEST AFRICA
Etruscan Resources Inc. has discovered a new mineralized zone within two kilometres of the Youga gold project located in Burkina Faso. Etruscan earlier began construction of a one-million-tonne-per-year gold mine at Youga (see Stockwatch news dated April 27, 2005) based upon a feasibility study focused on three of the five known deposits located on the Youga permit -- the A2 Main zone, A2 East zone and A2 West zone No. 1 deposit. The discovery of the new zone located two kilometres south of five known deposits happened during the course of a systematic geological mapping program. The new zone, which has been confirmed by assays in seven trenches over a strike length of 400 metres with average widths of 25 metres, is open in both directions along strike.
Highlights of the discovery include:
* 36 metres of 1.9 grams per tonne Au (including seven metres of six grams per tonne Au);
* 26 metres of 2.4 grams per tonne Au (including 18 metres of 3.1 grams per tonne Au); and
* 18 metres of two grams per tonne Au (including six metres of 4.1 grams per tonne Au).
Additional trenching is continuing and a diamond drill has been mobilized to site to test the discovery at depth.
Discovery by mapping confirmed with trenching
Etruscan's continuing exploration program of systematic geological mapping and prospecting has focused on the favourable Tarkwaian sedimentary rock package which hosts the main gold deposits at Youga. Previous work had identified gold mineralization approximately 1.5 kilometres east of the A2 Main zone within the Tarkwaian sediments in the A2 Village and A2 Tail zones, and within volcano-sedimentary rocks along the eastern contact at Zegore. Etruscan continues to evaluate these areas, and it was during this work that gold mineralization was discovered in outcroppings in a riverbed 300 metres south of the Tail zone. Rock samples from these outcroppings returned assays of one-half to 1.9 grams per tonne Au. The discovery trench, A2T05-194, was excavated subparallel to the strike of the outcroppings and returned 96.7 metres of 1.6 grams per tonne gold, including 12 metres of 4.1 grams per tonne Au with individual samples assaying up to 9.2 grams per tonne Au. Gold mineralization is associated with foliated arkose and intense silicification, similar to the A2 Main zone which hosts 70 per cent of the known gold reserves at Youga.
Don Burton, Etruscan's vice-president, exploration, and chief operating officer, commented: "This discovery clearly demonstrates our belief that new discoveries will come from careful, systematic exploration. It confirms the upside at Youga where we can expand capacity and develop additional ounces within easy trucking distance of the central milling facility. Further drilling may lead to the delineation of new reserves comparable to what we already know exist in the A2 Main area. We should have a very good understanding of the significance of this new zone after this next round of drilling."
Results received to date from north to south over a strike length of 400 metres are summarized as follows:
* A2T05-201 -- 22 metres grading 0.98 gram per tonne Au;
* A2T05-200 -- 17 metres grading 1.2 grams per tonne Au and 18 metres grading 0.8 gram per tonne Au;
* A2T05-194 (1) -- 96.7 metres grading 1.6 grams per tonne Au (including 12 metres grading 4.1 grams per tonne Au);
* A2T05-199 -- six metres grading 1.4 grams per tonne Au and 24 metres grading 1.5 grams per tonne Au (including four metres grading 5.6 grams per tonne Au);
* A2T05-195 -- 18 metres grading two grams per tonne Au (including six metres grading 4.1 grams per tonne Au);
* A2T05-202 -- 36 metres grading 1.9 grams per tonne Au (including seven metres grading six grams per tonne Au); and
* A2T05-203 (1) -- 26 metres grading 2.4 grams per tonne Au (including 18 metres grading 3.1 grams per tonne Au).
(1) The trench is subparallel to the zone.
All sample preparations and standard 50-gram gold fire assays were performed by Abilab of Bamako, Mali. Etruscan consistently employs a rigorous quality control and assurance program comprising regular insertion of certified reference standards, blanks and duplicates. Kirk Woodman, PGeo, is the qualified person overseeing Etruscan's exploration programs in West Africa.
Drill being mobilized as trenching continues
Additional trenches are being planned along strike to the north where the zone may extend an additional 200 metres and connect with the A2 Tail zone. To the south, additional trenching will determine if the zone turns and connects with Zegore, which is situated roughly 700 metres to the east. A multipurpose drill rig is scheduled to be on the site within the first two weeks of June to commence a 5,000-metre drill program.
Additional ounces added to the Youga gold project
Additional drilling on the A2 West zones at Youga (zone No. 2 and zone No. 3) has increased minable reserves from 5.5 million tonnes, at 2.9 grams per tonne Au, to 6.6 million tonnes, at 2.7 grams per tonne Au. Total reserves for the project have increased from 515,000 ounces, as reported in the January, 2005, feasibility study, to 580,000 ounces. These extra ounces will have a positive impact on the Youga project debt financing which is expected to be completed by mid-2005. The updated reserve estimation was completed by RSG Global of Perth, Australia, in accordance with National Instrument 43-101.
The updated resource estimates (which include minable reserves) at a one-gram-per-tonne cut-off grade for the five zones (A2 Main, A2 East, A2 West zone No. 1, A2 West zone No. 2 and A2 West zone No. 3) were prepared by RSG Global in accordance with National Instrument 43-101 and are summarized as follows:
Measured
Tonnes Grade Ounces
4,077,000 3.2 415,000
gpt
Indicated
Tonnes Grade Ounces
5,238,000 2.3 378,000
gpt
Inferred
Tonnes Grade Ounces
1,734,000 1.7 96,000
gpt
The Youga gold project now comprises open-pit mining of five pits over a 6.5-year mine life. Etruscan will continue to evaluate other near-surface mineralized zones within the boundaries of the mining permit that could provide additional reserve ounces including the A2 Village area and Zegore.
We seek Safe Harbor.
====================================
Gold prospects in Rio Muni, Equatorial Guinea
The following is taken from:
http://www.miningreview.com/archive/032/34_1.htm
=============================
Equatorial Guinea
- new exploration opportunities on the north Congo Craton
By Kevin Leahy, Exploration Consultants Ltd, UK.
Much of Equatorial Guinea's main enclave Rio Muni is currently available for minerals exploration, and taken with the new mining law in the pipeline and an accessible archive of previous exploration data, must qualify as the major greenfields exploration opportunity in the region for gold, diamonds and a host of other commodities.
The territory of Equatorial Guinea includes the islands of Bioko and Annobon, and the mainland enclave of Rio Muni, which is bordered to the north by Cameroon and to the south and east by Gabon. The total surface area of the country is 28,051 km2, with mainland Rio Muni accounting for about 26,000 km2. Rio Muni has a coastal plain and a mountainous interior, and the climate is tropical with four seasons (two wet and two dry).
The economy is now dominated by hydrocarbon production, and forestry to a diminishing degree, which together account for nearly all of the export market. Hydrocarbon production includes oil, natural gas and condensate, most of which is exported, or converted to methanol at a new processing facility on Bioko. Continuing discoveries offshore Rio Muni have massively raised the profile of the Gulf of Guinea as a major new petroleum province, with it being apparent that Equatorial Guinea has a major share of the hydrocarbon endowment. These new discoveries, as well as the more established Niger Delta fields, have hoisted current production rates to over 200,000 bbl/d during 2002. Revenues from hydrocarbons are already leading to major infrastructural improvements, including a new deep-water freeport and processing facilities on Bioko, and road improvement and electrification programmes.
Geological background
The geology of Rio Muni is poorly understood, and much of the following tectonic evolution has been interpolated from surrounding Cameroon and Gabon. Rio Muni comprises the Archean terranes of the Ntem complex and the Monts de Cristal Massif, both of which were partly reworked during the Palaeoproterozoic Eburnian orogeny. Exploration in Rio Muni has indicated the presence of greenstone belts and major shear zones, and possible Eburnian terrane boundaries. Pan African transpressive structures are common in the west and are associated with granitic intrusions and pegmatite bodies, and these also occur across the interior. Low metamorphic-grade shales, dolomites and quartzites occur in the south-west, representing the northernmost extension of the Niari foreland basin of the Pan African-age West Congolian orogeny. Higher grade sedimentary packages, also attributed to the Pan African, are found along the northern border of the country where they are associated with major strike-slip and thrust faults.
The coastal strip of Rio Muni comprises cretaceous sands, shales and carbonates with basal conglomerates, developed in the early rifting phases of Atlantic opening. Significant transcurrent structures (such as the Fang and Bata fracture zones) link to major onshore lineaments, at least one of which shows evidence of Cainozoic rifting (the Benito Rift).
New Initiatives
The Ministry of Mines and Energy has several projects underway to improve the background knowledge of the geology and mineral endowment of Rio Muni. This includes mapping, prospect evaluation and a study of outcropping granites. The latter is a very important project as it includes trace element and isotopic analyses that will not only yield high quality age dates (from zircon U-Pb), but also reveal crustal growth and modification processes. The results from this will allow complete revision of the tectonic evolution presented above, for example, confirming or otherwise the degree of Pan African crustal reworking. The initial results have already produced some surprises - of the 36 samples taken from right across Rio Muni, all are from the calc-alkaline trend, incompatible with Pan African intrusives in Cameroon, suggesting that this area of the craton escaped reworking in this episode. Results from age dating and other isotopic geochemistry will elucidate these histories further, and are expected to be out to publication in the third quarter 2003.
Current metals production is negligible other than from minor artisanal gold mining activities in Rio Muni. Nevertheless, several studies have demonstrated the potential for gold, columbo-tantalite and diamond deposits, with previous exploration highlighting several areas of immediate interest. There is also potential for platinoids, dimension stone, base metals, and bauxite amongst other commodities.
Gold
The rivers of Rio Muni are worked for gold by traditional artisans using simple panning and wooden sluice technologies in three main areas - Coro, Aconibe, and Mongomo, along with numerous lesser sites. The alluvials are currently being worked far less that in recent decades, possibly due to recent low gold prices and the relative prosperity in other sectors (oil industry and construction). Of the three main areas, Coro is the most accessible and has been most explored (1980s and '90s). Historical records are incomplete, but at least 2,166 kg of alluvial gold were produced from the Coro area in the mid-'70s. The area comprises Archean upper amphibolite charnockites and gneisses with Eburnian deformation (circa 2.6 - 2.3 Ga), intruded by calc-alkaline mafic (gabbros, norites and diorites) and granitic bodies (including aplite dykes) that may have been overprinted by Pan African deformation and greenschist metamorphism. The alluvial gold is relatively coarse grained, occurring as either dendritic or rounded nuggets, mostly in the 0.4 - 0.2-mm size range, although larger nuggets up to 4.0 mm x 8.0 mm are relatively common. The common occurrence of the gold with vein-quartz, clays, and lateritic minerals attests to the proximity and variable types of bedrock gold mineralisation. Exploration to locate bedrock source is incomplete, but the findings from limited trenching suggests three main associations:
• Coarse, yellow-red gold - possible association with hydrothermal alteration (potas sic, argillic and kaolinitic), mylonitic shear zones and minor quartz veining around calc- alkaline gabbroic dykes
• Fine, pale yellow gold - possible association with hydrothermal alteration (argillic) and minor quartz veining around narrow (zircon-rich) aplite dykes. This gold type is frequently associated with zircons in regolith and alluvial occurrences
• Gold in regolith and alluvials associated with the strongly faulted boundary between a granodiorite and a gabbro intrusive suite.
Diamonds
The diamond potential relates in part to post-Eburnian structural lineaments containing basic intrusives that extend along strike from the Mitzic diamond workings in Gabon (actively being evaluated by De Beers) into the Nsork area of Rio Muni, 50 km to the north and west. Heavy mineral sampling results have identified zinc-rich chromites found in the Nsork area, which are the main indicator mineral for the meta-kimberlites at Mitzic.
Recent exploration in northern Gabon by Southern Era for both gold and diamonds has identified trends right up to the borders of Rio Muni. These are unlikely to be related to the Mitzic play and are an indication of the various diamond mineralisation scenarios that this part of the north Congo Craton can accommodate.
Other exploration potential
Columbo-tantalite mineralisation is known in at least two areas (Aconibe and Ayamiken) defined by niobium (Nb) and tantalum (Ta) soil anomalies, and heavy minerals associated with Nb-Ta-rich pegmatites. Neither area has been explored in great detail and thus they represent early-stage exploration prospects for pegmatite and/or skarn systems associated with Pan African granitic intrusions. The Aconibe occurrence comprises discrete, laterally extensive pegmatites, which are also overlain by eluvial and alluvial deposits yielding grades of 3.0 to 7.5 kg/m3. Sample assays have demonstrated niobium-rich columbo-tantalite.
Widespread lateritisation and indications of bauxitic laterite with grades up to 58.3% Al2O3, and 2.1% to 5.3% SiO2, indicate some potential for bauxite, particularly in eastern Rio Muni. Anomalous values of uranium, nickel, cobalt, lead, zinc, copper, arsenic, silver, manganese and molybdenum have been detected in laterite above black shales which occur in the red-bed sequence near Cogo. The red-bed sequence is part of the West Congolian Niari foreland basin, with known base metal deposits immediately to the south in Gabon, and is also equivalent in age to the Katangan sequences of the Democratic Republic of Congo and Zambia.
Serpentinised ultramafics and other basic intrusives along the footwall of the Benito Rift constitute an untested exploration prospect with some potential for base metals and platinoid elements. Similar basic intrusives have also been reported in southern Rio Muni, which are directly along strike of the Kinguélé ultrabasics trend that is currently undergoing evaluation by Southern Era.
Previous campaigns
Between 1980 and 1986, BRGM and a Spanish exploration company undertook regional stream sediment surveys utilising heavy mineral separates and sediment geochemistry. These highlighted the potential for gold production from alluvial deposits at Coro, as well as the occurrences of columbo-tantalite, diamond indicators, iron ore, radioactive minerals, rare earths and base metals in other areas. Other activities included a side-looking radar survey and a 1970s vintage aeromagnetic survey of Rio Muni.
In the late '90s the exploration licence for all of Rio Muni was held by United Meridian Corp (later renamed Ocean Energy) and BoMc Holdings Inc. These companies undertook a wide range of exploration activities including regional and prospect geological mapping, reconnaissance evaluation of the gold and bauxite potential of laterites, sampling and prospect evaluation of the artisanal workings, stream sediment sampling, interpretation of high-resolution radar imagery, and the generation of a comprehensive GIS database. At the end of 2000, the exploration contract lapsed and the entirety of Rio Muni became open for exploration. So far two foreign companies have taken out ground, both in southeastern Rio Muni, one for diamonds and one for columbo-tantalite and gold. The ministry has also enjoyed a high level of interest in exploration from both major and junior exploration companies.
Current licensing situation
The Ministry of Mines and Energy is keen to encourage an exploration-friendly environment, and to this end the mining law is in the process of ratification in parliament. Exploration contracts permit exclusivity to explore in areas up to 500 km2 to be explored over a two-to-three-year period, and the right to select smaller prospect areas within that. Smaller prospect areas (up to 200 ha) can be contracted to permit detailed evaluation of individual prospects which also grant exclusivity and the right to move to an exploitation contract. The exploitation contracts are valid for 20 years (with extensions by application) and are granted upon submission of a mining programme that must include environmental management strategies. All contracts require an outline of a work programme and yearly reporting to the ministry.
Archived data
In 2001 Exploration Consultants Ltd (ECL) was appointed as technical advisers on minerals to the ministry of mines and energy, having been technical advisers for hydrocarbons for six years. ECL is now actively involved in the promotion of exploration opportunities, contract negotiations, and compilation and sales of archive data.
===============================
I suggest GoldFields get Iamgold again, Norilsk willing.
FL
Court ends Harmony takeover of Gold Fields
May 20, 2005 - Reuters
Johannesburg - A South African court ruled on Friday that Harmony Gold Mining Co Ltd's $4.3 billion hostile bid for Gold Fields Ltd expired five months ago, leaving Harmony with 11.5 percent of its rival.
The judgment, which came shortly before Harmony's all-share bid was due to close at 1000 GMT, highlighted conflicting takeover regulations in South Africa that officials have already acknowledged need to be reformed.
Harmony was bitter that the last five months and millions of rand it spent battling to acquire its rival were rendered pointless by the surprise court ruling.
"We're highly disillusioned with the process," Harmony Investor Relations Executive Brenton Saunders told Reuters.
Harmony, the world's sixth-biggest gold producer, won 11.5 percent of fourth-ranking Gold Fields in the first stage of its offer in November.
"It effectively means that the offer will have deemed to have closed on December 18. Anything above the 11.5 percent will not be valid," Saunders said.
The court ruled that the Securities Regulation Panel erred in allowing Harmony to extend its bid, which was launched on October 18, beyond the normal 60-day limit imposed on takeover offers.
Few shares had been tendered since December, however, as investors sought a sweetener to the bid and the value of Harmony's offer tumbled.
An industry source with knowledge of the bid said Harmony had less than 12 percent of Gold Fields shares on Friday morning.
Last month, the two companies had said total estimated costs linked to the bid were 330 million rand ($51.53 million).
Gold Fields said it had spent 170.4 million rand to defend itself and Harmony said it estimated total costs of 159.1 million if it failed to get a majority stake.
Harmony shares gained 1.6 percent to 43.70 rand by 0910 GMT while Gold Fields was flat at 64 rand, against a 1.1 percent rise in the gold mining index. - Reuters
Cluff Gold (CLF,London) now has an informative web-page
Cluff Gold's new web page at
http://www.cluffgold.com/
is now informative and interesting; before, it had been a mere stub. Cluff trades as "CLF" on the London AIM excange.
FL
Gold exploration in Nigeria........Don King?
Below is an excerpt from a 2002 web page on gold in Nigeria. Apparently the boxing promoter Don King was (is?) large in Nigerian gold exploration. Africa Today had reported in 2000: "... Don King International Development Corporation (DKIDC), will be signing a memorandum of understanding with the government to prospect for gold.", while Business Day had said: "Don King is chasing after the lure of gold in Nigeria (Business Day, Jhb.) ABUJA - World boxing promoter Don King has applied for a licence to explore for gold in Nigeria, the minister of solid minerals, Kanu Agabi, confirmed in Abuja. ... Nigeria, which makes 90% of its foreign exchange from crude oil, is seeking to diversify its revenue base. ... Surveys have ... shown that Nigeria could earn billions of dollars annually from solid minerals."
The other company mentioned , Hansa Geomin consulting of Dakar, Senegal, has web page:
http://www.hansagmc.com/en/references_en.htm
FL
======================================
[ from http://nigerianewsnow.com/News/November02/December02/161202_mining.htm ]
...
Gold In Nigeria
The second world war forced the British ,Golonjal administration to close down gold mines, resulting in a recession of the gold mining boom of the 1930's and a shift to Tin-Tantalite fields.
Most miners remained in the Tin- Tantalite- Columbite fields after the 2nd world war as a result of falling gold prices and the difficulty of reopening many of the mines.
The gold deposits are within the Nigerian Pre-Cambrian "Schist-Belt" which extends from the coastal areas in the South-Western Nigeria to the Northern part of Nigeria in Zamfara State.The area covered is about 900 km long and 200 km wide with enormous potentials.
The Nigerian Mining Corporation commenced exploration for gold in 1980 with an extensive reconnaissance survey of many parts of the "Schist-Belt". Primary, Alluvial and Eluvial prospects were identified for semi-detailed assessment.
NMC's goal is to turn these prospects into good deposits for joint ventures with minority share holding. The Iperindo Gold field in Ilesha and the Shiroro Gold field in Niger State are under Joint Ventures with Hansa Geomin of Germany and Don-King International Development Corporation of USA respectively.
NMC is in the process of evaluating the deposits and has commenced core drilling in the Okolom/Dogon-Daji and Waya gold fields in Kogi and Kebbi States respectively. Public infrastructure in these regions, which facilitate mining operations, are in place to varying degrees.
The Okolom/Dagon-Daji Goldfields
The Okolom/Dogon-daji Gold field is located about 23 kilometres north of Isanlu in Kogi State of Nigeria.
The deposits are accessible through Isanlu, which is connected to the National Electricity Grid and virtually covered by the national telecommunications network. Gold mining in the Okolom Area commenced around 1935 with the application of the open-pit and shallow underground methods. The Okolom mine is one of the richest known deposits in
Nigeria and records indicate that mining grade was 30g/ton prior to its forced closure in 1942 due to tantalfte mining, which was prevalent during the Second World War.
The mineralization (strike length is more than 3km) is within a prominent shear zone and significant gold values are associated with surface exposures of both quartz vein and wall rocks. Gold values in quartz veins are variable along strike from 1.0 to 36g/ ton in Okolom and up to 75g/ton in Dogon-
--Daji. ,
The Waya Primary Gold Project
General Description
The Waya project is about 10kilometres west of Yelwa -Yauri, a settlement on the tarred Yauri-Kontagora road in Kebbi State. The Nigerian Mining Corporation has held the title to this concession since 1983 and has recently reactivated it. A geological reconnaissance campaign within the centre area of about 1.5 km2 has been carried out employing ground magnetic survey. The area has also been geologically remapped.
Recent field works indicate the existence of satellite deposits towards the west and the north of these known deposits. The potential of the Waya Primary Gold Deposit is estimated at 0.75 million ounces of gold. The deposit is marked by old open pits and shafts along the North-eastern structure.
Project Status
*Landsat IM imagery and aerial Photography
*Geological map 1 :5,000
*400 soil samples analysed for gold .
*500m of trenches and pits .300m shafts and drives *20km ground magnetics .20km radiometrics and
*300m of diamond-drillholes logged and analysed
The Waya primary gold deposit with a known overall length of 1500 meters in strike, is partially explored to a depth of 50 meters. The main lode which has an average width of one meter, hosts about 1 million tonnes of ore with less than 15 grammes per tonne of gold content corresponding to a total geological reserve of 0.1 moz with further additional 0.2moz of probable resources. Gold occurs as free gold, microscopic inclusions in sulphides as well as tellurides. The Waya Primary Gold deposit is not a single lode, but it is a swarm of quartz veins within a sequence of altered schists surrounding a porphyritic granite in the East of the deposit.
All data can be verified at the head office of the Nigerian Mining Corporation in Jos Plateau State, Nigeria. Pre-investment documents are available to prospective investors.
Many parts of the schist belt are under the concessions of the Nigerian Mining Corporation and are open to Joint venture arrangements.
NMC is currently carrying out detailed geological, geochemical, geophysical surveys, which is being followed by widely spaced core-drilling operations. Exploration work, feasibility study and construction leading up to production start-up have been scheduled in one year intervals from 2002.
Iperindo Primary Gold Project
General Description
Segilola Gold deposit is the most advanced gold exploration project in Nigeria and remains a showcase for joint venture between Nigeriali and foreign investors in the solid minerals sector. The deposits potential is
estimated at 2 million ounces of gold.
Permit History
In 1997, Joint-venture agreements between Tropical Mines Ltd/Pineridge (Nig.) Ltd and Ijesa GeoMin Mining Development Corporation Ltd were signed upon a stepwise earn-in against disbursement of exploration expenditures by Ijesa GeoMin Mining Development Corporation Ltd. Tropical Mines is a Joint Venture company between Nigerian Mining Corporation and Pineridge (Nig.) Ltd.
Project Status
*Landsat TM imagery and aerial Photography
*Geological map 1 :12,500
*1,500 soil samples analysed for gold
*520m of trenches and pits .100m exploration audit
*400km ground magnetics
10 km radiometrics and
2,800m of diamond-drillholes at 30m intervals, logged and analysed at 1m intervals
Exploration Results
Segiloa Gold deposit with an overall length of 1,000m in strike, is explored to a depth of about 75m. Mineralisation is on average, 10m wide, hosting 2mt of ore with over 5 grammes/ton gold content, corresponding to a total reserve of 0.3mol, (drill indicated) with further additional 0.3 mol of probable resources. Gold occurs as free gold, microscopic inclusions in sulphides and as tellurides.
Infrastructure
Accessible by tarred road on a three hours -road iourney from Lagos. Old mine site 600m from tarred ro.ad accessible by 4WD throughout the year. 30km of access road motorable all year through within the permit. Exploration camp (4 bungalows) with constant water supply, power generator and telecommunication in the town of Ilesha (200,000 inhabitants).
Fiscal Regime
5 years tax holiday, hereafter 30%income tax and 5% withholding tax for the repatriation of profits. Others include:
*No restriction for foreign investment;
*Deferred royalty payments;
*Capitalisation of initial investment;
*Increased depreciation rate;
*Additional 5% capital allowance;
*MIGA convention ratified by Nigeria.
...
===============================================
NEW IPO: Avnel Gold (reopening Kalana in Mali)
Below is an article, plus stock IPO information on Avnel Gold Mining Ltd.
FL
========================================================
Kalana gold mine reopening in Mali
MINING REVIEW-AFRICA May 11, 2005
Dowding, Reynard and Associates (DRA) has almost completed phase 1 of the reopening of Kalana Mine, some 300 km south of Bamako in Mali. This plant, much of which is housed in enclosed buildings, was originally built in 1985 with the assistance of the former Soviet Union. It operated until 1991 and at its peak produced 500 kg of gold annually. The mine has measured, indicated and inferred underground resources of 944,070 ounces (2.9 million tonnes at 10 g/t). Kalana is owned by Avnel Gold (80%) and the Malian Government (20%).
Phase 1 of the project involved the reconstruction of the plant using, at the client’s request, as much of the original equipment as possible to recover gravity gold. Fabrication began in April 2003 and at that time the orders for long lead items including the cone crusher, Knelson concentrator, MCCs, screens and winder equipment were placed. All electricals on the mine will be refurbished to South African standards and DRA Technical Services will upgrade the winders on both shafts. Infrastructure, built by the Russians, was still in good condition.
The new Knelson concentrator will recover gold from the ground ore. Coarse tails will be stockpiled for re-processing and fine tails will be pumped through to the thickener and on to the original tailings dam also for future reprocessing.
Procurement and fabrication were completed in South Africa in August and shipped to site in Mali where DRA crews are proceeding with construction. The plant will be commissioned at the end of November at a feed rate of 5,000 tpm through the existing mill.
It is envisaged that phase 2 of the Kalana project will be the construction of a full carbon-in-leach (CIL) plant with a designed throughput of 200,000 tpm of ROM ore. During 2004 a feasibility study will be completed by Avnel.
DRA specialises in providing technologically advanced mineral processing plants and engineering services and undertakes all aspect of plant design from initial testing and piloting to final commissioning, plant extensions, upgrades and operations.
============================================
For a picture of the plant, see:
http://www.transportandconstruction.co.za/press/press200070.html
============================================
Stock IPO Information from:
http://ipo.investcom.com/cgi-bin/ipodetails.cgi?ID=1&string=Avnel+Gold+Mining+Ltd&exact=yes&...
AVNEL GOLD
Underwriters : Credifinance Securities Ltd.
Issuer's Law Firm : Blake, Cassels & Graydon LLP
Underwriter's Law Firm : Heenan Blaikie
Auditor : Moore Stephens
Transfer Agent : Computershare Trust Company of Canada
Company profile:
Company Name : Avnel Gold Mining Ltd.
Address : 7 New Street, St. Peter Port, Guernsey, GY1 4BZ
Date of Formation : February 18, 2005
Management & Directors :
Roy Meade - Chief Executive Of?cer and Executive Director
William J. Smith - Chief Financial Officer
Anthony M. Bousfield - Director
Ibrahim Kantao - Director
John Kearney - Director
Derek Kyle - Director
Howard B. Miller - Director and Chairman of the Board of Directors
Catherine Paul-Reynaud - Director
Jonathan D. Pollock - Director
Jonas U. Rydell - Director
Business Description :
Avnel Gold Mining Limited was incorporated under The Companies (Guernsey) Laws 1994 to 2001, on February 18, 2005 for the purpose of becoming the holding company for, and to carry on the business of, Avnel Gold, Limited, a company incorporated under the laws of the Cayman Islands. Avnel Cayman is a gold company whose principal asset is an 80% interest in Société d'Exploitation des Mines d'Or de Kalana ("SOMIKA"). SOMIKA is the owner and operator of the Kalana Gold Mine located in the southwest of Mali, West Africa and is the holder of the Kalana exploration and exploitation permit. SOMIKA recommissioned the Kalana Gold Mine at the end of 2003 and achieved commercial gold production in March 2004.
Company Financials :
Fiscal Year-End : December 31
==========================================
From Ontario Securities Commission Bulletin Issue 28/09 - March 04, 2005
IPOs, New Issues and Secondary Financings
Issuer Name:
Avnel Gold Mining Limited
Type and Date:
Preliminary Prospectus dated February 23, 2005
Receipted on February 24, 2005
Offering Price and Description:
$ * - * Common Shares Price: $ * per Common Share
Underwriter(s) or Distributor(s):
Credifinance Securities Limited
Promoter(s):
Elloitt Associates L.P.
Hamelon Inc.
Merlin Group Securities Limited
Project #741575
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Semafo (SMF.TO) hits new gold; 22m at 9.15g/ton
=================================
Mankan East: A New Gold Discovery on the Jean Gobele Property in Guinea, West Africa
SEMAFO TSX-SMF
MONTREAL, May 10 /CNW Telbec/ - SEMAFO (TSX - SMF) is pleased to announce the discovery of the Mankan-East zone, a new gold-bearing zone identified following the results of a first trench returning 9.15 g/t Au over 22 metres (6.34 cut to 30 g/t). This trench (ZMKT-109) is part of the confirmation work started in 2004 on a prominent (3,500 meter-long and 500 meter-wide) soil geochemistry anomaly in the Mankan area of the Jean-Gobele property. The Mankan area is located 15 km north of Semafo's Kiniero gold mine, in northern Guinea.
The geochemical anomaly was culminating at 4.98 g/t Au. The newly discovered mineralized structure is comprised of an intense quartz-carbonate stockwork of veins in different directions. The veins appear to be of unusual extensive lengths, ranging from 50 to more than 100 meters. The mineralized stockwork is still open in every dimension.
Two trenches (previously dug in 2005, ZMKT-102 and 113), respectively located 100 and 900 meters south of ZMKT-109 and on the same topographical high oriented NW-SE, returned 3.24 g/t Au over 4 meters and 2.86 g/t Au over 8 meters (102) and 6.66 g/t Au over 3 meters (113). The mineralized structures intersected in these trenches show multiple veins filled with quartz and tourmaline and strike 130-310 degrees and dip steeply to the NE. Nevertheless, it is yet too early to confirm the true thickness of the mineralized zone. The horizontal continuity of these structures with the ones found in trench ZMKT- 109 appears very probable.
Further work is in progress with systematically hand or tractor-dug trenches at 100-meter spacing.
Relevant location, geological and geochemical plans will be made
available on Semafo's web site at www.semafo.com
All trench samples were sent to the SGS labs in Siguiri, Guinea for preparation and fire assaying on 50-grams sub samples. Semafo Guinea is using its own quality control procedures involving blind duplicates and industrial standards.
The exploration program was designed and managed by a team of Semafo Guinea geologists working under the supervision of senior geologist Idriss El Bhouli. Michel Cormier, geological engineer, director of geology and qualified person for Semafo revised the program and the data supporting this press release.
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.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements", including, but not limited to, the statements regarding the Company's expectations as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mine operating costs, fixed assets expenses, mineral reserve estimates and to the company's perspectives. Forward-looking statements express, as at the date of this press release, our estimates, forecasts, projections, expectations and beliefs as to future events or results. Forward-looking statements are reasonable, but involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not
limited to, factors associated with fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves, risks related to the grade of reserves, risks related to hedging strategies, risks of delays in construction and requirements of additional financing.
More extensive information on Semafo can be found on our home page at http://www.semafo.com
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
For further information:
MONTREAL: Benoit La Salle, Chief Executive
Officer, (514) 744-4408, blasalle@semafo.com;
MONTREAL: Michel Cormier, Geological Engineer, Qualified Person, (514) 744-4408,
mcormier@semafo.com;
RENMARK FINANCIAL: Tina Cameron,
tcameron@renmarkfinancial.com; Henri Perron:
hperron@renmarkfinancial.com; Media: Cynthia Lane:
clane@renmarkfinancial.com, (514) 939-3989; www.renmarkfinancial.com
==================================
Haber itself (HABE) must be a Ghana explorer...
Judging from the previous message about Gold City, Inc., it's evident that Haber, Inc. (HABE) has gold exploration and mining interests in Ghana. Not only does Haber have net smelter return and royalty interest in Gold City's Ghana operations, but also Haber directly owns a large part of Gold City stock.
FL