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Vancouver, B.C. / TheNewswire / March 11 2015 - CMC Metals Ltd. (the "Company") wishes to provide an update on the status of its US operations at the Bishop Mill and the Radcliff Mine which forms part of the World Beater Property. CMC Metals holds a 100% interest in the Bishop Mill and owns a 50% interest in the World Beater Property and Radcliffe Mine.
On January 21, 2015 the Company SEDAR filed a 43-101 compliant technical report titled, Updated Report on the World Beater Gold Property, Inyo County, California prepared by Steven Ristorcelli that disclosed a base case, current indicated mineral resource of 200,100 ounces of gold (2,129,000 tons at an average grade of 0.094 ounces per ton (2.83 g/t) at a cut-off grade of 0.02 ounces per ton (0.62 g/t gold). The base case was determined based on the assumption that the deposit would be mined by open pit mining methods however, Ristorcelli notes that some of the higher grade sections of the deposit were selectively mined by underground mining methods during the late 1800's and early 1900's.
Gold mineralization at the Radcliffe Mine consists of 4.5 to 18.3 meter wide zones of gold bearing exhalite rocks which include narrower zones (up to 3 meters in thickness) of higher grade mineralization. According to Ristorcelli, at a cut-off grade of 0.15 oz Au/t (4.67 g/t) there are an estimated 202,000 tons of material within the deposit grading just over 0.5 oz Au/t (15.55 g/t) for a total of 101,000 contained ounces of gold.
The Company's current business plan is to selectively mine portions of the high grade indicated resource by underground mining methods and process this material at its nearby Bishop Mill facility. At Bishop the double lined Geo-membrane liner has been installed in the Company's Waste Management Unit (tailings pond) by International Lining Technology of Reno, Nevada. This is a major milestone and was necessary for the Bishop Mill to commence operations. Test batches of material from the Radcliff Mine that were stockpiled from previous underground mining operations are currently being processed at the Bishop Mill to optimize recoveries. It is anticipated that the Bishop Mill will be fully operational in the next sixty (60) days.
Pruett Ballarat Inc., ("Pruett") the current operator of the Radcliff Mine, has advised that underground development work on the 5510 Level adit has resumed. The adit is being driven to provide access to one of the high grade lenses that was identified by previous diamond drilling. According to Pruett the adit will intersect high grade material within the next week.
The Company advises that management has not based its production decision on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved. Failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
The scientific and technical data contained in this news release pertaining to the World Beater / Radcliff Mine Project was prepared under the supervision of Carl von Einsiedel, PGeo., who is responsible for ensuring that the geologic information provided in this news release is accurate. Mr. von Einsiedel is a "non-independent qualified person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Jack Bal, CEO of CMC Metals Ltd, states "We are getting very close to producing mill feed from the Radcliff Mine for the Bishop Mill. CMC employees in California have done a great job."
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
On behalf of the Board:
"Jack Bal" __
Jack Bal, President & CEO
CMC METALS LTD.
Read more at http://www.stockhouse.com/companies/bullboard/cmcxf/cmc-metals-ltd#iyQ4GfTuF4lcms1T.99
hey Cork, you still here ? re : CMB.V CMCXF better 2 yrs late than never, eh ?
http://juniorgoldreport.com/wp-content/uploads/2015/02/JGR-Newsletter-February2015.pdf
February 24, 2015 Increase and Closing of 12,500,000 Unit Private Placement @ $0.04 per Unit / Grant of Incentive Stock Option Vancouver, B.C.: CMC Metals Ltd. (the "Company") wishes to announce that it has increased its originally announced 12,500,000 Unit private placement as announced pursuant to its January 22, 2015 press release, to 13,087,500 Units and closed this transaction having received TSX Venture Exchange approval. The terms of the placement remained unchanged offered at $0.04 per Unit for aggregate gross proceeds of $523,500 for the total 13,087,500 Units. Each Unit consists of one common share and one transferable share purchase warrant with each one warrant exercisable for one additional common share of the Company at $0.05 per share for a two year period expiring February 24, 2015. The funds derived from this placement will be used towards the Company's payables and ongoing operations in the US of approximately $300,000, which includes installation of the pond liner at the Bishop Mill, and payroll requirements at the Bishop Mill and Radcliff Property, with the remaining balance to be used towards Canadian payables and towards working capital. There is a finder's fee payable of $7,480 equal to 1.43% of the total proceeds raised from this placement, together with broker's warrants for 187,000 Warrant Shares issuable on the same terms and conditions as this placement. The Company further wishes to announce that it has granted 1,000,000 common shares pursuant to incentive stock options under the Company's Rolling Stock Option Plan, which Plan received shareholder approval at its last Annual General Meeting held August 19, 2014. The options granted will be set for a two year period expiring February 24, 2017 at the exercise price of $0.05 per share. This transaction is subject to TSX Venture Exchange approval. This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents. On behalf of the Board: "Jack Bal"
OT: no worries, bbotcs, i have checked with the mint and the FED,
they have assured me that there is enough paper for Obama to
print plenty of money for everyone including the illegals, all
is well, remain calm ...
mdroundcheck, thanks for the heads up http://ih.advfn.com/p.php?pid=nmona&article=62509656&symbol=MTRN
March 05, 2014 16:01 ET
IBC Advanced Alloys Corp. Announces Non-Brokered $1.5 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 5, 2014) -
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQX:IAALF) ("IBC" or the "Company") has accepted private placement subscription agreements for 8,333,333 common share units ("Units") of the Company at an issue price of $0.18 per Unit for gross proceeds of $1,500,000 (the "Offering"). The Offering is non-brokered and scheduled to close on or before March 12, 2014 (the "Closing Date") and is subject to necessary approvals including the approval of the TSX Venture Exchange.
Each Unit consists of one common share ("Common Share") of IBC and one-half of a common share purchase warrant (each whole common share purchase warrant a "Warrant"). Each Warrant shall be exercisable to acquire one Common Share of IBC at a price of $0.24 for a period of 24 months from the Closing Date.
The Company has agreed to pay a cash finder's fee equal to 7% of the gross proceeds of the Offering and to grant finder's warrants equal to 7% of the number of shares sold under the Offering. Each finder's warrant will entitle the holder to purchase one common share of the Company at a price of $0.24 for a period of 24 months from the Closing Date.
The Company intends to use the net proceeds from the private placement for working capital purposes. "This financing addresses IBC's project finance requirements, aerospace working capital needs and facilitates a pathway to increased production for 2014," said Simon Anderson, IBC's Chief Financial Officer.
THE COMMON SHARES, EQUITY UNITS AND UNITS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS.
Metanor Resources Inc. (TSX: V.MTO, Stock Forum) on Thursday announced more results from development and the underground drilling program at its Bachelor mine, where the company aims to extend the known mineralized zones and increase mineral resources.
The Bachelor property is located in the Le Sueur Twp., approximately 225 kilometres northeast of Val d’Or, Quebec.
In the last few weeks, Metanor has been developing a drift on level 14 towards the area identified by the drill results, Metanor said in a press release.
Metanor said it can now confirm that the Main zone extends further west. While excavating the drift, the operations followed a continuous gold structure over 33.5 metres long by 2.5 metres wide, grading 10.7 grams per tonne.
Read more at http://www.stockhouse.com/news/natural-resources/2014/01/23/metanor-v-mto-follows-gold-structure-bachelor-mine#Lvchwb35Gh7ZOIvm.99
Kozuh, you missed Metanor MTO.V MEAOF nice move as well ... eom
RE: PMI check this guy's recent picks out , lucky or what ???
http://www.stockhouse.com/news/business-news/2013/12/17/pmi-volta-lx-ventures-danny-deadlock-dominating-market-during-tax-loss-season
PVG up 75%
Shares of Pretium Resources Inc. (TSX: T.PVG, Stock Forum) skyrocketed Friday after the company tabled preliminary mill results from its Brucejack Project in northern British Columbia.
The company said it has produced 4,215 ounces of gold from 8,090 tonnes of excavated material from the Valley of the Kings Bulk sample program.
Pretium shares jumped 81% to $5.58 in late morning trading Friday, leaving Pretium with a market cap of $585.1 million, based on 105 million shares outstanding. The 52-week range is $14.34 and $2.83.
The results to date surpass the target of 4,000 ounces of gold projected to be produced from the entire 10,000 tonnes of material excavated for the program, the company said in a press release.
It went on to say that processing is continuing on track and is expected to be completed by the first week of December (after a week-long mill shutdown for the Thanksgiving holiday).
Permitting of a high-grade underground gold mine is underway, with commercial production targeted to start in 2016.
The wholly-owned Brucejack project is part of a largely unexplored land package covering 103,000 hectares and located about 65 kilometres north of Stewart in northwestern B.C.
Read more at http://www.stockhouse.com/news/natural-resources/2013/11/22/pretium-(t-pvg)-shares-jump-81-on-b-c-gold-project#OuVrt9041Dh4evYP.99
Si, about 8% gringos ... eom
RE: TGD
Goldcorp delays Argentina project, warns on Mexico tax
Thu Oct 24, 2013 5:47pm EDT
By Nicole Mordant and Allison Martell
MEXICAN TAX
The proposed Mexican royalty on mining companies' pre-tax earnings could push Goldcorp's overall tax rate in Mexico into the mid-40 percent level and make it one of the highest-cost jurisdictions for the miner, Jeannes said in an interview.
He said the royalty will not push Goldcorp to close down any existing operations in Mexico but it would make the miner think twice about developing new mines.
"My concern is that this will impede new investment in the country as opposed to cause us to shut anything down today," Jeannes said specifically mentioning Goldcorp's Camino Rojo project where exploration is continuing.
Goldcorp's operations in Mexico include the Penasquito mine, which is one of its biggest new mines, Los Filos and El Sauzal. It also has a second development project, Noche Buena.
The royalty proposal is part of President Enrique Pena Nieto's plan to bolster Mexico's feeble tax haul, a reform which focuses on reaping more income tax from higher earners, closing corporate loopholes and widening the tax base. Mexico's Senate technically has to approve the fiscal reform bill by the end of the month. If approved it will be effective from Jan. 1, 2014.
Jeannes said Goldcorp was in talks with government officials on the proposal.
Read more at http://www.stockhouse.com/companies/bullboard/t.tmm/timmins-gold-corp
AAA.TO looking strong after potash mine approval last week eom
re: AUN Credit Suisse dumps big after hours, ... eom
CMA.V up big every day, JV or buyout likely... eom
CMA.V halted, news pending, takeover finally ? eom
MJX.V is being pumped alright, banner ads going
on Stockhouse today with that silver vein hit ...
MJX.V halted eom
My problem is Bolivia, but once the new
mining law is passed this spring, APE.V should begin
to produce by end of year
Apogee Reports Assays from Oxide Drilling Program at Pulacayo Including 30 Meters Grading 129.0 g/t Silver, and 26 Meters Grading 68.7 g/t Silver
Apogee Reports Assays from Oxide Drilling Program at Pulacayo Including 30 Meters Grading 129.0 g/t Silver, and 26 Meters Grading 68.7 g/t Silver
TORONTO, ONTARIO--(Marketwire - Jan. 30, 2012) - Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) is pleased to report assay results from 21 diamond drill holes of the silver oxide program at Pulacayo. (See Table 1 and Figures 1-4 below). The drilling program was undertaken to delineate near surface silver oxide resources above the sulphide resources at Pulacayo. All of the holes were drilled from surface.
A few highlights from the first set of drilling results from the program include:
11PUD220 intersected 20.8 meters grading 79.3 g/t silver, from 35.2 to 56 meters and 9.0 meters grading 119.7 g/t Ag, from 80 to 89.0 meters.
11PUD221 intersected 30.0 meters grading 129.0 g/t silver from 37.0 to 67.0 meters.
11PUD233 intersected 9.0 meters grading 130 g/t silver from 20.0 to 29.0 meters, and 6.0 meters grading 186.7 g/t silver from 104.0 to 110.0 meters.
11PUD239 intersected 19.0 meters grading 67.2 g/t silver from 71.0 to 90.0 meters.
11PUD240 intersected 23.0 meters grading 50.20 g/t silver from 31.0 to 54.0 meters, including 6.0 meters grading 109.3 g/t silver from 48.0 to 54.0 meters.
The silver oxide drilling program was initiated following successful metallurgical testing on composite samples from existing drill core at Pulacayo. The metallurgical tests were designed to determine silver mineralogy in the oxide zone and its amenability to recovery by conventional cyanide leaching. Seventy-two hour leach tests with various reagent additions indicated that silver dissolutions of 77% to 81% can be achieved. (See Press Release dated August 3rd, 2011).
Chris Collins, P. Geo., President of Apogee, states, "We are very excited by the first set of assay results from the silver oxide diamond drilling program at Pulacayo. These results confirm that the extensive silver lead zinc mineralization associated with the main Veto Tajo Structure at the Pulacayo Deposit continues through the oxide zone to the surface. These results coupled with positive results from oxide zone metallurgical testing undertaken last year offer excellent potential for a significant increase in silver ounces in resources at Pulacayo with the addition of oxide zone mineralization. A further potential benefit is that oxide zone mineralization would generally be amenable to lower cost mining and leaching methods."
CMA.V new drills out, resource should increase
significantly, very undervalued, insiders bought
millions of shares open market since Nov.
Press release from Marketwire
Cream Minerals Drills 20 Metres of 75.5 G/T Silver and 0.317 G/T Gold Near Surface on New Zone at Nuevo Milenio Property, Mexico
Tuesday, January 17, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2012) - Cream Minerals Ltd. (TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) ("Cream" or the "Company") is pleased to provide results for the remaining two exploration drill holes on Once Bocas South. The Once Bocas South zone is a new area of silver and gold mineralization associated with quartz veins and quartz stock work zones. Once Bocas South is thought to be a displaced segment of Once Bocas North and it is not included in the current NI 43-101 Inferred Mineral Resource. Results of the first four holes were released on November 10, 2011.
The portion of the 2011 drilling program devoted to Once Bocas South was intended to test for and identify a quartz vein - quartz stock work zone as well as confirm anticipated width and strike length based on surface mapping of limited outcrops, float train and a geochemical survey. An anticipated width of 30 metres and strike length of 600 metres possibly containing three quartz veins was expected. The drill program confirmed a width in excess of 100 metres, a strike length of 230 metres (with a further 370 metres to be tested) and eight quartz zones yielding gold and silver values.
HIGHLIGHTS OF THE DRILL RESULTS
Results for the two exploration drill holes are presented below.
Highlights include significant drill intersections, (intersections are not true widths) true widths are expected to be 50% to 70% of drill intersections dependent on the drill inclination.
20 metres of 75.30 g/t Ag and 0.325 g/t Au - intercept of OBS 05 - 11; including
14.00 metres of 91.61 g/t Ag and 0.396 g/t Au; including
10.00 metres of 97.48 g/t Ag and 0.422 g/t Au; including
4.00 metres of 140 g/t Ag and 0.520 g/t Au;
and
2.00 metres of 229.10 g/t Ag and 0.868 g/t Au
Drill Hole OBS 5 - 11 was located approximately 150 metres W of drill hole OBS 02 - 11. The objective was to determine the western extension of the high grade-section intersected in drill hole OBS 01 - 11. Quartz veining and stock work were cut from 1.50 metres to 23.50 metres. The zone lies 50 metres SW of the trend of the high grade zone intercepted in drill hole OBS 01 - 11 and is thought to be a parallel zone.
Description
OBS 05-11 Sample
Number From
Metres To
Metres Width
Metres Ag
g/t Au
g/t
Quartz stock work 6097 1.50 3.50 2.00 1.20 0.013
Quartz stock work 6098 3.50 5.50 2.00 29.20 0.171
Quartz vein 6099 5.50 7.50 2.00 127.20 0.450
Quartz stock work 6100 7.50 9.50 2.00 70.10 0.330
Quartz stock work 6101 9.50 11.50 2.00 7.50 0.047
Quartz vein 6102 11.50 13.50 2.00 85.00 0.454
Quartz vein 6103 13.50 15.50 2.00 83.20 0.437
Quartz stock work 6104 15.50 17.50 2.00 39.20 0.189
Quartz veins 6105 17.50 19.50 2.00 229.10 0.868
Quartz stock work 6106 19.50 21.50 2.00 50.90 0.163
Quartz stock work 6107 21.50 23.50 2.00 31.60 0.137
Weighted average 6098 -107 3.50 23.50 20.00 75.30 0.325
including 6098-6100 3.50 9.50 6.00 75.50 0.317
including 6099 - 106 5.50 21.50 16.00 90.48 0.384
including 6099-101 5.50 9.50 4.00 98.65 0.390
including 6099-105 5.50 19.50 14.00 91.61 0.396
including 6099 5.50 7.50 2.00 127.20 0.450
Weighted average 6102-107 11.50 23.50 12.00 86.50 0.374
including 6102-106 11.50 19.50 10.00 97.48 0.422
including 6102-103 11.50 15.50 4.00 84.10 0.446
including 6105-106 17.50 21.50 4.00 140.00 0.520
including 6105 19.50 21.50 2.00 229.10 0.868
Drill Hole OBS 6 - 11 is an in fill drill hole between drill hole OBS 1 - 11 and drill hole OBS 05 - 11. It cuts a mineralized quartz stock work zone from 9.00 metres to 24.00 metres. Strong brecciation and surface leaching is apparent. This zone lies 37 metres SW of the trend of the high grade zone cut by drill hole OBS 01 - 11 and 16 metres NE of the trend of the zone cut by drill hole OB 05 - 011. Additional fill in drilling is required to facilitate interpretation.
Description
OBS 06-11 Sample
Number From
Metres To
Metres Width
Metres Ag
g/t Au
g/t
Fault 6114 17.50 19.50 2.00 5.40 0.051
qtz stock work 6115 19.50 21.50 2.00 10.50 0.077
qtz vein breccia 6116 21.50 23.50 2.00 31.80 0.124
qtz stock work 6117 23.50 25.50 2.00 2.30 0.008
qtz stock work 6118 61.50 63.50 2.00 1.20 <0.005
SUMMARY OF THE DRILL RESULTS
The 6 drill holes completed on Once Bocas South are exploration drill holes intended to confirm the presence of a quartz vein stock work zone investigated by shallow shafts and trenches dating from colonial times. The exploration drill program was successful in more than tripling the width of the zone to in excess of 100 metres and defining 230 metres of the mapped 600 metres strike length. 370 metres of strike length will be drill tested in a follow-up exploration drill program. In addition the exploration program identified eight distinct quartz zones returning gold and silver values where three quartz zones were anticipated. The drill program has highlighted Once Bocas South as an important target for future exploration drill programs.
Revised NI 43 -- 101 Report, dated December 24, 2008 by F. Holcapek, P. Eng.
Dos Hornos (U/G) Width
m Tonnes Ag
g/t Au
g/t Ag
oz Au
oz
Dos Hornos Segment 1 4.70 1,173,901.56 165.34 1.500 6,552,238.85 59,400.00
Dos Hornos Segment 2 4.06 746,528.32 201.95 1.770 4,847,215.70 42,390.25
Veta Tomas 5.09 1,246,162.50 351.19 1.280 14,070,467.48 51,344.17
Once Bocas 2.42 1,921,162.50 252.59 1.920 15,602,012.74 118,347.79
Total 5,087,754.88 251.09 1.660 41,071,934.77 271,482.21
Tonnes: 5,088,000 Ag: 251.09 g/t, Au: 1.660 g/t. Ag: 41,072,000 oz, Au: 271,500 oz.
Silver Equivalent (Gold -- Silver price Ratio = 50:1): 54,647,000 oz (in situ)
Metal prices were USD$10.28 per ounce Ag and USD$816.09 per ounce Au.
A cut-off grade of US$ 45.00 per tonne or 131g/t Ag equivalent was used.
Samples are prepared in the Preparatory Laboratory of Inspectorate in Durango, Durango. In addition to the in-house check assaying, Cream Minerals De Mexico instructed Inspectorate to take approximately 20% (1 sample out of 5) as marked on the sample shipping paper and take a split from the prepared samples. All samples are shipped to the Inspectorate Laboratory in Reno, Nevada. The check samples are shipped to the Steward Group's Preparation Lab in Zacatecas for shipping to their main Laboratory in Kamloops, B.C. for assaying. All samples are assayed using Inspectorates Genx 30 31 Element Package Au&Ag/FA/AA plus 29 elements ICP-AES Scan by aqua regia digestion & Hg by CVAA. The Steward Group uses their equivalent to the Genx 30 package of Inspectorate for assaying.
Mr. Ferdinand Holcapek, P. Eng., Director and Administrator General, Cream Minerals De Mexico, SA de CV, supervises exploration programs on the Nuevo Milenio Project. He is responsible for all technical reporting and is the Company's "Qualified Person" for the purpose of National Instrument NI 43-101.
Cream Minerals is a silver-gold exploration company. The Company's flagship project is the Nuevo Milenio silver-gold project in Nayarit State Mexico. To learn more about Cream Minerals please click here www.creamminerals.com.
Majescor and SOMINE Report 0.87% Cu Equivalent(i) Over 295 Metres in Second Drill Hole at the Douvray Porphyry Copper-Gold Prospect, Northeast Haiti...
...Second Drill Rig Being Mobilised / Drilling to Start at Blondin
MONTREAL, QUEBEC--(Jan. 10, 2012) - Majescor Resources Inc. (TSX VENTURE:MJX)
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX), its 100%-owned affiliate company SIMACT Alliance Copper-Gold Inc. ("SACG") and their Haitian partner SOMINE SA are pleased to report final assay results for drill hole D-002 on their SOMINE porphyry copper-gold and vein gold project in Northeast Haiti.
Drill hole D-002 is located in the southwest part of the Douvray copper-gold prospect and was drilled to a depth of 386.6 m, the current maximum drilling depth (dip: -90°), with the following results:
- Primary Sulphide Zone (91.5 - 386.6 m): 0.78 wt.% Cu, 0.10 g/t Au, 2.82 g/t Ag over 295.1 m,or0.83 wt.% Cu equivalent over 295.1 m. The mineralisation is open at depth.
It is noteworthy that this mineralised interval also has potentially recoverable molybdenum, with an additional 0.005 wt % Mo over 295.1 m. The sulphide mineralogy in hole D-002 comprises of chalcopyrite, bornite and pyrite as with hole D-001 drilled 51 metres to the North (see Majescor Press Releases dated November 24 and December 14, 2011).
In addition, the near-surface oxide and oxide / sulphide transition zones in drill hole D-002 contain:
- Oxide Zone (0 - 13.5 m): 0.35 wt.% Cu, 0.02 g/t Au, and 33.26 g/t Ag** over 13.5m, or0.76 wt.% Cu equivalent* over 13.5 m; and
- Oxide / Sulphide Transition Zone (13.5 - 31.5 m): 0.37 wt.% Cu, 0.02 g/t Au, and 1.02 g/t Ag over 18 m, or0.40 wt.% Cu equivalent* over 18 m.
* Cu equivalent calculated using US$3/lb Cu, US$25/oz Ag, US$1200/oz Au.
** Interval returned two samples with 100 g/t Ag. Values of 101 g/t Ag were used in the intercept calculation. Over limit checks for Ag are currently underway.
CMA.V moving today, +20%, over 30 days since insiders
loaded up, EXK 2nd offer coming?
APE.V Apogee Provides Update on Trial Mining and Production Plans at its Pulacayo Deposit
- Underground mining development commenced in October 2011, first ore extracted during trial mining operations in November 2011, one month ahead of schedule - Initial sampling in trial mining zone returns higher than expected grades - Pilot concentrator design on schedule for completion in December 2011 - Long lead items ordered - Pilot concentrator commissioning remains on schedule in Q4 2012 - Exploration drilling remains ongoing
TORONTO, ONTARIO--(Marketwire - Dec. 8, 2011) - Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) announced it has successfully commenced trial mining operations in October 2011 and struck ore one month ahead of schedule (See Press Release dated May 25, 2011) at its 100% controlled Pulacayo project situated in southern Bolivia (Figure 1).
During the months of October and November 2011, trial mining operations resulted in the extraction of approximately 500 tonnes of ore and additionally advanced the three development drifts being mined a total of 32 meters. The ore mined has been delivered to two surface stockpiles to be treated in the pilot concentrator, which will be commissioned by the Company in late 2012. Initial sampling results from the low grade stockpile, consisting of approximately 250 tonnes of ore, indicates a silver grade of approximately 3 ounces per tonne. Sampling results from the high grade stockpile, also consisting of approximately 250 tonnes of ore, indicated a silver grade of approximately 10 ounces per tonne. Approximately 400 tonnes of ore originated from historical underground workings that were cleaned out as part of the rehabilitation of the mine. The Company may elect to transport some of the ore for toll milling at nearby concentrators in the event financially beneficial toll milling terms are negotiated.
Production rates are expected to increase as the new mining teams complete their on-the-job training. Currently, the trial mining method employed by the Company is conventional, using hand-held jackleg drills (Figure 2), rail bound locomotives (Figure 3) and hydraulic shovels for cleaning. In order to further develop the pilot plant, the Company intends to acquire two larger, eight tonne locomotives and 16 mine cars with capacity of five tonnes, which are on order from Peru. Delivery of this equipment to Pulacayo is expected by March, 2012. A reconditioned trackless mining fleet consisting of two scoop LHD's, a twin jumbo drill rig and a 20 tonne dump truck has also been sourced from Sudbury in Canada. The equipment is currently being refurbished in Canada and is scheduled for shipping to site in January 2012. The mining plan currently includes drifts that target three separate silver bearing veins in close proximity to the San Leon tunnel (Figure 4). Unverified underground sampling results from these veins are showing significantly higher grades than the average resource grades previously reported (See Press Release dated October 18, 2011).
In response to these positive developments, Chief Executive Officer Neil Ringdahl stated, "The resource at Pulacayo continues to exceed our expectations as we develop the mine. Apart from finding previously un-mined veins underground that were not picked up in earlier drilling campaigns, we also remain cautiously optimistic that first stopes we are targeting could contain higher silver grades than the average grade of the previously reported resource estimate. If our team is able to extract this ore with minimum dilution, the Company may see a potential significant near-term upside when the ore is treated in its pilot plant which we plan to bring into production in the fourth quarter of 2012."
New employees for the trial mining project have been recruited predominantly from Pulacayo and the communities surrounding the property. Currently the Company employs approximately 84 Bolivian employees, of which 42 are employed directly from the local communities.
Pilot Concentrator & Permitting
Current mining activities are taking place under the current exploration environmental permit, which allows for extraction rates of up to 200 tonnes of ore per day. Apogee plans to construct and commission a 400 tonne per day capacity pilot base and precious metals concentrator at Pulacayo in 2012. The detailed engineering and design for the concentrator (Figure 5) is nearing completion with final signoff expected by the end of this year. The Engineering, Procurement & Construction Management contract was awarded in June 2011 to TWP Sudamerica S.A., an international engineering firm with worldwide experience (refer to further information below).
Upon receipt of the necessary environmental permits, the Company anticipates that construction with respect to the development of the project will begin, as planned, by June 2012. Orders have been placed for the long lead items including the ball mill and crusher. The Company is currently in negotiation with several Bolivian based companies for the steelwork and civil construction contracts.
The Company is also pleased to announce that the environmental permitting process for the concentrator is progressing on schedule. In the first part of this application, Apogee received a lower-risk environmental categorization or "ficha ambiental Level 2" from the authorities. In anticipation of speeding up the process, the Company already prepared its Environment Impact Study (EIS) in such a way that environmental mitigations to be used will exceed the required standards. The independent Bolivian environmental auditing company Fundación Medmin has been hired by Apogee to facilitate the process and make recommendations to both the Company and the authorities in respect of the environmental permit. Apogee expects to receive the environmental permit for the pilot concentrator on schedule in May 2012 (See Press Release dated May 25, 2011).
MJX.V Majescor Resources Reports Niton XRF Data for First Two Drill Holes at Douvray, NE Haiti
MONTREAL, QUEBEC--(Marketwire - Nov. 24, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Majescor Resources Inc. (" Majescor" or the " Company") (TSX VENTURE:MJX), its 100%-owned affiliate company SIMACT Alliance Copper-Gold Inc. ("SACG") and their Haitian partner SOMINE SA are pleased to report initial Niton XRF* results for two diamond drill holes, and for a soil sampling grid on their Somine porphyry copper gold and vein gold project in NE Haiti. A total of approximately 1000 meters have been drilled to date in the ongoing 10,000 m drill program. The drill program is progressing well. Samples from the first two drill holes have been submitted to Acme Analytical Laboratories, with crushing facilities in the Dominican Republic and analytical services in Chile.
Niton XRF data for the first two drill holes: The first drill hole at the Douvray porphyry copper - gold deposit encountered altered and mineralized volcanic and intrusive rocks and brecciated equivalents, with: DDH D-001: 0.565 wt.% Cu over 255 meters (from 86.5 m to 341.5 m depth), including 0.71 wt.% Cu over 189 meters. The second drill hole encountered altered and mineralized volcanic and feldspar/quartz feldspar porphyry rocks and brecciated equivalents, with: DDH D-002: 0.566 wt.% Cu over 371.1 meters ( from 15.0 m 386.6 m depth), and bottomed in mineralization at the maximum depth of the drilling rig. The top 15 m of this drill hole was rubbly, was not saw cut, and was not analyzed by Niton SRF. Gold was not analyzed with the Niton XRF but will be reported once the results arrive from the lab.
IP Survey Inversion - new targets: Reprocessing the UNDP IP survey for a substantial part of the project area has resulted in outlining significant new target areas (Fig 1). A numerical inversion of the induced polarization data was conducted by MB Geosolutions of Quecbe City. The inversion is portrayed in plan view at an intermediate depth of ~95 meters, and highlights a significant new anomaly west of Blondin and north of Douvray, in the Mt. Veron area. Rock chip samples are currently being analyzed from this area, and one drill hole is planned for this target in the Phase 1 drill program.
Niton XRF data* for soil sample grid in Faille B vein gold deposit area: Earlier drilling at Faille B (see Majescor press release 08-18-2011) intersected multiple gold-bearing quartz veins that also carry silver, copper, zinc, lead and arsenic. A total of 714 soil samples were taken in the vicinity. Each sample was sieved and the fine fractions were analyzed by Niton XRF*. The most significant values are: 10 ppm to 222 ppm arsenic, n=42; 40 ppm to 458 ppm lead, n=23; 504 ppm to 2057 ppm zinc, n=29; and 502 ppm to 2063 ppm copper n=52. The results are shown for a metals index: log(As*Pb*Zn*Cu) in figure 2, which highlights a highly anomalous NW-SE trend over 1.6 km, centered on the Faille B vein gold deposit.
Majescor management is encouraged by these results. The 3500 meter Phase 1 drill program is proceeding well, and will be followed by a 6500 Phase 2 drill program in the first half of 2012. Along with data from earlier drilling, these drill programs are designed to provide sufficient information to calculate NI 43-101 compliant indicated and inferred resources on the Douvray and Blondin porphyry copper - gold deposits; they will also test new occurrences discovered in the vicinity.
*A portable, hand-held Niton XRF analyzer is in use for soil samples and for drill core sludge (powder) samples from sawed sludge. The Niton XRF analyzed for 30 seconds per sample on homogeneous, powdered or sieved samples in plastic bags in a controlled environment at camp. The initial Niton XRF copper analyses for drill core reported here are within 5% of analyses reported for twinned drill holes from earlier drill programs (e.g., by United Nations and by St. Genevieve Resources: see Valls, 2004, and Barrie, 2009). The company recognizes that Niton XRF data for the soil samples and drill sludge data are not NI 43-101 compliant; however the company is confident these data are useful; and for the core analyses, that they correlate meaningfully with those of previous drilling.
About the SOMINE Project
The SOMINE project consists of a Research Permit covering 50 km2, the mineral rights and obligations of which have been assigned under a Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020. SACG has also carried-out systematic soil sampling and prospecting work over four Prospecting Permits encompassing four 100 km2 areas lying to the East, South and Southeast of the permit subject to the Mining Convention. SOMINE SA has requested the conversion of the Prospecting Permits into Research Permits (50 km2 each) and has filed all technical and source documents in support of its application with the BME.
About SIMACT Alliance Copper Gold Inc. and SOMINE SA
SIMACT Alliance Copper Gold Inc. ("SACG") is a 100%-held subsidiary of Majescor. SACG is the majority shareholder of SOMINE SA, a registered Haitian corporation holding 100% of the mineral rights to the SOMINE project. SOMINE SA has designated SACG as the Technical Operator of the SOMINE project exploration program.
About Majescor Resources Inc.
Majescor Resources Inc. is a junior explorer focusing on emerging mineral districts. In addition to the SOMINE project, Majescor's project portfolio includes the Mistassini uranium exploration projects in Quebec (under Joint-Venture: 40 % Majescor and 60% Strateco Resources Inc.) the Besakoa gold and base metal property in Madagascar (50%-50% joint venture with Sunridge Gold Corp.).
C. Tucker Barrie, Ph.D., P. Geo., Vice-President Exploration, Majescor, is the qualified person for this press release in compliance with National Instrument 43-101. Mr. Barrie prepared this press release.
To find out more about Majescor Resources Inc. (TSX VENTURE:MJX), SIMACT Alliance Copper Gold Inc., the SOMINE copper-gold project as well as the Company's Mistassini uranium and Besakoa copper/gold properties, please visit our website at www.majescor.com
Forward-Looking Statements
This News Release may contain or refer to "forward-looking statements" which reflect Management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. These statements reflect Management's current beliefs at the time of this news release and are based on information currently available to Management. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Majescor Resources inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Management's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
The figures are available at the following link: http://media3.marketwire.com/docs/FiguresMajescor.pdf
Sprott to Buy $1.5B of Silver Bullion
The silver price could explode higher in coming months.
As the silver and gold price predictably fade ahead of option expiration, JP Morgan’s bullion manipulation scheme could be headed for unprecedented problems, not from the record purchases of gold and silver from the Chinese, Indians or Russians, but from one Canadian billionaire.
Canadian-based Eric Sprott Management CEO Eric Sprott filed a follow up prospectus for the purchase of an additional $1.5 billion of silver bullion to cover expected demand for the company’s exchange traded fund, PSLV.
Combined with the recent decline in the PSLV premium to spot silver to 14 percent from the typical 20 percent, along with Sprott’s reported sale of some of its holdings of PSLV at the rich premium, it appears a familiar hallmark of a gigantic $580 million silver bullion purchase in December of last year emerges once again. Since demand for silver products at Sprott remain brisk, it should come as no surprise to the silver world that Sprott needs more silver.
Yet, only two Web sites mention the breaking news, The Globe and Mail and bullion market reporter Harvey Organ, HarveyOrgan.blogspot.com. Don’t expect Eric Sprott to herald the milestone purchase; he’s trying to avoid investors front running the purchase.
“Since Sprott filed its prospectus last Friday, PSLV units have come down 12 percent, while the price of silver has dropped only 6 percent,” stated Canada’s daily newspaper, The Globe and Mail, on Nov. 18. “Whether or not the new filing is the root cause of the difference doesn’t affect Mr. Sprott much. He has been selling his PSLV units for most of the year (as documented by kid dynamite.)”
Because Sprott today represents ½ the size of the Hunt brothers wallet and their attempt to corner the silver market in 1979-80, nimble investors have taken advantage of the bulky Sprott in the past by front running his purchases, as his size and legal entity requires him to file with Canadian regulators—an issue he laments of during his interviews.
But for silver investors, the regulation could be a boon to the silver price, as the last time Sprott needed substantial inventory, the silver price soared 177 percent, though Sprott’s purchase cannot directly be proven to be responsible for all of that monstrous move.
However . . . more than four years earlier, in April 2006, prior to the launch of the NYSE version of PSLV, the Barclay’s iShares Silver Trust SLV, spot silver at the COMEX more than doubled at its price peak leading up to the launch of the SLV to $15 from $7.50, as late as September 2005—a double within six months, or a 200 percent ARR.
Moreover, further evidence of a coming silver price mega pop may be gleaned from the exciting silver rally of July 2010 to April 2011. That monstrous rally could easily be rivaled soon, as Sprott apparently gears up for a whale of a purchase, $1.5 billion of silver bullion—a nearly three times last year’s $580 million purchase and coincidental 177 percent explosion of the silver price.
“Today the Globe and Mail announced Eric has filed a short form follow up Prospectus for a billion five physical silver,” respected bullion market blogger Harvey Organ wrote in a Nov. 21 post. “holy jeepers, it could be approved in as little as two weeks people tell me, and he can trigger it OVERNIGHT without warning. Just bang, if he has got the orders. WE all know what happened with his last Physical Silver Issue, it was 580 million and blasted Silver 18 to 50 bucks in 5 months.”
Considering the fundamentals underlying the raging bull market in silver and the confident predictions of, in some cases, another double in the silver price, at least, by spring from industry peer James Turk of Goldmoney, as well as other hard money heavyweights, Ben Davies of Hinde Capital, Jim Rickards of Tangent Capital Markets, Euro Pacific Capital CEO Peter Schiff and QB Asset Management Co-founder Paul Brodsky, it appears the industry insiders to the tiny world of silver anticipated Sprott’s need to replenish—and when Sprott needs silver look out.
AAA.V PEA on Danakhil Potash project out
Allana Potash Announces Positive Preliminary Economic Assessment at its Danakhil Potash Project
Investor Conference Call Planned for November 23, 2011 - After-tax Net Present Value of US $1.85 billion; - After-tax Internal Rate of Return of 36.8%; - Total development capital expenditures including mining, processing facilities, port and logistics infrastructure ("CAPEX") of US $796 million; - Total operating expenditures ("OPEX") on a per tonne basis (including production, transportation/handling, port, loading costs) FOB on the Vessel of US $90.54 - PEA is based on Annual Production of one million tonnes of MOP per year using solution mining; - Potential to expand production to two million tonnes per year of MOP; - SOP production potential to be examined during the ongoing feasibility study.
TORONTO, ONTARIO--(Marketwire - Nov. 22, 2011) - Allana Potash Corp. (TSX:AAA) (OTCQX:ALLRF) ("Allana" or the "Company") is pleased to announce the results of an independent Preliminary Economic Assessment ("PEA") prepared by Ercosplan Ingenieurgesellschaft Geotechnik und Bergau ("ERCOSPLAN") on its Danakhil Potash Project in Ethiopia (the "Project").
An Investor call is planned to review the PEA at 11 a.m. (ET) on Wednesday, November 23, 2011. To register or listen to the call please dial:
International: +1 416-340-2217
North American: 1 866-696-5910
Toronto area: 416 340 2217
Participant Pass Code: 2686010
The PEA yielded, on an unlevered basis, an after-tax Internal Rate of Return ("IRR") of 36.8 % and an after-tax Net Present Value ("NPV") of US$1.85 Billion based on a 12% discount rate. The PEA is based on commercial operations that produce one million tonnes per year ("MTPY") of a standard Muriate of Potash (MOP) product over an initial estimated operating life of 30 years. The PEA examined open pit and solution mining methods. Following a review of the costs and other operating considerations, solution mining with processing using solar evaporation and standard flotation yielded significant advantages and was therefore the preferred mining method selected for the Project.
Farhad Abasov, President and CEO of Allana commented: "Allana is very excited with the extremely positive preliminary economic assessment of its Danakhil Potash Project, as outlined by ERCOSPLAN. The production CAPEX of about US$664 million (total CAPEX including production, port and other infrastructure of about US$796 million), makes this project one of the lowest cost and potentially highest return potash projects worldwide. Similarly, the production OPEX is very robust at US$70/tonne (total OPEX including production, transportation, port handling and on the ship of about US$90/tonne) and is one of the lowest among greenfield potash projects currently under development. ERCOSPLAN used a conservative discount rate of 12% and modeled the initial production stage one million tonnes of MOP production annually. The production of more MOP and SOP products will be studied during the Feasibility Study. The PEA's extremely positive results give Allana great confidence in advancing its Feasibility Study, which has been underway since August, 2011. The PEA also allows Allana to move forward confidently with its project finance plans and ongoing talks with potential strategic partners."
The mineral resource estimate used for the PEA was completed by ERCOSPLAN in June 2011 and includes in-situ Measured and Indicated Resources of 126 Million tonnes of KCl and Inferred Resources of 119 Million Tonnes of KCl (see news release, June 20, 2011 and "About Allana" section at the end of this news release). Production increase to more than one million tonnes will be evaluated during the Feasibility Study as the management intends to start production with one million tonnes at the initial stage and then ramp it up to two million tonnes.
The key economic highlights of the PEA are outlined in the table below (all dollar amounts are stated in US$):
After-tax NPV@12% $1.85 billion
After-tax NPV@10% $2.36 billion
After-tax NPV@8% $3.04 billion
After-tax IRR (based on 30% income tax rate) 36.8%
Estimated Total Capital Expenditures (including production, port and logistics) $796 million
Estimated Total Operating Expenditures (Production, transportation, port, FOB on vessel) $90.54/tonne KCl
Payback period 3.5 years
For the purpose of the PEA, capital expenditures (CAPEX) were estimated for three main categories: 1) Production using solution mining, solar evaporation and flotation (Production); 2) Transportation and handling of product between the production site and port; and 3) Port facilities in Djibouti. The Production CAPEX includes costs associated with cavern development, the solar evaporation ponds, brine processing, and infrastructure including power. Solar evaporation of the saturated brine solution is possible at the Danakhil Project due to the year-round hot temperatures averaging 40°C and very little rainfall. Salts harvested from the ponds will be processed by standard flotation to create an MOP product. Transportation CAPEX costs are based on a company owned fleet of trucks and all support such as maintenance. Port CAPEX costs are based on Allana constructing its own port terminal in Djibouti including product unloading and storage, shipping facilities and supporting infrastructure such as power and minor road construction. The table below outlines the estimated capital expenditures in US $ for all categories.
Estimated Production CAPEX $664 million
Estimated Transportation/Handling CAPEX $38 million
Estimated Port CAPEX $93 million
Estimated operating expenditures (OPEX) were also calculated for Production, Transportation/Handling, and Port. The OPEX costs in US$ per tonne are outlined in the table below:
Estimated Production OPEX $70.24/tonne
Estimated Transportation/Handling OPEX $8.85/tonne
Estimated Port OPEX $2.88/tonne
Estimated general & administrative and contingency costs were also calculated in $US per tonne and are outlined in the table below:
Estimated G&A $5.70/tonne
Estimated Contingency $2.87/tonne
The main assumptions used in the PEA are as follows:
Production: One million tonnes MOP per year
Mine life: 30 years
Mining method: Solution mining
Processing: Solar evaporation and flotation
Transport: Trucking to Djibouti
Power: Diesel generation with fuel shipped to site
Water: Water on site
Potash Price: US$500 in 2013
Sustaining CAPEX: US$44 million (before cavern or process design optimization)
Feasibility Study work is ongoing and on schedule for completion in the 3rd Quarter of 2012. In the PEA, ERCOSPLAN recommends hydrogeological studies to identify large water sources, dissolution testwork, rock mechanical testwork, a pilot solution mining operation and solar evaporation ponds tests. Allana initiated these studies a few months ago and the work is proceeding on schedule. In addition, ERCOSPLAN is evaluating the costs and benefits of increasing production of MOP to two MTPY after the third year of full production. The potential increase would coincide with the planned completion of rail capacity for potash transport in the area.
The PEA, with a target accuracy of +/- 35%, was completed as an initial scope within Allana's full Feasibility Study program currently being undertaken by ERCOSPLAN, a widely recognized world leader in potash exploration techniques and potash mining and processing. In addition to Allana, ERCOSPLAN's clients include some of the largest potash exploration companies and potash producers in the world. A summary of the PEA report will be available under the Company's profile on SEDAR and Allana's website within 45 days of this news release.
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia. Allana has secured financial support from two significant strategic investors: IFC, a member of the World Bank Group, and Liberty Metals and Mining, a member of the Liberty Mutual Group.
Allana has Measured and Indicated Sylvinite Resources of 97.8 Million Tonnes of 30.0% KCl; Inferred Sylvinite Resource of 108.3 Million tonnes grading 31.3% KCl; Measured + Indicated Kainitite Resources of 284.2 Million tonnes at 19.8% KCl, Inferred Kainitite Resource of 271.2 Million Tonnes of 20.3% KCl; Measured and Indicated Upper Carnallitite Resources of 78.5 Million Tonnes grading 18.4% KCl, Inferred Upper Carnallitite Resource of 85.6 Million Tonnes of 17.1% KCl; Measured+Indicated Lower Carnallitite Resources of 212.6 Million Tonnes of 12.0% KCl, Inferred Lower Carnallitite Resource of 130.7 Million Tonnes grading 11.7% KCl. Allana has approximately 197.6 million shares outstanding and trades on the Toronto Stock Exchange under the symbol "AAA".
The Preliminary Economic Assessment report was prepared by ERCOSPLAN under the supervision of Dr. Henry Rauche, Ph.D., EurGeol, Managing Director, CEO ERCOSPLAN and Dr. Sebastiaan van der Klauw, Ph.D., EurGeol., Consulting Geologist, ERCOSPLAN. Dr. van de Klauw is an independent Qualified Person for the purposes of National Instrument 43-101 and prepared the June 2011 mineral resource estimates disclosed herein. Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
OT: RE: CMA, Thanx MWM, nice ... eom
CMA.V getting volume again, Clarus house keeps buying
Cream Minerals Reports the Testing of a New Zone at Nuevo Milenio and Initial Exploration Drilling ResultsVANCOUVER,BRITISH COLUMBIA--(Marketwire - Nov. 10, 2011) - Cream Minerals Ltd.(TSX VENTURE:CMA)(OTCBB:CRMXF)(FRANKFURT:DFL) ("Cream" or the "Company")is pleased to announce the testing of a new zone at Nuevo Milenio.Drilling on Once Bocas South has returned positive initial assayresults. Once Bocas South is a separate, new zone, which is not includedin the resource calculation detailed on page three of this release. Itis one of four new zones that were drill tested during the 2011 drillprogram. Exploration drilling of Once Bocas South is one aspect of the20,292 metre diamond drill program completed in early October at the100% owned Nuevo Milenio Silver-Gold Project, Nayarit State, Mexico.Nuevo Milenio covers a low sulphidation, epithermal precious metalprospect containing silver-gold mineralization in quartz vein quartzstock work zones hosted within a collapsed caldera.
The Once Bocas South zone may be the displaced southern segment ofOnce Bocas North. Like Once Bocas North, it is a moderate to intenseargillic alteration zone that includes numerous quartz veins and quartzstock work. The zone had previously been identified as having anindicated width of 30 metres and an indicated strike length of 600metres. These dimensions are significantly larger than those of OnceBocas North as included in the December 2008 NI 43-101. Drilling hasincreased the width of Once Bocas South from 30 metres to 100 metres and230 metres of the 600 metre strike length has been drilled. It remainsopen to the SE. Drilling in four sections consisting of six holesdefined a strike length of 230 metres. The drill hole line was off-setdue to access problems however, the zone intercepted is more than is 100metres wide. It consists of two distinct segments of quartz veinsand/or quartz stock work. The upper segment is quartz veining showinggood mineralization; the lower segment is mainly quartz stock work ofvariable intensity. The Once Bocas South zone is open along strike tothe NW and the SE.
Nuevo Milenio contains a NI 43-101 compliant Inferred MineralResource of 54.6 million ounces silver equivalent at an average grade of251 g/t silver and 1.660 g/t gold. Prices employed at the time of thereport were USD$10.28 silver and USD$816.09 gold. For complete detailsof the Inferred Mineral Resource see Table - Revised NI 43-101 Report,dated December 24, 2008 on page three of this news release.
Results for four exploration drill holes on Once Bocas South are presented below.
HIGHLIGHTS OF THE DRILL RESULTS
Highlights include significant drill intersections (intersectionsare drill widths, true widths are 50% to 70% of drill intersected widthdepending on drill inclination).
OBS 1-11
148.15 g/t Ag and 1.290 g/t Au over 14.14 metres including 198.48g/t Ag and 1.769 g/t Au over 10.14 metres, and 208.82 g/t Ag and 2.045g/t Au over 8.32 metres, and 371.50 g/t Ag and 3.329 g/t Au over 5.12metres, and 515.27 g/t Ag and 5.106 g/t Au over 3.30 metres, and 1252.00g/t Ag and 12.65 g/t Au over 1.30 metres.
ASSAY RESULTS
OBS 01-11 intersected approximately 62 metres of quartz stock workand quartz veins showing electrum and acanthite. Below the mineralizedsection a breccia zone with an alteration halo around breccia fragmentsand alteration of the matrix carrying minor amounts of pyrite wasintersected. At this time the structure is thought to be a diatreme.None of the quartz veins or quartz stock work above cut the breccia asit was most likely formed by later stage hydrothermal events. If this iscorrect the mineralization may be a post quartz veining hydrothermalevent.
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Description Sample From To Width Ag Au
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OBS 01-11 Number Metres Metres Metres g/t g/t
-------------------------------------------------------------------------
Stock work 52875 37.00 39.00 2.00 32.10 0.218
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Stock work 52876 39.00 40.51 1.51 11.80 0.032
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Stock work 52877 40.51 42.02 1.51 18.40 0.057
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Qtz Vein, Au, AgS 52878 42.02 43.32 1.30 1252.00 12.65
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Stock work 52879 43.32 45.32 2.00 36.40 0.203
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Stock work 52880 45.32 46.32 1.00 2.40 0.014
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Vein structure 52881 46.32 47.14 0.82 243.00 0.618
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Stock work 52882 47.14 49.14 2.00 18.00 0.086
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Stock work 52883 49.14 51.14 2.00 23.40 0.062
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted Average 52875 - 83 37.00 51.14 14.14 148.15 1.290
-------------------------------------------------------------------------
including 52875 - 81 37.00 47.14 10.14 198.48 1.7694
-------------------------------------------------------------------------
including 52875 - 79 37.00 45.32 8.32 208.82 2.045
-------------------------------------------------------------------------
including 52878 - 81 42.02 47.14 5.12 371.50 3.329
-------------------------------------------------------------------------
including 52878 -79 42.02 45.32 3.30 515.27 5.106
-------------------------------------------------------------------------
including 52878 42.02 43.32 1.30 1252.00 12.65
-------------------------------------------------------------------------
Weighted Average 52881 - 83 46.32 51.14 4.82 58.52 0.167
-------------------------------------------------------------------------
including 52881 - 82 46.32 49.14 2.82 83.43 0.241
-------------------------------------------------------------------------
including 52881 46.32 47.14 0.82 243.00 0.618
-------------------------------------------------------------------------
-------------------------------------------------------------------------
OBS 02-11 is located in the same section but cut the diatreme belowthe mineralized quartz vein quartz stock work system. It shows the sametype of alteration halo of breccia fragments and alteration in thematrix. Several weak segments of quartz stock work were intersectedbelow and south west of the diatreme but no significant Au-Ag valueswere encountered.
OBS 03-11 is located 85 metres south of OBS 01-11. The area isdifficult to access during the rainy season. This drill hole tested theSW part of Once Bocas South. Multiple quartz veinlets over a 62 metresample width of stock work was cut, but only low Ag - Au values wereencountered. The drill location was too far south of the high grade zoneof OBS 01-11 to intersect it.
--------------------------------------------------------------
Description Sample From To Width Ag Au
--------------------------------------------------------------
OBS 03-11 Number Metres Metres Metres g/t g/t
--------------------------------------------------------------
Stock work 52980 52.72 54.75 2.03 16.60 0.096
--------------------------------------------------------------
Stock work 1502 107.15 109.15 2.00 11.60 0.037
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Stock work 1503 109.15 111.15 2.00 16.00 0.049
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quartz vein 1542 187.15 189.15 2.00 42.60 0.171
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quartz vein 1548 209.00 211.15 2.15 5.80 0.129
--------------------------------------------------------------
OBS 04-11 is located along the same section as OBS 4-11 but approximately 30 metres to the northeast.
The dip of the mineralization appears to be steeply to the NE.
--------------------------------------------------------------
Description Sample From To Width Ag Au
--------------------------------------------------------------
OBS 04-11 Number Metres Metres Metres g/t g/t
--------------------------------------------------------------
Stock work 1572 51.00 53.00 2.00 95.10 0.101
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Stock work 1588 82.00 84.00 2.00 13.80 0.218
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Stock work 1589 84.00 86.00 2.00 15.00 0.029
--------------------------------------------------------------
Quartz vein 1590 86.00 88.00 2.00 83.10 0.155
--------------------------------------------------------------
SUMMARY
Geological mapping and drill results to date on the Once Bocas Southzone have defined a quartz vein stock work zone in excess of 100 metreswide and 600 metres in strike length. Preliminary diamond drilling hastested 240 metres strike length of the zone. It is open along strike tothe NW and SE.
The Quartz stock work zones are dipping steeply to the north eastwithin the zone. This extended area of mineralization consists of lowergrade stock work zones containing higher grade quartz veins. Follow-updrilling is required to define the dimensions of the diatreme and toconfirm the strike length of Once Bocas South as being 600 metres.
Revised NI 43-101 Report, dated December 24, 2008 by F. Holcapek, P. Eng.
----------------------------------------------------------------------------
Width Ag Au Ag Au
Dos Hornos (U/G) m Tonnes g/t g/t oz oz
----------------------------------------------------------------------------
Dos Hornos
Segment 1 4.70 1,173,901.56 165.34 1.500 6,552,238.85 59,400.00
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Dos Hornos
Segment 2 4.06 746,528.32 201.95 1.770 4,847,215.70 42,390.25
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Veta Tomas 5.09 1,246,162.50 351.19 1.280 14,070,467.48 51,344.17
----------------------------------------------------------------------------
Once Bocas 2.42 1,921,162.50 252.59 1.920 15,602,012.74 118,347.79
----------------------------------------------------------------------------
Total 5,087,754.88 251.09 1.660 41,071,934.77 271,482.21
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RE: CMA.V and EXK has cash
Cork, ? am i on ignore ? lol, check EXK out, they made a lowball
offer about a year ago ...
Endeavour Silver Reports $8.9 Million Adjusted Earnings in Q3, 2011; Revenues Up 93%, Cash Costs Per Oz Down 18% Compared to ...
Date : 11/02/2011 @ 4:00PM
Source : MarketWire
Stock : Endeavour Silver Corp. (EXK)
Quote : 11.65 0.42 (3.74%) @ 1:00PM
Endeavour Silver Reports $8.9 Million Adjusted Earnings in Q3, 2011; Revenues Up 93%, Cash Costs Per Oz Down 18% Compared to ...
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Today : Thursday 3 November 2011
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Endeavour Silver Corp. (TSX:EDR)(NYSE:EXK)(FRANKFURT:EJD) announced today its financial and operating results and unaudited financial statements for the Third Quarter, 2011. Endeavour owns and operates two high-grade, underground, silver-gold mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.
The Company reported record adjusted earnings (a non-IFRS measure) of $8.9 million ($0.10 per share) in the Third Quarter, 2011. Net Earnings (an IFRS measure) were $3.1 million and operating cash-flow was $14.3 million from revenues totaling $38.8 million. Silver sales averaged $40.72 per ounce (oz) and the Company's cash cost of production was $5.03 per oz of silver net of gold credits in Q3, 2011.
Highlights of Third Quarter, 2011 (Compared to Q3, 2010)
-- Adjusted Earnings (non-IFRS measure) rose to $8.9 million ($0.10 per
share) compared to $4.8 million loss (see IFRS comment below)
-- Net Earnings increased to $3.1 million ($0.04 per share) compared to
$9.6 million loss
-- EBITDA gained 494% to $13.8 million ($0.16 per share) compared to a Loss
of $3.5 million.
-- Operating Cash-Flow jumped 191% to $14.3 million
-- Mine Operating Cash-Flow climbed 194% to $27.1 million
-- Revenues escalated 93% to $38.8 million
-- Silver production up 8% to 858,738 oz
-- Gold production up 7% to 4,926 oz
-- Silver equivalent production up 4% to 1.04 million oz (40:1 silver: gold
ratio, no base metals)
-- Realized silver price up 120% to $40.72 per oz sold, realized gold price
up 35% to $1,679 per oz sold
-- Precious metals held in inventory at quarter-end included 270,536 silver
oz and 2,420 gold oz
-- Cash costs fell 18% to $5.03 per oz silver produced (net of gold
RE: CMA.V that would be my guess, insiders still buying ...
Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Nov 02/11 Oct 28/11 Inwentash, Sheldon Control or Direction Common Shares 10 - Acquisition in the public market 500,000
.200
Oct 31/11 Oct 28/11 Pinetree Capital Ltd. Indirect Ownership Common Shares 10 - Acquisition in the public market 500,000
.200
Oct 31/11 Oct 26/11 Inwentash, Sheldon Control or Direction Common Shares 10 - Acquisition in the public market 100,500
.175
Oct 30/11 Oct 25/11 Inwentash, Sheldon Control or Direction Common Shares 10 - Acquisition in the public market 1,899,500
.160
Oct 28/11 Oct 26/11 Pinetree Capital Ltd. Indirect Ownership Common Shares 10 - Acquisition in the public market 100,500
.175
Oct 26/11 Oct 25/11 Pinetree Capital Ltd. Indirect Ownership Common Shares 10 - Acquisition in the public market 1,899,500
.160
Oct 04/11 Oct 04/11 Yap, Angela May Kway Direct Ownership Common Shares 10 - Acquisition in the public market 15,000
.145
CMA.V sumth'ins up here ... eom
CMA.V up 17% again, fwiw ...
insider buying
Looks like BOTH Sheldon and Pinetree were big buyers last week:
Oct 26/11 Pinetree Capital Ltd. Public market buy Common Shares 0.175 100,500
Oct 25/11 Inwentash, Sheldon Public market buy Common Shares 0.160 1,899,500
Oct 25/11 Pinetree Capital Ltd. Public market buy Common Shares 0.160 1,899,500
Bringing their indirect control of the company to pretty much 30% - 50 million shares:
Inwentash, Sheldon
Latest Filing Date: October 30, 2011
Control or Direction
Common Shares 22,399,500
Warrants 5,000,000
Pinetree Capital Ltd.
Latest Filing Date: October 28, 2011
Indirect Ownership
Common Shares 22,500,000
Warrants 5,000,000