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NEW: Gold City,Inc. (Nevada, not GC.V) in Ghana
Gold City, Inc. seems to be a privately-held company not traded on any stock exchange nor on the Pink Sheets. It is a Nevada corporation with the following address:
Patrick Anfinson, President
Gold City, Inc.
P.O. Box 1114
Winnemucca, Nevada, 89446, USA
telephone: +1 (530) 559-2920
Apparently this company has little or nothing to do with the publicly-traded Gold City Industries, Ltd. traded on the Toronto Venture Exchange as "GC" and on the Pink Sheets as "GCYIF".
The Nevadan Gold City company has a close relationship with Haber, Inc. (traded as "HABE" on the Pink Sheets) which developed an ecological way of processisng gold ore (it uses no cyanide, arsenic or mercury). The gold extraction chemicals are so non-toxic that Haber officers drink them in public demonstrations. Haber, Inc. owns a large piece of Gold City, Inc., and so do some senior Haber officers personally, according to Haber press releases.
As for Ghana, two of Haber, Inc.'s press releases in 2004 revealed that Gold City, Inc. had acquired gold properties or licences in Ghana, or control thereof, including one about 20 miles southwest of Obuasi. Gold City has/had "facilities" near Winnemucca, Nevada and in Wyoming, and mining permits in Nevada and southern Arizona. Haber, Inc. owns some adjoining properties. Gold City also has a gold exploration property at "Barber Canyon" in the Sierra District of Pershing County, Nevada, according to web sources.
Excerpts from two Haber, Inc. press releases:
BAYONNE, N.J.--(BUSINESS WIRE)--April 5, 2004 "... Gold City also reported acquiring control of a gold concession in Ghana that shows promising bulk-assay values. Gold City's president, Pat Anfinson, along with Haber's Ghanaian representative, has updated government officials on the status of Haber's small-scale artisanal mining efforts in that country. Anfinson is currently evaluating site locations for installation of the Haber HGP mobile unit, and Haber representatives are also preparing to meet with South African engineering concerns to evaluate their capabilities to assist in future work in Africa.
..."
BAYONNE, N.J. Feb. 23, 2004—Haber, Inc. (OTC: HABE) "... The company also announced it has signed a licensing agreement with its existing HGP licensee, Gold City, Inc., to use the process in mining operations in Ghana in West Africa.
The non-exclusive, expanded license to Gold City Inc. grants Haber a royalty of 8 percent net smelter return on all precious metals processed and 5 percent of all gold nuggets. The agreement requires Gold City to provide piloting support to Haber during the first 18 months of the agreement to facilitate HGP testing for prospective client Ghanaian mining companies and small-scale artisanal mining activities.
Added Conti, “The expanded Gold City license represents a significant opportunity for both companies in terms of projected revenues. In addition, Haber now gains the ability to conduct field tests in Ghana without a large capital outlay or the hiring of additional personnel. Gold City is already in Ghana with concentration equipment and has begun exploratory work on various prospective concessions located approximately 20 miles south and west of Obuasi.”
... "
Gold City, Inc. of Nevada has been added to the header (as a non-traded Ghana explorer, for now). As far as I've been able to find so far, it doesn't have its own company web-page.
FL
Birim (BGI.TO) new licenses unsettling to me
As a long term Birim stockholder, I have to wonder what Birim's new licenses in Ghana indicate. Birim had made a big bet on the enormous Bui concession. After several years Birim had found three or four prospective gold deposits far apart within the the Bui area, but it still hasn't explored much of Bui. Birim recently got new equity financing. Instead of further exploration of Bui, the focus seem to be shifting from the Bui area to the tried-and-true Yamfi-Sefwo trend (Bibiani-Sefwo tend).
Maybe this betokens a loss of Bui enthusiasm. Any comments?
FL
Australian W.Africa gold explorers doing poorly
I looked at charts of the West Africa gold explorer stocks (that I'm aware of) traded on the Australian Stock Exchange (ASX; see http://www.asx.com.au/ ). These are
Adamus Resources ADU
Australian United Gold AUL
Caspian Oil and Gas CIG
Equigold EQI
Investika IVK
Perseus Mining PRU
Resolute Mining RSG
Takoradi TKG
All have had serious price declines. The one Australian company operating in Ghana that's an exception is Red Back, which is doing pretty well due to its Chirano property, but Red Back now trades on the Toronto Stock Exchange as RBI.
A few of these Australian-traded explorers border on the absurd, with prices around or below one Australian penny per share and zillions of shares outstanding. Also, calling some of them "explorers" is a little loose since some just have residual or and/or dormant licenses or properties in West Africa. Others, like Adamus or Resolute, are serious and active gold explorers.
I haven't found that Australia's mining giant BHP Billiton still has any gold interests in West Africa.
FL
Nevsun (NSU.TO) Tabakoto, Mali, update
April 21, 2005
Nevsun Resources is pleased to confirm that the Tabakoto Mine construction program is targeted for a production start during third quarter 2005. The Company has been awaiting confirmation from MDM, the engineering contractor for Tabakoto, of the successful shipment of major capital goods and supplies from South Africa and from Europe before publishing this estimate. It is anticipated that following commissioning the production rate will be stepped up at Tabakoto to full capacity of 105,000 ounces of gold per year within 3 months of start-up.
The construction decision was made in May 2004 without any required bank finance or gold hedging.
Major shipments of engineering goods and fabricated construction material for Tabakoto commenced in March with the sailing of the Vessel Arjan on March 8th from Richards Bay in South Africa to Dakar (arrived Dakar on March 28th). A final vessel is being arranged by MDM. The Tabakoto ball mill, a Polysius mill fabricated by Krupp in Germany, arrived in Dakar from Europe on April 15th and will be carefully transported to site. Most of the equipment and supplies for the Tabakoto project are shipped to Mali via Dakar, Senegal and transported by road or rail through to Kayes in Western Mali, and then by road to Tabakoto.
The Company has reported, in its recently published AIF, that the current estimate for the combined pre-production and capital cost for the Tabakoto Mine is US$45m. This estimate represents additional costs of approximately US$5m, a reflection of increases in international steel costs, freight costs, and South African Rand/US$ exchange rates. The Tabakoto feasibility study provided an average annual production rate of 105,000 ounces of gold per year milling 650,000 tonnes per year of ore. The plant has been designed with some flexibility for future expansion opportunities including the over sizing of the crusher capacity at 1,200,000 tonnes of ore per year. Expansion for mining Nevsun’s neighboring Segala deposit will be evaluated during the first year of operations. If the Segala deposit is brought on line, production would increase by approximately 50% per annum. If developed later, Segala would extend production by four years. Other satellite deposits and underground potential at both Tabakoto and Segala could also result in increased ounces produced per year.
Pre-stripping at Tabakoto commenced December 2004 under a mining contract with BCM, a contract mining company based in Ghana, that operates throughout West Africa. Tabakoto site facilities are well advanced. Completion of electrical power generators and fuel farm installations are due in early June. Power will be supplied to the Tabakoto mine as an ‘across the fence’ power supply contract with Cummins Engineering. Fuel supply will be managed at site by Shell. All major supply contracts for the mine are in place and delivery of major stores inventories including reagents have commenced. The on-site assay laboratory service will be managed by Abilab, who run their main assay facilities in Bamako.
Nevsun’s operations in Mali are managed jointly by Denis Gregoire (General Manager, Tabakoto Mine) on site and by Pierre Matte (Manager Administration and Finance), who is based in Bamako. The Mine Manager, Jan Jansen, joined the team at Tabakoto in September 2004. Recruitment is in progress for various other site management and production staff.
Bringing Tabakoto into production is a key step in transitioning Nevsun from an explorer to a mine developer. Nevsun’s strategy is to continue building and developing production operations centered on its exploration successes in order to fully return value to shareholders.
As previously reported, Nevsun has engaged AMEC, an international engineering company, to conduct the feasibility study for its Bisha high-grade gold/copper/zinc project in Eritrea. Bisha is currently anticipated to be in production during 2008. The metallurgical core work is currently being evaluated at SGS Lakefield. The Company intends to further strengthen its management team in preparation for developing the Bisha project.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could case such differences include: changes in world commodities markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding positive indications of development of the Tabakoto Gold Project and Bisha Project. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
NEVSUN RESOURCES LTD.
“John A. Clarke”
Dr. John A. Clarke
President & Chief Executive Officer
Nsu05-13 .doc
For further information, Contact:
Maureen Carse
(604) 623-4700 or 1-888-600-2200
e-mail: nevsuninfo@nevsun.com
Website: www.nevsun.com
Mali helps boost gold-miner's reserves base (Randgold Res.)
Mining Weekly - April 22, 2005
London- and Nasdaq-listed gold-miner Randgold Resources said this week that increases in its attributable resources and reserves were largely due to progress at its Mali operations.
In a speech to the European Gold Forum, in Zurich, CEO Dr Mark Bristow said that the company’s attributable resources had grown some two-million ounces between December 2003 and December 2004 to 10,02-million ounces, while attributable reserves increased slightly to 2,51-million ounces during the same period.
The company’s Loulo project was the main contributor to the growth, where deep drilling of the Yalea orebody had increased total measured, indicated and inferred resources to 5,2-million ounces.
Total resources at Loulo currently stood at eight-million ounces, and the adjacent opencast mine was scheduled to start producing in July.
At the company’s Morila joint venture, also in Mali, Bristow said that drilling of the MSZ extension to the main orebody enabled partial replacement of the resources depleted by last year’s mining operation, and that further drilling was planned to convert the additional resources into reserves.
More Gold Coast (GSRS): capitalization? Akoon/Tarkwa
I couldn't find information on the web about the market capitalization or total number of shares issued and outstanding of Gold Coast Resources, Inc. (traded as GSRS on the Pink Sheets).
When I looked yesterday, neither http://www.pinksheets.com , http://www.bigcharts.com nor http://www.yahoo.com had these figures, nor the company's own web-page http://www.goldcoastresources.com/ (at least not that I could find easily). So I called the company's investor information number (702) 493-5495 and asked the person at the other end; he was busy traveling, but from his memory he said that the total GSRS shares are about 47 million and the float is about 1.7 million. (There was a December 2003 1-for-3 reverse split; the prior corporate name was AGRT "Aggregate, Inc.", I believe.) I didn't ask his name, as he was in a hurry. I also didn't ask whether those share figures were "on a fully diluted basis" or not (i.e., including all outstanding options, warrants, contingencies, etc.).
During 2004, the rarely-traded GSRS shares are reported on the Pinksheets web-site to have fallen from about US$1.30 per share to US$0.06. Then recently during 2005 they are reported as having risen (quintupled) to US$0.30 as of now -- again on infrequent trades, and low dollar volume.
So, it seems initially that, in theory, 47,000,000sh. * US$0.30 = US$14,100,000 market capitalization today (up from US$2,820,000 in January 2005, IF these share figures didn't change during 2005 and are right).
Anyone seriously interested should find out the facts more reliably than I have.
(Some "dilution delight" companies, especially shells changing names, might consider doing 1-for-30 reverse splits rather than 1-for-3.)
According to the GSRS company web-page: Along with several exploration tracts, their main property is a flooded, underground, former-big-producer gold mine closed years ago, called Akoon or "Tarkwa (Akoon)". With the gold price being higher now, the stated plan is to remove the water and resume underground mining.
This might be the same underground Akoon shaft at Tarkwa that Goldfields closed and flooded amid violent controversy when it shifted to open-pit in the 1990's; the underground mineworkers didn't want it closed and flooded. Shots were fired. Google now shows the GSRS boss Joseph K. Annan in Ghana as having attended a mine "dewatering" meeting. Eight months is mentioned as an estimated time needed for dewatering the Akoon mine.
Because of the proposed Akoon mine reopening, Gold Coast Resources Inc.'s stated plan is a bit different from those of the regular gold explorers.
FL
NEW: Gold Coast (Pinksheets:GSRS). How'd we miss this?
LAS VEGAS--(BUSINESS WIRE)--April 12, 2005--Gold Coast Resources, Inc. (Pink Sheets:GSRS) Management announced the acquisition of six additional minerals properties in the mineralized and gold belts of Ghana, West Africa.
The acquisition includes: The Ahanta concession in the central
part of the Ashanti Gold Belt covers around 32 sq. km. The Botodwina concession along the eastern margin of the Ashanti Gold Belt covers approximately 83 sq. km. The Edwenase concession, located between the Winnaba Mineralized Belt and the Ashanti Belt. The Jejeti concession covers approximately 108 sq. km. within the Kibi Gold Belt (the eastern-most of the major mineralized belts in Ghana). The Jurugum concession covers approximately 25 sq. km. within the Axim-Prestea-Ashanti Gold Belt. The Yankomase Concession is located along to the west of the Winneba Mineralized Belt. Joseph Kingsley Annan, President and CEO stated, "These properties were selected to enhance the Company's reserve and exploration inventories and to broaden joint venture and funding options."
The Company also controls the Akoon mine located at the north end of the town of Tarkwa, in the Western Region of Ghana. Historically, the Akoon mine has produced approximately 140 tons of gold (over 4.4 million ounces).
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the lead-in "Looking Forward." These statements are not guarantees of future performance and involve significant risks and uncertainties. Actual results may vary materially from those in the forward-looking statements as a result of the effectiveness of management's strategies and decisions, general economic and business conditions, new or modified statutory or regulatory requirements, and changing price and market conditions. No assurance can be given that these are all the factors that could cause actual results to vary materially from the forward-looking statement.
More details about the Company and the acquisition properties may be found at: www.goldcoastresources.com.
--30--BRM/se*
CONTACT: Gold Coast Resources, Inc.
Joseph Kingsley Annan, 702-493-5495
reap1@cox.net
KEYWORD: NEVADA INTERNATIONAL AFRICA/MIDDLE EAST
INDUSTRY KEYWORD: MINING/METALS
SOURCE: Gold Coast Resources, Inc.
Copyright Business Wire 2005
While others declined in April, Red Back(RBI.TO) rose.
"The New Robex" Confirmation of Richard Savard as President and Chief Executive Officer on Full Time Basis
04/05/2005
Montréal - Ressources Robex Inc (TSX-V: RBX), a Canadian gold exploration and development company, announced in a Press Release of January 24th, 2005 that Robex Resources Inc.(RBX;TSXV) had appointed Mr. Richard Savard to the position of President and Chief Executive Officer. Having recently retired he had agreed at that time to serve in those capacities on a limited basis and only until an appropriate successor CEO could be located. The Board of Directors is pleased to confirm that Mr. Savard has now agreed, and the Board has formally confirmed, that he will occupy these positions on a permanent basis.
Since 1974, Mr. Savard has spent more than 12 years working in Mali managing geological and mining exploration projects. From 1996 to 1998 Mr. Savard was based in Bamako, Mali where he was the Manager for West Africa of Barrick Gold Corporation and GeoSciences International. He was responsible for the technical management of seven exploration projects for gold in Mali, Niger and Senegal and was involved in project development in Mali, Niger, Senegal, and Morocco. His staff included some 20 Canadian Geologists and technicians, 30 national Geologists and technicians, and hundreds of support staff.
In his first two months with Robex Mr. Savard has been working diligently with a mandate from the Board of Directors to create and shape "The New Robex" and to that end he has been responsible thus far for acquiring five highly-prospective new gold properties (now bringing to ten the total number of gold exploration properties in Mali), establishing an office and a permanent presence for Robex in Mali, and he is currently assembling a team of Geologists and technical personnel oriented toward the discovery of major gold deposits in Mali. One such Geologist is Phillipe Biron who resides in Mali and who, like Mr. Savard, has several years of experience in Mali with Barrick and GSI, but in addition has a working geological familiarity with each of the new Mininko, Kamasso, and Sanoula properties recently acquired by Robex.
Messrs Savard and Biron have been allotted 150,000 and 50,000 stock options respectively, at 0,35$, exercisable over a period of five years.
Mr. Savard will be working in Mali over the next few weeks with the Company's existing geologists with a view to establishing and assigning immediate exploration priorities for the Company's several gold properties.
This Press Release and the within disclosure have been reviewed by one of our Qualified Persons, Richard Savard, Geologist, President and CEO of Robex Resources Inc.
These agreements are subject to the Approval of Regulatory Authorities.
Robex Resources Inc (TSX-V: RBX), a Canadian gold exploration and development company, has recently adopted the mission of transforming itself into one of the pre-eminent gold exploration companies working in Mali, West Africa, by establishing a permanent presence in Mali, identifying and acquiring properties which boast favourable geology and high potential for the discovery of major gold deposits, building an exploration team of consummate exploration professionals, and aggressively exploring several properties simultaneously on a continuous basis with state-of-the-art exploration programs.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard Savard"
Richard Savard, geologist, President and CEO
Richard Savard, Geologist and Rodney Blakestad, CPG, JD serve the Board of Directors of the Company as internal technically Qualified Persons (as defined by National Instrument 43-101). The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Richard Savard, President and CEO, Montreal (514) 626-2124, ric.savard@videotron.ca
Stewart Robertson - Vice-president - Trenton, Ontario (613) 392-2646, stewrob@sympatico.ca
André Vézina - V.P. Business development - Québec (418) 670-1422, nilyfe@globetrotter.net
Marcel Bédard - President - email - marcelbedard@sympatico.ca
African Gold PLC (not AGG.V) Ghana expects 950Koz
African Gold upbeat on Ghana mining
Wednesday, April 06 15:44:10
(BizWorld)
Exploration company African Gold said it is confident that gold resources from the Konongo mining licence in Ghana will exceed initial estimates of more than 950,000 ounces.
The company said it now has two potential mines on the Konongo licence. It also said results were encouraging from the Banka mining licence, about 50 kms to the south of Konongo, and that a 40-hole drilling programme covering 2,500 metres will start shortly.
"We are delighted with these results," said co-chairman Oliver Baring. "The initial results at Banka are particularly encouraging as they indicate that the licence may host a new significant gold resource," he added.
Afcan drilling (non-gold) at Mt. Kakoulima, Guinea
AFCAN Mining Corporation AFK - TSX
FOR IMMEDIATE RELEASE
DRILLING TO START ON MT KAKOULIMA, GUINEA
Toronto: April 7, 2005: AFCAN is pleased to announce that a geological team was mobilized on March 20, 2005 to the Mt. Kakoulima project in Guinea, West Africa in preparation for a planned 5,000 metres drill programme to explore favourable Ni-Cu-PGE targets along the basal contact of the Kaloum Igneous Complex (KIC).
The Project is held by FNX Afcan Guinée S.A.R.L. (FNX Afcan), a Guinea company which is 100% owned by Afcan Mining Corporation. On February 4th, 2004, Afcan signed an Option Agreement with FNX Mining Company Inc. (FNX – TSX & AMEX) on the Mt. Kakoulima Ni-Cu-Co-PGE exploration project in Guinea, West Africa entitling FNX to earn a 100% interest in the project, subject to a 3% NSR to Afcan. To earn its interest, FNX is required to spend US$2.4 million on exploration over a five year period and produce a feasibility study or expend a further US$2.0 million on exploration. Maple Minerals Corp. (MPM - TSXV) in turn entered into an agreement with FNX to acquire 50% of FNX’s interest in the project by funding the initial US$2.4 million of exploration. To date, Maple has provided FNX with US$1.4 million in exploration funds. Reference is made to Maple’s press release of February 10, 2004 for a description of Maple’s option to earn a 50% interest in the Mt. Kakoulima project. The project area covers approximately 2 5.5 km2 and is located 30 km from Conakry, the capital of Guinea. FNX is the operator of the project.
The focus will be to follow up on the disseminated sulphides intersected during the autumn 2004, phase 2 drill program, further define the geometry of the KIC basal contact and locate possible massive Ni-Cu-PGE sulphide traps. Drilling is expected to commence on April 7, 2005 and will be conducted again by Boart-Longyear. A geophysicist from Crone Geophysics will be on site for the duration of the drill program to conduct downhole geophysical surveys as each borehole is completed. FNX plans, co-ordinates and supervises the exploration program.
The KIC is approximately 60 km long, of which the property licence covers 30 km of the contact on the north and south margins. Phases 1 and 2 of the exploration program were successful in defining and confirming the initial concept that the basal contact of the KIC dips into the centre of the intrusion with variable steepness. This is interpreted as a feature favourable for the concentration of sulphides. Other features consistent with productive Ni-Cu-PGE sulphide-bearing mafic-ultramafic intrusions are the local occurrence of disseminated sulphides hosted within basal breccias that contain evidence of wall-rock contamination of the intrusion.
Drilling in Phase 3 will begin on the south side of the KIC contact (South Grid) to further define in three dimensions a large, 5 km wide mapped embayment-like feature. Depending on results, the second half of the phase 3 program is planned for the north side of the KIC contact (North Grid) to explore favourable geometric targets along the basal contact and to follow-up on disseminated sulphides intersected during the Phase 2 drill campaign. North Grid diamond drill holes AF0007 to AF0012 intersected disseminated sulphide mineralization at the base of the intrusion over a 1.6 km strike length. Reference is made to Maple’s press release of February 14, 2005 for assay results for the first 11 drill holes.
Catharine Farrow, PhD, PGeo (Chief Geologist, FNX) is acting as the Qualified Person for the Mt. Kakoulima project.
AFCAN is an emerging gold producer in China and owns 85% of the TJS Project at Tanjianshan in Qinghai Province. A Bankable Feasibility Study has been completed on the TJS Project, detailed design has commenced with construction starting shortly. There are an additional 23 anomalies on the licence area of 341 km2 that are being explored. Afcan growth is focused on exploration and development of its advanced projects.
For further information please contact: David G Netherway, President-CEO Ph: +1 (416) 360 3404 or
Benoit La Salle, Chairman, Ph: +1 (514) 744-4408 or email: info@afcan-mining.com
Website : http://www.afcan-mining.com
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Yes, I've kept the faith (in Birim). I'm what they call the "strong hands," I guess, when they talk about a stock being in weak hands/strong hands. I have some of each of the three favorites I mentioned (Birim, Orezone and Semafo, as well as various others.) I haven't bought any Jilbey (yet). Cassidy has tested my faith sorely a few times.....
(By the way, I consider that real move in gold will be when it rises against the euro and the U.S. dollar (both). A lot of the recent apparent gold-price fluctuations have been mere dollar fluctuations against everything else.)
FL
What's the matter with Birim? Today's price decline is atrocious. Birim stock (BGI.TO) has been meandering down for about a year on modest volume and today on low volume it plummeted to C$0.35 (so far).
Birim, along with Orezone, is my FAVORITE West African gold explorer (Semafo's my favorite producer) now. Birim's Bui property (huge, at 7,000 sq km possibly one of the largest in West Africa outside Mauritania) is it own gold belt --- a minature Yamfi Sefwo or Ashanti. Birim has only seen a tiny amount of it so far, and already they've found at least three independent gold fields. The local galimseys keep finding new gold there too.
For ongoing operations, Birim has money, from placements as well as a royalty income stream from their earlier success at Dunkwa/Mampon.
The remote Bui property is the type of place where a bonanza/golconda/eldorado find is possible. (I've wandered around the back-country area there as tourist -- not as a geologist. I visited the Bui hippopotami.)
So according to me, Birim stock "should" have been fluctuating upwards (not down) all this time, and it "should" be over C$1.50 per share pending the next announced goldfield discovery.
Maybe it's lack of hype. Birim management seems to be competent gold explorers, not perpetual stock promoters. But all this languishing is too much.
FL
NEW: First Quantum (FM.TO, FQM LondonAIM) in Mauritania
First Quantum Minerals' annual report inludes this:
"Guelb Moghrein Copper-Gold Deposit, Mauritania (80%)
During the second quarter of 2004, First Quantum announced the purchase an 80% interest in the Guelb Moghrein copper - gold project in Mauritania. As at November 1, 2004, all agreements applying to the acquisition had been finalized.
The Guelb Moghrein copper-gold deposit is located 250 kilometres northeast of the nation's capital, Nouakchott, near the town of Akjoujt, and is accessible by paved highway. It consists of an open pit mineable, copper/gold deposit containing a measured and indicated resource of 23.7 million tonnes grading 1.88% total copper and 1.41 gram per tonne gold, as estimated by Kilborn-SNC Lavalin Europe Limited, for a previous owner.
This resource was estimated in accordance with the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves, July 1998, and hence is believed to have been done to the industry standards then pertaining. The resource, which First Quantum considers relevant, has not been verified by a Qualified Person for First Quantum as required by National Instrument 43-101. First Quantum is not treating the resource as a National Instrument 43-101 defined resource and therefore it should not be relied upon. First Quantum intends to establish a new resource under National Instrument 43-101 guidelines in due course.
First Quantum intends to develop Guelb Moghrein with production expected by the fourth quarter of 2005. Production will be initially targeted at approximately 30,000 tonnes of copper and 50,000 ounces of gold per year in the form of a copper-gold concentrate which will be trucked to the port of Nouakchott and exported to International smelters.
...
At Guelb Moghrein, in Mauritania, MDM Processing, an Australian engineering company, has completed a Project Engineering Report (PER). The results of the PER will be published in the second quarter of 2005. The contracts for the plant engineering and construction have been awarded. Construction activities are underway. Guelb Moghrein is expected to be financed through a combination of cash on hand, project debt and end user/supplier finance. An exploration drill program of approximately 5,000 metres is underway on selected high priorities targets within the 10,000 square kilometer Guelb Moghrein exploration tenement."
...
REMOVING: Great West Gold (GWGO); out of Mali
This is a massive stock dilution story -- Great West Gold Inc. (GWGO), formerly West African Gold (WAGI), has/had properties in Mali, and now in Arizona. The shares are now trading at US$0.0013 per share. The northern Malian property actually looked interesting if the reports were accurate. See http://www.greatwestgold.com/project_1.htm
However, Great West Gold now has the following statement on its web-page http://www.greatwestgold.com :
"The Company has with immediate effect terminated its involvement in the five Malian Mining Projects in order to focus on its Gold Projects in Arizona, USA. This web site is currently being redesigned to reflect these changes to the Company's business.
Great West Gold, Inc. is a Gold Exploration and Development Company with lesser interests in Base Metals, Nickel and Copper and is primarily focussed in Arizona, USA at this time.
The two Arizona Gold Projects are currently being evaluated at this time with plans for extensive exploration and possible production for late 2005 Great West Gold, Inc. is capitalized at circa US$12 million at this time."
So this company is being removed from the header of this board.
I'm curious as to who, if anyone, is going to pursue those northern Malian properties now.
FL
Haber Gold Process in Ghana (for producers/galimseys)
[Note: This eco-friendly gold extraction process is not only for commercial gold miners, but is also being marketed to the the local artisanal miners or "galimseys" in Ghana, also called "orpailleurs" in Guinea, Mali, and other francophone countries. They currently rely on mercury-based extraction. FL]
================
Haber Successfully Demonstrates its Environmentally Friendly Haber Gold Extraction and Recovery Systems in Ghana and Announces Development of An Electronic Waste Metals Recovery System
BAYONNE, N.J.--(BUSINESS WIRE)--Feb. 16, 2005--Haber, Inc. (OTC: HABE - News), a New Jersey-based, high technology process development company with proprietary technologies in extractive metallurgy and electrochemical separations, reported today on the following developments within its operating divisions:
MINERALS DIVISION:
Haber, at the invitation of the Council for Scientific and Industrial Research and Kwame Nkrumah University of Science and Technology, conducted a gold extraction and recovery demonstration on Ghanaian alluvial gold ore at the University in Kumasi, Ghana, on Feb. 7, 2005. The demonstration utilized the environmentally friendly Haber Gold Process (HGP) and Haber Recovery Process (HRP and was conducted by academics and students of the university and Haber personnel. The initial test results proved the efficacy of the HGP process for extraction and the Haber Recovery Process (HRP) for recovery. In addition, the environmental friendliness of the chemicals used in the test was clearly demonstrated when Albert Conti, President of Haber Inc., drank all the chemicals that were used in the extraction and the recovery of the gold. Haber Inc. is now awaiting formal certification of the Haber technology.
The problem of mercury pollution has reached epidemic proportions in artisanal mining worldwide and there is international interest in environmentally sound solutions offered to address the problem.
Conti stated, "We were pleased to have had this opportunity to perform the demonstration in Ghana with Ghanaian alluvial ore and prove that the technology works. This demonstration was important in order to qualify HGP and HRP for use in the Strategic Abatement of Mercury and Poverty (STAMP) program, which is designed to eliminate the use of mercury in Ghana."
EMERGING TECHNOLOGY DIVISION:
Haber's Emerging Technology Division announced the development of an electronic waste metals recovery system, developed by Norman Haber, that can extract gold, silver and copper at efficiencies greater than 99 percent in less than three hours, and can produce compounds of greater value than the base metals themselves. The process is environmentally friendly and the necessary equipment requires only modest capital to manufacture. The results of Haber's work processing scrap materials containing precious and industrial metals have exceeded expectations. Haber will be establishing an Industrial Metals Reclamation Division within its Emerging Technologies Division, which will be responsible for all work in this area and will continue to expand the system's capabilities.
Conti said, "I believe we have developed an economical, fast and environmentally safe process to reclaim the industrial metals found throughout the world today in electronic scrap. We are evaluating the numerous options available in this field."
EMP DIVISION:
The company also announced that it has filed a patent for its Capillary Micro-Preparative Device (CMP) based on Haber's EMP Technology.
The CMP unit, designed and developed by Haber CEO Norman Haber, can be used to recover, generally within a few seconds, molecules separated using Haber's EMP 15D/A instrument. This breakthrough instrument is based on the company's proprietary Electromolecular Propulsion (EMP) technology - an electrochemical process that enables the electrically controlled movement or positioning of a variety of different molecules.
The CMP device allows an operator to easily and conveniently transport separations to other sites or instruments for further analysis and can be adapted to the front-end of a mass spectrometer, the primary instrument used in proteomics research and structural analysis of complex molecules.
Haber, Inc. is the world leader in the emerging field of Electromolecular Propulsion (EMP) technology, which is distinguished from the analytic techniques of electrophoresis and chromatography by its greater scope of applicability and higher speed. It is based on an electrochemical process that affects the differential movement and analytic separation of a wide variety of molecules. EMP offers important operational advantages over existing analytical techniques, including:
About the Company
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.
--------------------------------------------------------------
Contact:
Haber, Inc.
Peter R. D'Angelo, 781-643-2727
--------------------------------------------------------------
Source: Haber, Inc.
I agree on Jilbey, but one little thing bothers me. How tied are they to the success of High River Gold? High River has adjoining property and a stake in Jilbey, and is presumably going to do the ore processing and infrastructure support for Jilbey. When I look at High River's web page, I keep noticing the phrase "Focus on Russia" -- referring to High River's Russian gold activities. "Focus on Russia" sounds to me like "Focus Not on Burkina Faso" which makes me wonder how dedicated High River is to prioritizing its Burkina Faso development. If Burkina Faso is slipping in High River's priorities, this might bog down success at Jilbey.
Jilbey's recent gold ore intersections looked very good, and I'm contemplating buying on any big dip. But the High River dependence seems possibly problematic. Could Jilbey thrive if High River doesn't?
FL
T.Fool, what's your assessment of Jilbey now? eom
Yeah, I can't figure out how hedged Semafo is (including that Samira Hill production in Niger). To get in on Samira in Niger, I bought some Semafo instead of Etruscan over a year ago and I'm glad I made that choice. Also, Samira aside, I like gold production in Guinea better than diamond production in South Africa.
(Waiting patiently for Euro650/oz gold ...)
FL
Goldcrest Confirms Higher Copper-Gold Grades at the Malba Project in Burkina Faso
Re-Assaying Yields Intercepts Including: 120 meters grading 0.79% Copper and 0.27 grams per tonne Gold, and 60 meters grading 1.14% Copper and 0.45 grams per tonne Gold
March 21, 2004 Goldcrest Resources Ltd. (“Goldcrest”), (GCL-TSX.V) is pleased ...
... [for the rest, see: http://www.goldcrestresources.com/files/GCLPR210305FinalDraft.pdf ]
Semafo (SMF.TO) 2004 Financial results
Montreal, Quebec, March 21, 2005. - SEMAFO (TSX – SMF) is pleased to report its operating results for the year ended December 31, 2004. All amounts referenced are in US dollars except as otherwise stated.
Highlights
* Successful start-up of the Samira Hill mine.
* Record gold production of 62,570 ounces.
* 59,740 ounces sold at an average price of $347 per ounce and at a total cash cost of $278 per ounce.
* More than 25% increase in m illing capacity at the Kiniero mine.
* Achievement of successful exploration programs and discovery of new mineral zones leading to the increase of
Kiniero’s mineral reserves to a total of 260,900 ounces as at December 31, 2004.
* Finalization and filing of the internal feasibility study of the Mana project.
* Successful delineation program on the resources and reserves of the Mana project.
* Proven and probable mineral reserves of 1,395,300 ounces of gold.
* Mineral resources of 2,606,400 ounces of gold.
Results for the year-ended December 31, 2004
For the year-ended December 31, 2004, Semafo presents a net loss of $4,940,141 or $0.05 per share compared to a net loss of $8,193,486 or $0.11 per share for the year-ended December 31, 2003. This variation is mainly due to a gain on disposal of investment in subsidiaries of $7,323,267 offset by a write-down of short-term investments of $2,819,423 and by a $1,648,119 increase of the unrealized loss on deferred forward contracts.
Gold sales for the year 2004 totalled $20,766,264 compared to $15,040,301 in 2003. In 2004, we sold 59,740 ounces of gold at an average price of $347 per ounce compared to the sale of 46,588 ounces of gold at an average price of $323 per ounce in 2003. This increase in sales is due to the start-up of the Samira Hill mine in October 2004 and to the increase of the gold price.
Operating expenses for the year-ended December 31, 2004, totalled $17,148,331 compared to $12,039,303 for the year 2003. These operating expenses represent the production cos ts of 59,740 ounces of gold at a total cash cost of $278 per ounce in 2004, compared to the production of 46,588 ounces of gold at a total cash cost of $255 per ounce for 2003.
Operations
Kiniero
In 2004, we sold 40,602 ounces of gold at an average price of $337 per ounce compared to 46,588 ounces at an average price of $323 in 2003. We sold 15,697 ounces of gold at the average market price of $403 per ounce and 24,905 ounces of gold in 2004, according to our forward sales contracts, at an average price of $295 per ounce. In 2003, we had sold 19,164 ounces of gold at an average market price of $345 per ounce and 27,424 ounces of gold, according to our forward sales contracts, at an average price of $308 per ounce.
During the year 2004, we processed 411,948 tonnes of ore at our Kiniero mine, at an average grade of 3.36 g/t compared to 437,627 tonnes of ore at an average grade of 3.71 g/t last year. This 7% decrease in processed tonnage is explained by the shut-down of the mill for more than a month following mechanical problems with the shaft of the ball mill. During the fourth quarter of 2004, only 41,478 tonnes of ore were processed at Kiniero compared to 113,467 tonnes during the same period last year. The downtime period in the fourth quarter of 2004 was used to maximize the maintenance of the plant, to proceed with the
necessary repairs and to assure the commissioning of the second ball mill which is now in full operation. The plant
improvement will now allow us to process more than 50,000 tonnes of oxide ore per month, hence an increase in total
capacity of more than 25%.
At Kiniero, in 2004, we produced 41,049 ounces of gold at a cash operating cost of $283 per ounce compared to a production of 46,728 ounces at a cash operating cost of $232 per ounce in 2003. The 18% increase in cash operating cost is explained by a lower level of production, the processing of lower-grade ore and the increased price of fuel.
At Kiniero, operating expenses totalled $12,842,099 in 2004 compared to $12,039,303 in 2003. It represents the production costs of 40,602 ounces in 2004, at a total cash cost of $305 per ounce compared to the production of 46,588 ounces in 2003 at a total cash cost of $255 per ounce. This increase in the production cost is mainly explained by the low production level during the fourth quarter of 2004 and by the increased price of fuel.
For the year 2004, operating activities, before net changes in non-cash working capital items, generated a positive cash flow of $56,844.
For 2005, our gold production target for Kiniero is 60,000 ounces of gold. We foresee the processing of 600,000 tonnes of ore at an average grade of 3.4 g/t, for 2005.
Samira Hill
Commercial production at Samira Hill started October 1, 2004. In 2004, we sold 19,138 ounces of gold at an average price of $370 per ounce. Those sales were all delivered according to our forward sales contracts.
We processed at Samira Hill, a total of 398,411 tonnes of ore at an average grade of 2.03 g/t during the year-ended December 31, 2004. The recovery rate for 2004 is 89%.
During the three-month period of operation in 2004, we produced 21,521 ounces of gold at a cash operating cost of $192 per ounce. We must add to that production, the 4,234 ounces of gold in the circuit at the year-end and the 485 ounces produced in September during the pre-production phase.
At Samira Hill, in 2004, operating expenses totalled $4,306,232 representing the production cost of 19,138 ounces of gold at a total cash cost of $225 per ounce.
For 2005, our gold production target for Samira Hill is 120,000 ounces of gold. We foresee the processing of a total of 1,875,000 tonnes of ore at an average grade of 2.2 g/t.
Audited consolidated financial statements and the Management’s discussion and analysis for the year-ended December 31, 2004 are available on the Semafo website at www.semafo.com. and on the SEDAR website at www.SEDAR.com.
<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.
The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol “SMF”.
Semafo Inc. is a mining company whose mission is to explore
and develop gold and base metal deposits in West Africa.
For more information contact:
MONTREAL:
Benoit La Salle,
Chief Executive Officer and Chairman of the Board
Tel: (514) 744-4408
Fax: (514) 744-2291
E-mail: blasalle@semafo.com
Niger gold project's costs fall as output rises
Creamer media's MINING WEKLY -- 23 March 2005
Diversified Canadian junior miner Etruscan Resources announced last week that Samira Hill Gold Mine, in Niger, which was inaugurated on October 5, 2004, produced 21 521 oz during the last quarter of 2004, in addition to 4 234 oz of gold in the circuit at the end of December, 2004.
The mine's gold sales for the period totalled $7 076 691, with Samira selling a total of 19 138 oz at an average price of $370/oz, delivered against forward sales contracts.
The production cash cost at the Samira Mine for the last quarter of 2004 was $192 on produced oz and $200 on sold oz, the company said. The total cash cost of the operation was $225 for the last quarter of 2004.
“The reduction in cost is mainly attributable to a high percentage of throughputs of oxide ore at an average grade of 2,03 g/t as compared to the initial feasibility estimates. In addition, the plant operation witnessed a considerable reduction in cost associated to significantly less consumables (cyanide, lime, and peroxide) than called for in the feasibility study,” Etruscan said.
The Samira Hill Gold Mine is scheduled to produce 618 000 oz of gold in its 6,3 years of operation and is owned 40% by Etruscan, 40% by Semafo, and 20% by the State of Niger.
The Samira Hill Gold Mine is the first of three known deposits which Etruscan is bringing to production. The second deposit to be developed by Etruscan is the Youga Mine located in Burkina Faso and the third deposit is the 1,1-million oz Agbaou deposit located in Ivory Coast.
NEW: Centurion Gold (CGHI,OTC-BB) now in Gabon/Mali
(Centurion Gold Holdings, Inc. This was once the shell company: Golf Products Technology, Inc. The stock CGHI did poorly in the last year.)
Company web-page: http://www.centuriongold.com/
The Company has four South African mines: the Omaruru Gold Mine, the Primrose Gold Mine; the Sellies Mine and a chrome bearing operation. CGHI is the only small South African gold firm that is publicly traded in the U.S.
"... The project in Mali is located in a well known and well documented region close to Lula Gold, with a total of 1.5 million ounces of gold resource. The second, a well advanced project in Gabon, which is covered by licenses in a government-to-government contract, totals 600,000 ounces of gold. The third project in Angola contains approximately 500,000 ounces gold.” 15 Mar 2005 Press Release.
Address:
Centurion Gold Holdings
12 Main Reef Road
Primrose, Johannesburg
South Africa
Telephone: 011-27-11-873-5315
Fax: 011-27-11-507-6077
MINING WEEKLY ARTICLE:
"SA miner closes acquisition in Gabon"
Johannesburg-based junior miner Centurion Gold Holdings this week announced a definitive offer and closing of the properties of Avalanche Resources in Gabon, West Africa.
The Avalanche mines comprise of three properties and the first to finalise following last week's signing of a memorandum of understanding between Centurion Gold and Rovagold, whereby Centurion will acquire approximately 500 000 oz of platinum and 7,6-million oz of gold resources.
Centurion acquired these properties in an all-stock transaction for 600 000 oz of proven gold resource, valued at $264-million based on current gold prices, at an acquisition price of $1,50 am ounce.
“The equity acquisition of these properties emphasises our mission to identify and acquire undervalued ore-bearing properties in Africa a region well known to management, while maximising shareholder value,” Dale Paul, chief executive officer of Centurion Gold, said.
“The three properties are JORC compliant, which is based on the Australian method of verifying reserves, similar to the South African Samrec compliant codes, and are recognised under a government-to-government agreement between Gabon and South Africa and a contract with Avalanche. We are pleased with the expedience of the due diligence of these properties, which has revealed 600 000 oz of proven gold reserves to date.”
He added that Centurion Gold will continue to prove reserves, as early indications reflect up to 1,5-million ounces of inferred gold resource at the combined mines.
NEW: Keegan Resources (KGN.V) now in Ghana
Keegan Resources http://www.keeganresources.com/s/home.asp has been added to this board's header, because of the following announcement today:
Fri Mar 11, 2005
Keegan Announces Acquisition of Asumura Gold Project, West Ghana
PRESS RELEASE TSX-V: KGN
Keegan Resources Inc. is pleased to announce that it has entered into an option agreement with GTE Ventures ("GTE"), a privately held Ghanaian Company, whereby Keegan may, subject to regulatory approval, acquire 100% of the Asumura Property in western Ghana. Under the terms of the agreement Keegan is required to complete $1Million USD of work on the property and deliver cash payments totaling $100,000 USD and a total of US$100,000 worth of Keegan Resources Inc. shares to GTE over a period of three years. After meeting these commitments, the Company will have an undivided 100% interest in the Property subject to a 3.5% Net Smelter Return, 50% of which may be purchased for $2 million USD. The first year's payments are $10,000 USD and $10,000 USD in Keegan shares to be determined at the date of exchange approval. The first years work commitment totals $80,000 USD. A finders fee with respect to the property is payable to Hunter Dickinson Group Inc.
The Property is located 65km southwest of Newmont's Ahafo gold deposit, where as of December 31, 2004, Newmont announced updated proven and probable reserves (including the Yamfo and satellite deposits), totaling over 10M ounces at an average grade of 0.068opt gold with a projected metallurgical recovery of 88%. Newmont is continuing an extensive exploration program within the district as it builds the Ahafo mine toward a planned start up in the second half of 2006. Ahafo is located on the Western Belt Boundary Shear of the Sefwi Greenstone Belt. Like most giant greenstone gold deposits, Ahafo is associated with a flexure of the belt bounding shear zone. The Company's Property, like Ahafo, is also located on the Western Belt Boundary Shear of the Sefwi Greenstone Belt. It covers the next large flexure southwest of Ahafo and is thus prospective for similar deposits.
Over the next three months, the Company will conduct a reconnaissance geologic mapping/ stream sediment sampling program on the Property followed up by more detailed soil sampling and prospect mapping. The Company will then evaluate and prioritize the geologic data and geochemical anomalies in order to prioritize drill targets.
Dan McCoy, President and CEO of Keegan Resources Inc. states: "Although geographically, this acquisition deviates from our primary strategy, which is to focus on high quality gold assets within North America, it does fit our strategy of exploring for geologic analogues to the truly giant gold deposits, which Ahafo is quickly becoming. The Asumura Property occupies one of the last large, unexplored greenstone belt flexures in Ghana and we consider Ghana the friendliest and most stable of African countries. We see excellent exploration and development opportunities executable at relatively low costs using established, straightforward exploration methodologies".
For further information, please refer to the Company's website at www.keeganresources.com, or by telephone at 604-683-8193.
ON BEHALF OF THE BOARD OF DIRECTORS
Dan McCoy, PhD
President and CEO
I admit, Investika stock's also way up, (percent).
Investika (IVK on Sydney ASX) doubled during February and early March -- from 1.6 cents/share to 3.2 cents/share; that's in the Australian dollar, which itself has risen against most currencies.
Among other mining claims elsewhere, Investika claims an interest in the well-situated Subranum gold property in Ghana, along with Cambrian Mining PLC (CBM in London). The actual quality, and ownership provenance (see my messages #620 and #622 here), of this Subranum property are mysterious. It might be good, if earlier trench and drill reports were in fact sound (rather than just naive, incompetent or hyped).
Investika has issued a huge number of shares over the years: Dilutions "R" Us. Stock in its partner at Subranum, Cambrian Mining, has done extremely well in London (more than quintupling) in the last year, but this is probably due entirely to Cabmbrian's coal and energy delivery businesses (or its Australin gold operationi too), not Subranum.
Investika's mere-stub website http://www.investika.com/ has (as of today, March 11, 2005) been "currently under development" for quite a long time with no other signs of development.
FL
Goldbelt(GLD.V) now trading on Venture Exchange, not NEX.
The header of this board has been corrected to show this.
Goldbelt is exploring in Burkina Faso.
See: http://www.goldbeltresources.com/
(Also, Rio Narcea and PMI Venture web-page links were fixed.)
FL
Mineweb on: Cluff Gold (CLF on London AIM)
Growing African gold Resources
By: Rhona O'Connell
Posted: '11-MAR-05 05:05' GMT © Mineweb 1997-2004
http://www.mineweb.net/columns/african_renaissance/423560.htm
LONDON (Mineweb.com) -- Cluff Gold’s mission is to identify, acquire and develop gold mineral deposits in Africa that are amenable to open-pit mining and low-cost processing techniques and Cluff has assembled a portfolio of mineral interests at various stages of development in Burkina Faso, Sierra Leone, Cote d'Ivoire and Zimbabwe. The company was listed on AIM in mid-December 2004 and is currently capitalised at £10.96 million or $21 million. In January, Cluff Gold completed the acquisition of the entire issued share capital of both Cluff Mining (West Africa) Limited (a subsidiary of which has a 78% interest in the Kalsaka Gold project in Burkina Faso) and Cluff Mining (Zimbabwe) Holdings Limited from the Ridge Mining Group.
Cluff is actively developing its portfolio of properties and has recently published two announcement outlining progress in Africa.
On the Ivory Coast, Cluff has purchased exploration data covering the Mt. Yaoure licence in the central Cote d’Ivoire, including drill assay results from drilling around the Angovia mine, which was closed in 2003 after producing up to 40,000 ounces of gold per annum. Cluff purchased the Mt Yaoure licence in August 2004 and has now purchased the exploration data from COMINOR, a subsidiary of French uranium mining group COGEMA. The purchased information includes drill results what have identified satellite gold deposits. Cluff is looking to reactivate the mine in the near future; Chairman Algy Cluff has said that “We are actively mobilising the necessary resources in order to move the project to the next stage with a view to recommence production as soon as possible. The Mt Yaoure permit presents to us a potential cash flow within a short period of time and at low capital expenditure given the existing infrastructure on the Angovia Mine.”
Based on drilling done to the end of 2001, COMINOR had reported a resource of 900,000 tons at a gold grade of 3.7g/t, along with encouraging of gold intersections in four neighbouring prospects. Additional reverse circulation drilling totaling 3,500m was completed in 2002 and Cluff is to review all the drill data including the 2002 results. The company believes that there is the potential to develop the deposits using a centrally located plant. Some of the more important intersections include 12.3 metres at 2.3 g/t gold from 65.95 metres; 14 metres at 11.8g/t from 27 metres down, and 21 metres at 6.05g/t from 35 metres down. The government recently exercised its pre-emptive rights on the equipment on the property and Cluff has agreed in principal to acquire most of the oxide processing plant on site.
Meanwhile Cluff Gold has two contiguous licences in Sierra Leone, the Baomahun and the Victoria, which between them cover 138 square kilometres. Sierra Leone received the Country Award at the recent Mines and Money World Congress in London, for the country that had shown the most improvement, in terms of attractiveness to mineral investors, during the previous twelve months (the other finalists in this category were Canada, Mongolia, Senegal, Thailand and Zambia).
Cluff Gold has now announced its first set of drill results from the Baomahun Gold prospect. The first two completed core holes, from a programme of up to 5,000 metres over a four month programme and these are encouraging, tending to confirm the company’s belief that, in the words of Chairman Algy Cluff. “Baomahun could be a significant gold project. We are happy with the progress made so far and look forward to announcing further drilling results in the near future.”
Baomahun is located about 180 kilometres east of the capital, Freetown, in the Southern Province of Sierra Leone and the geological setting is similar to the Lake Victoria goldfields in Tanzania. Cluff Gold has an agreement with the owner of Baomahun, Winston Mines Limited, giving the Company the right to own up to a 60%. interest by funding the project to the completion of a bankable feasibility study or to a maximum of US$5 million.
The drill holes interpreted to date have confirmed down dip extension of the mineralisation that was interested as far back as the 1970s. The hole originally intersected 34.23 metres of gold grading 7.56g/t, extending from 42.58 metres down dip and the first two holes of the Cluff programme have intersected this mineralisation at vertical depths of 90 metres and 130 metres. The first hole intersected 30 metres of gold mineralisation at 4.68g/t (from 106 metres down) including 13 metres at 9.57g/t and two metres at 29.75g/t; the second hole interested 20 metres of gold mineralisation at 2.72g/t (from 75 metres down) including eight metres at 5.67g/t.
It is still very early days for this latter project, but the company is looking at encouraging mineralisation in its property portfolio and is potentially another worth keeping an eye on.
==========================
Recent big percentage rises in gold stock prices:
Afcan (AFK.TO)
AfriOre (AFO.TO)
Great Quest (GQ.V)
Greencastle (VGN.V
Goldbelt (GLD.V)
Navasota (NAV.V)
North Atlantic Nickel (NAC.TO)
St. Jude (SJD.V)
Orezone (OZN.TO, OZN)
Solomon (SRB.V)
Cassidy (CDY.V) even after the dilution drop
Semafo (SMF.TO)
Randgold Resources (GOLD)
Great West Gold (GWGO on Pink Sheets)
-----
FL
Robex (RBX.V) new Mali properties and joint venture
One includes a drilling intersection of 3 meters at 141.23 grams/ton of gold.
See yesterday's announcement: http://www.robexgold.com/03072005.html
Robex stock prices haven't fared well lately.
FL
Sub-Saharan Area to be Top Gold Producer
NATIONAL POST (FINANCIAL POST) - 9 March 2005
Sub-Sahara soon to top South Africa as continent's biggest gold producer
Sub-Saharan Africa has emerged as the world's fastest-growing gold producer. Michael Martineau, president of U.K.-based Axmin Inc., told a PDAC presentation that Ghana, Tanzania and Mali have together been home to more major mine discoveries than North America, South America or Australia. These new Sub-Saharan mines account for 75 million ounces of new gold reserves, compared with major discoveries totalling 21 million ounces in Australia, 19 million in North America, and 11.5 million in South America. By 2007, Sub-Saharan Africa, between the Sahara Desert and the Limpopo River, may produce more gold than South Africa, Africa's largest producer.
...
Ghana Fast Becoming Gateway to West Africa
Business Day (Johannesburg)
ANALYSIS
March 1, 2005
Hany Besada
Johannesburg
A RECENT survey conducted by the South African Institute of International Affairs on the experiences of South African companies and subsidiaries operating in Ghana found that almost all regard Ghana as a friendly investment destination.
Given the Ghanaian government's investment incentives and strong commitments to economic liberalisation, SA's companies are eager to expand existing operations into the region from Ghana.
They say it is a gateway to west Africa.
They perceive the politically stable and economically vibrant Ghana as a safer destination than Nigeria, Côte d'Ivoire or other unstable countries in the region. Many of the respondents were optimistic about its economic and political future.
Smaller South African companies say their market share and revenues will grow in line with the recent economic growth in Ghana, whose gross domestic product last year was $8,3bn, up from $7,9bn in 2000.
The South African companies expect to reap the benefits of a rise in income levels and a thirst for foreign goods and services among Ghanaians.
Meanwhile, the Ghanaian government and the Ghana Investment Promotion Centre have been assisting South African companies investing in that country. Government officials surveyed said they would like South Africans to become leading investors in their country.
SA is perceived to be politically neutral and economically advanced compared with European, North American and Asian countries. The mining sector has attracted the greatest amount of SA's foreign direct investment in Ghana.
In April last year, AngloGold merged with Ghana's Ashanti Goldfields in a deal worth $1,4bn. SABMiller entered the Ghanaian beer market through a merger with the ailing Ghana Brewery in 1997. It invested $9m and by last year the company had doubled operating profit and increased turnover by 60%.
The South African entrepreneurs have poured more than $21m into the services sector, particularly into telecommunications, $5m into general trade, and $4m into the building, construction and manufacturing industries.
In March last year, there were 29 South African investments in Ghana, and SA is the country's 14th-largest source of foreign direct investment.
Business constraints that were cited by South African companies during the survey include a lack of disposable income, bureaucracy, corruption, land tenure and property rights difficulties, a slow legal system, the high cost of financing and a lack of infrastructure outside urban areas.
Starting a business in Ghana is costly and time-consuming - but in comparison with Nigeria, Ghana is competitive and has been identified by the World Bank as one of the least expensive sub-Saharan African countries to start a business in.
SA is becoming an important investor in Ghana, particularly in mining, and is slowly eroding the market share of Ghana's traditional foreign direct investment sources, Europe and north America.
Several South African companies have found a niche for their manufactured products, which are in demand among young Ghanaian consumers.
But Ghana's investment relations with SA are still young, and prospects for expanding these relations are very positive.
--- Besada is a Business in Africa researcher at the South African Institute of International Affairs. ---
Today's market noticed Cassidy's latest dilution.
After the placement of 3,100,000 Cassidy (CDY.V) shares and warrants for 1,500,000 more, the stock declined 23.5 percent today (from C$0.89 to C$0.68) mostly while I was composing the previous message; later in the afternoon it recovered to C$0.75 or a 12.79 percent decline for the day. (On somewhat declining volume.)
These dilutions seem not to escape unnoticed...before and after the announcements.
The advance run-up, and run-down, form an interesting pattern.
FL
O Cassidy! 11.28m@10.34g/t and 16.45@17.58 are good, but then like clockwork there's a dilution, with 3 million "units" privately placed at C0.60/unit: 1 share plus 1/2-share warrant exercisable at C0.70/sh, both lower than the market price of C0.80-plus.
It looks as though the warrants can be exercised immediately. So the "placees" can buy C1.20 worth of CDY.V today for C0.95. (That's one and a half shares at C0.60 for the unit plus C0.35 for exercising the half-share warrant, today's market price being C0.80/share.)
A Vancouver company...
Here's the announcement:
FL
================
Mon Feb 28, 2005
Non-Brokered Private Placement
Cassidy Gold Corp. has closed a non-brokered private placement with one investor for 3,000,000 Units at a price of $0.60 per Unit. Each Unit consists of one (1) common share and one-half (1/2) of one (1) non-transferable share purchase warrant and each whole share purchase warrant will entitle the holder to purchase one (1) additional common share at an exercise price of $0.70 per share for a period of one year from the closing date of the placement. Shares acquired by the placee are subject to a hold period and may not be traded until June 25, 2005, except as permitted by the BC Securities Act and regulations made thereunder.
A finder's fee will be paid in connection with this placement consisting of $100,000 cash and a share purchase warrant entitling the holder to purchase up to 100,000 common shares at a price of $0.70 per share for a period of one year from the closing date of the placement.
The proceeds of the placement will be used to further the exploration of the Company's projects in Guinea, West Africa and for general working capital.
On behalf of the Board of Directors
Cassidy Gold Corp.
James T. Gillis
James T. Gillis, President
For further information please contact:
Jim Gillis, President - Phone: 250-372-8222 or Fax: 250-828-2269
This press release may be accessed at Cassidy Gold Corp.'s website: www.cassidygold.com and at SEDAR-CDY
If you wish to be placed on Cassidy Gold Corp.'s e-mail press release list, please contact us at cassidygold@telus.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Why is Cassidy (CDY.V) zooming on growing volume?
Is it because of the KD139 drillng intersection recently reported? Or what? Any ideas? Volume has grown daily, more or less, during the surge of the last few days.
FL
NEW: Diamond Fields (DFI.TO) gold in Liberia
DFI has been added to the header. This story describes gold exploration in Liberia, and diamonds-rated results which are omitted below.
FL
=============================
Diamond Fields Progress Announces Liberian Gold and Diamond Exploration Results Vancouver, February 8, 2005— Diamond Fields International Ltd. (DFI:TSX) is pleased to present geochemical sampling results from initial reconnaissance work on a gold property adjacent to the Cestos Shear Zone in central Liberia and additional stream sediment sample results from the Grand Cape diamond prospect in western Liberia. Positive results of soil samples collected over artisinal surface workings in the Barteajan area on the Grand Gedeh property include visible gold seen in five concentrates, a value of 17.7 g/t gold in one sample, and more than 1 g/t gold in two other samples. Highlights of the Grand Cape diamond project include identification of a further 117 kimberlitic garnets and 606 kimberlitic ilmenites in stream sediment samples, of which nine G10 garnets were identified by microprobe analysis.
Grand Gedeh Gold Exploration
The Grand Gedeh property is underlain by predominantly Archean aged rocks of the Guinea shield interpreted to include greenstone remnants within an extensive granitic and gneissic shield type terrane. The 718km2 property includes the extensive Barteajan workings, an alluvial site that has reportedly been active for over 70 years. Diamond Fields may earn a 70% interest in the Grand Gedeh property from the Liberian based company Ducor Minerals Inc.
Thirty-nine soil and three stream sediment samples have so far been collected adjacent to areas with evidence of artisinal digging. The Barteajan area produced a 17.7 g/t Au anomaly and two samples that graded greater that 1 g/t Au. Five samples had visible gold in field concentrates and a further 26 samples were anomalous with Au averaging 0.2 g/t within a 5km x 1km envelope open in all directions. Initial exploration work included soil sampling over areas where artisanal workings occur. Further work will include grid sampling to better define the trend of mineralization and its strike extent. Regionally, additional soil sampling and stream sediment sampling will be continued to evaluate the untested areas of the concession. The bedrock target is anticipated to be shear zone hosted quartz veins. Grand Cape Diamond Exploration
... [diamonds-related information omitted] ...
website: http://www.diamondfields.com/i/misc/dfi-feb082005-1.gif
Suite 1600, 777 Dunsmuir Street Tel: 1-604-682-2113
P.O. Box 10425 Pacific Centre Fax: 1-604-688-0078
Vancouver, BC, Canada V7Y 1K4 Toll Free: 1-888-682-2113
... [diamonds-related information omitted] ...
Stream sediment and soil samples for gold are screened to remove oversize material, dried and shipped to the Anglo American Research Laboratory in Johannesburg where they are pulverized and analyzed via ICP and Fire Assay with an Au detection limit of 20ppb. The results of the sampling programs have been reviewed, verified (including sampling, analytical and test data) and compiled by the Diamond Fields’ geological staff supervised by Mr. Randal Cullen, P.Geol., a “Qualified Person” as indicated under NI 43-101.
Diamond Fields International Ltd. is an operating marine diamond producer with a superior portfolio of mineral exploration properties in several areas of the world. Diamond Fields’ corporate strategy is to maximize cash flow from its Namibian marine diamond concessions and systematically explore and develop its international mineral exploration projects. In addition, the Company continues to explore opportunities to acquire new economic mineral projects worldwide. DIAMOND FIELDS INTERNATIONAL LTD.
“Gregg J. Sedun”
Gregg J. Sedun, President and Chief Executive Officer
For further information contact:
Investor Relations (1-888-682-2113) extension 257
Website: www.diamondfields.com
All dollar values are stated in U.S. currency unless otherwise specified.
Forward-Looking Statements:
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Diamond Fields’ period filings with Canadian Securities Regulators. Such forward-looking information represents managements’ best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Diamond Fields does not assume the obligation to update any forward-looking statement.
Randgold Resources (GOLD) sharehoders; now RANGY=6.4%
SHAREHOLDER AUDIT SHOWS REGISTER QUALITY AND SPREAD
2005-02-08
London, 8 February 2005 (LSE:RRS) (Nasdaq:GOLD) - A global shareholder identification exercise conducted by the research group Ilios in December has highlighted Randgold Resources’ success in building a broad and diversified investor base. Key findings of the analysis, which covered 100% of the company’s total shares in issue (as at 31 December 2004), include:
* There are 121 institutional investors who account for 57.68% of the shares in issue.
* The US retail ADR and brokerage market holds 30.37% of the shares.
* Of the top 20 institutions, 12 are based in the US, five in the UK, two in Canada and one in Switzerland.
* Overall US ownership (institutional and retail investors) amounts to 56.61%.
* Merrill Lynch UK is now the company’s single largest shareholder, with 6.89% of the issued shares.
* Randgold & Exploration’s holding has been reduced to 6.74%.
* Toronto-based Mackenzie Financial is the top North American investor with 4.83%, followed by two New York-based institutions, Van Eck Associates (4.1%) and Tocqueville Asset Management (2.44%).
* The investment style of the company’s major shareholders is categorised as “value-orientated.”
Chief executive Dr Mark Bristow said the Ilios audit had provided the company with an accurate and objective analysis of its share register. “It clearly reflects the effort we have put into marketing Randgold Resources, and the resonance our message has found with highly discriminating investors,” he said.
BUILDING A SUPPORTIVE SHAREHOLDER BASE THROUGH EFFECTIVE INVESTOR RELATIONS
In the course of 2004, Randgold Resources chief executive Mark Bristow held more than 200 investor meetings in 15 cities in eight countries on three continents at the head of the intensive investor relations campaign that has been a hallmark of the company’s management style since its inception 10 years ago.
“In those early days, under the shadow of the Bre-X scandal and a collapsing gold price, we had to introduce Randgold Resources to a market that was distinctly unenthusiastic about gold in general and fledgling exploration companies in particular. But we persisted, with what one analyst described at the time as missionary zeal,” recalls Bristow.
“Since then, we’ve made a point of communicating openly and regularly with the market in the bad times as well as the good, through our results presentations, roadshows, facility visits, teleconferences and participation in industry conferences, as well as through comprehensive annual and quarterly reports.”
“We’ve always shared our strategies with the market, we’ve kept shareholders fully informed about our plans and our performance, and when there have been problems or issues, we’ve addressed them proactively and candidly. In the process I think our management team has gained a reputation for credibility which has been a great help in building a strong and supportive shareholder base.”
Randgold Resources’ communications programme also includes a substantial media component, and the company was recently named communicator of the year for 2004 by the authoritative Mining Journal.
Red Back (RBI.V) Discovers New Gold Deposit at Chirano
[partial. For full article, with map, see:
http://web1.kitco.com/pr/1267/article_02072005133400.pdf ]
RED BACK DISCOVERS NEW GOLD DEPOSIT AT CHIRANO
February 7, 2005 (RBI - TSX) ... Red Back Mining Inc. (the “Company”) is pleased to provide an update on its
current exploration program underway in Ghana, West Africa. Please see attached map.
At the end of January the Company had competed 5,600 metres of a 10,000 metre drill program which commenced
in November 2004. The program is testing targets at and around the Company’s Chirano Gold Mine, concentrating
on the Bibiani Shear Zone, which hosts the +5million ounce Bibiani Mine 25 kms north of Chirano, and the Chirano
Shear Zone (a splay off the Bibiani Shear) which hosts the Company’s +1 million ounce Chirano Mine.
The Chirano gold deposits occur in a long, narrow intrusion at regular intervals along a mineralized zone several
kilometers long and within 200 metres to the west of the Chirano hear. The geometry and shape of the deposits
range from tabular (Obra Deposit), pipe-like (Tano Deposit), to multiple parallel loads (Paboase Deposit). The
thickness of the mineralized zone ranges from a few metres to over 70 metres.
The highly successful exploration at Chirano, which to date has led to the discovery of 14 gold deposits, has been
largely empirical, namely stream sediment sampling, soil sampling, trenching and drilling. This same methodology
has been employed in the latest (November 2004 – February 2005) exploration and development program.
New Chirano Prospects
Drill testing of the Kolua prospect, 400 metres west of the Chirano Shear and 1.5 km south of the Suraw Deposit,
has confirmed a new deposit with a strike length of >250m. This new deposit is hosted within the Chirano granite
complex. Reverse circulation drilling at central Kolua has returned intercepts of 8m @ 3.08 g/t Au under a trenching
intercept of 11m @ 1.13 g/t Au, and 23 m @ 2.17 g/t Au (including 7m @ 4.90 g/t Au) under a trenching intercept of
9 m @ 2.3 g/t Au. Work is ongoing at Kolua to delineate the potential of this deposit to extend the Chirano mine life.
The current drill program has also tested the Paboase West prospect, located 400m west of the Paboase Deposit,
which was identified from soil sampling, trenching and two previous drill holes. Significant intercepts to date include
11m @ 2.18 g/t Au and 9m @ 1.47 g/t Au. This prospect is open to the south.
The latest drilling has also focused on the Ekyuiabo gold-arsenic anomaly, 2 km to the east of Chirano. The
Ekyuiabo anomaly is 6 km long and sits on a major structural jog on the Chirano Shear. Ekyuiabo is particularly
significant as the prospect is hosted in a similar geological package to Anglo-Ashanti’s Bibiani mine, 25 km to the
north. Drill results to date include 8m @ 2.91g/t and 8m @ 6.04 g/t Au (including 4m @ 11.5 g/t Au) on the same
section, 18m @ 1.07 g/t Au and 18m @ 1.20 g/t Au. Drilling is continuing.
...
Red Back Mining Inc
2101 - 885 West Georgia Street, Vancouver, BC Canada V6C 3E8
Tel: (604) 689-7842 Fax: (604) 689-4250 redbackmininginc.com
GUINOR (TSX & OSE: GNR) DRILLING RETURNS GRADES SIGNIFICANTLY ABOVE AVERAGE RESERVE GRADES
London, 7 February 2005/CNW/
[part of story]
"Guinor Gold Corporation (Guinor) is pleased to announce the results of the detailed drilling program conducted between August and December 2004 in and around its 85% owned LEFA gold deposits on the Dinguiraye Concession in Guinea, West Africa. A detailed review of all the holes from the recent program, and various plans and sections highlighting the position/results are available on our website www.guinor.com. We have highlighted a number of the more interesting results below. A total of 324 RC/DD holes were drilled between August and December 2004.
Trevor Schultz, President and CEO of Guinor commented - 'All the areas reflected in this release are new areas contiguous to the existing pits of Lero Karta and Fayalala. Of the areas drilled, Guinor is most encouraged by the widths and grades intercepted at the emerging Lero South, where results are amongst the most significant ever encountered within the LEFA mining corridor. In addition, the holes encountered at Camp De Base and Bofeko offer further encouragement for an increase in reserve ounces, and perhaps more importantly, reserve grade. The availability of near surface, higher grade material augurs well for the potential economics of the expansion. As an example, Lero South contributed 750,000t of inferred resources to the recently announced resources at a grade of 4.23 g/t, significantly above the overall current reserve grade of 1.7 g/t.'
..."
For full story and drilling tables see:
http://www.huginonline.com/plsql/try/pressreleases.queryview?P_IDENTIFIER=979280&p_la=5&p_we...
Randgold (GOLD) rebounds in final quarter
February 8, 2005
By Laura Humble
London - Profit at Randgold Resources surged in the fourth quarter after it mined more gold and sold it for higher prices, the Jersey-based company said yesterday. Net income for the three months to December rose to $15.7 million (R96.6 million) from $219 000 a year earlier. Revenue from gold sales almost doubled to $33.7 million from $18.1 million.
Randgold is developing the Loulo mine in Mali to make up for declining output from Morila, the nation's biggest gold mine and the company's only operating asset.
Although fourth-quarter output at Morila beat expectations, production for the full year was 5 percent below the forecast amount after technical problems expanding the mine.
"We always said the last quarter was going to be better, once we had sorted out the technical problems," said chief executive Mark Bristow.
"We also benefited from better grades than expected and higher gold prices."
The company's full-year net income fell 58 percent to $20.1 million as revenue from gold sales declined 33 percent to $73.3 million. Morila's full-year gold output was 510 485 ounces, with 226 679 ounces of this produced in the fourth quarter.
Bristow said Loulo would start gold output in July and should produce 100 000 ounces by year-end.
Randgold owns 40 percent of Morila with AngloGold Ashanti holding an equal stake.
The company owns 80 percent of Loulo. Production attributable to Randgold from both mines should be 320 000 ounces this year, compared with 205 000 ounces last year.
Morila produced gold for an average cash cost of $136 an ounce in the fourth quarter. Cash costs this year were expected to average $200 an ounce, Bristow said. A weakening dollar would continue to boost gold prices, he said.
Randgold is also exploring for gold in Senegal, Burkina Faso, Ghana and Tanzania.
It had 365 000 ounces of future output from Loulo sold forward at a price of $435 an ounce, Bristow said. Hedges at Morila had all been delivered into.
BALL MILLS SET SAIL FOR RANDGOLD RESOURCES’
NEW LOULO MINE IN MALI
Richards Bay, South Africa, 3 February 2005 (LSE:RRS) (Nasdaq:GOLD) - The two huge
ball mills destined for Randgold Resources’ new gold mine at Loulo in Mali embarked today on
the second leg of their journey, departing from Richards Bay harbour on a chartered vessel to
the port of Dakar in Senegal.
This follows the first stage of this demanding logistical exercise, where the convoy of enormous
mill shells, ends and feed chutes were taken by road - often against traffic - to Richards Bay
from Vereeniging near Johannesburg. The journey took exactly eight days and required an
escort of five police vehicles as well as technicians from both Eskom and Telkom to lift the
power lines that the trucks needed to pass under.
Each of the mill shells is being transported in a single piece measuring 5.5 metres in diameter
and 8.0 metres in length, and weighing some 103 tonnes. From Dakar, the mills will be
transported about 1 000 kilometres by land to their final destination in Mali.
The Loulo Mine is being developed at a cash cost of US$85 million, of which Randgold
Resources has spent some R200 million in South Africa to date. Work on the mine, which is
scheduled to go into production in the middle of 2005, is currently on schedule.
Randgold Resources has been active in Mali for nearly ten years and has played a major part in
the growth of the country’s gold mining industry, currently ranked third in Africa. The company’s
total investment in Mali has topped US$300 million as the new mine at Loulo takes shape.
John Steele, Randgold Resources’ general manager: capital projects, said from Mali that it was
the company’s policy to source its materials from West and South Africa to the largest extent
possible. This was supported by the sophisticated supply chain it had developed in Africa, as
well as the many partnerships it had with local entrepreneurs throughout Africa.
General manager of the Loulo mine, Amadou Konta noted that aside from the substantial
wealth directly created for Mali through gold mining, the country’s economy was also benefiting
greatly from such knock-on benefits as infrastructure development, job creation, the growth of
feeder industries and investment in sustainable development within the local communities by
the major mining companies.
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive - Dr Mark Bristow +44 779 775 2288
Financial Director - Roger Williams +44 791 709 8939
Investor & Media Relations - Kathy du Plessis +27 11 728 4701, Cell: +27 (0) 83 266 5847
randgoldresources@dpapr.com
Website: www.randgoldresources.com