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Goldcrest (GCL.V) results at Malba, Burkina Faso
Goldcrest Reports on Results of Check Assaying of RC Drill Samples at the Malba Copper-Gold Project in Burkina Faso
TORONTO, Feb. 3 /CNW/ - Goldcrest Resources Ltd. ("Goldcrest"),
(GCL-TSX.V) is pleased to announce the results of its check assaying of
samples from a reverse circulation ("RC") drilling program on its Malba
project in Burkina Faso, West Africa. This check assaying was referred to in a
prior announcement of these drilling results dated 13 December 2004, and was
undertaken due to suspected problems, particularly with copper assaying, at
the laboratory first used.
A selection of 51 samples was obtained from various holes and intervals,
to provide a general guide as to reliability and accuracy of the original
assaying. Field duplicates (5) and reference standards (4) were also
interposed in each batch. Details are provided in Table 1 of this release.
Each identical batch of 60 samples was submitted to OMAC Laboratories
(Ireland) and ALS Chemex Laboratories (South Africa).
The results from the check assaying, for copper and gold, can be compared
with those of the original assaying for the bulked mineralized intervals, as
follows -
!!!<<
-------------------------------------------------------------------------
Hole Interval INITIAL LAB OMAC
-------------------------------------------------------------------------
RC 1 60 to 82 m (22 m) 0.48% Cu, 0.23 g/t Au 0.58% Cu, 0.22 g/t Au
-------------------------------------------------------------------------
RC 2 54 to 68 m (14 m) 0.70% Cu, 0.62 g/t Au 1.45% Cu, 0.63 g/t Au
-------------------------------------------------------------------------
RC 3 38 to 58 m (20 m) 0.68% Cu, 0.48 g/t Au 1.92% Cu, 0.44 g/t Au
-------------------------------------------------------------------------
RC 9 0-4 to 18 m (18 m) 0.72% Cu, 0.57 g/t Au 1.18% Cu, 0.77 g/t Au
-------------------------------------------------------------------------
RC 10 16 to 44 m (28 m) 0.43% Cu, 0.16 g/t Au 0.55% Cu, 0.23 g/t Au
-------------------------------------------------------------------------
------------------------------
Hole ALS
------------------------------
RC 1 0.62% Cu, 0.21 g/t Au
------------------------------
RC 2 1.46% Cu, 0.59 g/t Au
------------------------------
RC 3 1.89% Cu, 0.46 g/t Au
------------------------------
RC 9 1.18% Ci, 0.69 g/t Au
------------------------------
RC 10 0.57% Cu, 0.22 g/t Au
------------------------------
Comparisons between OMAC and ALS are extremely good, leading to the
conclusion that substantial laboratory errors occurred in the original
assaying process, especially for copper and silver, and to a lesser extent for
gold. The accuracy of both OMAC and ALS results is also very good as proved by
the results of their reference standard assays.
Results clearly demonstrate -
- Overall, in the check sample population, copper values are
approximately 80% higher than first reported, whilst gold values are
approximately 10% higher.
- Systematic errors in the original copper results which are generally
lower than those from OMAC/ALS and significantly so in the +0.5% Cu
range.
- Systematic errors in the original silver results which are unreliably
high and proved by the check sampling to be incorrect.
- Lesser errors are likely in the original gold results but generally
their results tend to be lower than those from OMAC/ALS, and at these
low grades, such errors may still be important.
- On the basis of the 51 samples it is not possible to estimate the
precise impact of this on the entire RC drill sample set, but it
seems obvious that overall grades based on the RC drilling campaign
should be significantly upgraded.
- Check assaying shows that there is very little silver associated with
the copper-gold mineralization and that molybdenum content is low.
Mr. Michael Higgins, Goldcrest's Vice President, Exploration and
Corporate Development, stated "The cross-checking of assays at two
independent, certified laboratories has been valuable in confirming our prior
suspicions that some of the original assay results were unreliable. Based on
this small sample population of checks, we have concluded that we need to re-
submit the entire RC drill sample batch to either of OMAC or ALS for further
analysis of copper and gold.
A reasonable assumption is that re-assaying of all samples should lead to
an improvement in overall grades derived from this RC drill program."
Under the guidelines of National Instrument 43-101, the qualified person
for the Malba Copper-Gold Project is Mr. Michael Higgins who is a Fellow of
the AusIMM.
Goldcrest Resources Ltd. is a mineral exploration company focused on
growing shareholder value through the advancement of its Youanmi project in
Western Australia and its Malba and Kampti projects in Burkina Faso. The
Youanmi project has a complete infrastructure including a CIP processing
plant, Bactech bio-oxidation plant and a mine village on site. The CIP plant
is capable of processing 600,000 tonnes per annum through its Carbon in Pulp
(CIP) circuit and was built in 1986. The plant operated from 1987 through 1993
with an overall average recovery of 89.4% and is described in detail in the
Technical Report prepared by RSG Global, which has been filed on SEDAR
(www.sedar.com). The technical report also fully describes the Bactech bio-
oxidation plant and other infrastructure. The Youanmi property has previously
produced over 670,000 ounces of gold.
Goldcrest Resources Ltd. currently has 41,534,673 common shares
outstanding and 61,431,065 common shares on a fully diluted basis.
This press release contains certain forward-looking statements. While
these forward-looking statements represent our best current judgment, they are
subject to a variety of risks and uncertainties that are beyond the company's
ability to control or predict and which could cause actual events or results
to differ materially from those anticipated in such forward-looking
statements. Accordingly, readers should not place undue reliance on forward-
looking statements.
The TSX Venture exchange does not accept responsibility for the
adequacy or accuracy of this news release.
TABLE 1 - List of Cross-Laboratory Check Sampling Results
-------------------------------------------------------------------------
Sample Details ORIGINAL LAB OMAC
-------------------------------------------------------------------------
Hole From To Interval Cu Au Ag Cu Au Ag
Number (m) (m) (m) (%) (g/t) (g/t) (%) (g/t) (g/t)
-------------------------------------------------------------------------
RC 1 60 62 2 0.68 0.23 16 0.66 0.29 0.9
62 64 2 0.23 0.11 15 0.25 0.09 0.5
64 66 2 0.38 0.15 14 0.33 0.11 0.4
66 68 2 0.75 0.37 6 1.09 0.43 0.6
68 70 2 0.03 0.04 14 0.66 0.28 0.7
70 72 2 0.75 0.27 31 0.83 0.24 0.6
72 74 2 0.38 0.13 29 0.34 0.12 0.3
74 76 2 0.48 0.28 32 0.51 0.19 0.6
76 78 2 0.60 0.25 27 0.64 0.23 0.6
78 80 2 0.27 0.29 32 0.40 0.13 0.5
80 82 2 0.71 0.37 26 0.66 0.29 0.7
60 82 22 0.48 0.23 22 0.58 0.22 0.6
----- ----- ----- ----- ----- ----- ----- ----- -----
-------------------------------------------------------------------------
RC 2 54 56 2 0.69 0.62 9 1.38 0.89 1.7
56 58 2 0.68 0.44 7 1.01 0.49 1.3
58 60 2 0.69 0.45 7 0.99 0.44 1.3
60 62 2 0.70 0.8 10 1.92 0.92 2.1
62 64 2 0.69 0.63 30 1.62 0.71 2.1
64 66 2 0.70 0.41 13 1.27 0.39 1.7
66 68 2 0.71 1.02 23 1.94 0.60 1.8
54 68 14 0.70 0.62 14 1.45 0.63 1.7
----- ----- ----- ----- ----- ----- ----- ----- -----
-------------------------------------------------------------------------
RC 3 38 40 2 0.71 0.55 16 7.21 0.46 2.9
40 42 2 0.70 0.2 11 2.52 0.30 2.1
42 44 2 0.71 0.63 6 1.21 0.57 1.9
44 46 2 0.72 0.53 7 1.55 0.46 2.4
46 48 2 0.71 0.57 20 1.22 0.45 2.0
48 50 2 0.70 0.8 7 1.46 0.66 2.6
50 52 2 0.71 0.63 10 1.18 0.57 1.9
52 54 2 0.45 0.19 15 0.44 0.16 0.9
54 56 2 0.71 0.26 16 0.71 0.29 1.9
56 58 2 0.71 0.42 14 1.72 0.43 3.3
38 58 20 0.68 0.48 12 1.92 0.44 2.2
----- ----- ----- ----- ----- ----- ----- ----- -----
-------------------------------------------------------------------------
RC 9 0 2 2 0.70 0.35 4 0.87 0.38 1.2
2 4 2 0.63 0.36 4 0.60 0.54 0.3
4 6 2 0.74 0.33 4 0.73 0.40 0.4
6 8 2 0.74 0.24 4 0.86 0.35 0.5
8 10 2 0.75 0.31 5 0.74 0.44 0.3
10 12 2 0.74 0.55 6 1.01 0.60 0.6
12 14 2 0.73 1.26 6 1.46 1.52 1.4
14 16 2 0.74 1.43 6 3.32 2.20 3.1
16 18 2 0.73 0.29 7 1.02 0.50 0.9
0 18 18 0.72 0.57 5 1.18 0.77 0.97
----- ----- ----- ----- ----- ----- ----- ----- -----
-------------------------------------------------------------------------
RC 10 16 18 2 0.58 0.25 3 0.52 0.43 0.5
18 20 2 0.65 0.26 5 0.65 0.27 0.5
20 22 2 0.70 0.2 5 2.12 0.62 1.2
22 24 2 0.34 0.14 4 0.47 0.22 1.0
24 26 2 0.31 0.15 6 0.30 0.13 0.4
26 28 2 0.43 0.12 5 0.49 0.19 0.5
28 30 2 0.33 0.12 5 0.31 0.12 0.5
30 32 2 0.56 0.18 5 0.56 0.22 0.8
32 34 2 0.49 0.17 5 0.63 0.25 0.6
34 36 2 0.49 0.17 4 0.51 0.30 0.8
36 38 2 0.22 0.09 6 0.29 0.12 0.5
38 40 2 0.30 0.13 5 0.30 0.10 0.4
40 42 2 0.33 0.14 4 0.34 0.13 0.3
42 44 2 0.27 0.1 5 0.21 0.07 0.3
16 44 28 0.43 0.16 4.79 0.55 0.23 0.6
----- ----- ----- ----- ----- ----- ----- ----- -----
-------------------------------------------------------------------------
---------------------------
ALS
---------------------------
Hole Cu Au Ag
Number (%) (g/t) (g/t)
---------------------------
RC 1 0.67 0.18 1
0.24 0.10 1
0.39 0.15 1
1.13 0.26 1
0.77 0.25 1
0.88 0.22 1
0.37 0.10 1
0.51 0.34 1
0.65 0.20 1
0.44 0.11 1
0.74 0.39 1
0.62 0.21 1
----- ----- -----
---------------------------
RC 2 1.27 0.63 2
1.17 0.66 1
1.06 0.43 1
2.00 0.89 1
1.64 0.51 2
1.25 0.45 1
1.86 0.57 1
1.46 0.59 1.3
----- ----- -----
---------------------------
RC 3 7.06 0.49 2
2.78 0.28 2
1.25 0.57 2
1.46 0.50 2
1.21 0.52 2
1.35 0.93 2
1.14 0.40 1
0.49 0.19 1
0.70 0.31 1
1.47 0.37 2
1.89 0.46 1.7
----- ----- -----
---------------------------
RC 9 0.93 0.39 1
0.65 0.63 1
0.77 0.40 1
0.82 0.40 1
0.77 0.32 1
0.99 0.61 1
1.27 1.28 2
3.42 1.79 3
1.03 0.44 1
1.18 0.69 1.33
----- ----- -----
---------------------------
RC 10 0.56 0.40 1
0.68 0.24 1
2.01 0.49 1
0.53 0.26 1
0.33 0.15 1
0.50 0.22 1
0.35 0.19 1
0.57 0.26 1
0.66 0.22 1
0.57 0.20 1
0.25 0.12 1
0.31 0.11 1
0.37 0.15 1
0.23 0.08 1
0.57 0.22 1.00
----- ----- -----
---------------------------
Notes: 1) Original TWL (Accra, Ghana) assay methods used mixed acid
------ digest with AA finish for the determination of Cu and Ag,
while gold was determined by 50g fire assay with AA finish.
2) Selected mineralized intervals were re-sampled from stored
field duplicates which were riffle-split and composited over
2m intervals to provide +1 kg samples. Five duplicates were
interposed in the submitted series approximately every 10
samples.
3) One batch was sent to OMAC Laboratories (Ireland). Assay
methods used 50g fire assay AA finish for gold and flame
atomic absorption with aqua regia digestion for Ag, Cu and Mo.
Few check assays using high precision AA analysis returned
results in good agreement with the original Cu AAS results.
4) An identical batch was sent to ALS Chemex (Johannesburg, RSA).
Assay methods used 30g fire assay ICP-AES finished for gold,
and "four acid" atomic absorption analysis for Ag, Cu and Mo.
5) Oreas certified reference material (Standards, OREAS 51 P and
OREAS 52 P) were interposed approximately every 10 samples.
These samples represent gold-copper ore (quartz monzonite
porphyry, -30 (micro) ) with gold and copper contents in the
range of the submitted RC samples' content.
6) No top cut used.
7) ALS Ag values below detection limit (less than 1ppm) have been
rounded to 1ppm.
>>
For further information: Kevin Bullock, P.Eng., President & CEO,
Goldcrest Resources Ltd., kbullock@goldcrestresources.com, Ph:
(416) 867-2299, Fax: (416) 867-2298, Corporate Website:
www.goldcrestresources.com
Muskox Resumes Drilling at Yellowjacket
Muskox at Yellowjacket
"CALGARY, ALBERTA, Feb 3, 2005 (CCNMatthews via COMTEX) -- Muskox Minerals Corp. (MSK):
- New exploration targets revealed by airborne geophysical data
- Further intersections of high-grade gold mineralization in the Yellowjacket Gold Zone
- Expanded target areas to be tested by geophysics and drilling
Muskox Minerals Corp. (MSK-V) ("Muskox") is pleased to announce that it is now resuming diamond drilling on its Yellowjacket Property, located 7 kilometres east of Atlin, British Columbia.
..."
OK, thanks; Solomon mentioned all three at Bombore:
"November 2, 2004 Trading Symbol: TSX-Ven.SRB
Solomon Resources Limited (“Solomon”; SRB:TSXV), is pleased to announce that it has received a report on
a reverse circulation (RC) drilling program carried out by Orezone Resources Inc. (“Orezone”; OZN:TSX,
Amex) on the Bombore Property in Burkina Faso, West Africa. Ownership of the Bombore Property is split
45% Solomon and 55% Channel Resources Ltd. (“Channel”: CHU:TSXV). ... "
If Orezone is an owner of Bombore, it's not clear from this quote.
FL
SIMPLISTIC TRIAGE of W.African Golds; my comments
Sometimes I list a classification of all West African gold stocks into three classes: "DONE WELL", "DONE POORLY" and "DONE OTHERWISE". "Done well" means the price is over the 50-day average which is over the 200-day average. "Done poorly" means the price is below the 50-day average which is below the 200-day average. "Done otherwise" means any other price pattern.
Note that this doesn't say anything about HOW well or poorly a stock has done; in this triage a big move is indistinguishable from a trivial trend in a flat stock.
As of yesterday's close:
DONE WELL:
Afcan(AFK.TO), African Metals(AFR.V), St. Jude(SJD.V), Goldbelt(GLD.H), Channel Res.(CHU.V), Solomon Res.(SRB.V), Mano River(MNO.V)-barely, Semafo(SMF.TO), Randgold Resources(GOLD), Cambrian Mining PLC(CBM-London)-VERY well, African Gold PLC(AFG London), Australian United Gold (AUL-Sydney), Equigold(EQI-Sydney), Takoradi(TKG-Sydney)-barely.
DONE POORLY:
Delta Expl.(DEV.V), Robex(RBX.V, RB4-Berlin/Bremen)-very bad recently down 50%, Nevsun(NSU.TO, NSU), Sanu(SNU.V) almost no Eritrea recovery, African Gold Group(AGG.V) very bad recently down 50%, Birim(BGI.TO), Golden Star (GSC.TO, GSS), PMI Ventures(PMV.V), Guinor(GNR.TO)-barely, Axmin(AXM.V), Iamgold(AMG.TO, IAG), Rio Narcea(RNC.TO), Searchgold(RSG.V), Columbia River(CRVV-Pinskheets), Great West Gold(GWGO-Pinksheets), Pan African Gold PLC(PAF-London), Investika(IVK-Sydney,KIZ-Berlin/Bremen).
DONE OTHERWISE:
AfriOre(AFO.TO), Great Quest(GQ.V), North Atlantic Nickel(NAC.TO), AMI Resources(AMU.V), Moydow(MOY.TO), Goldcrest(GCL.V), High River(HRG.TO), Jilbey(JLB.V), Orezone(OZN.TO, OZN), Riverstone(RVS.V), Cassidy(CDY.V), Etruscan(EET.TO), Greencastle(VGN.V), Oromin(OLE.V), Gold Fields(GFI), Randgold & Exploration(RANGY), Adamus(ADU-Sydney), Afminex(AFM-Sydney), Resolute(RSG-Sydney).
Also, Perseus in Australia(PRU-Sydney) has done poorly but is too new to have a 200-day average; Cluff Gold(CLF-London), also too new, dipped badly but suddenly recovered in the last 2 days; I couldn't get averages for Glencar on the London or Irish exchanges for some reason. Managem(MNG-Casablanca), the Moroccan royal family's company that controls Semafo, recently picked up on high volume after a bad year.
During this time, gold prices just zigged and zagged in the low to mid 400's (US$) to the current $425.20.
By far the best performer was Cambrian Mining PLC traded in London, rising from 40p to over 220p in the last 5 months, but it's considered primarily a coal and coal energy company, not judged much by its Subranum gold property in Ghana; as evidence of this, see its poorly-performing Australian partner in Subranum, namely Investika.
The gold success stories are St. Jude (recently only), Orezone (until recently), Channel and Solomon (the latter shooting up the last few days) and Semafo.
Robex and AGG look bad; the two mixed-Malian-Eritrean plays (Nevsun and Sanu) haven't recovered much from the Eritrean government's shake-down (especially Sanu), and Birim in Ghana is just languishing away. Jilbey too. The relative biggies Iamgold, Golden Star and Gold Fields have been hurt by takeover shenanigans and Russian ambitions. (Newmont and AngloGold Ashanti are in Ghana but are too big and widespread to discuss here.) On average, Burkina Faso companies have done best in the last six months. Ghana and Guinea have languished; Niger is the new kid on the block and seems to be doing well. Ivory Coast, among the world's most "prospective" countries for gold, is a political disaster now. Sierra Leone and Liberia are supposedly coming out of their civil war disasters; I don't know. Cluff and Mano have properties there and the stocks seem to be managing.
Corrective comments from others would be welcome.
FL
Solomon(SRB.V) and Channel(CHU.V) on a tear
Solomon Resources (SRB.V) is zooming, -- on a tear -- look at the charts in the header of this forum. Volume has been big (for Solomon) along with the price rise. I can't tell whether it's due to their West African (Bombore in Burkina Faso) operation, or their Kagoorlie interests in Australia, or what...
Their partner in Bombore is Channel Resources (CHU.V) whose price has also done well, especially since they were touted in a newsletter a while ago. Only a few West African golds have done well in in the last three months, though there has been an improvement lately especially in the Burkina Faso explorers.
Now we're seeing a divergence among the stocks --- little unison. While the gold price drifts "sideways" the stocks are separating out a bit. Some people like to "buy strength" at such times, while others are bottom fishers.
FL
I put a reciprocal notice about this board on the goldbugs board.
I'd like to see a link to the IH Eritrea Gold board, too. Two of our companies, Nevsun (NSU.TO) and Sanu (SNU.V) divide their labors between Mali and Eritrea. Or at least try to.
FL
West Africa Gold Miners/Explorers IH board
There's an active InvestorsHub board that specializes in West African gold miners and explorers, of which there are dozens. It includes some large producing mines and numerous small exploration companies. Countries Like Ghana, Mali, Guinea and Burkina Faso have become very pro-gold, and there are vast, relatively-unexplored, promising goldfields, based on Archaean, "Birimian" and "Tarkwaian" greenstones and metasediments.
See:
http://www.investorshub.com/boards/board.asp?board_id=1588
The larger gold mining companies trade on the American Stock Exchange, while the majority of explorers trade on the Toronto and Toronto Venture exchanges. There are also West African explorers and miners that trade on the Sydney, London, London AIM, Berlin-Bremen, and Casablanca exchanges.
Politically, West African countries are very different from South Africa with its mature gold mining industry and apartheid legacies. West African gold discovery is in the pioneer stage.
FL
Robex (RBX.V): New CEO and Operations Update
01/24/2005
Vancouver, B.C. Robex Resources Inc announces that, effective immediately, the Board of Directors has appointed Mr Richard Savard, of Pierrefonds, Quebec, to the position of President and Chief Executive Officer. Mr Savard graduated from University of Ottawa and did master studies in geology at École Polytechnique of Montreal. He has over thirty years of mineral-industry experience, which includes business and geological experience in West Africa of which twelve years in Mali. From 1996 through 1998 Mr. Savard managed Barrick Gold Corporation and in Geo Service International programs, then exploration programs on behalf of AngloGold and Anglo American in Mali, Niger, Senegal and Morocco. During his worldwide career, he also has held positions with Santa Fe Mining, INMET, Lac Minerals and numerous governmental and non-governmental international aid organizations. Mr Savard has been on the Robex Board of Directors since December 2004.
Mr Savard replaces William H Bird, who has served as President since May 2004. Dr Bird is resigning in order to pursue other business activities. He will continue to advise the Company as an independent consultant. The Company and the Board of Directors thank Dr Bird for his service to Robex and look forward to his continued assistance.
Pursuant to the Company's Stock Option Plan and approval by the TSX Venture Exchange, the Company has granted to Mr. Savard options to purchase up to 100,000 Robex common shares, which may be exercised at a price of $0.50 per share. The options are valid for a period of five years.
Robex Resources Inc (TSX-V: RBX), a Canadian gold exploration and development company, has been acquiring properties in Mali's famous gold-producing Kenieba Valley since 1996. Five major concessions, Diangounte, Kolomba, Dabiya-West, Kossaya and Moussala totalling more than 430 square kilometres, make up the Company's portfolio. Recently compiled data, gathered during the 2004 field program, have outlined a number of gold exploration targets. The Company is focusing the near-term 2004-2005 program on the exploration and drilling of six high-priority Kolomba gold targets and the further assessment of the Diangounte gold project. Kolomba drilling is presently underway. The exploration models for the Kolomba targets include both disseminated gold in Birimian metasedimentary and metavolcanic-sedimentary rocks, similar to the Iamgold-Anglogold Sadiola Hill Mine in the Kenieba Valley, and gold in quartz-sulphide stockworks and disseminated sulphides, similar to the Randgold Morila deposit in southern Mali.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard Savard"
Richard Savard, geologist,
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Richard Savard, President & CEO, Québec, (514) 626-2124, savard@videotron.ca
Stewart Robertson - Vice-president - Trenton, Ontario (613) 392-2646
André Vézina - V.P. Business development - Québec (418) 670-1422
Marcel Bédard - President - email - marcelbedard@sympatico.ca
Jack Bal, Investor Relations, Vancouver, BC, (604)633-2442, jack.northface@telus.net
(as opposed to their Eritrean value) ? eom
How much of Nevsun/Sanu value is W.African? eom
West Africa Gold(WAGI) became Great West Gold(GWGO)
The name changed. The stock is now traded on the OTC BB and the Pink Sheets as GWGO.
From an old release:
NEW YORK, NY, October 26, 2004,
West Africa Gold, Inc. (OTCBB: WAGI.OB)
announced today that, pursuant to the affirmative consent of its Board of
Directors and a majority of the holders
of its common stock, the company name
has been changed to "Great West Gold, Inc.".
The company will continue trading
under the symbol “WAGI” until a symbol
change can be completed
The change of the Company’s Name, CUSIP
Number and its Trading Symbol
reflects the Company’s recent acquisition
of North American Gold Mining
Properties located in Arizona....
White Knight now Pan African; in Wa, Ghana.
White Knight Investments changed its name to Pan African Resources PLC, now trading as PAF on the london AIM exchange. It has (in addition to an interest in Mozambique) three gold properties near Wa in northwestern Ghana, under a deal with Norway's Guinor Gold (GNR.TO). See http://www.PanAfricanResources.com for details.
PAF operates from Huddersfield, Yorkshire, UK, I believe.
FL
Defiance Mining no longer trading as DM.
Defiance, with its Tasaist gold property in Mauritania, was acquired by the Spanish mining company Rio Narcea (RNG.TO, RNO American). It is apparently no longer traded on the Toronto Stock Exchange or Venture Exchange as DM.
The header of this forum is being changed to reflect this.
FL
African Gold Group(AGG.V) 51.45m@0.74g/t; 13.35m@2.16; new CEO
African Gold Group, Inc.: Mineralized Porphyry at
Moseaso Yields 51.45 Metres at 0.74 g/t Au and 13.35
metres at 2.16 g/t Au; Board of Directors Announce
Appointment of Chairman, CEO & President
TORONTO, ONTARIO--(CCNMatthews - Jan. 20, 2005) - African Gold Group,
Inc., ("AGG" or the "Company") (TSX VENTURE:AGG) is pleased to report
the results of diamond drilling at the Company's Moseaso gold
concession, located in the Ashanti region of Ghana and covering a
portion of the Asankrangwa gold belt.
A total of 2,155.89 metres of NQ core drilling was completed
representing 12 holes drilled from 6 pads that covered a strike length
of 380 metres and tested to a maximum vertical depth of approximately
185 metres below surface. In total 786 samples were collected during the
program.
A previous drill program occurred at the Topey prospect (see map) where
prior surface cuts, diamond drilling and reverse circulation drilling
had identified gold mineralization. This program confirmed the presence
of gold, improved the density of intercepts and provided substantial
data for a rigorous interpretation.
Quartz stockworks are the primary targets at the Topey prospect. These
occur in the Birimian sequence that consist of interbedded greywacke,
siltstone and mudstones. Irregular feldspar porphyry dykes intrude the
steeply dipping metasediments and are essentially parallel to the local
stratigraphic planes. The maximum core length of feldspar porphyry was
56.21 metres.
The sedimentary package strikes northeast and dips approximately 065
degrees to the north. Present porphyries display a prominent quartz
stockwork internally resulting from fracture filling. Each fracture
carries a broad sericite alteration envelope. A well developed stockwork
occurs in the footwall of the dykes. This occasionally recurs in the
hanging wall as well. Stockwork veining is present without the presence
of porphyry as well, and correlates from hole to hole.
Disseminated arsenopyrite and pyrite occurs in the groundmass of the
porphyry and is related to the fracturing and subsequent alteration. The
quartz veinlets also bear the two sulphides and volumes range up to 12%
in both units, with arsenopyrite dominating.
Stockwork veining normally is largely concordant with sedimentary
bedding planes and quartz volume ranges from 10 to 85%. Zones within
broad stockworks contain arsenopyrite and pyrite. The sulphides occur in
and immediately adjacent to quartz veinlets. The most westerly holes
revealed deformed and boudinaged quartz veinlet stockworks which were
discordant with bedding planes.
Visible gold was noted in two holes, MA04-01 and MA04-08. There were two
occurrences in MA04-01, both occurred in quartz within the feldspar
porphyry. In diamond drill hole MA04-08 visible gold occurs in a
prominent quartz stockwork that is in the footwall of a feldspar
porphyry.
Significant intercepts received from the drilling campaign are tabulated
below.
/T/
Interval (m) Gold
Hole ------------------------------------------- (g/t)
From To Length
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-01 3.96 6.40 2.44 1.40
-------------------------------------------------------------------
9.45 23.80 14.35 0.96
Incl 9.45 12.50 3.05 1.14
And 22.80 23.80 1.00 5.80
-------------------------------------------------------------------
46.00 50.50 4.50 0.69
58.00 67.00 9.00 0.48
Incl 59.50 61.00 1.50 1.41
-------------------------------------------------------------------
71.50 76.00 4.50 2.62
Incl 71.50 74.50 3.00 3.77
-------------------------------------------------------------------
80.50 83.50 3.00 0.37
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-02 4.88 10.97 6.09 1.19
Incl 4.88 6.40 1.52 3.75
-------------------------------------------------------------------
15.54 17.07 1.53 0.50
--------------------------------------------------------
23.17 27.74 4.57 2.40
Incl 26.21 27.74 1.53 6.19
-------------------------------------------------------------------
47.50 49.00 1.50 4.16
-------------------------------------------------------------------
53.50 55.00 1.50 4.20
-------------------------------------------------------------------
77.50 79.00 1.50 0.62
-------------------------------------------------------------------
195.85 196.55 0.70 2.73
-------------------------------------------------------------------
212.50 215.50 3.00 0.50
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-03 43.50 45.00 1.50 0.40
-------------------------------------------------------------------
46.50 47.25 0.75 0.42
-------------------------------------------------------------------
50.00 51.50 1.50 0.52
-------------------------------------------------------------------
58.80 60.30 1.50 0.83
-------------------------------------------------------------------
74.00 75.50 1.50 1.81
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-04 38.50 40.00 1.50 0.42
-------------------------------------------------------------------
53.00 61.00 8.00 0.49
Incl 53.00 54.00 1.00 1.09
And 56.00 57.00 1.00 1.15
-------------------------------------------------------------------
73.00 74.50 1.50 0.40
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-05 26.82 28.96 2.14 0.33
-------------------------------------------------------------------
33.83 36.88 3.05 0.36
-------------------------------------------------------------------
63.65 115.10 51.45 0.74
Incl 66.35 67.45 1.10 1.04
And 73.88 74.42 0.54 1.68
And 102.00 109.10 7.10 2.20
-------------------------------------------------------------------
160.00 163.00 3.00 0.31
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-06 No significant results
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-07 69.23 76.40 7.17 0.41
-------------------------------------------------------------------
84.00 111.00 27.00 0.46
Incl 90.00 91.50 1.50 2.83
And 102.00 103.50 1.50 1.37
-------------------------------------------------------------------
-------------------------------------------------------------------
Interval (m) Gold
Hole ------------------------------------------ (g/t)
From To Length
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-08 77.00 86.50 9.50 1.18
Incl 77.00 81.50 4.50 1.38
And 84.46 86.50 2.04 1.97
-------------------------------------------------------------------
88.50 89.50 1.00 0.69
-------------------------------------------------------------------
97.50 110.85 13.35 2.16
-------------------------------------------------------------------
100.50 103.50 3.00 6.62
-------------------------------------------------------------------
105.50 108.50 3.00 1.57
-------------------------------------------------------------------
110.50 110.85 0.35 7.58
-------------------------------------------------------------------
114.40 115.40 1.00 0.39
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-09 2.44 3.35 0.91 0.70
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-10 124.00 125.50 1.50 0.41
-------------------------------------------------------------------
128.50 131.50 3.00 1.03
Incl 130.00 131.50 1.50 1.54
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-11 101.50 106.00 4.50 4.12
-------------------------------------------------------------------
104.50 106.00 1.50 10.60
-------------------------------------------------------------------
119.50 121.00 1.50 0.36
-------------------------------------------------------------------
-------------------------------------------------------------------
MA04-12 72.50 74.00 1.50 0.93
-------------------------------------------------------------------
83.00 86.00 3.00 1.05
Incl 83.00 84.50 1.50 1.69
-------------------------------------------------------------------
-------------------------------------------------------------------
/T/
Mr. Greg Hawkins, P. Geo., CEO of AGG, states that, "we have confirmed
that the style and controls of mineralization are consistent with the
ore mined at the Nkran Hill deposit to the south where 34.5 million
tonnes grading 2.22 g/t Au were identified, and in part, mined in the
1990's. The results also confirm that additional resources remain to be
discovered in the district and within the current holdings of AGG."
Sample preparation was conducted by CME & Company at their Prep Lab
located in Sunyani, Ghana. Samples were then shipped by air to Eco-Tech
Laboratories Ltd. of Kamloops, BC, Canada. All samples were analyzed by
Fire Assay and multi-element ICP. Three samples were checked by
Metallics Fire Assay where coarse gold was noted.
Corporate Update
AGG is pleased to announce the addition of Mr. Benjamin Adoo as a
director, and his appointment as Chairman of the Board of Directors.
Based in Ghana, Mr. Adoo has over three decades of mining experience and
is recognized as one of the country's most senior mining executives
(please see press release dated September 30, 2004 for a more detailed
background of Mr. Adoo.)
AGG is also pleased to announce the appointment of founder and director,
T. Gregory Hawkins as its interim Chief Executive Officer ("CEO"). Mr.
Hawkins, who also resides in Ghana, brings over 30 years of African
mining experience to AGG, having consulted for some of the world's
largest mining companies, amongst others, with respect to their African
projects. Mr. Hawkins holds a B. Sc. (Geology) from the University of
Alberta, and a M. Sc. (Mineral Economics) from McGill University. Mr.
Hawkins will be replacing the former President and CEO, Mr. Kevin van
Niekerk.
"The appointments of the new Chairman and CEO, both based in Ghana, are
consistent with strengthening AGG's focus on the identification and
exploration of prospective gold projects in Ghana, West Africa," stated
director David S. Brown.
In addition, AGG has appointed founder and director, Mr. Michael A. J.
Nikiforuk as President of African Gold Group, Inc. Mr. Nikiforuk, based
in Toronto, brings over 20 years working experience within the North
American and European capital markets. Mr. Nikiforuk is the former Vice
President, Corporate Development and a former director of Banro Resource
Corporation.
The AGG Board of Directors wishes its former President and CEO, Mr.
Kevin van Niekerk, success in his future endeavours.
The geotechnical portion of this press release has been reviewed and
approved by Christopher O. Naas, P. Geo., a Qualified Person.
African Gold Group, Inc., based in Toronto, is engaged in the
identification, acquisition and exploration of prospective gold projects
situated along significant gold trends in Ghana, West Africa. The
Company's immediate focus is to systematically explore both surface, and
in particular, subsurface targets along three major gold trends: the
Sefwi, Asankrangwa and Ashanti Gold Belts.
On Behalf of the Board:
Michael A. J. Nikiforuk
President
NOTE: A map is available on CCNMatthews' website at the following link:
http://www2.ccnmatthews.com/database/fax/2000/AGG0120M.pdf
Semafo reports 35% increase in gold production, could triple output in 2005
Canadian Press, January 20, 2005
MONTREAL (CP) - Shares of Semafo, a Montreal-based miner which has projects in West Africa, gained 10 per cent Thursday after it reported a 35 per cent increase in gold production last year and said it could almost triple that output this year.
Semafo shares (TSX:SMF) closed up 12 cents at $1.28 on the Toronto Stock Exchange. The company reported gold production of 63,055 ounces in 2004, up from the 46,728 ounces it produced in 2003.
This increase is due to the successful startup of the Samira Hill gold mine in Niger in the fourth quarter of 2004, the company said.
Semafo's gold production target for 2005 is 180,000 ounces.
Semafo (TSX:SMF) is a mining company whose mission is to explore, develop and mine major gold deposits in West Africa.
Semafo's principal assets are the Kiniero mine in Guinea, the Samira Hill mine and the Mana gold deposit in Burkina Faso, which is at the feasibility study level.
© The Canadian Press 2005
Boamahun, almost in Caldera, now in Cluff Gold
The Boamahun gold properties in Sierra Leone were going to be part of Caldera Resources, which is why Caldera was listed on this site for while. But the deal fell through (during the war there) and Caldera is out of West Africa entirely. Winston Resources (in the Harry Winston Diamonds family) had the license. Now it is part of the newly-publicly-traded Cluff Gold PLC (CLF on the London AIM exchange). Cluff Gold is sort of a spin-off from Algy Cluff's old company Cluff Resources, which had changed its name to Ridge Resources.
FL
Sudden rises in Moydow & Searchgold. eom
Cluff Gold finally trading: CLF in London
From Mineweb:
Cluff Gold
Posted Mon, 13 Dec 2004
Cluff Gold lists on the Alternative Investment Market
Cluff Gold plc (“Cluff Gold” or “the Company”) announces it is to list on AIM, following a Placing of 11,818,182 new Ordinary Shares of 1p each at 55p per share (“the Placing”, the “Placing Shares”), which has been fully underwritten by Numis Securities Limited (“Numis”), to raise £6.5m before expenses. Admission to AIM and commencement of dealings in the ordinary shares is expected on 15 December 2004. Numis is acting as the nominated adviser and broker to the Company.
Key Statistics
Placing Price 55p
Number of Ordinary Shares in issue immediately prior to the Placing 8,820,606
Number of Placing Shares to be issued pursuant to the Placing 11,818,182
Number of Ordinary Shares in issue at Admission 20,879,288
Number of Ordinary Shares under option at Admission 2,718,374
Market capitalisation at the Placing Price (excluding options) £11.49m
Estimated net proceeds of the Placing £5.65m
Placing Shares as a percentage of the enlarged issued ordinary share capital of the Company (excluding options) at Admission 56.58 per cent
Cluff Gold’s principal activities are the identification, acquisition and development of gold mineral deposits, mainly in West Africa, that are amenable to open pit mining and low cost processing techniques. The Company has assembled a portfolio of mineral interests at various stages of development in Burkina Faso, Sierra Leone, Côte d’Ivoire and Zimbabwe, including an asset with a completed feasibility study.
On 30 November 2004, a subsidiary of Cluff Gold exercised its option to acquire the gold assets of the Ridge Mining Group (formerly the Cluff Mining Group), the most significant of which is its 78% interest in the Kalsaka Gold project in Burkina Faso, for a total consideration of US$5 million, of which US$0.3 million has already been paid. The completion of the acquisition of the Ridge gold assets is expected to occur on or before 7 January 2005.
In addition, the Cluff Gold group has the right to earn a 60% interest in the Boamahun exploration licences in Sierra Leone from Winston Mines Limited. The licences cover an area of 137 sq kms, in which five zones of gold mineralization have been identified.
Mr J G Cluff, Chairman and Chief Executive of Cluff Gold plc comments, “Listing on AIM will give the Company the opportunity to develop the properties currently in our portfolio in order to maximise their exploration and production potential and to continue to source other prospecting areas. The Company looks forward to being able to use the collective experience of our directors to implement our strategy and generate the returns that our shareholders deserve. Africa is where some of our management team has worked for more than twenty years and it is Africa that we believe continues to offer prospective geology with the potential for large discoveries, complemented by sound mining investment codes.”
The Group’s chief executive and founder is Algy Cluff, who has a long history of establishing natural resource ventures and discovering natural resource deposits. The majority of the Directors have considerable mining experience in Africa.
Cluff Gold’s key objectives are the identification, acquisition and development of gold mineral deposits in Africa that are amenable to open pit mining and low cost processing techniques. In the near term, the Group seeks to acquire or develop more than 2 million ounces of resource in two or more countries in West Africa. The Group’s medium term objective is to become a producer of more than 150,000 ounces of gold annually. With the portfolio already assembled by Cluff Gold and several further exciting prospects under review, the Directors are confident that they can create a new force in the mining industry.
~ Ends ~
For further information, please contact
Cluff Gold
Numis Securities
Parkgreen Communications
J.G. Cluff / Douglas Chikohora John Harrison Justine Howarth / Cathy Malins Chairman / Technical Director Tel: 020 7776 1500
Tel: 020 7493 3713
Tel: 020 7340 9790
Notes to Editors: – Overview of Project Portfolio
Kalsaka – Burkina Faso
The Kalsaka deposit is located approximately 150km north west of Ouagadougou, the capital of Burkina Faso, and contains an oxide gold mineral resource that has already been demonstrated, by a feasibility study, to be technically amenable to open-pit mining and processing via heap leaching.
Kalsaka is estimated by the specialist consultants, SRK, to contain a resource of some 600,000 ounces of gold and the potential to host a further resource at least equivalent in magnitude. On this basis, the project could support a potential mine life of between 10 and 20 years. Based on the current proven and probable reserve of 290,000 ounces and a mine life of only five years, SRK has calculated that the Kalsaka project has a net present value post tax and royalties, of US$9.3 million, based on a gold price of US$400 per ounce. On the basis of a gold price of US$450 per ounce and the current reserve, SRK estimates that the net present value of the project, post tax and royalties, is US$16.2 million.
Yako, Burkina Faso
The Yako permits comprise an aggregate area of 442 km2 situated to the southwest of, and contiguous to, Kalsaka. They are currently held by West Africa Limited, the local company which holds the West African gold projects formerly within the Ridge Mining Group portfolio, under exploration licences (with a 10 per cent free carried government interest in any production), which were granted in June 2004 for an initial period of three years. West Africa Limited is yet to enter into a mining convention with the Burkina Faso government in relation to the licence.
Exploration activity has been carried out on the permit areas since the mid 1980s. Ridge Mining initially acquired the property in 1996 and in 1997 outlined an inferred mineral resource of 2.5 million tonnes grading 1.9 g/t, equivalent to 150,000 ounces of gold. To date only one of four anomalies thus far identified at the deposit, has been drill-tested. The Directors believe that once the other anomalies, which are along strike, are drill tested the Yako permit could potentially contain a total resource of at least 300,000 ounces of gold.
Baomahun – Sierra Leone
The Baomahun deposit is located about 180 km east of the capital, Freetown, in the Southern Province of Sierra Leone. The geological setting is similar to the Lake Victoria goldfields in Tanzania and a total of 5 zones of mineralization have been identified covering a combined strike length of 3.4 km.
At Baomahun, a resource of some 204,700 ounces of gold has been delineated to date which the specialist consultants, ACA Howe, consider is likely to be conservative. This resource is sited at only one of the five mineralised zones which have been delineated within the permit area. The Directors believe that the Baomahun deposit has the potential to contain a resource of at least 1,000,000 ounces of gold.
Mt. Yaoure – Côte d’Ivoire
The Cluff Gold group’s permit at Mt. Yaoure in Côte d’Ivoire includes an area previously covered by an exploitation licence that contains the Angovia gold mine, which operated between 1998 and 2003 under the ownership of Cogema. The mine reportedly produced over 180,000 ounces of gold during this period. Data acquired from Cogema, from whom the Mt. Yaoure permit was transferred, shows additional resources which contain approximately 410,000 ounces of gold in the area immediately surrounding the mine. The Group has also agreed, in principle, an option to acquire the mining plant and equipment on site from Cogema for US$400,000 which could be used on the Mt. Yaoure permit area or possibly for the Kalsaka deposit in Burkina Faso.
Maligreen, Zimbabwe
The Maligreen permit area lies some 240 km south-west of Harare, the capital of Zimbabwe. The permit is held as a joint venture between Pan African Mining (Private) Ltd and Ridge Mining. The deposit lies immediately to the north of the Leo Hurst Shear Zone which passes through three greenstone belts. It is possible that the Maligreen deposit lies on a splay off the main shear zone. The deposit has been the subject of a considerable amount of exploration and engineering work.
The orebodies are up to 15 metres in width, extend for a strike length of up to 500 metres and are open at depth. The shallow oxide material averages 15 metres and has been largely mined. The underlying sulphide resource has been estimated to contain 320,000 ounces of gold at a grade of 4.8g/t. The Directors believe that the Maligreen deposit has the potential to contain a resource of at least 1,000,000 ounces of gold.
Seripe, Ghana
The Seripe permit is located in the northwestern region of Ghana approximately 220 km northwest of Kumasi. The Seripe permit was granted to West Africa Limited in October 2004 for a period of one year. Seripe is still essentially an early stage prospect that has several interesting and unexplained anomalies.
Niokolo, Senegal
Niokolo is located in eastern Senegal approximately 800 km east of Dakar, the capital of Senegal, close to, and along strike of, Sabodala, the site of Senegal’s only official gold producing mine. An exploration licence comprising an area of 380 km2 has been agreed in principle for West Africa Limited, although not yet signed as a Mining Convention is still being negotiated with the Ministry of Mines.
SRK has estimated the aggregate value of the Company’s interest in its portfolio referred to above at US$16.3 million. However, this includes an aggregate value of US$2.78 million in respect of 3 of the assets which, because of local circumstances, the Directors believe should not have any value attributed to them at this stage.
Annabel Leather
Parkgreen Communications
1st Floor, Ireland House, 150 New Bond Street, London, W1S 2AQ
t: 020 7493 3713 f: 020 7491 3936 m: 07779 588294
Yes, SJD, it's about time.--Tons'o gold at Benso.
Nice Red Back (RBI.V) report. Am I Naïve? I see lots of good things in that report. Apparently somebody agrees, having bought 1.5 million shares of Red Back (Canadian) yesterday (the most volume yet). Red Back's price has appreciated only modestly from its bottom a couple of months back. It's been a laggard along with Jilbey and a few others.
Has this been a sleeper? The main emphasis is on Red Back's Chirano project on the Bibiani trend, headed toward open pit production now. There are a couple of possible side plays that I probably won't be attempting. The Bole property in North Ghana is shared by Red Back with that "wacky hybrid", Australia's hyper-diluted (billion+ shared tiny-priced) Takoradi Ltd. (TKG on the Sydney ASX). Takoradi, despite its Ghanaian name, has focused lately on British or Irish cell phones or pagers or something like that, with little market attention to its mouldering North Ghana gold concession at Bole. If Red Back is serious about Bole, though, and finds a bunch of gold there, this could turn into something.
Guinor has some similar joint properties in northern Ghana.
Unless I'm mistaken, nobody but galimseys (local artisanal miners) has produced gold in northern Ghana yet, but the geology is quite prospective. It adjoins the Burkina Faso golfields. Politico-socially, northern Ghana is not the happy land that the rest of Ghana is; there is tribal unrest, king-beheading, and Osama-loving in the Muslim far North.
Right now I suspect that all regional stock prices are being held down by fears that Cote d'Ivoire's civil war and anti-French attacks (with unemployed boy soldiers arriving from Liberia) will spread to neighboring countries. I don't know how serious this really is. In March, Ghana seemed completely stable and unaffected. Ghana's national elections are coming in a few weeks, and no-one knows how peaceful they will be.
The report also mentions the Subranum property at the north of the main Bibiani trend; this has struck me as possibly a good gold property poorly owned -- it's a joint license of Cambrian Mining PLC (mostly a coal company) and Investika (IVK on the Sydbney ASX), another Australian dilution delight with billion+ shares and microscopic price. (See the header.) The Subranum license was acquired in a mysterious (and to me, suspect) transaction. It once belonged to what is now a publicly-traded pornography company in Australia: Adult Shops Pty. Ltd. that has or had personnel in common with Cambrian. Cambrian Resources declined to tell me from whom the Subranum license was obtained. I've written earlier notes to this board on the subject.
I don't know whether long-term investors (as opposed to "sharp operators") ever succeed with hyper-diluted penny (usually much less than a penny) stocks. A US example is WAGI on the Pink Sheets.
roan, Red Back was not on your list of favorites.
FL
Vote AGAINST the Harmony takeover, FOR Iamgold deal.
Some people may, like me, have bought Gold Fields (GFI) stock partly because of its extensive and lucrative holdings (about 1/3) in Ghana. I'm totally opposed to the current bid of Harmony to take over Gold Fields. Harmony is an almost-all-South-African operation. After such a merger, the West African portion of the resulting company would be minor. And this all seems to be a scheme to help the Russian Norlisk Nickel owner whose efforts to control Gold Fields outright were frustrated by the proposed Gold Fields buyout of Iamgold (which would make GFI even more West African).
If I'd wanted to buy Harmony I would have. I didn't.
I like the proposed Gold Fields purchase of Iamgold. It will create a substantially West African company. If this is spun off into a "Gold Fields Insternational" as planned, the resulting all-non-South-African company will proabably get a far higher valuation in the USA and Canada.
(Disclosure: I own similar amounts of Gold Fields, Iamgold, Golden Star and Wheaton River. I strongly opposed the rejected Iamgold-Wheaton River deal, mildly supported the failed Golden Star Iamgold deal, opposed the failed Coeur d'Alene buyout of Wheaton River, strongly support the proposed Gold Fields-Iamgold deal, and strongly oppose the proposed Harmony takeover of Gold Fields.)
So if you have Gold Fields stock or ADRs, or if your trust or custodian has it, I say: vote it FOR GFI buying Iamgold and vote it AGAINST the offers of Harmony.
FL
(note: I posted this in the West Africa Gold Exploration board, where I'm active.)
Vote AGAINST the Harmony takeover, FOR Iamgold deal.
Some people may, like me, have bought Gold Fields (GFI) stock partly because of its extensive and lucrative holdings (about 1/3) in Ghana. I'm totally opposed to the current bid of Harmony to take over Gold Fields. Harmony is an almost-all-South-African operation. After such a merger, the West African portion of the resulting company would be minor. And this all seems to be a scheme to help the Russian Norlisk Nickel owner whose efforts to control Gold Fields outright were frustrated by the proposed Gold Fields buyout of Iamgold (which would make GFI even more West African).
If I'd wanted to buy Harmony I would have. I didn't.
I like the proposed Gold Fields purchase of Iamgold. It will create a substantially West African company. If this is spun off into a "Gold Fields International" as planned, the resulting all-non-South-African company will proabably get a far higher valuation in the USA and Canada.
(Disclosure: I own similar amounts of Gold Fields, Iamgold, Golden Star and Wheaton River. I strongly opposed the rejected Iamgold-Wheaton River deal, mildly supported the failed Golden Star Iamgold deal, opposed the failed Coeur d'Alene buyout of Wheaton River, strongly support the currently-proposed Gold Fields-Iamgold deal, and strongly oppose the currently-proposed Harmony takeover of Gold Fields.)
So if you have Gold Fields stock or ADRs, or if your trust or custodian has it, I say: vote it FOR GFI buying Iamgold and vote it AGAINST the offers of Harmony.
FL
Guinor (GNR.TO) Purchasing C.-I.-L. Plant from Indonesia
=====================================
Guinor Expects Significant Fall In Capex With Agreement To Purchase Kelian Plant
London, 12 November 2004 – Guinor Gold Corporation (GNR: TSX, OSE) is pleased to
announce that it has entered into a Heads of Agreement to purchase the existing
Kelian Carbon In Leach (CIL) gold plant in Indonesia from a subsidiary of Rio Tinto
PLC. It is proposed that this plant be utilized to expand production at Guinor’s 85%
owned Lero Gold mine in Guinea, West Africa. Completion of the transaction is subject
to the parties entering into a definitive Sale and Purchase agreement.
· The plant is expected to provide a cost effective alternative to the new CIL
plant previously proposed for the expansion at the Lero Gold project.
· Management estimates that the Kelian plant could reduce capital costs for
the proposed expansion by up to a third compared to building an entirely new CIL plant.
· Data on the Kelian CIL plant will be included in the ongoing feasibility
study in order to fully quantify the expected economic benefits of its acquisition.
In an effort to minimize the capital costs for the proposed expansion at the Lero
Gold project and after extensive due diligence, Guinor through a subsidiary, has
entered into a Heads of Agreement to purchase the existing Kelian CIL gold plant
in Indonesia. The overall cost to purchase the facility, which consists of a
metallurgical plant, power plant, substantial accessories and spares (including
dismantling, packaging and loading onto barges) will be US$15 million.
A US$1 million deposit will be required to be paid when a definitive Sale and
Purchase Agreement is entered into later this year. The plant is expected to become
available by the end of the first quarter next year and progress payments will be
made as the dismantling, transportation and re-building program occurs through 2005.
Management estimates that capital costs for the proposed expansion at the Lero Gold
project may be reduced by as much as US$50 million as compared to building an
entirely new CIL plant. The reduction takes into consideration the costs of an
additional power generator, transportation and plant construction. Data regarding the
existing Kelian CIL gold plant will be included in the ongoing Lero Gold project
expansion feasibility study. The integration of the new information is expected to
delay the delivery of the feasibility study into Q1 2005.
The acquisition is expected to help Guinor toward its previously stated goal of
becoming a sustained West African gold producer, producing around 350,000 ozs of
gold per annum from the Lero Gold project by mid-2006. However, the size of the plant
and the likelihood that the ore at the Lero Gold project will be harder than the
mix fed through the plant at Kelian, may result in an average throughput closer to
6 million tonnes per annum and gold output of around 300,000 ozs per annum.
Mr. Trevor Schultz, the Chief Executive Officer and President of Guinor commented -
‘Our aim is to enhance shareholder value. This is an opportunistic acquisition which,
although ahead of the completion of the feasibility study was considered too good
an opportunity to miss. The acquisition will be a significant step towards our stated
objectives of becoming a mid-tier gold producer by 2006.’
FOR FURTHER INFORMATION PLEASE CONTACT:
Trevor Schultz Tel: +44-207 661 9319
President and CEO
John Barker Tel: +44-207 661 9319
VP Strategic Development E-mail: john.barker@guinor.com
Marius Bretteville Tel: +47-22 00 70 50
Investor Relations Officer E-mail: marius.bretteville@guinor.com
Safe Harbour Statement
Certain statements contained herein, as well as oral statements that may be made by
the company or by officers, directors or employees of the company acting on the
company's behalf, that are not statements of historical fact, may constitute
"forward-looking statements" and are made pursuant to applicable and relevant
national legislation (including the Safe-Harbour provisions of the United States
Private Securities Litigation Reform Act of 1995) in countries where Guinor is
conducting business and/or investor relations. Forward-looking statements, include,
but are not limited to those with respect to the price of gold, the estimation of
mineral reserves and resources, the realization of mineral reserves estimates, the
timing and amount of estimated future success of exploration activities, Guinor’s
hedging practices, currency fluctuations, requirements for additional capital,
government regulation of mining operations, environmental risk, title disputes or
claims limitations on insurance coverage and the timing and possible outcome of
pending litigation. Often, but not always, forward-looking statements can be
identified by the use of words such as “plans”, “expects”, “does not expect”,
“is expected”, “budget”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or equivalents or variation, including
negative variation, of such words and phrases, or state that certain actions,
events or results, “may”, “could”, “would”, “might” or “will” be taken, occur
or be achieved. Forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause the actual results of the company
to be materially different from the historical results or from any future results
expressed or implied by such forward-looking statements. Such risks and uncertainties
include, among others, the actual results of current exploration activities,
conclusions of economic evaluations, changes in project parameters as plans continue
to be refined, possible variations in grade and ore densities or recovery rates, fail
ure of plant, equipment or processes to operate as anticipated, accidents, labour
disputes and other risks of the mining industry, delays in obtaining government
approvals or financing or in completion of development or construction activities.
Although Guinor Gold Corporation has attempted to identify important factors that
could cause actual actions, events or cause actions events or results not to be
anticipated, estimated or intended, there can be no assurance that forward looking
statements will prove to be accurate as actual results and future events could differ
materially from those anticipated in such statements. Except as may be required by
applicable law or stock exchange regulation, the company undertakes no obligation
to update publicly or release any revisions to these forward-looking statements to
reflect events or circumstances after the date of this document or to reflect the
occurrence of unanticipated events. Accordingly, readers should not place undue
reliance on forward–looking statements.
Orezone (OZN) hits at Essakan, like 14m 14.7g/ton,
50m 2.5 g/ton, and 20m 3.7 g/ton. See:
http://www.orezone.com/site/media/press100.asp
I couldn't format the drilling result table using PRE's, to show it here, so I'm just posting the link.
FL
IAMGOLD reports a USD926,000 loss
By Justin Brown
Canada's gold miner IAMGOLD has reported a loss for the group's September quarter of US$926,000 down from a
profit of $4.587 million in the 2003 September quarter.
However, IAMGOLD's operating cash flow increased to $18.886 million during the September quarter from $6.485 million in the 2003 September quarter.
World number four gold miner Gold Fields (GFI) is attempting to merge its international mining assets with those of IAMGOLD, while at the same time world number six gold miner Harmony Gold (HAR) is seeking to dispose the proposed
merger between the two, in order to merge with Gold Fields.
All of IAMGOLD's gold mining assets are in West Africa. It has a 38% stake in the Sadiola gold mine, a 40% stake in the Yatela gold mine, both located in Mali, and an 18.9% stake in the Tarkwa and Damang gold mining complex in Ghana.
Gold Fields has a 71.1% stake in Tarkwa and Damang. The Ghana government holds the remaining 10% in the Tarkwa and Damang mines a free carry interest.
I-Net Bridge
I can't quarrel with roan's list of favorites; I like (and have) most of these. Nevsun (NSU.T), however, reacted so badly to the Eritrea halt (as did Sanu SNU) that I wonder how much of Nevsun's value was in West Africa and how much was in the (Doody/Bishop?et al.) excitement over the Bisha project in Eritrea. Very little recovery in NSU and SNU has occurred since the one day "Eritrea Crash". I don't know much about Jilbey Enterprises (JLB.V); is it wholly dependent on High River Gold surviving and succeeding in Burkina Faso (as opposed to Central Asia where its focus is)?
I also like Semafo (SMF.T), the King of Morocco's competent Francophone West African explorer and miner. Birim (BGI.T) remains my favorite for possible big surprise Bui hits, good management, and cash flow cushion. Even without surprise hits, Bui already has three economic goldfields (though my first assessment of Brohani Hills was maybe a bit Pollyannish after strolling around the district.)
As for the other Guinea companies, I've kept a little Cassidy (CDY.V) and Guinor (GNR.T) with a "wait and see" attitude.
Anyway, thanks, roan, for the list of favorites.
FL
African Gold Group (AGG.V, not AFG.London) sees gold
November 09, 2004 12:38 PM US Eastern Timezone
African Gold Group, Inc.: Mankraho Project Update-Drill Holes 1 Through 12 Intersect Gold Mineralized Zones
TORONTO--(BUSINESS WIRE)--Nov. 9, 2004--African Gold Group, Inc., ("AGG") (TSX VENTURE:AGG) is pleased to report the results of diamond drill holes 1 through 12 of AGG's Phase 1 exploration program at the Mankranho concession, located in Ghana, West Africa.
Following the receipt of check analyses and further new results for holes 6, 9, 10, 11 & 12 from Eco-Tech Laboratories of Kamloops, Canada, an updated table of significant results for diamond drill holes 1 through 12 is presented below. All drill results represent analysis performed by Eco-Tech Laboratories.(i)
Highlights
AGG is encouraged by the results from the Phase 1 drilling program on the Mankranho concession within Area I. In particular:
- Area I, North: widths up to 18.62 metres at 1.25 g/t gold;
- Area I, South: widths up to 15.98 metres of 1.86 g/t gold; and
widths up to 5.35 metres of 2.22 g/t gold
The Mankranho concession is located at the north-eastern end of the Sefwi Gold Belt in Ghana and lies along strike and contiguous to Newmont Mining Corp.'s ("Newmont") 9.1 Moz Ahafo gold project, where production has been scheduled for Q2, 2006. The Mankrahno concession has been subdivided into four separate areas (Area's I, II, III and IV) based on historical and/or current soil sampling, pitting, trenching, ground magnetic and IP geophysics (see attached map).
Mr. Greg Hawkins, P. Geo., a director of AGG, states that, "the continuity of mineralised sections along strike and to depth is very encouraging and results support the notion of fold and fault controlled gold. Although much needs to be done to fully understand what controls the economic concentrations, the broad widths of mineralization, isolated high-grade gold veins and numerous occurrences of visible gold all support the expectation of developing the broad economic grades encountered in the same geologic environments by Newmont at their Ahafo project, to our south."
AREA I
All of Phase 1 diamond drilling was concentrated within a region of Area I, ranging from approximately 1 kilometre and up to 3.5 kilometres north of the Newmont border and lying along strike of the Ahafo mineralized trend. These initial diamond drill holes were selected in order to gain a better understanding of:
- The geological signature of the region;
- The orientation of the geological structure; and
- The geological features that control mineralization in the region.
To date 24 diamond drill holes, targeting three distinct gold-in-soil anomalies within Area I (see map) have been completed, totaling 6,445 metres. Complete results from all mineralized zones in holes 1 through 12 comprise the subject of this press release. The Company anticipates reporting complete results from all mineralized zones in holes 13 through 24 during the week of November 15, 2004.
As detailed in AGG's press release dated September 20th, 2004, the broad, lower grade gold-bearing zones intersected in Area I occur typically within tuffs and argillites exhibiting ductile deformation. Data from the initial drilling (i.e., core orientation data) in addition to newly acquired geophysics and satellite remote sensing data will greatly assist in a more detailed structural interpretation. The results of this exercise will be utilized to focus future drilling on the identification and delineation of brittle deformation structures which commonly host the majority of lode gold deposits in the Ahafo area (i.e., large scale faults, extensive shear zones or fold hinges).
Area I - North
Area I North is located in the northeastern region of Area I (refer to map). Six drill holes tested 200 metres of strike under trenches T5 (historic results included 1,321 ppb gold over 12 metres) and T6 (historic results included 1,062 ppb gold over 21 metres). Quartz veining and pyrite +/- arsenopyrite mineralization is hosted within welded lithic/crystal tuffs characterized by blue quartz eyes. Zones of jasper/K-spar inter-banded with up to 30% magnetite and thin (less than 1m) quartz-feldspar porphyry sills were also encountered.
Gold mineralization in Area I North appears to be associated with multi-phase quartz veining including vein swarms/quartz flooding +/- carbonate, disseminated fine-grained pyrite, thin shear zones, and quartz-sericite-pyrite alteration zones.
Significant Intersections: Area I - North
Section 129+00E
Trench 5: 0.74 g/t Au over 31 metres, including 1.32 g/t Au over 12
-------- metres
---------------------------------------------------------------------
Interval (m)
Hole -------------------------- Au (g/t)
From To Length
---------------------------------------------------------------------
---------------------------------------------------------------------
MN04-08 125.20 134.00 8.80 1.28
incl 132.50 134.00 1.50 5.21
---------------------------------------------------------------------
MN04-09 141.32 160.33 19.01 0.68
incl 147.30 151.80 4.50 1.5
---------------------------------------------------------------------
MN04-11 235.00 236.50 1.50 4.52
---------------------------------------------------------------------
Section 130+00E
Trench 6: 1.06 g/t Au over 16 metres, including 1.88 g/t Au over 11
-------- metres
---------------------------------------------------------------------
Interval (m)
Hole -------------------------- Au (g/t)
From To Length
---------------------------------------------------------------------
---------------------------------------------------------------------
MN04-02 74.65 93.27 18.62 1.25
incl 74.65 78.03 3.38 2.57
and 88.20 89.37 1.17 5.54
---------------------------------------------------------------------
MN04-04 91.08 92.58 1.50 1.16
146.75 149.70 2.95 0.53
---------------------------------------------------------------------
MN04-05 123.00 124.50 1.50 1.64
165.80 167.30 1.50 1.02
---------------------------------------------------------------------
Area I - South
Area I South is located in the southwestern extent of Area I (refer to map). Six drill holes drilled under two trenches (T10 and T17) testing over 200 metres of strike length. Broad mineralized gold zones up to 17.97 metres in width are hosted within volcanoclastics and zones of graphitic and magnetite-rich argillites. Gold-bearing quartz veining and sulphide mineralization is commonly characterized by strong sericite alteration and magnetite destruction. Significant selected intersections from Area I South (complete results) include:
Significant Intersections: Area I - South
Section 114+00E
Trench 17: 0.63 g/t Au over 17 metres
---------
---------------------------------------------------------------------
Interval (m)
Hole -------------------------- Au (g/t)
From To Length
---------------------------------------------------------------------
---------------------------------------------------------------------
MN04-01 62.55 72.91 10.36 0.98
incl 64.35 68.88 4.53 1.46
91.80 100.85 9.05 0.54
126.10 134.49 8.39 0.4
---------------------------------------------------------------------
MN04-03 60.50 76.48 15.98 1.86
101.15 108.83 7.68 0.69
133.20 151.17 17.97 0.93
incl 133.20 138.55 5.35 2.22
---------------------------------------------------------------------
MN04-06 71.54 88.13 16.59 0.56
76.01 79.05 3.04 1.18
101.76 104.70 2.94 1.81
131.16 132.77 1.61 1.46
150.70 152.23 1.53 1.93
---------------------------------------------------------------------
Section 116+00E
Trench 10: 1.86 g/t Au over 26 metres, including 4.30 g/t Au over 10
--------- metres
---------------------------------------------------------------------
Interval (m)
Hole -------------------------- Au (g/t)
From To Length
---------------------------------------------------------------------
---------------------------------------------------------------------
MN04-07 64.98 67.87 2.89 0.75
134.73 150.88 16.15 0.64
incl 137.65 146.42 8.77 0.84
---------------------------------------------------------------------
MN04-10 98.59 99.75 1.06 1.16
108.51 111.56 3.05 2.61
132.58 149.37 16.79 0.36
---------------------------------------------------------------------
MN04-12 155.95 159.48 3.53 2.53
205.80 217.80 12.00 0.51
---------------------------------------------------------------------
This press release has been reviewed and approved by Christopher O. Naas, P. Geo., a Qualified Person.
(i) Trench data in this release is from assay results provided by Eco-Tech Laboratories of Kamloops, Canada, SGS Laboratory Services of Tarkwa, Ghana and Transworld Laboratories, also of Tarkwa, Ghana.
African Gold Group, Inc., based in Toronto, is engaged in the identification, acquisition and exploration of prospective gold projects situated along significant gold trends in Ghana, West Africa. The Company's immediate focus is to systematically explore both surface and in particular, subsurface targets along three major gold trends: the Sefwi, Asankrangwa and Ashanti Gold Belts.
On Behalf of the Board:
Kevin J. van Niekerk
President and Chief Executive Officer
-------------------------------------
BCE Place, Canada Trust Tower,
27th Floor, 161 Bay Street,
Toronto, Canada M5J 2S1
e.mail: info@africangoldgroup.com
website: www.africangoldgroup.com
NOTE: To view a Compilation Map of the Mankranho Concession, please click on the following link:
http://www2.cdn-news.com/database/fax/2000/agg1109.pdf
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
African Gold Group, Inc.
Michael A. Nikiforuk
Corporate Development Officer, Director
(416) 572-2225
info@africangoldgroup.com
OR
The Wall Street Group, Inc.
Ron Stabiner
Vice President
(212) 888-4848
rstabiner@thewallstreetgroup.com
website: www.africangoldgroup.com
Cassidy Gold (CDY.V) Hits High Grades at X-Vein
KAMLOOPS, B.C., Nov. 9 /CNW Telbec/ - Cassidy Gold Corp. (TSX-V : CDY) is
pleased to announce results from initial diamond drilling on the X-Vein target
and ongoing drilling on the Sanu Filanan Zone on its Kouroussa Property in
Guinea, West Africa. Cassidy owns a 100% interest in the property, subject to
a 15% state participation.
Six holes totalling 976 metres were completed in the X-Vein area,
highlighted by a 2-metre intersection of the X Vein that assayed 151.8 grams
per tonne gold (g/t Au) in XV-04. The north-trending X Vein is exposed in a
series of trenches over a strike length of 210 metres typically as 1-2 metres
of dark grey quartz and silicified wall rock. Local miners are currently
extracting small quantities of visible gold from some vein exposures. Chip
sampling by Cassidy Gold personnel returned assays of up to 19.3 g/t Au over
2.0 metres (see August 19, 2004 News Release).
Results have been received from four of the six holes; a seventh hole,
XV-02, was abandoned in blocky ground. XV-01 intersected 4.32 g/t Au over a
core length of 7.8 metres at the north end of the known vein trend. XV-03
intersected 2.92 g/t Au over 2.0 metres 300 metres south of XV-01. The
intersection in XV-04 is 41 metres north of that in XV-03. A vertical hole,
XV-05, was collared from the same location as XV-04, approximately 37 metres
west of the intersection in XV-04, but failed to intersect the zone,
confirming that the vein is likely steeply dipping to vertical in orientation.
Results are summarized in Table 1.
<<
Table 1 X Vein Results
--------------------------------------------------------------
DDH Azimuth Dip From To Length Au g/t
--------------------------------------------------------------
XV-01 270 -42 0.00 4.00 4.00 1.38
--------------------------------------------------------------
75.50 78.10 2.60 2.41
--------------------------------------------------------------
94.50 96.00 1.50 2.53
--------------------------------------------------------------
119.60 127.40 7.80 4.32
--------------------------------------------------------------
XV-02 -90 Abandoned.
--------------------------------------------------------------
XV-03 135 -45 83.00 85.00 2.00 2.92
--------------------------------------------------------------
XV-04 090 -45 52.50 54.50 2.00 151.81
--------------------------------------------------------------
XV-05 -90 No significant intersections.
--------------------------------------------------------------
>>
Results have also been received for four diamond drill holes totalling
1304 metres, completed on the Sanu Filanan trend. Three of the holes stepped
along strike to the southeast and northwest, and down dip along the projected
Sanu Filanan structure. All three were successful in delineating the
structure, extending its known strike length to at least 800 metres, and dip
extent to 260 metres.
KD-83 stepped out 150 metres along strike from the southeast limit of
previous drilling, and intersected a broad zone of alteration and
mineralization between 250.1-285.4 metres down hole, assaying 0.42 g/t Au,
including 2.50 g/t over 1.7 metres at the top of the zone. KD-84 intersected a
number of anomalous zones, including 2.00 metres assaying 1.94 g/t Au at a
depth of 260 metres below surface. KD-85 stepped out 200 metres along strike
to the northwest and intersected a very broad zone of weak to intense
alteration and mineralization between 244.75-320.3 metres down hole, including
4.65 metres assaying 1.52 g/t Au at the top of the interval and 1.20 metres
assaying 11.46 g/t Au from 299.15-300.35 metres.
KD-86 was drilled from the northeast side of the zone to scissor a strong
intersection in KD-80 (5.66 g/t Au over 4.24 metres true thickness), in the
northern section of the Sanu Filanan Zone. KD-80 had been stopped in
mineralized saprolite that assayed 1.92 g/t Au. KD-86 intersected a 15-metre
interval of quartz vein stockwork assaying 3.95 g/t Au, including 6.80 metres
assaying 7.38 g/t Au. This zone appears to be adjacent to the mineralized zone
encountered in KD-80.
<<
Table 2 Sanu Filanan Results
--------------------------------------------------------------
DDH Azimuth Dip From To Length Au g/t
--------------------------------------------------------------
KD-83 242 -45 250.10 251.80 1.70 2.50
--------------------------------------------------------------
273.80 278.00 4.20 0.92
--------------------------------------------------------------
KD-84 038 -60 127.10 128.60 1.50 55.60
--------------------------------------------------------------
215.50 218.00 2.50 1.11
--------------------------------------------------------------
300.00 302.00 2.00 1.94
--------------------------------------------------------------
KD-85 038 -45 86.50 88.50 2.00 2.41
--------------------------------------------------------------
244.75 249.40 4.65 1.52
--------------------------------------------------------------
299.15 300.35 1.20 11.46
--------------------------------------------------------------
KD-86 218 -45 83.50 98.50 15.00 3.95
--------------------------------------------------------------
incl 86.50 93.30 6.80 7.38
--------------------------------------------------------------
>>
Drilling continues on the Sanu Filanan Zone, as part of a program to
further define near surface mineralization in advance of a resource statement
being prepared by resource consultants RSG Global. In the northern section of
the Sanu Filanan Zone, results are pending for KD-87 to KD-91. An additional
5 holes totalling 375 metres are planned. At the south end, at least 7 holes
are planned for 600 metres. Up to 11 holes, totalling 825 metres are also
planned to further define the near surface potential of the JJ Vein Trend.
All drill core samples were split using a rock saw and, in a few cases, a
core splitter, over sample lengths of 0.5 to 1.5 metres. Holes are drilled
with HQ rods through the saprolite and reduced to NQ once in bedrock,
typically between 40 and 100 metres depth. All samples were sent to ABILAB
Afrique de l'Ouest in Bamako, Mali for fire assay using a 50-gram subsample.
Several samples were analyzed using metallics screen preparation on a
1 kilogram subsample. High samples were checked by reassaying the same pulp
and a gravimetric finish was used on all samples assaying over 10 g/t Au and
some assaying over 4 g/t Au. Several high values were checked by taking a
second split from the sample rejects and fire assaying with both an AAS and
gravimetric finish.
The exploration team in Guinea consists of Project Manager Marc-Andre
Boudreau, B.Sc., Marthe Archambault, M.Sc., P.Geo., and Maxime Dupere, B.Sc.
Christopher J. Wild, P.Eng., V.P. Exploration for Cassidy Gold Corp. is the
Qualified Person for this release.
On behalf of the Board of Directors
Cassidy Gold Corp.
James T. Gillis
---------------
James T. Gillis, President
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.
%SEDAR: 00006208E
For further information: Jim Gillis, President, 250-372-8222 or
Fax: 250-828-2269; Renmark Financial Communications Inc.: John Boidman:
jboidman@renmarkfinancial.com; Henri Perron:
hperron@renmarkfinancial.com; Media - Cynthia Lane:
clane@renmarkfinancial.com; (514) 939-3989;
www.renmarkfinancial.com
Randgold Resources (GOLD) infilling at Yalea, Mali
N E W S R E L E A S E
INFILL DRILLING PROGRAMME UNDERWAY AT YALEA
===============================
London, 8 November 2004 (LSE: RRS) (Nasdaq: GOLD) - A 20-hole infill drilling programme is
currently underway at Yalea to gather data for the upcoming feasibility study. This follows the
completion of the Loulo underground prefeasibility last quarter which confirmed the potential for the
development of long-life underground operations at the mine.
The design of the drill campaigns has been coordinated with SRK Consulting, which will lead the full
feasibility study. Selected holes have been chosen to infill the higher grade competent material of the
orebody to supply geotechnical, geohydrological and geo-thermal data.
All aspects of the project are now being incorporated into the underground feasibility study. These
include the final pit optimisations which are currently being carried out and incorporate the latest
upgraded resource updates, together with the impact of the underground costs to optimise the open pit
to underground interface.
The team has also started the advanced grade control on the two open pits for preplanning purposes.
This will be used to better delineate the width and continuity of higher grade portions of the orebody. If it
can be demonstrated that a thinner higher grade portion of the orebodies can be mined selectively, this
will have an impact on the underground mining method employed.
“Continued drilling at Loulo has delivered another 2.5 million ounces to increase the resource there to
more than 7 million ounces. Incidentally, this also takes the tally of new ounces we’ve discovered during
the past 10 years over the 15 million mark,” said chief executive Dr Mark Bristow. “While the exploration
there continues, construction of the mine at Loulo has also proceeded apace, and is on track to start
pouring gold next year as scheduled. Loulo is another big step forward for us: essentially, we’re
launching a new cycle of value creation, and we’re funding it without having to go to shareholders or the
market, by using money we got from Morila and gearing up with bank debt.”
============================
RANDGOLD RESOURCES ENQUIRIES:
Chief Executive - Dr Mark Bristow +44 779 775 2288
Financial Director - Roger Williams +44 779 771 9660
Investor & Media Relations - Kathy du Plessis +27 11 728 4701, Cell: +27 (0) 83 266 5847,
randgoldresources@dpapr.com
Website: www.randgoldresources.com
============================
Akrokeri-Ashanti(AKR.H) could re-emerge as a shell if, as I think likely, its few personal creditors, and guaranty creditors release current remaining debt. Dunno how much a NEX shell is worth nowadays --- or does it go back to "venture" on TSX upon filing the right papers for trading? I suspect that it would instead be a vehicle for new gold exploration, if it revives, maybe with a new name.
FL
roan wrote "...there are better plays in West Africa". OK roan, what are your current favorites, in order (with remarks if you feel like it)?
FL
Is St.Jude now big enough to interest Newmont?
Newmont likes Ghana now.
FL
Robex Confirms Additional Mali Gold Targets Drilling Planned Along 9.75 Km Trend
10/27/2004
Robex Resources Inc announces that new sampling results have confirmed additional drill-ready gold targets on the Kolomba concession in the gold-rich Kenieba Valley of Mali, West Africa. Various trench, lag-quartz and geochemical-soil sampling methods returned high gold values for the MM-2, MM-5 and MM-5a target areas. These three targets lie along a 9.75-kilometre north-south trend, which also contains a significant, partially explored, gold-arsenic geochemical anomaly. The underlying bedrock and structural geology of the trend is similar to that of many of the Mali gold mines and deposits. Following the November initiation of the 2004-2005 drilling program at the Bilali and MM-3 targets, drilling will move to the MM-2 target on the 9.75-kilometre trend.
Target MM-2 consists of a large area of orpaillage (shallow small-scale mining by local people). Birimian siltstone comprises the host rocks, which are cut by argillic-altered felsic dikes. The siltstone exhibits extensive quartz veining and locally, gossan float rocks are common. Quartz stockworks are exposed along a north-trending shear zone that has been traced for more than nine kilometres along strike. Four trenches were dug by hand, into areas of quartz veins and stockworks, to expose bedrock for sampling purposes. Trench 3, which was excavated to a depth of two metres over its 100-metre length, was placed in an area of saprolite-gossan float. A continuous series of two-meter long channel samples were cut in the wall of the trench at the bottom . A 44-metre section of the trench returned an average gold value of 1.34 grams per tonne (a high-grade sample of 16.77 grams of gold per tonne was cut back to roughly equal the next highest assay of 10.0 grams of gold per ton). The Trench 3 results are presented in the accompanying table. Refer to the Robex website (www.robexgold.com) for additional maps and sample results.
At Target MM-5A, located approximately 6.5 kilometres south of Target MM-2, reconnaissance sampling earlier in the year discovered a 1.25-metre-wide high-grade quartz breccia vein, which returned a gold value of 10 grams of gold per tonne. This sample was confirmed with a follow-up 0.85-metre chip-channel sample across the same breccia quartz vein, which returned 16.9 grams of gold per tonne. Other veins in the immediate vicinity returned values ranging from 1.1 to 3.1 grams of gold per tonne. Geochemical soil sampling completed in June 2004 indicates exceptionally high gold-in-soil values over a distance exceeding 420 metres to the south of the discovery outcrop. The veins are associated with the same north-trending shear zone and similar silicified Birimian siltstone host rocks observed at Target MM-2.
The North-South structural trend consists of a broad zone of quartz stockworks and veins that can be traced for over 9.75 kilometres. Anomalous gold values occur throughout the trend and at least two additional targets, the MM-5 and the gold-arsenic anomaly, lie between the MM-2 and MM-5A targets. These additional targets are only partially explored and, during the upcoming field season, further surface exploration work will be conducted to define their full extent.
Rodney Blakestad, Robex Vice President, Exploration, comments, "For comparison of the sample results, in Mali and in most of the world, exploration and geochemical gold values ranging between 0.5 and 1.0 grams per tonne and above are considered highly anomalous and worthy of aggressive exploration. Multi-gram-per-tonne gold values in rocks are especially encouraging. The Robex targets contain significant numbers of highly anomalous gold values and these often extend to the limits of areas sampled to date. Several targets are sufficiently sampled and mapped to warrant immediate drilling. Additional work (mapping, geochemistry and geophysics) will attempt to define the total surface extent of mineralization and further define other potential drilling targets."
Click here to view MM-2 Trench 3 two-metre sample results.
Robex Resources Inc (TSX-V: RBX), a Canadian gold exploration and development company, has been acquiring properties in Mali's famous gold-producing Kenieba Valley since 1996. Five major concessions, Diangounte, Kolomba, Dabiya-West, Kossaya and Moussala totalling more than 430 square kilometres, make up the Company's portfolio. Recently compiled data gathered during the 2004 program have outlined a number of gold exploration targets and the Company is focusing the near-term 2004-2005 program on the exploration and drilling of the Kolomba targets and the further assessment of the Diangounte gold project. The exploration models for the Kolomba targets include both disseminated gold in Birimian sedimentary and volcanic-sedimentary rocks, similar to the Iamgold-Anglogold Sadiola Hill Mine in the Kenieba Valley, and gold in quartz-sulphide stockworks and disseminated sulphides, similar to the Randgold Morila deposit in southern Mali.
ON BEHALF OF THE BOARD OF DIRECTORS
"William H. Bird"
William H. Bird, PhD, PGeo,
President & CEO
William H. Bird, PhD, PGeo, serves the Board of Directors of the Company as an internal technically Qualified Person (as defined by National Instrument 43-101). The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
William H. Bird, President & CEO, Vancouver, BC, (604) 681-9558, birdwill@aol
Stewart Robertson - Vice-president - Trenton, Ontario (613) 392-2646
Andr?V?ina - V.P. Business development - Qu?ec (418) 670-1422
Marcel B?ard - President - email - marcelbedard@sympatico.ca
Jack Bal, Investor Relations, Vancouver, BC, (604)633-2442, jack.northface@telus.net
AMI closes $450,000 placement for North Ashanti Project
AMI Resources Inc (TSX-V:AMU)
Shares Issued 11,856,186
Last Close 10/25/2004 $0.45
Tuesday October 26 2004 - News Release
Mr. Dustin Elford reports
AMI Resources Inc. has closed and received regulatory approval of a non-brokered private placement of one million units at a price of 45 cents per unit. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one additional common share at 55 cents per share for a period of six months ending April 22, 2005.
All shares issued pursuant to this private placement will be subject to a hold period and may not be traded in British Columbia until Feb. 22, 2005, except as permitted by the Securities Act (British Columbia) and the regulations thereunder.
Proceeds from the private placement will be used for exploration at the company's North Ashanti project in Ghana, West Africa, and for general working capital.
The company also announces that it has granted, subject to regulatory approval, 550,000 incentive stock options exercisable at 45 cents per share for a period of three years expiring Oct. 22, 2007. These options will be allocated to directors of the company in accordance with the company's stock option plan approved by shareholders at the company's annual general meeting held July 23, 2004.
© 2004 Canjex Publishing Ltd.
Correction: only 12million+ (among 3billion+) WAGI traded sofar.
What's going on with WAGI? (West Africa Gold, changing name to Great West Gold)
This company has a strange, terrible stock chart (it trades on the OTCBB and Pink Sheets as WAGI). Over 27 million shares have traded so far today, but the price is getting a bit infinitesimal (US$0.007). Despite incredible dilution already, they just declared a 20% STOCK dividend. You become 20% richer thereby. They allege their northern, remote, non-Birimian, Malian gold to be worth US$1.8 billion in the ground, and they report some high gold grades. Three press releases appear below. The fact that their Mali gold property is nowhere near the lucrative Birimian greenstone structures of southwest Mali doesn't stop the company from proclaiming the merits of the latter. The emphasis now seems to be shifting to their "highly prospective" properties in Arizona, despite the $1.8 billion allegedly lying in the ground in Mali, hence the name change.
I can understand all the selling volume in the last month, but WHO is doing all that buying?
The company web-page is, uh --- advanced.
Does anyone have an opinion on this wonder? The stock chart is among the world's worst. Poignantly, while announcing the 20% stock dividend, the company CEO Saner says it's "hoped that this would offset some of the losses suffered by the Company's shareholders caused by the unexplained and very substantial fall in the Company's share price in recent months".
Are the current buyers just fools, or is there a real value in this company now? All opinions are welcome. See below.
FL
==============================
West Africa Gold, Inc. Announces Company Name Change
- Market Wire
NEW YORK, NY, Oct. 26, 2004
(MARKET WIRE via COMTEX) -- West Africa Gold, Inc. (WAGI) announced today that, pursuant to the affirmative consent of its Board of Directors and a majority of the holders of its common stock, the company name has been changed to "Great West Gold, Inc." The company will continue trading under the symbol "WAGI" until a symbol change can be completed.
The change of the Company's Name, CUSIP Number and its Trading Symbol reflects the Company's recent acquisition of North American Gold Mining Properties located in Arizona. It is anticipated that these changes will be effective within the next two weeks.
About West Africa Gold, Inc.:-
West Africa Gold (www.westafricagold.com) is an aggressive gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in various regions of the Republic of Mali and in North America.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
Contact:
West Africa Gold Inc.
(+ 1 212 672 1851)
E Mail : investor@westafricagold.com
SOURCE: West Africa Gold, Inc.
Copyright 2004 Market Wire, All rights reserved.
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West Africa Gold, Inc. Declares a Stock Dividend
NEW YORK, NY, Oct. 25, 2004 (MARKET WIRE via COMTEX) -- West Africa Gold, Inc. (WAGI) announces that the Company has authorized a 20% (twenty percent) dividend of the Company's common stock for its shareholders of record as of Monday, November 8, 2004. The distribution to shareholders should be completed by the end of November 2004.
With this, the Company wishes to thank all its shareholders for supporting the Company's efforts in the development of the Company's mining properties in North America and in Mali, West Africa.
Michael G Saner, the CEO of West Africa Gold, Inc. said that he was delighted that shareholders were being rewarded in this manner and hoped that this would contribute to increased support for the Company and its Mining Exploration efforts and hoped that this would offset some of the losses suffered by the Company's shareholders caused by the unexplained and very substantial fall in the Company's share price in recent months.
About West Africa Gold Inc.:
West Africa Gold (www.westafricagold.com) is an aggressive gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in various regions of the Republic of Mali and in North America.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
Contact:
West Africa Gold Inc.
+ 1 212 672 1851
E Mail : investor@westafricagold.com
============================
West Africa Gold, Inc. Declares a Stock Dividend
NEW YORK, NY, Oct. 25, 2004 (MARKET WIRE via COMTEX) -- West Africa Gold, Inc. (WAGI) announces that the Company has authorized a 20% (twenty percent) dividend of the Company's common stock for its shareholders of record as of Monday, November 8, 2004. The distribution to shareholders should be completed by the end of November 2004.
With this, the Company wishes to thank all its shareholders for supporting the Company's efforts in the development of the Company's mining properties in North America and in Mali, West Africa.
Michael G Saner, the CEO of West Africa Gold, Inc. said that he was delighted that shareholders were being rewarded in this manner and hoped that this would contribute to increased support for the Company and its Mining Exploration efforts and hoped that this would offset some of the losses suffered by the Company's shareholders caused by the unexplained and very substantial fall in the Company's share price in recent months.
About West Africa Gold Inc.:
West Africa Gold (www.westafricagold.com) is an aggressive gold exploration company that has acquired certain rights to mine for minerals, primarily gold, in various regions of the Republic of Mali and in North America.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
Contact:
West Africa Gold Inc.
+ 1 212 672 1851
E Mail : investor@westafricagold.com
Australian-traded W.African golds doing nicely
I just looked at the charts of the W.African gold companies traded in Sydney. They've picked up and have done very well this month, after deteriorating and languishing a long time. The only laggard is Adamus (ignoring those dilution delights, Investika and Takoradi Ltd.). Adamus hasn't gone down -- it just hasn't gone up much. The new one, Perseus, seems to be thriving.
I use BigCharts to look at the charts, using a prefix "au:" before each stock symbol, thus
au:adu Adamus
au:afm Afminex
au:aul Australian United Gold
au:eqi Equigold
au:ivk Investika
au:pru Perseus
au:rsg Resolute
au:tkg Takoradi
And there's also the pornographic
au:asc Adult Shop
which may still have vestigeal gold licenses in Ghana.
Red Back Mining is also Australian, but trades as RBI in Toronto.
If you're interested in Ivory Coast (Cote d'Ivoire) exploration, note that Perseus and Equigold are there (along with Randgold, Semafo and Etruscan).
FL
Golden Star says no further designs on Iamgold
Reuters - 23 October 2004
Golden Star Resources said yesterday it is not reconsidering a merger with Iamgold Corp, whose recent deal with Gold Fields is threatened by a hostile bid from Harmony Gold Mining.
In May, Denver, Colorado-based Golden Star made a hostile bid for Iamgold, a mid-sized Canadian gold producer, but its attempt was scuppered by a "white knight" bid from South Africa's Gold Fields.
However, the future of the Iamgold-Gold Fields deal is uncertain after Harmony, another South African gold producer, on Monday launched an unsolicited bid for Gold Fields. Harmony has made the success of its offer conditional on the Iamgold transaction not going ahead.
"We are not considering the possibility of a renewed merger transaction with Iamgold," Golden Star's chief executive Peter Bradford said in a statement.
"It needs to be remembered that, as a condition of our access to Iamgold's book for due diligence as part of our previous bid, Golden Star and Iamgold are each restricted by a very tight standstill agreement from making a bid for the other party until after July 22, 2005," he said. - Reuters.
African Gold PLC (AFG London, NOT AGG.V) finds
African Gold finds 'substantial' in Ghana
October 21, 2004 13:12
AIM-listed African Gold has reported 'substantial' gold mineralisation in nine additional holes drilled in its Konongo gold property in the Ashanti Gold Belt in Ghana. This follows the 'noteworthy' discoveries in the first five holes announced last month.
African Gold said that all nine holes contain good gold grades. Three of the new holes contain grades of 10 grams or greater over widths of five metres or greater.
The company said a number of other holes have been completed and are currently being analysed. Drilling continues and the results will be reported in the near future.
'The current drilling programme is on one of nine ore bodies on our licence, all showing similar geological characteristics,' commented John Teeling, the company's co-chairman.
'We estimated a gold resource of 900,000 ounces. This looks easily obtainable and may be conservative,' he added.
North Atlantic Res. (NAC.TO) Drilling at Dalakan Mali
Drilling commences at Dalakan Project, southern Mali
Toronto, Canada, October 20, 2004: Dr. Jon North, President and CEO of North Atlantic
Resources Ltd. (“North Atlantic”) reports:
Dalakan Project, southern Mali
A drilling program consisting of approximately 4,000 meters of reverse circulation drilling and
1,200 meters of air core drilling has commenced at the Dalakan project in southern Mali. Most
of the drilling will be at Area ‘C’ – see attached map.
This is the first drilling campaign ever to be undertaken at Dalakan. Two target areas will be
explored. The largest target is a 4 km long, northwest-trending gold in soil anomaly associated
with artisanal workings and quartz fragments in laterite. The results of this work will be
released as they become available.
Other projects
The results of the induced polarization (IP) survey of the Kantela project in western Mali have
been received and are being integrated with the drill hole database. Two diamond drill holes
(approximately 400 meters total of a planned 3,000 to 4,000 meter program) have been
completed at Zone 2 of the Kantela project.
Property-scale geochemical sampling at the Foulalaba project in southern Mali has also
commenced.
The results of these programs will be released as they become available.
The technical information contained in this release and the technical work is being supervised
by Jon North, Ph.D., P. Geo., who is a Qualified Person as defined by National Instrument 43-
101.
North Atlantic Resources Ltd. is engaged in the research, area selection, acquisition, and
exploration of gold deposits in the Republic of Mali, west Africa. North Atlantic has 18,176,510
common shares issued and outstanding (22,048,032 on a fully diluted basis).
This press release was prepared by North Atlantic Resources Ltd. and no regulatory authority
has approved or disapproved the information contained herein.
For further information please contact:
Jon North, President and CEO
or
Nathalie Roy, Corporate Affairs
at phone (416) 703-6348
info@nac-tsx.com
Please visit www.nac-tsx.com to view maps and more project details.
suite 410, 55 Adelaide St. East, Toronto, Ontario, M5C 1K6, Canada
ph.: 416-703-6348, fax 416-703-6507, email: info@nac-tsx.com website www.nac-tsx.com