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Strategic Mining Completes Positive Geological Report for Its Vietnamese Gold Property
Oct. 14, 2010 (GlobeNewswire) --
CHEYENNE, Wyo., Oct. 14, 2010 (GLOBE NEWSWIRE) -- Strategic Mining Corp. (Pink Sheets:SMNG) announced today that its consulting geologist, Bob Marvin, has completed a detailed geological report for the Nat Son gold property. Four zones of gold mineralization were identified and 140 rock chip samples were collected and tested over a strike length of four kilometres. Based on the positive results of the field study, the geologist recommended a drill program for 13 core holes to determine the gold potential of the property.
Mr. Marvin brings thirty years of experience in mineral exploration and evaluation of precious metal deposits within the U.S. and abroad. He graduated from the University of New Mexico and is a member of the Geological Society of Nevada. He has worked with several large well-known mining companies. Since 2000, he has been President of Red Rock Exploration Company.
Mr. Marvin's detailed report can be found on its new website. The new site, www.strategicminingcorp.com, will be updated regularly with the progress of the company's ongoing exploration projects. Shareholders will be able to access important information about the company and its personnel.
Strategic Mining Corporation is engaged in the exploration and development of gold properties in Vietnam, the U.S. (Nevada/Utah) and Africa. The company intends to expand by acquiring mineral rights to more key properties and initiating strategic joint ventures.
Safe Harbour: No assurance can be given that past or similar results of precious metal mining will be indicative of future results. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding of discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intent to" and similar conditional expressions are intended to identity forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks in the company's SEC reports and filings.
CONTACT: Strategic Mining Corp.
Todd Sterck
425-493-3975
toddsterck@strategicminingcorp.com
Source: Globe Newswire (October 14, 2010 - 8:01 AM EDT)
News by QuoteMedia
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Crocodile Gold Identifies Significant Resource Increase at Pine Creek-Excellent Potential for Low Cost Production Near Existing Union Reefs Mill as Early as Q1 2011
Oct. 14, 2010 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 10/14/10 -- Crocodile Gold Corp. (TSX: CRK)(OTCQX: CROCF)(FRANKFURT: XGC) ("Crocodile Gold" or the "Company") is pleased to announce an updated mineral resource estimate at its Pine Creek project area in the Northern Territory of Australia (refer to Figure 1 below for property location map) with a significant upgrade of inferred mineral resources to indicated mineral resources and also an increase in the overall estimates of both indicated mineral resources and inferred mineral resources. Crocodile Gold believes that this substantial upgrade of inferred to indicated mineral resources demonstrates the near term upside potential of the Pine Creek area to be a significant long life mining project in its own right. Crocodile Gold plans to accelerate development of one or more deposits in this area by early 2011 as they are within 15 kilometres of the Union Reefs mill.
Highlights include:
-- Increase of 315% in indicated resource ounces from 69,600 ounces to
288,600 ounces; and
-- Excellent potential for a large portion of the indicated resource to be
converted to mineable reserves as the reported resources were restricted
using optimised pit shells, the parameters used are the current
operating costs with a gold price below the current Australian Dollar
gold price.
In releasing this information, David Keough, Chief Operating Officer of Crocodile Gold commented, "We believe that the upside potential in this area is significant as the bulk of exploration to date has been to a depth of less than 100 metres and we have fast tracked exploration, environmental and mine engineering studies to realize this potential in the near term. We believe one or more deposits can be brought into production by early 2011 with minimal capital requirements and the added advantage of reducing operating cash costs as these deposits are within 15 kilometres of the Union Reefs mill. We currently transport ore from our mines in the Burnside area approximately 80 kilometres to the Union Reefs mill which costs approximately US$125 per ounce. This mineral resource upgrade required minimal drilling and geological studies and demonstrates one of many opportunities that exist on our 2,500 km2 land package."
Historical production in the Pine Creek area has yielded over 750,000 ounces of gold production from six open pits and some limited underground production. An updated mineral resource estimate is shown in Table 1 below.
Crocodile Gold intends to announce an updated mineral reserve at Pine Creek shortly and also expects to update the NI 43-101 mineral resources in the Union Reefs area adjacent to the existing Union Reefs mill.
Table 1: Updated Pine Creek Project Resource Estimate
---------------------------------------------------------------------------
Indicated Mineral Resource
---------------------------------------------------------------------------
Gold Grade
Deposit Cut-off (g/t) Tonnes (g/t) Ounces Gold
---------------------------------------------------------------------------
Cox 0.5 730,000 1.4 33,100
---------------------------------------------------------------------------
Czarina 0.5 1,040,000 1.8 60,300
---------------------------------------------------------------------------
South Czarina
---------------------------------------------------------------------------
Enterprise
---------------------------------------------------------------------------
Gandy's 0.5 535,000 1.8 31,100
---------------------------------------------------------------------------
International 0.5 2,253,000 1.4 105,000
---------------------------------------------------------------------------
Kohinoor 0.5 470,000 1.8 27,100
---------------------------------------------------------------------------
South Enterprise 0.5 500,000 2.0 32,000
---------------------------------------------------------------------------
Total 0.5 5,528,000 1.6 288,600
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Inferred Mineral Resource
---------------------------------------------------------------------------
Gold Grade
Deposit Cut-off (g/t) Tonnes (g/t) Ounces Gold
---------------------------------------------------------------------------
Cox 0.5 74,000 1.4 3,300
---------------------------------------------------------------------------
Czarina
---------------------------------------------------------------------------
South Czarina 0.5 294,000 1.5 14,100
---------------------------------------------------------------------------
Enterprise 0.5 1,061,000 2.6 87,600
---------------------------------------------------------------------------
Gandy's 0.5 482,000 2.9 45,300
---------------------------------------------------------------------------
International
---------------------------------------------------------------------------
Kohinoor 0.5 335,000 2.6 28,500
---------------------------------------------------------------------------
South Enterprise 0.5 101,000 1.4 4,400
---------------------------------------------------------------------------
Total 0.5 2,347,000 2.4 183,200
---------------------------------------------------------------------------
Calculated at a gold price of US$1,000/oz and exchange rate of
$A1.00:$US0.91 (Aus$1,100/oz) and contained within Optimized Pit Shells
using current operating costs.
---------------------------------------------------------------------------
Note: The above resource classifications conform to CIM Standards on Mineral Resources and Reserves referred to in National Instrument 43-101. Mineral Resources are not Mineral Reserves.
The mineral resource estimate was prepared by Mark Edwards, Geology Manager of Crocodile Gold Australia Operations. Additional details on parameters used in calculating the resource estimate are provided below.
About Crocodile Gold
Crocodile Gold is a Canadian company with operating gold mines in the Northern Territory of Australia and a land package of over 2,500 km2. Crocodile Gold is currently mining from the Howley, North Point and Princess Louise open pit mines and the Brocks Creek underground mine. Crocodile Gold commenced mining in November 2009 and announced its first gold pour in December 2009 at its Union Reefs Mill. The Company is currently developing the Cosmo underground mine. Ore is currently processed at the 2.4 million tonne per year Union Reefs Mill. Crocodile Gold has 3.31 million ounces of NI 43-101 compliant measured and indicated resources (47.5 million tonnes at an average grade of 2.2 g/t gold) and 1.84 million ounces of inferred resources (25.6 million tonnes at an average grade of 2.2 g/t gold) (see Annual Information Form dated March 31, 2010 and Crocodile Gold press releases dated September 8, 2009, January 25, 2010 and October 14, 2010). The Company has an exploration program in place with a main focus on the Cosmo/Howley corridor which covers a five kilometre strike length of a 25 kilometre trend.
Qualified Person
Mark Edwards, Geology Manager of Crocodile Gold Australia Operations, and Heath Gerritsen, Mining Manager of Crocodile Gold Australia Operations are each a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and confirmed the technical information and data included in this press release.
The mineral resource estimate was generated using Au assays data from approximately 2000 RC and diamond drill holes (all from past programs drilled between 1980 and 2004). The deposit was modelled into several gold lodes and estimation domains using Minemap software. All assay data in the database was cut and then composited in 1m intervals starting at the collar. The top cuts of 30.0 g/t where used, based on statistical analysis. Au grades were interpolated into estimation domains using Inverse Distance (ID2) method and were reconciled against previous mining where possible. Analysis of the latest drilling conducted by Northern Gold NL in 2004 was completed at Northern Australian Laboratories (NAL).
Cautionary Note
Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include management's assessment of Crocodile Gold's targeted production, future plans, operations and mineral resource estimates and are based on Crocodile Gold's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Crocodile Gold's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological, mining and processing technical problems; Crocodile Gold's inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks. 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. Crocodile Gold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
To view Figure 1: Crocodile Gold Northern Territory Location Map and Figure 2: Pine Creek Area Deposit Location Map, please visit the following link: http://media3.marketwire.com/docs/crk_rev_1014_figs.pdf
Contacts:
Crocodile Gold Corp.
Michael Hoffman
President and CEO
416-861-2964
Crocodile Gold Corp.
Ashleigh Clelland
Manager, Investor Relations
416-861-5899
info@crocgold.com
www.crocgold.com
Source: Marketwire (October 14, 2010 - 7:30 AM EDT)
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GeoBio Energy, Inc. Announces New Experienced M&A, Oil and Gas Management Team
Oct. 13, 2010 (GlobeNewswire) --
SEATTLE, Oct. 13, 2010 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. ("GeoBio")(Pink Sheets:GBOE), announces its new oil and natural gas management team. This team will integrate Magna Energy Services, LLC, and Willow Creek Companies, Inc., into GeoBio's operations. Magna Energy Services is a chemical treatment company focusing on production enhancement of natural gas wells in San Juan Basin. Willow Creek Companies is an upstream pipeline company focusing on the construction of pipelines in the Piceance Creek Basin. The team will focus on opportunities for internal growth and development as well as select external acquisitions in order to maximize shareholder returns. The management team has over 60 years of combined experience in the oil and natural gas industry and has collectively completed over 30 successful acquisition and sale transactions.
John L. Sams, 59, will lead the company as President and Chief Executive Officer. Mr. Sams has 30 years experience in oil, natural gas and power industries. His extensive energy background covers the full range of upstream to downstream operations, and he has lead large project construction, engineering services, manufacturing, capital equipment, and service companies. He has held positions as President/CEO/Director of Environmental Elements Corp., an oil/gas related AMEX listed company; Alfa Laval Celleco, a Swedish company; President/COO/Director of LPP Combustion, GTS Energy; and Raven Biofuels International. He has a B.S. in Civil Engineering from the University of Missouri-Rolla and a MBA from Georgia State University.
Douglas A. Daniel, 59, has joined GeoBio as the Senior Vice President of Corporate Development and Finance. Mr. Daniel's 25 years of experience in public accounting includes audit services, mergers and acquisitions, consulting and execution, and full-scale management consulting for the chemical, construction and manufacturing sectors. As the Managing Partner of a regional public accounting practice, he negotiated and orchestrated numerous domestic and international mergers and acquisitions in different industries. In addition, Mr. Daniel was Managing Partner of his own private investment fund and has bought and sold more than fifteen companies in the past five years. He has served as director, strategic advisor and on the Audit Committee to numerous companies in various stages of development, from start-up to IPO. Mr. Daniel is a licensed CPA, a Certified Valuation Analyst, and has a BBA in Accounting/Finance from Georgia State University.
Joseph J. Titus, 49, will serve as GeoBio's Chief Operating Officer. Mr. Titus has 25 years experience in oil, natural gas, power and chemical sectors. His oil and gas experience ranges from exploration to production, and includes work with construction, maintenance, technology, equipment and systems companies. Mr. Titus held senior leadership positions with Environmental Elements Corp., an AMEX listed company; LPP Combustion, a clean energy company; GTS Energy, a process heating company; multiple specialty chemical companies; and Raven Biofuels International, a public biofuels company. He has a B.S. in Chemical Engineering and Paper Science from the University of Wisconsin-Stevens Point and a MBA from Loyola College of Maryland.
"We are all looking forward to the successful completion of our initial acquisitions and their integration into GeoBio's operations," said GeoBio's new CEO, John Sams, "We believe there are numerous opportunities for growth and value creation in the oil and natural gas services sector, and I am confident we have the management team in place to capitalize on these opportunities."
GeoBio's former CEO and director, L. G. Miyatovich, resigned October 8, 2010 to pursue other interests. Mr. Miyatovich helped direct GeoBio's initial efforts in the oil and gas services business. His work put GeoBio on a path to future growth and development.
About GeoBio Energy: www.geobioenergyinc.com/
GeoBio's business model emphasizes targeting existing companies in the oil and gas services industry and integrating them. GeoBio is acquiring growing and potentially undercapitalized companies in the energy services sector. GeoBio believes demand for petroleum and natural gas products will continue to rise over the next twenty years. GeoBio recognizes this demand opportunity and intends to maximize the opportunity to integrate and capitalize emerging growth businesses. GeoBio's integration, growth, and capitalization activities will enhance and create significant value for shareholders. As oil and gas exploration continue in the face of ever rising demand, preparing and monitoring drilling sites and obtaining peak efficiency and production from existing, aging wells becomes increasingly important. GeoBio believes this to be a significant growth opportunity in its strategy to combine and consolidate companies in the oil and natural gas services sector.
Media Services by: ValueCorp Communications
Safe Harbor Statement
This Press Release contains forward-looking statements generally identified as such because the context of the statement will include words such as GBOE "expects," "should," "believes," "intends," "anticipates" or similar import. Forward-looking statements are subject to risks and uncertainties including the financial performance of GBOE, which could cause actual results, performance or achievements of GBOE to differ materially from future results, performance or achievements expressed or implied by forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
This Press Release does not constitute or form any part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment therefore.
"Forward-looking statements," defined in the Private Securities Litigation Reform Act of 1995, may be included in this press release. These statements relate to future events and/or future financial performance. These statements are predictions and may differ materially from actual future events or results. GBOE disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Risks associated with our current business include, but are not limited to the risks associated with our ability to (i) obtain the necessary financing to complete our prospective acquisitions of Willow Creek and Magna Energy and to finance our current operations, (ii) generate sufficient revenue and obtain profitability, (iii) obtain additional financing as needed, (iv) manage changes in general economic and business conditions (both generally and in the natural gas and oil services and the energy industry), (v) react to actions of our competitors, (vi) develop new services and markets for our services, (vii) identify and manage risks in connection with acquisitions (viii) evaluate the level of demand and market acceptance of our services and (ix) make necessary changes to our business strategies.
CONTACT: GeoBio Energy Corporation
Investor Relations
Joseph J. Malone
786-375-0556 begin_of_the_skype_highlighting 786-375-0556 end_of_the_skype_highlighting
info@geobioenergyinc.com
www.valuecorptrading.com
Source: Globe Newswire (October 13, 2010 - 6:30 AM EDT)
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www.quotemedia.com
Goldrea Announces Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA, Oct. 13, 2010 (Marketwire) -- Goldrea Resources Corp. (TSX VENTURE:GOR)(PINK SHEETS:GORAF)(FRANKFURT:GOJ) ("Goldrea" or the "Company") announces the Company is raising by way of Non-Brokered Private Placement, up to $300,000 through the issuance of up to 5,000,000 units ("Units") at a price of $0.06 per Unit.
Each Unit is comprised of one common share in the capital of the Company (a "Share") plus a two year share purchase warrant (a "Warrant). Each Warrant entitles the holder to purchase one common share at a price of $0.10 for two years from the date of issue.
This Private Placement could be subject to finders' fees which will be paid in accordance with the TSX Venture Exchange policies and is subject to the approval of the regulatory authorities.
About Goldrea Resources Corp.:
Goldrea Resources Corp. is a mineral exploration and development company that is engaged in the acquisition, exploration and development of mineral properties in North American and China.
GOLDREA RESOURCES CORP.
Larry W. Reaugh, President and Chief Executive Officer
This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Goldrea Resources Corp. President and Chief Executive Officer 604-531-9639 604-531-9634 (FAX) info@goldrea.com www.goldrea.com
Source: Marketwire Canada (October 13, 2010 - 6:01 AM EDT)
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