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Dr. Daniel L. Farkas, Chairman and CEO of Spectral Molecular Imaging, Presented an Invited Talk at an International Scientific Conference Sponsored by the Optical Society of America (OSA)
Sep. 30, 2010 (Business Wire) -- Cascade Technologies Corp. (OTCBB: CSDT) announced today that Dr. Daniel L. Farkas, Chairman and CEO of Spectral Molecular Imaging (SMI), CSDT's wholly-owned subsidiary, delivered an invited lecture at a major research conference in Recife, Brazil on September 27th, 2010.
At the Latin America Optics and Photonics Conference, held this week, the Keynote session included talks by Dr. Thomas Baer, immediate past president of OSA; Dr. James Wyant, current OSA President and Dr. Sergio Machado Rezende, Brazil’s Minister of State for Science and Technology.
Dr. Farkas presented in the Photonic-based Therapeutics and Diagnostics oral session immediately following. His talk was entitled New Optical Molecular and Bioimaging Methods for Clinical Applications – Non-random walks through the translational woods, and focused on innovative ways developed by SMI to enhance resolution, specificity and sensitivity in optical bioimaging as deployed for bench-to-bedside applications yielding clinical uses.
“For a medical imaging device company such as ours,” said Dr. Farkas, “it is very important to participate in the worldwide interaction of dedicated researchers who are seeking to develop new and improved ways to image disease for better diagnosis and treatment.” “Major international meetings such as these,” he explained, “are an excellent venue to learn about recent developments, and at the same time communicate our ideas and advances to a community that presents great collaborative opportunities for us. The location of this meeting in South America, with explicit sponsorship and support from the Optical Society of America, presents added chances to directly communicate with colleagues from a very fast-developing geographic area with already outstanding research accomplishments. Needless to say, business opportunities for SMI will also be explored on this trip, especially in Brazil.”
Dr. Farkas has been very active in international meetings through the years, having presented about 200 invited and plenary talks, and having organized and chaired 25 international conferences, mostly in biomedical optics. Within the past year, he lectured at the European Biophysics Congress in Genova, Italy; at the Biomedical Optics Society conference in San Francisco; at the Beckman Laser Institute and Medical Clinic at UC Irvine; at the Electrochemical Society Meeting in Vancouver (two talks); at the Association for Research in Vision and Ophthalmology conference in Ft. Lauderdale; at the International Brain Mapping and Intraoperative Surgical Planning Society congress (New Horizons track) in Bethesda; at the World Congress of Minimally Invasive Spine Surgery in Las Vegas; at the Surgical Navigation division of Medtronic Corporation and in the University of Southern California Physical Sciences in Oncology Center Seminar Series. These talks, and the invitations to present them, reflect the diversity and interdisciplinary nature of the applications enabled by the ground-breaking optical bioimaging that constitutes the core of SMI’s efforts, and the widespread interest, both scientific and clinical, that they elicit.
About Spectral Molecular Imaging
Spectral Molecular Imaging, Inc., a wholly-owned subsidiary of Cascade Technologies Corp., is a development-stage medical imaging device company, applying its proprietary hyperspectral-optical imaging technology—originally developed for satellite reconnaissance—to advance the early and accurate diagnoses of cancer and precancerous conditions. SMI is developing non-invasive, high-resolution optical imaging systems using its patented technology and other proprietary know-how for improved clinical diagnostics, primarily in the field of cancer pathology, by identification and analysis of certain molecular, cellular, and tissue features via hyperspectral-imaging approaches. We expect to provide services related to our primary products, including software modules and maintenance services, and to develop optical diagnostic products that operate in conjunction with surgical and/or evaluation procedures in real time. We believe that our technology will enable early detection and more reliable diagnosis of various diseases, such as melanoma, Barrett’s esophagus (a condition caused by chronic acid reflux that can lead to esophageal cancer) and lung cancer. We expect that medical devices using or based on our developed technology can significantly improve long-term patient outcomes and may substantially reduce overall costs for the healthcare system. For more information, please visit http://www.spectralmi.com.
Forward-Looking Statements
This news announcement contains or may contain certain "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, without limitation, statements regarding SMI's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. Such forward-looking statements are subject to significant risks and uncertainties, including those detailed in filings made by Cascade Technologies Corp., SMI's parent, with the Securities and Exchange Commission. Accordingly we caution our readers that actual results may differ materially from our beliefs or expectations due to economic, business, competitive, market and regulatory factors. We assume no obligation or undertaking to update any forward-looking statements to reflect any changes in expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. You should, however, review additional disclosures we make in the reports filed with the Securities and Exchange Commission.
Spectral Molecular Imaging, Inc.
Daniel L. Farkas, Ph.D.
310-858-1670
farkas@opmol.com
Source: Business Wire (September 30, 2010 - 3:21 AM EDT)
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Pacific WebWorks Discusses Business Model Strategy
Sep. 30, 2010 (Business Wire) -- Pacific WebWorks (OTCBB: PWEB) reported today on the company’s status and the results of their new marketing strategy. Visual WebTools V, PWEB’s landmark product, is a suite of software programs that fit together to perform the basic functions useful to a small business. The product includes WebWizzard, ClipOn Commerce, WebContacts, WebChannels, Web Profiling Tool and WebStats.
Visual WebTools continues to be one of the most innovative online software products for small business in the marketplace. Over the past six months, the company has focused on servicing its current customers, and developing and testing our new Internet marketing program. Since a majority of the company’s sales in 2009 came from the small office/home office sector, the company has experimented with several different marketing approaches, and have found it to be extremely difficult to control the affiliate-level marketing activities when advertising over the Internet. The company’s management is not willing to expose the company to any unnecessary risks, and intends to continue to experiment with different innovative ways to market our products. We are also exploring other potential business opportunities for our company and products.
Ken Bell, CEO, stated, “Pacific WebWorks today embodies experienced management, a superior technology with an up-to-date system infrastructure. The Company’s financial condition continues to be strong with a base of recurring revenues that should result in continued profitability as we seek out additional opportunities for the company. We are diligently exploring other such prospects for the company to acquire either other businesses or products that synergize with the company’s business. We are confident and enthused as we look to the future and examine new and innovative ways to employ the company’s cash and earnings to continue to build shareholder value.”
About Pacific WebWorks and Intellipay
Pacific WebWorks provides a comprehensive suite of affordable, easy-to-use software programs for small businesses that want to create, manage and maintain an effective Web strategy, including full e-commerce capabilities. Pacific WebWorks operates a number of wholly owned subsidiaries, including Intellipay, TradeWorks Marketing and others.
Forward-Looking Statements
All statements other than statements of historical fact included in this press release are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and other similar expressions as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. These statements are not a guarantee of future performance. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including the Company's ability to maintain sufficient credit card processing capabilities to service the demands of their hosting portfolio and other risk factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2008 as filed with the Securities and Exchange Commission. Such statements reflect the current view of the Company's management with respect to future events and are subject to these and other risks, uncertainties and assumptions related to the operations, result of operations, growth strategy and liquidity of the Company. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this paragraph. The Company has no intention, and disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
Pacific WebWorks, Inc., Salt Lake City
801-578-9020
ir@pacificwebworks.com
or
Chesapeake Group
Tim Rieu, 410-825-3930
Source: Business Wire (September 30, 2010 - 4:00 AM EDT)
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Adam Epstein of Third Creek Advisors to Advise Elephant Talk Communications' Board of Directors
Sep. 30, 2010 (Marketwire) --
SCHIPHOL, THE NETHERLANDS -- (Marketwire) -- 09/30/10 -- Elephant Talk Communications, Inc. (OTCBB: ETAK) (www.elephanttalk.com), an international provider of business software and services to the telecommunications and financial services industry, announced today that it has retained Adam Epstein, through his firm Third Creek Advisors, LLC (TCA) (www.thirdcreekadvisors.com), to advise its board of directors. Mr. Epstein is the founding principal of TCA, a San Francisco-based advisory firm that provides corporate finance and capital markets guidance to small-cap companies.
"Adam Epstein brings a new dimension to Elephant Talk's business strategy, and we welcome his broad expertise with corporate finance, capital markets, and corporate governance issues. Mr. Epstein has financed and advised countless growth companies, and as we seek to qualify for and move to either the NASDAQ or NYSE Amex his perspective will be highly complementary to that of our board," said Steven van der Velden, Chairman and Chief Executive Officer of Elephant Talk.
Prior to founding TCA, Mr. Epstein co-founded and was a principal of Enable Capital Management, LLC (ECM), an investment firm that provides financing to publicly-traded growth companies. During his tenure, ECM's funds undertook in excess of 500 equity, convertible, and debt financings totaling $1 billion for issuers in the United States, the European Union, and Australia. Mr. Epstein was primarily responsible for deal origination, operational and legal due diligence, and assisting with structuring and managing investments. He was a member of the firm's investment committee, and often represented the firm on panel discussions at both capital markets and venture capital industry conferences.
Before ECM, Mr. Epstein held senior operating roles with Enable Capital, LLC, a merchant bank; Surge Components, Inc., a vendor of discrete capacitors and semiconductors; MailEncrypt, Inc., a provider of encrypted email services; Tickets.com, Inc., an entertainment ticketing company; and Achilles' Wheels, Inc., an operator of skate and snowboard retail locations. He began his career as an attorney at Brobeck, Phleger & Harrison, after having served as a law clerk at Willkie Farr & Gallagher.
Mr. Epstein has appeared on CNN and ABC News, was featured on the cover of The Wall Street Journal, and has lectured and written extensively about law, entrepreneurship, corporate finance, and technology. Mr. Epstein earned a Juris Doctor from Boston University, and a Bachelor of Arts, cum laude, from Vassar College.
About Elephant Talk Communications
Elephant Talk Communications, Inc. (OTCBB: ETAK) is an international provider of business software and services to the telecommunications and financial services industry. The company enables both mobile carriers and virtual operators to offer a full suite of products, delivery platforms, support services, superior industry expertise and high quality customer service without substantial upfront investments from clients. Elephant Talk provides global telecommunication companies, mobile network operators, banks, supermarkets, consumer product companies, media firms, and other businesses a full suite of products and services that enable them to fully provide telecom services as part of their business offerings. The company offers various dynamic products that include remote health care, credit card fraud prevention, mobile internet ID security, multi-country discounted phone services, loyalty management services, and a whole range of other emerging customized mobile services. For more information visit www.elephanttalk.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to Elephant Talk Communication Inc's plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission (SEC), copies of which are available from the SEC or may be obtained upon request from the Company.
Contact:
Elephant Talk Communications Inc.
Claire Hope
Manager PR & Marketing
Tel: + 44 (0) 20 31708125
Email Contact
Investors:
Alliance Advisors, LLC
Thomas P. Walsh
Tel: + 1 212-398-3486
Email Contact
Source: Marketwire (September 30, 2010 - 4:00 AM EDT)
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CORRECTION FROM SOURCE: Los Andes Copper Announces TSXV Conditional Approval of Consolidation of Vizcachitas Property and Financing
VANCOUVER, BRITISH COLUMBIA, Sep. 29, 2010 (Marketwire) -- The first paragraph of the Los Andes Copper Ltd. (TSX VENTURE:LA)(PINK SHEETS:LSANF) press release disseminated at 5:34 PM ET on September 29, 2010 contained several errors. The revised first paragraph, and the rest of the release, follows:
Los Andes Copper Ltd. ("Los Andes", or the "Company") (TSX VENTURE:LA)(PINK SHEETS:LSANF) is pleased to announce that the Company has received conditional approval from the TSX Venture Exchange ("TSXV") for the consolidation of the Vizcachitas property (the "TBC Transaction") and a concurrent financing (the "Financing"). This will be the first time after several decades that the entire resource contained in the Vizcachitas property is under unified ownership, which will put Los Andes in a position to undertake the necessary steps to advance the project towards its ultimate development.
In exchange for the issue to Turnbrook Corporation ("TBC") and certain TBC nominees (together the "Subscribers") of 35,000,000 common shares in the capital stock of Los Andes and 13,000,000 warrants to purchase Los Andes common shares at a price of $0.15 per share for a period of three years following the closing of the TBC Transaction, the Company will receive all of the outstanding securities of Gemma Properties Group Limited ("GPGL"). It is expected that, upon closing of the TBC Transaction, TBC will become a "control person" of Los Andes and at least 50% of Los Andes' board will be made up of TBC nominees. TBC is a private investment company incorporated pursuant to the laws of the Bahamas.
Pursuant to the Financing, Los Andes will raise aggregate gross proceeds of up to approximately $2.55 million by the issuance to the Subscribers of approximately 17,000,000 Los Andes Shares at a price of $0.15 per share.
GPGL is a private investment company, incorporated pursuant to the laws of the British Virgin Islands that owns 99 of the 100 issued and outstanding shares of Inversiones Los Patos S.A. ("Los Patos"). The owner of the remaining share in Los Patos will transfer that share to Los Andes. Los Patos is the legal and beneficial owner of 49% of the issued and outstanding shares of Sociedad Legal Minera San Jose Uno de Lo Vicuna, El Tartaro y Piguchen de Putaendo (the "SLM"), and the SLM is the legal and beneficial owner of the mining concessions (the "SJ Concessions") that form the central portion of the Vizcachitas property.
Los Andes is the indirect legal and beneficial owner of the remaining 51% of the shares of the SLM, and also is the indirect legal and beneficial owner of, or has an option to purchase, the claims surrounding the SJ Concessions that make up the remainder of the Vizcachitas property. The TBC Transaction will provide Los Andes with 100% of the central mining claims of the Vizcachitas Property.
Completion of the TBC Transaction and the Financing is subject to agreement on and completion of formal documentation, due diligence, approval by the boards of TBC and Los Andes, the approval by written consent of disinterested Los Andes shareholders holding a simple majority of the outstanding shares, and the filing on SEDAR of a Filing Statement setting out information relevant to the TBC Transaction. The Subscribers and their respective insiders holding Los Andes shares will not be entitled to vote on the approval of the Transaction.
Shareholders of Los Andes are asked to provide their contact information to Los Andes at approve@losandescopper.com in order that we may disseminate consents in writing. Once the Filing Statement has been approved by the TSX Venture Exchange and filed on SEDAR, the Company will distribute Forms of Consent to be executed and returned to the Company.
About Vizcachitas
The Vizcachitas Project offers potential for a low strip, open pit operation in an area of low elevation with excellent infrastructure, including water and power in central Chile. The Vizcachitas deposit occurs in the same metallogenic belt as the giant copper-molybdenum porphyries Rio Blanco-Los Bronces, Los Pelambres and El Teniente. Based on 35,255 metres of drilling in 130 diamond drill holes, the project contains an indicated resource of 515 million tonnes grading 0.39% copper and 0.011% molybdenum and an inferred resource of 572 million tonnes grading 0.34% copper and 0.012% molybdenum at a 0.30% copper equivalent cutoff. Additional information about the Vizcachitas Project is available in the National Instrument 43- 101 Technical Report prepared by AMEC and filed by the Company on SEDAR on August 29 2008, and on our website at www.losandescopper.com.
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Los Andes Copper Ltd. Corporate Secretary 604-697-6201 Los Andes Copper Ltd. President 416-516-6050 info@losandescopper.com www.losandescopper.com
Source: Marketwire Canada (September 29, 2010 - 6:26 PM EDT)
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Wavefront Technology Solutions Inc.: Powerwave Increases Oil Recovery and Profitability at Permian Basin Field
Project pay-back in less than three months, rate of return more than 100 per cent
EDMONTON, ALBERTA, Sep. 29, 2010 (Marketwire) -- Wavefront Technology Solutions Inc. ("Wavefront") (TSX VENTURE:WEE) (PINK SHEETS:WFTSF), a world leader in providing innovative solutions for increasing oil field production and enhancing the treatment of contaminated groundwater is pleased to announce that the Powerwave program in a West Texas waterflood has significantly improved injection performance and generated an overall production increase of almost 50 per cent.
Current oil production has increased by 55 barrels of oil per day over the established production decline from 25 production wells influenced by 5 Powerwave-driven water injectors. For the 10 month period since Powerwave installation, cumulative oil production benefit is more than 6,500 barrels of oil. Oil production increases on an injection pattern basis ranged from 12 per cent to 57 per cent.
"We are certain the significant production improvements and increased profitability resulting from this Powerwave installation will prompt other operators to look closely at how Powerwave can maximize oil recovery in their fields," said Wavefront President and CEO Brett Davidson. "The Permian Basin is still one of the largest petroleum-producing basins in the U.S. and represents a significant opportunity for Wavefront where more than 10,000 injection wells exist for water and CO2 injection. We intend to actively pursue further Powerwave contracts in the region and we are looking forward to making future project announcements."
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT TECHNOLOGY SOLUTIONS INC.
D. Brad Paterson, CFO & Director
Cautionary Disclaimer - Forward Looking Statements
Certain statements contained herein regarding Wavefront and its operations constitute "forward-looking statements" within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations or future performance, are "forward-looking statements". In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "believe", "continue" or the negative of these terms or other comparable terminology. We caution that such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such factors include fluctuations in the acceptance rates of Wavefront's Powerwave and Primawave Processes, demand for products and services, fluctuations in the market for oil and gas related products and services, the ability of Wavefront to attract and maintain key personnel, technology changes, global political and economic conditions, and other factors that were described in further detail in Wavefront's continuous disclosure filings, available on SEDAR at www.sedar.com. Wavefront expressly disclaims any obligation to up-date any "forward-looking statements", other than as required by law.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Wavefront Technology Solutions Inc. CFO 780-486-2222 x224 investor.info@onthewavefront.com www.onthewavefront.com
Source: Marketwire Canada (September 29, 2010 - 6:00 PM EDT)
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Google Now Supporting Healthmed's Neural Communicator Plug-In
Sep. 29, 2010 (Marketwire) --
SUNNYVALE, CA -- (Marketwire) -- 09/29/10 -- Healthmed Services, Ltd. (OTCQB: HEME) (PINKSHEETS: HEME), an innovative software and application development company, is excited to announce Google has followed Bing and is helping launch and offer Heatlhmed's neural communicator.
HealthMed Services' technical software, based on plug-in architecture, will allow internet users with physical disabilities to utilize Google and its functionalities. Disabled individuals will now be able to search, surf, and manipulate all the features of Google's search engine.
Please read more about the Company and its product developments on its website: www.healthmedltd.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission.
Contact:
C. Jones Consulting, Inc.
727-771-9500
Ezra Smith
ezra@cjonesconsulting.com
Source: Marketwire (September 29, 2010 - 5:38 PM EDT)
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Great Western Minerals Group Re-Classifies June 30, 2010 Financial Statement Cash Flow Items
Sep. 29, 2010 (Marketwire) --
SASKATOON, SASKATCHEWAN -- (Marketwire) -- 09/29/10 -- Great Western Minerals Group Ltd. ("GWMG" or the "Company") (TSX VENTURE: GWG) (OTCQX: GWMGF) has filed amended and restated consolidated unaudited interim financial statements for the three and six months periods ended June 30, 2010. The financial statements have been restated to correct the previous classification of consolidated cash flows used in operating, investing and financing activities and amended to include a consolidated statement of comprehensive loss. The Company had previously recorded the changes in bank demand loans, common shares issued to repay a portion of a convertible debenture and stock based compensation issued related to additions to mineral properties as operating actives. These amounts have been reclassified to financing and investing activities.
These amendments and restatement had no impact on the consolidated unaudited interim balance sheets, consolidated interim statements of loss and deficit, or net increase (decrease) in cash during the period in the consolidated statement of cash flows as previously reported for the three and six month periods ended June 30, 2010.
This restatement of the financial results reflects the determination of the Company, in consultation with its auditors and in connection with the review by its auditors of the financial statements for the three and six month periods ended June 30, 2010.
The following table provides a summary of the restatement effects:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three months ended Six months ended
June 30 June 30
2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flows from
operating
activities:
As previously
reported $ (793,813) $ (775,891) $ (1,875,195) $ (668,220)
As restated $ (1,188,785) $ 264,638 $ (3,437,608) $ 455,002
----------------------------------------------------------------------------
Cash flows from
investing
activities:
As previously
reported $ (1,110,774) $ 850,949 $ (1,490,766) $ 773,317
As restated $ (1,023,774) $ 850,949 $ (1,403,766) $ 773,317
----------------------------------------------------------------------------
Cash flows from
financing
activities:
As previously
reported $ (172,979) $ 344,900 $ 6,260,308 $ (381,714)
As restated $ 134,993 $ (1,385,429) $ 7,735,721 $ (1,474,936)
----------------------------------------------------------------------------
Net increase
(decrease) in
Cash during period:
As previously
reported $ (2,077,566) $ (269,842) $ (2,894,347) $ (246,617)
As restated $ (2,077,566) $ (269,842) $ (2,894,347) $ (246,617)
----------------------------------------------------------------------------
About Great Western Minerals Group Ltd.
Great Western Minerals Group Ltd. is an integrated Rare Earths processor. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at the Company's wholly owned subsidiaries Less Common Metals Limited in Birkenhead, U.K. and Great Western Technologies Inc. in Troy, Michigan, these alloys contain aluminum, nickel, cobalt and Rare Earth Elements. As part of the Company's vertical integration strategy, GWMG has signed an Off-take Agreement for 100% of the Rare Earth Elements produced at the former producing Steenkampskraal mine in South Africa and holds 20.8% ownership in Rare Earth Extraction Co. Ltd, the owner of the Steenkampskraal mine. GWMG also holds interests in seven Rare Earth exploration and development properties in North America.
Certain information set out in this News Release constitutes forward-looking information, which may include information relating to estimates of sales and revenue of GWMG. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of the Company as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to risks, uncertainties and other factors that are beyond the control of the Company, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although the Company believes that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of the Company contained in this press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement.
CUSIP: 39141Y 10 3
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Great Western Minerals Group Ltd.
Dwight Percy
Manager of Investor Relations
(306) 659-4500
Great Western Minerals Group Ltd.
219 Robin Crescent
Saskatoon, SK S7L 6M8
info@gwmg.ca
www.gwmg.ca
Source: Marketwire (September 29, 2010 - 5:35 PM EDT)
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Los Andes Copper Announces TSXV Conditional Approval of Consolidation of Vizcachitas Property and Financing
VANCOUVER, BRITISH COLUMBIA, Sep. 29, 2010 (Marketwire) -- Los Andes Copper Ltd. ("Los Andes", or the "Company") (TSX VENTURE:LA)(PINK SHEETS:LSANF) is pleased to announce that the Company has received conditional approval from the TSX Venture Exchange ("TSXV") for the acquisition of the portion of the core claims of the Vizcachitas property the Company does not currently own (the "TBC Transaction") and a concurrent financing (the "Financing"). This will be the first time after several decades that the entire resource contained in the Vizcachitas property is consolidated under unified ownership, which will put Los Andes in a position to undertake the necessary steps to advance the project towards its ultimate development.
In exchange for the issue to Turnbrook Corporation ("TBC") and certain TBC nominees (together the "Subscribers") of 35,000,000 common shares in the capital stock of Los Andes and 13,000,000 warrants to purchase Los Andes common shares at a price of $0.15 per share for a period of three years following the closing of the TBC Transaction, the Company will receive all of the outstanding securities of Gemma Properties Group Limited ("GPGL"). It is expected that, upon closing of the TBC Transaction, TBC will become a "control person" of Los Andes and at least 50% of Los Andes' board will be made up of TBC nominees. TBC is a private investment company incorporated pursuant to the laws of the Bahamas.
Pursuant to the Financing, Los Andes will raise aggregate gross proceeds of up to approximately $2.55 million by the issuance to the Subscribers of approximately 17,000,000 Los Andes Shares at a price of $0.15 per share.
GPGL is a private investment company, incorporated pursuant to the laws of the British Virgin Islands that owns 99 of the 100 issued and outstanding shares of Inversiones Los Patos S.A. ("Los Patos"). The owner of the remaining share in Los Patos will transfer that share to Los Andes. Los Patos is the legal and beneficial owner of 49% of the issued and outstanding shares of Sociedad Legal Minera San Jose Uno de Lo Vicuna, El Tartaro y Piguchen de Putaendo (the "SLM"), and the SLM is the legal and beneficial owner of the mining concessions (the "SJ Concessions") that form the central portion of the Vizcachitas property.
Los Andes is the indirect legal and beneficial owner of the remaining 51% of the shares of the SLM, and also is the indirect legal and beneficial owner of, or has an option to purchase, the claims surrounding the SJ Concessions that make up the remainder of the Vizcachitas property. The TBC Transaction will provide Los Andes with 100% of the central mining claims of the Vizcachitas Property.
Completion of the TBC Transaction and the Financing is subject to agreement on and completion of formal documentation, due diligence, approval by the boards of TBC and Los Andes, the approval by written consent of disinterested Los Andes shareholders holding a simple majority of the outstanding shares, and the filing on SEDAR of a Filing Statement
setting out information relevant to the TBC Transaction. The Subscribers and their respective insiders holding Los Andes shares will not be entitled to vote on the approval of the Transaction.
Shareholders of Los Andes are asked to provide their contact information to Los Andes at approve@losandescopper.com in order that we may disseminate consents in writing. Once the Filing Statement has been approved by the TSX Venture Exchange and filed on SEDAR, the Company will distribute Forms of Consent to be executed and returned to the Company.
About Vizcachitas
The Vizcachitas Project offers potential for a low strip, open pit operation in an area of low elevation with excellent infrastructure, including water and power in central Chile. The Vizcachitas deposit occurs in the same metallogenic belt as the giant copper-molybdenum porphyries Rio Blanco-Los Bronces, Los Pelambres and El Teniente. Based on 35,255 metres of drilling in 130 diamond drill holes, the project contains an indicated resource of 515 million tonnes grading 0.39% copper and 0.011% molybdenum and an inferred resource of 572 million tonnes grading 0.34% copper and 0.012% molybdenum at a 0.30% copper equivalent cutoff. Additional information about the Vizcachitas Project is available in the National Instrument 43- 101 Technical Report prepared by AMEC and filed by the Company on SEDAR on August 29 2008, and on our website at www.losandescopper.com.
This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Los Andes Copper Ltd. Corporate Secretary 604-697-6201 Los Andes Copper Ltd. President 416-516-6050 info@losandescopper.com www.losandescopper.com
Source: Marketwire Canada (September 29, 2010 - 5:34 PM EDT)
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National Automation Services, Inc. Expands Operations Into California
Sep. 29, 2010 (Marketwire) --
LAS VEGAS, NV -- (Marketwire) -- 09/29/10 -- National Automation Services, Inc. ("NAS") (www.nasautomation.com) (OTCQB: NASV) (PINKSHEETS: NASV), announced today that it is expanding into California.
Bob Chance, CEO of National Automation Services, stated today, "Our focus on the California market for automation and controls projects over the past year has justified our expansion in the area. We are currently working with two Equipment Manufacturers designing and building their control systems. Also, we have been awarded, completed, and have pending contracts for public utilities in the Los Angeles area. Although we have opened an office in California, we are currently looking for excellent acquisition opportunities that meet our requirements.
"Talks are underway with other firms to be acquired throughout the U.S. and our desire to move forward on becoming a National producer of automation and controls solutions to Municipalities and Industry is unfolding very quickly and is our primary focus going forward."
Stay Connected:
Join our NAS E-News Connection and our official NAS Facebook Fan Page for the most recent news. Management also encourages investors to read the Company's Annual 10-K filing as well as all required documents the Company files with the SEC. Such documents can be obtained on the SEC website at www.sec.gov or on the Company's website at www.NASAutomation.com.
About National Automation Services, Inc.:
National Automation Services, Inc. headquartered in Nevada, a Corporation with wholly owned subsidiaries in Arizona and Nevada, designs, manufactures, and programs Automation and Control Systems. View our technical skills, project history, and key personnel at www.NASAutomation.com.
CONTACT INFORMATION
National Automation Services, Inc.
Marketing Manager
2470 Saint Rose Pkwy Ste 314
Henderson, NV 89074
Phone: 702-487-NASI (6274)
Email Contact
Source: Marketwire (September 29, 2010 - 3:02 PM EDT)
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CORRECTION: Blue Gold Beverages, Inc. in Negotiations to Acquire a PET and Nylon Recycling Company, as a Part of its Green Initiative
A correction is being issued with respect to the press release issued this September 29th, at 10:00 am ET. The title of the press release has been corrected.
HOUSTON, TEXAS, Sep. 29, 2010 (Marketwire) -- Blue Gold Beverages, Inc. (PINK SHEETS:HHEL) is in negotiations to purchase a recycling company who's focus is to help clean the earth of Polyethylene Terephthalate (PET) and Type 6/6 Nylon waste. This initiative is in furtherance of the company's' corporate policy of becoming 100% environmentally friendly and reducing its carbon footprint.
Recycling Pet and Nylon waist is a booming industry and will continue to grow at an exciting rate. With a strong global appetite for these recyclable materials, Blue Gold Beverages is trying to position itself as a strong player in this market for years to come.
ABOUT THE COMPANY: Blue Gold Beverages is a leading producer of high end private label beverages in North America. The company is also on a mission 100% environmentally friendly and is actively pursuing all options to attain this very important mission.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company and all affiliated parties do not assume any duty to publicly update or revise the material contained herein.
Blue Gold Beverages, Inc. 713-254-9682 Daniel.solomita@bluegoldbeverages.com
Source: Marketwire Canada (September 29, 2010 - 2:32 PM EDT)
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Plateau Mineral Development, Inc. Comments as EPA Weighs in on Fracking
Sep. 29, 2010 (GlobeNewswire) --
WINSTON-SALEM, N.C., Sept. 29, 2010 (GLOBE NEWSWIRE) -- Plateau Mineral Development, Inc. (Pink Sheets:PMDP) issued a statement today regarding an article published on September 24, 2010 by Dr. Kent Moors entitled, "At Last, the EPA Weighs in on Fracking." (Source: www.oilandenergyinvestor.com)
Fracking is a process that results in the creation of fractures in rocks; the goal of which is to increase the output of a well. The most important industrial use is in stimulating oil and natural gas wells. Gas is held inside the shale, so the rock needs to be opened up before the gas can flow. That can be done by "moving millions of gallons of chemical-laced water" infused with fracking fluid under high pressure, which breaks, or "fractures" the rock, thereby stimulating the release of the oil or gas. Some of the chemicals used in fracking fluids are of primary concern, hence the EPA's interest in the subject.
Dr. Moors states in his article that the EPA has decided to conduct an official study of the process, which includes requesting that major service companies voluntarily provide details about the chemicals they use. He goes on to say that this move is important to investors because clearing up environmental concerns will open up shale gas drilling. (Source: www.oilandenergyinvestor.com)
Dr. Moors points out that concerns over chemicals have kept drilling down, and until environmental concerns are addressed, opposition to drilling will remain. (Source: www.oilandenergyinvestor.com)
Robert Matthews, President of Plateau Mineral Development, states, "Plateau's Dilution Solvent (DS), the catalyzing end product of Plateau's tire converter system, is a great fracking fluid. Since it is made using our tire converter system, we currently have a virtual monopoly on it.
"Once the Dilution Solvent is used to 'thin' the oil, the oil can be pumped and sold, generating new incremental revenues for the pumping company."
About Plateau Mineral Development, Inc.: Plateau Mineral Development has been in existence for over five years.
Safe Harbor Statement: This information includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives and goals of the Company management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. Matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include but are not limited to risks and uncertainties associated with the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Forward-looking statements are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.
CONTACT: Plateau Mineral Development
Investor Relations
410-242-0763
Source: Globe Newswire (September 29, 2010 - 1:25 PM EDT)
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Prophecy to Host Conference Call for Investors and Analysts to Provide Update on Its International Operations
Sep. 29, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/29/10 -- Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE: PCY)(OTCQX: PRPCF)(FRANKFURT: 1P2) announces that it will host a conference call for the benefit of investors and analysts:
Call Date: Thursday, September 30, 2010
Time: 10am EST (7am PST)
The conference call may be accessed by dialing:
1-877-353-9586 (Canada and USA)
(00)+800-9358-7111 (Europe & China)
(001)+800-9358-7111 (Singapore)
Participant Pass Code: 90595#
Participants are advised to call in 15 minutes in advance.
Mr. Paul Venter, Prophecy Director, will discuss progress at Ulaan Ovoo and Chandgana in Mongolia. Prophecy has over 12 full time staff in Ulaan Baatar and 50 contracted staff by Leighton at Ulaan Ovoo. Mongolian operation remains Prophecy's core focus.
Dr. John Morganti, Prophecy Advisor, will update progress at Lynn Lake and discuss recently released assays at Wellgreen in Canada.
Mr. John Lee, Prophecy CEO, will update corporate strategy.
For those unable to participate in the call, an audio presentation will be available for playback on www.prophecyresource.com after October 1, 2010.
About Prophecy Resource
Prophecy Resource Corporation is an internationally diversified company engaged in developing coal energy, nickel and platinum group metals projects. The company controls over 1.4 billion tons of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated). In Canada Prophecy owns Wellgreen PGM Project in Yukon, Lynn Lake Nickel Sulphide Project in Manitoba, and a 10% equity stake in Victory Nickel. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Contacts:
Prophecy Resource Corp.
Paul McKenzie
+1.604.642.2625 ext. 107
Prophecy Resource Corp.
Scott Parsons
+1.604.642.2625 ext. 106
www.prophecyresource.com
Source: Marketwire (September 29, 2010 - 12:47 PM EDT)
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Thomas M. Conway Appointed to i-minerals Board of Directors
VANCOUVER, BRITISH COLUMBIA, Sep. 29, 2010 (Marketwire) -- i-minerals inc. (TSX VENTURE:IMA)(PINK SHEETS:IMAHF) ("the Company") is pleased to announce the appointment of Mr. Thomas M. Conway to the board of directors of the Company. Mr. Conway, who holds a B.S. - Mining Engineering (University of Minnesota) and later attended Harvard Business School's Executive MBA program, brings to the Company significant expertise in permitting, feasibility and mining . He is a results-oriented executive with 20 years of diverse experience largely with Newmont Mining Corporation ("Newmont") in operations, general management, environmental affairs and risk management. His experience covers domestic and international assignments in open pit and underground operations where he has a record of successfully implementing plans to enhance operations through improved cost control and productivity innovations while maintaining safety and environmental standards.
During his tenure at Newmont Mr. Conway serves as Vice President Risk Management where he developed corporate risk management strategies relating to health and safety; environmental; internal audit and legal aspects of mining operations. Prior to this he was Vice President / General Manager Carlin Operations where he was responsible for the profit and loss ("P&L") of a 2 million ounce per year operation with 1,600 salary and hourly employees. The operation included five open pit mines, three underground mines and three metallurgical facilities. Before moving to Carlin Mr. Conway served as Vice President / General manager Minera Yanacocha where he was responsible for the P&L and the Business/Social Development initiatives. Under his guidance Yanacocha expanded gold production from 300,000 ounces to 1.2 million in 3 years at the same time salaried and hourly employees grew from 1,500 to 6,000 employees. Prior to being promoted to VP and General Manager of Yanacocha Mr. Conway served as assistant General Manager at Yanacoha where he was responsible for the start up of two metallurgical plants and three open pit mines. This was done ahead of schedule and under budget. Mr. Conway achieved a strong understanding of the permitting process though time served as Manager, Environmental Affairs - Carlin Operations where he was responsible for the compliance and permitting at the Carlin operation and negotiations with the EPA and the State of Nevada regulators.
More recently Mr. Conway has undertaken a number of consulting assignments that have allowed him to spend time closer to his family.
"All of us at i-minerals are thrilled to have an individual of Thomas Conway's stature join our board of directors where his experience and expertise can help push our Helmer Bovill project through the permitting and feasibility stage and into production," stated Roger Kauffman, President and CEO of i-minerals inc.
i-minerals inc.
Roger Kauffman, President & CEO
This News Release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the world wide price of mineral market conditions, risks inherent in mineral exploration, risk associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
i-minerals inc. 877-303-6573 or 604-303-6573 info@imineralsinc.com www.imineralsinc.com Encompass Communications Inc. info@encompassinc.ca
Source: Marketwire Canada (September 29, 2010 - 12:30 PM EDT)
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dPollution (RMGX) Congratulates Derek White on His Performance as Top Rookie Driver in the 2010 Nascar Canadian Tire Series
dPollution was a Season Sponsor of Mr. White. The dPollution Device was Installed on His #99 OCR Gaz Bar Chevrolet's 500-Horsepower Engine Throughout the 13-Race Series.
MONTREAL, QUEBEC, Sep. 29, 2010 (Marketwire) -- dPollution International Inc. (PINK SHEETS:RMGX) manufacturer of the patented dPollution fuel saver and emission reduction device for gas and diesel vehicles, is pleased to congratulate Derek White on his outstanding performance in the recently concluded 2010 NASCAR Canadian Tire Series.
Mr. White finished the year as the top rookie driver in the overall standings. dPollution International was a season sponsor of Mr. White and his #99 OCR Gaz Bar Chevrolet Race Team.
As part of the sponsorship agreement, the dPollution Device was installed on the 500-horsepower engine of Mr. White's race car and was used during practices which allowed the car to perform better on qualification and race day.
"The less fuel your engine burns, the fewer stops you need to make to refill your tank - that's a huge advantage in racing just as it is for ordinary commuting," said Mr. White."We're also extremely interested in doing what we can to make the sport of racing more environmentally responsible, so we're huge fans of the dPollution Device."
Based on a scientific patent that originated in academia, the cell-phone-sized device employs electromagnetic wave technology that reconditions fuel, causing it to combust more completely. The result is increased mileage, reduced emissions and improved performance. The advanced electromagnet process also removes carbon deposits, a key barrier to complete fuel combustion and one that is endemic to older-model engines.
"We were delighted to be associated with the NASCAR Canadian Tire Series, which is a top-tier racing program with wide audience appeal," Mr. Rocco Di Fruscia, President of dPollution. "Derek White and his racing team are exceptional competitors, and we see this sponsorship an ideal opportunity for dPollution to increase its visibility and product awareness among our target audiences."
The final NASCAR Canadian Tire series event can be seen on TSN on Sunday, October 10th at 1:00PM Eastern Standard Time.
About dPollution International Inc.
dPollution (PINK SHEETS:RMGX) owns the exclusive manufacturing and distribution rights to a patented fuel-conditioning technology that reduces polluting emissions and increases mileage. dPollution's innovative products improve engine performance by causing fuel to combust more efficiently and completely. The technology works on all closed-combustion engines, including those used in cars, trucks, buses, trains and heavy equipment. For more information, visit www.dPollution.com.
Forward looking statements
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of the 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. Risk factors listed from time to time in its news releases and its filings with the PinkSheet OTC Market Services may impact the Company's actual performance and future results. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in forward-looking statements.
dPollution International Inc. President & CEO 514 586-3799 dPollution International Inc. Public Relations 514 586-3799 dpollution@shaw.ca www.dPollution.com
Source: Marketwire Canada (September 29, 2010 - 11:21 AM EDT)
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Blue Gold Beverages, Inc. in Negotiations to Acquire a Pet and Nylon Recycling Company, as a Part of its Green Initiative
HOUSTON, TEXAS, Sep. 29, 2010 (Marketwire) -- Blue Gold Beverages, Inc. (PINK SHEETS:HHEL) is in negotiations to purchase a recycling company who's focus is to help clean the earth of Polyethylene Terephthalate (PET) and Type 6/6 Nylon waste. This initiative is in furtherance of the company's' corporate policy of becoming 100% environmentally friendly and reducing its carbon footprint.
Recycling Pet and Nylon waist is a booming industry and will continue to grow at an exciting rate. With a strong global appetite for these recyclable materials, Blue Gold Beverages is trying to position itself as a strong player in this market for years to come.
ABOUT THE COMPANY: Blue Gold Beverages is a leading producer of high end private label beverages in North America. The company is also on a mission 100% environmentally friendly and is actively pursuing all options to attain this very important mission.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company and all affiliated parties do not assume any duty to publicly update or revise the material contained herein.
Blue Gold Beverages, Inc. 713-254-9682 Daniel.solomita@bluegoldbeverages.com
Source: Marketwire Canada (September 29, 2010 - 10:00 AM EDT)
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First Gold Drills the Best Hole to Date and Receives a Positive 43-101 Property Report
Sep. 29, 2010 (Marketwire) --
LAVAL, QUEBEC -- (Marketwire) -- 09/29/10 -- First Gold Exploration Inc. (TSX VENTURE: EFG) (FRANKFURT: F12) (OTCQX: FGEXF) is pleased to report the most recent drill results for the Lac Pivert/Rose project. The table below shows the results for holes LR-10-91 to LR-10-104, drilled to test the extension of the zones to the east. All the holes intersected mineralized zones over consistent thicknesses.
The drilling program is still ongoing and continues to intersect the mineralized zones with sustained thickness.
A map showing the location of the holes is posted under Pivert/Rose Lithium Project in the Projects section of the Company's website, at www.firstgoldexploration.com.
New results are as follows:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
TRUE
HOLE FROM TO WIDTH Li20 Rb Ta2O5 Be Cs Ga
ppm ppm ppm ppm ppm
# (m) (m) (m) (%) (g/t) (g/t) (g/t) (g/t) (g/t)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LR-10-91 68.40 82.15 13.75 1.38 2726 166 166 83 78
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----------------------------------------------------------------------------
LR-10-92 60.15 65.50 5.35 1.21 3493 202 158 117 79
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----------------------------------------------------------------------------
LR-10-93 44.70 53.50 8.80 1.07 2394 229 140 111 79
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LR-10-94 24.05 33.40 9.35 1.01 2364 191 136 75 79
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LR-10-95 11.20 16.85 5.65 0.34 3334 209 88 87 53
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LR-10-96 18.75 30.00 11.25 1.28 3638 202 260 126 67
----------------------------------------------------------------------------
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LR-10-97 75.20 81.40 6.20 1.13 3170 154 167 119 64
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LR-10-98 83.85 97.20 13.35 PENDING
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LR-10-99 81.00 96.90 15.90 1.64 2540 113 145 75 68
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LR-10-100 78.70 97.50 18.80 1.74 2561 169 141 70 75
----------------------------------------------------------------------------
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LR-10-101 87.05 103.45 16.40 PENDING
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LR-10-102 99.70 118.30 18.60 1.70 1973 151 158 65 72
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LR-10-103 123.05 138.00 14.95 1.25 2389 145 117 82 74
----------------------------------------------------------------------------
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LR-10-104 121.75 140.00 18.25 1.57 2238 152 160 77 79
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) 1 ppm = 1 g/t
All the samples were sent for analysis in sealed containers to the Chemex laboratory in Val-d'Or by employees of the Company. Chemex is the laboratory used for analysis of all samples from programs on the Lac Pivert/Rose property. The samples are weighed and identified prior to sample preparation. The samples are crushed to 70% minus 2 mm, then separated and pulverized to 85% passing 75 um. All samples are analyzed using ICP-MS, with full analysis for 47 elements.
"We are very pleased to be receiving up to 1.74% Li2O results from the lab on wider true-width intercepts of up to 18.8 metres for this ongoing drilling, this being nearly twice the width and grade of our first holes," said Eric Leboeuf, President of First Gold.
Highlights Of the 43-101 Property report
InnovExplo, independent consulting firm conclusions:
-- The character of the Pivert/Rose property is of sufficient merit to
justify additional exploration works;
-- Consistent results over a very broad area;
-- Possibility of increasing the size of the current structures with more
drilling;
-- Possibility of developing and finding other targets on the property;
-- The work that began in November 2009 is very well done and the results
are accurate;
-- InnovExplo recommend conducting a pre-feasibility study in order to
determine the potential economic viability of the Mineral Resources. The
Mineral Resources Estimate is due in November 2010.
43-101 author, Pierre-Luc Richard, P.Geo of InnovExplo, report comments:
The Rose showing is clearly an advanced stage exploration project hosting significant mineralization in lithium and rare-elements.
Out of 65 drill holes, 62 reported significant mineralization in either Li, Ta, Rb, Cs, Ga, Be or, in most of the case, in more than one of these elements.
"The grades versus sample lengths show a very homogeneous distribution for every elements considered (Li, Rb, Cs, Be, Ta, Ga) and no bias is seen due to small sampling interval".
InnovExplo's preliminary data compilation and review of historical reports concerning the Pivert/Rose property revealed significant potential for the discovery of new lithium and rare-elements pegmatites over the entire property. The property is strategically positioned in an area which is known to be associated with such mineralization. The Rose showing is at an advance stage exploration, but considering the size of the mostly unexplored Pivert/Rose property, InnovExplo consider the property to be at an early-stage of exploration and to potential to discover other mineralization remains high.
First Gold exploration works and drilling program conducted since 2009 has added numerous significant drill holes intercepts allowing a better geological interpretation of the Rose showing and confirming the potential of the entire area for new discoveries.
The fact that the pegmatite dykes found at Rose are shallow and sub-parallel to the surface is a significant advantage for this project and should be taking into account when evaluating its further economical potential.
Although the Rose showing is currently the most advanced area of the property in term of exploration, three other identified showings on Block A (Pivert, JR and Hydro) seem very promising and should be investigated more by either trenching or drilling as they show similarities to the Rose showing in term of mineralogy, grades and thickness (according to surface observations). Surface observations also show that these three showings favorably dip gently sub-parallel to the surface as it is the case for Rose.
The final report will be filed within 40 days.
Also, based on the highlights of this InnovExplo report, First Gold is negotiating the acquisition of the other 15% ownership of Pivert/Rose rare metal property. The negotiations are going well and will be based on the fair market value of Pivert/Rose within First Gold's balance sheet assets and its related stock price. The Company will do an accretive deal for its shareholders.
Jean-Sebastien Lavallee (OGQ #773), a geologist, shareholder and director of the Company and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
First Gold Exploration Inc.
Eric Leboeuf
President and Chief Executive Officer
450-744-0792
president@firstgoldexploration.com
www.firstgoldexploration.com
First Gold Exploration Inc.
Jean-Sebastien Lavallee, P.Geo
Director and geologist
819-354-5146
jslavallee@consul-teck.com
www.firstgoldexploration.com
Source: Marketwire (September 29, 2010 - 9:41 AM EDT)
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Proton Laboratories Inc./RegenoBody Announces Korean Training Completed
Sep. 29, 2010 (GlobeNewswire) --
SOSUA BAY, Dominican Republic, Sept. 29, 2010 (GLOBE NEWSWIRE) -- Proton Laboratories, Inc. (Pink Sheets:PLBI) CEO, Armando Casciati, announced today that Dr. Lee has returned from training with RNL Bio Ltd. in Korea and stated, "The feedback we received from the training in South Korea was extremely positive and continues to reinforce our belief in the process of utilizing adult stem cells to reinvigorate the body and allow it to heal itself. Both Dr. Lee and his assistant had the opportunity to observe, document and study in detail the work being done by RNL directly and also saw U.S. cancer patients who had flown to Korea to be treated." RNL indicated it has had a number of potential patients contact them from the U.S.; however, the difficulty of such a long flight prevented them from going.
In addition, the clean lab modular system installation will commence on October 7th or 8th and is anticipated to take 3-4 weeks.
About Proton Laboratories, Inc. and its wholly owned subsidiary RegenoBody S.A:
RegenoBody S.A., a wholly owned subsidiary of Proton Laboratories, Inc., brings the benefits of bioscience to patients who have been diagnosed with chronic debilitating diseases, offering viable, efficient therapeutic options with special Stem Cell Therapies utilizing the most effective cell regeneration techniques. Therapies are tailored for each individual, based upon their specific needs. Cells are obtained by the most modern technological methods. The transplant physicians and stem cell laboratory scientists associated with RNL Bio have been regarded as some of the best in the world. Stem cells derived from Autologous (Stem cells taken from your own body) and Allogeneic (Stem cells from a source other than your own) are used depending on the particular condition that needs to be treated. Treatments will be delivered by an experienced team of International and U.S. Board Certified Physicians who are guided by strict protocols ensuring excellence in medical care.
About RNL Bio Company LTD:
RNL Bio is a premier biopharmaceutical company focused on development and commercialization of adult stem cell therapeutics and dog cloning technology. Headquartered in Seoul with a state-of-the-art GMP facility, RNL is a publicly traded company on the Korea Exchange (Code 003190) and strives to become a global leader across the biomedical industry.
FORWARD-LOOKING STATEMENT:
This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this report are made as of the date hereof and the company undertakes no obligation to update such statements.
CONTACT: Proton Laboratories, Inc.
Investor Relations
Tyler Cornell
Emergingmarkets3@yahoo.com
Source: Globe Newswire (September 29, 2010 - 9:37 AM EDT)
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VG Gold and Lexam Explorations to Combine
Rob McEwen to Invest Additional $5 Million in New Company
Timmins Focused, Excellent Projects and Strong Treasury
Sep. 29, 2010 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 09/29/10 -- VG GOLD CORP. (TSX: VG)(FRANKFURT: VN3)(OTCQX: VGGCF) and LEXAM EXPLORATIONS INC. (TSX VENTURE: LEX) are pleased to announce that they have reached an agreement in principle to combine the two companies to create a well funded exploration company focused on the Timmins mining camp in Northern Ontario. The combination would be effected through a Plan of Arrangement under which common shareholders of VG Gold would receive one common share of the combined company for every common share of VG Gold currently held, and common shareholders of Lexam would receive 2.1 common shares of the combined company for every common share of Lexam currently held. Under the proposed transaction, Rob McEwen, the current Chairman and CEO of Lexam, would acquire a major stake in the combined company through a private placement of $5 million and his current 49% percent ownership interest in Lexam. Rob McEwen will become the Chairman of the combined company and Tom Meredith, the current President and CEO of VG Gold, will hold those positions in the combined company.
Highlights of the combined company would include:
- Strategic land position: Well positioned around Goldcorp's Dome Mine
that has produced 17 million ounces of gold.
- Growing resource base with initial Paymaster West estimate due at year-
end.
- Aggressive exploration: $10.0 million exploration program over next
twelve months.
- Strong treasury: Approximately $15.0 million in cash and no debt.
- Attractive valuation versus Timmins peer group.
- Combined company to be named "Lexam VG Gold Inc."
"Northern Ontario is an area that has been particularly kind to me and I am a firm believer that there remains a lot more gold to be found. By combining VG Gold and Lexam we are creating a vehicle that has excellent properties and a strong treasury, enabling the company to aggressively explore for the next major gold discovery," stated Rob McEwen, Chairman and CEO of Lexam.
"The combination of VG Gold and Lexam creates a compelling opportunity for shareholders of both companies! The addition of Rob McEwen as Lexam VG Gold's Chairman is a testament to the value enhancing opportunities that exist before the combined company," stated Tom Meredith, President and CEO of VG Gold.
The share ratio under the proposed transaction represents an approximate share value equal to $1.01 per Lexam common share based on VG Gold's closing market price on September 28, 2010. This amount represents an approximate 10% premium over Lexam's Net Asset Value. The calculation of Lexam's Net Asset Value excludes the company's Baca Oil and Gas and Otish Uranium projects.
The transaction is subject to board approval of a definitive agreement between VG Gold and Lexam, the satisfactory completion of due diligence investigations and the receipt of an opinion by each company's financial advisors that the consideration offered under the offer is fair, from a financial point of view, to its shareholders. In addition, an independent valuation for the benefit of VG Gold shareholders will be completed. VG Gold and Lexam have agreed to negotiate exclusively with each other for 21 days.
Under the terms of the agreement in principle, Rob McEwen will invest $5 million in the combined company by way of private placement of 10,416,667 common shares at $0.48 per share plus, for each common share purchased in the private placement, a two-year half-warrant, with each full warrant exercise price of $1.00. After completion of the Plan of Arrangement and private placement, Mr. McEwen will personally own approximately 28% of the combined company's outstanding shares and 30% on a partially diluted basis assuming exercise of the warrants.
The following table illustrates on a pro-forma basis, the share structure of the combined company after giving effect to the proposed transaction and Mr. McEwen's private placement:
----------------------------------------------------------------------------
VG Gold common shares outstanding 180,378,727
----------------------------------------------------------------------------
Shares issuable in exchange for Lexam common shares (+) 101,848,503
----------------------------------------------------------------------------
Shares of VG Gold owned by Lexam to be cancelled (-) (75,000,000)
----------------------------------------------------------------------------
Shares issued to Rob McEwen in $5 million private placement (+) 10,416,667
----------------------------------------------------------------------------
Pro-forma common shares outstanding 217,643,897
----------------------------------------------------------------------------
VG Gold warrants outstanding 5,340,750
----------------------------------------------------------------------------
VG Gold options outstanding 4,325,000
----------------------------------------------------------------------------
VG Gold warrants to Rob McEwen in $5 million private placement 5,208,333
----------------------------------------------------------------------------
Lexam options converted into VG Gold options 525,000
----------------------------------------------------------------------------
Pro-Forma fully diluted shares 233,042,980
----------------------------------------------------------------------------
SHAREHOLDER AND REGULATORY APPROVALS
If a definitive agreement is reached, the transaction will be conditional on VG Gold obtaining majority of minority shareholder approval for VG Gold, meaning approval of more than 50% of the shares voted, excluding shares held by Lexam, its insiders and other parties related to Lexam. The transaction is also conditional upon Lexam obtaining 66-2/3% approval from shareholders and other customary conditions. In addition, both companies would be entitled to a termination fee of $1.25 million upon the occurrence of customary termination fee events, including the termination of the definitive agreement by either company in order to enter into a superior proposal with a third party.
The transaction is also subject to all applicable regulatory approvals, including stock exchange approval.
Boards of both companies have established committees of independent directors to evaluate the combination and make a recommendation to their respective full board of directors.
CAUTIONARY STATEMENT
Some of the statements contained in this release are "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: ability to raise financing for further exploration and development activities; risks as to business integration; risks relating to estimates of reserves, deposits and production costs; extraction and development risks; the risk of commodity price fluctuations; political, regulatory and environmental risks; and other risks and uncertainties in the reports and disclosure documents filed by VG Gold and Lexam from time-to-time with Canadian securities regulatory authorities. The companies disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX nor the TSX-Venture has reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts:
VG Gold Corp.
Tom Meredith
President & CEO
(416) 368-0099
(416) 368-1539 (FAX)
vgir@vggoldcorp.com
www.vggoldcorp.com
Lexam Explorations Inc.
Daniela Ozersky
Manager, Investor Relations
(647) 258-0395 or Toll Free: (866) 441-0690
(647) 258-0408 (FAX)
info@lexamexplorations.com
www.lexamexplorations.com
Source: Marketwire (September 29, 2010 - 9:08 AM EDT)
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Fire River Gold Announces Results of its Preliminary Economic Assessment for Leaching Historic Tailings at Nixon Fork Gold Mine, Alaska
Sep. 29, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/29/10 -- Fire River Gold Corp. (TSX VENTURE: FAU)(OTCQX: FVGCF)(FRANKFURT: FWR) -
-- Strong potential result from PEA (Case A selected):
$3.3 M NPV and 24% IRR at $1000/oz gold price
$7.7 M NPV and 48% IRR at $1200/oz gold price
$14.2 M NPV and 81% IRR at $1500/oz gold price
-- Tailings pond contains:
92,000 tonnes at 7.87 g/t indicated resource (23,300 oz Au)
48,000 tonnes at 7.37 g/t inferred resource (11,400 oz Au)
-- Good recovery factors from leaching:
79% recovery from existing tailings
-- Positive impact of leaching on future mining:
Approx. 94 to 97% total recovery from future mined ore
New tails leaching costs at less than $400/oz Au
-- Poised to build:
Production possible by summer 2011
Fire River Gold Corp. ("FAU" or the "Company") is pleased to announce the results of a preliminary economic assessment (PEA) for the completion of a 250 tpd cyanidation circuit and the implementation of leaching at the Nixon Fork Gold Mine in Alaska's Tintina Gold Belt. The report is entitled "A Preliminary Economic Assessment for Recovering Gold from Tailings at Nixon Fork Mine using a CIL Process" and is prepared by George Rawsthorne, P.Eng., who is independent of the Company. This Study will be included in an NI 43-101 compliant Technical Report that will be released over the next 45 days.
Conclusion:
The study demonstrates a potentially strong economic benefit to the Company for all cases studied, as shown in Table 1 below. The recommendation of the PEA is Case A, though the availability of suitable used equipment may alter these economics to the point of changing case selection.
Table 1: Summary of Economic Results by Case
----------------------------------------------------
Pre-tax NPV @ 5% IRR
---------------------------------------------------------------------------
Au Price $/oz $1,000 $1,200 $1,500 $1,000 $1,200 $1,500
---------------------------------------------------------------------------
Base Case $1,611 $5,897 $12,327 16% 43% 80%
Case A $3,286 $7,668 $14,241 24% 48% 81%
Case B $3,202 $7,584 $14,156 21% 42% 71%
Case C $3,384 $7,815 $14,463 22% 42% 70%
---------------------------------------------------------------------------
Note that this is an incremental analysis, and it is not possible to accurately incorporate taxation in this model independent of other considerations, such as exploration expenses, overhead costs, and taxation credits from historic exploration costs.
The Nixon Fork Gold Mine
The Nixon Fork Mine is primarily a gold-copper-silver project operated by Mystery Creek Resources Inc. (MCRI) which is 100% owned by Fire River Gold Corp. The Mine is located 51 km northeast of McGrath and 13 km north of Medfra in central Alaska. It is accessed by charter plane flown out of Anchorage, Fairbanks, or McGrath (see Figure 1).
Mining on the site has been ongoing for several years. The two most recent mining campaigns are shown in Table 2. As can be seen, the project is a low-tonnage high-grade operation.
Table 2: Historic Production at the Nixon Fork Mine
---------------------------------------------------------------------------
Recovered
Tons Grade Mined ---------------
Operator Period Mined Au (opt) Au (oz) Au (oz) %
---------------------------------------------------------------------------
Nevada 1995 to 1999 134,902 1.2 165,130 137,749 83%
St. Andrews 2007 (5 mos) 19,957 0.5 9,955 6,775 68%
---------------------------------------------------------------------------
Total 154,859 1.1 175,085 144,524 83%
---------------------------------------------------------------------------
The mine used gravity and flotation processes for recovery of the gold in a 150 to 200 tpd processing facility located inside a sprung structure at site. The site is well equipped with an 85 man camp, 1200 m airstrip, 2.3 MW power plant, an 80,000 gallon fuel farm, maintenance facility, surface and underground mobile equipment fleets, mine dry, assay lab and technical services offices (see Figure 2 and Figure 3). The project is also fully permitted and a $3.6 M bond has been posted for reclamation.
The mine is currently being operated as an advanced stage exploration project with activities such as mine rehabilitation, diamond drilling, and sampling being done at site. At present a 28,000 m surface and underground drill program is underway with a company drill being used underground and a contractor's drill on surface.
The Plan
The Company plans to put the underground mine and mill back into production for both reprocessing historic mine tailings and resuming underground mining. To that end, it is compiling a resource estimate and preparing a mine plan. Concurrently, the Company is conducting an extensive exploration program for the purpose of expanding the mineral resources and increasing the confidence of the mine plan with infill drilling.
The Company's project development plan will be presented in three key documents as follows:
1. An NI 43-101 compliant resource estimate incorporating all results of
prior mining and diamond drilling campaigns (to be released early
October 2010)
2. PEA #1, detailing the completion and operation of the cyanidation plant
(this Study)
3. PEA #2, detailing the resumption of underground mining
Additional NI 43-101 resource estimates will also be compiled, incorporating the results of the 2010 - 2011 diamond drill program, but these will not be completed in time for PEA #2.
This PEA (#1) is an intermediate step that assesses the impact of completing a cyanidation circuit in the existing mill that was started by the previous operator. This step is integral to the overall plan, as it could increase combined gold recovery significantly, from between 68 and 83% to as high as 97% (see Table 4). However, it is assessed independent of new underground production and is based solely on the recovery of gold from the existing tailings pond (though its impact on future mining is evaluated and discussed). PEA #2 will incorporate the result of PEA #1 and assess the resumption of underground mining assuming an operating cyanidation plant.
This PEA (#1) also represents an early production scenario, as it is possible that tailings will be reprocessed before the underground resumes operations. It could also be considered a "minimum production scenario" as it justifies the completion and operation of the cyanidation plant based on positive economics for recovering gold from the tailings independent of the outcome of the underground mine evaluation (PEA #2).
The second study, PEA #2, is schedule for release by year end 2010. It will be based on the October 2010 resource estimate and will therefore not include any drill results from the 2010 drilling program. It will represent a "starting point" for the Company, which will be enhanced through the course of additional exploration, ore definition, and detailed engineering which will result in a production decision for the resumption of underground mining.
Scope of the Study
The Nixon Fork Mine had two prior operating campaigns. Both utilized gravity and flotation methods for gold recovery (see Table 2). A tailings pond was created during the course of these mining campaigns (see Figure 4) that is estimated to contain 92,000 tonnes of indicated resources grading 7.87 g/t (23,300 contained ounces) and 48,000 tonnes of inferred resources grading 7.37 g.t (11,400 contained ounces). This resource was prepared September 27th, 2010 by Giroux Consultants Ltd. The complete estimate, including underground resources as well as these tailings, will be included in an NI 43-101 Technical Report that will be issued within 45 days of this release.
In 2007, the previous operator designed, procured the equipment for, and partially installed a cyanidation circuit in the mill. This study assesses the viability and economic performance for completing the cyanidation circuit and putting the operation into commercial production by re-processing the historic tailings, although the impact on future underground mining is discussed as well; recovery of gold from future underground mining could potentially be increased from 68 and 83% (see Table 2) to between 94 and 97% (see Table 4).
Through the course of work, a number of optional enhancements to the prior operator's design were detailed and analyzed for relative capital requirement, performance and efficiency, operating costs, and overall economic viability.
Operating Plan:
In both the prior (2005) and current (2010) Plan of Operations, issued to the BLM in August 2010, the plan is to empty the tailings completely through the course of the schedule, recovering the gold through a cyanidation plant followed by detox, filtration and disposal of the tailings in an existing dry stack (shown in Figure 5), which was constructed in 2007 (see Figure 5). This will be a seasonal operation, shut down for the six months per year that the pond is frozen. It will take 3.5 seasons to completely empty the pond. When underground mining resumes, the cyanidation circuit will be operated year-round, fed with the fresh flotation tailings from ongoing mining, which will also be filtered and hauled to the dry stack for disposal.
Design and Process Selection:
From 2006 to 2007, the prior operator designed, procured the equipment for, and partially constructed a 250 tpd (227 mtpd) carbon-in-leach (CIL) circuit as an addition to the existing gravity and flotation processing facility. The original sprung structure for the gravity and flotation mill was expanded by 24.4 m to accommodate this addition. Figure 6 shows the interior of the mill; the left portion of the picture shows the expansion for the new cyanidation plant and the right section shows the existing gravity and flotation mill.
The existing design (the Base Case) did not include on-site carbon stripping - all new and loaded carbon was to be flown from site without recycle. This Study determined that the economic performance of the program could be significantly improved, and three alternate cases were developed for evaluation:
Case A: Use an existing thickener after the cyanidation process to
recycle cyanide solution and reduce cyanide destruct
requirements; install a carbon stripping/refining circuit to
recycle carbon plus an additional leach tank to increase
retention time
Case B: Utilize the existing thickener plus install a new Larox filter to
increase cyanide recycle with associated reagent costs savings;
install carbon stripping/refining circuits to facilitate
production gold bullion bars at site plus and recycle of stripped
carbon rather than replace loaded carbon shipped offsite for gold
recovery
Case C: Utilize the existing thickener plus install a new Larox filter
for cyanide recycle and replace the carbon circuits with a
Merrill Crowe (MC-zinc precipitation) system that has the
potential to achieve higher recoveries because of increased
retention time (slurry at 45% to 50% solids versus 40% to 45%
solids for CIL)
Predicted gold recoveries from the existing tailings for the four cases are shown in Table 3.
Table 3: Project Gold Recovery by Case
---------------------------------------------------------------------------
Case Recovery
---------------------------------------------------------------------------
Base Case 77.4%
---------------------------------------------------------------------------
Case A 79.1%
---------------------------------------------------------------------------
Case B 79.1%
---------------------------------------------------------------------------
Case C 80.0%
---------------------------------------------------------------------------
Leaching recoveries are based on test work performed by the Company and prior operators at PRA Labs in Richmond BC and Phillips Enterprises LLC of Golden CO.
Recovery from ongoing mining can be predicted (subject to future testing) by considering the two prior mining campaigns, which had very different head grades. As shown on Table 4, recovery could be expected to vary between 94% and 97%.
Table 4: Projected Impact of Leaching on Prior Mining Campaigns
---------------------------------------------------------------------------
Projected Recovery (%)
---------------------------
Tons Grade Gravity +
Operator Period Mined Au (opt) Flotation Leaching Total
---------------------------------------------------------------------------
Nevada 1995 to 1999 134,902 1.2 83% 13% 96%
St. Andrews 2007 (5 mos) 19,957 0.5 68% 25% 93%
---------------------------------------------------------------------------
Note - Case A is Assumed with 79.1% leach recovery on flotation tails
General arrangement (GA) drawings and flowsheets were developed for all four Cases. A typical drawing, representing the GA for Case A is shown as shown in Figure 7. Equipment was colour coded for each Case as follows:
BLACK Existing Installed Equipment
BLUE Equipment at site, not installed yet
RED New purchases
Permits
The permits to perform this work are in place, the primary permit being work is governed by Waste Management Permit 2003-DB0055, Nixon Fork Mine, issued by the Department of Environmental Conservation, Division of Water, Wastewater Discharge Program, State of Alaska on January 25, 2006 (the WMP).
Schedule
Plant construction is estimated to require five months and, as most construction is indoors, can be completed over the winter, providing an operational plant by May 2011. A summary schedule is shown as Figure 8. The last construction items will be the pipeline and pumping system for the tailings pond, as they will not be started until the snow clears in the spring of 2011. These are shown as critical path items on the schedule.
A six week lag has been allowed between the start of production and receipt of the first revenue payment. Working capital was estimated based on this duration.
Economic Evaluation: The capital costs are presented by case in Table 5.
Table 5: Capital Cost Estimates by Option ($000)
---------------------------------------------------------------------------
Base Case Case Case
Item Case A B C
---------------------------------------------------------------------------
Equipment 1,613 2,293 3,165 3,267
Labour 1,541 1,729 2,041 2,148
Owner's Costs 635 700 760 808
Indirects 454 518 550 550
---------------------------------------------------------------------------
Subtotal 4,243 5,240 6,517 6,773
---------------------------------------------------------------------------
Contingency 878 1,056 1,262 1,307
Total Capital 5,121 6,296 7,778 8,080
---------------------------------------------------------------------------
Working Capital 1,504 1,334 1,193 1,169
---------------------------------------------------------------------------
Total Cap + WC 6,624 7,630 8,971 9,250
---------------------------------------------------------------------------
incl. Cont 1,225 1,364 1,537 1,577
22.7% 21.8% 20.7% 20.6%
---------------------------------------------------------------------------
Only new equipment was assumed and quotes were obtained for all significant items. Labour is based on use of a construction contractor. Labour requirements and rates are based on written quotations by two independent construction companies.
Owner's costs and indirect costs are based on current invoicing and current employee wages. Contingencies have been applied in the following manner;
-- Equipment and material costs with quotations carry an additional 15%
-- Labour cost quotations carry an additional 15%. The base labour rate
contains an allowance ($9.42 /hr) to cover for tool and equipment rental
-- Equipment, material and labour allowances carry 30% to cover the higher
contingency on these less defined items
-- Working capital includes 30% contingency
Despite the fact that this is a preliminary economic assessment, the Company elected to provide a capital estimate that was more detailed and better supported than the minimum requirements of a lower level study. This was accomplished by seeking quotes for nearly all new equipment, quotes for construction labour, and by using current invoice pricing as the basis of costs wherever possible, particularly for wages and supplies. As a result of this added detail, the contingency applied to the capital costs, at 21 to 23%, is lower than may be expected in a typical PEA estimate, where an average of 30% contingency could be appropriate.
Working capital estimates are based on 1.5 months of operating costs. The summary of operating costs is shown in Table 6.
Table 6: Summary of Operating Costs by Case
---------------------------------------------------------------------------
Description Base Case Case A Case B Case C
---------------------------------------------------------------------------
Recovery 77.4% 79.1% 79.1% 80.0%
Recovered Oz/mo 1,305 1,334 1,334 1,349
---------------------------------------------------------------------------
Site:
Wages 153,018 153,018 144,001 144,001
Catering 19,125 19,125 17,625 17,625
Power (incremental) 99,637 99,637 99,637 99,637
Equipment (incl diesel)
FTDS haualge 22,434 22,434 22,434 22,434
Move Reagents 3,659 3,659 3,659 3,659
Indirects:
Charter 9,660 9,660 9,660 9,660
Freight - Reagents 213,055 177,146 142,413 133,368
Freight - other 2,250 2,250 2,250 2,250
Supplies:
Reagents 220,917 171,747 147,087 144,477
Maintenance 20,700 18,900 16,500 16,300
Office/computers 2,000 2,000 2,000 2,000
Assay Supplies 4,600 4,600 4,600 4,300
---------------------------------------------------------------------------
Subtotal $/mo 771,054 684,176 611,866 599,711
$/oz 591 513 459 445
---------------------------------------------------------------------------
Off Site:
Transportation:
Shipping cost to FB 6,340 207 207 210
Shipping cost to ID 25,359 4,438 4,438 4,488
Kimberly ID to UT 166
---------------------------------------------------------------------------
Subtotal, Off-site $/mo 31,865 4,646 4,646 4,698
$/oz 24.43 3.48 3.48 3.48
---------------------------------------------------------------------------
Total $/mo 802,919 688,821 616,511 604,409
$/oz 615 517 462 448
---------------------------------------------------------------------------
Operating costs were estimated from first principles using written quotations, current invoicing and current company wages.
Note that approximately 50% of the operating costs are associated with reagent purchase and transportation.
The Cash flow summary is shown as Table 7.
Table 7: Cash Flow Summary ($000) at $1000/oz Gold
---------------------------------------------------------------------------
Gold Recovery and Production
--------------------------------------
Case Economics 2010 2011 2012 2013 2014 Total
---------------------------------------------------------------------------
Base Case Capital -1,325 -5,300 -6,624
Revenue 7,227 7,227 7,227 4,134 25,815
Costs 4,818 4,818 4,818 2,002 16,455
Cash Flow -1,325 -2,890 2,410 2,410 2,132 2,736
---------------------------------------------------------------------------
Cumulative -1,325 -4,215 -1,805 605 2,736
---------------------------------------------------------------------------
Case A Capital -1,526 -6,104 -7,630
Revenue 7,474 7,474 7,474 4,120 26,542
Costs 4,133 4,133 4,133 1,710 14,109
Cash Flow -1,526 -2,764 3,341 3,341 2,410 4,802
---------------------------------------------------------------------------
Cumulative -1,526 -4,290 -949 2,392 4,802
---------------------------------------------------------------------------
Case B Capital -1,794 -7,177 -8,971
Revenue 7,474 7,474 7,474 4,022 26,443
Costs 3,699 3,699 3,699 1,525 12,622
Cash Flow -1,794 -3,402 3,775 3,775 2,496 4,849
---------------------------------------------------------------------------
Cumulative -1,794 -5,197 -1,422 2,353 4,849
---------------------------------------------------------------------------
Case C Capital -1849.91 -7,400 -9,250
Revenue 7,558 7,558 7,558 4,041 26,716
Costs 3,626 3,626 3,626 1,494 12373.69
---------------------------------------------------------------------------
Cash Flow -1,850 -3,468 3,932 3,932 2,547 5,093
---------------------------------------------------------------------------
Cumulative -1849.91 -5,318 -1,386 2,546 5,093
---------------------------------------------------------------------------
These cost estimates result in the pre-tax net present values (NPVs) and internal rate of returns (IRRs) shown on Table 1.
Sensitivity
The Pre-tax NPV was tested for sensitivity to several factors. In general a "conservative", "median", and "optimistic" rate was set for each element.
The base gold price used for the study is considered conservative at $1000/oz. Ranges of $1200 and $1500 were also tested, representing a "current" price and "optimistic" price. The sensitivity to gold price is demonstrated in Table 1, which is repeated as Table 8.
Other sensitivities were tested at a conservative gold price of $1000/oz. The trends demonstrated should be valid for all gold prices, however.
Capital costs were tested for a -5% improvement on the current estimate and a +20% overrun. Capital reductions may be possible through the use of existing equipment, an expanded owner's crew and correspondingly reduced contractor crew, and through competitive bidding of equipment, as opposed to budget pricing. The sensitivity to Capital Costs is demonstrated in Table 9. As can be seen, the project demonstrates a positive Pre-tax NPV for all cases and is not as sensitive to capital variance as other factors over the ranges tested.
Operating costs were also varied from -5% to +20%. A large percentage of the operating costs are for reagent purchase and transportation. Deviations from the predicted levels would therefore be largely driven by the efficiency of the various chemical processes, particularly leaching and detoxification. The sensitivity to Operating Costs is shown in Table 10. As can be seen, the project is most sensitive to operating costs. As approximately 50% of the operating costs are associated with reagent purchase and transportation, additional testwork is warranted to confirm and optimize reagent consumption levels.
Gold recovery has been varied from -2% to +5%, representing conservative and optimistic levels. Sensitivity to gold recovery is shown in Table 11. As can be seen, the project is not highly sensitive to metallurgical recovery over the ranges tested.
Table 8: Pre-tax NPV (at 5%) and IRR varied by Gold Price ($000)
--------------------------------------------------------
NPV @ 5% IRR
---------------------------------------------------------------------------
Au Price $/oz $1,000 $1,200 $1,500 $1,000 $1,200 $1,500
---------------------------------------------------------------------------
Base Case $1,611 $5,897 $12,327 16% 43% 80%
Case A $3,286 $7,668 $14,241 24% 48% 81%
Case B $3,202 $7,584 $14,156 21% 42% 71%
Case C $3,384 $7,815 $14,463 22% 42% 70%
---------------------------------------------------------------------------
Table 9: Pre-tax NPV (at 5%) varied Table 10: Pre-tax NPV (at 5%)
by Capital Cost ($000) at $1000/oz varied by Operating Costs ($000) at
Au $1000/oz Au
----------------------------------- -----------------------------------
Capital -5% 0% 20% OP COSTS -5% 0% 20%
----------------------------------- -----------------------------------
Base Case $1,926 $1,611 $349 Base Case $2,314 $1,611 -$1,202
----------------------------------- -----------------------------------
Case A $3,649 $3,286 $1,832 Case A $3,889 $3,286 $874
----------------------------------- -----------------------------------
Case B $3,629 $3,202 $1,493 Case B $3,741 $3,202 $1,044
----------------------------------- -----------------------------------
Case C $3,824 $3,384 $1,622 Case C $3,913 $3,384 $1,269
----------------------------------- -----------------------------------
Table 11: Pre-tax NPV (at 5%) varied by Metallurgical Recovery ($000) at
$1000/oz Au
---------------------------------------------------------------------------
RECOVERY -2% 0% 5%
---------------------------------------------------------------------------
Base Case $1,064 $1,611 $2,978
---------------------------------------------------------------------------
Case A $2,733 $3,286 $4,669
---------------------------------------------------------------------------
Case B $2,648 $3,202 $4,584
---------------------------------------------------------------------------
Case C $2,831 $3,384 $4,767
---------------------------------------------------------------------------
Impact on Future Mining
Beyond the immediate financial recovery from the residual gold in the tailings pond, the cyanidation plant would also positively impact ongoing mining operations by increasing gold recovery from 68 to 83% with gravity and flotation processes to as high as 97% (see Table 4) with only incremental additional costs. These are estimated based on the two prior mining campaigns to be between $317 and $369/oz Au, as shown in Table 12.
Table 12: Estimated Incremental Costs for Leaching New Ore Based on Prior
Mining Campaigns
---------------------------------------------------------------------------
Description 1993-1998 2007
---------------------------------------------------------------------------
Production:
Production Rate tonnes/d 100 150
Head Grade opt 1.22 0.50
Mined Ounces oz/d 122 75
Historic Recovery % 83% 68%
Recovered oz/d 102 51
--------------------------------------------------------------------------
Tailings tonnes/d 91 137
Tailings opt 0.22 0.17
Tailings oz/d 20 24
Tailings oz/mo 609 717
--------------------------------------------------------------------------
CIL recovery % 79% 79%
CIL Production oz/d 16 19
CIL Production oz/mo 482 567
---------------------------------------------------------------------------
Incremental Operating Costs:
Site:
Wages CIL Operator 9,017 9,017
Catering 1,500 1,500
Power (10% of total) 12,135 12,135
Equipment (incl diesel) Move Reagents 3,659 3,659
Equipment (incl diesel) Fixed Eqt Allowance 5,000 5,000
Indirects Freight - Reagents 70,858 70,858
Indirects Freight - other 2,250 2,250
Supplies Reagents 68,699 68,699
Supplies Assay Supplies 2,000 3,000
Subtotal $/mo 175,119 176,119
Off Site:
Shipping cost to FB $/mo 84 126
Shipping cost to ID $/mo 1,795 2,693
Refining $/mo 761 896
Subtotal $/mo 2,641 3,715
Total $/mo 177,759 179,833
---------------------------------------------------------------------------
Total Costs $/mo 177,759 179,833
$/oz 369 317
---------------------------------------------------------------------------
Process Selection
Based on the analysis work, whether the gold in solution is recovered onto carbon (CIL) or by zinc precipitation (MC) will be determined after further evaluation of the availability of used equipment and ongoing testwork.
The plan would be to sequence the construction to provide for operation with the Case A circuit (cyanide recovery thickener only) and gold recovery from solution by either carbon or zinc precipitation. The addition of a filter (Case B or C) for cyanide recovery would be completed after evaluation of plant operation and/or availability of suitable used filters.
Recommendations
1. Establish the availability of suitable used equipment. Note that option
selection could be affected by pricing and availability in the used
market.
2. Additional testwork is needed to provide further direction for the
project;
-- Establish the impact of finer grind on recovery versus retention
time and dewatering rates (thickening and filtration)
-- Complete cyanidation destruction tests in conjunction on the
solutions above
-- Complete cyanidation tests including thickening, filtering, and
detox on a split between the finer and coarser fraction of the
tailings sample
3. The use a pressure filter in the cyanide recovery circuit (Cases B and
C) needs to be reviewed as the lower moisture content provided by
pressure filtration may not be optimal based circuit water balances.
4. Selection of Case A does not preclude future modification before or
after commencing production from the cyanidation plant and the mine
operators should consider ongoing enhancement to the design.
Path Forward
The Company plans to complete the cyanidation plant and put the property into production for re-processing the historic tailings, independent of the timing of resuming underground mine production.
To accomplish this, the Company will engage in the following activities:
-- Secure the necessary funding to complete the cyanidation installation
based on Case A ($7.6 M)
-- Continue with metallurgical testwork as described above (estimated at
$50,000)
-- Commence detailed engineering for final design of the selected process
(estimated at $75,000)
-- Identify and procure the equipment and materials necessary to complete
the build, including an extensive search for suitable used equipment
-- Increase staff to manage the construction program
-- Assemble a construction team, which will be a combination of owner and
contractor personnel
No additional feasibility analysis is planned for the cyanidation plant, though optimization will be ongoing during construction and into operations. It should be noted that the company's decision to proceed without a feasibility study represents a higher risk, as no reserves have been identified and the economics of this project are preliminary and not definitive.
The Independent QP for the PEA is George Rawsthorne, P.Eng. The Qualified Person for this press release is Richard Goodwin, P.Eng.
The PEA will be incorporated into a Technical Report, which will be filed on SEDAR within 45 days of this release.
On behalf of the Board of Directors
Richard Goodwin, P.Eng., VP Mining
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable We seek safe harbour.
Note: To view the maps and photos associated with this release, please click the following link: http://www.firerivergold.com/s/NewsReleases.asp?ReportID=421082
The TSX Venture Exchange or its Regulation Services Provider have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Contacts:
Fire River Gold Corp.
Richard Goodwin, P.Eng.
VP Mining
+1 604 685 1870
+1 604 685 8045 (FAX)
info@firerivergold.com
www.firerivergold.com
Source: Marketwire (September 29, 2010 - 9:01 AM EDT)
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Search Minerals and Great Western Minerals Group Confirm REE Mineralization at Depth on Red Wine REE Property, Labrador
Sep. 29, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/29/10 -- Search Minerals Inc. (TSX VENTURE: SMY) ("Search" or the "Company") and Great Western Minerals Group Ltd. (TSX VENTURE: GWG)(OTCQX: GWMGF) ("GWG") have completed four drill holes on Search's 100% owned Red Wine property (the "Red Wine Property"), located approximately 110km northeast of Churchill Falls, Labrador. Further to Search's and GWG's news release dated September 8, 2010, eudialyte-bearing REE mineralization has been intersected at depth in the four diamond drill holes completed to date.
Highlights:
-- Four drill holes, totaling 619m, completed at the Pinot Rose showing on
the Red Wine Property;
-- Eudialyte (REE, Y, Zr) mineralization intersected in all holes, confirms
surface mineralization continues to depth;
-- REE mineralization is open below 217m in one hole and open to the
northwest and east; and
-- 2000m NQ drilling program continues to evaluate the Pinot Rose at depth
with additional holes planned for the Cabernet and Malbec showings.
Four holes (45 degrees inclination), totaling 619m, have been completed to date in the drilling program at the Pinot Rose showing on the Red Wine Property. Drill core logging confirms eudialyte (Na-Ca-Zr-REE silicate) in several zones (1 to 40m of core) in each hole, with eudialyte observed in these zones. These results confirm the extension of REE mineralization from the surface showings to depths of at least 217m (hole depth; open at depth in PR-04). The planned drill program has resulted in mineralized zones open to the northwest, the east and at depth.
A total of 5 holes are planned in the current drilling program at the Pinot Rose showing, exploring the surface mineralization at depth over a strike length of 500m. A further 8 holes are planned, over a strike length of 1400m, at the Cabernet showing and 3 holes are planned, over a strike length of 300m, at the Malbec showing. The 2000m drilling program at these three showings, out of the six currently identified on the Red Wine Property, is designed to verify and document REE mineralization at depth.
Logging, sampling and assaying of drill core in on-going; assay results are expected shortly. Core is transported by helicopter from the drill site, logged at Search's Red Wine camp and split in half using a diamond table saw. One-half of the core is kept in core boxes at the camp for reference and the other half is packaged and transported to ActLabs Sample Preparation Lab ("ActLabs") at Goose Bay. Search representatives maintain custody of the core samples at all times until they have been delivered to ActLabs. See Search's July 27, 2010 news release for details of the preparation and assay methods.
Further to Search and GWG's news release dated September 8, 2010, channel samples, 10cm deep and 8cm wide, are cut by gas-powered diamond saw from cleaned outcrops to provide samples for assay and logging/reference. Each channel is cut into two vertical sections, similar to drill core, with a 6 cm thick section (weathering removed) being sent out for assay to Activation Laboratories Ltd. A 2 cm thick section is stored in channel boxes for reference and to provide due diligence/verification samples. The channels are cut perpendicular to strike, pieced together, logged and photographed to produce geological and geochemical sections. These channel samples, or horizontal drill holes, produce the same data as vertical diamond drill holes, except the data is from horizontal geological sections and the collected sample is 6 to 8 times bigger than NQ drill core. Additional 8 cm wide cuts from a channel interval make excellent preliminary metallurgical samples (1m of channel yields about 30kg of sample).
The channel sampling program is continuing at the Cabernet and Malbec showings to better define the eudialyte mineralization at the surface. A representative metallurgical sample will be extracted from a channel located at the Cabernet showing.
Further to Search's news release dated April 12, 2010, the Red Wine drilling and exploration program is being funded by GWG over a three year period. Under the terms of a mining option agreement (the "Agreement") dated July 23, 2010 among Search, Alterra Resources Ltd. ("Alterra") and GWG, GWG can earn a 50% working interest in the Red Wine Property by (i) making an initial cash payment of $50,000, and by paying $75,000 on or before April 30, 2011 and $100,000 on or before April 30, 2012; (ii) issuing 200,000 common shares on March 16, 2010, 350,000 common shares on April 30, 2011 and 500,000 common shares on April 30, 2012; and (iii) funding a $1,500,000 exploration program of which a minimum of $750,000 must be incurred by March 16, 2011, a minimum of $250,000 must be incurred by March 16, 2012 and any remaining expenditures must be incurred by March 16, 2013. As at the date of this press release, GWG has made a cash payment of $50,000 and issued 200,000 common shares of GWG to Alterra pursuant to the terms of the Agreement.
Jim Engdahl, President and CEO of GWG said, "The Red Wine Property is one of seven North American exploration projects in which our company is involved. We are pleased with the Red Wine Property results to date, all of which reconfirms the importance of exploration projects such as this to GWG's strategy to become a fully integrated Rare Earths processor."
Jim Clucas, President and CEO of Search said, "Early confirmation that eudialyte exists at depth is very encouraging. We will be rush assaying the samples to ActLabs."
Dr. Randy Miller, Ph.D, P.Geo, Vice President Exploration, is the Qualified Person responsible for the technical content of this press release.
About Search Minerals Inc.
Search Minerals Inc (TSX VENTURE: SMY) has a strong and dedicated management team with outstanding capabilities in separate but related mining activities, any of which has the potential to generate significant shareholder value. Search's mineral exploration team is led by Vice President Exploration Dr. Randy Miller. Dr. Miller is responsible for directing the current exploration programs on Search's large land position in Labrador. Search also has a technology arm headed up by Dr. David Dreisinger, Chair of Hydrometallurgy at the University of British Columbia in Vancouver, Canada, and a consultant to several major international mining companies.
Search's business strategy is to fund ideas or concepts in the mineral exploration or metallurgical fields that have low initial costs.
About Great West Minerals Group
Great Western Minerals Group Ltd. is an integrated Rare Earths processor. Its specialty alloys are used in the battery, magnet and aerospace industries. Produced at GWG's wholly-owned subsidiaries, Less Common Metals Limited, in Birkenhead, U.K., and Great Western Technologies Inc., in Troy, Michigan, these alloys contain aluminum, nickel, cobalt and Rare Earth Elements. As part of GWG's vertical integration strategy, GWG has signed an Off-take Agreement for 100% of the Rare Earth Elements produced at the former producing Steenkampskraal mine in South Africa and holds 20.8% ownership in Rare Earth Extraction Co. Limited, the owner of the Steenkampskraal mine. GWG also holds interests in seven Rare Earth exploration and development properties in North America.
Cautionary Statement:
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements (often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate" or "will" and similar expressions) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties. Forward-looking statements are based upon the opinions, expectations and estimates of management of GWG and Search as at the date the statements are made and are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Those factors include, but are not limited to risks, reliance upon third party estimates, uncertainties and other factors that are beyond the control of GWG and Search, risks associated with the industry in general, commodity prices and exchange rate changes, operational risks associated with exploration, development and production operations, delays or changes in plans, risks associated with the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. In light of the risks and uncertainties associated with forward-looking statements, readers are cautioned not to place undue reliance upon forward-looking information. Although GWG and Search believe that the expectations reflected in the forward-looking statements set out in this press release or incorporated herein by reference are reasonable, it can give no assurance that such expectations will prove to have been correct. The forward-looking statements of GWG and Search contained in this press release, or incorporated herein by reference, are expressly qualified, in their entirety, by this cautionary statement. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in GWG's current annual information form available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this release.
Contacts:
Search Minerals Inc.
Jim Clucas
President and CEO
604-688-6180
604-682-7317 (FAX)
jimclucas@searchminerals.ca
www.searchminerals.ca
Great Western Minerals Group Ltd.
Dwight Percy
Manager of Investor Relations
306-659-4500
306-659-4501 (FAX)
info@gwmg.ca
www.gwmg.ca
Source: Marketwire (September 29, 2010 - 9:01 AM EDT)
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Horizon Health International Corp. Requests FDA Label Approval for Anti-Aging Effects
MONTREAL, QUEBEC, Sep. 29, 2010 (Marketwire) -- HORIZON HEALTH INTERNATIONAL CORP. (PINK SHEETS:HZHI) (the Company) is pleased to announce additional FDA Label application of Enteric Lactoferrin.
Mr. Rocco Di Fruscia, President of Horizon Health International Corp., an emerging specialty pharmaceutical company is pleased to announce that NRL Pharma Canada Inc. a wholly owned subsidiary of HORIZON, has requested FDA Label approval for the claims in the US Patent Application Number 20090082269 to commercialize this application for the treatment of Anti-Aging Effects using its Enteric Lactoferrin.
The President, Mr. Fruscia says: "We believe with the aging Baby Boomers Generation, we have enormous potential in this market with our Enteric Lactoferrin based on most recent results".
Anti-aging Effects of Lactoferrin
Reactive Oxygen Species Promotes Aging
Aging is the accumulation of changes in organisms, such as the appearance of wrinkles and mottled skin. Oxygen and radical oxygen species are the key risk factors for aging. Molecular dioxygen (O2) is essential for cellular respiration in all aerobic organisms. In the mitochondria, oxygen is used to generate adenosine triphosphate (ATP) during oxidative phosphorylation. In the absence of oxygen supply, the individual suffers brain death within 5 minutes, and the heart stops beating within 10 to 20 minutes. Although oxygen is essential for energy production, its by-product is harmful to cells. During the process of mitochondrial energy production, a very low but significant amount of the hydroxyl radical (OH.) is produced. The hydroxyl radical is highly reactive, and it attacks any compound immediately after it is produced.
Visible Anti-aging Effects of Lactoferrin
"Stay Young" is eternal issue for cosmetic industry. There are huge numbers of cosmetics stipulating for eternal youth. However, there is only one that all-trans retinoic acid can topically rejuvenate aged skin. The orally effective product that can rejuvenate aged skin has huge potentiality as dietary supplement.
- Lactoferrin can rejuvenate aged skin and this effect relates to its property preventing oxidative stress.
- improves cracking skin of heel - improving flecks on skin - Increases collagen synthesis on skin
- Improves keloid on skin
Company's business:
HORIZON's Subsidiary 'NRL Pharma Canada Inc.' is an emerging specialty pharmaceutical company that is committed to Research & Development of Lactoferrin and to supply its Patented delivery systems of enteric lactoferrin, and "PEG-lactoferrin."
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports.
Horizon Health International Corp. President & CEO 514 586 3799 horizonhealth@shaw.ca www.horizonhealthinternational.com
Source: Marketwire Canada (September 29, 2010 - 8:31 AM EDT)
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B2 Digital, Inc. Responds to Latest Offer From Sino-Can Holdings
Sep. 29, 2010 (GlobeNewswire) --
MESA, Ariz., Sept. 29, 2010 (GLOBE NEWSWIRE) -- B2 Digital, Inc. (Pink Sheets:BTDG) announced today that its Board of Directors, after reviewing the NI 43-101 feasibility study from Firma Gold by its geologists and in response to the revised offer of $0.04 per share made by Sino-Can Holdings Ltd. on September 17, 2010 for the acquisition of a controlling interest in B2 Digital, Inc., has recommended a price of $0.10 per share as a fair value.
B2 Digital, Inc. believes that upon completion of further testing to be funded in part by Sino-Can Holdings Ltd. on the Quebec properties being managed by B2 Digital, Inc. in its Joint Venture with Firma Gold that $0.10 per share should be an acceptable valuation.
Sino-Can Holdings Ltd. has previously agreed to provide financing of up to CDN $250,000 to help facilitate additional testing on the properties and has further agreed to convert the funds advanced to capital at $0.10 per share upon completion of the acquisition of control of B2 Digital, Inc. If, in the event that Sino-Can Holdings Ltd. does not complete the acquisition then all monies advanced to B2 Digital, Inc. for the testing will be forfeited with no conversion rights to equity being provided to Sino-Can Holdings Ltd.
B2 Digital, Inc. President, Paul LaBarre, stated, "After careful consideration and consultation, the Board of Directors has determined that the revised offer of $0.04 per share was unacceptable regardless of the current share price that has been unfairly depressed due to market pressure created by an extensive short position as exposed by BUYINS.NET in their report of September 22, 2010."
Firma Gold President, Stephane Leblanc, commented, "The underlying potential of our property increases daily as the price of gold continues to rise reaching all time highs, adding more value to B2 Digital, Inc. as the controlling and majority partner of our recent Joint Venture Agreement."
According to the NI 43-101 feasibility study, Firma Gold's estimated reserves of 1.5 million ounces could have an estimated worth in excess of $1,875 billion based upon the current price of gold. B2 Digital, Inc. will receive 90% of the net profit after deduction of capital or operating costs incurred in their role as JV partner. Firma Gold will receive 10 percent of the net profit under terms of the Joint Venture Agreement.
About B2 Digital, Inc.
B2 Digital is dedicated to seeking acquisitions and joint ventures within the resource sector and in particular mining properties that contain gold and silver reserves. Management of its subsidiary has many years of experience in the exploration and operations of mining assets. B2 Digital is currently in the process of divesting itself of some of its technology assets. More information on B2 Digital can be found at: http://www.b2digital.us.
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with PinkSheets.com. Mining projects are subject to numerous risk factors including changing regulations, volatile commodity prices, and other factors that may preclude production should commercially viable reserves be established on a property and exploration plans dependent on funding and approval of any required permits.
CONTACT: Atlanta Capital Partners, LLC
For B2 Digital
David Kugelman
866-692-6847
Source: Globe Newswire (September 29, 2010 - 8:30 AM EDT)
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Rodinia Lithium Inc. Announces Increased Resource Potential at Salar de Diablillos Based on Independent Gravity Survey
- Gravity Survey Allows Estimation of Basement Depth and Potential Aquifers Contained Within the Basin
- Results Show Basement Depths Exceeding 390 Metres From the Salar Surface
- Results Extend the Potential Mineralized Horizons Further North by an Add
Sep. 29, 2010 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 09/29/10 -- Rodinia Lithium Inc. ("Rodinia" or the "Company") (TSX VENTURE: RM)(OTCQX: RDNAF), is pleased to report that it has received the results from a gravity survey covering its Salar de Diablillos lithium-brine project in Salta, Argentina ("Diablillos" or the "Salar"). The gravity survey was completed by Quantec Geoscience Argentina S.A., a subsidiary of Quantec Geoscience Ltd. of Toronto, Canada. The gravity survey allows for the estimation of basement depth and potential aquifers contained within the basin, and will be an invaluable tool during the resource estimation process.
William Randall, President and CEO of Rodinia, commented "The results from the gravity survey are extremely encouraging, as they define a basin capable of hosting potentially significant resources of lithium, potash, and boron. We are pleasantly surprised to find that the basin extends further north than anticipated, beyond the visible Salar surface, and to note that the deepest parts of the basin remain untested. Given the positive drill results announced September 17, we feel confident in the economic potential of this deposit given the depth and extent of the inferred aquifers" (see Press Release dated September 17, 2010 for additional details on drill hole D-RC-01).
The gravity survey results show basement depths that exceed 390 metres from the Salar surface and suggest an extension of the potentially mineralized horizons further north beyond the Salar surface by an additional 2.0 kilometres.
The results estimate the deepest portion of the basin, with depths approaching 400 metres, to be in the northern and north-eastern region of the Salar. This region coincides, in part, with the high-grade zones defined on surface (see Press Release dated September 24, 2010 and Press Release dated May 26, 2010) and indicates that reverse circulation drill hole D-RC-01 was drilled very close to basement depth. The deepest areas of the Salar have not yet been tested by the current drill program.
Results received from the gravity survey are being processed to produce an estimate of the basin volume and to aid in the current drilling program. The Company plans to release additional results as they become available.
All exploration and drilling initiatives undertaken by Rodinia are supervised by William Randall, MSc (Geology), the President and CEO of Rodinia, and by Ray Spanjers, Rodinia's Manager of Exploration. Both Messrs. Randall and Spanjers are considered qualified persons, as defined by National Instrument 43-101, and Mr. Randall has reviewed and approved the scientific and technical information in this release.
About Rodinia Lithium Inc.:
Rodinia Lithium Inc. is a Canadian mineral exploration company with a primary focus on lithium exploration and development in North and South America. The Company is positioned to capitalize on the expected increase in demand for lithium carbonate that is projected to result from the anticipated paradigm shift to mass adoption and use of key lithium applications like lithium-ion batteries as well as glass ceramics, greases, pharmaceuticals etc.
Rodinia is currently exploring its Clayton Valley project in Nevada, USA, which surrounds the only lithium-brine producer in North America, and its Salar de Diablillos project in Salta, Argentina.
Please visit the Company's web site at www.rodinialithium.com or write us at info@rodinialithium.com. Follow us on Twitter: http://twitter.com/RodiniaLithium
Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the impact of the drill program at the Diablillos property and results of such drill program; the potential of the Diablillos property; the potential results and timetable for further exploration with respect to the Clayton Valley project and the Diablillos property, the timetable with respect to future acquisitions and exploration developments at Clayton Valley and Diablillos, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Investor Cubed Inc.
Neil Simon
+1 (647) 258-3310
Rodinia Lithium Inc.
Aaron Wolfe
Vice-President, Corporate Development
+1 (416) 309-2696
Source: Marketwire (September 29, 2010 - 8:20 AM EDT)
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Baja Signs US$858 Million of Financing Facilities for the Development of Boleo Project
Sep. 29, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/29/10 -- Baja Mining Corp. (TSX: BAJ)(OTCQX: BAJFF) ("Baja") is pleased to announce that its 70% owned project company, Minera y Metalurgica del Boleo S.A. de C.V. ("MMB"), has finalized and signed US$858 million of financing facilities for the construction and development of the Boleo project (the "Project") located in Baja California Sur, Mexico. The financing facilities comprise US$823 million of project financing facilities (the "Debt Facilities") and a US$35 million equity cost overrun support facility (the "Equity Cost Overrun Agreement").
"The closing of the Boleo debt financing and the cost overrun funding are major milestones for Baja and for the mining industry in Mexico," said John Greenslade, President & CEO. "The closing of these facilities is a testament to the compelling economics of the project and to the strong effort of our team. It also means full-scale construction activities at Boleo can commence imminently." Tom Ogryzlo, Chair of the Board, stated, "Being associated with the creation of the Boleo project has been one of the most memorable events of my long career in the mining industry. I am very proud to be working with such an outstanding management team."
Baja will hold a conference call on Thursday September 30, 2010 at 8:00 am PT (11:00 am ET) to discuss the signing of these facilities. Call-in details are at the end of this release.
US$823 MILLION OF DEBT FACILITIES SIGNED
The US$823 million of Debt Facilities, representing the entire amount of debt financing required to develop the Project, will be provided to MMB by the Export-Import Bank of the United States ("EXIM"); Export Development Canada ("EDC"); the Korea Development Bank ("KDB"); and by a group of commercial banks comprised of Barclays Capital (the investment banking division of Barclays Bank PLC), Standard Bank Plc, Standard Chartered Bank, UniCredit Bank AG and WestLB AG (together, the "Commercial Lenders"). The amounts to be provided by each lender under the Facilities are detailed in the table below.
--------------------------------------------
PROJECT FINANCING (US$ m)
--------------------------------------------
EXIM Bank 419
--------------------------------------------
EDC 150
--------------------------------------------
KDB 90
--------------------------------------------
Commercial Lenders 100
--------------------------------------------
Total 759
--------------------------------------------
SUBORDINATED DEBT (US$ m)
--------------------------------------------
KDB 64
--------------------------------------------
TOTAL DEBT FACILITIES 823
--------------------------------------------
Drawdown of the Debt Facilities will be subject to a number of standard conditions precedent, including implementation of a hedging program and expenditure by Baja and its Korean partners of their required equity contributions. MMB has already finalized the terms of off-take arrangements with Louis Dreyfus Commodities Metals Suisse SA ("Louis Dreyfus Commodities") to satisfy the requirement under the Debt Facilities to enter into off-take agreements for at least 70% of copper and cobalt production for the first 10 years of production.
US$35 MILLION EQUITY COST OVERRUN AGREEMENT SIGNED
The US$35 million Equity Cost Overrun Agreement will be provided by Louis Dreyfus Commodities in the form of a Letter of Credit, to satisfy Baja's equity cost overrun support requirement, to be made available for the Project as a condition of the Debt Facilities. The signing of this agreement is the conclusion of one element of the Letter of Intent entered into between Baja and Louis Dreyfus Commodities that was announced in a press release dated June 7, 2010. The Toronto Stock Exchange has provided its approval for the Equity Cost Overrun Agreement.
MMB is being advised on the financing of Boleo by Endeavour Financial International Corporation.
Baja Mining is a Vancouver, Canada-based publicly traded mine development company (TSX: BAJ)(OTCQX: BAJFF) with a 70% interest in the Boleo copper-cobalt-zinc-manganese Project located near Santa Rosalia, Baja California Sur, Mexico, targeted for copper commissioning in 2012. A Korean syndicate of industrial companies holds the remaining 30%. Baja is the project operator. The Boleo Project has a copper/cobalt/zinc/manganese resource consisting of 265 million tonnes of measured and indicated resources (including approximately 85 million tonnes of proven and probable reserves) and approximately 160 million tonnes of inferred resources. A January 2010 NI 43-101 compliant updated technical report to the 2007 definitive feasibility study confirmed that the Boleo Project can be developed economically at an after-tax internal rate of return (based on the 3 year trailing average for metal prices at such time) of 25.6% based on 100% equity. The Project, which has a minimum scheduled mine life of 25 years (during which 71 million tonnes of the proven and probable reserves will be exploited), has a NPV of US$1.306 billion, using an eight percent discount rate, and an average life-of-mine cash cost of negative $0.29/lb for copper, net of by-product credits.
The Louis Dreyfus Commodities Group (LDC) is one of the world's leading commodity merchants and processors of agricultural, energy and metal products. The company has been trading commodities in international markets since 1851. LDC is present in over 56 countries, serving customers' needs through its merchandising, logistics and asset management activities.
The Louis Dreyfus Commodities Metals Platform is an LDC trading and service business unit globally recognized as one of the leading traders in non-ferrous metal raw materials, refined metals and their by-products. The Platform is actively involved in merchandising, risk management, logistics and financing of all parts of the metal supply chain as well as investment and equity participation in related assets. The Platform's operations are managed from Geneva, with offices in all major producing and consuming regions.
For further information please visit the Louis Dreyfus Commodities website at www.ldcom.com
ON BEHALF OF THE BOARD OF DIRECTORS OF BAJA MINING CORP.
JOHN W. GREENSLADE, PRESIDENT
Conference Call and Webcast Details
Date: Thursday, September 30, 2010
Time: 8:00 am PT (11:00 am ET)
Dial in: North America: 1.866.226.1792, International: 1.416.340.2216
Webcast: http://www.investorcalendar.com/IC/CEPage.asp?ID=161867
The conference call presentation will be made available on the company's website at 7:00 am PT (10:00 am ET) on Thursday, September 30, 2010.
Presentation Link: http://www.bajamining.com/investors/presentations_media/powerpoints/
Replay: North America: 1.800.408.3053, International: 1.416.695.5800
Replay Pass code: 1568314
The conference call replay will be available until October 14, 2010
A webcast of the presentation will also be available on the company's website at http://www.bajamining.com/investors/presentations_media/powerpoints/
Some of the statements contained in this release are forward-looking statements, within the meaning of the U.S. Securities Act of 1933 and U.S. Securities Exchange Act of 1934 and forward-looking information within the meaning of Canadian securities laws, such as statements that describe the anticipated mine life; the Company's expected NPV and IRR of the project; expected future metal prices; expected timing of start-up; expected timing of a manganese feasibility study; expected timing for construction and other statements. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements by their nature inherently involve unknown risks, uncertainties, assumptions and other factors well beyond the Company's ability to control or predict. Actual results and developments may differ materially from those contemplated by such forward-looking statements. Material factors that could cause actual revenues to differ materially from those contained in such forwarding-looking statements include (i) fluctuations on the prices of copper, cobalt, zinc and manganese, (ii) interpretation of contract terms, (iii) accuracy of the Company's and consultants' projections, (iv) the Company's ability to finance, receive permits for, obtain equipment, construct and develop the El Boleo Project, (v) the effects of weather; operating hazards; adverse geological conditions and global warming, (vi) impact of availability of labor, materials and equipment; and (vii) changes in governmental laws, regulations, economic conditions or shifts in political attitudes or stability.
These forward-looking statements represent the Company's views as of the date of this release. 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. Readers should not place undue reliance on any forward-looking statements. Cautionary Note to U.S. Investors -The United States Securities and Exchange Commission (SEC) permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release such as "measured", "indicated", and "inferred" "resources", which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F which may be secured from us, or from the SEC website at http://www.sec.gov/edgar.shtml.
The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.
Contacts:
Baja Mining Corp.
John Greenslade
President
604-685-2323
604-629-5228 (FAX)
www.bajamining.com
Source: Marketwire (September 29, 2010 - 8:16 AM EDT)
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Appointment of Robert Popick as New President and CEO of Quad Energy Corp.
ORLANDO, FLORIDA, Sep. 29, 2010 (Marketwire) -- Quad Energy Corp. (PINK SHEETS:CDID) announces, that effective September 28,2010, Robert Popick of Medicine Hat, Alberta Canada has been appointed as the new President and CEO, and Director of Quad Energy Corp.
Bruce Milroy our current CFO has also been appointed as Director effective September 28, 2010.
Effective Sep 28, 2010, Mr. Jim Can, has submitted his resignation as President, CEO and Director of Quad Energy Corp.
The Board of Directors would like to thank Mr. Jim Can for his leadership and recognizes him for his boundless efforts and dedication he continuously demonstrated for the Company.
Mr. Popick became involved with Quad Energy Corp. August 15, 2010. His contribution are extensive management skills, a proven ability to recognize and act upon opportunities with a multitude of contacts that he has developed over the years.
He was instrumental in the development and founding of AACE Environmental Services, a publicly traded company, of which Mr. Popick was Vice President and sat on the board of directors. In addition, through 1990 -1997 Mr. Popick sat on the advisory board for the Alberta Government responsible for the G-50 waste guidelines for the disposal of all drilling waste.
He has also founded three smaller oil companies (30-60) wells; these successful oil plays were developed using Farm-ins and Joint Ventures.
For the past thirty years Mr. Popick has functioned in upper management roles, and he resides in Medicine Hat, Alberta, with his wife of 38 years and two grown children.
About Quad Energy Corp. ...
An independent junior oil and gas exploration, development and production company headquartered in Orlando, FL.The Company is duly incorporated in the State of Nevada. The Company's common shares are listed for trading on the electronic over-the-counter pinksheet's (OTC-PINK) market in the United States and trades under the symbol "CDID".
Behalf of the Board of Quad Energy Corp.
Quad Energy Corp. Orlando, FL 403-995-9876 info@quadenergycorp.com www.quadenergycorp.com
Source: Marketwire Canada (September 29, 2010 - 8:01 AM EDT)
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Kentucky Energy Expands Into Oil and Gas Exploration and Development
Sep. 29, 2010 (GlobeNewswire) --
PATERSON, N.J., Sept. 29, 2010 (GLOBE NEWSWIRE) -- Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a Kentucky based operator of energy and mineral related properties, has elected to expand its energy based operations into oil and natural gas exploration and development.
The Company is in the final stages of exercising an option on over 3,000 acres in Rockcastle County, Kentucky, in drilling participation with United States Energy Corp. (USE). In anticipation of drilling, USE has surveyed three drill sites and is in the process of preparing permits for the drill sites in conjunction with the participation development agreement.
There are three potential economic horizons. The Knox formation at about 2700 feet deep is the primary target. The Sunnybrook (Middle Ordovician) is a viable secondary prospect. Upon completion of the option, Kentucky Energy intends to participate in at least two test wells this year with other industry partners.
Kentucky Energy and United States Energy have mutually agreed to enter into a substantive Area of Mutual Interest Agreement which could result in the acquisition of up to an additional 10,000 acres by Kentucky Energy.
Kentucky Energy Chairman, Eugene Chiaramonte, Jr., noted, "With the intense interest in the Marcellus Shale and other Appalachian "tight sands" we feel this acreage play positions the Company for an exciting and extensive play in the oil and gas sector, hedging against our current position as a provider of high quality compliance coal."
About Kentucky Energy, Inc.: Kentucky Energy, Inc. acquires and operates energy and mineral related properties in the southeastern part of the United States. The Company focuses its efforts on properties that produce quality compliance blend coal. For more information on Kentucky Energy, Inc., please visit our website: KentuckyEnergyInc.com.
Forward Looking Statement: This press release contains items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Kentucky Energy, Inc. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of revenue-producing operations, lack of working capital, debt obligations, judgment and lien claims against Kentucky Energy, Inc. and certain of its assets, difficulties in refinancing short term debt, difficulties identifying and acquiring complementary businesses, fluctuations in coal, oil and gas, and other energy prices, general economic conditions in markets in which Kentucky Energy, Inc. does business, extensive environmental and stock and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.
CONTACT: Kentucky Energy, Inc.
Eugene Chiaramonte, Jr.
973-684-0035
www.kentuckyenergyinc.com
Source: Globe Newswire (September 29, 2010 - 7:30 AM EDT)
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Lorus Therapeutics Files Final Prospectus for Rights Offering to Shareholders
Sep. 28, 2010 (Marketwire) --
TORONTO, ONTARIO -- (Marketwire) -- 09/28/10 -- Lorus Therapeutics Inc. (TSX: LOR)(OTCBB: LRUSF) ("Lorus" or the "Corporation"), a biopharmaceutical company specializing in the research and development of pharmaceutical products and technologies for the management of cancer, today announced that it has received a receipt for a final short form prospectus in relation to the previously announced filing of a preliminary prospectus in each of the provinces of Canada in connection with a distribution to its shareholders in eligible jurisdictions outside the United States of rights exercisable for units of the Corporation (the "Rights Offering").
Under the Rights Offering, holders of common shares of the Corporation as of October 12, 2010 (the "Record Date") will receive one right for each common share held as of the Record Date. Each two (2) rights will entitle the holder thereof to purchase a unit of the Corporation ("Unit") at a price of $1.11 per Unit. Each Unit consists of one common share of the Corporation and one warrant to purchase an additional common share of the Corporation at a price of $1.33 until May 2012. Rights may be exercised until 5:00 P.M. on November 8, 2010 ("Expiry Date").
The subscription price of $1.11 per Unit represents a discount of 10% to the volume weighted average closing price of the Corporation's shares for the five trading days immediately prior to filing of the final prospectus. If all of the rights are exercised, the Corporation will issue an aggregate of 5.0 million common shares for gross proceeds of approximately $5.5 million. An additional 5.0 million common shares could be issued if all warrants are exercised. The Corporation expects to use the net proceeds from the offering to fund research and development activities, the repayment of interim financing promissory notes to Mr. Abramson and for general working capital purposes.
As previously announced, the Corporation has secured a standby purchase arrangement of $4 million by Herbert Abramson, one of Lorus' directors. Mr. Abramson has agreed to make an investment such that the minimum gross proceeds of the proposed rights offering are $4 million. There will be no fee paid to Mr. Abramson for this commitment.
Rights will commence trading on the TSX on October 7, 2010 under the symbol "LOR.RT" and the common shares will commence trading on the TSX immediately following the Expiry Date. Trading of the Rights will continue until noon (Toronto time) on the Expiry Date.
The final prospectus will be mailed to all shareholders, and certificates representing the Rights (the "Certificates'') will be mailed to all registered shareholders located in each of the provinces of Canada (the "Eligible Jurisdictions'') following the Record Date. Subject to certain exceptions, Certificates will not be mailed to registered shareholders located outside of the Eligible Jurisdictions. Such shareholders will not be permitted to exercise their Rights and in certain cases the rights agent engaged by the Corporation will attempt to sell such Rights on behalf of the relevant class of shareholders. Shareholders should consult the final prospectus and their financial advisors to determine their rights and entitlements under the Rights Offering.
Holders of rights who fully exercise their rights under the basic subscription privilege will be entitled to subscribe pro rata for additional Units, if available, that were not subscribed for initially on or before the Expiry Date.
Registered shareholders wishing to exercise their rights must forward their completed Certificate along with the applicable funds to Computershare Investor Services Inc. by the Expiry Date. Beneficial shareholders should contact their broker. Shareholders requiring additional information may refer to a copy of the final short form prospectus available on SEDAR at www.sedar.com.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities in the United States. Securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended, and applicable state securities laws, or an available exemption from such registration requirements.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Canadian and U.S. securities laws. Such statements include, but are not limited to, statements relating to the Rights Offering (including the standby commitment and the number of common shares issuable under the Rights Offering) and the purposes for which the proceeds from the Rights Offering will be used and other statements including words such as "continue", "expect", "intend", "will", "should", "would", "may", and other similar expressions. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by us are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause our actual results, performance or achievements to be materially different from any future results, performance or achievements described in this press release. Such expressed or implied risk factors and assumptions could include, among others: our ability to continue to operate as a going concern; the failure to close the rights offering; the actual proceeds of the rights offering, our ability to obtain the capital required for research and operations; the possible adverse affect of continuing negative market conditions; and other risks detailed from time-to-time in our ongoing quarterly filings, annual information forms, annual reports and annual filings with Canadian securities regulators and the United States Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize, or should the assumptions set out in the section entitled "Risk Factors" in our filings with Canadian securities regulators and the United States Securities and Exchange Commission underlying those forward-looking statements prove incorrect, actual results may vary materially from those described herein. These forward-looking statements are made as of the date of this press release and we do not intend, and do not assume any obligation, to update these forward-looking statements, except as required by law. We cannot assure you that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
Lorus Therapeutics Inc.'s recent press releases are available through its website at www.lorusthera.com. For Lorus' regulatory filings on SEDAR, please go to www.Sedar.com. For SEDAR filings prior to July 10, 2007 you will find these under the company profile for Global Summit Real Estate Inc. (Old Lorus).
Contacts:
Lorus Therapeutics Inc.
Elizabeth Williams
Director of Finance
1-416-798-1200 ext. 372
ewilliams@lorusthera.com
Source: Marketwire (September 28, 2010 - 5:05 PM EDT)
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Advanced Life Sciences Receives $1.5 Million From Exercise of Unit Warrants and Secures Financing Commitment
Sep. 28, 2010 (PR Newswire) --
CHICAGO, Sept. 28 /PRNewswire-FirstCall/ -- Advanced Life Sciences Holdings, Inc. (OTC Bulletin Board: ADLS), a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, oncology and respiratory diseases, today announced it has received $1.5 million of proceeds from the exercise of the unit warrants issued in the public offering of securities announced on July 1, 2010. Each unit warrant entitled its holder to purchase one additional unit, consisting of 100 shares of the Company's common stock and 100 stock warrants, at the same price as the public offering in July. The Company also announced today that it has entered into an agreement with YA Global Master SPV LTD. ("YA") for the sale of up to $10 million of the Company's common stock over a two-year period.
(Logo: http://photos.prnewswire.com/prnh/20080218/ALSLOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20080218/ALSLOGO)
"We are extremely pleased with the level of proceeds that we received through the exercise of unit warrants and the commitment by YA to participate in the corporate development of Advanced Life Sciences. The proceeds raised from the exercise of unit warrants will support our working capital needs and the commitment from YA will provide Advanced Life Sciences with access to capital as needed. The intent of the commitment from YA is to provide a flexible source of capital with a known cost at a minimal discount to market and without warrant overhang," said John L. Flavin, President and Chief Financial Officer.
Under the terms of the agreement with YA, Advanced Life Sciences may from time to time, in its discretion, sell newly-issued shares of its common stock to YA at a discount to market of 5%. The amount of each advance is generally limited to $300,000 in any weekly period. Advanced Life Sciences is not obligated to utilize any of the $10 million available under the agreement and there are no minimum commitments or minimum use penalties.
The commitment does not impose any restrictions on the Company's operating activities. During the term of the agreement, YA is prohibited from engaging in any short selling transactions related to the Company's common stock. Advanced Life Sciences issued 1,984,127 shares of common stock to YA as a commitment fee in connection with entering into the agreement. Advanced Life Sciences also agreed to file with the SEC a registration statement, the effectiveness of which is a condition to the purchase and sale of any shares, with respect to common stock issuable under the YA agreement. The number of shares included in the registration statement will be limited to one-third of our outstanding common stock held by non-affiliates, or approximately 54 million shares.
To view a newly-posted overview video of the Company please visit: http://www.advancedlifesciences.com/video.
About Advanced Life Sciences
Advanced Life Sciences is a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, cancer and respiratory diseases. The Company's lead candidate, Restanza, is a novel once-a-day oral antibiotic in late-stage development for the treatment of respiratory tract infections including CABP and biodefense pathogens including anthrax, plague and tularemia. For more information, please visit us on the web at www.advancedlifesciences.com or follow us on twitter at http://twitter.com/advancedlifesci.
Forward-Looking Statements
Any statements contained in this press release that relate to future plans, events or performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our management's judgment regarding future events. The Company does not undertake any obligations to update any forward-looking statements whether as a result of new information, future events or otherwise. Our actual results could differ materially from those discussed herein due to several factors including the success and timing of our clinical trials and our ability to obtain and maintain regulatory approval and labeling of our product candidates; our plans to develop and commercialize our product candidates; the loss of key scientific or management personnel; the size and growth of potential markets for our product candidates and our ability to serve those markets; regulatory developments in the U.S. and foreign countries; the rate and degree of market acceptance of any future products; the accuracy of our estimates regarding expenses, future revenues and capital requirements; our ability to obtain financing on terms acceptable to us; our ability to obtain and maintain intellectual property protection for our product candidates; the successful development of our sales and marketing capabilities; the success of competing drugs that become available; and the performance of third party collaborators and manufacturers. These and additional risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.
SOURCE Advanced Life Sciences Holdings, Inc.
John Flavin of Advanced Life Sciences Holdings, Inc., +1-630-754-4343, jflavin@advancedlifesciences.com
Source: PR Newswire (September 28, 2010 - 5:15 PM EDT)
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/ CORRECTION - Data Call Technologies, Inc.
Sep. 28, 2010 (Marketwire) --
HOUSTON, TX -- (Marketwire) -- 09/28/10 -- In the news release, "Data Call Technologies, Inc. to Be Acquired by Lab Amazon Group, Inc.," issued earlier today by Data Call Technologies, Inc. (OTCBB: DCLT), we are advised by the company that "Data Call Technologies, Inc. to Be Acquired by Lab Amazon Group, Inc." should read "Data Call Technologies, Inc. to Acquire Lab Amazon Group, Inc." throughout the release. Complete corrected text follows.
Data Call Technologies, Inc. to Acquire Lab Amazon Group, Inc., a Privately-Owned Pharmaceutical Company
HOUSTON, TX -- September 28, 2010 -- Data Call Technologies, Inc. (OTCBB: DCLT) today announced that it has signed a letter of intent to acquire Lab Amazon Group, Inc. ("Lab Amazon"), a privately-owned pharmaceutical company engaged in the discovery, development, production and distribution of high quality, safe and effective natural products for pharmaceutical applications. Lab Amazon products are directed at large available markets with largely unmet therapeutic needs. Lab Amazon is in the process of submitting its first candidate EDWD31 (Lab Amazon's wound care product) to the U.S. Food and Drug Administration and the European Commission for approval.
The Company's initial product, EDWD31 is a topical bacteriostatic formula which effectively treats a broad spectrum of wounds, sores, infected post-operative incisions, and shows much promise with several other dermal diseases. EDWD31 was developed by the late Dr. Ennio T. Devoto (an Italian Marine Biologist who had explored the Peruvian Amazon over the last forty years). The EDWD31 product is complete (no further development is necessary). EDWD31 is the first in a line of many products that will arise from the research conducted to date and the basis for the development of future applications.
The transaction contemplates the merger of Lab Amazon into Data Call and upon completion of the merger, the Company will change its name to Lab Amazon and Data Call's business will be operated through a wholly-owned subsidiary.
Lab Amazon has agreed to provide Data Call with the necessary funding to further market and expand its current digital signage products and to seek diversification of its business. The Board of Directors of both Data Call and Lab Amazon have begun evaluation of several potential acquisition candidates to expand Data Call's business.
"Data Call continues to show strong growth even during this harsh economic environment. This merger will empower Data Call to attain new heights in its current market and grow rapidly into others. Through this opportunity, our further diversification will strongly enhance our bottom line, as well as our core competencies and increase shareholder value," stated Tim Vance, Data Call's CEO.
About Data Call www.datacalltech.com
About Lab Amazon www.labamazon.net
Forward-Looking Statements
Statements contained herein, which are not historical facts, including statements about plans and expectations regarding business areas and opportunities, demand and acceptance of new or existing businesses, capital resources and future financial results are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, including, but not limited to, government regulation, taxation, spending, competition, general economic conditions and other risk factors which could cause actual results to differ materially from those projected or implied in the forward-looking statements. There may be other factors not mentioned above that may cause actual results to differ materially from any forward-looking information. The company takes no obligation to update or correct forward-looking statements and takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.
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Contact:
Tim Vance
866-219-2025 x207
Source: Marketwire (September 28, 2010 - 5:25 PM EDT)
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