Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
A new report by Mine Development Associates estimates Las Cristinas’s proven and probable reserves at 16.9 million ounces of gold with measured and indicated ounces at 20.76 million ounces.
Author: Dorothy Kosich
Posted: Tuesday , 25 Sep 2007
RENO, NV -
While proven and probable reserve estimates from Crystallex's Las Cristinas mine have been increased to nearly 17 million ounces of gold, President and CEO Gordon Thompson said Monday said he has no idea where the project will receive its final permit.
In a presentation to the Denver Gold Forum, Crystallex (TSX, AMEX: KRY) announced that Mine Development Associates of Reno has also updated Las Cristina's measured and indicated resources to 20.76 million ounces of gold. However, estimates for operating costs increased 28% to $9.81 per tonne of ore.
Richard Spencer, Crystallex's Vice President Exploration, said the project has an estimated 65-year mine life with $244/oz average operating costs for the first five years and an average $340/oz cost over the life of the mine. He attributed the $79/oz per cost increase to higher prices for cyanide and steel.
Today gold closed up .10 at $731.10 and silver closed down .01 at $13.48.
Kevin, what a change since 1961-4. Back then it was a small parklike community.
Kevin, from 1961-1964 I lived in Brooklyn Park.
Shoshone Silver's Lakeview Mill in Operation
WALLACE, Idaho, Sep 20, 2007 (BUSINESS WIRE) -- Shoshone Silver Mining (OTCBB:SHSH) is pleased to announce that its Lakeview Mill has returned to operations. The mill is currently processing previously stockpiled material mined in the Lakeview District. Shoshone expects to continue processing this stockpiled ore through the beginning of the 2008 season.
Improvements to the 100 ton per day facility include a new, self-contained water management system capable of supporting processing of up to 1000 tons per day, and a new system for handling ore designed to simplify operations. Shoshone intends to further upgrade and expand the mill as part of its overall Lakeview strategy.
Shoshone holds 920 acres of land in the immediate vicinity of the mill, which includes the formerly producing Conjecture, Idaho Lakeview, Weber and Keep Cool mines, and a total of 1100 acres in the general Lakeview area. The company plans to begin exploration in the Lakeview District in late 2007 to early 2008.
Today gold closed down .70 at $731.00 and silver closed up .18 at $13.49. For the week gold is up $22.40 and silver closed up .95.
SENATOR MINERALS INC ("SNR-V")
- Zones of Anomalous Gold-Silver Mineralization at Ivanhoe Creek, NV"
Senator Minerals Inc ("Senator" or "the Company") reports on
preliminary results from the first five holes of its drill program on the
Ivanhoe Creek property, northeastern Nevada. This program was conducted in
partnership with Kent Exploration, which is earning an interest in the
property.
The five locations for drilling were selected based on the results of a
2004 geophysical program that consisted of ground magnetometer, gravity,
and CSAMT surveys. The drill targets are zones of faulting and
silicification that are possibly indicative of Midas-style gold-silver
feeder systems. Several highly mineralized zones were intersected in these
drill holes with the widest mineralized zone of 173 feet (52 meters) being
intersected in hole IC07-10.
Drillhole IC07-02 tested a north-trending west-dipping structure in
ash-fall crystal tuffs in the western part of the project area and
intersected 33 feet (10 meters) of mineralization before being abandoned at
230 feet (70.1 meters) because of excessive clay build up on the drilling
rods. Significant sample results from IC07-02 are detailed in a table in
the #2007-7 news release filed on Sedar and on the Company web site.
Sample 79039 is indicative of Midas-type mineralization, with highly
anomalous gold, silver, selenium and arsenic values. Samples also show
elevated to anomalous sulfur and antimony values ranging from 0.2-2.4 ppm
sulfur and 2.34-23.5 ppm antimony. Other significant assay results occur
in broken and gouged rocks from 195-207 feet (59.4-63.1 meters).
IC07-07 was sited 650 meters southeast of IC07-02, and was drilled to a
depth of 736 feet (224.33 meters). IC07-07 targeted a north-trending
east-dipping structure parallel to the structure targeted by IC07-02 with
mineralized intersections of 7 feet (2 meters) from 408 feet to 415 feet
and 51 feet (15 meters) from 425 feet to 476 feet. The rocks encountered
were lithic and ash tuffs lying atop Paleozoic quartzites and
mudstone-shale containing interbeds of quartzite. Significant sample
results from IC07-07 are detailed in a table in the #2007-7 news release
filed on Sedar and on the Company web site.
All of the samples contained highly anomalous silver and generally show
elevated mercury and selenium values. Sample 78959 returned the highest
selenium value of the program to date. Anomalous selenium values suggest
the presence of Midas-style selenium-rich mineralization.
Significant assay results occur in quartzite in well broken and gouged
core retrieved from 415-455 feet (126.49-138.68 meters) and from 465-475
feet (141.73-144.78 meters), suggesting a major fault zone at least 60 feet
(18 meters) wide. As well, an area of weak quartz-healed brecciation
occurs from 454.7-465 feet (138.59-141.73 meters).
IC07-10 is located approximately 150 meters (490 feet) west of IC07-12,
and was targeted to undercut outcropping highly silicified tuffs. IC07-10
had a target depth of 600 feet (209 meters), and intersected a total of 173
feet (52 meters) of mineralization between 266 feet and 446 feet, but was
terminated at 446 feet (135.94 meters) due to poor core recovery.
Lithology consists of lithic and crystal tuffs overlying Paleozoic
quartzite. Significant sample results from IC07-10 are detailed in a table
in the #2007-7 news release filed on Sedar and on the Company web site.
Samples 79079, 79083, 79084, 79085, and 79087 returned anomalous silver
and tungsten values, with sample 79087 returning the highest silver value
to date, 262 g/t (7.64 ounces per ton (opt)), and the second highest
tungsten value 1130 g/t (0.113%).
Significant samples were taken from well broken quartzite showing local
brecciation. From 286-446 feet (87.17-135.94 meters), core is extremely
well broken and core recovery was approximately 15%. Within the 74-foot
(22.56-meter) interval of core from 356-430 feet (108.51-131.06 meters),
approximately 30 feet (9.1 meters) consists of mud, sand, and clay
containing fragments of quartzite.
IC07-12 is located east of IC07-02, and was the most easterly drill
site. IC07-12 targeted a north-trending east-dipping structure immediately
east of surface exposure of silicified volcanic tuff, and was drilled to a
depth of 666 feet (203 meters) and intersected 75 feet (22 meters) of
mineralization. Lithology consists of lithic tuffs overlying Paleozoic
quartzite, which overlies mudstone-shale containing interbeds of quartzite.
Significant sample results from IC07-12 are detailed in a table in the
#2007-7 news release filed on Sedar and on the Company web site.
Sample 79058 returned the second highest silver value of 107 g/t (3.12
ounces per ton (opt)), and also a strongly anomalous tungsten value of
1,500 ppm (0.15%). Samples also show elevated selenium values. Sample
79059 is anomalous in sulfur. IC07-12 drilling was stopped in
mudstone-shale showing anomalous silver values.
Samples 79058 and 79062 were taken from core showing earthy brown clay
containing fragments of quartzite and mudstone-shale. This clay material
was initially interpreted to be sloughed material from higher up in the
hole but, when associated with the highest silver value returned, may
indicate areas of faulting. There is no recorded reason for the high
tungsten result returned in sample 79058.
IC07-13 was sited east-southeast of IC07-02, and was drilled to a depth
of 516 feet (157.89 meters). IC07-13 targeted the same north-trending
east-dipping structure as IC07-07, but was located approximately 300 meters
north of IC07-07 and intersected a 52 foot (15 meter) mineralized zone.
The lithology consisted of lithic tuff overlying Paleozoic quartzites.
Significant sample results from IC07-13 are detailed in a table in the
#2007-7 news release filed on Sedar and on the Company web site.
Sample 79049 returned the third highest silver value obtained to date,
29.5 ppm Ag. The above samples contained anomalous gold, antimony, and
selenium values. The core is strongly gouged between 416-423 feet
(126.8-128.93 meters). From 423-437 feet (128.93-129.84 meters), the core
shows quartz-healed breccias containing up to 5% pyrite. Samples 79048,
79049, and 79050 were taken from beneath the breccia zone. Sample 79049
was taken from core consisting of mud and clay containing fragments of
quartzite.
In general, significant assay results occurred in areas showing faulting
and/or structural activity indicated by brecciation. The quartz-healed
nature of the brecciated zones indicates that silica-rich solutions were
present at some time or over a period of time. The association of gold,
silver, arsenic, sulfur, selenium, and antimony may indicate zones
peripheral to Midas-style mineralization. Due to poor core recovery
from the mineralized zones, the first phase of the drill program has been
terminated to source a larger drill to better deal with the brecciation and
local clayey alteration, which create difficult drilling conditions.
Senator holds a 50% interest, net of a 3% NSR, in the Ivanhoe Creek
property, with the other 50% being held by Kent Exploration Inc (KEX).
The content of this news release has been reviewed and approved by
Richard R. Redfern, a director of Senator, and a Qualified Person as
defined by NI 43-101.
Senator Minerals Inc is a TSX-V-listed junior exploration company with
a diverse portfolio of property interests in North America.
Senator has one 50% and four 100% lease option interests in five highly
prospective Midas-style targets in the Northern Nevada Rifts area, a 100%
interest in two prospects in Nevadas Cortez Hills area, and a 100%
interest in the Taurus copper-moly-gold deposit in southeastern Alaska.
Senator holds 1% NSRs on the Rosebud gold-silver prospect in
northwestern Arizona and on both the Okey and Key high grade copper
prospects in northeastern British Columbia.
Today gold closed up $11.00 at $731.70 and silver closed up .38 at $13.31. So far this week gold is up $22.90 and silver is up .77.
Gold currently up $14.10 and silver up .45.
SPARKS, Nev., Sept 20, 2007 /PRNewswire-FirstCall via COMTEX/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM), is pleased to announce appointment of Fred Quimby to the position of Mine Manager for the Ashdown Project LLC, which operates the Ashdown molybdenum mine located in Humboldt County, Nevada. Mr. Quimby replaces Earl Harrison, who has left the Project to pursue other interests.
Fred Quimby is a 40-year mining professional with a proven record of success. His employment history includes mining and management roles at Sunshine, Bunker Hill, Harrison Western, Todito Exploration, Centennial, Redpath and Atlas Minerals. He has specialized in all aspects of underground mining, including heavy equipment operation, drilling and blasting, mine planning, staffing, supervision and business development. Most recently, Mr. Quimby was General Manager of a private sector contract mining company. A native of the Kellogg, Idaho mining district, Mr. Quimby studied mining at the Colorado School of Mines and is a certified Federal Mine Safety Instructor.
In welcoming Mr. Quimby to his new position, Golden Phoenix President, Robert Martin, stated, "Fred comes from a highly-respected mining family and has already picked up the momentum established by his predecessor, Earl Harrison. He is building on that foundation by attracting top quality talent, expanding the mine plan and tackling MSHA directives efficiently and effectively.
"Fred's reputation as a no-nonsense producer and safety-conscious operator carries on Ashdown traditions established by previous managers," Mr. Martin said.
Responding to his new position, Mr. Quimby said, "Ashdown is the kind of challenge I can look forward to every day. I am honored to be entrusted with the Sylvia moly deposit, which deserves special attention. I believe that my background is well-suited to getting the most out of this project."
In addition to Mr. Quimby, several other family members have joined the mine staff, including Darrin Quimby as Safety Officer and Ed Quimby as Shifter. This brings the present compliment of mine-and-mill staff at Ashdown to 60.
Steve, this is one I got hung up on by not paying attention. I believe that this stock deserves to be watched but be careful.
Today gold closed up $5.70 at $720.70 and silver closed up .16 at $12.93. Earlier in the session gold hit $726.00 and silver $13.14. So far this week gold is up $11.40 and silver is up .39.
SAN DIEGO, CA, Sep 19, 2007 (MARKET WIRE via COMTEX) -- Unico, Incorporated (OTCBB: UCOI), a natural resource company in the precious metals mining sector, today announced onsite metallurgical activity at the Deer Trail Mine, including lab work and testing of the above ground material located on the property that can be used as immediate feed for the mill and processing facility at the Deer Trail Mine.
The metallurgical work is being conducted under the supervision of Edgar Blanco, senior metallurgist for Unico's wholly owned subsidiary, Deer Trail Mining Company. Mr. Blanco is focusing much of his attention on the mill and processing facility at the Deer Trail Mine. Included in his work is the development of the reagent schematic and mineral characteristics for the floatation circuit at the mill facility.
A new photo gallery showing the ongoing metallurgical work is expected to be added to the Media section of the Unico website, http://www.unicomining.com, in the next several days.
Mr. Blanco is currently conducting tests on the screened product produced from the upper Deer Trail dumps and previously mined ore from the 3400 East stope in the PTH tunnel. Metallurgical samples have been taken and the mineral characteristics are being observed, after which a practical and cost efficient processing route will be developed.
Ongoing bench scale floatation tests are being conducted from the 3400 East sulfide ore body. With every bench scale test, the reagent scheme is being perfected. The appropriate reagent suppliers have been contacted and additional reagent samples have been ordered, which will help to perfect the overall mineral recoveries once processing operations are initiated at the mill and processing facility at the Deer Trail Mine.
Ongoing testing of the upper Deer Trail screened product is also being conducted. This includes gravity separation, floatation and leaching. Grinding and surface chemistry are being extensively evaluated to determine the most economical means of processing.
New analytical equipment is being acquired by Deer Trail Mining Company, and the company is updating the older small equipment with newer, more advanced technology.
"As the final steps of the reconstruction of the mill and processing facility are completed, the metallurgical work that Mr. Blanco and the support staff at the Deer Trail Mine are undertaking becomes even more important for the project," stated Mark A. Lopez, chief executive officer of Unico. "The above ground material at the site is the immediate target of processing operations as additional future planned mining operations are strategized. The near-term revenue potential of the stockpiled material at the Deer Trail Mine, once mill operations have been initiated, makes it an appropriate target for Mr. Blanco's initial work."
Unico recently completed the purchase of the Deer Trail Mine for its Deer Trail Mining Company subsidiary.
The silver lease forward rates are about as low as I have ever seen them. The six month rate is the highest at .19% which indicates to me that the Central Banks are concerned about the ability of the shorts to cover their contracts. As the paper players roll over the situation only gets worse.
One month ago Goldcorp was $21.50. Currently GG is $29.11, up 35.4%.
19 September 2007
Posted to the web 19 September 2007
Michel Pireu
Johannesburg
THEODORE Butler, one of the foremost analysts of the silver market, believes that the price of silver is being manipulated.
One of the theories regarding the market is that at more than 300-million ounces, the largest eight traders on the Comex are short on more silver than exists in the combined SLV holdings and Comex inventories.
In a piece at Finfacts.com Butler sums up the situation thus: "If there is one thing that separates silver from any other asset class, or any other item in any asset class, it is the presence of an unprecedented concentrated short position in Comex silver futures. It is the existence of this concentrated short position that will, at some point, launch the silver price to the heavens. This short position has grown so large, and is held by so few entities, that it no longer matters how it will be resolved. It must be resolved and, whether that resolution involves default or buying by short covering, it will have the same bullish impact on price. You don't have to look any further than the concentrated Comex short position as to why silver has not outperformed every other commodity. Just as it explains price underperformance, it is telling you why there must be overperformance in the future. At some point, the price of silver must accelerate upward to price levels that are truly shocking."
According to Finfacts, the total value of all the above-ground stock of silver is a very small $4,2 bn and some hedge funds have already started moving into the silver market.
"Charles Supapodok of Artemis Capital Management is seeking to raise a $300m hedge fund to invest mainly in silver. Artemis Silver Fund, advised by Artemis Capital Management, will put 80% of the fund's holdings in silver."
Relevant Links
Southern Africa
Economy, Business and Finance
Mining
South Africa
Needless to say, given the incredibly small size of the global silver market, if only a small percentage of the thousands of hedge funds in the world today decide to take long positions in the silver market, the price would skyrocket.
What's more, a few individuals are quite capable of triggering such a move on their own. Forbes, for instance, estimated that in the two months following the calculation of its 2007 wealth rankings, the Mexican tycoon Carlos Slim's fortune rose $4bn to $53,1bn.
Then there's always Warren Buffett, who is no stranger to the silver market. Thirty years ago the US government had to rescue the market when he, together with Solomon Bros, bought more silver than could be delivered.
19 September 2007
Posted to the web 19 September 2007
Michel Pireu
Johannesburg
THEODORE Butler, one of the foremost analysts of the silver market, believes that the price of silver is being manipulated.
One of the theories regarding the market is that at more than 300-million ounces, the largest eight traders on the Comex are short on more silver than exists in the combined SLV holdings and Comex inventories.
In a piece at Finfacts.com Butler sums up the situation thus: "If there is one thing that separates silver from any other asset class, or any other item in any asset class, it is the presence of an unprecedented concentrated short position in Comex silver futures. It is the existence of this concentrated short position that will, at some point, launch the silver price to the heavens. This short position has grown so large, and is held by so few entities, that it no longer matters how it will be resolved. It must be resolved and, whether that resolution involves default or buying by short covering, it will have the same bullish impact on price. You don't have to look any further than the concentrated Comex short position as to why silver has not outperformed every other commodity. Just as it explains price underperformance, it is telling you why there must be overperformance in the future. At some point, the price of silver must accelerate upward to price levels that are truly shocking."
According to Finfacts, the total value of all the above-ground stock of silver is a very small $4,2 bn and some hedge funds have already started moving into the silver market.
"Charles Supapodok of Artemis Capital Management is seeking to raise a $300m hedge fund to invest mainly in silver. Artemis Silver Fund, advised by Artemis Capital Management, will put 80% of the fund's holdings in silver."
Relevant Links
Southern Africa
Economy, Business and Finance
Mining
South Africa
Needless to say, given the incredibly small size of the global silver market, if only a small percentage of the thousands of hedge funds in the world today decide to take long positions in the silver market, the price would skyrocket.
What's more, a few individuals are quite capable of triggering such a move on their own. Forbes, for instance, estimated that in the two months following the calculation of its 2007 wealth rankings, the Mexican tycoon Carlos Slim's fortune rose $4bn to $53,1bn.
Then there's always Warren Buffett, who is no stranger to the silver market. Thirty years ago the US government had to rescue the market when he, together with Solomon Bros, bought more silver than could be delivered.
Today gold closed up .30 at $715.00 and silver closed up .05 at $12.77.
Don't put any faith into the stock dividend by AURC either.
I doubt it. Today's news about AURC is a mirror image of a few stocks from the past. An offer by another company to buy the O/S at .55 per share, excellent assets and reserves, assets in a foreign country, etc has all been tried before. The companies involved quickly retreated to the sub penny area as soon as the truth came out. There were no assets as explained, no reserves and the offer to purchase all O/S was not true.
Sitestar Reports Second Quarter Financial Results
Company Posts Eleventh Consecutive Profitable Quarter Buoyed by Steady Revenue and Continued Growth
LYNCHBURG, VA, Aug 14, 2007 (MARKET WIRE via COMTEX) -- Sitestar Corporation (OTCBB: SYTE), a provider of residential and business Internet access, web hosting and value-added products and services, announced today its financial results for the quarter ended June 30, 2007. It marks the eleventh straight quarter of profitability for the Company which has grown its revenue primarily by increasing its Internet subscriber base through strategic acquisitions and by controlling operating expenses.
Revenue for the six months ended June 30, 2007 increased by $146,162 or 5.2% from $2,822,552 for the six months ended June 30, 2006 to $2,968,714 for the same period in 2007. The increase is largely attributed to the addition of Internet customers from the asset acquisitions of Magnolia Internet Services, OW Holdings (OneWest) and AlaNet. These acquisitions, for the six months ended June 30, 2007, yielded approximately $586,000 in additional net revenues.
"Dial-up continues to be a highly lucrative market segment for Sitestar and is the chief source of our revenues," said Frank R. Erhartic, Jr., CEO for Sitestar. "2007 appears to be a pivotal year for dial-up because ISP owners are increasingly weighing the benefits of selling their subscriber bases amidst stout competition from cable and telco broadband providers. This trend puts Sitestar and other remaining consolidators in an advantageous and opportunistic position. As a result, we are actively in negotiations with large and small ISPs and everything in-between."
"Additionally, we are exploring and ramping up other areas of our business to enable us to both complement and potentially supersede our dial-up revenue. We are near the launch date for our Voice-over-Internet Protocol (VoIP) service and expect to gradually increase resources to grow our web hosting business both organically and through acquisition. These advances along with our successful dial-up acquisition initiatives make us confident that Sitestar will continue to deliver strong and profitable quarters for some time into the future."
Today gold closed up $6.10 at $715.40 and silver closed up .18 at $12.72.
The Canadian dollar marches on...9741.
Today gold closed up .20 at $708.60 and silver closed up .07 at $12.54. For the week gold is up $8.50 and silver is up .01. The Canadian dollar surged this week against the US dollar, going up .0239 at .9720, a multi year high.
Today gold closed down $3.00 at $708.40 and silver closed down .13 at $12.47.
So far this week the euro has gained .0111 against the US dollar and the Canadian dollar has gained .0202. The euro is currently 1.3884 and the CAD is .9683.
That is what I plan to do. I have two good penny stocks and the better the news the larger the drop in the stock price. Very confusing. Madison is in the same boat.
Today gold closed up .30 at $711.40 and silver closed down .02 at $12.60. For the week gold is up $11.30 and silver is up .07. All gold and silver lease rates were up today.
Today gold closed up $8.90 at $711.40 and silver closed up .10 at $12.62 after reaching $12.85 earlier in the session.
In the past half hour gold and silver have gone up rapidly with gold reaching $714.90 and silver reaching $12.85.
Today gold closed up $2.10 at $702.20 and silver closed down .01 at $12.52.
Careful, Tsafi. I am older than he is. LOL!!
Tsafi, he was born in Germany in 1937. That should be a good indication of the reason for his attitude.
I agree, Tsafi. Every year the precious metals do very well during the last quarter and they should do especially good this year.
Tsafi, I also believe that this is a good long term investment. Sterling is getting ready to mine the old Sunshine Mine by the end of the year. I believe that it is still one of the richest silver mines in the world. About two weeks ago SRLM traded at about $3.35 and closed Friday at $4.00.
Today gold closed up $5.60 at $700.10 and silver closed up .19 at $12.53. For the week gold is up $26.90 and silver is up .51.
I can also remember a poster that called himself Gemz. He was touting CSHD when it was around $3.00. He said that he added after it dropped to $1.95. I tried to tell him that the company had a disaster for financial statements but he called me a basher and many other names. I never say bad things about a stock unless I have the financials to back me up. CSHD now trades at .0003 and I have not heard from Gemz for months. I have several other examples but you get the idea.
Gold hits $707.80 before backing off.
POG now $705.50 with no signs of slowing down to this point.
Today gold closed up $13.60 at $694.50 and silver closed up .18 at $12.34. For the three days gold is up $21.30 and silver is up .32.