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Kevin, that is the lowest rate in years. Several weeks ago I stated that my charts indicated that the fall in the silver price would reach $11.75 to $11.85. It may come to happen.
Kevin, I think so. Many companies seem to be positioning themselves for future growth.
Today gold closed down $2.40 at $651.20 and silver closed down .20 at $12.83.
VANCOUVER, BRITISH COLUMBIA, Jun 25, 2007 (MARKET WIRE via COMTEX) -- (All figures are in US dollars unless stated otherwise)
Goldcorp Inc. (TSX: G)(NYSE: GG) today announced updated reserve and resource estimates for two of the Company's key projects-Penasquito in Zacatecas, Mexico and Eleonore in Quebec, Canada. The Company today also released drilling results subsequent to the calculation of reserves and resources at Penasquito and Eleonore and updated development progress at both properties as well as the Los Filos mine in Guerrero State, Mexico.
HIGHLIGHTS
Penasquito
- Proven and probable gold reserves increased 31% to 13.0 million ounces. Proven and probable silver reserves increased 50% to 864 million ounces.
- Measured and indicated gold resources, inclusive of proven and probable reserves, increased 39% to 17.8 million ounces. Measured and indicated silver resources increased 55% to 1.3 billion ounces.
- Proven and probable lead and zinc reserves both increased 60%.
Eleonore
- First NI 43-101 compliant resource calculated on Roberto Zone.
- Initial indicated gold resource of 1,834,900 ounces at an average grade of 7.4 grams per tonne. Initial inferred gold resource of 929,100 ounces at an average grade of 7.1 grams per tonne.
- High grade drill results outside resource point to significant expansion potential.
Los Filos
- First gold pour completed on June 15th.
- On track for commercial production during the fourth quarter of 2007.
"These early results from our 2007 exploration program serve to underscore the importance of our organic growth strategy," said Kevin McArthur, President and Chief Executive Officer. "In addition to growing Penasquito's proven and probable gold reserves by 30%, we have discovered a high grade manto/skarn zone at depth which validates our exploration model and could develop into an eventual underground mine.
"At Eleonore, we are very pleased with the initial mineral resource calculation of 1.8 million indicated and 0.9 million inferred gold ounces. This represents a limited area of drill density adequate to meet NI 43-101 reporting requirements. The deposit remains open at depth and along strike, and recent drilling has identified as many as three additional mineralized zones to the north and south of the Roberto Zone featuring very strong gold grades. In view of these results and our knowledge of these types of gold systems, the mine design work at Eleonore is expected to be sized for five million ounces."
Penasquito Grows Again, Upside Remains
Proven and probable gold reserves increased 31% to 13.0 million ounces and proven and probable silver reserves increased 50% to 864 million ounces. To calculate updated reserves, the Company incorporated new drilling data into a revised geologic model, followed by reserves modeling. The calculation is based on new assay data from 240 drill holes (including condemnation drill holes) subsequent to the previous reserve update in June, 2006. The complete database of drill hole results at Penasquito as well as complete reserve and resource tables and supporting data can be found on the Company's website at www.goldcorp.com. Open pit limits were determined using a floating cone optimization routine, with cost parameters and metals recovery rates updated since the prior reserve announcement in June, 2006.
Table 1
Penasquito Proven & Probable Reserves Summary Data (1), (2), (3)
June 25, 2007
Separate tables for both proven reserves and probable reserves appear at
the end of this news release.
Prior Update New Update
June 2006 June 2007 % Change
------------ ---------- --------
Ore tonnes (millions)
Oxide (heap leach) 87.1 110.4 27%
Sulfide (flotation) 476.9 807.1 69%
--------------------------------------------------------------------------
Total ore tonnes (millions) 564.0 917.5 63%
Oxide ore grade
Gold (grams per tonne) 0.28 0.18 -35%
Silver (grams per tonne) 23.8 18.1 -24%
Sulfide ore grade
Gold (grams per tonne) 0.60 0.48 -21%
Silver (grams per tonne) 33.2 30.8 -8%
Lead (%) 0.35 0.33 -7%
Zinc (%) 0.76 0.72 -5%
Contained Metals
Gold (troy ounces - millions) 10.0 13.0 31%
Silver (troy ounces - millions) 575 864 50%
Lead (tonnes - millions) 1.77 2.67 60%
Zinc (tonnes - millions) 3.62 5.81 60%
Stripping Ratio
(tonnes waste:oxide ore plus sulfide ore) 2.76 2.77 0%
(1) Cut-off grades for Penasquito reserves are as follows: $4.55 NSR for
Breccia and Intrusive; $5.18 NSR for Sediments; $1.30 NSR for South
Oxides and $1.18 for North Oxides using reserves metals prices as
referred to in Note 2 below.
(2) Metals prices utilized in the pit design were: $525 per ounce gold,
$10.00 per ounce silver, $0.40 per pound lead and 0.80 per pound zinc.
(3) The Mineral Resources and Mineral Reserves for Penasquito have been
estimated under Canadian Institute of Mining, Metallurgy, & Petroleum
Standards (CIM Standards) in accordance with National Instrument 43-101
of the Canadian Securities Administrators ("NI 43-101"). These resource
and reserve estimates have been prepared under the supervision of
Robert Bryson, Vice President, Engineering for Goldcorp Inc., a
Qualified Person as defined under NI 43-101. Mr. Bryson has reviewed
and approved the contents of this news release.
Table 2
Penasquito Mineral Resources Summary Data (1), (2), (3)
June 25, 2007
Prior Update Update
June 2006 June 2007 % Change
------------ ---------- --------
Measured Resource
(inclusive of proven and probable reserves)
Tonnes (millions) 466.6 576.0 23%
Contained Metals
Gold (troy ounces - millions) 7.0 9.0 28%
Silver (troy ounces - millions) 462 568 23%
Lead (tonnes - millions) 1.3 1.8 38%
Zinc (tonnes - millions) 2.9 4.0 38%
Indicated Resource
(inclusive of proven and probable reserves)
Tonnes (millions) 405.9 1,020.0 151%
Contained Metals
Gold (troy ounces - millions) 5.8 8.8 53%
Silver (troy ounces - millions) 360 709 97%
Lead (tonnes - millions) 1.1 2.2 100%
Zinc (tonnes - millions) 2.4 5.4 125%
Inferred Resource
Tonnes (millions) 2,577.0 1,220.0 -53%
Contained Metals
Gold (troy ounces - millions) 14.3 8.9 -38%
Silver (troy ounces - millions) 882 508 -42%
Lead (tonnes - millions) 2.4 0.90 -63%
Zinc (tonnes - millions) 7.1 5.9 -17%
(1) Reported at cut-off grades of $4.55 NSR for Breccia and Intrusive;
$5.18 NSR for Sediments; $1.30 NSR for South Oxides and $1.18 for North
Oxides using resource metals prices as referred to in Note 2 below.
(2) $650 Au; $13.00 Ag; $0.50 Pb; $1.00 Zn
(3) Mineral resources are not mineral reserves and do not have demonstrated
economic viability.
These updated reserves and resources provide the basis for further optimization subsequent to the 2006 feasibility plan of two 50,000 tonne per day circuits, or 100,000 tonnes per day. Goldcorp is analyzing an increase of mill capacity to 65,000 tonnes per day in the first circuit and 65,000 tonnes per day in the second circuit, for a total of 130,000 tonnes per day. A revised capital schedule and economic review including these proposed capacity enhancements is expected to be available prior to year-end.
Construction progress at Penasquito remains on schedule for initial heap leaching of oxide ore during 2008 and start-up of the first milling and flotation circuit by late 2009. The initial mining fleet is on-site and currently being erected. Excavation and preparation of the base for the primary crusher foundation has been completed and concrete has been poured. Completion of the Pabellon-Salaverna road and installation of the 400 kVA power line are expected later this summer. Preparations for a water well field in nearby Cedros basin are proceeding. Two wells have now been completed, indicating excellent permeability zones.
Mineral exploration also continues at Penasquito, with nine core rigs currently on the property. Recent intercepts from assays of two drill holes adjacent to the Penasco breccia body have encountered high grade skarn/manto mineralization, which are summarized in the table below:
Table 3
Drillhole Results from Manto-Skarn Zone
Est.
True
Interval Width
HOLE-ID FROM TO Au g/t Ag g/t Pb% Zn% (m) (m)
GP-479-07 1,006 1,016 0.73 457.5 0.94 8.9 10 9.0
GP-479-07 1,026 1,032 0.08 106.9 0.34 19.3 6 5.4
GP-501-07 902 924 5.4 191.7 6.1 8.8 22 19.8
GP-501-07 1050 1062 1.0 355 4.1 14.0 12 10.8
A drilling campaign is underway to further test the extent of this new high grade zone and to define a resource which may be mineable by underground methods concurrent to open pit operations. Both exploration and condemnation drilling will continue for the balance of the year, with an emphasis on further infill and extensional drilling of the Penasco, Chile Colorado, Brecha Azul, and El Sotol zones. A regional exploration program with one core drill rig will be initiated during the third quarter to test targets at concession areas such as Nochebuena, Saltillito and Los Lobos.
Eleonore: Goldcorp's Next Canadian Gold Mine
Eleonore gold resources include 1,834,900 ounces of indicated resources and 929,100 ounces of inferred resources, using a cut-off grade of 3.5 grams of gold per tonne.
The mineral resource statement is presented in the following table:
Table 4
Mineral Resource Statement(i) for the Eleonore Gold Deposit
April 4, 2007
Tonnage Grade
Resource Category (tonne) (g/t Au) Contained Ounces
Indicated 7,709,500 7.40 1,834,900
Inferred 4,059,000 7.12 929,100
(i) Reported at a cut-off of 3.5 gpt gold, all figures rounded to reflect
the relative accuracy of the mineral resource estimate. The preparation
of the initial resource estimate for the Eleonore project was a joint
effort between Goldcorp personnel, G.N. Lustik Consulting Ltd. and SRK
Consulting Canada Inc. ("SRK"). The mineral resources were estimated by
SRK using a geostatistical block modeling approach. Capped gold grades
were interpolated into a block model constrained by wireframes by
ordinary kriging with estimation parameters determined by variography.
Mineral resources were classified using variography ranges and geology
by Yan Bourassa, P.Geo of SRK, a qualified person as defined under
NI 43-101 in accordance with CIM Standards. Mr. Bourassa has reviewed
and approved the contents of this news release relating to mineral
resources at Eleonore. Mineral resources are not mineral reserves and
do not have demonstrated economic viability.
The deposit has proven to be very consistent in mineralization and continuous within the ore shoots determined to-date. The average mineable width of all zones is 4.7 meters and the arithmetic mean of the intercept grades amounts to 8.4 grams of gold per tonne (5.7 meters width and 11.0 g/t for the main Roberto Zone).
Only drill holes that were finalized by April 4, 2007 were used in the resource estimation, a total of 511 drill holes for some 178,500 meters. Since then, 81 drill holes amounting to 27,800 meters have been completed, of which 45 holes totalling 10,300 meters are now finalized. Highlights of these intercepts are included in the table below. The complete database of drillhole results at Eleonore and supporting data can be found on the Company's website at www.goldcorp.com.
Table 5
Eleonore Post-Resource Drilling Highlights
Interval Est. True
HOLE-ID FROM TO Au g/t (m) Width (m)
ELE-07-392 619.35 625.43 36.50 6.08 5.21
ELE-07-396 47.00 50.00 41.56 3.00 2.57
ELE-07-402 332.80 344.10 14.61 11.30 9.37
ELE-07-403 705.40 711.00 16.00 5.60 4.90
ELE-07-405 369.53 381.67 13.23 12.14 10.82
ELE-07-428 146.25 147.00 73.10 0.75 0.64
ELE-07-428 722.00 723.00 494.00 1.00 0.93
ELE-07-431 225.00 228.00 144.57 3.00 2.67
ELE-07-434 199.00 201.00 481.12 2.00 1.78
These results indicate better than expected gold mineralization associated with quartz veining has been intersected at the north extension of the deposit (see holes ELE-07-428, ELE-07-429 and ELE-07-434 in Table 1). This style of mineralization is being followed up with current drilling and is expected to increase the project resource base in the future.
Other exploration is focusing on defining gold mineralization at a vertical depth between 700 and 1000 meters and testing the northern and southern extensions of the deposit. Additional testing of open pit targets and targets identified by property scale mapping will continue into the fall.
Significant progress has been made on project development at Eleonore, including completion of engineering work on an access road and airstrip. Additional data will support analysis of depth and breadth of deposit mineralization in order to properly scope shaft dimension, mill size and equipment selection. Pre-feasibility work has been initiated and will continue for the remainder of 2007 and a feasibility study is expected to be completed by 2008. Production is expected by late 2010.
Geotechnical drilling in the outcrop area and condemnation drilling of key infrastructure sites is also continuing. The access road and airstrip permit, which includes a full Environmental & Social Impact Assessment, has been submitted to regulatory authorities for approval.
Los Filos: The Newest Goldcorp Mine
The Los Filos team was pleased to announce successful testing of gold processing and recovery circuits, leading to an initial pour on June 15th consisting of 380 ounces of gold and 80 ounces of silver. Run of mine ore continues to be stacked on the heap leach pad and processing of this ore is ongoing on a continuous basis. Final installation of conveyors at the crushing and agglomeration plant has been finished, and system commissioning is underway.
In-fill drilling continues at Los Filos in an effort to convert resources into reserves. Regional exploration is advancing with geophysical and geochemistry studies to identify new drilling targets. Exploration at the nearby Nukay underground project continued throughout the first half of 2007 and drilling indicates that economic mineralization remains open at depth. Future exploration drilling will seek to identify an extension of the gold skarn deposit both laterally and at depth.
"We are quite excited by the drilling results we are seeing at Los Filos. In addition to adding high quality reserves and resources, Goldcorp's core competency is permitting, financing and building mines in the Americas," continued McArthur. "Eleonore, Penasquito and Los Filos, comprise three important elements of the best growth profile in the industry."
Goldcorp is the world's lowest-cost and fastest growing gold producer with operations throughout the Americas. The Company does not hedge its gold production.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of Goldcorp. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, silver, copper, lead and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Goldcorp to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, silver, copper, lead and zinc; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Goldcorp's Annual Information Form for the year ended December 31, 2006, available on www.sedar.com, and Form 40-F for the year ended December 31, 2006 on file with the United States Securities and Exchange Commission in Washington, D.C. Although Goldcorp has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Goldcorp does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Table 6
Penasquito Proven & Probable Reserves Summary Data (1), (2), (3)
June 25, 2007
Prior Update New Update
June 2006 June 2007 % Change
------------ ---------- --------
Proven Reserves
Ore tonnes (millions)
Oxide (heap leach) 68.2 42.1 -38%
Sulfide (flotation) 267.9 426.9 59%
-------------------------------------------------------------------------
Total ore tonnes (millions) 336.1 469.0 40%
Oxide ore grade
Gold (grams per tonne) 0.27 0.21 -23%
Silver (grams per tonne) 24.2 20.9 -14%
Sulfide ore grade
Gold (grams per tonne) 0.60 0.57 -5%
Silver (grams per tonne) 35.4 34.0 -4%
Lead (%) 0.38 0.36 -5%
Zinc (%) 0.81 0.78 -4%
Contained Metals
Gold (troy ounces - millions) 5.8 8.2 41%
Silver (troy ounces - millions) 358 495 38%
Lead (tonnes - millions) 1.03 1.56 52%
Zinc (tonnes - millions) 2.16 3.34 55%
Probable Reserves
Ore tonnes (millions)
Oxide (heap leach) 18.8 68.3 263%
Sulfide (flotation) 209.0 380.2 82%
-------------------------------------------------------------------------
Total ore tonnes (millions) 277.8 448.6 97%
Oxide ore grade
Gold (grams per tonne) 0.33 0.17 -50%
Silver (grams per tonne) 22.4 16.4 -27%
Sulfide ore grade
Gold (grams per tonne) 0.60 0.37 -38%
Silver (grams per tonne) 30.2 27.2 -10%
Lead (%) 0.31 0.29 -5%
Zinc (%) 0.70 0.65 -7%
Contained Metals
Gold (troy ounces - millions) 4.2 4.9 17%
Silver (troy ounces - millions) 216 368 70%
Lead (tonnes - millions) 0.64 1.11 72%
Zinc (tonnes - millions) 1.46 2.47 69%
(1) Cut-off grades for Penasquito reserves are as follows: $4.55 NSR for
Breccia and Intrusive; $5.18 NSR for Sediments; $1.30 NSR for South
Oxides and $1.18 for North Oxides using reserves metals prices as
referred to in Note 2 below.
(2) Metals prices utilized in the pit design were: $525 per ounce gold,
$10.00 per ounce silver, $0.40 per pound lead and 0.80 per pound zinc.
(3) The Mineral Resources and Mineral Reserves for Penasquito have been
estimated under Canadian Institute of Mining, Metallurgy, & Petroleum
Standards (CIM Standards) in accordance with National Instrument 43-101
of the Canadian Securities Administrators ("NI 43-101"). These resource
and reserve estimates have been prepared under the supervision of
Robert Bryson, Vice President, Engineering for Goldcorp Inc., a
Qualified Person as defined under NI 43-101. Mr. Bryson has reviewed
and approved the contents of this news release.
MINERALS INC ("SNR-V")
- Options Uranium Target in Athabasca Basin, Saskatchewan
Senator Minerals Inc ("Senator" or "the Company") reports that it has
entered into an agreement with Geomode Mineral Exploration Ltd ("Geomode"),
an arm's-length vendor, to acquire a 100% interest, net of a 1% NSR, in a
highly prospective 3,370 hectare uranium target, the Geike River Claim (the
"Claim"), located in the Athabasca Basin, Saskatchewan.
The Claim, designated number S-110885, is considered to be a high
priority target due to its proximity to existing large high-grade uranium
mines and its potential to host similar mineralization. The Claim is
located in the eastern portion of the Athabasca Basin, approximately 27km
southeast of Cigar Lake and 35km east of MacArthur River Mine
(Cameco/Cogema), the largest high-grade uranium mine in the world. The
Claim adjoins claims held by Denison Mines Corp (DML: TSX and DNN: AMEX),
formerly International Uranium Corp, and CanAm Uranium (CAUI: OTCBB).
Until recently, the Claim was controlled by International Uranium Corp,
which, through Denison, continues to have a significant presence in the
area. The Claim forms part of the Thompson River Project, which is
contiguous to the Moore Lake and South Cigar Projects, controlled by
Denison and JNR Resources.
To acquire a 100% interest, net of a 1% NSR, in the Geike River Claim,
Senator is required to perform exploration and development work sufficient
to keep the Claim in good standing, and to pay an aggregate of C$300,000
and issue 1,500,000 common shares to the vendor over a two year term as
follows:
a) C$100,000 cash and 400,000 common shares upon receipt of
regulatory approval;
b) C$100,000 cash and 500,000 common shares on the first
anniversary of the agreement; and
c) C$100,000 cash and 600,000 common shares on the second
anniversary of the agreement.
First and second anniversary payments are subject to Senator having
received a NI 43-101-compliant report recommending further work. In
addition, a one percent (1%) NSR has been reserved in favor of the vendor,
which can be purchased by Senator for US$1,000,000. This transaction
remains subject to regulatory approval.
Tony Simon, president of Senator, comments, "The expansion of Senator's
exploration property interests to include a uranium target surrounded by
established uranium producers and explorers in the well-known Athabasca
Basin is another significant step in Senator's goal of acquiring
exploration interests in politically stable, highly prospective areas."
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 gold-silver targets in the Northern Nevada Rifts
area, a 100% interest in two gold prospects in Nevadas Cortez Hills area,
and a 100% interest in the Taurus copper-moly-gold deposit in southeastern
Alaska.
Senator holds 1% NSR's 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 $3.00 at 653.60 and silver closed down .02 at $13.03. For the week gold is down .90 and silver is down.16. the gold silver ratio is 50.16.
Hahn, currently gold is up $2.30 at $652.90 and silver is up .02 at $13.07.
Kevin, I maintained from the start that this is a long term investment. The sharp spike to over a dollar about eight months ago was unexpected by me. The company continues to expand the underground reserves at both Mt. Kare and the Lewis property. The company is the same as it was during the spike only better with more reserves. I believe that you are right. Some of the investors are getting tired of waiting and are getting out. I am waiting for an offer by Newmont for the Lewis property in Nevada.
Indicated Resources Now Represent 83% of Total
VANCOUVER, BRITISH COLUMBIA, Jun 21, 2007 (MARKET WIRE via COMTEX) -- Buffalo Gold Ltd. (TSX VENTURE: BUF.U)(OTCBB: BYBUF)(FRANKFURT: B4K) is pleased to announce that it has received an updated mineral resource estimate for the Mt. Kare gold project which sees a 22% increase of the total property resources into the indicated category compared to the previous estimate.
The new resource estimate incorporates data from Buffalo's 2006 infill drilling program. That program was designed to convert inferred ounces to indicated ounces, as a requirement of the economic study for Buffalo to earn into the Mt. Kare project from Madison Minerals Inc. ("Madison") (TSX VENTURE: MMR). The resource estimate has been successfully increased from 1.1 Million ounces of gold (see Buffalo news release June 26th, 2006) to 1.4 Million ounces of gold in the indicated category, at a gold equivalent cut-off of 1 g/t. The drilling also delineates a higher grade core which runs most of the length of the Western Roscoelite zone and contains the majority of the 743,000 oz gold or 4.59 million tonnes at 5.04 g/t gold with a gold-equivalent cut-off of 3 g/t.
Table 1. Mt. Kare Mineral Resource Estimate reported at a several AuEq g/t
Cut-offs
-----------------------------------------------------------------
Mineral Cut-off
Resource Equivalent Au Ag Contained
category (AuEq g/t) Ktonnes (g/t) (g/t) koz Au
-----------------------------------------------------------------
Indicated 1.0 18,830 2.31 17.31 1,396
2.0 8,559 3.66 22.51 1,008
3.0 4,587 5.04 25.37 743
-----------------------------------------------------------------
Inferred 1.0 5,753 1.56 9.53 288
2.0 1,331 2.77 11.77 119
3.0 476 3.85 11.22 59
-----------------------------------------------------------------
These estimates are based on a block model where the gold-equivalent service variable is derived from the sum of the gold and silver grades under the assumptions of a gold price of US$550/oz and a silver price of US$10/oz (Aueq g/t equals Au g/t + (10/550) x Ag g/t).
While the 2006 work increased the understanding and confidence in the mineralization at Mt. Kare, Buffalo believes that there is potential for significant additional mineralization outside of the known zones. Buffalo and Madison therefore agreed in May of 2007 to award Buffalo 60% of the Joint Venture immediately and defer the Type 2 Preliminary Economic Feasibility Study to instead complete detailed exploration work on the many targets throughout the property (see Buffalo news release May 18th 2007). Based on the recent aeromag survey, geological mapping and surface sampling, the Company has outlined 18 new targets on the Mt. Kare Joint Venture license area and the adjacent 100% owned Buffalo license. Buffalo is currently in the process of following-up on those targets. New geological team members have been hired and fly-in camps have been established to aid in exploration. In addition, Buffalo has applied for a new 100% owned license adjacent to the current holdings. The new license, if awarded, will increase the total land package by approximately 30%, to approximately 660 square kilometres. A map showing the new exploration targets is posted on the company's website www.buffalogold.ca/2006/MtKareProject.asp.
Mineral Resource estimation method
The resource model, including the underlying database and QA/QC verification, were completed by Robert Sim of Longview Technical (www.longviewtechnical.com) and Dr. Bruce Davis in accordance with accepted industry standards. The basic modeling parameters and approach are summarized as follows:
- Total of 340 drill holes (55,300m) composited to standard sample length of 2 metres.
- Nominal block size of 10x10x5mV.
- Probability shell approach used to control domains of higher-grade gold and silver mineralization.
- Top-cutting of outlier grades by domain.
- Ordinary kriging used for grade estimates for gold and silver in model.
- Inverse distance weighting (IDW to the power of 2) used for bulk density in model.
The updated resource estimate was verified by Lynn Olssen of Snowden Mining Industry Consultants ("Snowden") (www.snowdengroup.com). Snowden validated the earlier estimate in its NI 43-101 technical report on the Mt. Kare Project delivered to Buffalo in May 2006. (see Buffalo News Release June 26th 2006). Snowden reviewed and validated the recent work, and will complete a NI 43-101 technical report incorporating the resource estimate on behalf of Buffalo to be filed on SEDAR within 45 days of this release. Snowden has reviewed the contents of this release.
Mr. Brian McEwen, P.Geol., President and COO of Buffalo is the qualified person for the Mt. Kare project.
About the Mt. Kare Project
Buffalo's flagship project is the Mt. Kare gold property in Papua New Guinea. The property is contiguous to Barrick's Porgera Gold Mine property where the various styles of mineralization identified are very similar in geological setting and structural controls to those identified at Mt. Kare. Buffalo currently has a US$11.4 million exploration program underway at the Mt. Kare project.
About Buffalo Gold
Buffalo's management is dedicated to maximizing shareholder value through growth strategies that emphasize careful opportunity assessment and vigilant project management. The Company is actively acquiring and advancing gold resources to create producing assets.
To find out more about Buffalo Gold Ltd. (TSX VENTURE: BUF.U), please visit the company website at www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Damien Reynolds, Chair of the Board of Directors and Chief Executive Officer
Today gold closed down $5.50 at $650.60 and silver closed down .16 at $13.05.
LOL! Good for you. I have been bashed by many over the years for posting adverse facts about their stock. :)
SREA now up .18 today at .62.
What happened to post # 6606?
Bobby, I hope that you and several others on here hold this stock. Less than four months ago an investor could purchase SREA for virtually nothing and it is currently trading at .53.
SHSH is a company that was founded in 1969. At the moment they are still exploring and testing and hold silver claims in Idaho and uranium claims in Nevada. Shoshone has a strong balance sheet, very little debt and only 18,243,797 outstanding shares. An investor must exercise patience here but in the long run I believe that SHSH will reach a share price that is many times the current .28.
I'm posting this only because I believe that some of you hold this stock.
SAN DIEGO, CA, Jun 21, 2007 (MARKET WIRE via COMTEX) -- Unico, Incorporated (OTCBB: UCOI), a natural resource company in the precious metals mining sector, today announced that a new photo gallery showing recent reconstruction progress at the mill and processing facility at the Deer Trail Mine in Marysvale, Utah has been added to the Media section of the company's website at http://www.unicomining.com./news/othermedia.php.
The new gallery includes pictures of the installation of the thickener bridge and the thickener rake mechanism in the new mill building. Additional photographs show the sealing of the floor of the thickener, the installation of the waterproofing membrane, and the installation of rebar grids for the thickener. The concrete and the pump truck have been scheduled for late next week to pour the thickener cone.
Several photographs in the gallery show the Wilfley concentrating tables, used in the mill's gravity separation circuit, which are currently having their tops refurbished and riffling replaced. Once this work is complete, they will be reinstalled in the main mill building. Also pictured is the Denver Duplex mineral jig, which is used to capture any free gold from the process slurry that is not recoverable in the floatation circuit. The jig has been cleaned and serviced and is scheduled to be installed in the next several days. The concentrate from the Denver jig will be sent to the Wilfley tables for further cleaning and then refining.
"The reconstruction activity shown in this new photo gallery, especially the work on the thickener in the new mill building and the refurbishment of equipment for the gravity separation circuit, represents significant progress toward completion of the mill and processing facility," said Mark A. Lopez, chief executive officer of Unico, Inc. "As we continue this reconstruction work at the Deer Trail Mine, we will keep our shareholders informed on our progress through additional news releases and new photo galleries posted to the Unico website as well as updates of closing on the acquisition of the Deer Trail itself."
Gold unions' demands are 'mind-boggling'
June 20, 2007
By Angus Macmillan
Johannesburg – South Africa's big three gold miners will have to respond to no less than 61 separate demands from mining unions when they kick off negotiations on wages and working conditions in Johannesburg next week.
Represented by the Chamber of Mines - AngloGold Ashanti, Gold Fields and Harmony - will be responding to demands tabled by the National Union of Mineworkers (NUM), Solidarity and the United Associations of South Africa (Uasa).
"It is mind-boggling how many demands have been tabled by the unions," Elize Strydom, the chamber's industrial relations adviser and chief negotiator for the gold mining companies in the talks, told I-Net Bridge on Wednesday.
"The unions have tabled their demands, spoken to them and motivated them. We will now be responding to them," said Strydom, stressing that a sense of humour would have to be maintained.
Today gold closed up $4.70 at $660.50 and silver closed up .10 at $13.27.
Today gold closed up $1.30 at $655.80 and silver closed down .02 at $13.17.
Today gold closed up $2.90 at $654.50 and silver closed up .09 at $13.19. For the week gold is up $8.90 and silver is up .20. The euro gained .0034 against the US dollar. The gold silver ratio is 49.62.
Gold clearing statistics fall in May - LBMA
Fri 15 Jun 2007, 11:00 GMT
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LONDON (Reuters) - Gold ounces transferred fell 3.5 percent to a daily average of 19.5 million ounces in May, compared with the previous month, the London Bullion Market Association (LBMA) said on Friday.
Based on an average fixing of $666.86 an ounce -- $12.50 lower than in April -- value fell to a daily average of $13.0 billion from $13.7 billion the previous month.
The number of transfers increased 1.8 percent to a daily average of 1,538, the LBMA said in a statement.
Measured year-on-year, gold statistics were lower. Ounces transferred fell 20.4 percent, value was 21.2 percent lower and the number of transfers decreased 3.15 percent.
But ounces transferred in silver rose 30.1 percent to a daily average of 137.5 million, the highest since July 2006. Based on an average fixing of $13.15 -- 59 cents higher than in April -- value rose to a daily average of $1.81 billion.
The number of transfers remained unchanged at a daily average of 446. Measured year-on-year, silver statistics were lower. Ounces transferred fell 33.2 percent, value dropped 35.4 percent and the number of transfers declined 20.5 percent.
CPI running hot, but core remains cool
Consumer prices show 2nd largest gain in 16 years
By Rex Nutting, MarketWatch
Last Update: 8:30 AM ET Jun 15, 2007
WASHINGTON (MarketWatch) - Higher energy prices drove the consumer price index up by 0.7% in May, its largest increase since Hurricane Katrina and the second largest in 16 years, the Labor Department reported Friday.
But while consumer inflation was scorching hot, the core rate of inflation - which excludes food and energy costs - rose just 0.1%.
Core inflation has thus risen at 2.2% in the past 12 months, the smallest gain in more than a year and close to the Federal Reserve's target range. Core inflation has risen at just 1.6% annualized in the past three months.
The 0.7% gain on the headline CPI was just as expected by economists. But the 0.1% increase was less than the 0.2% anticipated by economists surveyed by MarketWatch.
The hot and cold inflation keeps the Federal Reserve in a bind. It's been expecting core inflation to subside, but it's also worried that higher energy and labor costs would bleed over into other prices, fueling a new round of generalized inflation.
In recent comments, Fed officials have looked past the decelerating core inflation figures, and said inflationary pressures remain elevated and remain the greatest risk to a stable economy.
The CPI is up 2.7% in the past year.
Inflation outpaced increases in workers' wages in May. Real weekly earnings fell 0.2% in May and are up 1.4% in the past year.
Details
The 0.7% increase was led by energy, food and communication costs. Inflation moderated for shelter, apparel and prescription drugs.
Energy costs soared 5.4%, as gasoline prices rose 10.5% after seasonal adjustment. Natural gas prices fell 0.9%.
Food prices rose 0.3%, the third straight month of more moderate increases after big gains in January and February. Pork prices jumped 2%, but fresh vegetable prices fell 1.8%.
Housing costs moderated. Owners equivalent rent of primary residence, the largest single item in the CPI, increased 0.1%, the smallest gain in nearly two years. Rents rose 0.3%.
Medical care costs rose 0.3%. Hospital charges jumped 0.7%, but prices for prescription drugs fell 0.1% and doctors' bills rose 0.1%.
Transportation prices rose 2.8% on higher fuel charges. Airfare fell 0.6%. New car prices fell 0.2%.
Apparel prices fell 0.3%.
Education and communication prices rose 0.6%. Tuitions rose 0.5%, while communications prices, which usually fall, rose 0.7%. Telephone prices rose 0.9%. End of Story
Great! I would be very careful though. The O/S and A/S are nearly the same.
I am sorry about the late response but I just got back from a meeting. 1st, I do not subscribe to any stock service but somehow I am getting many pumps on stock each day. I received an email about SLON from Bloomfield Investment Club., webmaster@bloomfield. The attempt to get listed may give this stock a quick boost but I would be very careful.
Today gold closed up $2.80 at $651.60 and silver closed up .08 at $13.10. So far this week gold is up $6.00 and silver is up .11.
Steve, I will certainly ask.
I received an email that was pushing SLON. Be careful with this stock. It has nearly two-billion shares outstanding with two-billion authorized. A reverse split is just around the corner.
BERN, Switzerland (AP) - The Swiss National Bank said Thursday it will sell 276 US tons of gold reserves over the next two years.
The sale would fetch about $5.2 billion (euro3.9 billion) at current prices.
The proceeds will be used to increase Switzerland's foreign currency reserves, national bank directorate member Thomas Jordan told reporters.
The share of gold in Switzerland's currency reserves has risen to 42 percent from 33 percent since mid-2005 due to the increase in gold prices. Jordan said the sale would return the share of gold in the currency reserves to their previous level.
The sale will occur at regular intervals over period of two years to minimize the impact on the gold market. Once completed, the national bank will hold 1,040 metric tons (1,146 US tons) of gold.
Between 2000 and 2005 Switzerland sold 1,300 metric tons (1,433 US tons) of surplus gold reserves. The proceeds -- about 21 billion Swiss francs -- were distributed between the federal government and the country's 26 cantons (states), who used the money to pay off debts.
Today gold closed up .30 at $648.80 and silver closed up .01 at $13.02.
By Ruchira Singh
MUMBAI (Reuters) - India's rising gold imports promise a "good year" after volatility and all-time highs damped buying enthusiasm last year, a senior official of a trade body said on Wednesday.
India imported 211 tonnes of gold in January-March, a 50 percent jump over the same period last year, data from WGC showed. In 2006, gold imports were at 715.5 tonnes, down less than a percent over the previous year.
"Till May we have had very bullish purchases of gold and we don't see a scale-down from that," Ajay Mitra, managing director - India, at the World Gold Council (WGC), told Reuters. Mitra joined in March as WGC's new India head.
"Prices are stable and given that the economy is doing well, we don't see a southward direction (for demand)."
Imports in April and May suggest the momentum is continuing, Mitra said. He did not give the figures.
"If we go by the current trends and the current pricing, we will have a good year."
Today gold closed down $6.30 at $648.50 and silver closed down .22 at $13.01.
Kevin, for some reason the lease rate charts really get messed up. I saw what you are talking about and I have also seen the charts jump several percent in one day which does not happen.
Kevin, I agree. I am waiting for the next quarterly report and if it is not significantly better I will be gone. Several of us will be meeting at Ray's Boathouse on the 29th of this month. It is a little easier for me to wait because I am in at .12. If I was in at .40 I would probably still wait but not as comfortably.
The companies loans payable are more than what the entire company is worth and the loans are due this year. That may be one of the reasons.
Today gold closed up $9.20 at $654.80 and silver closed up .24 at $13.23.
I'm not cut out for the daily trading only long term. That way I do not need to worry about it.
Kevin, it's not what I want but it is what my charts show for past Central Bank interference.
Today gold closed down $14.40 at $645.60 and silver closed down .40 at $12.99. For the week gold is down $25.00 and silver is down .70.
I believe that Lebed is currently pushing CKRH which is another company that owes more than the entire company is worth and continues to lose millions. It would not surprise me to see XDSL set a new 52 week low in the very near future.
Now that could be a strong possibility. This is his kind of stock.