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Storm Watch Update
December 15, 2006
http://www.financialsense.com/stormwatch/2006/1215.html
ESO Uranium announces Flow-Through Financing
Friday December 15, 6:00 pm ET
VANCOUVER, Dec. 15 /CNW/ - ESO Uranium Corp. (ESO:TSX-V) ("the Company") is pleased to announce a private placement consisting of 2,300,000 flow-through shares ("FT Shares") at a price of $0.90 per FT Share for proceeds of $2,070,000. The Company has agreed to pay a 7% finders fee in cash and issue agent's compensation options ("Agent's Options") equal to 10% of the number of FT Shares sold. Each Agent's Option is exercisable for 12 months at $0.90 per share.
The proceeds of the financing will be used to incur qualifying exploration expenses on the Company's mineral properties in northern Saskatchewan. All securities are subject to a four month hold period.
On behalf of the Board of Directors of ESO Uranium Corp.
"Jonathan George"
----------------------------
Jonathan George, President & CEO
Please bookmark the ESO Uranium Corp. website for future reference and ongoing updated information:
http://www.esouranium.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs and operation plans. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
For further information
For corporate communications please contact: Tom Corcoran or Robert Meister, ESO Uranium Corp., Vancouver, BC, Phone: (604) 629-0293, or Toll Free: 1-866-629-8368, Email: info@esouranium.com
--------------------------------------------------------------------------------
Source: ESO Uranium Corp.
Silver Wheaton to Acquire 14% Interest in Sabina Silver and Right of First Refusal Over Silver Stream Sales
Friday December 15, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 15, 2006 -- Silver Wheaton Corp. ("Silver Wheaton") (TSX:SLW.TO - News)(NYSE:SLW - News) is pleased to announce that it has agreed to acquire, by way of private placement, 7,800,000 units of Sabina Silver Corporation ("Sabina") (TSX VENTURE:SBB.V - News) at a price of C$1.65 per unit for a total purchase price of C$12,870,000. Each unit will be comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles Silver Wheaton to purchase one additional common share of Sabina at a price of C$2.75 for a period of four years from the date of issuance. The proceeds of the offering, which is expected to close on December 21, 2006, are primarily intended for use on further development of the Hackett River Project.
Silver Wheaton will be granted the right to maintain its pro rata interest in Sabina in the event that Sabina issues additional equity securities. In addition, Silver Wheaton will acquire a right of first refusal over any silver stream sale by Sabina from its existing projects.
As a result of this transaction, Silver Wheaton will own 14.2% of the outstanding shares of Sabina on an undiluted basis, and 19.9% after giving effect to the exercise of the warrants held by Silver Wheaton.
Sabina owns 100% of the Zinc-Silver Hackett River Project located in northwest Nunavut, Canada. As reported by Sabina in their press release of November 14, 2006, Hackett River has an estimated indicated mineral resource of 47 million tons grading 4.67% zinc and 4.37 ounces of silver per ton, containing approximately 206 million ounces of silver and over 4.4 billion pounds of zinc using a cut-off grade of 5 ounces per ton silver equivalent. There is a further inferred mineral resource of 936 million pounds of zinc and 51.5 million ounces of silver at the 5 ounce per ton silver equivalent. Silver equivalency calculation methods are detailed in the same Sabina press release.
Closing of this offering is subject to receipt of all regulatory and third party approvals and consents, including the approval of the TSX Venture Exchange. Silver Wheaton will be acquiring the Sabina shares for investment purposes only and may acquire additional securities or dispose of its beneficial ownership, control or direction over securities through market transactions, private placements, treasury issuances or otherwise as circumstances or market conditions warrant or arise.
Silver Wheaton is the only public mining company with 100% of its operating revenue from silver production. The Company expects to have annual silver sales of approximately 16 million ounces in 2007, increasing to 20 million ounces by 2009 and thereafter. Silver Wheaton is unhedged and well positioned for further growth.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates. 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 Silver Wheaton 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, the absence of control over mining operations from which Silver Wheaton purchases silver and risks related to these mining operations, including risks related to international 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, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Silver Wheaton's annual information form for the year ended December 31, 2005 incorporated by reference into Silver Wheaton's Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. Although Silver Wheaton 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. Silver Wheaton does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Contact:
Contacts:
Silver Wheaton Corp.
David Awram
Investor Relations Manager
1-800-380-8687
Email: info@silverwheaton.com
Website: http://www.silverwheaton.com
--------------------------------------------------------------------------------
Source: Silver Wheaton Corp.
Jagman,
This past October I attended the World Energy Conference at Boston University. Its primary focus was on Peak Oil.
One guest speaker stated that there are no "silver bullets" out there to solve our declining oil reserve problems. Maybe just "silver BB's."
If Wilfred van Rooijen can perfect this new generation of nuclear reactors which limits and reduces the life-span of waste, then I agree with you about the increased and tremendous market for uranium. In other words, we might have a "silver bullet" for the future.
From your post, I'm happy that someone is moving in this direction to reduce nuclear waste, which is one of the public's concern about expanding the use of nuclear energy.
At this point, I'm committed to the SUN sectors [Silver, Uranium, and Natural Gas].
Thanks for the post.
Yamana Declares Quarterly Dividend
Friday December 15, 11:00 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Dec 15, 2006 -- Yamana Gold Inc. (Yamana) (TSX:YRI.TO - News)(AMEX:AUY - News)(AIM: YAU) is pleased to declare its fourth quarter dividend of US$0.01 per share. Shareholders of record at the close of business on Friday, December 29, 2006 will be entitled to receive payment of this dividend on Tuesday, January 16, 2007.
About Yamana
Yamana is a Canadian gold producer with significant gold production, gold and copper gold development stage properties, exploration properties, and land positions in Brazil, Argentina and Central America. Yamana expects to produce gold at intermediate company production levels in 2006 in addition to significant copper production by 2007. Company management plans to continue to build on this base through the advancement of its exploration properties and by targeting other gold consolidation opportunities in Brazil, Argentina and elsewhere in Latin America.
Contact:
Contacts:
Yamana Gold Inc.
Peter Marrone
President and Chief Executive Officer
(416) 815-0220
Yamana Gold Inc.
Leslie Powers
Director Investor & Public Relations
(416) 815-0220
--------------------------------------------------------------------------------
Source: Yamana Gold Inc.
ROBERT A. ARCHER VIDEO PRESENTATION ON 6/12/06
Folks,
Robert Archer, President of Great Panther, provides an extensive presentation with slides.
sumisu
http://www.silverstrategies.com/CompanyProfileNew.aspx?ticker=GPR.TO
The Peak Oil Crisis: EIA -- The greatest failure of them all?
By Tom Whipple
Thursday, 14 December 2006
For those of you who don't follow such things, there exists down on Independence Avenue a semi-autonomous little organization known as the Energy Information Administration (EIA). Created by Congress back in 1977, its mission “is to provide policy-independent data, forecasts, and analyses to promote sound policy making, efficient markets, and public understanding regarding energy and its interaction with the economy and the environment." In short, they keep track of our energy supplies and make forecasts about their future.
The EIA takes pride in its independence from the policy-making parts of the federal government. A page of its website is devoted to Section 205d of Public Law 95-91 which says in no uncertain terms that the rest of the government shall keeps its hands off of EIA judgments -- "nor shall the Administrator be required, prior to publication, to obtain the approval of any other officer or employee of the United States with respect to the substance of any statistical or forecasting technical reports which he has prepared in accordance with law." Around Washington, that’s about as independent as you can get and still draw a federal salary.
As we all know various parts of our federal government have had some rough times lately. Remember how the FBI reacted when an agent discovered that a suspicious Middle Eastern type was learning how to fly but not land commercial aircraft; or the Corp of Engineers' seawalls; or FEMA's rescue of New Orleans, or the CIA's slam dunk; or the mother of all recent failures, the Pentagon's efforts to democratize Baghdad. These are sure to make the history books.
Now what could a small band of government statisticians do to write themselves into infamy along with FEMA at New Orleans, the CIA estimate on WMD, Rumsfield's Pentagon, and the neocon invasion of Iraq? Simple! They are in charge of telling America how much longer our cheap and plentiful energy supplies are going to last. If they get this wrong, the whole country is in a whole lot of trouble. Some think it might not even survive a rapid, unexpected transition to whatever follows the age of cheap energy.
Well, what has the EIA been telling us lately?
Every year the Administration publishes an "Annual Energy Outlook" that attempts to forecast our energy flows over the next 25 years. Last week the 2007 reference case was released. Now, the "reference case" admittedly is the case that by definition assumes nothing major is going to happen to our energy supplies in the next quarter of a century. Readily discernable trends are projected on out, but for the most part, the next 25 years is envisioned as looking very much like the last 25. While this formula may have worked for the last 30 years, its day has clearly come. Too much evidence is accumulating that energy supplies in the next 25 years will look nothing like those in the last.
The core judgment of the Annual Energy Outlook 2007 reference case is so absurd that publishing it is a major disservice to the American people. The supplies of oil and natural gas available to the American people are simply not going to continue growing merrily along as they have for the last century. A break point emanating from geology, geopolitics, or simply economic growth and demand is clearly in the offing.
In the new Outlook, we have the EIA projecting that petroleum and liquid fuels consumption in the US will be increasing from the current 20 million barrels per day to 27 million barrels in 2030. Price projections are even sillier: the $69 dollar per barrel average price for oil in 2006 is to drop to just under $50 per barrel in 2014 "as new supplies come on the market" and then rise slowly to an inflation adjusted $59 in 2030.
To give the EIA its due, the Administration states up front that predicting our energy future is very difficult and that much is changing— prices, weather, Asian economies, and technology to name a few. Moreover, they do make efforts to modify some of their projections to keep them in line with obviously changing conditions, but these modifications simply are not enough to cover the forces that are on the move in the real world. The EIA is busy describing the trees and seem to have no vision that the energy forest is on fire or that a conflagration is about to consume us all.
The EIA will soon release other projections of possible energy futures. If you want to think the world's energy situation will get better and better, well, they have a case or two for that. If you want to think the end is nigh, they have a pessimistic case too. But these cases don't get the press conferences or the wire service stories. It is the business-as-usual reference case that we hear about.
The only bright spot in all this official nonsense is that it is so out of touch with reality it can't go on for much longer. Some day in the next few years, it will become so obvious that projecting continually increasing oil and gas production and steady to lower prices is as unrealistic as the concept of "winning" in Iraq.
In the meantime, one would hope the leadership of our "independent" Energy Information Administration will get their heads out of the sand and move beyond denial to recognize we are at the brink of a whole new age of energy scarcity. By refusing to think, write, or warn about the realities facing this country's energy supplies, they are doing a major disservice to the nation. Future generations of Americans will suffer needless hardships because of our failure to prepare for the great energy transition that is coming whether we recognize it or not.
A completely new approach to energy forecasting is clearly needed
http://www.fcnp.com/index.php?option=com_content&task=view&id=617&Itemid=33
MPH Contracted to Implement UNR Exploration Programs
Thursday December 14, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 14, 2006) - Uranium North Resources Corp. (TSX VENTURE:UNR - News; the "Company" or "Uranium North") announces that the Company has formally contracted MPH Consulting Limited ("MPH") to provide technical services pertaining to the company's projects. MPH will act as technical advisors for exploration activities on the company's projects and will provide project management as directed by Uranium North.
The principle consultant at MPH is Mr. William Brereton. Mr. Brereton and MPH are knowledgeable uranium explorers with extensive experience in Canada and more specifically within the Thelon and Athabasca Basins. In addition to their geological expertise, MPH provides strong geophysical expertise.
MPH is currently completing a data compilation for the key projects and will immediately begin planning the exploration program for the Amer Lake property. This program will include detailed airborne surveying, mapping and prospecting and re-evaluation of existing split drill core from the Main Zone prior to drilling.
The Company is reviewing its requirements to bring the historic resource on the Amer Lake property up to NI43-101 standards. In the short term, the Company's exploration mandate is to bring the property to NI43-101 standards and to quadruple the resource by exploring along strike and down dip of the Main Zone and by further exploring the Faucon showing located approximately 2 kilometres to the north.
In addition to the Amer Lake property, planning of airborne surveys and ground prospecting programs is underway for Hepburn and South Baker properties. The short term objective for these two properties includes drilling known historic uranium occurrences and delineating new targets.
Uranium North Resources is exploring a diverse property portfolio of over 4 million acres in northern Canada. This distinguishes Uranium North as the only junior uranium explorer with significant and prospective land holdings in what the company believes are Canada's three most prospective basins for high grade uranium deposits, the Athabasca, Thelon and Hornby Bay Basins.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba, President & CEO
Uranium North Resources Corp.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Nancy Curry
Uranium North Resources Corp.
Corporate Communications
(604) 484-2212
(604) 484-7143 (FAX)
Email: info@uraniumnorthresources.com
Website: www.uraniumnorthresources.com
--------------------------------------------------------------------------------
Source: Uranium North Resources Corp.
MPH Contracted to Implement UNR Exploration Programs
Thursday December 14, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 14, 2006) - Uranium North Resources Corp. (TSX VENTURE:UNR - News; the "Company" or "Uranium North") announces that the Company has formally contracted MPH Consulting Limited ("MPH") to provide technical services pertaining to the company's projects. MPH will act as technical advisors for exploration activities on the company's projects and will provide project management as directed by Uranium North.
The principle consultant at MPH is Mr. William Brereton. Mr. Brereton and MPH are knowledgeable uranium explorers with extensive experience in Canada and more specifically within the Thelon and Athabasca Basins. In addition to their geological expertise, MPH provides strong geophysical expertise.
MPH is currently completing a data compilation for the key projects and will immediately begin planning the exploration program for the Amer Lake property. This program will include detailed airborne surveying, mapping and prospecting and re-evaluation of existing split drill core from the Main Zone prior to drilling.
The Company is reviewing its requirements to bring the historic resource on the Amer Lake property up to NI43-101 standards. In the short term, the Company's exploration mandate is to bring the property to NI43-101 standards and to quadruple the resource by exploring along strike and down dip of the Main Zone and by further exploring the Faucon showing located approximately 2 kilometres to the north.
In addition to the Amer Lake property, planning of airborne surveys and ground prospecting programs is underway for Hepburn and South Baker properties. The short term objective for these two properties includes drilling known historic uranium occurrences and delineating new targets.
Uranium North Resources is exploring a diverse property portfolio of over 4 million acres in northern Canada. This distinguishes Uranium North as the only junior uranium explorer with significant and prospective land holdings in what the company believes are Canada's three most prospective basins for high grade uranium deposits, the Athabasca, Thelon and Hornby Bay Basins.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba, President & CEO
Uranium North Resources Corp.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Nancy Curry
Uranium North Resources Corp.
Corporate Communications
(604) 484-2212
(604) 484-7143 (FAX)
Email: info@uraniumnorthresources.com
Website: www.uraniumnorthresources.com
--------------------------------------------------------------------------------
Source: Uranium North Resources Corp.
Lateegra Updates 100% Owned El Condor
Thursday December 14, 3:05 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 14, 2006 -- Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG.V - News)(FWB: LTG) wishes to announce the following update:
Ecuador - El Condor Project: The Company has completed a surface geochemical survey over the entire El Condor property collecting over 1000 samples which are currently at ALS Chemex Labs undergoing Mobile Metal Ion (MMI) testing, an exacting multi-element suite of tests required to be evaluated in batches to eliminate background contamination within the laboratory. While the Company anticipates receiving results shortly, the entire suite of results will need to be analyzed in order to define trenching/drilling targets. MMI proved to be a valuable target identification method utilized initially at Aurelian's nearby Fruta del Norte discovery and is felt to be necessary at Lateegra's "El Condor" property due to a lack of readily exposed rock outcropping. While the results are pending, it should be noted that visible gold has been hand panned high up in the streams draining the property (pictures available on the website) indicating the nearby presence of auriferous rock units.
Management is sufficiently encouraged with the early results that it has hired a logistics specialist with extensive in-country experience to assist Luc Pigeon P.Geo and Jeffrey Reeder P.Geo to design, expedite and execute a surface trenching program scheduled for January 2007, aided with results from the MMI geochemical sampling program. The company has also secured the surface rights to over 70% of the project guaranteeing unimpeded access to aid project advancement.
The Company also wishes to forward the following comments on recent news of local opposition in the region of the Mirador development, from the Vice President of Ecuador's mining chamber CME, Cesar Espinosa, who has publicly stated that the communities in the mine's zone of influence are not the ones instigating the protests: "Those communities are pro-mining and I would calculate that 90% of the population is in favor of mining."
The El Condor project is located within 3 Km's from Aurelian Resources' recent world class discovery at the Fruta Del Norte, (FDN), and immediately adjacent to and south of Aurelian's "El Tigre" drill target which Aurelian has announced (news release 06-12-05) should be drilled in the first quarter of the New Year.
The technical information in this news release has been reviewed by, Jeffrey Reeder P.Geo. a Qualified Person as defined in national policy 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
LATEEGRA GOLD CORP.
Michael Townsend, President
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Contacts:
Lateegra Gold Corp.
Michael Townsend
President
(604) 669-9330 or Toll Free: 1-866-669-9377
(604) 669-9335 (FAX)
Email: info@lateegra.com
Website: http://www.lateegra.com
--------------------------------------------------------------------------------
Source: Lateegra Gold Corp.
Lateegra Updates 100% Owned El Condor
Thursday December 14, 3:05 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 14, 2006 -- Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG.V - News)(FWB: LTG) wishes to announce the following update:
Ecuador - El Condor Project: The Company has completed a surface geochemical survey over the entire El Condor property collecting over 1000 samples which are currently at ALS Chemex Labs undergoing Mobile Metal Ion (MMI) testing, an exacting multi-element suite of tests required to be evaluated in batches to eliminate background contamination within the laboratory. While the Company anticipates receiving results shortly, the entire suite of results will need to be analyzed in order to define trenching/drilling targets. MMI proved to be a valuable target identification method utilized initially at Aurelian's nearby Fruta del Norte discovery and is felt to be necessary at Lateegra's "El Condor" property due to a lack of readily exposed rock outcropping. While the results are pending, it should be noted that visible gold has been hand panned high up in the streams draining the property (pictures available on the website) indicating the nearby presence of auriferous rock units.
Management is sufficiently encouraged with the early results that it has hired a logistics specialist with extensive in-country experience to assist Luc Pigeon P.Geo and Jeffrey Reeder P.Geo to design, expedite and execute a surface trenching program scheduled for January 2007, aided with results from the MMI geochemical sampling program. The company has also secured the surface rights to over 70% of the project guaranteeing unimpeded access to aid project advancement.
The Company also wishes to forward the following comments on recent news of local opposition in the region of the Mirador development, from the Vice President of Ecuador's mining chamber CME, Cesar Espinosa, who has publicly stated that the communities in the mine's zone of influence are not the ones instigating the protests: "Those communities are pro-mining and I would calculate that 90% of the population is in favor of mining."
The El Condor project is located within 3 Km's from Aurelian Resources' recent world class discovery at the Fruta Del Norte, (FDN), and immediately adjacent to and south of Aurelian's "El Tigre" drill target which Aurelian has announced (news release 06-12-05) should be drilled in the first quarter of the New Year.
The technical information in this news release has been reviewed by, Jeffrey Reeder P.Geo. a Qualified Person as defined in national policy 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
LATEEGRA GOLD CORP.
Michael Townsend, President
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Contacts:
Lateegra Gold Corp.
Michael Townsend
President
(604) 669-9330 or Toll Free: 1-866-669-9377
(604) 669-9335 (FAX)
Email: info@lateegra.com
Website: http://www.lateegra.com
--------------------------------------------------------------------------------
Source: Lateegra Gold Corp.
Lateegra Updates 100% Owned El Condor
Thursday December 14, 3:05 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 14, 2006 -- Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG.V - News)(FWB: LTG) wishes to announce the following update:
Ecuador - El Condor Project: The Company has completed a surface geochemical survey over the entire El Condor property collecting over 1000 samples which are currently at ALS Chemex Labs undergoing Mobile Metal Ion (MMI) testing, an exacting multi-element suite of tests required to be evaluated in batches to eliminate background contamination within the laboratory. While the Company anticipates receiving results shortly, the entire suite of results will need to be analyzed in order to define trenching/drilling targets. MMI proved to be a valuable target identification method utilized initially at Aurelian's nearby Fruta del Norte discovery and is felt to be necessary at Lateegra's "El Condor" property due to a lack of readily exposed rock outcropping. While the results are pending, it should be noted that visible gold has been hand panned high up in the streams draining the property (pictures available on the website) indicating the nearby presence of auriferous rock units.
Management is sufficiently encouraged with the early results that it has hired a logistics specialist with extensive in-country experience to assist Luc Pigeon P.Geo and Jeffrey Reeder P.Geo to design, expedite and execute a surface trenching program scheduled for January 2007, aided with results from the MMI geochemical sampling program. The company has also secured the surface rights to over 70% of the project guaranteeing unimpeded access to aid project advancement.
The Company also wishes to forward the following comments on recent news of local opposition in the region of the Mirador development, from the Vice President of Ecuador's mining chamber CME, Cesar Espinosa, who has publicly stated that the communities in the mine's zone of influence are not the ones instigating the protests: "Those communities are pro-mining and I would calculate that 90% of the population is in favor of mining."
The El Condor project is located within 3 Km's from Aurelian Resources' recent world class discovery at the Fruta Del Norte, (FDN), and immediately adjacent to and south of Aurelian's "El Tigre" drill target which Aurelian has announced (news release 06-12-05) should be drilled in the first quarter of the New Year.
The technical information in this news release has been reviewed by, Jeffrey Reeder P.Geo. a Qualified Person as defined in national policy 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
LATEEGRA GOLD CORP.
Michael Townsend, President
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Contacts:
Lateegra Gold Corp.
Michael Townsend
President
(604) 669-9330 or Toll Free: 1-866-669-9377
(604) 669-9335 (FAX)
Email: info@lateegra.com
Website: http://www.lateegra.com
--------------------------------------------------------------------------------
Source: Lateegra Gold Corp.
Lateegra Updates 100% Owned El Condor
Thursday December 14, 3:05 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 14, 2006 -- Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG.V - News)(FWB: LTG) wishes to announce the following update:
Ecuador - El Condor Project: The Company has completed a surface geochemical survey over the entire El Condor property collecting over 1000 samples which are currently at ALS Chemex Labs undergoing Mobile Metal Ion (MMI) testing, an exacting multi-element suite of tests required to be evaluated in batches to eliminate background contamination within the laboratory. While the Company anticipates receiving results shortly, the entire suite of results will need to be analyzed in order to define trenching/drilling targets. MMI proved to be a valuable target identification method utilized initially at Aurelian's nearby Fruta del Norte discovery and is felt to be necessary at Lateegra's "El Condor" property due to a lack of readily exposed rock outcropping. While the results are pending, it should be noted that visible gold has been hand panned high up in the streams draining the property (pictures available on the website) indicating the nearby presence of auriferous rock units.
Management is sufficiently encouraged with the early results that it has hired a logistics specialist with extensive in-country experience to assist Luc Pigeon P.Geo and Jeffrey Reeder P.Geo to design, expedite and execute a surface trenching program scheduled for January 2007, aided with results from the MMI geochemical sampling program. The company has also secured the surface rights to over 70% of the project guaranteeing unimpeded access to aid project advancement.
The Company also wishes to forward the following comments on recent news of local opposition in the region of the Mirador development, from the Vice President of Ecuador's mining chamber CME, Cesar Espinosa, who has publicly stated that the communities in the mine's zone of influence are not the ones instigating the protests: "Those communities are pro-mining and I would calculate that 90% of the population is in favor of mining."
The El Condor project is located within 3 Km's from Aurelian Resources' recent world class discovery at the Fruta Del Norte, (FDN), and immediately adjacent to and south of Aurelian's "El Tigre" drill target which Aurelian has announced (news release 06-12-05) should be drilled in the first quarter of the New Year.
The technical information in this news release has been reviewed by, Jeffrey Reeder P.Geo. a Qualified Person as defined in national policy 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
LATEEGRA GOLD CORP.
Michael Townsend, President
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Contacts:
Lateegra Gold Corp.
Michael Townsend
President
(604) 669-9330 or Toll Free: 1-866-669-9377
(604) 669-9335 (FAX)
Email: info@lateegra.com
Website: http://www.lateegra.com
--------------------------------------------------------------------------------
Source: Lateegra Gold Corp.
Lateegra Updates 100% Owned El Condor
Thursday December 14, 3:05 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 14, 2006 -- Lateegra Gold Corp. (the "Company") (TSX VENTURE:LRG.V - News)(FWB: LTG) wishes to announce the following update:
Ecuador - El Condor Project: The Company has completed a surface geochemical survey over the entire El Condor property collecting over 1000 samples which are currently at ALS Chemex Labs undergoing Mobile Metal Ion (MMI) testing, an exacting multi-element suite of tests required to be evaluated in batches to eliminate background contamination within the laboratory. While the Company anticipates receiving results shortly, the entire suite of results will need to be analyzed in order to define trenching/drilling targets. MMI proved to be a valuable target identification method utilized initially at Aurelian's nearby Fruta del Norte discovery and is felt to be necessary at Lateegra's "El Condor" property due to a lack of readily exposed rock outcropping. While the results are pending, it should be noted that visible gold has been hand panned high up in the streams draining the property (pictures available on the website) indicating the nearby presence of auriferous rock units.
Management is sufficiently encouraged with the early results that it has hired a logistics specialist with extensive in-country experience to assist Luc Pigeon P.Geo and Jeffrey Reeder P.Geo to design, expedite and execute a surface trenching program scheduled for January 2007, aided with results from the MMI geochemical sampling program. The company has also secured the surface rights to over 70% of the project guaranteeing unimpeded access to aid project advancement.
The Company also wishes to forward the following comments on recent news of local opposition in the region of the Mirador development, from the Vice President of Ecuador's mining chamber CME, Cesar Espinosa, who has publicly stated that the communities in the mine's zone of influence are not the ones instigating the protests: "Those communities are pro-mining and I would calculate that 90% of the population is in favor of mining."
The El Condor project is located within 3 Km's from Aurelian Resources' recent world class discovery at the Fruta Del Norte, (FDN), and immediately adjacent to and south of Aurelian's "El Tigre" drill target which Aurelian has announced (news release 06-12-05) should be drilled in the first quarter of the New Year.
The technical information in this news release has been reviewed by, Jeffrey Reeder P.Geo. a Qualified Person as defined in national policy 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
LATEEGRA GOLD CORP.
Michael Townsend, President
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Contacts:
Lateegra Gold Corp.
Michael Townsend
President
(604) 669-9330 or Toll Free: 1-866-669-9377
(604) 669-9335 (FAX)
Email: info@lateegra.com
Website: http://www.lateegra.com
--------------------------------------------------------------------------------
Source: Lateegra Gold Corp.
The Outlook for Energy
A View to 2030
by ExxonMobil
http://www.exxonmobil.com/corporate/files/corporate/energy_outlook_2006_notes.pdf
Romarco Schedules Drilling at Pinos Gold District, Mexico
Wednesday December 13, 8:30 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 13, 2006 -- ROMARCO MINERALS INC. (TSX VENTURE:R.V - News) is pleased to announce that the core drill rig will arrive on the Pinos project site just after the new year with drilling expected to commence on or about January 8th, 2007. Romarco has contracted with R&R Incorporated Servicios de Perforacion Insemin S.A. de C.V., a drilling company based in Hermosillo, Sonora, Mexico.
The current underground sampling program at the Pinos Gold Project is well underway Romarco is utilizing the existing shafts on the property and has four samplers currently working on the 30 meter level taking samples along the Cinco Estrellas Vein System. Sampling will continue to the San Ernesto, San Miguel, Tanous, Guapos and Infatita Veins. Over 100 samples will be collected from the underground workings and will be used for assay data and metallurgical testing.
Romarco has selected eleven drill sites where core drilling will test continuity of the known vein systems at depth and along strike.
Both the sampling and drilling programs are focused on the northern portion of the property known as Catanava - this is the area where all known veins converge and represents only 4% of the Company's land package.
The Pinos Gold District:
- Comprises more than 3,000 hectares of multi-vein gold systems
- Discovered by the Spaniards in 1546 - Gold dominant district
- Last mining was in 1941 - limited modern day exploration
- Historical production - 5 million ounces of gold @ 60 g/t and 25+ million ounces of silver @500 g/t (reported by Bethlehem Steel)
- Prior mining was above the water table (approx. 100 m in depth)
- Three known vein systems with continuous strike length of over 5km
- Numerous additional parallel veins identified through previous drilling but never mined
Additional information on the Pinos Gold District, including maps and photos, is available at Romarco's website at: http://www.romarco.com/
Romarco is an advanced stage exploration company engaged in the acquisition, exploration and development of precious metals mineral properties. Romarco's management and Board of Directors are comprised of senior mining executives who have extensive experience identifying, developing, financing and operating precious metals deposits in the Americas. It is Romarco's goal to become a producer through development of its own projects as well as through the acquisition of advanced stage projects. Romarco currently has five exploration projects in Nevada, one in Mexico and one in Peru.
ON BEHALF OF ROMARCO MINERALS INC.
Diane R. Garrett, President and C.E.O.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Contact:
Contacts:
Romarco Minerals Inc.
Diane Garrett
President and C.E.O.
(830) 634-7489
Email: dgarrett@romarco.com
Romarco Minerals Inc.
Mr. Ralf Langner
C.F.O.
(604) 688-9271
(604) 688-9274 (FAX)
Email: rlangner@romarco.com
Website: http://www.romarco.com
--------------------------------------------------------------------------------
Source: Romarco Minerals Inc.
Romarco Schedules Drilling at Pinos Gold District, Mexico
Wednesday December 13, 8:30 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 13, 2006 -- ROMARCO MINERALS INC. (TSX VENTURE:R.V - News) is pleased to announce that the core drill rig will arrive on the Pinos project site just after the new year with drilling expected to commence on or about January 8th, 2007. Romarco has contracted with R&R Incorporated Servicios de Perforacion Insemin S.A. de C.V., a drilling company based in Hermosillo, Sonora, Mexico.
The current underground sampling program at the Pinos Gold Project is well underway Romarco is utilizing the existing shafts on the property and has four samplers currently working on the 30 meter level taking samples along the Cinco Estrellas Vein System. Sampling will continue to the San Ernesto, San Miguel, Tanous, Guapos and Infatita Veins. Over 100 samples will be collected from the underground workings and will be used for assay data and metallurgical testing.
Romarco has selected eleven drill sites where core drilling will test continuity of the known vein systems at depth and along strike.
Both the sampling and drilling programs are focused on the northern portion of the property known as Catanava - this is the area where all known veins converge and represents only 4% of the Company's land package.
The Pinos Gold District:
- Comprises more than 3,000 hectares of multi-vein gold systems
- Discovered by the Spaniards in 1546 - Gold dominant district
- Last mining was in 1941 - limited modern day exploration
- Historical production - 5 million ounces of gold @ 60 g/t and 25+ million ounces of silver @500 g/t (reported by Bethlehem Steel)
- Prior mining was above the water table (approx. 100 m in depth)
- Three known vein systems with continuous strike length of over 5km
- Numerous additional parallel veins identified through previous drilling but never mined
Additional information on the Pinos Gold District, including maps and photos, is available at Romarco's website at: http://www.romarco.com/
Romarco is an advanced stage exploration company engaged in the acquisition, exploration and development of precious metals mineral properties. Romarco's management and Board of Directors are comprised of senior mining executives who have extensive experience identifying, developing, financing and operating precious metals deposits in the Americas. It is Romarco's goal to become a producer through development of its own projects as well as through the acquisition of advanced stage projects. Romarco currently has five exploration projects in Nevada, one in Mexico and one in Peru.
ON BEHALF OF ROMARCO MINERALS INC.
Diane R. Garrett, President and C.E.O.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Contact:
Contacts:
Romarco Minerals Inc.
Diane Garrett
President and C.E.O.
(830) 634-7489
Email: dgarrett@romarco.com
Romarco Minerals Inc.
Mr. Ralf Langner
C.F.O.
(604) 688-9271
(604) 688-9274 (FAX)
Email: rlangner@romarco.com
Website: http://www.romarco.com
--------------------------------------------------------------------------------
Source: Romarco Minerals Inc.
Risks of exploiting low-quality sources of oil
by Robert Sanders
Published on 11 Dec 2006 by UC Berkeley News. Archived on 11 Dec 2006.
BERKELEY – Soaring oil prices and demands for energy security are boosting the attractiveness of low-quality sources of petroleum, such as tar sands and coal, at the risk of causing significant environmental damage and increasing emissions of greenhouse gases, according to a new study.
[continued in following link]
http://www.energybulletin.net/23573.html
Fed holds rates steady, stays inflation-wary
Tuesday December 12, 2:34 pm ET
By Mark Felsenthal
WASHINGTON (Reuters) - The U.S. Federal Reserve on Tuesday held benchmark interest rates steady at 5.25 percent for a fourth straight meeting, while renewing a warning that risks from inflation remain.
The widely expected decision by the central bank's Federal Open Market Committee keeps the overnight federal funds rate target at the level it hit in June after 17 straight quarter-percentage point increases.
In a statement outlining its decision, the Fed said it continues to focus on inflation risks, holding out the prospect that interest rates may need to move higher in coming months, even as it took note of the "substantial" cooling in the U.S. housing market.
"Readings on core inflation have been elevated, and the high level of resource utilization has the potential to sustain inflation pressures," the Fed said. "However, inflation pressures seem likely to moderate over time."
Financial markets did not react sharply to the Fed's statement, which was largely as expected. U.S. stocks pared losses, prices for U.S. government bonds rose slightly and the value of the dollar slipped.
The decision was not unanimous. As he had at the previous three meetings, Richmond Federal Reserve Bank President Jeffrey Lacker dissented, saying he believed higher borrowing costs are needed to keep inflation in check.
Lacker's string of dissents is the longest by a Fed policy-maker since then-Cleveland Fed President Jerry Jordan dissented four straight times in 1998.
However, other Fed policy-makers -- in a statement that closely mirrored their last policy announcement in October -- continued to express faith a cooler pace of economic growth would ease inflation pressures.
But they declined to take the option of a rate rise down the road off the table.
"The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth," the Fed statement said.
U.S. output grew at a 2.2 percent annual rate in the third quarter, slowing from 2.6 percent in the second quarter and 5.6 percent in the first three months of the year. Many economists see the U.S. long-term trend growth rate at around 3 percent.
However, core inflation rose 2.4 percent over the year through October, according to the Fed's favorite gauge, off only slightly from a more than 11-year high of 2.5 percent in August. Many Fed officials would like to see it contained in a 1 percent to 2 percent range.
While Fed Chairman Ben Bernanke and his colleagues have said higher-than-desired core inflation is a worry, they expect it to ease as slower growth pushes up unemployment.
Recent data have corroborated the Fed's view of an economy growing below long-term trend and regaining some slack.
A gauge of factory activity from the Institute for Supply Management dropped below the break-even point between expansion and contraction for the first time in 3-1/2 years in November.
In addition, the government's most-reliable measure of home prices showed them edging up at a modest annual rate of 3.45 percent in the third quarter, the slowest quarterly rise since the second quarter of 1998.
A slowdown in housing is expected to dampen consumer spending. Wal-Mart (NYSE:WMT - News), the world's largest retailer, said sales at its U.S. stores open at least a year fell 0.1 percent from November 2005, the first decline since April 1996.
So far, however, the economy has proven resilient.
The Labor Department said on Friday that U.S. employers had created 132,000 jobs in November, a stronger performance than Wall Street had expected and one that led financial markets to scale back bets on interest rates cuts next year.
The same report, however, showed the unemployment rate rose to 4.5 percent from October's 5-1/2 year low of 4.4 percent, which may have provided some comfort to Fed officials who have worried job-market tightness could lead to wage gains that would put further upward pressure on prices.
http://biz.yahoo.com/rb/061212/usa_fed_rates.html?.v=1
Putin's Resource Nationalism Forces Shell to Sell
By Cyril Widdershoven
11 Dec 2006 at 02:32 PM EST
AMSTERDAM (ResourceInvestor.com) -- The unexpected news that British-Dutch oil and gas major Royal Dutch Shell [NYSE:RDS-B; LSE:RDSA] has offered to cede control over its Russian venture in Sakhalin does not bode well for the international investment community in the country. International news sources have reported that Shell has offered the Russian government to cede control of the $22 billion Sakhalin-2 project, which has been always seen as one of Shell’s main core projects on which it is building its future.
At the same time, Shell’s defeat on the hands of Russia’s President Vladimir Putin shows Russia’s nationalistic economic politics to become stronger. Official sources have stated that the deal has been reached between Shell and the world’s largest gas company Russia’s Gazprom, but analysts see the latter development as victory of Russia’s ruling elite, currently being supported by Putin. After years of selling out to Russian oligarchs and international investors, Putin has been putting in place a totally nationalistic resource based policy, by which he wants to show that the Kremlin still holds real power, not the market economics introduced under his predecessors.
Shell’s defeat also could mean the start of an all-out war between Russia’s ruling nationalistic elite, which has been vying for a new power position of companies such as Gazprom and Rosneft, and the international investment community. The latter has been the main backer of Russia’s current economic growth, but could now be confronted by a position in which it will be receiving major losses or increased Russian participation in all projects in place or lined up for the coming years.
Reuters reported in the last hours that Shell has been in talks since weeks with the Russian government and Gazprom to solve its ongoing ‘environmental conflict’ regarding Sakhalin-2. Because several Russian government institutions have objected to Shell’s operations on Shakhalin-2, the project has been delayed, while several other oil and gas projects have been put on hold totally. Reuters also reported that Shell has committed itself to sell part of its current 55% equity stake in Sakhalin-2, which would be offered to Gazprom. Gazprom has been hunting Shell, and other European players in Russia’s hydrocarbon sector, such as [NYSE:TOT] and BP [NYSE:BP], for a partial retreat of Western interests.
In a reaction given by Jeroen van der Veer, CEO of Shell, stated that talks have been held but no information has been given regarding the outcome. Shell’s CEO has met with Gazprom head Alexei Miller in Moscow last week. Not only Shell’s Russian operations could now be under threat, as Gazprom will continue to keep the pressure on.
Analysts also expect that Miller, backed by Putin, will increase overall pressure on the British-Dutch major in a move to get an opening in another venture targeted by Gazprom for years, Shell’s American LNG operations. Until now, Shell has vigorously declined any moves this way but the Sakhalin-2 developments don’t bode well for this operation too. Several Russian government officials have stated that the Sakhalin-2 issue is not even solved yet, as environmental issues are still of concern. Based on independent assessments, this could mean that Sakhalin-2 keeps blocked as long as Shell is not willing to give Gazprom a stake in the U.S. re-gasification business too.
With Shell on its knees, the time could be right for Putin’s supporters to redirect part of their nationalistic efforts to other players in Russia. American sources have stated that a main target could be the immense investments and stakes held by the Anglo-Russian venture TNK-BP. Part of BP’s future growth depends on its Russian investments and potential production capacity of the TNK-BP venture. If this would come under pressure by Putin or Gazprom, the future of BP also could be partly in doubt.
Russian analysts have warned that growing resource nationalism in Russia is not based on commercial considerations but have been fed by the upcoming Russian general elections in December 2007. Putin supporters seem to be heading for all out control of the national hydrocarbon reserves largely to fund or support upcoming Putin successors. It seems that Putin has decided to revoke his former commitments to honour international agreements and to step into the same policy implemented by his predecessors, Gorbatshov and Jeltsin. Both former leaders needed a new oligarchy to build their respective power base on.
Russia’s energy sector is at present, next to its steel and metal sectors, the only viable economic sector on which future growth can be build upon. To hold the power in the latter sectors means holding the power in Russia. Shell, BP, Total and others will have to assess the current situation, partly lick their wounds and try to see if there is a future in Russia at all. For most operators no choice other than sucking up to Putin is there, even that cost overruns, diminishing profit margins or lower production shares will have a debilitating effect on share prices at present.
It seems that the oil war has started, this time not in the Middle East but in the East. Russia’s current drive to regain its position as power broker in the oil and gas sector has been promoted to full functionality. Hopefully, the latter will not mean that other producers (OPEC, Mexico, Angola, Egypt) will follow into the steps of Putin.
For consumer countries the current developments also don’t bode well. Gazprom’s stranglehold over Europe already has become a main geopolitical worry. Its increased power position in Russia’s crude oil sector, in combination with its already existing monopoly in natural gas, only will decrease Brussels powers to counter.
Shell has played a tough game, but as sometimes is the case in football, even when you play a super game, a referee (Putin) can change the game to the opposite. Offices in The Hague will be alight for several days, having consultants and managers trying to assess the situation. However, as long as investors don’t learn from their mistakes, national governments always will be able to gain the overhand.
Shell, BP and others are now paying the price of the combination of politically unwell Europe and commercial mistakes. The Russian bear has shown its claws again, and investors are currently retreating into their ‘Shells.’
http://www.resourceinvestor.com/pebble.asp?relid=27056
Uranium North Resources Corp.: Ten Conductors Identified on Thelon UNR Project
12/12/2006
VANCOUVER, BRITISH COLUMBIA, Dec 12, 2006 (CCNMatthews via COMTEX News Network) --
Uranium North Resources Corp. (TSX VENTURE:UNR) reports that it has been informed by Bayswater Uranium Corporation, that 10 strong to moderate conductors extending 1 to 3 kilometres have been identified on the Thelon UNR property located in the Northwest Territories.
Identifying numerous conductors is an important advancement to the project as conductors have historically been associated with unconformity type uranium deposits such as those deposits found in the Athabasca Basin. The Thelon Basin is widely believed to be geologically analogous to the Athabasca Basin. Planning is currently underway to advance these targets to the drill testing stage in 2007.
Eight of the conductors delineated lie within the Thelon Basin where depth to the unconformity is interpreted to be less than 100 metres. The remaining two conductors are in basement rocks marginal to the sandstone basin in similar geologic settings to Cogema's Kiggavik uranium deposit. Several other features currently undergoing further interpretation were also identified from the survey data.
Mark Kolebaba, President of Uranium North states, "It is important for shareholders to recognize that these targets are at an estimated depth less than 100 metres. The favourable depth of these conductors is reminiscent of uranium exploration in the Athabasca basin 30 years ago. We believe that the Thelon UNR project offers shareholders an excellent opportunity of discovering a high-grade unconformity-type uranium deposit in the Thelon Basin."
A number of the conductors detected appear to occur where the regional northeasterly geological structural trend is intersected by prominent east-west magnetic breaks, interpreted to be cross-cutting basement faults. Conductors associated with fault structures are key features associated with high-grade unconformity-type uranium deposits such as McArthur River and Cigar Lake in the Athabasca Basin.
The target conductors have been identified from a 7,641 line-kilometre airborne geophysical survey completed on part of the property. The survey was flown at 400 metre line spacing and was completed during late summer, 2006. Previous work by other companies in the areas from 1969 - 1985 did not focus on electromagnetic conductors and no drilling is recorded in the assessment files for the area. Further, no previous exploration work of any kind is recorded in the area of the two basement conductors.
The 1,363,378 acre Thelon UNR property is the largest land position in the Thelon Basin and is subject to an agreement whereby Bayswater may earn an 80% interest in the property. Uranium North will retain a 20% interest which is carried to completion of a feasibility study on any uranium deposits found on the property. Bayswater will operate the uranium exploration program on the Thelon UNR property.
Mr. Victor Tanaka, B.Sc. P.Geo.(B.C.), Chief Operating Officer of Bayswater is the qualified person under NI 43-101 responsible for the technical information in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba, President & CEO
Uranium North Resources Corp.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
SOURCE: Uranium North Resources Corp.
Uranium North Resources Corp. Nancy Curry Corporate Communications (604) 484-2212 (604) 484-7143 (FAX) Email: info@uraniumnorthresources.com Website:
http://www.uraniumnorthresources.com/s/Home.asp
Copyright (C) 2006 CCNMatthews. All rights reserved.
Uranium North Resources Corp.: Ten Conductors Identified on Thelon UNR Project
12/12/2006
VANCOUVER, BRITISH COLUMBIA, Dec 12, 2006 (CCNMatthews via COMTEX News Network) --
Uranium North Resources Corp. (TSX VENTURE:UNR) reports that it has been informed by Bayswater Uranium Corporation, that 10 strong to moderate conductors extending 1 to 3 kilometres have been identified on the Thelon UNR property located in the Northwest Territories.
Identifying numerous conductors is an important advancement to the project as conductors have historically been associated with unconformity type uranium deposits such as those deposits found in the Athabasca Basin. The Thelon Basin is widely believed to be geologically analogous to the Athabasca Basin. Planning is currently underway to advance these targets to the drill testing stage in 2007.
Eight of the conductors delineated lie within the Thelon Basin where depth to the unconformity is interpreted to be less than 100 metres. The remaining two conductors are in basement rocks marginal to the sandstone basin in similar geologic settings to Cogema's Kiggavik uranium deposit. Several other features currently undergoing further interpretation were also identified from the survey data.
Mark Kolebaba, President of Uranium North states, "It is important for shareholders to recognize that these targets are at an estimated depth less than 100 metres. The favourable depth of these conductors is reminiscent of uranium exploration in the Athabasca basin 30 years ago. We believe that the Thelon UNR project offers shareholders an excellent opportunity of discovering a high-grade unconformity-type uranium deposit in the Thelon Basin."
A number of the conductors detected appear to occur where the regional northeasterly geological structural trend is intersected by prominent east-west magnetic breaks, interpreted to be cross-cutting basement faults. Conductors associated with fault structures are key features associated with high-grade unconformity-type uranium deposits such as McArthur River and Cigar Lake in the Athabasca Basin.
The target conductors have been identified from a 7,641 line-kilometre airborne geophysical survey completed on part of the property. The survey was flown at 400 metre line spacing and was completed during late summer, 2006. Previous work by other companies in the areas from 1969 - 1985 did not focus on electromagnetic conductors and no drilling is recorded in the assessment files for the area. Further, no previous exploration work of any kind is recorded in the area of the two basement conductors.
The 1,363,378 acre Thelon UNR property is the largest land position in the Thelon Basin and is subject to an agreement whereby Bayswater may earn an 80% interest in the property. Uranium North will retain a 20% interest which is carried to completion of a feasibility study on any uranium deposits found on the property. Bayswater will operate the uranium exploration program on the Thelon UNR property.
Mr. Victor Tanaka, B.Sc. P.Geo.(B.C.), Chief Operating Officer of Bayswater is the qualified person under NI 43-101 responsible for the technical information in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Mark Kolebaba, President & CEO
Uranium North Resources Corp.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
SOURCE: Uranium North Resources Corp.
Uranium North Resources Corp. Nancy Curry Corporate Communications (604) 484-2212 (604) 484-7143 (FAX) Email: info@uraniumnorthresources.com Website: http://www.uraniumnorthresources.com/s/Home.asp
Copyright (C) 2006 CCNMatthews. All rights reserved.
Market Regulation Services - Trading Halt - Goldmarca Ltd. - GML
Tuesday December 12, 12:20 pm ET
VANCOUVER, Dec. 12 /CNW/ - The following issues have been halted by Market Regulation Services (RS):
Issuer Name: Goldmarca Ltd.
TSX-V Ticker Symbol: GML
Time of Halt: 12:03 EST
Reason for Halt: Pending News
For further information
Market Regulation Services Inc., (416) 646-7299
Digging Into Gold and Mineral Prices
http://tinyurl.com/y84son
Digging Into Gold and Mineral Prices [video]
http://publish.vx.roo.com/thestreet/portal/?clipId=1373_10327129&channel=Mutual+Fund%2FETF+Repor...
Great Panther Defines Another New Silver-Gold Zone at Guanajuato
Tuesday December 12, 9:30 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 12, 2006 -- GREAT PANTHER RESOURCES LIMITED (TSX:GPR.TO - News) is pleased to announce that surface diamond drilling has provided further definition of a new zone of silver-gold mineralization at the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico. This phase of the 2006 drill program comprised 1,011 metres in seven holes and was focused on an unexplored area along strike from the southeasternmost mine workings at the Garapata / Promontorio shafts. It represents a section of the Veta Madre vein structure approximately 150 metres in strike length by 150 metres vertical, immediately below surface and accessible by the San Vicente South Ramp. As such, the newly defined mineralization presents an immediate target for stope development and mining.
[continued in following link]
http://biz.yahoo.com/iw/061212/0194003.html
Great Panther Defines Another New Silver-Gold Zone at Guanajuato
Tuesday December 12, 9:30 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Dec 12, 2006 -- GREAT PANTHER RESOURCES LIMITED (TSX:GPR.TO - News) is pleased to announce that surface diamond drilling has provided further definition of a new zone of silver-gold mineralization at the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico. This phase of the 2006 drill program comprised 1,011 metres in seven holes and was focused on an unexplored area along strike from the southeasternmost mine workings at the Garapata / Promontorio shafts. It represents a section of the Veta Madre vein structure approximately 150 metres in strike length by 150 metres vertical, immediately below surface and accessible by the San Vicente South Ramp. As such, the newly defined mineralization presents an immediate target for stope development and mining.
[continued in following link]
http://biz.yahoo.com/iw/061212/0194003.html
Bear Creek Announces Additional Positive Drill Results From Santa Ana Silver Project, Peru
Tuesday December 12, 8:30 am ET
VANCOUVER, Dec. 12 /CNW/ - Bear Creek Mining (TSX Venture: BCM - News) is pleased to announce results from the second phase of drilling at its 100%-owned Santa Ana silver project located 200 kilometers south of the company's Corani silver-base metal discovery in southeastern Peru. Phase 1 and 2 drilling now totals 4,311 meters in thirty-seven drill holes. Highlights of this press release include:
- Drill hole SA-10B intersected 38 meters at 86 g/t silver, including
6 meters at 315 g/t silver on the northeast edge of the explored
anomaly.
- Drill hole SA-12 intersected 46 m at 89.0 g/t Ag, including 6 meters
at 418.0 g/t Ag on the southwest extreme of the surface anomaly.
- These mineralized drill holes are 500 meters apart and mineralization
remains open.
- Within a one square kilometer area all but 4 of 28 widely-spaced
drill holes have intersected silver mineralization; including SA-3A
which intersected 58 meters at 84 g/t Ag and the hole bottomed in
54 g/t Ag.
- The average of reported intercepts in both drill phases is 53 meters
averaging 43.9 g/t Ag.
[continued in following link]
http://biz.yahoo.com/cnw/061212/bear_creek_drill_res.html?.v=1
Bear Creek Announces Additional Positive Drill Results From Santa Ana Silver Project, Peru
Tuesday December 12, 8:30 am ET
VANCOUVER, Dec. 12 /CNW/ - Bear Creek Mining (TSX Venture: BCM - News) is pleased to announce results from the second phase of drilling at its 100%-owned Santa Ana silver project located 200 kilometers south of the company's Corani silver-base metal discovery in southeastern Peru. Phase 1 and 2 drilling now totals 4,311 meters in thirty-seven drill holes. Highlights of this press release include:
- Drill hole SA-10B intersected 38 meters at 86 g/t silver, including
6 meters at 315 g/t silver on the northeast edge of the explored
anomaly.
- Drill hole SA-12 intersected 46 m at 89.0 g/t Ag, including 6 meters
at 418.0 g/t Ag on the southwest extreme of the surface anomaly.
- These mineralized drill holes are 500 meters apart and mineralization
remains open.
- Within a one square kilometer area all but 4 of 28 widely-spaced
drill holes have intersected silver mineralization; including SA-3A
which intersected 58 meters at 84 g/t Ag and the hole bottomed in
54 g/t Ag.
- The average of reported intercepts in both drill phases is 53 meters
averaging 43.9 g/t Ag.
[continued in following link]
http://biz.yahoo.com/cnw/061212/bear_creek_drill_res.html?.v=1
Tackler,
I guess you know that I will be dreaming of Ecuador tonight, not gold, just the picture.
sumisu
PS I might even experience a spiral (LOL).
futrcash,
Good point on the continuing decline in the value of the Petrodollar. You hit it on the head, as the U.S. inflates the value of the dollar by printing too much money, there will always be a corresponding increase in the oil prices. You and I know it, but the economists and politicians seem to ignore this phenomenon of cheapening the money.
Hope all is well with you,
sumisu
tackler,
Yes, I had to reread that sentence and think about it.
For example, we think of a continuous increases in costs, prices, and wages as an inflationary spirals and then
continuous decreases in costs, prices, and wages as a deflationary spirals.
If we look at the continuous increased use of energy by China and India, it is indeed spiraling up due to the acceleration in industrialization.
I'm still waiting for my portfolio to spiral up; it just meanders.
LOL, I should have bought Aurelian Resources, that is indeed the ultimate stock price spiral increase over the last year.
Your point is well taken, soaring would have been a better word.
Now let's see what happens to Dejour's stock price.
Take care,
sumisu
Dejour's Common Shares List on the OTC Bulletin Board
Monday December 11, 6:21 pm ET
TSX-V: DJE
VANCOUVER, Dec. 11 /CNW/ - Dejour Enterprises Ltd. ("Dejour") (TSX-V: "DJE", TSX-V: "DJE.WT", OTCBB: "DJEEF") announces its application to the National Association of Securities Dealers (NASD) has been accepted and the Company has formally begun trading on the OTC Bulletin Board under the symbol DJEEF.
Robert L. Hodgkinson, Chairman & CEO, of Dejour Enterprises Ltd. states "this listing, complete with registered US market makers, will lead to increased liquidity for all Dejour shareholders and provide US investors with improved access to our market in a more efficient manner. We are thankful for the efforts of Westminster Securities in this regard."
Dejour continues to actively trade on the TSX Venture Exchange under its current trading symbol (DJE.V) and also the Frankfurt Exchange (D5R). Average daily share trading volume for 2006 has been in excess of 300,000 shares.
About Dejour
Dejour Enterprises Ltd. is a Canadian energy-focused company developing and leveraging high impact exploration investments in both uranium and oil and gas resulting from the global market's dwindling conventional supply and spiralling demand for energy. The Company is listed on the TSX Venture Exchange (DJE.V), OTCBB (DJEEF), and Frankfurt (D5R). Dejour is a reporting issuer to the SEC. Refer to www.dejour.com for company details or contact the Office of Investor Relations at investor(at)dejour.com
DEJOUR ENTERPRISES LTD.
Robert L. Hodgkinson
Chairman and CEO
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE.
For further information
Suite 1100-808 West Hastings Street, Vancouver, British Columbia, Canada, V6C 2X4, Telephone: (604) 638-5050, Facsimile: (604) 638-5051, Email: investor@dejour.com, www.dejour.com
Dejour's Common Shares List on the OTC Bulletin Board
Monday December 11, 6:21 pm ET
TSX-V: DJE
VANCOUVER, Dec. 11 /CNW/ - Dejour Enterprises Ltd. ("Dejour") (TSX-V: "DJE", TSX-V: "DJE.WT", OTCBB: "DJEEF") announces its application to the National Association of Securities Dealers (NASD) has been accepted and the Company has formally begun trading on the OTC Bulletin Board under the symbol DJEEF.
Robert L. Hodgkinson, Chairman & CEO, of Dejour Enterprises Ltd. states "this listing, complete with registered US market makers, will lead to increased liquidity for all Dejour shareholders and provide US investors with improved access to our market in a more efficient manner. We are thankful for the efforts of Westminster Securities in this regard."
Dejour continues to actively trade on the TSX Venture Exchange under its current trading symbol (DJE.V) and also the Frankfurt Exchange (D5R). Average daily share trading volume for 2006 has been in excess of 300,000 shares.
About Dejour
Dejour Enterprises Ltd. is a Canadian energy-focused company developing and leveraging high impact exploration investments in both uranium and oil and gas resulting from the global market's dwindling conventional supply and spiralling demand for energy. The Company is listed on the TSX Venture Exchange (DJE.V), OTCBB (DJEEF), and Frankfurt (D5R). Dejour is a reporting issuer to the SEC. Refer to www.dejour.com for company details or contact the Office of Investor Relations at investor(at)dejour.com
DEJOUR ENTERPRISES LTD.
Robert L. Hodgkinson
Chairman and CEO
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE.
For further information
Suite 1100-808 West Hastings Street, Vancouver, British Columbia, Canada, V6C 2X4, Telephone: (604) 638-5050, Facsimile: (604) 638-5051, Email: investor@dejour.com, www.dejour.com
--------------------------------------------------------------------------------
Source: Dejour Enterprises Ltd.
Peak oil era will be hard on Hawaii
http://starbulletin.com/2006/12/10/editorial/special3.html
Hour of daily exercise cuts bowel cancer risk
Mon Dec 11, 7:57 AM ET
LONDON (Reuters) - Whether is it jogging around the park, pumping iron or swimming, an hour of vigorous exercise a day can lower the risk of bowel cancer, a study said on Monday.
Even cleaning the house, or two hours of less strenuous activity can make a difference, according to the study of more than 413,000 people in 10 European countries.
"This study is significant because of its very large sample size and the different levels of activity that were observed across the European countries," said Dr Christine Friedenreich, lead author of the research, from the International Agency for Research on Cancer (IARC) in Lyon, France.
"This allowed a more in-depth analysis of how physical activity influences colon cancer risk," she added.
The research was published by scientists working for the European Prospective Investigation into Cancer and Nutrition (EPIC), which was designed to investigate the relationships between diet, nutrition, lifestyle and environmental factors and cancer.
A team of international scientists analyzed the impact of physical activity on the risk of colon cancer and found people with the highest levels of exercise were 22 percent less likely to develop it. The reduced risk was higher, up to 35 percent, for tumors on the right side of the colon.
Although exercise had the biggest impact in cutting cancer risk in people of normal weight, it was also beneficial to a lesser extent in men and women who were overweight or obese.
But exercise did not have a protective effect against rectal cancer.
Colon and rectal are among the most common cancers in developed countries. More than 940,000 cases are diagnosed each year and about 492,000 people die from the illness, according to IARC.
Health experts estimate about 70 percent of cases could be prevented by changes in diet and exercise.
Professor Elio Riboli, the coordinator of EPIC from Imperial College London, said the large number of people included in the research was important.
"We were particularly interested in the results that we found for different parts of the colon and rectum which were not feasible in previous studies because of the smaller sample sizes and lack of data on the position of the tumors," he said in a statement.
http://news.yahoo.com/s/nm/20061211/hl_nm/cancer_bowel_exercise_dc_1
Feeding the Deindustrial Future
Wednesday, July 12, 2006
John Michael Greer
Ask people today what they think future generations will consider the 20th century’s most important legacy and you’ll likely get any number of answers – the Apollo moon landings, computer technology, the discovery of the genetic code, or what have you. Past ages, though, were notoriously bad judges of the relative importance of the legacies they’ve left to the future. In the Middle Ages, scholastic theology was thought to be the crowning achievement of the human mind, while the Gothic cathedrals, the spectacular technological advances chronicled by Jean Gimpel in in The Medieval Machine, and the English feudal laws that evolved into parliamentary government and trial by jury would have been considered minor matters if anybody thought of them at all. Today nobody outside the University of Chicago and a few conservative Catholic colleges pays the least attention to scholasticism, while Gothic architecture still shapes how we think of space and light, a good half of the machinery that surrounds us every day runs on principles evolved by the inventors of the clock and the windmill, and the political and legal systems of a majority of the world’s nations – including ours – come from that odd Saxon tribal custom, borrowed by Norman kings for their own convenience, of calling together a group of yeomen to discuss new laws or decide who committed a crime.
When it comes to the long-term value of a culture’s accomplishments, in other words, the future has the deciding vote. I don’t pretend to know for certain how that vote will be cast; you don’t get privileged access to knowledge about the future, I’m sorry to say, by being an archdruid. Still, I’m willing to risk a guess. A thousand, or two thousand, or ten thousand years from now, when people look back through the mists of time to the 20th century and talk about its achievements, the top of the list won’t be moon landings, computers, or the double helix, much less the political and cultural ephemera that occupy so much attention just now. If I’m right, it will be something much humbler – and much more important.
In the first decades of the 20th century, an English agronomist named Albert Howard working in India began experimenting with farming methods that focused on the health of the soil and its natural cycles. Much of his inspiration came from traditional farming practices in India, China and Japan that had maintained soil fertility for centuries or millennia. Howard fused their ideas with Western scientific agronomy and the results of his own experiments to create the first modern organic agriculture. Later researchers, notably Alan Chadwick in England and John Jeavons in America, combined Howard’s discoveries with methods of intensive gardening that had evolved in France not long before Howard began his work, and with the biodynamic system developed in the 1920s by Austrian philosopher Rudolf Steiner, to develop the current state of the art in organic intensive farming.
The result of their work is at least potentially a revolution in humanity’s relationship to the land and the biosphere as dramatic as the original agricultural revolution itself. To begin with, the new organic methods are astonishingly productive. Using them, it’s possible to grow a spare but adequate vegetarian diet for one person on 1000 square feet of soil. For those with math phobia, that’s a patch of dirt 20’ by 50’, about the size of a small urban backyard, 1/45 of a football field, or a bit less than 1/43 of an acre – not much, in other words. (If you find this hard to believe – I certainly did, before I did the research and started using these methods in my own gardens – the details and documentation are in David Duhon, One Circle (Willits, CA: Ecology Action, 1985) and John Freeman’s Survival Gardening (Rock Hill, SC: John’s Press, 1983), among other sources.) These yields require no fossil fuels, no chemical fertilizers or pesticides, and no soil additives other than compost made from vegetable waste and human manure. Hand tools powered by human muscle are the only technological requirements – and yet organic methods get yields per acre far beyond what you can get with tractors and pesticides.
What makes this even more astonishing is that these yields are sustainable over the very long term. The core concept of organic agriculture is that healthy soil makes a healthy garden. Instead of treating soil like a sponge that needs to be filled with chemical nutrients, the organic method sees it as an ecosystem that will provide everything plants need so long as it’s kept in balance. The insect pests and plant diseases that give conventional farmers so much trouble can be managed easily by fine-tuning the soil ecosystem, changing the timing and mix of plants, and introducing natural predators – name any organism you need to get rid of, and there’s something that wants to eat it for you. Where conventional farming depletes the soil, requiring heavier applications of fertilizer and pesticides every season, organic methods produce improved soil, increased yields, and decreased pest problems year after year.
The third factor that makes today’s organic methods revolutionary is that they’re portable. Many traditional cultures around the world have worked out farming methods that are sustainable over the long term, but nearly all of those depend on specific environmental conditions and plant varieties. The growing methods practiced in the New Guinea highlands, for example, are brilliantly adapted to their native ecosystem and produce impressive yields, but they only work when you’ve got the specific mix of food crops, weather and soil conditions, and ecological factors found where they evolved. Intensive organic farming, by contrast, was developed simultaneously in the very different ecosystems of England and California, and has been put to use successfully in temperate, semiarid, and semitropical environments around the world. Like everything natural, it has its limits, but some 80% of the world’s population lives in areas where it can be practiced.
So why isn’t this front page news? There are plenty of reasons. To begin with, organic intensive methods aren’t suited to cash crops – you have to grow a mix of different, mutually supporting plants, rather than a single crop that can be sold in bulk to wholesalers – and the diet you can get from 1000 square feet of organic garden is high on sweet potatoes and soybeans but low on the sort of food Americans prefer to eat. More broadly, a society that measures all human values in terms of the abstract social game called money is very poorly equipped to make room for a means of subsistence that fills human needs but doesn’t do well at generating profits. Still, as the fictive economy winds down in the aftermath of the industrial age and modern chemical agriculture has to contend with the loss of its fossil fuel resource base, organic farming is one of the few ways we’ll be able to keep people fed. If enough people learn how to do it and start practicing it now, while there’s time to go through the learning curve, that is.
http://thearchdruidreport.blogspot.com/2006/07/feeding-deindustrial-future.html
Fifty Million Farmers
by Richard Heinberg
Published on 17 Nov 2006 by Energy Bulletin. Archived on 17 Nov 2006.
http://www.energybulletin.net/22584.html
Running on Fumes
How bad is the current energy crisis? Really, really bad, says oil expert Charley Maxwell.
After half a century in the oil business, Charles Maxwell is widely referred to as the dean of energy analysts. As a Marshall Scholar at Oxford he specialized in Arabic and Persian language and history before joining Mobil in 1957. He spent a decade with the oil giant, scheduling tanker shipments, working in a field office in Nigeria, and negotiating Middle East production agreements. When the Arab oil embargo hit in 1973, he was already being hailed by Institutional Investor as Wall Street's number-one oil analyst. Today he is a senior energy analyst with Weeden & Co., which provides proprietary research to institutional investors.
Charley Maxwell is not your classic environmentalist -- he favors further development of coal and nuclear energy and sits on the board of a coal-bed methane company in Denver. But in this late-September conversation with Sonia Shah, author of Crude: The Story of Oil, Maxwell urges a new conservation ethic that may -- or may not -- save us from the worst energy crisis we have yet faced.
You are famous for coining the term "energy crisis" in the 1970s. Do you think that we're entering another crisis now?
I do. In the first energy crisis, we tried to keep prices low and ration the physical gasoline. People sat in these long queues and it was a huge loss of time and money. When the second energy crisis hit, in the late seventies and early eighties, we just allowed the price to rise. And that's what we're doing now -- rationing by price. The fact that gasoline recently hit $3.20 a gallon would suggest that we are in crisis. I would say even $2.50, which is where it is now, represents some form of crisis.
What are the underlying reasons?
There are four, I think. First and foremost, there was a lot of oil that could have been discovered that wasn't, because the national oil companies such as Saudi Aramco didn't invest enough in exploration. Second, the big oil companies didn't exercise much vision. When prices went up in 2000, they basically pocketed the money. Of course, if you're an executive and you have stock options, you start to think that the whole world depends on your stock price rather than on getting more oil. And who's to say that we should have more oil? If it means that everyone is going to work harder and longer to make possible the greater use of SUVs, is that a worthy end in the world of God?
And the other two reasons?
The third is political instability around the world. And the fourth is that we are now approaching the 50 percent mark of recoverable oil. Global oil production will reach a maximum rate and then it will inexorably start to go down. I predict that will be between 2015 and 2020. When that happens it will be the single biggest problem that we face.
And we're using more oil all the time.
Yes, as the world economic system grows, we're needing about 1.5 percent to 2 percent more oil every year. Right now the non-OPEC countries are providing about half of that. But those proportions are changing fast. In 2010 that door slams shut, and we will have to call on OPEC for all the new oil we need. So they will have complete control over its availability and its price.
How much more oil is still waiting to be discovered?
There is still a lot of oil out there. But if it takes 30 years rather than 10 to discover it, then we're not going to be producing enough each year to meet our needs. What's happened is that the search has slowed dramatically. So we're in deep trouble.
Exxon has said there could be up to 4.8 trillion barrels of oil still recoverable. And there are other industry estimates that go as high as 7 trillion. I read that stuff and it's good background humor, you know what I mean? But I really hope they don't think anyone takes them seriously.
So is it just a PR thing?
No, I think Exxon actually believes it, which is really sad.
What's the outlook for new sources of oil, so-called unconventional sources?
Most of that is actually gas. There's coal-bed methane, which is the gas from coal deposits. There's the gas from so-called tight sands, which are geologic formations on the way to becoming sandstone. And then there's shale, which gives up the gas very slowly. That makes it uneconomic when [natural] gas costs $2 [per million Btu], but in a world of $7 gas, you'd accept the slow production and you'd still be happy to get it.
Do you think price levels are high enough at the moment to start triggering changes in our behavior?
Even with $3 gas, nobody's saying, "I can't take Johnny to the soccer match." But there's no doubt we're going to have to change our habits. We're going to have to design our cities differently. We're going to need greater population densities and more public transportation. We're going to have to build our houses to different building codes. But the system can't change overnight. We can change our habits in two or three years and the next generation of equipment will be developed with energy conservation in mind, but people will have to go on with their present equipment for a time.
Even so, I think we're already triggering some favorable changes at $3, like the decline in SUV sales and the increased sales of smaller sedans. I read the other day that in 10 years, 10 percent of the country will be using hybrids -- which isn't that much. So there's got to be more than hybrids, and I think Honda is on to it with a new small diesel with a very efficient engine. One advantage of diesel is that the engine lasts longer than the gasoline engine.
But doesn't our whole model of economic growth depend on throwing things out and getting new ones?
Yes, but I think this new conservation ethic is going to come in. It will be hard on General Motors and Ford and Chrysler, and it may take some subsidies. I don't think the government can afford to put any of those companies into bankruptcy.
Do you see any prospect of a gasoline tax? Or is that still a taboo?
I think it's changing. But there are lots of ways to do it. You don't have to have a gasoline tax; you can have a tax on horsepower and thus give a huge lift to lighter cars with less powerful engines. There's a recognition that we have to decrease the weight of vehicles. We can now make cars with traditional engines that are half the weight of the cars today. There are some marvelous new plastics that give us this very light weight with great strength, so we'll be able to hold on to these cars for much longer.
Where's the political leadership on all this? I mean, when the president talks about our being "addicted to oil" and needing more ethanol...
Well, he's just being told what to say by his minions, you know. Ethanol, for the moment -- meaning ethanol from corn -- is a stupid investment, as people are discovering. Pretty close to 100 percent of the savings [in oil consumption] that you get on ethanol is consumed by the hydrocarbon fuel that has to be used to grow the corn. You do save something in national security terms -- it's not from the Middle East, and you're not putting dollars out into the wider world. But if they can convert cellulose to sugar, and sugar to alcohol, then we will really have something.
They're using sugarcane in Brazil, of course. But you mean other crops, like switchgrass?
Yes, that's right, and that would give you maybe a 40 percent savings. That's coming, but probably not for six or seven years.
What about solar and wind and other alternatives?
I'm very keen on solar, because it works and it's getting more efficient every year. But the problem is that today it represents maybe one-tenth of 1 percent of the energy we produce. In 10 years it may be half a percent. So it won't solve the problem. Wind will be a little better, a little bigger. And I do believe that when the problem is solved, it will be solved by a host of small contributions like this, from different directions.
And that will take a lot of technological innovation.
Yes. You know, entrepreneurs are doing all kinds of things -- racing to design new types of wiring for electric motors, new types of batteries for cars. In garages around the country, the inventive geniuses are being let loose. I think it's going to become an American jamboree, in a way, because what we do best is innovate.
Does that make you an optimist?
I think we'll get through this problem by about 2020 to 2025. My worry is how we get there. We have a time when oil is winding down before anything is able to slide over and solve the problem. A lot of nuclear development is being brought along by the incipient shortage of future oil, and it's putting people into a proliferation mode. The whole world could come under this threat, and it's a terrible one. We could also be in deep trouble as a social system. How do we achieve fairness [in rationing scarce energy supplies] when the gridlock between rich and poor already stops us from having an energy policy in this country? We could see democracy entering its death throes.
http://www.nrdc.org/OnEarth/07win/frontlines2.asp
The 12 Step Programme for Breaking Oil Dependency - a useful tool for powerdown groups
by Rob Hopkins
Published on 5 Dec 2006 by Transition Culture. Archived on 7 Dec 2006.
http://www.energybulletin.net/23453.html