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Larger volume than usual for the first hour of trade. Trying to retake the 200sma. Breaking up through it's down trend line as well. glta
The 39 hole drill program at Bear Lake started in January, I imagine the first results should be arriving shortly. NFX has made a nice up move the last few days, MXV normally follows.
From the Jan. 10th PR.
"The 2008 drilling program will systematically test the Bear Lake high-grade gold zones
intersected in hole #11: 10.4 g/t Au over 5.2 m, including 20.8 g/t Au over 1.5 m and 8.0 g/t Au
over 10.2 m, including 18.6 g/t over 4.2 m as reported on August 16, 2007. The program will
investigate the zone along strike and down-plunge to a vertical depth of 1000 m. Results from the
five holes completed to date on the Bear Lake Gold Zone confirmed the presence of an extensive
very continuous gold mineralization system encompassing both high-grade and low-grade lenses.
Furthermore, the style ("carbonate"-type and "flow"-type) and grade (ranging from 9 to 11 g/t
Au) of the mineralization are typical of the world class Kerr-Addison deposits located only 5km
to the east, along the same geological structure. An aggressive drilling program consisting of a
minimum of 39 holes totalling 34,000 m, spaced 125 to 150 m apart, is underway at Bear Lake in
order to delineate the higher-grade lenses occurring within the gold zone. Since part of the
drilling has to be completed from the ice surface on Bear Lake, two to three drill rigs will be used
to complete the drilling before break-up.
MXV and NFX Confirm the Extension of Fernland Mineralization at Larder Lake , Ontario
Thursday February 21, 9:01 am ET
Hole #21 Intersects 28.1 g/t Au over 1.0 m
LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - Feb. 21, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) are pleased to announce today the results from six follow-up drill holes located in the Fernland area of the Larder Lake Property in Ontario. The six holes tested for down-plunge (down to 400m vertical) and lateral (200m east and west) extensions of the high-grade gold zone intersected in hole #13 (6.9 g/t Au over 13.5 m, and including 13.1 g/t Au over 6.0 m as reported in the November 1st and 6th, 2007 press releases). Five of the six follow-up holes intersected gold mineralization, including hole #21 which intersected 28.1 g/t Au over 1.0 m.
Fernland Zone Results
Preliminary geological interpretation, based on the results obtained from all the drilling in the Fernland area, shows that the mineralization is more complex than anticipated. Based on intercepts to date, high-grade gold shoots occurring at Fernland appear to be confined to the immediate vicinity (within 100m) of NW trending faults. This was confirmed by hole #13's gold-rich intersection which is located less than 50m from one of those faults (Fig. 1). Furthermore, holes 19 and 21, both drilled within 100m of the same fault zone all intersected highly anomalous gold values. Hole #18, drilled west of the fault, cut the mineralized horizon which graded 0.5 g/t Au over 21.0 m, including 0.7 g/t Au over 10.7 m. Hole #19 intersected 0.5 g/t Au over 22.9 m, including a section grading 5.9 g/t Au over 1.5 m. Hole #20 followed the fault zone almost all the way down and cut disrupted shreds of the mineralized horizon grading 1.2 g/t Au over 5.8 m, including 3.1 g/t Au over 1.3 m. Hole #21 cut two discontinuous sections of gold mineralization grading 2.1 g/t Au over 0.8 m and 28.1 g/t over 1.0 m respectively. Holes #22 and #23 did not intersect significant gold values along the target horizon and seem to have been drilled outside of the high-grade shoot.
Hole #22 did encounter a gold zone along a different structure from the other holes in the area grading 1.6 g/t Au over 3.0 m, including 3.2 g/t Au over 1.1 m and 5.8 g/t Au over 1.2 m. The intersection is characterized by narrow pyrite-bearing quartz-carbonate veins. The different style of mineralization and the different position of the zone suggest the presence of a new gold zone that will be evaluated for future drilling.
Although apparently somewhat limited (100 to 150 m) in strike length, these mineralized shoots have proved to contain high-grade gold values within large gold-anomalous halos around the fault zones. Based on this, a thorough compilation is underway to fully assess the attitude and economic potential of these high-grade zones at Fernland in order to assist with planning additional drilling.
Highlights of Larder Lake Assay Results - Fernland area
---------------------------------------------------------------------
Hole no. From To Length Au Mineralization Type
(m) (m) (m) (g/t)
---------------------------------------------------------------------
NFX07-12(i) Hole abandoned
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-13(i) 177.0 183.0 6.0 13.1 "Flow"-type; 5 to 25% Py
---------------------------------------------------------------------
Including 177.0 180.0 3.0 19.9
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-18 198.0 219.0 21.0 0.5 "Flow"-type; 3 to 10% Py
---------------------------------------------------------------------
198.8 209.5 10.7 0.7
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-19 250.7 273.6 22.9 0.5 "Flow"-type; 5 to 15% Py
---------------------------------------------------------------------
Including 257.0 258.5 1.5 5.9
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-20 406.7 412.5 5.8 1.2 "Flow"-type; 5% Py
---------------------------------------------------------------------
406.7 408.0 1.3 3.1
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-21 247.0 247.8 0.8 2.1 Qz-carb veinlets
---------------------------------------------------------------------
282.0 283.0 1.0 28.1 Qz veinlets + v.g.
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-22 534.2 535.4 1.2 5.8 Qz-carb veinlets + 1-5% Py
---------------------------------------------------------------------
549.0 552.0 3.0 1.6 Qz veinlets + 5-10% Py
---------------------------------------------------------------------
including 550.3 551.4 1.1 3.2
---------------------------------------------------------------------
---------------------------------------------------------------------
NFX07-23: No significant assay result
---------------------------------------------------------------------
(i) Hole NFX07-12 and 13 previously released
Bear Lake Zone
The 43,000 m drilling program planned at Larder Lake is proceeding as scheduled with three drills operating from the ice surface on Bear Lake. In January, a 34,000 m drill program commenced at Bear Lake in order to systematically test the Bear Lake high-grade gold zones intersected in hole #11 (10.4 g/t Au over 5.2 m, including 20.8 g/t Au over 1.5 m and 8.0 g/t Au over 10.2 m, including 18.6 g/t over 4.2 m as reported on August 16, 2007). The current drill program will investigate the zone along strike and down-plunge to a vertical depth of 1,000 m.
Larder Lake Property
Maximus is conducting the drilling program pursuant to the Option and Joint Venture Agreement between Maximus and NFX, whereby Maximus has the right to earn a 60% interest in NFX's 100% interest in the Cheminis, Fernland and Bear Lake claims and 45% interest in NFX's 100% owned Barber Larder claims, by expending $6 million on exploration by December 31, 2008.
As part of its QA/QC program, Maximus carries out check assays on the high-grade intersections with no discrepancies found in the assay results. The turnaround time for the reception of assay results from the lab has been very slow since September, due to the very large amount of samples received with the end of the field season. The situation is gradually returning to normal.
The technical content of the information, related to Larder Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling program and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.
Forward-looking Statements
This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.
To view a map of the Fernland Area Flow-type Gold Zone, please visit the following link:
http://media3.marketwire.com/docs/NFX221map.pdf
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Gerri Paxton/Louise Quinn
Maximus Ventures Ltd.
Investor Relations
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
416-360-8006
416-361-1333 (FAX)
Toll Free: 800-360-8006
www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd
New Trouble in Auction-Rate Securities
By JENNY ANDERSON and VIKAS BAJAJ
Published: February 15, 2008
SOME well-heeled investors got a big jolt from Goldman Sachs this week: Goldman, the most celebrated bank on Wall Street, refused to let them withdraw money from investments that they had considered as safe as cash.
The investments at issue are so-called auction-rate securities, instruments at the center of the latest squeeze in the credit markets.
Goldman, Lehman Brothers, Merrill Lynch and other banks have been telling investors the market for these securities is frozen — and so is their cash.
The banks typically pitch these securities to corporations and wealthy individuals as safe alternatives to cash, investors said. The bonds are, in fact, long-term securities. But the banks hold weekly or monthly auctions to set the interest rates and give holders the option of selling the securities.
Only this week almost 1,000 of these auctions failed. The banks also refused to support the auctions, leaving many investors wondering when they will get their money back.
“Investors have lost confidence in the liquidity of these instruments,” said G. David MacEwen, the chief investment officer for fixed income at American Century Investments, a mutual fund company. “These types of instruments depend on new investors showing up to own the securities.”
The $330 billion auction-rate market is dominated by municipalities and other tax-exempt institutions like the Port Authority of New York and New Jersey, which had issued some auction securities and had its interest rate soar to 20 percent on Wednesday. Closed-end mutual funds, student loan companies and corporations also issue such securities.
A failed auction does not mean the securities go into default, because the issuer continues to pay interest at the higher rate, or “fail rate.”
The market, however, has a troubled history. In 2006, the Securities and Exchange Commission reached a $13 million settlement with 15 investment banks, and the industry agreed to impose a voluntary code of conduct for the auction-rate market.
The S.E.C. investigation centered on how bidding was conducted for these securities. Critics complain that investment banks have the upper hand in bidding because they can bid after seeing what other investors have bid.
Brokerage firms are not legally obligated to make a market in auction securities, or give clients a price even if there is not one in the market. But clients who are unable to sell are likely to argue that they were wrongly put into long-term securities when their intention was to buy shorter-term debt.
“If these were pitched as cash equivalents, if that is what the broker said they were, the banks may be held responsible for losses and clients’ inability to get their money out,” said Jacob H. Zamansky, a securities lawyer who represents individual investors.
Goldman Sachs and Merrill Lynch declined to comment.
The situation is an awkward one for investment banks and brokers that have had to tell clients that their cash is frozen until at least the next auction — if not longer. One affluent New Jersey family has sued Lehman Brothers for the declining value of its cash in auction-rate securities. Lehman has said it acted properly.
Money managers, chief executives and individual investors have been swept up by the latest turmoil in the credit markets. One wealthy investor said Goldman Sachs had sold him auction-rate securities and had described the instruments as equivalent to cash.
“It’s a moral outrage,” said this investor, who asked not to be named because he still has to deal with the bank. “Their pitch was, keep your cash with us, we get a higher rate.”
This year, Bristol-Myers Squibb, the drug maker, took a $275 million write-off on money it had invested in auction-rate securities that it was unable to sell because of failed auctions.
Analysts say the biggest investors in auction-rate securities are individuals and corporations because money market funds cannot own the bonds. Many bond fund managers also shy away from the securities because of the uncertainty.
But the failed auctions do have one upside: the securities are resetting to rates that are far higher than those on other types of bonds.
Mr. MacEwen of American Century said his firm was considering buying auction-rate bonds for the first time because the rates have been reset to an attractive level.
“A lot of the municipalities or the closed-end funds that underlie this are high quality,” Mr. MacEwen said. “Whether its 20 percent or 5 percent, that looks like a good purchase if you are willing to forgo the liquidity.”
Not all auction-rate securities with failed auctions are resetting to very high rates. The penalty rates are governed by the terms of the bond, and in some cases they are tied to short-term interest rates like the London interbank offered rate, which has been falling for much of the year as the Federal Reserve has cut its benchmark interest rate.
Andrew Ross Sorkin contributed reporting
http://www.nytimes.com/2008/02/15/business/15place.html?ref=business
Currently two drill rigs are drilling from the ice at Bear Lake. I spoke with folks at the company today, they will be adding another (third) drill rig shortly. Confirmed the Fernland step out drilling is completed and waiting on assays.
Japan is the next sub-prime flashpoint
Last Updated: 12:33am GMT 10/02/2008
There is still $300bn of bad debt out there, and Japan could be hiding most of it. Ambrose Evans-Pritchard reports
Just as battered investors had begun to glimpse signs of recovery in America, the next shoe has dropped with an almighty thud in Japan. Echoes are rumbling across the Far East.
The Tokyo bourse has crumbled, suffering the worst start to the year since the Second World War. The Nikkei index is down 17 per cent since Christmas, and the shares of Japanese banks are leading the slide. Mizuho Financial, Mitsubishi UFJ and Sumitomo Mitsui have all been punished as hard or even harder than those US banks at the epicentre of the sub-prime debacle.
The nagging fear is that Japan's lenders - the conduit for the world's greatest stash of savings - have taken on a far bigger chunk of mortgage securities, collateralised loans obligations and other exotica from America's structured credit boom than they have yet revealed.
Americans and Europeans have so far confessed to $130bn of the estimated $400bn to $500bn of wealth that has vanished into the sub-prime hole. Somebody, somewhere, must be sitting on a vast nexus of undisclosed losses. We may find out soon enough whether the hold-outs are in Japan. The banks have to come clean under the country's strict new audit codes by the end of the tax year in March.
"We think this is where the next big problem is going to pop up," said Hans Redeker, currency chief at BNP Paribas.
"We know from Bank of Japan's lending survey that the banks are already tightening hard, so something is brewing. Right now, we are in the lull before the second storm in global markets, and Asia is going to be the source of the nasty surprises," he said.
The iTraxx Japan index measuring default risk of 50 Japanese companies saw its biggest one-day jump ever on Thursday to 77.5. Rightly or wrongly, it is flashing a serious distress signal.
What we know is that Japan's economy - still the second biggest in the world by far - has fallen over a cliff since October. It remains joined to America's hip after all. The decoupling theory has failed its first test.
Japan's machine orders dropped 2.8 per cent in November and a further 3.2 per cent in December. January housing starts fell to the lowest in 40 years, down 18 per cent on the year. Tokyo property was off 22 per cent. Can this still be blamed purely on a change in building rules?
"Recession is a clear and present danger in Japan," said Tetsufumi Yamakawa, chief Japan economist for Goldman Sachs. "The leading indicators are deteriorating very sharply. Inventory is piling up at a rapid pace. There are clear signs of deceleration in exports of steel and semi-conductors to China," he said.
Yes, China. It turns out that the intra-Asia trade that was supposed to immunise the region against a slump is a disguised supply-chain ending up in the US market. American shoppers still make 30 per cent of global demand, just as it did a decade ago. Nothing has really changed.
"We think the Bank of Japan may have to start easing by the middle of the year," said Yamakawa.
There is not much monetary ammo left. Interest rates are 0.5 per cent. So it's back to zero, and helicopters of central bank cash ("quantitative easing"), those peculiar hallmarks of Japan's past battle with deflation. The brief attempt to "normalise" Japan Inc has already failed.
We tend to forget that Japan remains the world's top creditor nation by far, the shy master of fate. The country's net foreign assets of $3,000bn roughly match the net debts of the US.
The yen "carry trade" - borrowing cheap in Tokyo to chase yields from New Zealand, to Brazil, Iceland, and above all Britain - has juiced the global asset boom this decade by $1,000bn. It is perhaps the biggest liquidity pump of them all, yet it stopped pumping in August. Indeed, it is sucking the money back out again. The yen is soaring.
Where have the Japanese recycled the quarter trillion dollars they earn each year from their surplus? Official data shows that their holdings in US Treasury bonds have not risen.
The Swiss offer us a clue, says Redeker. They are Europe's Japanese, champion savers looking for returns abroad. They devoured US sub-prime debt on a much bigger scale per capita than the Americans. Hence the $24bn in write-downs by UBS.
So far, Japan's biggest three banks have admitted to just $4.7bn in total losses between them. The figure is rising. Mitsubishi, the biggest, has just raised its tally to 12 times the sum admitted in November. This looks like a replay of the early 1990s when fear of losing face delayed the awful news.
Hong Liang, Beijing economist for Goldman Sachs, is not much more hopeful about China's prospects this year. "The combination of a US slowdown and monetary tightening in China is never welcome, but the accumulated problems have to be resolved this year," she said.
Inflation at 6.9 per cent is getting out of hand. The root cause of overheating is the weak yuan. The central bank has piled up $1,500bn of foreign reserves trying to stop it rising. The longer this goes on, the more inflationary it becomes. So Beijing has begun to step up the pace of revaluation, letting the yuan rise at an annual rate of 20 per cent in January. There will be casualties. Large chunks of China's manufacturing export industry have wafer-thin margins. A rising yuan tips them into the red.
China's mercantilist drive for export share is a double-edged strategy. The trade surplus has risen at $80bn a year, increasing tenfold since 2002 while the economy has merely doubled. The result is that China is as dependent on the US economy as Mexico.
So the storm spreads East. Haruhiko Kuroda, head of the Asian Development Bank, warned that the region would catch a cold after all as the US sniffles and sneezes. "Asian economies are not totally immune. A significant slowdown in the US economy will most certainly affect the region's growth," he said.
The global watchdogs are scrambling to rewrite the script. The World Bank has cut its China growth forecast from 10.8 per cent to 9.6 per cent in 2008. Private banks are slashing deeper.
Once the striptease starts on the onset of a global downturn, it usually has a long way to run.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/10/ccjapan110.xml
Antimony sprints to $6,000/t, highest since late-1994 on China supply worries
By Martin Hayes - Senior Correspondent, martin@minormetals.com (+44 (0)20 7929 6339)
London, 07 February 2008 - Antimony prices continued to strengthen in Europe this week, underpinned by concerns that the current lack of Chinese metal availability will get worse, as severe winter weather is not only hampering production, it is preventing transportation of metal as well.
"The situation looks bleak in China -- they are not offering. And anyone who has metal on the ground in Rotterdam can ask crazy numbers now," a trader said.
Spot metal was quoted at $5,900/6,100 a tonne, up around $150 since last week and the highest since late-1994. Good grades were even higher -- business has been reported as high as $6,350 a tonne.
"We are hungry for deliveries from China, but they are on holiday now (Lunar New Year)," another trader said.
Weather-related production stoppages in China -- caused by the worst winter weather for 50 years -- are behind current gains. The country is the world's biggest supplier and China's largest antimony producer, Hsikwangshan Twinkling Star Co in Hunan, has been hit.
There will also be shipment delays in the wake of the Lunar New year holiday and some contracted metal may not arrive until late-March/early April. This has forced a scramble for metal by many end-users in Europe, who up to now have been able to adopt a relaxed hand-to-mouth buying policy. The metal, mainly used in fire-retardents, has been ranging around the mid-$5,500s for some months.
China accounts for over 80 percent of global output. In 2007, it produced 110,000 tonnes out of total global production of 135,000 tonnes.
In 1994, antimony metal prices surged strongly, amid shipment delays from China in early spring caused by extensive flooding in major antimony mines and smelters. Production and shipping delays persisted most of the year. with prices hitting levels in the $7,700/8,000 area, before the market tailed back in 1995.
Whether prices reach those heights again depends on the response from China once the current weather improves. There will be logistical delays, but Chinese traders do control stocks in Rotterdam.
"It depends -- they may want to sell into this. In which case it may not go much further than $6,000 or so," the first trader said.
MinorMetals.com
press@minormetals.com
12 Camomile Street
London
EC3A 7PT
t: +44(0)20 7929 6339
f: +44 (0)20 7929 2369
http://www.minormetals.com/news/editorial.aspx?GUID=608020712115565&V=0
IMF Gold Sales Attract Large Buyers, Gives China Dollar Diversification Opportunity
Saturday, February 09, 2008, 7:19:00 PM EST
Author: Jim Sinclair
China has a trillion dollars in reserves, wishes to offload dollars, and this is a perfect fit. The year of the Rat is a year of opportunity for some. Any sales of gold have nothing to do with the market for gold, as not one ounce will ever see the free market. The buyers will be gold-poor central banks.
The history of IMF sales in the 70s is that all the sales did is allow huge buyers to enter the market at one price. That attracts the major buyers.
The OTC derivative market is $516 trillion, dwarfing $92 billion. In today's FUBAR worldwide financial world the total of $92 billion is chump change. One large banking entity could easily lose $92 billion on failed derivatives in the final analysis. The article is designed to make a mountain out of a mole hill.
I do not think the following means a damn thing to the gold price trend. The only important fact is that the IMF just demonstrated its total lack of financial sense as it might only hold depreciating paper promises to pay nothing at all backed by nothing whatsoever.
Selling of gold like this only occurs in bull markets and has historically been useless to stop the price increase. In fact these sales helped the price of gold higher by facilitating demand from huge interest in the 70s and even more so now.
COT could try to make this look serious, but it is not. This has Chung Phat and Dr. No high-fiving as this indicates the price of gold is not even half way to its upside resting point. This was true in the 70s.
Finally those that control Black Gold also control Gold Gold. Those that you feel have caused the problem and are anti gold are NOT. To know this you need only the eyes to see and the ability to connect the dots.
This will be looked back at as great for the price of gold, as was the case in the 70s when the same entity, the IMF, proposed and did the same thing, only to stop before the buyers took all their gold. The same will happen if they even start.
Note that the proposed sales come when the US Economic rescue plan is to occur. The reason is clear.
http://www.jsmineset.com/
RB you are right about the CB's kicking gold after the G7 meetings. Once again the IMF proposes selling gold(this is an annual thing anymore, just like ground hog day, and meant to cause a reaction). Most of the IMF gold is U.S. owned and congress would have to approve of its sale. NEVER GONNA HAPPEN!!! China would buy every bit of the measly $92 billion of IMF gold with it's $1.5 TRILLION USD currency surplus, and say thank you very much, FOOLS!!!
Doug Casey wrote about this very subject, exactly one year ago. Here's a few quotes.
"First, it’s not the IMF’s gold. The metal belongs to the depositor nations, the largest of which is the U.S. We the taxpayers own that gold, and thus have a very real interest in what happens to it.
Second, the IMF is prohibited from trading in gold. Its bylaws state that it does not “have the authority to buy gold,” nor may it “engage in any other gold transactions—such as loans, leases, swaps, or use of gold as collateral.”
What it can do is “accept gold in the discharge of a member’s obligations” and “sell gold outright,” but the latter requires “an 85% majority of total voting power.” Since the U.S. controls about 17% of voting power, it can’t by itself make a deal happen. But it has the absolute authority to block one.
The Crockett Committee report is not the first time the notion of IMF gold sales has been floated. It’s an idea that has cropped up repeatedly in the past but has always failed, either because of American opposition or because of opposition among the more general membership, which includes many gold-producing nations that have an interest in keeping a floor under prices."
Doug Casey's complete article here;
http://www.financialsense.com/editorials/casey/2007/0209.html
Annual IMF Gold sales "Fakeout BS" article here;
http://in.reuters.com/article/businessNews/idINIndia-31847320080209
Should be getting results from the Fernland step out drill program. From the Dec. 20 press release.
"Drilling is on-going in the Fernland area on the Larder Lake property where a six-hole program is testing the extension of the high-grade gold mineralization intersected in hole #13 that graded 6.9 g/t Au over 13.5 m, including 13.1 g/t Au over 6.0 m (see November 1 and 6, 2007 press releases). The results for these step-out holes are still pending."
Aluminum chart is available from stockcharts. Zinc chart from kitco. Thanks for info on proshare fund.
Nice charts CJ. These are the P&F charts of silver and gold from stockcharts.com, with price objectives.
test
Gold, Silver Gain on Speculation Central Banks Will Cut Rates
By Pham-Duy Nguyen
Feb. 7 (Bloomberg) -- Gold futures rose on speculation central banks around the world will follow the U.S. in cutting borrowing costs, boosting the appeal of the precious metal as an alternative to currencies. Silver also gained.
The Bank of England today cut its benchmark lending rate for the second time in two months, and the European Central Bank signaled it may lower rates later this year. Gold rose 31 percent last year as the Federal Reserve cut borrowing costs to avoid a recession.
``You're going to see central banks start to cut rates,'' said Nick Ruggiero, a trader at Eagle Futures Inc. in New York. ``Gold will stay very strong.''
Gold futures for April delivery rose $3.10, or 0.3 percent, to $908.10 an ounce at 10:46 a.m. on the Comex division of the New York Mercantile Exchange. The price earlier touched $915.20.
Silver futures for March delivery gained 28.5 cents, or 1.7 percent, to $16.835 an ounce. Before today, the metal climbed 11 percent this year, while gold climbed 8 percent.
To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net .
Last Updated: February 7, 2008 10:48 EST
http://www.bloomberg.com/apps/news?pid=20601012&sid=a7Hyw8jzDVkg&refer=commodities
Antimony sweeps up to 13-year highs, gets closer to $6,000 a tonne
By Martin Hayes - Senior Correspondent, martin@minormetals.com (+44 (0)20 7929 6339)
London, 31 January 2008 - Antimony prices surged higher in Europe on Thursday, rising to levels last seen in late 1994, on fears of a first quarter supply famine caused by weather-related production stoppages in China.
Spot metal was quoted around $5,800/5,900 a tonne, up $300, or some 5.4 percent, in the last week.
"Because of the production halt at Hunan, they (producers) are not going to get any metal out this week. When you take the New Year into consideration that's then another week and a half," a trader said.
"Nothing is going to be shipped until second-half February, which means that it will be end-March before you see it in Europe. In all probability the price is going to $6,000," a trader said.
In China, power outages designed to safeguard residential supplies have forced outages at mines and plants controlled by the parent of Hunan Nonferrous Metals. Snow and ice storms across southern and central China have brought the coldest weather in 50 years to Hunan and China's largest antimony producer, Hsikwangshan Twinkling Star Co, has shut operations for over a week.
Inevitable shipment delays in the wake of the Lunar New year holiday are likely to catch out many end-users in Europe, who up to now have been able to adopt a relaxed hand-to-mouth buying policy. The metal, mainly used in fire-retardents, has been ranging around the mid-$5,500s for some months.
"Things are tight on the ground in Europe -- there is not much metal in Rotterdam -- and a few of the major consumers are uncovered," another trader said.
China is the world's major producer of antimony -- accounting for over 80 percent of global output that runs at around 130,000 tonnes annually. Prices of $6,000 were last seen in early 2006, and this is the next overhead objective.
In 1994, antimony metal prices surged strongly, amid shipment delays from China in early spring caused by extensive flooding in major antimony mines and smelters. Production and shipping delays persisted most of the year. with prices hitting levels in the $7,700/8,000 area, before the market tailed back in 1995.
MinorMetals.com
press@minormetals.com
12 Camomile Street
London
EC3A 7PT
t: +44(0)20 7929 6339
f: +44 (0)20 7929 2369
Shell chief fears oil shortage in seven years, January 25, 2008
World demand for oil and gas will outstrip supply within seven years, according to Royal Dutch Shell.
The oil multinational is predicting that conventional supplies will not keep pace with soaring population growth and the rapid pace of economic development.
Jeroen van der Veer, Shell’s chief executive, said in an e-mail to the company’s staff this week that output of conventional oil and gas was close to peaking. He wrote: “Shell estimates that after 2015 supplies of easy-to-access oil and gas will no longer keep up with demand.”
The boss of the world’s second-largest oil company forecast that, regardless of government policy initiatives and investment in renewables, the world would need more nuclear power and unconventional fossil fuels, such as oil sands.
“Using more energy inevitably means emitting more CO2 at a time when climate change has become a critical global issue,” he wrote.
Mr van der Veer is expected to discuss Shell’s energy outlook today at the World Economic Forum in Davos.
In his e-mail, which was reported on RoyalDutchShellplc.com, an independent website that monitors the company, Shell’s chief set out two scenarios for the world’s energy future.
The first scenario, “Scramble”, envisages a mad dash by nations to secure resources. With policymakers viewing energy as “a zero-sum game,” use of domestic coal and biofuels accelerates.
It is a world, said the Shell chief, where “policymakers pay little attention to energy consumption – until supplies run short.”
The alternative scenario, “Blue-prints”, envisages a world of political cooperation between governments on efficiency standards and taxes, a convergence of policies on emissions trading and local initiatives to improve environmental performance of buildings.
Shell has not committed to either scenario. The oil company regularly uses scenario-planning to test the likely impact of widely divergent economic and political scenarios on its long-term strategy.
Unsurprisingly, Mr van der Veer indicated that Shell preferred the Blueprints scenario but he expressed caution over the likelihood of it coming to pass without a global approach to emissions trading.
The Blueprints scenario assumes that 90 per cent of CO2 is captured by coal and gas power plants in developed countries by 2050, and at least half of the CO2 emitted by power stations in the developing world. No such plants are in operation today, noted the Shell chief. “It will be hard work and there is little time,” he said.
Mr van der Veer’s comments emerged in the same week that the European Commission launched reforms to its carbon trading system, with plans to force power stations to buy permits to emit CO2.
In an acknowledgement of the challenge of securing global acceptance of the need to curb carbon emissions, the Commission President, José Manuel Barroso, said that the Commission would consider the possibility of taxing imports into the EU by countries that failed to take equivalent measures to curb carbon emissions.
Mr van der Veer’s prediction that the oil industry would soon struggle to deliver sufficient conventional oil and gas to meet demand echoes growing concern from other oil bosses.
http://business.timesonline.co.uk/tol/business/economics/wef/article3248484.ece
Maximus and NFX Begin a 43,000 m Drilling Program at Larder Lake
Thursday January 10, 9:00 am ET
LONGUEUIL, QUEBEC AND TORONTO, ONTARIO--(Marketwire - Jan. 10, 2008) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) announced today that a planned $3.75 million, 43,000 metre follow-up diamond drilling program has commenced at NFX's Larder Lake Gold Property in Ontario.
The 2008 drilling program will systematically test the Bear Lake high-grade gold zones intersected in hole #11: 10.4 g/t Au over 5.2 m, including 20.8 g/t Au over 1.5 m and 8.0 g/t Au over 10.2 m, including 18.6 g/t over 4.2 m as reported on August 16, 2007. The program will investigate the zone along strike and down-plunge to a vertical depth of 1000 m. Results from the five holes completed to date on the Bear Lake Gold Zone confirmed the presence of an extensive very continuous gold mineralization system encompassing both high-grade and low-grade lenses. Furthermore, the style ("carbonate"-type and "flow"-type) and grade (ranging from 9 to 11 g/t Au) of the mineralization are typical of the world class Kerr-Addison deposits located only 5km to the east, along the same geological structure. An aggressive drilling program consisting of a minimum of 39 holes totalling 34,000 m, spaced 125 to 150 m apart, is underway at Bear Lake in order to delineate the higher-grade lenses occurring within the gold zone. Since part of the drilling has to be completed from the ice surface on Bear Lake, two to three drill rigs will be used to complete the drilling before break-up.
In addition, 5,000 metres of drilling will test the down-plunge extension of the Fernland high-grade zone intersected in hole #13, grading 6.9 g/t Au over 13.5 m, and including 13.1 g/t Au over 6.0 m as reported in the November 1 and 6, 2007 press releases. This new high-grade intersection, located 2.5 km west of Bear Lake, occurs at a relatively shallow depth (less than 200 m below surface) and indicates that there is excellent potential for the discovery of additional high-grade gold mineralization on the Larder Lake Property, along geologic units very similar to those hosting the historic Kerr-Addison mine. Drilling at Fernland will start after the completion of the program at Bear Lake. By then, all assay results from the late-2007 drilling program should have been received and compiled and the location of the new proposed holes will be adjusted based on the results.
Approximately 4,000 metres of additional drilling is planned to test newly interpreted targets on the Larder Lake Property along relatively unexplored parallel structures characterized by altered iron-rich rock units similar to those that controlled the high grade gold mineralization at the Kerr Addison mine. In addition, the 2007 and historic shallow drilling results from the Barber Larder portion of the Larder Lake property are currently being evaluated. Similar lower grade gold intersections to those that lead to the discoveries of the high grade gold zones at Bear Lake and Fernland are being identified on the Barber Larder portion of the property for follow-up drilling in 2008.
Tom Larsen, President and CEO of NFX, stated, "NFX is pleased with the aggressive exploration drilling program Maximus has planned for 2008 on the Larder Lake Property. The high quality targets indicated by the first few holes in each of the gold zones at Bear Lake and Fernland merit the proposed program budgets and highlight the need to further explore the entire Larder Lake Property."
NFX will be required to fund approximately $600,000 of the estimated $3.75M budget for 2008 after Maximus spends the initial $2.25M to complete exploration expenditures totaling $6M required to vest their interest in the Larder Lake Property. Tom Larsen further stated, "NFX will be pleased to fund its equity share of exploration expenditures after Maximus completes their earn-in and the project proceeds to the joint venture phase. We look forward to advancing the Larder Lake project to development with our partners."
Larder Lake Property
Maximus is conducting the drilling program pursuant to the Option and Joint Venture Agreement between Maximus and NFX, whereby Maximus has the right to earn a 60% interest in NFX's 100% interest in the Cheminis, Fernland and Bear Lake claims and 45% interest in NFX's 100% owned Barber Larder claims, by expending $6 million on exploration by December 31, 2008.
As part of its QA/QC program, Maximus carries out check assays on the high-grade intersections with no discrepancies found in the assay results. The turnaround time for the reception of assay results from the lab has been very slow since September, due to the very large amount of samples received with the end of the field season. The situation is gradually returning to normal.
The technical content of the information, related to Larder Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling program and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.
Forward-looking Statements
This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Gerri Paxton/Louise Quinn
Maximus Ventures Ltd.
Investor Relations
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
416-360-8006 or Toll Free: 800-360-8006
416-361-1333 (FAX)
www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd, NFX Gold Inc.
http://biz.yahoo.com/ccn/080110/200801100435332001.html?.v=1
Hello folks....got this in an email today
Finding a Heart of Silver
The Rude Awakening
Baltimore, Maryland
Tuesday, January 8, 2008
Digging up the "real deals" in junior mining companies,
One suitor set to take silver all the way,
Cashing in on the precious metal bull and much more...
"Everyone is talking about gold," we hear you say, "but what about silver?"
It's true that the investment world (at least the smart money portion of it)
is catching on to the underlying factors driving the current bull market in
everyone's favorite shiny yellow metal. But, ever the perennial bridesmaid,
silver rarely makes the headlines. Instead, she exists in the shadows of her
flashier, brasher relative, quietly awaiting her turn at the altar.
Since its one year low of $11.40 back in August, silver has staked a
significant claim on "bouquet rights," lunging over 35% to rest around the
$15.60 mark as of yesterday's trading.
As the true beauty of silver comes to light, one suitor, above all others,
looks set to take the prize. If Greg Guenthener is right about this "junior,"
savvy investors could be in for some very attractive profits. Read on for
Greg's full column below...
Searching for a Heart of Silver
By Greg Guenthener
What do you do when the dollars in your pocket are withering in value? Well,
you can try to cushion the blow by investing in foreign stocks and bonds…or
you can try to profit from the situation. We like the second option, which is
why we like investing in selected gold and silver companies…especially the
small-cap "junior" companies.
Unfortunately, lots of junior mining companies consist of nothing more than a
few tracts of unexplored land and lots of glowing press releases. These
companies bear a close resemblance to Mark Twain's famous description of a
gold mine: "A hole in the ground with a liar standing next to it."
But the "real deals" in the mining sector can deliver really big gains. For
example, one of North America's oldest silver miners is about to become the
world's largest. The name of the company is Coeur d'Alene Mines (NYSE:
CDE )…and we think its stock is very, very cheap. By 2009, Coeur will join the
ranks of Silver Wheaton Corp. and Pan American Silver Corp. as one of the top
silver miners on the planet. Thanks to a merger Coeur completed three weeks
ago, this junior mining company expects to produce 29 million ounces of
silver in 2009. That's more than anyone else in the world.
On top of just plain out-producing everyone else, Coeur will also have the
lowest cash production cost per ounce of silver in the industry at $1.73 per
ounce. So, it's not hard to see that the largest silver producer with the
lowest production costs in the world will not remain a "junior" for too much
longer.
Despite Coeur's exciting growth profile, its share price languishes. Perhaps
investors are focusing on Coeur's difficult past, rather than its promising
future. For the past few years, Coeur d'Alene has only produced a moderate
amount of silver and a small amount of gold out of its five mines. The
company produces about 12.8 million ounces of silver every year, which puts
it right in the middle of the pack. But production dropped sharply during the
second half of 2007.
Coeur's Cerro Bayo mine encountered serious setbacks, which caused the mine
to report an astronomical cash cost of $6.05 for every ounce of silver
produced there during the quarter. The company blamed higher costs of
contracts, outside services, supplies, and supervision, as well as a slow
transition in higher grades.
Meanwhile, Coeur's Rochester mine just shut down for good. Rochester was the
company's largest mine – accounting for about 40% of Coeur's entire
production in 2006. Losing 40% of total production is quite a hit to take for
any small mining company.
However, big changes are around the corner…
Next month, Coeur's San Bartholomew Silver Project should begin producing
around 9 million ounces of silver annually. That's a 75% increase in
production over the company's current operations. (However, the project is in
Bolivia, which just passed legislation calling for a 50% tax rate on the
mine. The company claims that despite the high tax, the higher price of
silver is still worth opening the mine).
On top of this, later this year, the Kensington Gold Project near Juneau,
Alaska should start producing upwards of 150,000 ounces of gold annually,
which would ramp up the company's gold production by 500%. This project is
already 100% complete, but cannot begin production until the local and state
governments finalize permitting. Nothing is certain when bureaucrats begin
deliberating, but Coeur expects no significant delays.
The final pieces of the "new" Coeur d'Alene are the Guadalupe and Palmarejo
Mines that are set to go into production in the first quarter of 2009.
Together, these two mines should produce more than 10 million ounces of
silver per year and 115,000 ounces of gold. This project will be the largest
and highest quality silver-gold project in the world. Coeur acquired these
large-scale projects through a merger it completed just three weeks ago.
Taking account of all these new projects, Coeur d'Alene's annual silver
production will triple to nearly 30 million ounces per year, while its gold
production will quintuple to 200,000 ounces.
Coeur's 29 million+ ounces of production would be the highest of any major
silver miner like Silver Wheaton (22.1 million ounces per year), Pan American
Silver Corp (24.7 million ounces per year) or Hecla (6.2 million ounces per
year). Also, Coeur's reserves and resources will rise sharply. Thanks to the
merger, Coeur has 30% more in-ground assets than the next closest silver
miner.
Then there's Coeur's gold production, which helps to offset the cost of
silver mining. By counting the Kensington and Palmarejo gold production as a
"by-product credit" against the cost of silver mining, Coeur's average cash
cost to lift silver out of the ground and separate it from the other ores,
will be $1.73 per ounce across all of the company's mines. (Coeur's cash
costs at the new Palmarejo Project will be only 41 cents per ounce!) That
beats Silver Wheaton ($3.98 per ounce), Hecla ($5.02 per ounce), and Pan
American Silver ($2.98 per ounce). In fact, it will be the absolute best in
the industry.
Starting in 2009, Coeur will be the No. 1 primary silver producer in the
world. And it'll be doing it cheaper than anyone else. So when you look at
the current top three silver producers (Silver Wheaton has a market cap of
$3.6 billion, Pan American Silver's is $2.72 billion, and Silver Standard's
is $2.71 billion), Coeur's $1.15 billion market cap seems unfairly
discounted. Even if the stock doubled from here, Coeur's valuation would
trail behind the other three silver majors.
As for the company's current setbacks, Coeur has made it a point of utmost
urgency to dig in and figure out what happened in Cerro Bayo and find a way
to fix it. The company recently hired a new general manager to take over
operations and is preparing a detailed technical review of the situation.
This topic dominated the company's third quarter shareholder's conference
call, and was a major reason for the decline of the company's share price
since summer.
Good news has already come out of Cerro Bay. A total of 5 new veins have been
discovered, doubling the mine's reserves. Thanks to this new discovery, along
with the recent breakout in silver prices, the tide may be turning for Coeur…
It's almost impossible to ignore that by 2009, the company will be graduating
out of junior status by out-producing all the rest. Coeur shares could very
well be volatile for the next few months. But at the current quote of $4.26 a
share, the stock seems very, very cheap…especially if the dollars in your
pocket continue to wither.
To learn more or subscribe, see: http://www.the-rude-awakening.com
CDE.. This was in my inbox this a.m.
Finding a Heart of Silver
The Rude Awakening
Baltimore, Maryland
Tuesday, January 8, 2008
Digging up the "real deals" in junior mining companies,
One suitor set to take silver all the way,
Cashing in on the precious metal bull and much more...
"Everyone is talking about gold," we hear you say, "but what about silver?"
It's true that the investment world (at least the smart money portion of it)
is catching on to the underlying factors driving the current bull market in
everyone's favorite shiny yellow metal. But, ever the perennial bridesmaid,
silver rarely makes the headlines. Instead, she exists in the shadows of her
flashier, brasher relative, quietly awaiting her turn at the altar.
Since its one year low of $11.40 back in August, silver has staked a
significant claim on "bouquet rights," lunging over 35% to rest around the
$15.60 mark as of yesterday's trading.
As the true beauty of silver comes to light, one suitor, above all others,
looks set to take the prize. If Greg Guenthener is right about this "junior,"
savvy investors could be in for some very attractive profits. Read on for
Greg's full column below...
Searching for a Heart of Silver
By Greg Guenthener
What do you do when the dollars in your pocket are withering in value? Well,
you can try to cushion the blow by investing in foreign stocks and bonds…or
you can try to profit from the situation. We like the second option, which is
why we like investing in selected gold and silver companies…especially the
small-cap "junior" companies.
Unfortunately, lots of junior mining companies consist of nothing more than a
few tracts of unexplored land and lots of glowing press releases. These
companies bear a close resemblance to Mark Twain's famous description of a
gold mine: "A hole in the ground with a liar standing next to it."
But the "real deals" in the mining sector can deliver really big gains. For
example, one of North America's oldest silver miners is about to become the
world's largest. The name of the company is Coeur d'Alene Mines (NYSE:
CDE )…and we think its stock is very, very cheap. By 2009, Coeur will join the
ranks of Silver Wheaton Corp. and Pan American Silver Corp. as one of the top
silver miners on the planet. Thanks to a merger Coeur completed three weeks
ago, this junior mining company expects to produce 29 million ounces of
silver in 2009. That's more than anyone else in the world.
On top of just plain out-producing everyone else, Coeur will also have the
lowest cash production cost per ounce of silver in the industry at $1.73 per
ounce. So, it's not hard to see that the largest silver producer with the
lowest production costs in the world will not remain a "junior" for too much
longer.
Despite Coeur's exciting growth profile, its share price languishes. Perhaps
investors are focusing on Coeur's difficult past, rather than its promising
future. For the past few years, Coeur d'Alene has only produced a moderate
amount of silver and a small amount of gold out of its five mines. The
company produces about 12.8 million ounces of silver every year, which puts
it right in the middle of the pack. But production dropped sharply during the
second half of 2007.
Coeur's Cerro Bayo mine encountered serious setbacks, which caused the mine
to report an astronomical cash cost of $6.05 for every ounce of silver
produced there during the quarter. The company blamed higher costs of
contracts, outside services, supplies, and supervision, as well as a slow
transition in higher grades.
Meanwhile, Coeur's Rochester mine just shut down for good. Rochester was the
company's largest mine – accounting for about 40% of Coeur's entire
production in 2006. Losing 40% of total production is quite a hit to take for
any small mining company.
However, big changes are around the corner…
Next month, Coeur's San Bartholomew Silver Project should begin producing
around 9 million ounces of silver annually. That's a 75% increase in
production over the company's current operations. (However, the project is in
Bolivia, which just passed legislation calling for a 50% tax rate on the
mine. The company claims that despite the high tax, the higher price of
silver is still worth opening the mine).
On top of this, later this year, the Kensington Gold Project near Juneau,
Alaska should start producing upwards of 150,000 ounces of gold annually,
which would ramp up the company's gold production by 500%. This project is
already 100% complete, but cannot begin production until the local and state
governments finalize permitting. Nothing is certain when bureaucrats begin
deliberating, but Coeur expects no significant delays.
The final pieces of the "new" Coeur d'Alene are the Guadalupe and Palmarejo
Mines that are set to go into production in the first quarter of 2009.
Together, these two mines should produce more than 10 million ounces of
silver per year and 115,000 ounces of gold. This project will be the largest
and highest quality silver-gold project in the world. Coeur acquired these
large-scale projects through a merger it completed just three weeks ago.
Taking account of all these new projects, Coeur d'Alene's annual silver
production will triple to nearly 30 million ounces per year, while its gold
production will quintuple to 200,000 ounces.
Coeur's 29 million+ ounces of production would be the highest of any major
silver miner like Silver Wheaton (22.1 million ounces per year), Pan American
Silver Corp (24.7 million ounces per year) or Hecla (6.2 million ounces per
year). Also, Coeur's reserves and resources will rise sharply. Thanks to the
merger, Coeur has 30% more in-ground assets than the next closest silver
miner.
Then there's Coeur's gold production, which helps to offset the cost of
silver mining. By counting the Kensington and Palmarejo gold production as a
"by-product credit" against the cost of silver mining, Coeur's average cash
cost to lift silver out of the ground and separate it from the other ores,
will be $1.73 per ounce across all of the company's mines. (Coeur's cash
costs at the new Palmarejo Project will be only 41 cents per ounce!) That
beats Silver Wheaton ($3.98 per ounce), Hecla ($5.02 per ounce), and Pan
American Silver ($2.98 per ounce). In fact, it will be the absolute best in
the industry.
Starting in 2009, Coeur will be the No. 1 primary silver producer in the
world. And it'll be doing it cheaper than anyone else. So when you look at
the current top three silver producers (Silver Wheaton has a market cap of
$3.6 billion, Pan American Silver's is $2.72 billion, and Silver Standard's
is $2.71 billion), Coeur's $1.15 billion market cap seems unfairly
discounted. Even if the stock doubled from here, Coeur's valuation would
trail behind the other three silver majors.
As for the company's current setbacks, Coeur has made it a point of utmost
urgency to dig in and figure out what happened in Cerro Bayo and find a way
to fix it. The company recently hired a new general manager to take over
operations and is preparing a detailed technical review of the situation.
This topic dominated the company's third quarter shareholder's conference
call, and was a major reason for the decline of the company's share price
since summer.
Good news has already come out of Cerro Bay. A total of 5 new veins have been
discovered, doubling the mine's reserves. Thanks to this new discovery, along
with the recent breakout in silver prices, the tide may be turning for Coeur…
It's almost impossible to ignore that by 2009, the company will be graduating
out of junior status by out-producing all the rest. Coeur shares could very
well be volatile for the next few months. But at the current quote of $4.26 a
share, the stock seems very, very cheap…especially if the dollars in your
pocket continue to wither.
To learn more or subscribe, see: http://www.the-rude-awakening.com
Fun with the Weekly Chart....
Could be a big "cup and handle" continuation
Test
Test
Nice reversal up Friday....
Delayed reaction to Dec. 20th news? Maybe a leak on upcoming results, just like last time. Possibly news with Newmont. Doesn't matter, I LIKED IT!!!!
Minor Metals Trends I: Antimony 2008 - Try Mining It Yourself
By Jack Lifton
03 Jan 2008 at 04:34 PM GMT-05:00
DETROIT (ResourceInvestor.com) -- Resource Investor readers’ comments most often ask me how, exactly, to invest in specific metals or groups of metals when I write survey articles and make predictions about supply or demand drivers. The obviously self-serving analyses put out as press releases or information by most junior miners are either selective or simply fluff, so it is impossible for me to make a recommendation to invest in one of them just based on the company’s own information.
What I try to do is steer you to increasing or new demands for specific materials and point out after that, as a risk reducing factor, which companies are already producing, getting close to producing or just thinking about producing those materials.
For 2008 I’m going to continue to do that, but I’m also going to adopt the risk measurement system that I have sometimes used recently to rate or group mining ventures. I’m going to tell you in this manner what I think is the probability that a given mining venture will be able to enter the market with a normal form of a metal or mineral in time to catch a demand cycle at its top.
I’m going to concentrate on the so-called minor metals because their uses, actual and potential substitutions for them, and new uses for them are much easier to quantify because they are almost always limited, usually by the economics of supply.
Minor metals can be grouped into two categories, byproducts and primary mine production. Recycling is a critical source of supply for many of them because so many of their uses are dissipative, i.e., the use is so low per unit that the cost of selective recycling is beyond any economic return, so once mined, refined and used, they are gone forever from the supply base. The irony is that our uses for these rare elements are actually making them rarer.
I’m going to do this alphabetically and begin with the minor metal antimony, which I think should be the poster metal for metals with previously unknown new uses, which were totally unpredicted and have changed our lives forever.
Antimony
Notwithstanding the Hollywood version of the history of mankind in which the leading men of any given society are always covered in ceremonial bronze or silver armour wearing metal armbands, bracelets and rings, drink even beer from goblets made of precious metals and eat off of thick silver plates with metal knives as utensils, it is nonetheless true that for most of human history all metals were rare, difficult to purify and work, and thereby precious, and none were considered minor. The palaces as well as the ordinary people’s homes had only a tiny fraction of their contents made of metal until well into the 20th century. Certainly no buildings had structural metal as the principal means of construction until at least the end of the 19th century with the completion of Chicago’s “Flat Iron” building designed by Louis Sullivan, Frank Lloyd Wright’s mentor.
Antimony was known to the ancient world in the West but not as a metal or one of the seven elements. It was primarily used in the powdered form of the predominant antimony mineral stibnite, Sb2S3, antimony sulphide, to darken the eyelashes and eyebrows and to highlight the eyes by outlining them as the ancient Egyptians used to do. Stibnite cosmetics dating to 3000 BC have been discovered.
Although there are ores of “native” antimony, the ancient world’s paradigm model of a metal was of a lustrous malleable material which could be worked into objects of either great structural strength, e.g., alloy forms based on iron or copper, such as wrought iron, steel, hardened copper, bronze and brass, or that at least had the strength to retain their shape under their own weight, lead, gold and silver, for example. Although the ancients classified mercury as an element, it wasn’t considered by them to be a metal.
In modern times we define metals more technically as having a certain type and degree of electronic property when pure. Antimony falls outside of the modern definition and so is classified as a semi-metal or metalloid in common terms.
Antimony’s main use up until now and continuing as of this moment in time has been based on a property discovered of its chemical compounds only in the 20th century; the fact that some antimony compounds will not support ignition. They may burn when directly heated in an open flame, but as soon as the flame is removed they extinguish themselves by a well understood mechanism. This property has been used to “flame proof” clothing, children’s clothing in particular, and so today, every industrial country on earth mandates flame proofing for all children’s clothing and most clothing in general.
The second largest use of antimony has been as an additive for the lead used in automotive SLI, starting-lighting-ignition, so-called lead-acid storage batteries. The antimony “stiffens” the lead plates so that they will have no tendency to flow under gravity and thus risk shorting the battery out. Ancient Roman plumbers and builders would have loved this knowledge.
Both of these uses have been lately declining somewhat as substitutions for both applications are well known and are becoming more common as the supply of antimony has been essentially “cornered” by the People’s Republic of China, which, to be fair, has nearly two-thirds of the world’s known reserves of antimony.
World production of antimony in 2006 was 131,000 metric tonnes, of which China produced 110,000 metric tonnes.
There is today, as of this writing, no domestic U.S. antimony mine production. The U.S. consumed 27,600 metric tonnes of antimony in 2006, down from 36,800 tonnes in 2004.
Look at the pricing of antimony since the shutdown of the last U.S. antimony producing mine (a silver mine with an antimony byproduct) in 2004. Note also, although it is not shown on the above graph, that antimony was 88 cents per pound in 2002. This means that if you purchased physical antimony in 2002 as an investment, it would have been a much better choice than gold!
Now I want to quote from the USGS Mineral Industry Survey of Antimony in the third quarter 2007 because I want you to see how some analysts are now coming to believe that the metals market has been manipulated during the 21st century while Wall Street pundits have been declaring that Asian demand alone is the driver of supply pricing in this world dominated, they insist, by American-style free market capitalism:
A report cited by the USGS “…stated that decades of market instability for the main minerals and metals produced by China appear to be finally over. According to (the report), boom and bust manipulation of markets and prices through alternately dumping supplies and withdrawing from the market of such commodities as antimony, tin and tungsten had all but destroyed mine output and development in competing (with China) countries....
The USGS survey goes on and makes very good reading for investors. The most important further quote for this article is “China is now the world’s leading importer of antimony ores and concentrates, and its domestic antimony demand has also become the world’s largest. The solid foundation for the antimony industry has reawakened interest in antimony resources in Australia, North America, Russia, South America and elsewhere, and new projects are under development.”
Since China is by far the world’s leading producer of inexpensive children’s clothing, the decline in the use of antimony as a fire retardant in the U.S. while it is increasing in China is no mystery. Also since 75% of automotive lead-acid batteries are recycled for their lead (and antimony) in the U.S. while China is building millions more of new lead acid batteries each month for its rapidly expanding OEM automotive SLI battery industry, it is not surprising that new antimony use for batteries in the U.S. is declining while it is growing in China.
Eleven months ago, in February 2007, one of the most prestigious weekly general science journals in the world, Nature, carried a brief report of an article that had appeared earlier that month in the very technical journal, Physical Review Letters, and I want to quote just one sentence of that report for your perusal:
“Commercial rewriteable DVDs and prototype memory devices record information in phase-change materials such as germanium antimony telluride (Ge2Sb2Te5 or GST) that switch rapidly between crystalline and amorphous states when heated with a laser.”
It was in my own working lifetime that the pedestrian semi-metal antimony, used for most of the time it has been known as a component of cosmetics and, in modern times, pewter cooking and serving ware and, in the last century and a half, as an additive for linotype metal and for the lead plates used in lead acid batteries, was discovered to form glasses that could be switched either by heat or an electric field rapidly between crystalline and amorphous states with a collateral switching of both optical and electronic properties. I was actually present when a group of engineers and scientists at Energy Conversion Devices, Inc., in Troy, Michigan, decided to try a thin film of germanium, arsenic and tellurium as a “recording medium” using an optical laser to write, read and rewrite information. This experiment ultimately resulted in the recordable DVD and a parallel line of research resulted in the high capacity solid state “flash” memories that are now beginning to phase out hard drives in competition with silicon based flash memories.
When someone suggested replacing arsenic with antimony for safety’s sake, they did not realize that a revolution in portable entertainment had just begun.
The U.S. had in 2004 one small producer of antimony remaining. That was US Antimony Corp., [OTC:UAMY], in Thompson Falls, Montana. They produced somewhere between 750 and 1,000 metric tonnes of antimony product per year. In September 2004, USAC announced that it was foregoing antimony sales due to a shortage of raw materials. In an article in American Metal Market, September 14, 2004, pages one and two, the shortage was blamed on Chinese antimony producers simultaneously lowering export prices and putting other antimony oxide producers out of business, so as to increase demand for Chinese antimony and reduce the supply from the competition.
This global shortage of raw material and the nature of Antimony deposits make this one of the metals small miners might be interested in. The USGS Open File Report 03-019, page 10, cites a 1985 work by Plunkert from the U.S. Bureau of Mines Bulletin 675 that describes antimony mining thus: “The typically small ore bodies from which antimony is produced as a principal product do not lend themselves to exploration on a large scale. When possible, they are mined by open pit methods. Underground antimony mines are typically small, the ore body being accessed by a short adit or shaft, and are developed by drifting along the vein and stopping by simple overhand methods. Mines in which antimony is produced as a byproduct use the large-scale methods common to base- and precious-metal mines.” This is reinforced on page 32: “Known antimony deposits in the United States tend to be small irregular deposits that do not lend themselves to large-scale low-cost mining methods.”
In the fairly recent past, antimony mines proliferated throughout the southwestern U.S. In southern California, for example, one can find closed or abandoned antimony mines in Inyo, Kern and San Bernardino Counties. In Inyo County, antimony is found at the Bishop Antimony Mine, the Darwin Antimony Mine, the Old Dependable Antimony Mine and the Wild Rose Antimony Deposit. In Kern County, antimony is found at the Alice Mine, the Antimony Consolidated Mine, the Antimony Peak Mine, the Big Oscar Antimony Deposit, the Erskine Creek Deposits, Jawbone Canyon Mine, Jones and Wimmer Antimony Claim, the Little Caliente Spring area, the Mammoth Eureka Mine and the Rayo Mine. In San Bernardino County, antimony is found at the Antimony Mine, the Atolia Mine, the Desert Antimony Mine, and the Mountain Pass Antimony Mine. It is found in many other places in California and throughout the Southwest, possibly in commercial quantities. The problems for all of these mines were the same: low antimony prices in the past and environmental regulations requiring time and money expenditures in advance with no guarantee of either high antimony price stability or swift passage through regulatory bodies.
The following advice for prospectors and small miners, written by a contributor, was published in 2006 on a website I edited, http://www.theweekendminer.com:
“[We] got a number of questions regarding how to sell antimony; mostly what form or forms is it salable in? I really didn’t know so I contacted a couple of experts.
The fellows at Amalgamet Canada gave me the following; which I believe is for a Chinese concentrate:
60% Sb minimum
0.5% As + Pb combined; usually 0.25% each; ideally 0.15% max. each
30 ppm Se max
20 ppm Hg max
trace Te (less than 10 ppm)
10ppm max Sn
trace Bi (less than 10 ppm)
S usually 24% min.
The Western U.S. and Mexico expert has got to be John Lawrence, the president and CEO of US Antimony in Thompson Falls, Montana. Here is the text of his reply to me:
'We purchase either Antimony concentrates, hand sorted ore or various residues and metal. The concentrates and hand sort specifications are:
60% Antimony (Sb)
less than 0.2% Arsenic (As)
less than 0.2% Lead (Pb)
less than 50 ppm Selenium (Se)
low Bismuth (Bi)
low Tellurium (Te)
For this we would pay 50% of the LMB Rotterdam quotation for Antimony metal. For lesser grades or higher impurities we would pay less. The price would be FOB our plant at Thompson Falls, Montana, or Madero Coahuila, Mexico.'
(Note: The price at the time of his e-mail back to me was $5,353.13 per metric tonne - 2,204.62 pounds; or about $2.43 per pound. This would make the prime ore worth more than $1.00 per pound. Not bad for picking up rocks and helping keep American industry going and growing.)”
Interestingly enough prices right now, January 2008, for antimony have doubled just in the last two years, so those of you hardy enough to look for stibnite or native antimony, which is found in California, can get $2.00 a pound for hand sorted ore. A pick up truck full could bring you several thousand dollars.
As with tungsten and basically for the same reason, market manipulation in the recent past to drive out competition, I can only recommend one investment for Americans who want to invest in an American company. It is US Antimony in Thompson Falls, Montana. US Antimony operates the only remaining antimony smelter in the US. Although US Antimony is no longer producing ore in Montana, the company is cleared to mine ore in Madero Coahuila, Mexico, where the Mexican government has encouraged it to build a smelter operation. In any case, because it gets some ore from its own Mexican operations and buys ore from Peru and even from China, if it can, and from small miners, when it can, it remains in operation.
The manufacturing of recordable DVDs and flash memories is not labour-intensive. Both technologies were invented and perfected in the United States. Germanium and tellurium are both byproducts produced now or produced in the past in the U.S. or, at least, in North America. There is antimony to be found and produced in the U.S. and Mexico. Therefore high value added recordable DVDs and flash memories can be produced in the U.S. from domestic North American raw materials. This would only take will, because there is a way.
Valuable raw materials used to make both recordable DVDs and flash memories could be recycled economically, so that the minor metals need not be lost. While the entrepreneurs among you are thinking this over please invest in US Antimony, so that we have something left to conserve.
http://www.resourceinvestor.com/pebble.asp?relid=39207
China to block BHP's Rio bid
2007-12-24
Hong Kong - China has sanctioned state-owned companies to examine three possible strategies to block BHP Billiton's proposed takeover of mining giant Rio Tinto, a report said on Monday.
Citing unnamed sources, the South China Morning Post reported strategies include forming a domestic consortium to bid for Rio Tinto, a joint bid by domestic and foreign firms, or purchasing Rio shares on the open market.
"(Companies) have approval from the State Council to go ahead and get actively involved," one source was quoted as saying.
China International Capital Corp (CICC) and Bank of China International have been retained by the government in an overall advisory role, the report said.
Earlier this month, China's largest steel company Baosteel called on the Australian government to intervene and prevent BHP Billiton from taking over rival miner Rio Tinto.
China fears a merger between BHP Billiton and Rio Tinto would lead to further sharp price increases in raw materials, particularly iron ore, which the country desperately needs to fuel its double-digit economic growth.
Sources said Baosteel approached Japan's Nippon Steel and South Korea's Posco Steel about a consortium but nothing came of the effort. The Chinese company has previously denied that it planned to make a bid.
The newspaper also said China's sovereign fund was expected to provide some financing for any mainland bid but would not lead a transaction out of fears of a political backlash.
Rio Tinto last month rejected fellow miner Anglo-Australian BHP Billiton's $142bn offer, saying it significantly undervalues the company.
British authorities have set a deadline of February 6 for BHP Billiton, the world's biggest miner, to state whether it still intends to make an offer for Rio Tinto.
- Sapa-AFP
http://www.mweb.co.za//finance/?p=FinanceNewsArticle&i=796914
Maximus and NFX Confirm Extension of the Bear Lake Gold Zone at Larder Lake
Thursday December 20, 9:00 am ET
Hole 17A intersected 11.4 g/t Au over 3.0m and 6.0 g/t Au over 4.8 m
LONGUEUIL, QUEBEC and TORONTO, ONTARIO--(Marketwire - Dec. 20, 2007) - Maximus Ventures Ltd. ("Maximus") (TSX VENTURE:MXV - News) and NFX Gold Inc. ("NFX") (TSX VENTURE:NFX - News) are pleased to announce the results from two more follow-up holes in the Bear Lake Area of the Larder Lake Property located in Ontario, Canada. Two holes, #16 and #17A, were respectively drilled 75 m east and 75 m west of hole #11 that intersected two high grade zones (10.4 g/t Au over 5.2 m and 8.0 g/t Au over 10.2 m), as reported on August 16, 2007. Hole #17A intersected "flow"-type mineralization grading 4.9 g/t Au over 8.1 m, including 11.4 g/t Au over 3.0 m. Hole #17A also intersected "carbonate"-type mineralization that assayed 6.0 g/t Au over 4.8 m, including 9.7 g/t Au over 1.3 m. Hole #16 intercepted modest mineralization.
"Results of the five holes drilled to date show the strong continuity of the mineralization and confirm that a large gold mineralized system is present at Bear Lake with both high grade and low-grade lenses occurring within the mineralized area", said Francois Viens, President and CEO of Maximus Ventures. "The mineralization at Bear Lake shows strong similarities with the ore zones at the historic Kerr-Addison gold mine (6 km to the east), characterized by alternating higher and lower grade ore shoots."
Drilling is on-going in the Fernland area on the Larder Lake property where a six-hole program is testing the extension of the high-grade gold mineralization intersected in hole #13 that graded 6.9 g/t Au over 13.5 m, including 13.1 g/t Au over 6.0 m (see November 1 and 6, 2007 press releases). The results for these step-out holes are still pending.
Once the current program, at Fernland, is completed in January 2008; drilling will resume at Bear Lake with the objective of systematically testing the higher-grade lenses laterally and down-plunge to a vertical depth of 1000 m.
Drill Results Details
The "Carbonate"-type mineralization was intersected at 689 m in hole #17A along with a stockwork of strongly albitized veinlets and 2-3% Py. This section graded 6.0 g/t Au over 4.8 m, including 9.7 g/t Au over 1.3 m. Then, at 740 m, hole #17A intersected "Flow"-type mineralization. Several small grains, of visible gold, were observed in quartz veinlets. Overall, pyrite content varies between 2 to 5%. Assay results from this section returned 4.9 g/t Au over 8.1 m, including 11.4 g/t Au over 3.0 m
Furthermore, a graphitic fault zone intersected at 601 m in hole #17A assayed 12.2 g/t Au over 0.5 m, which indicate that the fault zones in the Bear Lake area might have served as conduits for gold-bearing fluids. The presence of these gold-bearing fault zones in the Bear Lake Area potentially indicates the presence of an extensive gold-rich mineralized system.
Hole #16, drilled 75 metres east from hole #11, did not intersect the "Carbonate"-type mineralization that was faulted-off by a 9 m wide fault zone at 635 m, but intersected the "Flow"-type mineralization at 662 m which returned 1.8 g/t Au over 6.0 m, including a section grading 4.2 g/t Au over 0.5 m. The attitude and extent of this thick fault zone will only be assessed, once more holes are drilled in the area.
The following table shows the results to date from the Bear Lake area.
Highlights of Larder Lake Assay Results
---------------------------------------------------------------------------
From To Length Au
Hole no. (m) (m) (m) (g/t) Mineralization Type
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-11(i)
587.5 592.7 5.2 10.4 "Carbonate"-type;
---------------------------------------------------------------------------
Including 588.0 589.5 1.5 20.8
---------------------------------------------------------------------------
664.6 674.8 10.2 8.0 "Flow"-type; up to
30% Py
---------------------------------------------------------------------------
Including 667.0 673.0 6.0 13.3
---------------------------------------------------------------------------
or 668.8 673.0 4.2 18.6
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-14(i) 470.9 479.8 8.9 0.5 "Carbonate"-type;
1-5% Py
---------------------------------------------------------------------------
647.5 652.7 7.0 0.5 "Flow"-type; up to
20% Py
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-15(i) 593.0 598.5 5.5 1.2 "Carbonate"-type;
tr-1% Py
---------------------------------------------------------------------------
701.0 711.7 10.7 3.9 "Flow"-type; up to
25% Py
---------------------------------------------------------------------------
Including 705.6 709.7 4.1 7.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-16 658.0 664.0 6.0 1.8 "Flow"-type; 3-5% Py
---------------------------------------------------------------------------
Including 662.2 662.7 0.5 4.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
NFX07-17A 600.5 601.0 0.5 12.2 Graphitic Fault Zone
---------------------------------------------------------------------------
686.5 691.3 4.8 6.0 "Carbonate"-type; 2-
3% Py
---------------------------------------------------------------------------
Including 690.0 691.3 1.3 9.7
---------------------------------------------------------------------------
736.9 745.0 8.1 4.9 "Flow"-type; 2-5% Py
---------------------------------------------------------------------------
Including 738.0 741.0 3.0 11.4
---------------------------------------------------------------------------
(i) Hole NFX07-11, 14 and 15 previously released
Larder Lake Property
Maximus is conducting the drilling program pursuant to the Option and Joint Venture Agreement between Maximus and NFX, whereby Maximus has the right to earn a 60% interest in NFX's 100% interest at the Cheminis, Fernland and Bear Lake claims and 45% interest in NFX's 100% owned Barber Larder claims, that comprise the Larder Lake Property, by expending $6 million on exploration by December 31, 2008.
As part of its QA/QC program, Maximus carries out check assays on the high-grade intersections with no discrepancies found in the assay results. The turnaround time for the reception of assay results from the lab has been very slow since September, due to the very large amount of samples received with the end of the field season. The situation is gradually returning to normal.
The technical content of the information, related to Larder Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling campaign and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.
Forward-looking Statements
This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contact:
Francois Viens
Maximus Ventures Ltd.
President and CEO
450-677-1009
450-677-2601 (FAX)
www.maximusventures.com
Gerri Paxton/Louise Quinn
Maximus Ventures Ltd.
Investor Relations
450-677-2054/677-3523
gpaxton@maximusventures.com
lquinn@maximusventures.com
Thomas G. Larsen
NFX Gold Inc.
President and CEO
416-360-8006 / Toll Free: 800-360-8006
416-361-1333 (FAX)
www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd, NFX Gold Inc.
http://biz.yahoo.com/ccn/071220/200712200433265001.html?.v=1
December 2007 CEO clip...(Francois Viens)
http://www.ceoclips.com/media/maximus_ventures.asx
Maximus Confirms Gold and Silver-Rich Zone at Hope Bay, Nunavut
Friday December 14, 1:00 pm ET
LONGUEUIL, QUEBEC--(Marketwire - Dec. 14, 2007) - Maximus Ventures Ltd. ("Maximus")(TSX VENTURE:MXV - News) is pleased to announced today the final assay results from its 2007 drilling program at Hope Bay Project, located in Nunavut, Canada. The 2007 drill program was focused on the Chicago area and tested the extension and continuity of the extensive gold-silver mineralized zone previously encountered in holes #6, #10 and #12. As previously reported, these holes all intersected highly anomalous gold and silver values over long intervals (such as hole #6: 0.19 g/t Au and 6.7 g/t Ag over 108 m; #10: 0.46 g/t Au and 6.7 g/t Ag over 82 m; #12: 0.14 g/t Au and 4.3 g/t Ag over 110 m) over long intervals in chloritized felsic volcanics with up to 15% pyrite in stringers (see June 28, 2007 press release).
http://biz.yahoo.com/ccn/071214/200712140431879001.html?.v=1
US Antimony receives mining permit, 27 November 2007
Montana-based US Antimony has received a mining permit for its San Miguel antimony-silver project in Mexico's Queretaro state, the company reported in a statement.
http://metalsplace.com/news/?a=16195
U.S. Antimony Announces Assays from Antimony and Silver Property in Mexico
Monday November 26, 8:00 am ET
THOMPSON FALLS, Mont.--(BUSINESS WIRE)--United States Antimony Corporation (OTCBB: UAMY - News) announced assays from its wholly owned Mexican subsidiary, Antimonio de Mexico, S. A. de C. V., large antimony and silver property in the State of Queretaro, Mexico. Initial feed for the flotation mill will be from dumps from previous mining operations. The dumps are estimated to contain more than 10,000 tons of mill feed. Mining will begin from four mine faces in existing pits that were mined almost 40 years ago. Following are the assays:
Pit 2 3.72% antimony 0.035 opt gold 3.72 opt silver
Pit 3 1.69% antimony 0.035 opt gold 1.82 opt silver
Pit 3A 2.63% antimony 0.012 opt gold 8.72 opt silver
Pit 4 4.74% antimony 0.017 opt gold 18.42 opt silver
All of these samples were taken from mine faces that were more than 3 meters in height. A dump sample was taken that is representative of more than 50 tons as follows: 6.77% antimony 0.009 opt gold 13.74 opt silver
Although mineralization has been mapped for a strike length of more than 4.5 kilometers and a width of more than 50 meters, the Company claims no reserves at this time.
The permit for the mine property has been granted, and the permit for the mill site is expected within 30 days. The water pipeline from a waste-water treatment plant is under construction, the mill location has been surveyed, a heavy truck access road is being built, and some of the equipment has been taken to the mill site. Other truckloads of the mill equipment will be trucked to the site before the end of the year. Antimony, silver and gold concentrates from the 150-ton per day mill will be processed at USAC’s smelter site at Estacion Madero in the State of Coahuila, Mexico.
USAC is now the only significant domestic producer of antimony products. China controls 89% of the world antimony production. USAC hopes to become a more significant supplier.
Forward Looking Statements:
This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are based upon current expectations or beliefs, as well as a number of assumptions about future events, including matters related to the Company's operations, pending contracts and future revenues. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-KSB with the Securities and Exchange Commission.
Contact:
United States Antimony Corporation
John Lawrence, 406-827-3523
Fax: 406-827-3543
tfl3543@blackfoot.net
--------------------------------------------------------------------------------
Source: United States Antimony Corporation
http://biz.yahoo.com/bw/071126/20071126005278.html?.v=1
Chart
The corporate presentation was updated for November, as well as, the brochure. It has new info on Bear Lake and Fernland. I updated the header with the new links.
The recently discovered high grade gold mineralization, in the Bear Lake fault, is plotted on this regional longitudinal section. This area has received little drilling over the years, but has now produced the highest grade gold ever drilled on the NFX Larder Lake project.(NFX07-11)
I've been meaning to...
start a board for Maximus for some time now, finally did.
This exploration company is having great success at Larder Lake Ontario. They recently have discovered a new mineralization in the Bear Lake fault similiar to the nearby Kerr-Addison mine(11mill oz gold) . Waiting on further drill results from two holes near recent discovery at Bear Lake.
Also at Larder Lake, the Fernland area has hit a new high grade gold zone. Drills are currently at Fernland for follow up drilling.
Maximus is waiting on over 900 assay samples from the summer drilling program of the Chicago zone of Hope Bay. This is 75% optioned to Maximus by Miramar(soon to be Newmont?).
Two New High Grade Intersections Wider than Previously Reported at Fernland and Bear Lake Claims of the Larder Lake Property
Toronto, Canada: November 6, 2007 –Maximus Ventures Ltd.(MXV: TSX Venture Exchange) and NFX GOLD INC. (NFX: TSX Venture Exchange) are pleased to report that additional assays from previously announced drill holes NFX07-13 and NFX07-15 at the Larder Lake Property indicate that the “flow-ore” style mineral intersections are wider than previously reported in each hole. Hole NFX07-13 at Fernland was reported (Nov. 1/07) as intersecting “flow-ore” style mineralization grading 13.1 gpt Au over 6.0 m. Additional analysis indicates that this high grade intersection occurs within a wider zone of the favourable “flow-ore” horizon that grades 6.9 gpt Au over 13.5m.
Similarly, hole NFX07-15 at Bear Lake was reported (Nov. 1/07) as intersecting “flow-ore” style mineralization grading 7.0 gpt Au over 4.1m. Additional analysis indicates that this high grade intersection previously reported also occurs in a wider zone of the favourable “flow-ore” horizon that grades 3.9 gpt Au over 10.7m. Although lower grade, the length times grade indicator for the wider zone of mineralization adds confidence the zone is continuous down-plunge.
Fernland
At Fernland, hole NFX07-13 was drilled down-plunge from two shallower holes completed in 2006. The 2006 holes, NFX06-05 and NFX06-16, are spaced approximately 200 m along strike of each other and contain intersections of “flow-ore” mineralization at vertical depths of 90m and 140m, respectively. The grade of the “flow-ore” intersections in each hole is 1.56 gpt Au over 9.55m and 1.27 gpt Au over 12.7m, respectively. The success of hole NFX07-13 by intersecting high grade “flow-ore” mineralization between these holes at a vertical depth of 160m demonstrates an improved geological understanding of the geometry of the mineral zones and the importance of diligent follow-up drilling of lower grade intersections.
A series of six drill holes are planned at Fernland to follow-up the high grade “flow-ore” intersection in hole NFX07-13 and delimit the lateral extent and continuity of the zone along the indicated steep southeast plunge. The drill has moved from the Bear Lake property to commence the follow-up program at Fernland while Maximus completes sampling, assaying and compiling results from four follow-up drill holes completed at Bear Lake.
Bear Lake
At Bear Lake, 2.5 kms east of Fernland, two new high grade intersections in hole NFX07-11 were previously reported (Aug 15/07). The first intersection in hole NFX07-11 was reported as carbonate style mineralization grading 10.4 gpt Au over 5.2 m. The second intersection in hole NFX07-11 was reported as “flow-ore” style mineralization at the south sedimentary contact grading 13.3 gpt Au over 6.0 m. Additional analysis indicates the high grade “flow-ore” intersection previously reported in hole NFX07-11 occurs within a wider zone of the favourable “flow-ore” horizon grading 8.0 gpt Au over 10.1m.
Four follow-up drill holes have been completed in a relatively close spaced pattern (50-75m) surrounding hole NFX07-11. Results were previously reported (Nov 1/07) for two of the four holes, namely, NFX07-14 and 15 drilled up and down-plunge, respectively of hole NFX07-11. NFX07-15 drilled approximately 50 m down-plunge from NFX07-11 successfully intersected the higher grade “flow-ore” mineralization in a zone originally reported as grading 7.0 gpt Au over 4.1m. Additional analysis indicates the high grade intersection occurs in a wider interval of mineralization that extends into the sediments at the south contact. The entire intersection of continuous mineralization is longer than originally reported (Nov 1/07) grading 3.9 gpt Au over 10.7m.
The results from the three carbonate style mineral intersections in holes NFX07-11, 14 and 15 at Bear Lake are typical of the variable gold concentrations encountered in the carbonate style mineralization of the Larder Lake deposits. The “flow-ore” style mineral zones characteristically demonstrate better grade and continuity than the carbonate style mineral zones and are therefore the primary targets for follow-up drilling.
Thomas Larsen, President and CEO of NFX states, “I am extremely pleased that hole NFX07-15 at Bear Lake has confirmed that “flow-ore” gold mineralization is continuing down-plunge from the high grade “flow-ore” intersection in discovery hole NFX07-11. The style and grade of the mineralization are typical of the world class Kerr-Addison orebodies located only 5km east along the same geological structure.
The new high-grade “flow-ore” intersection at Fernland, 2.5 kms west of Bear Lake, occurs at a relatively shallow depth in comparison to historic “flow-type” intersections of similar grade and demonstrates the potential for discovering additional high-grade ore shoots along this 8 kilometer long geologic sequence across the Larder Lake Property”.
Maximus is conducting the drilling program pursuant to the Option and Joint Venture Agreement between Maximus and NFX, whereby Maximus has the right to earn a 60% interest in NFX's 100% interest at the Cheminis, Fernland, and Bear Lake claims and 45% interest in NFX’s 100% owned Barber Larder claims that comprise the Larder Lake Property by expending Cdn$6 million on exploration by December 31, 2008. Results of planned drilling program at Fernland will be released when available. Although several high grade assays have been intersected, there is no stastistical basis for cutting to a lower value at the present time.
The technical content of this press release has been reviewed by Alex S. Horvath, P.Eng, NFX Gold Inc. and Bernard Boily, P.Geo., Maximus, both qualified professionals according to NI 43-101 guidelines.
For further information please contact either: François Viens Thomas G. Larsen
President and CEO President and CEO
Maximus Ventures Ltd. NFX Gold Inc.
Telephone: (450) 677-1009 Telephone: (416) 360-8006
Facsimile: (450) 677-2601 Facsimile: (416) 361-1333
www.maximusventures.com Toll Free: (800) 360-8006
www.nfxgold.com
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
NOTE: AN UPDATED SECTION INDICATING THE HOLE LOCATIONS/RESULTS CAN BE VIEWED ON WWW.SEDAR.COM OR THE COMPANY'S WEBSITE.
This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the properties mentioned above and it is uncertain if further exploration will result in any such target being delineated as a mineral resource. Forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. (Not for dissemination in the United States.)
Two New High Grade Intersections Wider than Previously Reported at Fernland and Bear Lake Claims of the Larder Lake Property
Toronto, Canada: November 6, 2007 –Maximus Ventures Ltd.(MXV: TSX Venture Exchange) and NFX GOLD INC. (NFX: TSX Venture Exchange) are pleased to report that additional assays from previously announced drill holes NFX07-13 and NFX07-15 at the Larder Lake Property indicate that the “flow-ore” style mineral intersections are wider than previously reported in each hole. Hole NFX07-13 at Fernland was reported (Nov. 1/07) as intersecting “flow-ore” style mineralization grading 13.1 gpt Au over 6.0 m. Additional analysis indicates that this high grade intersection occurs within a wider zone of the favourable “flow-ore” horizon that grades 6.9 gpt Au over 13.5m.
Similarly, hole NFX07-15 at Bear Lake was reported (Nov. 1/07) as intersecting “flow-ore” style mineralization grading 7.0 gpt Au over 4.1m. Additional analysis indicates that this high grade intersection previously reported also occurs in a wider zone of the favourable “flow-ore” horizon that grades 3.9 gpt Au over 10.7m. Although lower grade, the length times grade indicator for the wider zone of mineralization adds confidence the zone is continuous down-plunge.
Fernland
At Fernland, hole NFX07-13 was drilled down-plunge from two shallower holes completed in 2006. The 2006 holes, NFX06-05 and NFX06-16, are spaced approximately 200 m along strike of each other and contain intersections of “flow-ore” mineralization at vertical depths of 90m and 140m, respectively. The grade of the “flow-ore” intersections in each hole is 1.56 gpt Au over 9.55m and 1.27 gpt Au over 12.7m, respectively. The success of hole NFX07-13 by intersecting high grade “flow-ore” mineralization between these holes at a vertical depth of 160m demonstrates an improved geological understanding of the geometry of the mineral zones and the importance of diligent follow-up drilling of lower grade intersections.
A series of six drill holes are planned at Fernland to follow-up the high grade “flow-ore” intersection in hole NFX07-13 and delimit the lateral extent and continuity of the zone along the indicated steep southeast plunge. The drill has moved from the Bear Lake property to commence the follow-up program at Fernland while Maximus completes sampling, assaying and compiling results from four follow-up drill holes completed at Bear Lake.
Bear Lake
At Bear Lake, 2.5 kms east of Fernland, two new high grade intersections in hole NFX07-11 were previously reported (Aug 15/07). The first intersection in hole NFX07-11 was reported as carbonate style mineralization grading 10.4 gpt Au over 5.2 m. The second intersection in hole NFX07-11 was reported as “flow-ore” style mineralization at the south sedimentary contact grading 13.3 gpt Au over 6.0 m. Additional analysis indicates the high grade “flow-ore” intersection previously reported in hole NFX07-11 occurs within a wider zone of the favourable “flow-ore” horizon grading 8.0 gpt Au over 10.1m.
Four follow-up drill holes have been completed in a relatively close spaced pattern (50-75m) surrounding hole NFX07-11. Results were previously reported (Nov 1/07) for two of the four holes, namely, NFX07-14 and 15 drilled up and down-plunge, respectively of hole NFX07-11. NFX07-15 drilled approximately 50 m down-plunge from NFX07-11 successfully intersected the higher grade “flow-ore” mineralization in a zone originally reported as grading 7.0 gpt Au over 4.1m. Additional analysis indicates the high grade intersection occurs in a wider interval of mineralization that extends into the sediments at the south contact. The entire intersection of continuous mineralization is longer than originally reported (Nov 1/07) grading 3.9 gpt Au over 10.7m.
The results from the three carbonate style mineral intersections in holes NFX07-11, 14 and 15 at Bear Lake are typical of the variable gold concentrations encountered in the carbonate style mineralization of the Larder Lake deposits. The “flow-ore” style mineral zones characteristically demonstrate better grade and continuity than the carbonate style mineral zones and are therefore the primary targets for follow-up drilling.
Thomas Larsen, President and CEO of NFX states, “I am extremely pleased that hole NFX07-15 at Bear Lake has confirmed that “flow-ore” gold mineralization is continuing down-plunge from the high grade “flow-ore” intersection in discovery hole NFX07-11. The style and grade of the mineralization are typical of the world class Kerr-Addison orebodies located only 5km east along the same geological structure.
The new high-grade “flow-ore” intersection at Fernland, 2.5 kms west of Bear Lake, occurs at a relatively shallow depth in comparison to historic “flow-type” intersections of similar grade and demonstrates the potential for discovering additional high-grade ore shoots along this 8 kilometer long geologic sequence across the Larder Lake Property”.
Maximus is conducting the drilling program pursuant to the Option and Joint Venture Agreement between Maximus and NFX, whereby Maximus has the right to earn a 60% interest in NFX's 100% interest at the Cheminis, Fernland, and Bear Lake claims and 45% interest in NFX’s 100% owned Barber Larder claims that comprise the Larder Lake Property by expending Cdn$6 million on exploration by December 31, 2008. Results of planned drilling program at Fernland will be released when available. Although several high grade assays have been intersected, there is no stastistical basis for cutting to a lower value at the present time.
The technical content of this press release has been reviewed by Alex S. Horvath, P.Eng, NFX Gold Inc. and Bernard Boily, P.Geo., Maximus, both qualified professionals according to NI 43-101 guidelines.
For further information please contact either: François Viens Thomas G. Larsen
President and CEO President and CEO
Maximus Ventures Ltd. NFX Gold Inc.
Telephone: (450) 677-1009 Telephone: (416) 360-8006
Facsimile: (450) 677-2601 Facsimile: (416) 361-1333
www.maximusventures.com Toll Free: (800) 360-8006
www.nfxgold.com
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
NOTE: AN UPDATED SECTION INDICATING THE HOLE LOCATIONS/RESULTS CAN BE VIEWED ON WWW.SEDAR.COM OR THE COMPANY'S WEBSITE.
This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the properties mentioned above and it is uncertain if further exploration will result in any such target being delineated as a mineral resource. Forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. (Not for dissemination in the United States.)
Maximus Discovers Another High Grade Gold Zone at NFX's Larder Lake Property
Thursday November 1, 10:06 am ET
Hole 13 intersects 13.1 g/t Au over 6.0 m in the Fernland Area Mineralization confirmed in the Bear Lake Area
LONGUEUIL, QUEBEC AND TORONTO, ONTARIO--(MARKET WIRE)--Nov 1, 2007 -- Maximus Ventures Ltd. ("Maximus") (CDNX:MXV.V - News) and NFX Gold Inc. ("NFX") (CDNX:NFX.V - News) are pleased to announce the discovery of a new high grade gold zone at the Larder Lake Gold Project. Hole #13 cut 6.0 m of flow-type mineralization grading 13.1 g/t Au, including a 3.0 m section grading 19.9 g/t Au, at a depth of 160 metres below surface. This intersection, located in the Fernland area, is open down-plunge for at least 600 metres and laterally for over 300 metres. It is on the same favourable geologic horizon as the recent Bear Lake discovery, 2.3km to the east, where intercepts of 10.4 g/t Au over 5.2 m and 13.3 g/t Au over 6.0 m in hole #11 were reported in a press release dated August 16, 2007. (Visit Maximus web site www.maximusventures.com for our corporate presentation and figures).
Furthermore, assay results have been received from two of the follow-up holes drilled around the high grade gold zones intersected in hole #11 in the Bear Lake Area referenced above. Hole #15, drilled 50 metres down-plunge from hole #11, intersected 1.2 g/t Au over 5.5 m followed by 7.0 g/t Au over 4.1 m. Hole #14, drilled 75 metres up-plunge from #11, also intersected both zones with the upper zone grading 0.5 g/t Au over 8.9 m and the lower zone averaging 0.5 g/t Au over 7.0 m. Results from holes #16, drilled 70 metres east of hole #11, are still pending and hole #17, drilled 50 metres west and below hole #11, is currently in progress.
Follow-up drilling to date on the Bear Lake gold zone has confirmed the continuity of the gold mineralization and the lower grades intersected in holes #14 and #15 demonstrate that both high grade and low grade shoots are present within the mineralized area. Additional drilling is required to define the strike, dip of these mineralized zones, and to further define potential higher-grade lenses. Typically, this style of mineralization in the Larder Lake area can be deeply seated and higher-grade gold mineralization within each of these gold shoots generally starts at a vertical depth of approximately 400 to 500m. The presence of albitized high iron mafic and/or ultramafic rocks is a common feature for the gold-rich lenses, which were also present in the high-grade gold zones at the nearby Kerr Addison Mine located some 6 km to the east.
While a limited number of additional holes could be drilled from the shores of Bear Lake, detailed definition drilling will be better achieved from the ice this winter and a second drill is expected to start working in January 2008. While waiting for the assay results of the two follow-up holes (#16 and #17) at Bear Lake, the drill will relocate to the Fernland area to carry out follow-up drilling laterally and down-plunge of the newly discovered high-grade mineralization.
"We are pleased with the recent results from Larder Lake," stated Francois Viens President and CEO of Maximus. "The discovery of this new high grade mineralization at Fernland confirms the potential for the multi-kilometre long geologic sequence to host a series of high grade gold deposits. The Fernland discovery is also very shallow compared to the usual high-grade mineralization found in the area. In combination with the Bear Lake discovery, our results so far suggest the possibility for a highly prospective gold camp".
Larder Lake Assay Results
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Hole no. From To Length Au Zone Mineralization Type
(m) (m) (m) (g/t)
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NFX07-11(i)587.5 592.7 5.2 10.4 Bear Lake "Carbonate"-type
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Including 588.0 589.5 1.5 20.8
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667.0 673.0 6.0 13.3 "Flow"-type; up to 30% Py
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Including 668.8 673.0 4.2 18.6
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NFX07-12 Fernland Hole abandoned
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NFX07-13 177.0 183.0 6.0 13.1 Fernland "Flow"-type; up to 25% Py
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Including 177.0 180.0 3.0 19.9
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NFX07-14 470.9 479.8 8.9 0.5 Bear Lake "Carbonate"-type
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645.7 652.7 7.0 0.5 "Flow"-type; up to 10% Py
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NFX07-15 593.0 598.5 5.5 1.2 Bear Lake "Carbonate"-type
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705.6 709.7 4.1 7.0 "Flow"-type; up to 25% Py
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Including 705.6 706.5 0.9 9.2
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Hole NFX07-11 previously reported
NFX07-17: Drilling in progress
NFX07-16: Assay results are pending
Larder Lake Property
The Larder Lake Project consists of the Cheminis, Bear Lake, Fernland and Barber Larder properties (all 100% NFX owned). Under the Option and Joint Venture Agreement between Maximus and NFX signed March 3, 2006, Maximus has the right to earn a 60% interest in NFX's interest at Larder Lake by expending $6 million on exploration by December 31, 2008.
As part of its QA/QC program, Maximus carries out check assays on the high-grade intersections with no discrepancies found in the assay results. The turnaround time for the reception of assay results from the lab has been very slow since September, due to the very large amount of samples received with the end of the field season. The situation is gradually returning to normal.
The technical content of the information related to Larder Lake was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling campaign and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.
Forward-looking Statements
This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
Contact:
Contacts:
Maximus Ventures Ltd.
Francois Viens
President and CEO
450-677-1009
450-677-2601 (FAX)
http://www.maximusventures.com
NFX Gold Inc.
Thomas G. Larsen
President and CEO
416-360-8006
416-361-1333 (FAX)
Toll Free: (800) 360-8006
http://www.nfxgold.com
--------------------------------------------------------------------------------
Source: Maximus Ventures Ltd
http://biz.yahoo.com/iw/071101/0322997.html
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Concerning MXV.V and NFX.V drill results at Larder Lake, Ontario. The speculation here is a new minereraliztion has been found in the Bear Lake Fault that is the same or similiar to the past producing Kerr-Addison mine and other mines in the region. The Flow Type ore and the Carbonate ore hit on hole 07-011 are identical to Kerr-Addison's ore. The Kerr-Addison Mine produced 11 million ounces of gold.
On the following map you will see the Bear Lake fault lies between the Cheminis Mine on the West, and the Armistice and Kerr Addison mines on the east. The Bear Lake Fault has received very little drilling over the years so there is upside potential. One other note worth mentioning, this isn't in some remote location. It lies along a major highway with power, water, etc., in a major mining district. http://www.maximusventures.com/i/maps/larder_m2.gif