Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
September 04, 2012
CanAm Announces the Retirement of John Bergen from the Board of Directors
--------------------------------------------------------------------------------
Calgary, AB, September 4, 2012 - CanAm Coal Corp. (TSXV: COE) (OTCQX: COECF) ("CanAm" or the "Company") is announcing the retirement of Mr. John Bergen from its Board of Directors.
On August 30, 2012, John Bergen elected to retire from the Board of Directors of CanAm Coal Corp. John has been a member of the Board since 2005, serving as its Chair from 2005 to 2008. From 1998 to 2005, John was the Company's President and CEO. Commenting on Mr. Bergen's decision, Jon Legg noted, "John Bergen's contribution to the growth and development of CanAm Coal cannot be overstated. In many ways, he has been the face of the Company for close to 20 years. His leadership and guidance have been invaluable to all of us. We truly thank John for his outstanding contributions to the board and this Company."
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
MEDL Mobile, Inc. (OTCBB:MEDL) ("MEDL" or the "Company"), a pioneer in the creation, development, marketing and monetization of mobile apps, with clients and partners that include The New York Times Company, Verizon, Taco Bell, Real Madrid, Monster.com, Telefonica, Medtronic, Sarah Silverman, Marlee Matlin, Cheech & Chong, Rampage Jackson, and MTV's Pauly D, will introduce and demonstrate its proprietary MEDL Brain technology to the media and to investors in two events on Wednesday, September 5, 2012 at its corporate headquarters.
According to Forrester Research, "Mobile is the most transformational technology since the Internet." With more than one million apps available today, a new challenge has emerged for mobile users and developers: discoverability.
MEDL has created a solution to this challenge that is transforming mobile communications for celebrities, major brands and fellow developers. Its patent-pending MEDL Brain technology is a recommendation engine that provides mobile users with statistically significant and intelligent app recommendations, based on the user's "mobile lifestyle." It helps users find personally matched apps that they weren't even looking for - and helps developers drive downloads of previously undiscovered applications.
In addition to introducing this groundbreaking technology, the Company's co-founder and chief executive officer, Andrew Maltin, will share his perspective on the multifaceted, rapidly expanding app economy, its effects on mobile users and the Company's strategy to capitalize on these trends.
Details of the event are as follows:
Date: Wednesday, September 5, 2012
Time: 11:00 a.m. Pacific time (Press Only)
Time: 1:30 p.m. Pacific time (Open to Investors)
Location: 18475 Bandilier Circle
Fountain Valley, CA 92708
Space is limited; registration is required. To RSVP, call Jon Cunningham at 1-800-REDCHIP (1-800-733-2447), ext. 107.
Mr. Maltin stated, "This event will be a great opportunity to learn about the evolution of mobile apps, where the industry is heading, and the challenges and opportunities present. You'll also get a chance to see firsthand how we've solved the discoverability challenge facing consumers and developers."
About MEDL Mobile
The Company develops, acquires and publishes a growing library of mobile applications which perform specific functions for the user on the Apple and Android platforms. The Company licenses its technology and performs custom development for key clients such as Monster.com, New York Times Company, Teleflora, Telefonica and Medtronic, allowing the Company to grow the overall library of technology greatly extending the potential reach of the MEDL Brain. The Company enters into partnerships to mobilize and monetize IP with such notable names as Encyclopedia Britannica, MTV's Pauly D, Cheech & Chong, Rampage Jackson and Marlee Matlin. The Company is establishing a business model in which it expects to generate multiple revenue streams, including development fees, download and in-app purchases, advertising, sponsorship and licensing of technology. User analytics are collected by the Company's growing Mobile Brain which processes user data in order to create better distribution and monetization of mobile applications. The Company's Software Development Kit (SDK) consists of a growing suite of tools which have been designed to help developers to better market and monetize their mobile applications. For more information about MEDL Mobile, please visitwww.medlmobile.com.
The MEDL Mobile Holdings Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11366
Forward-Looking Statements
Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
CONTACT: Media Contact:
Christopher Scuro
MEDL Mobile
Chris.Scuro@MEDLMobile.com
714-617-1991 ex. 4211
Investor Relations Contact:
RedChip Companies, Inc.
Jon Cunningham
800-733-2447, Ext. 107
407-644-4256, Ext. 107
info@redchip.com
http://www.redchip.com
There is an Amendment on 8-28-12. Thanks for looking into it though. GLTY
Can you post the new Florida SOS info?
Whats the news on the Florida SOS. I cant seem to open it.
MEDL Mobile, Inc.(OTCBB:MEDL.OB), a pioneer in the creation, development, marketing and monetization of mobile apps, has found a way to spin gold out of the challenge facing developers across the apposphere by rolling quality independent apps into a cross-monetizing network.
New apps are added into the existing MEDL network simply by installing a few lines of code through a proprietary MEDL SDK. Once the SDK is installed and the app is live on the store, MEDL is able to cross promote the new app to it's millions of current users.
MEDL acquires these apps from independent developers or publishers -- who in exchange retain a percentage of all future revenues. In addition to cross-marketing applications among the network, MEDL is also able to monetize these new apps through a proprietary optimized advertising platform.
In the last month, MEDL has acquired 38 new apps for the library and plans to accellerate acquisition and roll up in the months ahead. Ultimately, the company plans to hold a library of 5,000 applications which are cross promoting among a network of 100,000,000 users.
New titles include apps such as:
E.G. Chess, a 4-star, 3D animated chess game that can be played over GameCenter, Bluetooth or locally against friends;
GrooFoto, a social meda platform for live sharing of photos via private albums called "Pouches";
Roaming Browser, an ingenious and simple application that saves bandwidth and roaming fees by allowing a user to view the web without loading bandwidth intensive content or images. On the 100 top websites, the app cut data consumption by an average of 80%;
Zombie Blast, a 4-star zombie game which the Company believes will appeal to its million plus users of Boxhead, Zombie Wars;
and Dog Park:Top Dog, a 4.5-star game where you build a pack of dogs and strategize to take over new neighborhoods.
"There are tens of thousands of great apps out there that have never found an audience," said Dave Swartz, MEDL's co-founder and Chief Creative Officer. "And behind those apps are thousands and thousands of developers who collaborated with friends, invested their dollars, rolled up their sleeves, built great apps, but never saw a return on investment. We're here to help those apps find a significant audience and to share in that success."
MEDL also has relationships with celebrities, athletes, and famous individuals who's names and likeness can be attached to an app -- bringing significant social media attention along with it.
For example, last year MEDL brought a relatively unknown iPhone game into the network. MEDL attached DJ Pauly D, changed the hairstyle for the hero of the game, added some of Pauly's music and now, Pauly D's Beat That Boardwalk generates more downloads from a single tweet from Pauly D than it did prior in an average month.
About MEDL Mobile
The Company develops, acquires and publishes a growing library of mobile applications which perform specific functions for the user on the Apple and Android platforms. The Company licenses its technology and performs custom development for key clients such as Monster.com, New York Times Company, Teleflora, Telefonica and Medtronic, allowing the company to grow the overall library of technology greatly extending the potential reach of the Mobile Brain. The Company enters into partnerships to mobilize and monetize IP with such notable names as Encyclopedia Britannica, MTV's Pauly D, Cheech & Chong, Rampage Jackson and Marlee Matlin. The Company is establishing a business model in which it expects to generate multiple revenue streams, including development fees, download and in-app purchases, advertising, sponsorship and licensing of technology. User analytics are collected by the Company's growing Mobile Brain which processes user data in order to create better distribution and monetization of mobile applications. The Company's Software Development Kit (SDK) consists of a growing suite of tools which have been designed to help developers to better market and monetize their mobile applications.
For more information about MEDL Mobile, please visit http://www.medlmobile.com.
The MEDL Mobile Holdings Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11366
Forward-Looking Statements
Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities.
CONTACT: Media Contact:
Christopher Scuro
MEDL Mobile
Chris.Scuro@MEDLMobile.com
714-617-1991 ex. 4211
Investor Relations Contact:
RedChip Companies, Inc.
Jon Cunningham
800-733-2447, Ext. 107
407-644-4256, Ext. 107
info@redchip.com
http://www.redchip.com
EDVMF dropped below its 10 week simple moving average at 2.14 and is now at 2.03..Price Channel
EDVMF is trading within its price channel.
EDVMF is trading below the 2.36 Significant Point that would trigger a reversal of the Parabolic SAR's current bearish indication.
The On Balance Volume indicator (OBV) shows that longer term accumulation has given way to near term selling pressure.
The RSI recently crossed above the critical value of 30, which indicates that the selling pressure has lessened and that the internal strength of EDVMF has increased.
The MACD for EDVMF currently indicates a strong bearish signal for two reasons. First, the MACD is below the signal line, a 9-week moving average. Second, the MACD is below the critical level of 0, which implies that the underlying moving averages are trending lower.
The Stochastic Oscillator is registering a bearish signal as the %K line has crossed under the %D and the oscillator recently crossed below the critical value of 80, moving from its overbought indication..Williams
%R has recently crossed above the critical value of -80 which suggests that the selling pressure has lessened and the internal strength of EDVMF has increased.
The ADX is below 20 which signifies that EDVMF is not trending. Therefore the Bearish signal provided by the Directional Movement Index is not confirmed.
The Ultimate Oscillator is currently at 55.52% which indicates that the stock is neither overbought nor oversold.
Endeavour Mining Corporation ("Endeavour") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) has received the final drill results from core and reverse circulation (RC) drilling on the Ouaré gold deposit in Burkina Faso. An update of the resource estimate is underway and will be incorporated into a Preliminary Economic Assessment (PEA) due at the end of 2012.
Drilling along the 2.5 km long Ouaré trend was to infill, test extensions and extend mineralization to 150 metres depth in selected areas. Highlights of the core drilling on Ouaré Main include (Table 1);
-- BITDDH-12-55 with 18.7m @ 2.0g/t gold at 163.6 metres including
0.8m @ 12.3g/t gold
-- BITDDH-12-31 with 9.6m of 1.6g/t from 85 metres and 8.3m @
13.9g/t gold at 115.0 metres including 0.8m @ 33.5g/t gold
Results from core drilling on Ouaré East include (Table 1);
-- BITDDH-12-048 with 8.8m @ 14.2g/t gold at 96.0 metres including
5m @ 23.3g/t gold and 13.6m of 5.3 g/t from 138 metres
-- BITDDH-12-56 with 12.7m @ 3.9g/t gold at 143.1 metres including
2m @ 16.9g/t gold
Step-out RC drilling was completed along the Warba trend which is a parallel structure, 700 metres southwest of Ouaré (Figure 1). This drilling has also yielded positive results including (Table 2);
-- BITRC-12-393 with 5m @ 2.9g/t at 50.0 metres including 2m @
6.0g/t gold
-- BITRC-12-406 with 18m @ 3.7g/t at 16.0 metres including 4m @
11.8g/t gold and 8m @ 7.3g/t gold including 1m @ 53.8g/t gold
Doug Reddy, SVP Technical Services, stated:
"We are pleased that drilling results from the Ouaré deposit continue to be consistent and provide extensions to known mineralization. Based on the results of our 2011/2012 program, we see good potential for increasing the level of certainty in the resource as well as increasing the overall size. Once the resource is updated we will get our first look at the economics of this deposit with the PEA, which is expected to be completed by year-end. Positive results from other targets within several kilometres of Ouaré such as the Warba Trend and also the targets to the east and northeast demonstrate the prospectivity of the area."
The Ouaré gold deposit is located 40 kilometres northeast of Endeavour's Youga plant, which currently produces in excess of 80,000 ounces of gold annually. Ouaré has an inferred mineral resource of 4.738 Mt at 2.1 g/t gold for 323,000 ounces at a 0.5 g/t gold cut-off (K. Woodman, 2009). During 2011 and the first four months of 2012 a drilling program was undertaken on the Ouaré gold deposit that included 56 core holes (6,968 metres) and 192 reverse-circulation (RC) holes (21,759 metres). This drilling consists of both RC and core on the Ouaré Main and Ouaré East zones with the objective of improving the geological model, upgrading the resource classification, extending the mineralization to depth and along strike. In addition, step-out drilling was undertaken on the Warba trend. Results have now been received for all holes and an independent update to the resource estimation is underway.
Ouaré Main and East Infill Drilling
The deposit is over two kilometres long and had been nominally tested on 50 metre spaced sections to a maximum depth of 100 metres. The current program has reduced the drill hole spacing to 25 by 20 metres (Figure 2) and tested depths down to at least 150 metres depth on selected sections of the Ouaré Main and Ouaré East zones.
Several of the highlighted core intersections are from deeper holes which provide for potential increases to the resource down-dip. Based on the RC drilling there is also potential to add resources in the area between Ouaré Main and Ouaré East.
Warba Trend Step-out Drilling
Step-out RC drilling along a parallel trend that is 700 metres to the southwest of the Ouaré trend has yielded positive results in several locations that are not fully delineated. The eastern portion of the Warba zone has been drilled at between 50 m and 100 m spacing over a 500 meter strike length while the far west portion has yielded some very significant intersections that require additional testing (Figure 1).
New Targets
The region surrounding Ouaré shows good potential for discovery of additional gold mineralization. Accordingly, the program included drilling two targets on the Bitou Est permit and two targets on the Bitou Nord permit. All four targets are within six kilometres of Ouaré Main (Figure 3) deposit. Results from this drill program are still being received.
In order to access Figure 1 (Ouaré Deposits and Warba Zone) click on the following URL http://files.newswire.ca/910/Figure_1.pdf
In order to access Figure 2 (Ouaré Main and Ouaré East Drill Plan on IP Chargeability) click on the following URL http://files.newswire.ca/910/Figure_2.pdf
In order to access Figure 3 (Ouaré Zone and other Bitou Targets overlain on Contoured Gold in Soil Geochemistry) click on the following URL http://files.newswire.ca/910/Figure_3.pdf
Table 1: Ouaré Main Infill Core and RC Drilling Highlights
_____________________________________________________________________
| | | | | | | True | Au |
|Deposit| Hole ID |Drill | From | To | Length |Width | Grade |
| Area | | Type | (m) | (m) | (m) | (m) | (g/t) |
|_______|_____________|______|_______|________|________|______|_______|
| |BITDDH-12-034| Core| 29| 52| 23| 18.4| 1.44|
| |_____________|______|_______|________|________|______|_______|
| | including| | 41| 43| 2| 1.6| 4.02|
| |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-035| Core | 59| 77| 18| 14.4| 1.24|
| |_____________|______|_______|________|________|______|_______|
| | including| | 75| 76| 1| 0.8| 6.50|
| |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-036| Core | 129| 136.65| 7.65| 6.1| 2.81|
| |_____________|______|_______|________|________|______|_______|
| | including| | 129| 130| 1| 0.8| 4.39|
| |_____________|______|_______|________|________|______|_______|
| Ouaré |BITDDH-12-043| Core | 48| 77| 29| 23.2| 1.44|
| Main |_____________|______|_______|________|________|______|_______|
| (NW) | including| | 54| 55| 1| 0.8| 6.15|
| |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-046| Core | 8| 23| 15| 12.0| 2.04|
| |_____________|______|_______|________|________|______|_______|
| | including| | 8.8| 11| 2.2| 1.8| 7.08|
| |_____________|______|_______|________|________|______|_______|
| | and| | 132.8| 140.12| 7.32| 5.9| 3.31|
| |_____________|______|_______|________|________|______|_______|
| | including| | 136| 138.7| 2.7| 2.2| 7.61|
| |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-055| Core | 163.6| 187| 23.4| 18.7| 1.98|
| |_____________|______|_______|________|________|______|_______|
| | including| | 179| 180| 1| 0.8| 12.30|
|_______|_____________|______|_______|________|________|______|_______|
| |BITDDH-12-030| Core| 56.35| 67| 10.65| 8.5| 4.54|
| |_____________|______|_______|________|________|______|_______|
| | including| | 60| 63.4| 3.4| 2.7| 12.13|
| |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-031| Core | 85| 97| 12| 9.6| 1.61|
| |_____________|______|_______|________|________|______|_______|
| | including| | 87.4| 89| 1.6| 1.3| 5.78|
| |_____________|______|_______|________|________|______|_______|
| | and| | 115| 125.4| 10.4| 8.3| 13.88|
| |_____________|______|_______|________|________|______|_______|
| | including| | 123| 124| 1.0| 0.8| 33.50|
| Ouaré |_____________|______|_______|________|________|______|_______|
| Main |BITDDH-12-037| Core | 99.5| 105| 5.5| 4.4| 3.23|
| |_____________|______|_______|________|________|______|_______|
| | including| | 101| 102| 1| 0.8| 10.40|
| |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-038| Core | 0| 1.1| 1.1| 0.9| 5.90|
| |_____________|______|_______|________|________|______|_______|
| | and| | 57| 71| 14| 11.2| 4.12|
| |_____________|______|_______|________|________|______|_______|
| | including| | 60| 61| 1| 0.8| 21.50|
| |_____________|______|_______|________|________|______|_______|
| | and| | 96| 100| 4| 3.2| 2.05|
| |_____________|______|_______|________|________|______|_______|
| | including| | 99| 100| 1| 0.8| 4.96|
|_______|_____________|______|_______|________|________|______|_______|
| |BITDDH-12-048| Core| 96| 107| 11| 8.8| 14.23|
| |_____________|______|_______|________|________|______|_______|
| | including| | 97| 103.2| 6.2| 5.0| 23.34|
| |_____________|______|_______|________|________|______|_______|
| | and| | 138| 155| 17| 13.6| 5.30|
| |_____________|______|_______|________|________|______|_______|
| | including| | 145.2| 150| 4.8| 3.8| 13.65|
| |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-049| Core | 34| 43| 9| 7.2| 2.94|
| |_____________|______|_______|________|________|______|_______|
| | including| | 39| 41| 2| 1.6| 10.45|
| |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-050| Core | 90.4| 95| 4.6| 3.7| 3.06|
| |_____________|______|_______|________|________|______|_______|
| Ouaré | including| | 91.2| 92| 0.8| 0.6| 14.30|
| East |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-052| Core | 99| 120.2| 21.2| 17.0| 2.22|
| |_____________|______|_______|________|________|______|_______|
| | including| | 112| 114| 2| 1.6| 14.74|
| |_____________|______|_______|________|________|______|_______|
| |BITDDH-12-056| Core | 143.1| 159| 15.9| 12.7| 3.92|
| |_____________|______|_______|________|________|______|_______|
| | including| | 153| 155.5| 2.5| 2.0| 16.90|
| |_____________|______|_______|________|________|______|_______|
| | and| | 173| 184.15| 11.15| 8.9| 2.92|
| |_____________|______|_______|________|________|______|_______|
| | including| | 179| 181.4| 2.4| 1.9| 7.69|
| |_____________|______|_______|________|________|______|_______|
| |BITRC-12-440 | RC | 19| 23| 4| 3.2| 2.48|
| |_____________|______|_______|________|________|______|_______|
| | including| | 19| 20| 1| 0.8| 8.12|
|_______|_____________|______|_______|________|________|______|_______|
Table 2: Exploration RC Drilling Highlights (True widths unknown at this time)
_____________________________________________________________________
| Target | Hole ID | Drill | From | To | Length | Au Grade |
| Area | | Type | (m) | (m) | (m) | (g/t) |
|____________|____________|________|______|_______|________|__________|
| |BITRC-12-389| RC | 7| 12| 5| 2.57|
| |____________|________|______|_______|________|__________|
| | including| | 7| 8| 1| 11.30|
| |____________|________|______|_______|________|__________|
| | and| | 28| 31| 3| 10.92|
| |____________|________|______|_______|________|__________|
| Ouaré West | including| | 28| 29| 1| 31.00|
| (N) |____________|________|______|_______|________|__________|
| |BITRC-12-392| RC | 95| 101| 6| 1.43|
| |____________|________|______|_______|________|__________|
| | including| | 100| 101| 1| 2.96|
| |____________|________|______|_______|________|__________|
| |BITRC-12-393| RC | 50| 55| 5| 2.93|
| |____________|________|______|_______|________|__________|
| | including| | 50| 52| 2| 5.96|
|____________|____________|________|______|_______|________|__________|
| |BITRC-12-406| RC | 16| 34| 18| 3.69|
| |____________|________|______|_______|________|__________|
| | including| | 30| 34| 4| 11.80|
| |____________|________|______|_______|________|__________|
| | and| | 41| 49| 8| 7.31|
| Warba |____________|________|______|_______|________|__________|
| | including| | 42| 43| 1| 53.80|
| |____________|________|______|_______|________|__________|
| | and| | 51| 60| 9| 10.16|
| |____________|________|______|_______|________|__________|
| | including| | 52| 54| 2| 33.50|
|____________|____________|________|______|_______|________|__________|
Qualified Persons
K. Kirk Woodman, P.Geo., General Manager Exploration is the Qualified Person overseeing Endeavour's exploration projects in Burkina Faso, Cote d'Ivoire and Mali has reviewed and approved this press release.
All Ouaré sample preparations and standard 50 gram gold fire assays were performed by SGS Laboratories, Ouagadougou, Burkina Faso. Endeavour consistently employs a rigorous quality control and assurance program comprising regular insertion of certified reference standards, blanks and duplicates.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns two gold mines producing approximately 200,000 ounces per year in Ghana and Burkina Faso that are generating significant operating cash flows to fund exploration and development growth. In addition to upside potential at its current operations, Endeavour's third gold mine, Agbaou in Côte d'Ivoire, has entered the construction phase for an additional 100,000 ounces per year starting in Q1 2014. Endeavour has a strong financial base from which to invest in long-term operational growth, exploration to replace and increase reserves, and funding for acquisitions.
On August 7, 2012, Endeavour announced a definitive agreement to acquire Avion Gold (TSX:AVR) to become one of the largest West African gold mining companies with three producing mines, a fourth mine currently in construction, and an attractive pipeline of exploration and resource development properties. The Avion transaction is expected to close in October 2012.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).
On behalf of Endeavour Mining Corporation
Neil Woodyer Chief Executive Officer
This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.
Appendix of Collar Locations for Reported Holes
_________________________________________________________________________________
| Hole | Easting | Northing | Elevation | Azimuth | Dip | Final-Depth |
| ID | m | m | m | degrees | degrees | m |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-030| 808,800 | 1,247,605 | 215 | 180 | -50 | 100 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-031| 808,800 | 1,247,670 | 216 | 180 | -50 | 176 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-034| 808,230 | 1,247,505 | 220 | 220 | -50 | 94 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-035| 808,250 | 1,247,520 | 220 | 220 | -50 | 100 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-036| 808,280 | 1,247,565 | 220 | 220 | -50 | 140 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-037| 808,850 | 1,247,605 | 215 | 180 | -50 | 110 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-038| 808,850 | 1,247,640 | 215 | 180 | -50 | 125 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-043| 808,310 | 1,247,535 | 220 | 220 | -50 | 140 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-046| 808,205 | 1,247,625 | 220 | 220 | -50 | 140 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-048| 809,600 | 1,247,605 | 214 | 360 | -50 | 155 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-049| 809,600 | 1,247,550 | 214 | 360 | -50 | 151 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-050| 809,500 | 1,247,630 | 214 | 360 | -50 | 122 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-052| 809,600 | 1,247,750 | 213 | 180 | -60 | 120 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-055| 808,315 | 1,247,700 | 220 | 220 | -50 | 225 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITDDH-12-056| 809,625 | 1,247,575 | 214 | 360 | -50 | 199 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITRC-12-389 | 807,730 | 1,247,775 | 222 | 180 | -50 | 109 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITRC-12-392 | 807,730 | 1,247,850 | 222 | 180 | -50 | 106 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITRC-12-393 | 807,680 | 1,247,740 | 222 | 360 | -50 | 115 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITRC-12-406 | 806,555 | 1,247,200 | 228 | 360 | -50 | 101 |
|_____________|_________|___________|___________|_________|_________|_____________|
|BITRC-12-440 | 809,200 | 1,247,580 | 214 | 180 | -50 | 100 |
|_____________|_________|___________|___________|_________|_________|_____________|
(Northing and Easting reported in WGS 84 UTM Zone 30N)
PDF available at: http://stream1.newswire.ca/media/2012/08/27/20120827_C9826_DOC_EN_17242.pdf
PDF available at: http://stream1.newswire.ca/media/2012/08/27/20120827_C9826_DOC_EN_17243.pdf
PDF available at: http://stream1.newswire.ca/media/2012/08/27/20120827_C9826_DOC_EN_17244.pdf
SOURCE: Endeavour Mining Corporation
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2012/27/c9826.html
SOURCE: Endeavour Mining Corporation
AQARF traded above its 10 week simple moving average at 0.21 and is now at 0.24.
AQARF is trading below the 0.30 Significant Point that would trigger a reversal of the Parabolic SAR's current bearish indication.
AQARF is trading within its price channel.
The On Balance Volume indicator (OBV) shows that longer term selling pressure has given way to near term accumulation.
The RSI recently crossed above the critical value of 30, which indicates that the selling pressure has lessened and that the internal strength of AQARF has increased.
AQARF's MACD is currently indicating a weak bullish signal.
The Stochastic Oscillator is registering a strong bullish signal as the %K has crossed above the %D. In addition, the oscillator recently moved above the critical value of 20 suggesting that AQARF is no longer oversold.
ABCW is trading below the 0.55 Significant Point that would trigger a reversal of the Parabolic SAR's current bearish indication.
The On Balance Volume indicator (OBV) shows that longer term accumulation has given way to near term selling pressure.
The RSI recently crossed above the critical value of 30, which indicates that the selling pressure has lessened and that the internal strength of ABCW has increased.
The ADX is below 20 which signifies that ABCW is not trending. Therefore the Bearish signal provided by the Directional Movement Index is not confirmed.
The Stochastic Oscillator is registering a strong bullish signal as the %K has crossed above the %D. In addition, the oscillator recently moved above the critical value of 20 suggesting that ABCW is no longer oversold
The Federal Reserve is likely to deliver another round of monetary stimulus "fairly soon" unless the economy improves considerably, minutes from the central bank's August meeting show.
While the meeting was held before a recent improvement in the economic data, including a stronger-than-expected July reading for U.S. employment, policymakers were pretty categorical about their dissatisfaction with the current outlook.
Following the release, U.S. stocks pared losses, and U.S. Treasury debt prices extended price gains.
"Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery," the Fed said in minutes to its July 31-Aug. 1 meeting.
Fed officials saw significant risks to an already weak U.S. economy, which grew at a sluggish 1.5 percent annual rate in the second quarter. The risks include a worsening of Europe's financial strains and the looming U.S. budget cuts and tax hikes, which have become commonly known as the fiscal cliff.
Many Fed officials supported extending the central bank's guidance for the likely timing of an eventual interest rate hike, currently set at late 2014, further into the future. But they decided to defer the decision to the Fed's Sept. 12-13 meeting, when the central bank will release a new round of economic forecasts.
Officials also actively debated and tested the possibility of developing a consensus Fed forecast.
A couple of policymakers favored lowering the rate the Fed pays banks to park their excess reserves at the central bank, currently at 0.25 percent. But several participants worried that money market funds could run into trouble if their returns are crimped further.
CanAm Coal Corp. (TSX VENTURE:COE)(OTCQX:COECF) ("CanAm" or the "Company") is pleased to report on the issuance of a mining permit for the Old Union II mine and the acquisition of new coal leases.
Old Union II Permit
On August 8, 2012, the Company's subsidiary, Birmingham Coal & Coke ("BCC"), was issued permit # 3962 by the Alabama Surface Mining Commission ("ASMC"). This permit, also known as the Old Union II permit, allows the Company to start mining operations effective immediately. The Old Union II permit is a 5 year surface mining permit covering a total of 1,393 acres and 1,108 minable acres. The total recoverable tons of coal within the permit area is 1,274,750 tons. (See NI 43-101 report dated May 2011 on www.sedar.com). The Company has begun the mine development work and is targeting a September 2012 production startup. Annual production from the Old Union properties, which include the existing Old Union and the now permitted Old Union II mine sites, is forecasted at 360,000 to 400,000 tons per annum. To put this in context, Old Union mine production for the first 6 months of 2012 was approximately 110,000 tons.
The coal within the Old Union II mine complex is considered to have the same qualities/characteristics as the coal that is currently being mined from the existing Old Union mine. On average, the proximate analysis has indicated 9% ash, 1.0% sulfur and 12,400 BTU/lb. These average values are consistent with the assays reported from drilling; mine face sampling and product deliveries. (See NI 43-101 report dated July 2011 on www.sedar.com).
New Coal Leases
The Company is also pleased to report that BCC has acquired additional surface mining rights to two tracts of land totaling approximately 133 acres. These lands are an integral part of the Old Union and Old Union II mine complex and are in addition to the 574 acres of land acquired in the period April to June 2012 and previously announced in a press release dated July 10, 2012.
The first of the surface mining rights was acquired through Molag Timberprop, LLC through a surface mining lease. The lease consists of approximately 40 total acres with a management estimate of 23 mineable acres. The lease has a 3 year term and includes industry standard royalty provisions with no advance minimum royalties. This property is currently permitted and is within the Old Union mining complex.
The second surface mining lease is referred to by the company as the H.H. and Alice Kilgore property and will be added to the Old Union II mine permit. It consists of approximately 93 total acres with a management estimate of 64 mineable acres. The lease has an indefinite term that runs until the mining and reclamation are completed and includes industry standard royalty provisions with no advance minimum royalties. This is a key lease acquisition as, from a mine development and operating perspective, this property will allow for direct and easy access to the eastern portion of the Old Union II mine site from County Road 21.
"We are excited about our new Old Union II permit as it will allows us to expand our mining operations, increase our production of high quality thermal coal and continue to meet our customer commitments," said Tom Lewis, Vice President of BCC. "In addition, the acquisition of the Kilgore property will save us time and money as we avoid having to undertake a major bridge project."
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its coal operations in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
Forward-Looking Information and Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
CanAm Coal Corp.
Tim Bergen
CEO
403.262.3797 or Toll
Endeavour Mining Corporation ("Endeavour") (TSX:EDV, ASX:EVR, OTCQX:EDVMF) today announces that it has received the official decree from the government of Côte d'Ivoire granting its Ivorian subsidiary the Mining Permit for its 85%-owned Agbaou Gold Project, which is under construction and on track to begin production in Q1 2014.
The terms of the Mining Permit are as expected and include:
-- A royalty of 3% to the State;
-- A 10% free carried interest to the State; and
-- An area of 334 km(2).
As previously agreed, now that Endeavour has received the mining permit, Endeavour will also grant a 5% free carried interest to SODEMI, the State Company for Mining Development of Côte d'Ivoire, bringing our state partner's total interest to 15%.
There are no other permits required for construction and production at the Agbaou Gold Project. The recruitment of key project personnel is 100% complete, and the crop compensation of key infrastructure zones has entered the advanced stage. This is in line with expected timelines to reach production in Q1 2014.
Avion Gold Corporation (TSX:AVR)(OTCQX:AVGCF) ("Avion" or the "Company") today announces its financial results for the second quarter ended June 30, 2012. All amounts are in United States dollars unless otherwise indicated.
Avion plans to host a conference call on August 15th at 10:30 AM (ET). To participate in the call please dial:
International: +1 416 695 7848
Toll Free North America: 800 769 8320
Local: 416 695 7848
To register and listen to the webcast of the call, please go to Avion's website at www.aviongoldcorp.com. A webcast play back recording will remain on the Company's website after the completion of the call.
Complete financial statements and related Management's Discussion and Analysis will be available under the Company's profile on www.sedar.com before the market opens August 15, 2012.
Second Quarter Highlights:
-- The Company had earnings of $15.7 million, or $0.04 per share for the
quarter as compared to $15.2 million in earnings, or $0.04 per share for
the comparable quarter last year
-- The Company achieved revenues of $49.4 million this quarter compared to
revenues of $37.9 million for the comparable quarter last year
representing a 30% increase
-- Avion produced 28,637 ounce of gold during the quarter after final
refinery adjustments at a cash cost of per ounce produced of $910.
Please see "Non-GAAP Measures" below. The Company has now set two
consecutive quarterly records for the amount of gold produced in one
quarter, with year to date production of 54,894 ounces after refinery
adjustments. Mining and processing costs were $28.4 million compared to
$12.8 million for the comparable quarter last year.
-- Avion processed 191,500 tonnes of ore at an average grade of 5.05 g/t
Au. Approximately 37% of the ore processed was mined from the
Dioulafoundou and Djambaye open pits, and 63% of the ore was mined from
Tabakoto underground. Average mill recovery for the quarter was 92.5%
-- During the quarter the Company sold 30,669 ounces of gold at an average
realized price of $1,606 per ounce.
-- The Company generated operating cash flow before working capital
adjustments of $18.8 million compared to $21.3 million for the same
quarter last year.
-- The Company completed the quarter having $15.3 million in cash and cash
equivalents
Capital Expansion Programs
Expansion plans continued at Tabakoto, consisting of the following activities:
-- Construction work to double the Tabakoto plant capacity from 2,000 to
4,000 tonnes per day was progressing well until a military coup occurred
on March 21, 2012. The plant expansion was on budget and on schedule,
and approximately 80% complete on a cost spend basis. The mill expansion
which was delayed when contractors left the site during the coup is
anticipated to resume in the latter part of 2012 or early 2013. The
Company is negotiating with contractors to return to site as soon as
possible, however it will take some time to remobilize teams to site.
All parts and supplies to complete the mill expansion have arrived at
site.
-- Reinforcement work of the underground portal at the Segala deposit
continued during the second quarter of 2012
Financial Discussion: three months ended June 30, 2011
The Company reported net income of $15,681,810 ($0.04 per share, basic and diluted) for the three months ended June 30, 2012 compared to $15,206,796 ($0.04 per share, basic and diluted) for the three months ended June 30, 2011.
During Q2-2012, the Company sold 30,669 ounces of gold and generated $49,248,115 in gold sales revenue. In Q2-2011, 24,996 ounces of gold was sold generating $37,772,410 in gold sales revenue. Mining and processing costs were $28,370,860 (Q2-2011: $12,822,914), and the Company recorded depletion and depreciation of $7,302,777 (Q2-2011: $4,131,748). The Company is amortizing deferred property, plant and equipment related to the Mali projects on a unit of production basis from the current mine plan. The Company was subject to a 6% royalty on metal sales during Q2-2012. Royalties expense totaled $2,956,631 for the ounces of gold sold during Q2-2012 (Q2-2011: $2,458,430).
The Company realized a cash cost per ounce produced of $910 per ounce for Q2-2012 compared to $544 for Q2-2011. The increase is attributable to the shift from open pit mining to underground mining. Please see "Non-IFRS Measures" below.
Corporate and administrative expenses totaled $1,870,129 for the quarter ended June 30, 2012 compared to $1,150,011 for Q2-2011. The Company incurred higher professional costs during the quarter as a result of higher audit costs, higher insurance costs and costs related to the proxy solicitation and corporate governance services prior to the Company's annual general meeting. Consulting and management costs were also higher in Q2-2012 compared to Q2-2011 with the addition of a VP of Operations during the current quarter.
Other gains and losses included a foreign exchange gain of $4,721,897 during Q2-2012 compared to a loss of $753,480 during Q2-2011. The Company carried liabilities denominated in FCFA during Q2-2012 as a result of the loan with Banque Atlantique. The FCFA weakened compared to the US dollar during the quarter, resulting in a foreign exchange gain. As well, the Company incurred an unrealized loss on the value of investments held by the Company of $212,165 during Q2-2012 compared to $878,918 during Q2-2011.
The Company recorded an unrealized gain on the change in fair value of derivative liabilities of $2,617,176 during Q2-2012 (Q2-2011: $nil). This was in relation to the gold call options sold during Q1-2012.
Don Dudek, P.Geo. Avion's Senior VP Exploration, and Andrew Bradfield, P.Eng., Avion's Chief Operating Officer, are the Qualified Persons for this MD&A as defined under National Instrument 43-101 and are responsible for the technical and scientific work carried out and have reviewed and approved the scientific and technical information presented in this press release.
About Avion Gold Corporation
Avion is a Canadian-based gold mining company focused in West Africa that holds 80% of the Tabakoto and Segala gold projects in Mali. Avion has developed an underground mine at the Tabakoto deposit, and is developing another underground mine at the Segala deposit. The Tabakoto project property also contains several producing open pit mines. Production sustainability will continue to be supported by exploration programs over an approximately 600 km2 exploration package that both surrounds and is near to the Avion's existing mine infrastructure, and contains mineral resources on the Kofi property. Additionally, mineral resources have grown considerably at Avion's 1,600 km2 Hounde exploration property in Burkina Faso.
Cautionary Notes
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of the financial results on the Company, development potential and timetable of the Mali projects; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Cautionary Non-GAAP Statements
Avion believes that investors use certain indicators to assess gold mining companies. The indicators are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. "Cash flow from operating activities before changes in non-cash working capital" is a non-GAAP performance measure which could provide an indication of the Company's ability to generate cash flows from operations, and is calculated by adding back the change in non-cash working capital to "Cash provided by (used for) operating activities" as presented on the Company's consolidated statements of cash flows. "Cash flow per share" is calculated by dividing "Cash provided by (used for) operating activities" and adding back the change in non-cash working capital by the fully diluted number of shares outstanding for the period. "Cash cost per ounce produced" is a non-GAAP performance measure which could provide an indication of the mining and processing efficiency and effectiveness at the mine. It is determined by dividing the relevant mining and processing costs excluding royalties by the ounces produced in the period. There may be some variation in the method of computation of "cash cost per ounce produced" as determined by the Company compared with other mining companies. In this context, "ounces produced" includes in-process and dore inventory along with ounces of gold sold in the period. "Cash costs per ounce produced" may vary from one period to another due to operating efficiencies, waste to ore ratios, grade of ore processed and gold recovery rates in the period.
The following table provides a reconciliation of mining and processing costs per the financial statements and cash operating for the purposes of calculating cash costs per ounce produced and total cash costs produced.
Three months Three months
ended ended
June 30, 2012 June 30, 2011
--------------------------------
Mining and processing expenses 28,370,860 12,822,914
By-product silver sales credit (149,585) (117,420)
Inventory movements and adjustments (2,153,192) 1,342,755
Cash operating costs 26,068,083 14,048,249
Divided by ounces of gold produced 28,638 25,825
Cash cost per ounce produced 910 544
Royalties 2,956,631 2,458,430
Total cash cost per ounce produced 1,014 639
Operating cashflow 12,534,858 11,544,710
Operating cashflow per ounce produced 438 447
Contacts:
Avion Gold Corporation
Michael McAllister
Manager, Investor Relations
(416) 309-2134
info@aviongoldcorp.com
www.aviongoldcorp.com
Yes, would be nice to see Randgold make an offer. They are already in Mali and they extracted two-thirds of their gold output there.
I've really just started DD on this one. It does look good so far. GLTY
Anchor BanCorp Wisconsin Inc. (OTC Market: ABCW.PK) today announced a net loss available to common equity of $3.4 million, or $0.16 per common share, for the three months ended June 30, 2012. This compares to a net loss available to common equity of $7.4 million, or $0.35 per common share and $8.2 million, or $0.38 per common share, for the three months ended March 31, 2012 and June 30, 2011, respectively.
Financial Highlights
•AnchorBank fsb (the "Bank) remains adequately capitalized for the eighth consecutive quarter.
•Net loss available to common equity decreased $4.0 million or 53.7 percent in the first quarter of fiscal 2013 compared to the preceding quarter ending March 31, 2012 and $4.7 million or 58.1 percent compared to the year ago quarter ending June 30, 2011.
•Non-performing loans decreased to $189.0 million at June 30, 2012 from $224.9 million in the preceding quarter.
•Net charge-offs also decreased, by $16.4 million or 67.4 percent, in the current quarter to $7.9 million from $24.3 million in the quarter ending March 31, 2012. Quarterly net charge-offs were below $10.0 million for the first time since the quarter ending March 31, 2010.
•Gross return on mortgage banking totaled $4.2 million in the current quarter, a decrease of $3.6 million, or 46.5 percent from $7.8 million in the preceding quarter; but an increase of $2.4 million over the same period a year ago.
•Total assets were essentially flat, decreasing by $5.4 million or 0.2 percent during the quarter to $2.8 billion at June 30, 2012.
•Cost of funds declined to 1.56 percent in the quarter ending June 30, 2012 compared to 1.78 percent in the year ago quarter as the Bank aggressively managed deposit pricing.
•Service charges on deposits improved to $2.9 million in the current quarter, up 7.3 percent and 2.6 percent over the preceding and prior year quarters, respectively.
•Investment and insurance commissions increased 9.3 percent in the current quarter to $1.0 million compared to the quarter ending March 31, 2012. This is the third time in the past three years that commission income has exceeded the million dollar threshold.
Bank Capital Ratios
June 30, 2012
June 30, March 31, June 30, Increase (decrease) vs.
(Dollars in thousands) 2012 2012 2011 3/31/12 6/30/11
Tier 1 capital $127,026 $125,894 $144,384 $1,132 ($17,358)
Adjusted total assets 2,783,319 2,792,122 3,255,388 (8,803) (472,069)
Tier 1 leverage ratio 4.56% 4.51% 4.44% 0.05% 0.12%
Total risk-based capital $148,738 $149,141 $171,563 ($403) ($22,825)
Risk weighted assets 1,656,451 1,771,260 2,062,719 (114,809) (406,268)
Total risk-based capital ratio 8.98% 8.42% 8.32% 0.56% 0.66%
Memo: Bank quarterly net income $913 ($144) ($1,067) $1,057 $1,980
The Bank's tier 1 leverage and total risk-based capital ratios of 4.56 percent and 8.98 percent at June 30, 2012, increased by 5 and 56 basis points, respectively, compared to March 31, 2012. The ratios benefitted from a planned decrease in assets (adjusted total assets and risk weighted assets), and the favorable impact on tier 1 capital and risk-based capital of the net income reported in the current quarter compared to net losses in the past several quarters. Risk weighted assets of $1.7 billion at June 30, 2012 decreased $115.5 million during the quarter due in part to a $115.6 million increase in zero percent risk weighted assets as the Bank has accumulated additional liquidity in the form of cash and cash equivalents on its balance sheet.
Under regulatory requirements, a bank must have a tier 1 leverage ratio of 4.0 percent or greater and a total risk-based capital ratio of 8.0 percent or greater to be considered adequately capitalized. "We are encouraged by our eighth consecutive quarter of capital ratios above the threshold to be considered adequately capitalized," stated Chris Bauer, President and Chief Executive Officer of the Corporation and the Bank. "Net income at the Bank of nearly one million in the quarter is also a promising development. We have not reported positive quarterly net earnings at the Bank level since September 2010," Bauer added.
While the Bank reported positive net quarterly earnings, the Corporation, as the holding company of the Bank, continues to be burdened with significant senior debt and preferred stock obligations:
•The Corporation currently owes $116.3 million to various lenders led by U.S. Bank under its credit agreement that matures November 30, 2012. In addition, accrued but unpaid interest and fees totaling $45.8 million associated with this obligation are also due and payable at maturity.
•The Corporation issued $110 million in preferred stock in January 2009 to the United States Treasury pursuant to the Treasury's Capital Purchase Program ("CPP"). As permitted under the CPP program, the Corporation has deferred thirteen quarterly preferred stock dividend payments to the Treasury totaling $20.4 million, including interest.
•While the Bank has substantial liquidity, it is currently precluded by its regulators from paying dividends to the Corporation for purposes of repayment of the foregoing obligations.
The Corporation continues to work with Sandler O'Neill & Partners, L.P. as its financial advisor to assist in efforts to address its capital needs.
Financial Results
Financial results for the first quarter ended June 30, 2012, include:
•Net interest margin fell to 2.57 percent for the three months ended June 30, 2012, from 2.77 percent for the same period in the previous year. Interest income decreased $9.1 million or 25.3 percent for the three months ended June 30, 2012, as compared to the same period in the prior year primarily due to a decline in average balances in the loan and investment security portfolios. Interest expense decreased $4.0 million or 27.4 percent for the three months ended June 30, 2012, as compared to the same period in the prior year due to a reduction in certificate of deposit average balances and the rate paid on these accounts.
•The provision for credit losses improved $5.2 million to a recapture of $(1.7) million for the three months ended June 30, 2012 compared to $3.5 million of provision expense in the same period in the previous year. The change was largely due to a lower required general allowance for losses on non-impaired loans resulting from an improvement in the credit metrics which are used in part to establish this reserve.
•Non-interest income totaled $13.5 million, up $4.3 million or 47.2 percent, compared to the same period in the previous year. The increase was primarily due to $5.8 million of gains on sale of mortgage loans in the three months ending June 30, 2012, up $4.7 million over the prior year quarter, reflecting better execution in the sale of these instruments into the secondary market. Gains on sale of REO also contributed to this favorable variance as total net gains of $3.2 million in the current quarter were $1.9 million higher than reported in the year ago quarter.
•Total non-interest expense decreased by $0.4 million or 1.2 percent, compared to the same period a year ago largely due to a decrease of $1.9 million in OREO expense arising from lower loss provisions on repossessed property reflecting stabilizing real estate values. This favorable variance was partially offset by a $1.0 million increase in mortgage servicing rights impairment as market interest rates declined considerably during the current year quarter.
Credit Quality
June 30, 2012
(Dollars in thousands) June 30, March 31, June 30, Increase (decrease) vs.
2012 2012 2011 3/31/12 6/30/11
Quarterly Financial Results
Provision for credit losses ($1,716) $4,601 $3,482 ($6,317) ($5,198)
Net charge-offs 7,935 24,336 15,002 (16,401) (7,067)
Key Metrics (at period end)
Loans 30 to 89 days past due 39,843 30,562 68,665 9,281 (28,822)
Non-performing loans (NPL) 188,987 224,924 260,927 (35,937) (71,940)
Other real estate owned 83,955 88,841 89,491 (4,886) (5,536)
Non-performing assets 272,942 313,765 350,418 (40,823) (77,476)
Allowance for loan loss to NPL 53.17% 49.45% 53.17% 3.72% 0.00%
Certain key credit related metrics continue to trend favorably with loans 30 to 89 days past due at $39.8 million as of June 30, 2012 compared to $68.7 million at June 30, 2011, although up $9.3 million over the preceding quarter. Non-performing loans of $189.0 million at June 30, 2012 were significantly lower than in the preceding quarter and the year ago quarter, decreasing $35.9 million and $71.9 million, respectively. The impact of these trends contributed to the lower provision for credit losses in the current quarter. Despite the decrease in provision for credit losses, the allowance for loan loss remains strong at 53.17 percent of non-performing loans at June 30, 2012. The level of non-performing assets (non-performing loans plus other real estate owned) has improved as the June 30, 2012 balance of $272.9 million is $40.8 million and $77.5 million lower than in the preceding quarter and year ago quarter reported amounts, respectively. Net charge-offs also declined notably, to $7.9 million in the current quarter compared to $24.3 million and $15.0 million in the quarters ending March 31, 2012 and June 30, 2011, respectively.
Bauer added, "Although we are pleased to see these favorable credit trends, considerable effort remains to be expended resolving troubled loans and the disposition of foreclosed properties. We continue to work aggressively to resolve the issues within the credit portfolios. The positive trends emerging on the credit front are partially offset by the negative impact of costs associated with carrying an elevated level of foreclosed properties on the Bank's balance sheet." Other real estate owned totaled $84.0 million at June 30, 2012, down from $88.8 million at March 31, 2012 and $89.5 million at June 30, 2011.
Mortgage Banking
For the Quarter Ending: June 30, 2012
(In thousands) June 30, March 31, June 30, Increase (decrease) vs.
2012 2012 2011 3/31/12 6/30/11
Loan servicing income (loss), net ($395) ($503) $814 $108 ($1,209)
Gain on sale of mortgages 5,823 6,406 1,156 (583) 4,667
OMSR (impairment) / recovery (1,257) 1,895 (221) (3,152) (1,036)
Residential mortgage banking gross returns $4,171 $7,798 $1,749 ($3,627) $2,422
Key Metrics
Origination volume (closed loans) $258,500 $294,200 $90,300 ($35,700) $168,200
Serviced loan portfolio 3,095,000 3,126,000 3,301,000 (31,000) (206,000)
Gross returns on residential mortgage banking totaled $4.2 million for the quarter ending June 30, 2012 compared to $7.8 million in the preceding quarter and $1.7 million in the year ago quarter. Lower returns in the quarter ending June 30, 2012 compared to the preceding quarter was primarily due to an unfavorable variance in OMSR of $3.2 million as lower market interest rates at quarter end resulted in an impairment charge vs. a recovery in the quarter ending March 31, 2012. Residential mortgage origination volume slipped to $258.5 million in the current quarter compared to $294.2 million in the preceding quarter but remained above the $235.6 million average origination volume over the past eight quarters. Gain on sale of mortgages was strong at $5.8 million compared to $6.4 million in the preceding quarter and $1.2 million in the year ago quarter, reflecting healthy margins on sale of this product into the secondary market and the execution of effective hedging strategies.
Commenting on residential mortgage activity, Bauer added, "The residential mortgage business continues to be a focus as customer demand, sparked by lower mortgage rates, has resulted in significantly higher revenues. It has also afforded us opportunities to increase product penetration rates for existing customers and to offer other products and services to customers new to the Bank."
About Anchor BanCorp Wisconsin Inc.
Anchor BanCorp Wisconsin Inc.'s stock is traded in the over-the-counter market under the symbol ABCW.PK. AnchorBank fsb (the "Bank"), the wholly owned subsidiary, has 57 offices. All are located in Wisconsin.
For More Information
For more information, contact Emily Campbell, VP – Marketing & Communications, at (608) 252-1436.
Forward-Looking Statements
This news release contains certain forward-looking statements, as that term is defined in the U.S. federal securities laws. In the normal course of business, we, in an effort to help keep our shareholders and the public informed about our operations, may from time to time issue or make certain statements, either in writing or orally, that are or contain forward-looking statements. Generally, these statements relate to business plans or strategies, projected or anticipated benefits from acquisitions or dispositions made by or to be made by us, projections involving anticipated revenues, earnings, liquidity, profitability or other aspects of operating results or other future developments in our affairs or the industry in which we conduct business. Although we believe that the anticipated results or other expectations reflected in our forward-looking statements are based on reasonable assumptions, we can give no assurance that those results or expectations will be attained. You should not put undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date they are made and we undertake no obligation to update them in light of new information or future events, except to the extent required by federal securities laws. Please refer to our Annual Report for the fiscal year ending March 31, 2012 on Form 10-K, as filed with the Securities and Exchange Commission, for a more comprehensive discussion of forward-looking statements and the risks and uncertainties associated with our business.
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
June 30, March 31,
2012 2012
(In thousands, except share data)
Assets
Cash and cash equivalents $ 368,369 $ 242,980
Investment securities available for sale, at fair value 231,644 242,299
Investment securities held to maturity, at amortized cost -- 20
Loans
Held for sale 27,938 39,332
Held for investment 1,959,551 2,058,008
Other real estate owned, net 83,955 88,841
Premises and equipment, net 27,422 25,453
Federal Home Loan Bank stock---at cost 30,522 35,792
Mortgage servicing rights, net 20,590 22,156
Accrued interest receivable 11,391 12,075
Other assets 22,694 22,496
Total assets $ 2,784,076 $ 2,789,452
Liabilities and Stockholders' Deficit
Deposits
Non-interest bearing $ 275,526 $ 264,751
Interest bearing 1,977,647 2,000,164
Total deposits 2,253,173 2,264,915
Other borrowed funds 476,378 476,103
Accrued interest and fees payable 47,937 43,320
Accrued taxes, insurance and employee related expenses 6,502 6,385
Other liabilities 28,594 28,279
Total liabilities 2,812,584 2,819,002
Preferred stock, $0.10 par value, 5,000,000 shares authorized, 110,000 shares issued and outstanding; dividends in arrears of $20,395 at June 30, 2012 and $18,785 at March 31, 2012 98,284 96,421
Common stock, $0.10 par value, 100,000,000 shares authorized, 25,363,339 shares issued, 21,247,725 shares outstanding 2,536 2,536
Additional paid-in capital 110,402 110,402
Retained deficit (149,321) (147,513)
Accumulated other comprehensive income (loss) 1,119 132
Treasury stock (4,115,614 shares), at cost (90,259) (90,259)
Deferred compensation obligation (1,269) (1,269)
Total stockholders' deficit (28,508) (29,550)
Total liabilities and stockholders' deficit $ 2,784,076 $ 2,789,452
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
Three Months Ended June 30,
2012 2011
Interest income: (In thousands, except per share data)
Loans $ 25,288 $ 32,109
Investment securities and Federal Home Loan Bank stock 1,549 3,956
Interest-bearing deposits 154 52
Total interest income 26,991 36,117
Interest expense:
Deposits 3,591 7,319
Other borrowed funds 7,001 7,278
Total interest expense 10,592 14,597
Net interest income 16,399 21,520
Provision for credit losses (1,716) 3,482
Net interest income after provision for credit losses 18,115 18,038
Non-interest income:
Net impairment losses on securities recognized in earnings (64) (59)
Loan servicing income (loss), net of amortization (395) 814
Service charges on deposits 2,866 2,794
Investment and insurance commissions 1,032 1,037
Net gain on sale of loans 5,823 1,173
Net gain on sale of investment securities 62 1,136
Net gain on sale of OREO 3,172 1,245
Other revenue from real estate partnership operations 5 38
Other 997 994
Total non-interest income 13,498 9,172
Non-interest expense:
Compensation and benefits 10,560 10,194
Occupancy 1,833 1,980
Furniture and equipment 1,586 1,544
Federal deposit insurance premiums 1,564 1,933
Data processing 1,385 1,383
Marketing 239 305
Expenses from real estate partnership operations 571 42
OREO operations - net expense 7,012 8,870
Mortgage servicing rights impairment (recovery) 1,257 221
Legal services 1,574 934
Other professional fees 643 1,018
Other 3,334 3,531
Total non-interest expense 31,558 31,955
Loss before income taxes 55 (4,745)
Income tax expense -- 10
Net loss 55 (4,755)
Preferred stock dividends in arrears (1,610) (1,536)
Preferred stock discount accretion (1,863) (1,863)
Net loss available to common equity $ (3,418) $ (8,154)
Net loss $ 55 $ (4,755)
Reclassification adjustment for realized net gains recognized in income (62) (1,136)
Reclassification adjustment for unrealized credit related other-than-temporary impairment losses recognized in income 68 59
Reclassification adjustment for credit related other-than-temporary impairment previously recognized on securities paid-off during the period (4) --
Change in net unrealized gains (losses) on available-for-sale securities 985 14,013
Comprehensive loss $ 1,042 $ 8,181
Loss per common share:
Basic $ (0.16) $ (0.38)
Diluted (0.16) (0.38)
ANCHOR BANCORP WISCONSIN INC. AND SUBSIDIARIES
Financial Highlights (1)
(Unaudited)
Three Months Ended
June 30,
2012 2011
Yield on earning assets 4.22% 4.66%
Cost of funds 1.56 1.78
Interest rate spread 2.66 2.88
Net interest margin 2.57 2.77
Book value per common share (6.52) (5.41)
(1) Annualized when appropriate.
CONTACT: Emily Campbell
VP -- Marketing & Communications
(608) 252-1436
Sorry, nothing really to add, seems a sham to me. Just a lot of PRs. I watch the stock, and am willing to flip when opportunity arises.
Gold OperationsEndeavour owns two operating mines that are currently producing gold at a rate of approximately 195,000 ounces per year:
NZEMA GOLD MINE (90%), GHANA
The Nzema Gold Mine is located in south-western Ghana, approximately 280km west of Ghana's capital city, Accra. In June 2009, the Corporation announced its decision to proceed with the development of the Nzema Gold Mine with a designed mill throughput of 2.1 million tonnes per annum ("Mtpa") for a target production of 100,000 ounces of gold per annum across an estimated life of 10 years.
Construction of the processing plant and associated infrastructure was successfully completed and first gold was poured in January 2011, with full scale production beginning in April 2011. The operation produced 90,026 ounces during 2011. The Nzema mine consists of open mining from a chain of shallow oxide pits along the Salman trend plus the Anwia deposit 8km west of the plant. Ore is processed at the 1.6 Mtpa to 2.1 Mtpa plant (depending on ore type) and gold is extracted through a standard gravity-CIL process. The processing plant is located west of the Salman Central pits and is connected to the national power grid via a substation.
Work is currently underway to explore additional oxide resources both along the Salman trend and the immediate area with the objective of increasing mine life and/or throughput. In addition, the potential of the underlying sulphide mineralization along the Salman trend is being evaluated.
click for more info
YOUGA GOLD MINE (90%), BURKINA FASO
The Youga Gold Mine is located approximately 180km southeast of Ouagadougou, the capital city of Burkina Faso. Youga has been in production since 2008 and produced 87,264 ounces of gold in 2011. The mine is targeted to produce 85,000 to 90,000 ounces of gold in 2012.
Ore is processed through a conventional gravity-CIL plant with a design capacity of 1.0 Mtpa. Youga is a hard rock, drill and blast mining open pit operation. Mining activities are being carried out under contract. Grid power is delivered to site from Ghana via a 21 km transmission line. In addition, year round water supply is available from the nearby Nakambe river.
Endeavour's 2011 exploration activities at Youga yielded positive results increasing resources and reserves and extending mine life by over 2 years. Exploration in 2012 is expected to further increase resources and reserves and mine life.
In addition, Endeavour is continuing to develop the Ouaré deposit 40km to the northeast of Youga with the expectation of defining a stand-alone project which will benefit from the existing infrastructure at Youga.
Market Value1 $588,467,808 a/o Aug 07, 2012
Shares Outstanding 245,091,769 a/o Aug 07, 2012
Float 243,467,700 a/o Mar 30, 2012
Authorized Shares 1,000,000,000 a/o Mar 14, 2012
As soon as I wrote 13,000,000 sitting on bid, someone bought and it was 5,700,000 on bid. That was the only reason.
Further to a press release dated July 27, 2012, CanAm Coal Corp. (TSX VENTURE:COE) (OTCQX:COECF) ("CanAm" or the "Company") is pleased to announce that CanAm through its wholly owned subsidiary, Radar USA Hold Corp. ("Radar USA"), has completed the acquisition of an additional 30% in equity interests in the capital of Birmingham Coal & Coke Co., Inc and Cahaba Contracting & Reclamation LLC (collectively referred to as "BCC") (the "Transaction") from Thomas A. Lewis, Robert A. Lewis and Robert Wayne Bass ("Vendors"). CanAm retains an option to acquire the remaining 20% of BCC before May 9, 2016.
Additionally, the Company has closed a non-brokered private placement offering (the "Offering") of 13,165 units ("Units") at a price of CDN$1,000 (and/or its US dollar equivalent) per Unit for total proceeds of CDN$13,165,000. Each Unit is comprised of a $1,000 principal amount of 9.5% non-convertible and unsecured debentures ("Debentures"), 1,250 2012 series A common share purchase warrants ("Series A Warrants") and 1,000 2012 series B common share purchase warrants ("Series B Warrants"). The Debentures have a term of four years with a partial repayment feature that is triggered upon the achievement of a certain production level. The Series A Warrants have an exercise price of CDN$0.20 and a term of four years, and the Series B Warrants have an exercise price of CDN$0.25 and a term of four years.
The aggregate purchase price of the acquisition is US$11,505,682, which will be settled by US$5,505,682 in cash and the issuance of Debentures in the Offering in an aggregate principal amount of US$6,000,000 together with 7,500,000 Series A Warrants and 6,000,000 Series B Warrants. As previously disclosed, the exercise of the Series A Warrants and Series B Warrants issued to the Vendors is subject to disinterested shareholder approval which the Company intends to seek at its next annual general meeting. The remainder of the private placement will be used for general corporate purposes.
Certain directors and officers of the Company have subscribed under the Offering for CDN$860,000 aggregate principal amount Debentures, an aggregate of 1.1 million Series A Warrants and an aggregate of 0.9 million Series B Warrants. In relation to the insiders who participated in the Offering, the Company has determined that there are exemptions available from the various requirements of TSX-V Policy 5.9 for formal valuation and minority shareholder approval.
A finder's fee of 7% or CDN$14,000 was paid under the Offering to Wolverton Securities for CDN$200,000 aggregate principal amount Debentures.
The Transaction and the Offering were completed upon receipt of conditional TSX-V approval. The Warrants issued under the Offering are subject to a four month hold period that will expire on December 8, 2012.
At the close of the Transaction, the Company's Alabama mine operations will be comprised of:
-- 4 operating mines
-- 4 mines in development
-- Annual productive capacity of 1 million tons
-- Permits and leases covering approximately 5,000 acres of land
-- Workforce of approximately 140 employees
"We are excited about completing this transaction as this will allow us to fully integrate all of CanAm's Alabama mining operations and further achieve synergies across our mines. Our integrated team will also be better positioned for continued growth through current asset expansion and the development of additional opportunities in Alabama", said Robert A. Lewis, President of Birmingham Coal & Coke Company, Inc.
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include operating and development mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
About Birmingham Coal & Coke, Inc.
Incorporated in 1975 by H. Kent Lewis, BCC started as marketer of coal produced from mines located in Alabama to industrial, utility and export markets. Since then, BCC has grown to become a significant Alabama coal producer. Based on a foundation of prudent financial stewardship, safety and strong ethical values, BCC is one of only three coal mining companies operating in Alabama in 1975 that still exists today; the others being Drummond Coal Company and Jim Walter Resources. In May 2011, pursuant to the Original Transaction, CanAm acquired a 50% ownership interest in BCC.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
CanAm Corporate Office:
Timothy Bergen
CEO
403.262.3797 or Toll Free: 1.877.262.5888
tbergen@canamcoal.com
I just started reading up on them. Their website seems to imply good things to come. IMO
Endeavour Mining Corporation announces strong financial and operational results for the second quarter of 2012, including adjusted operating cash flow of $47.6 million. As previously announced on July 16, Endeavour's two operating mines exceeded prior guidance by producing 50,728 ounces during Q2 and 102,691 ozs for H1 2012.
Neil Woodyer, CEO, stated
"Our strong Q2 results clearly demonstrate the benefits of the merger we completed last year with Adamus as both mines continue to perform above previous guidance. Endeavour's adjusted cash flow has increased from $32 million in the previous quarter to $48 million this quarter and our cash position, net of debt, has also increased, from $11 million to $36 million. This financial strength positions us well as we continue to expand in West Africa, with our most significant growth initiative being construction of our third mine, Agbaou. We were very pleased to be informed recently by the Ivorian government that our Mining Permit for Agbaou has been granted and we are expecting receipt of the official permit shortly."
(All amounts in US dollars unless otherwise indicated)
Q2/H1 2012 Financial and Operational Highlights
•Gold production totaled 50,728 ounces for the quarter and totaled 102,691 ounces for the first half, significantly above annualized previous guidance
•The full year 2012 production guidance has been updated to between 187,000 and 202,000 ounces of gold from 170,000 to 190,000 ounces. Total cash cost per ounce for production from the two mines (excluding royalties and purchased ore) has been updated to $670 to 690 from $645 to 685 previously.
•Q2 2012 total cash cost1 (excluding royalties and purchased ore) was $618 per gold ounce produced, which is below prior guidance.
•H1 Cash margin2 (revenues from gold sales less cash costs and royalties) of $84.0 million continues on plan to meet our $150 million estimate for the full year (based on a $1,600/oz gold price).
•Q2 operating cash flow from mine operations was $56.1 million, which, after adjusting for $8.5 million of cash proceeds received in early April for March production, resulted in adjusted operating cash flow of $47.6 million.
•Adjusted net earnings were $21.4 million or $0.09 per share.
•During the first half of 2012, the Corporation invested $41.3 million from its operating cash flow into its operations and exploration programs. Of this, $36.1 million was capitalized and $5.2 million was expensed as exploration. These investments in operational improvements and growth include:
¦Sustaining capital at Nzema: $6.0 million
¦Sustaining capital at Youga: $1.7 million
¦Development capital at Nzema $8.9 million
¦Near-mine exploration: $14.6 million
¦Agbaou exploration and development: $7.2 million
¦Regional exploration: $2.9 million
•At June 30, 2012, the Corporation had cash & equivalents and marketable securities of $143.9 million and continues to hold a 38.5% interest in Namibia Rare Earths Inc. (TSX:NRE) with a market value of $7.1 million. As at June 30, 2012, the Corporation had drawn $100 million of its $200 million corporate loan facility.
•During Q2 2012, the Agbaou Gold Project in Côte d'Ivoire entered the construction phase, with planned gold production of 103,000 ounces per year at a cash cost of $635 per ounce beginning in Q1 2014.
•Positive drill results from near-mine targets at Youga and Nzema continue to show good potential for mine life expansion at both operations and Endeavour plans delivery of two Preliminary Economic Assessments (PEAs) by year-end, one from each of the two mining areas. Toward that end, in Q2, the drill program at the Ouaré gold deposit in Burkina Faso was completed and an updated mineral resource estimate in preparation for a PEA has commenced.
1 Cash Cost per Ounce produced excluding royalties is a non-GAAP financial performance measure with no standard meaning under IFRS
2 Cash Margin is a non-GAAP financial performance measure with no standard meaning under IFRS
Financial Statements and related MD&A will be available on SEDAR, the ASX website, OTC Markets website, and in the Investor Relations section of Endeavour's website www.endeavourmining.com.
In order to access the Corporation's MD&A and financial statements directly, please click the following URL: http://www.endeavourmining.com/s/FinancialStatements.asp
Mark Connelly, COO, stated
"We are very pleased with the operating results from both Nzema and Youga as well as commencement of construction at Agbaou to add approximately 100,000 ounces per year of production beginning in Q1 2014. We've already ordered our mills for Agbaou, which came in below budget, with delivery planned for June 2013. In September, we plan to begin earthworks, as construction ramps up. We are actively enhancing our existing mines, with power supply improvement projects ongoing at both operations and cost containment programs beginning to take effect. Our largest investment is in exploration, with 80% of that spending focussed on near-mine targets with the objective of extending the life of all our operations, including Agbaou."
Table 1 Nzema Gold Mine, Ghana - Quarterly Production
NZEMA, Ghana 2012 Q1 2012 Q2 2012 H1 2012 Full Year Guidance
Mine only (excluding purchased ore)
Ore Milled (‘000 t) 506 537 1,043
Milled Grade (g/t Au) 1.64 1.68 1.66
Gold Production (ozs) 25,543 25,482 51,025 95,000 - 102,000
Cash Cost per Ounce Produced (US$/oz)1 $7052 $635 $6702 $680 - $700
Nzema purchased ore
Tonnes of purchased ore (‘000 t) 7.5 11.4 18.9
Grade of purchased ore (g/t) 10.56 6.48 8.10
Gold Production (ozs) 2,432 2,381 4,813 7,000 - 10,000
Operating cash flow from purchased ore $1.2 million $0.9 million $2.1 million $5.0 million
1 Cash Cost per Ounce produced excluding royalties is a non-GAAP financial performance measure with no standard meaning under IFRS
2 Cash Cost per Ounce produced has been represented to reflect the effect of ounces produced from purchased ore during Q1 2012
•During Q2 2012, mining was from the Salman Central, Salman North 4 and Salman South 1A pits, with total mining volumes exceeding budget by 19% despite heavy rains.
•Phase 2 of the tailings storage facility raise was completed subsequent to Q2.
•In order to improve consistency of power supply, installation of a back-up diesel power generation plant was recently commenced, with completion expected by the end of 2012.
•During Q2 2012, the Nzema Mine contributed $18.6 million towards the total cash margin of $41.5 million.
•During Q2 2012, Nzema contributed $5.4 million towards earnings from mining operations, after one-off expenses of $4.7 million related primarily to withholding taxes from the Ghanaian Tax Authority audit for its taxation years June 2007 to June 2011, and generated $35.8 million of operating cash flow from mine operations.
Table 2 Youga Gold Mine, Burkina Faso - Quarterly Production
YOUGA, Burkina Faso 2012 Q1 2012 Q2 2012 H1 2012 Full Year Guidance
Ore Milled (‘000 t) 255 256 511
Milled Grade (g/t Au) 2.77 3.05 2.91
Gold Production (ozs) 23,988 22,865 46,853 85,000 - 90,000
Cash Cost per Ounce Produced (US$/oz)1 $683 $599 $642 $655 - $675
1 Cash Cost per Ounce produced excluding royalties is a non-GAAP financial performance measure with no standard meaning under IFRS
•At the end of Q2 2012, the second lift earthworks for the Tailings Storage Facility was completed.
•Phase II of the Ghana Grid Power Project, which aims to improve grid power supply quality and availability, was advanced toward target completion by year-end.
•During Q2 2012, the Youga Mine contributed $22.9 million towards the total cash margin of $41.5 million.
•During Q2 2012, Youga contributed $18.3 million towards earnings from mining operations and generated $20.3 million of operating cash flow from mine operations.
Agbaou Project Development
Toward the end of the Q2 2012, Endeavour announced commencement of construction of the Agbaou Gold Project to add production of approximately 100,000 oz per year starting in Q1 2014, completion of an updated NI 43-101 compliant technical report, and selection of our EPCM contractor. The technical report indicated an economically robust project, with a total up-front funding requirement of $159 million and an Internal Rate of Return of 28% on an after-tax, 100% project basis at a gold price of $1,250. Since that announcement, long-lead items have been ordered (including the mills), engineering and planning has progressed and Endeavour's office in Abidjan, Côte d'Ivoire has been staffed. Our next major milestone is expected to be the commencement of earthworks in September of 2012. In addition, the Corporation was recently informed by a senior member of the government that the Ivorian cabinet had approved Agbaou's Mining Permit and, accordingly, receipt of the signed official permit is expected shortly.
Exploration Programs
During Q2 2012, exploration was conducted on authorized permits in Burkina Faso, Côte d'Ivoire, Ghana, Liberia and Mali. Endeavour's land position is the third largest in West Africa and covers over 10,000 square kilometres. The Corporation has approved an exploration budget of $34.0 million for 2012 that is expected to include approximately 215,000 metres of drilling, of which approximately $21.6 million is directed towards increasing resources and reserves to extend mine lives at the Nzema and Youga operations, $6.0 million towards increasing resources and reserves at Agbaou, $6.4 million towards delineating resources and conducting further metallurgical testing of the Nzema sulphides in Ghana, and the balance towards regional programs.
As of June 30, 2012, exploration spending totalled approximately $19.8 million for the half year, with a total of 138,000 metres of drilling completed. Positive results from near-mine exploration included: at Youga - A2-11-220 with 52.5 metres of 2.1 grams per tonne gold below the main pit - and at Nzema - discovery of new oxide zones by drilling across the site of the old Salman Village and surrounding areas. In addition, progress was made on the two PEAs targeted for completion by year-end - the Nzema sulphides project and the Ouaré project near Youga. Metallurgical samples of the Salman sulphide mineralization were sent for testwork and the contractor was chosen to conduct the PEA and supervise metallurgical testwork. On June 27, 2012 Endeavour announced completion of drilling at Ouaré and commencement of an updated resource estimate in preparation for the PEA.
Adjusted Earnings
Net earnings / (loss) from continuing operations have been adjusted for the impact of the fair value change of certain financial instruments, including the gold hedge liability and Endeavour's warrants that are denominated in Canadian dollars. This fair value gain is net of a one-off write-down in marketable securities. Other adjustments were made for a one-time Ghanaian tax audit assessment related to years prior to 2012 and deferred income tax expense, which is a one-time adjustment related to the December 2011 Nzema hedge buy-back and which was not recognized until the second quarter of 2012 when the tax return was completed.
Table 3 Adjusted Net Earnings Reconciliation for the quarter ended June 30, 2012
US$ Millions
Net earnings after tax $ 33.4
Net losses on financial instruments + 6.0
One-time Ghanaian tax audit assessment1 + 4.7
Deferred income tax expense2 - 22.7
Adjusted net earnings after tax $ 21.4
Weighted average number of outstanding shares 245,053,857
Adjusted Net EPS (Basic) for Q2/2012 $0.09
1 One-off expenses of $4.7 million related primarily to withholding taxes from the Ghanaian Tax Authority audit for its taxation years June 2007 to June 2011
2 The deferred income tax recovery is non-cash in nature and is primarily from an increase in losses arising from the realized hedge loss in December 2011 at the Nzema operation that was not previously incorporated into the deferred tax calculation at either December 31, 2011 or the first quarter ended March 31, 2012 as the December 31, 2011 tax return had not been finalized at these earlier dates.
Conference Call Details
Management will host a conference call and webcast presentation to discuss the Q2 results on August 9. Participating on the call will be Neil Woodyer, Chief Executive Officer, Mark Connelly, Chief Operating Officer, and Christian Milau, Chief Financial Officer.
Analysts and interested investors are invited to participate in the conference call using the dial in numbers below.
International: +1 201-689-8433
North American toll-free: +1 877-407-0832
Australian toll-free: 0011-800-2246-2666
The conference call can also be accessed through the following link: http://www.endeavourmining.com/s/Webcasts.asp
The conference call will be held and webcast by V-Call on Thursday August 9, 2012 at:
5:00 AM in Vancouver
8:00 AM in Toronto and New York
1:00 PM in London
8:00 PM in Perth
10:00 PM in Sydney
The call will be archived for later playback on Endeavour's website until August 9, 2013.
Qualified Persons
Adriaan "Attie" Roux, Pr. Sci.Nat, Endeavour's Senior VP Operations, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations in this news release.
K. Kirk Woodman, P.Geo., Endeavour's General Manager of Exploration, is the Qualified Person overseeing exploration projects in French West Africa and has reviewed and approved the technical information related to exploration programs in French West Africa contained in this news release.
Martin Bennett, MAIG, General Manager Exploration, is the Qualified Person overseeing Endeavour's exploration projects in Ghana and Liberia and has reviewed and approved the technical information related to exploration programs in Ghana and Liberia in this news release.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns two gold mines producing approximately 195,000 oz per year in Ghana and Burkina Faso that are generating significant operating cash flows to fund exploration and development growth. In addition to upside potential at its current operations, Endeavour's third gold mine, Agbaou in Côte d'Ivoire has entered the construction phase for an additional 100,000 oz per year during Q1 2014. Endeavour's strong financial base encourages investments in long-term operational growth, exploration to replace and increase reserves, and funding for acquisitions.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).
On behalf of Endeavour Mining Corporation
Neil Woodyer
Chief Executive Officer
This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.
For additional information, contact:
Marla Gale
Vice President - Investor Relations
+1 604 609 6117
mgale@endeavourmining.com
Endeavour Mining Corporation
Cayman Corporate Centre
27 Hospital Road
George Town, Grand Cayman,
KY1 1109, Cayman Islands
Tel: +1 345 946 7603
Fax: +1 345 946 7604
www.endeavourmining.com
A Cayman Islands exempted company with limited liability.
Vancouver, August 7, 2012 - Endeavour Mining Corporation today announced it has entered into a definitive arrangement agreement with Avion Gold Corporation ("Avion") (TSX: AVR, OTCQX: AVGCF) pursuant to which Endeavour will acquire all of the issued and outstanding common shares of Avion via a court-approved plan of arrangement (the "Arrangement Agreement"). To keep pace with the growth of its operations, Endeavour also announced an expanded board and management team.
Summary of the transaction:
•Acquisition of Avion in an all share transaction with each Avion common share exchanged for 0.365 of an Endeavour common share valuing Avion at CDN$0.88 per share or CDN$389 million, using closing prices on the TSX as of August 7, 2012
•The acquisition will immediately increase Endeavour's forecast gold production by approximately 50% to 282,000 - 304,000 ounces for 2012
•Endeavour is providing a US$20 million short term exchangeable loan to Avion ("Bridge Loan") to restart the Tabakoto mill capacity upgrade, leading to further gold production growth to over 450,000 ounces per year when Agbaou reaches steady state production.
•Endeavour's NI 43-101 compliant, attributable Proven and Probable gold reserves will increase by 31% to 2.8 million ounces and Measured and Indicated gold resources increase by 52% to 6.0 million ounces, and Inferred gold resources increase by 167% to 3.3 million ounces (see Tables 1 and 2 for details).
•The acquisition of Avion will create one of the largest West African mining companies with three producing mines, a fourth mine currently in construction, and an attractive pipeline of exploration and resource development properties (see Figure 1 for locations).
Terms of the Arrangement Agreement
Under the Arrangement Agreement, each Avion shareholder will receive in exchange for each Avion common share held 0.365 of an Endeavour common share ("Endeavour Share") via a court-approved plan of arrangement. Certain eligible Avion shareholders may elect to receive their consideration in the form of Exchangeable Shares of Endeavour in lieu of Endeavour Shares. Exchangeable Shares may provide eligible Avion shareholders the opportunity to obtain a deferral of taxable capital gains for Canadian income tax purposes. Also under the Arrangement Agreement, Avion stock options will be varied to become exercisable for Endeavour Shares on the same 0.365 exchange ratio.
Based on the closing price of the Endeavour Shares on the Toronto Stock Exchange of CDN$2.40 on August 7, 2012 the implied transaction value of CDN$0.88 per Avion share yields a premium of 56%. The transaction value on a basic share outstanding basis is approximately CDN$389 million and the Avion shareholders will represent approximately 39.8% of the enlarged shareholder base.
Using the 20-day volume weighted average prices ("VWAP") on the TSX for the period ending August 7, 2012 for both Endeavour and Avion, the exchange ratio yields a premium of 70% to Avion. Applying the 85-day VWAPs on the TSX for the period ending August 7, 2012 for both Endeavour and Avion, the exchange ratio yields a premium of 29% to Avion.
The Arrangement Agreement will be subject to, among other things, approval of 66 2/3% of the Avion shareholder votes cast, approval of 50% of the Endeavour shareholder votes cast, and other customary conditions including court approvals. The two shareholder meetings are expected to occur on or about October 12, 2012 and the transaction is expected to close in October 2012. The record date for the special meeting of the Endeavour shareholders will be announced in the near future.
Neil Woodyer, CEO of Endeavour, commented:
"The acquisition of Avion complements our strategy of becoming a leading and diversified West African gold producer. Avion's Tabakoto Mine and Kofi property in western Mali and the advanced Houndé property in Burkina Faso fit very well into Endeavour's production and development portfolios. At closing, Endeavour's gold production immediately rises to approximately 300,000 ounces per year and including the Tabakoto mill expansion and completion of Agbaou construction, our gold production is forecast to reach approximately 450,000 ounces per year. Endeavour has a well-established track record of using its financial and operating strengths to create value and produce results."
HIGHLIGHTS OF THE ACQUISITION
•A pro forma market capitalization of $977 million using Endeavour's closing price on the TSX as of August 7, 2012
•Endeavour has a pro forma 2012 gold production range of 282,000 to 304,000 ounces, with substantial operating cash flows
•Avion's 80% owned Tabakoto mine produced 91,200 ounces at cash costs of $652 per ounce in 2011, with 2012 production guidance on track to deliver between 95,000 and 102,000 ounces
•Endeavour's financial strength to address immediate cash needs at Avion, and get the Tabakoto mill expansion, from 2,000 tpd to 4,000 tpd, back on track
•Increased operating and geographical diversification, with three operating mines (Ghana, Burkina Faso, western Mali) and a fourth mine in construction (Côte d'Ivoire)
•Addition of Avion's Houndé exploration concession in Burkina Faso includes the highly prospective Vindaloo Deposit, which is progressing towards a Preliminary Economic Assessment by year end. Current resources on the Houndé concession are 893,000 indicated ounces and 712,000 inferred ounces (see Table 2 for mineral resource details)
•Addition of Avion's Kofi exploration concession in western Mali, that is approximately 30km to 60km North of the Tabakoto processing plant, which currently hosts 500,000 indicated ounces and 702,000 inferred ounces (see Table 2 for mineral resource details)
•Addition of 1,800 km2 of exploration ground for a total of 11,800 km2
•Through an all-stock transaction, Avion shareholders can continue to participate in future growth
•Valuation upside as Endeavour continues to progress toward becoming a mid-tier gold producer
Figure 1 - Mine & Project Location Map
For more details about the transaction, please refer to the investor presentation on Endeavour's website at www.endeavourmining.com.
Board and Management Changes
In line with the growth of the business, Endeavour is strengthening its board and management teams. The Board of Directors will be increased from seven to eight directors, with both John Begeman and another member of the current Avion board joining, and one member of the current Endeavour board will resign. John Begeman is currently President and CEO of Avion and a mining engineer with over 30 years of mining experience.
Mark Connelly, currently the Chief Operating Officer ("COO") of Endeavour, has elected to step down from his role as COO effective August 31, 2012 in order to pursue other interests. Mark will remain on the Endeavour board. Mark is replaced as COO by Adriaan ("Attie") Roux, formerly Senior VP Operations. Attie Roux joined Endeavour following the completion of the merger with Adamus in December 2011, having been responsible for commissioning the Nzema processing plant in Ghana. As Senior VP Operations at Endeavour, he managed Endeavour's two operating mines - Youga and Nzema. Prior to joining Adamus in 2010, Attie worked for AngloGold Ashanti as a metallurgist for more than 30 years, including some of AngloGold's most successful mines in West Africa, including Siquiri (Guinea), Iduapriem and Obuasi (both Ghana).
Endeavour is also pleased to announce the further strengthening of its technical team based in Accra, Ghana, with the appointment of Gérard De Hert as Vice President of Exploration. As part of the management progression, two members of Endeavour's Technical Services team have been promoted: David Laing is now Executive Vice President Technical Services and Doug Reddy has been named Senior Vice President Technical Services.
Neil Woodyer, CEO of Endeavour, commented
"Mark Connelly built Adamus Resources into a successful mining operation and has been key in developing Endeavour into the business it is today - a fast growing and profitable gold producer with projects throughout West Africa. We look forward to his valued contribution as a member of our board. Attie Roux, with his proven operational management and technical expertise in commissioning the Nzema project on time and on budget, will ensure continuity as COO as we progress with the construction of Agbaou and the integration of Tabakoto into our operating platform.
We are also pleased to welcome Gérard de Hert to our technical team based in Accra, Ghana; his 14 years plus of experience in Africa in both mining and exploration is ideally suited to lead our near-mine and regional exploration programs. Endeavour is continuing to build upon its strong team based in Accra, Ghana, which is the principal technical hub for the Company's expansion throughout the region. The Accra team is complemented by our technical services group in Vancouver; David Laing and Doug Reddy, who between them have over 60 years experience in engineering, mine management, construction, exploration, technical reporting and consulting."
Additional details of the Transaction
The proceeds of the US$20 million Bridge Loan will be used by Avion to fund capital expenditures for the mill expansion at the Tabakoto operation in western Mali, and for other corporate needs. The terms of the Bridge Loan include a repayment date which is 6 months from the date of the loan; the loan may be repaid (a) in cash or (b) by Avion giving notice that it wishes to repay by delivering common shares of Avion to Endeavour. If Avion elects option (b) above, Endeavour may accept or may instead give notice to Avion electing to extend the repayment date by a further 6 month period. The loan is secured by the shares of certain of Avion's subsidiary companies which are holding companies for the Tabakoto, Houndé and Kofi properties.
Subject to pending TSX approval, the Bridge Loan contains an exchange feature enabling Endeavour in its sole discretion to exchange the Bridge Loan principal at any time into Avion common shares at an exchange price of US$0.4323. If Endeavour has not previously exercised its exchange right before the initial repayment date and Avion elects to deliver common shares in lieu of a cash repayment, the exchange price shall be the lower of (i) US$0.4323, and (ii) the 5-day VWAP for Avion on the TSX to the close of trading on the date immediately preceding the initial repayment date.
The Arrangement Agreement includes customary deal protections. Avion has agreed not to solicit any alternative transactions and has agreed to pay Endeavour a break fee of approximately CDN$11.5 million and an Expense Fee of $2 million in certain circumstances. In addition, Endeavour has been granted the right to match any competing offer and has agreed to pay Avion an Expense Fee of $1 million in certain circumstances.
Both the Endeavour and Avion Boards of Directors have determined that the proposed acquisition is in the best interests of their respective companies based on a number of factors, including fairness opinions received from their financial advisors, and have unanimously approved the terms of the Arrangement Agreement and recommend that their respective shareholders vote in favour of the proposed acquisition.
The directors and officers of Endeavour, Avion, Forbes and Manhattan and Stan Bharti have agreed to execute agreements to vote their shares in favour of the proposed acquisition, subject to customary fiduciary waivers in the case of a superior offer.
Stikeman Elliott LLP has provided Endeavour with legal counsel, and Canaccord Genuity Corp. has provided Endeavour's Board of Directors with an opinion that, as of the date thereof and subject to the assumptions, limitations and qualifications set out therein, the exchange ratio is fair, from a financial point of view, to the shareholders of Endeavour.
For the benefit of Endeavour's shareholders, full details of the proposed transaction will be included in a management information circular to be filed with regulatory authorities in both Canada and Australia and mailed to the Endeavour shareholders in accordance with applicable securities laws. For the benefit of Avion's shareholders, Avion will be mailing a management information circular to its shareholders.
Conference Call and Webcast Details
Endeavour will host a conference call and webcast to discuss the transaction as part of its previously announced Q2 results webcast on Thursday, August 9, 2012 at
5:00 AM in Vancouver
8:00 AM in Toronto and New York
1:00 PM in London
8:00 PM in Perth
10:00 PM in Sydney
Participating on the call will be Neil Woodyer, CEO of Endeavour, John Begeman, CEO of Avion, and also from Endeavour: Mark Connelly, COO, Christian Milau, CFO, David Laing, Executive VP - Technical Services, and Doug Bowlby, Executive VP - Corporate Development. Analysts and interested investors are invited to participate in the conference call using the dial in numbers below.
International: +1 201-689-8433
North American toll-free: +1 877-407-0832
Australian toll-free: 0011-800-2246-2666
The conference call can also be accessed through the following link: http://www.endeavourmining.com/s/Webcasts.asp
The call will be archived for later playback on Endeavour's website until August 9, 2013.
Table 1 - Pro Forma Mineral Reserves a
Mine / Project Reserves
Proven Probable Proven & Probable Gold
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Price
Mt g/t Mt g/t Mt g/t US$/oz
Nzema1,2,3,4- Total 11.938 2.0 770,000 2.664 2.3 193,000 14.603 2.0 964,000 US$900
Attributable - 90% 693,000 174,000 867,000
Youga5,6,7 - Total 3.517 2.1 235,000 3.792 1.7 212,000 7.308 1.9 448,000 US$1200
Attributable - 90% 211,000 191,000 403,000
Agbaou8 - Total 5.407 2.3 390,000 5.668 2.8 515,000 11.075 2.5 905,000 US$1200
Attributable - 85% 332,000 438,000 769,000
Finkolo9 - Total 1.037 3.3 109,000 1.381 2.9 127,000 2.418 3.0 237,000 US$900
Attributable - 40% 44,000 51,000 95,000
Tabakoto Underground10, 11 - Total 0.355 5.4 61,000 4.251 4.4 604,000 4.606 4.5 665,000 US$1183
Attributable - 80% 49,000 483,000 532,000
Tabakoto Open Pit10, 11, - Total 0.078 3.7 9,000 0.931 3.6 107,000 1.009 3.6 116,000 US$1183
Attributable - 80% 7,000 86,000 93,000
Tabakoto Stockpile10, 11,- Total 1.291 1.1 46,000 1.291 1.1 46,000 na
Attributable - 80% 37,000 37,000
Pro Forma Total 1,620,000 1,758,000 3,381,000
Pro Forma Attributable 1,373,000 1,423,000 2,796,000
Table 2 - Pro Forma Mineral Resources a
Mine / Project Resources (including reserves) Lower cutoff
Measured Indicated Measured & Indicated Inferred
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
Mt Au g/t Mt Au g/t Mt Au g/t Mt Au g/t Au g/t
Nzema1,2,3,4 - Total 31.658 1.4 1,409,000 16.671 1.2 656,000 48.329 1.3 2,064,000 17.725 1.1 652,000 0.5
Attributable - 90% 1,268,000 590,000 1,858,000 587,000 0.5
Youga5 - Total 3.526 2.3 266,000 7.897 1.6 398,000 11.422 1.8 664,000 3.462 1.2 138,000 0.5
Attributable - 90% 239,000 358,000 598,000 124,000 0.5
Youga Satellite6 - Total 3.220 1.1 118,000 3.731 1.2 146,000 6.951 1.2 264,000 1.211 1.4 55,000 0.5
Attributable - 90% 106,000 131,000 238,000 50,000 0.5
Ouare9 - Total 4.738 2.1 323,000 0.5
Attributable - 90% 291,000 0.5
Agbaou8 - Total 6.262 2.2 438,000 8.708 2.6 719,000 14.970 2.4 1,157,000 1.473 1.5 73,000 0.5
Attributable - 85% 373,000 611,000 983,000 62,000 0.5
Finkolo9 - Total 3.290 2.3 242,000 6.820 2.0 445,000 10.110 2.1 687,000 6.730 1.4 301,000 0.5
Attributable - 40% 97,000 178,000 275,000 120,000 0.5
Tabakoto Underground10, 11, - Total 0.341 7.0 76,000 4.773 5.5 848,000 5.114 5.6 925,000 6.007 5.0 968,000 2.0
Attributable - 80% 61,000 678,000 740,000 774,000 2.0
Tabakoto Open Pit10, 11 - Total 0.054 4.9 9,000 1.604 3.5 182,000 1.658 3.6 190,000 1.591 2.9 149,000 1.0
Attributable - 80% 7,000 146,000 152,000 119,000 1.0
Kofi12 - Total 6.901 2.3 500,000 6.901 2.3 500,000 12.355 1.8 702,000 0.5
Attributable - 75% 375,000 375,000 527,000 0.5
Houndé13 - Total 13.407 2.1 893,000 13.407 2.1 893,000 10.717 2.1 712,000 0.5
Attributable - 90% 804,000 804,000 641,000 0.5
Pro Forma Total 2,558,000 4,787,000 7,344,000 4,073,000
Pro Forma Attributable 2,151,000 3,871,000 6,023,000 3,295,000
Notes to Mineral Resource and Reserve Tables
a Effective dates are as follows: Nzema & Youga - December 31, 2011, Ouare - June 16 2009, Agbaou - May 25, 2012, Finkolo - June 10, 2010, Tabakoto - January 1, 2012, Kofi - December 21, 2011, Houndé - December 19, 2011
1 Technical Report Southern Ashanti Gold Project, Ghana, West Africa effective August 17, 2009, prepared by Ron Heeks (M.AusIMM), Technical Manager Adamus Resources Limited. Qualified Persons not independent of Endeavour Mining Corporation, Depleted as of December 31, 2011.
2 2012 Mineral Resource update of the Salman Gold Deposit effective February 16 2012, prepared by Nic Johnson (M.AIG), MPR Geological Consultants.
3 2012 Mineral Resource update of the Aliva and Nfutu Gold Deposits effective February 17, 2012, prepared by Nic Johnson (M.AIG), MPR Geological Consultants.
4 Mineral Resource for the Akropon Gold Deposit, Internal Resource Estimate effective February 20, 2012, prepared by William Yeo, Qualified Persons not independent of Endeavour Mining Corporation.
5 Technical Report and Update of Mineral Resources and Mineral Reserves for the Youga Gold Mine, Burkina Faso, West Africa, effective December 31, 2010 and dated March 15, 2011, prepared by A. de Freitas and K. Woodman, Qualified Persons not independent of Endeavour Mining Corporation, Depleted as of December 31, 2011.
6 Youga Satellite Deposits, Internal Resource Estimates, prepared by AMEC under supervision of K. Woodman; Internal Reserve Estimates, prepared by SEMS under supervision of A. de Freitas Qualified Persons not independent of Endeavour Mining Corporation.
7 Ouaré Deposit, Internal Resource Estimate, dated June 16 2009 prepared by A. Mouton under supervision of K. Woodman Qualified Persons not independent of Endeavour Mining Corporation.
8 Agbaou Gold Project Technical Report, Cote d'Ivoire, West Africa for Endeavour Mining Corp. effective date of May 25, 2012, prepared by SRK Consulting South Africa (Pty) Ltd, SENET , Knight Piésold Consulting.
9 Tabakoroni Feasibility Study Report, Tabakoroni Gold Deposit, Mali, West Africa, dated June 10, 2010, prepared by S. Stein and K. Woodman, Qualified Persons not independent of Endeavour Mining Corporation.
10 Andrew Bradfield, P.Eng. and Don Dudek, P.Geo. Sr. Officers of Avion and Qualified Persons, as such term is defined under NI 43-101, are responsible for the Mineral Reserve estimates and have reviewed and approved the scientific and technical information in this document relating to those estimates.
11 The Mineral Reserves have been classified in accordance with requirements of NI 43-101 and the CIM standards. Mineral Reserve estimates are based on a gold price of USD$1,183 per ounce and a 94% process plant recovery. Additional parameters used to define the reserves are presented in a NI 43-101 compliant report filed on SEDAR on August 17, 2011, entitled Technical Report on the Tabakoto Mining Operations Mali, West Africa for Avion Gold Corporation and prepared by P&E Mining Consultants Inc
12 Technical Report and Updated Resource Estimate on the Kofi Project, Mali, Africa for Avion Gold Corp, dated December 21, 2011, and prepared by P&E Mining Consultants Inc.
13 Technical Report and Updated Resource Estimate on the Houndé Property, Burkina Faso, Africa for Avion Gold Corp, dated December 19, 2011, and prepared by P&E Mining Consultants Inc.
Qualified Person
Adriaan "Attie" Roux, Pr. Sci.Nat, Endeavour's Senior VP - Operations, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information in this news release, except if noted otherwise.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns two gold mines producing approximately 195,000 ounces per year in Ghana and Burkina Faso that are generating significant operating cash flows to fund exploration and development growth. In addition to upside potential at its current operations, Endeavour's third gold mine, Agbaou in Côte d'Ivoire has entered the construction phase for an additional 100,000 ounces per year during Q1 2014. Endeavour's strong financial base encourages investments in long-term operational growth, exploration to replace and increase reserves, and funding for acquisitions.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).
On behalf of Endeavour Mining Corporation
Neil Woodyer
Chief Executive Officer
This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour and Avion's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour and Avion's most recent Annual Information Form filed under their respective profiles at www.sedar.com for further information respecting the risks affecting Endeavour, Avion and their businesses.
For additional information, contact:
Marla Gale
Vice President - Investor Relations
+1 604 609 6117
mgale@endeavourmining.com
Bobby Morse (for UK/European enquiries)
Buchanan
+44 (0)20 7466 5000
bobbym@buchanan.uk.com
Endeavour Mining Corporation
Cayman Corporate Centre
27 Hospital Road
George Town, Grand Cayman,
KY1 1109, Cayman Islands
Tel: +1 345 946 7603
Fax: +1 345 946 7604
www.endeavourmining.com
A Cayman Islands exempted company with limited liability.
Summary of the transaction:
•Acquisition of Avion in an all share transaction with each Avion common share exchanged for 0.365 of an Endeavour common share valuing Avion at CDN$0.88 per share or CDN$389 million, using closing prices on the TSX as of August 7, 2012
•The acquisition will immediately increase Endeavour's forecast gold production by approximately 50% to 282,000 - 304,000 ounces for 2012
•Endeavour is providing a US$20 million short term exchangeable loan to Avion ("Bridge Loan") to restart the Tabakoto mill capacity upgrade, leading to further gold production growth to over 450,000 ounces per year when Agbaou reaches steady state production.
•Endeavour's NI 43-101 compliant, attributable Proven and Probable gold reserves will increase by 31% to 2.8 million ounces and Measured and Indicated gold resources increase by 52% to 6.0 million ounces, and Inferred gold resources increase by 167% to 3.3 million ounces (see Tables 1 and 2 for details).
•The acquisition of Avion will create one of the largest West African mining companies with three producing mines, a fourth mine currently in construction, and an attractive pipeline of exploration and resource development properties (see Figure 1 for locations).
Terms of the Arrangement Agreement
Under the Arrangement Agreement, each Avion shareholder will receive in exchange for each Avion common share held 0.365 of an Endeavour common share ("Endeavour Share") via a court-approved plan of arrangement. Certain eligible Avion shareholders may elect to receive their consideration in the form of Exchangeable Shares of Endeavour in lieu of Endeavour Shares. Exchangeable Shares may provide eligible Avion shareholders the opportunity to obtain a deferral of taxable capital gains for Canadian income tax purposes. Also under the Arrangement Agreement, Avion stock options will be varied to become exercisable for Endeavour Shares on the same 0.365 exchange ratio.
Based on the closing price of the Endeavour Shares on the Toronto Stock Exchange of CDN$2.40 on August 7, 2012 the implied transaction value of CDN$0.88 per Avion share yields a premium of 56%. The transaction value on a basic share outstanding basis is approximately CDN$389 million and the Avion shareholders will represent approximately 39.8% of the enlarged shareholder base.
Using the 20-day volume weighted average prices ("VWAP") on the TSX for the period ending August 7, 2012 for both Endeavour and Avion, the exchange ratio yields a premium of 70% to Avion. Applying the 85-day VWAPs on the TSX for the period ending August 7, 2012 for both Endeavour and Avion, the exchange ratio yields a premium of 29% to Avion.
The Arrangement Agreement will be subject to, among other things, approval of 66 2/3% of the Avion shareholder votes cast, approval of 50% of the Endeavour shareholder votes cast, and other customary conditions including court approvals. The two shareholder meetings are expected to occur on or about October 12, 2012 and the transaction is expected to close in October 2012. The record date for the special meeting of the Endeavour shareholders will be announced in the near future.
Neil Woodyer, CEO of Endeavour, commented:
"The acquisition of Avion complements our strategy of becoming a leading and diversified West African gold producer. Avion's Tabakoto Mine and Kofi property in western Mali and the advanced Houndé property in Burkina Faso fit very well into Endeavour's production and development portfolios. At closing, Endeavour's gold production immediately rises to approximately 300,000 ounces per year and including the Tabakoto mill expansion and completion of Agbaou construction, our gold production is forecast to reach approximately 450,000 ounces per year. Endeavour has a well-established track record of using its financial and operating strengths to create value and produce results."
HIGHLIGHTS OF THE ACQUISITION
•A pro forma market capitalization of $977 million using Endeavour's closing price on the TSX as of August 7, 2012
•Endeavour has a pro forma 2012 gold production range of 282,000 to 304,000 ounces, with substantial operating cash flows
•Avion's 80% owned Tabakoto mine produced 91,200 ounces at cash costs of $652 per ounce in 2011, with 2012 production guidance on track to deliver between 95,000 and 102,000 ounces
•Endeavour's financial strength to address immediate cash needs at Avion, and get the Tabakoto mill expansion, from 2,000 tpd to 4,000 tpd, back on track
•Increased operating and geographical diversification, with three operating mines (Ghana, Burkina Faso, western Mali) and a fourth mine in construction (Côte d'Ivoire)
•Addition of Avion's Houndé exploration concession in Burkina Faso includes the highly prospective Vindaloo Deposit, which is progressing towards a Preliminary Economic Assessment by year end. Current resources on the Houndé concession are 893,000 indicated ounces and 712,000 inferred ounces (see Table 2 for mineral resource details)
•Addition of Avion's Kofi exploration concession in western Mali, that is approximately 30km to 60km North of the Tabakoto processing plant, which currently hosts 500,000 indicated ounces and 702,000 inferred ounces (see Table 2 for mineral resource details)
•Addition of 1,800 km2 of exploration ground for a total of 11,800 km2
•Through an all-stock transaction, Avion shareholders can continue to participate in future growth
•Valuation upside as Endeavour continues to progress toward becoming a mid-tier gold producer
Figure 1 - Mine & Project Location Map
For more details about the transaction, please refer to the investor presentation on Endeavour's website at www.endeavourmining.com.
Board and Management Changes
In line with the growth of the business, Endeavour is strengthening its board and management teams. The Board of Directors will be increased from seven to eight directors, with both John Begeman and another member of the current Avion board joining, and one member of the current Endeavour board will resign. John Begeman is currently President and CEO of Avion and a mining engineer with over 30 years of mining experience.
Mark Connelly, currently the Chief Operating Officer ("COO") of Endeavour, has elected to step down from his role as COO effective August 31, 2012 in order to pursue other interests. Mark will remain on the Endeavour board. Mark is replaced as COO by Adriaan ("Attie") Roux, formerly Senior VP Operations. Attie Roux joined Endeavour following the completion of the merger with Adamus in December 2011, having been responsible for commissioning the Nzema processing plant in Ghana. As Senior VP Operations at Endeavour, he managed Endeavour's two operating mines - Youga and Nzema. Prior to joining Adamus in 2010, Attie worked for AngloGold Ashanti as a metallurgist for more than 30 years, including some of AngloGold's most successful mines in West Africa, including Siquiri (Guinea), Iduapriem and Obuasi (both Ghana).
Endeavour is also pleased to announce the further strengthening of its technical team based in Accra, Ghana, with the appointment of Gérard De Hert as Vice President of Exploration. As part of the management progression, two members of Endeavour's Technical Services team have been promoted: David Laing is now Executive Vice President Technical Services and Doug Reddy has been named Senior Vice President Technical Services.
Neil Woodyer, CEO of Endeavour, commented
"Mark Connelly built Adamus Resources into a successful mining operation and has been key in developing Endeavour into the business it is today - a fast growing and profitable gold producer with projects throughout West Africa. We look forward to his valued contribution as a member of our board. Attie Roux, with his proven operational management and technical expertise in commissioning the Nzema project on time and on budget, will ensure continuity as COO as we progress with the construction of Agbaou and the integration of Tabakoto into our operating platform.
We are also pleased to welcome Gérard de Hert to our technical team based in Accra, Ghana; his 14 years plus of experience in Africa in both mining and exploration is ideally suited to lead our near-mine and regional exploration programs. Endeavour is continuing to build upon its strong team based in Accra, Ghana, which is the principal technical hub for the Company's expansion throughout the region. The Accra team is complemented by our technical services group in Vancouver; David Laing and Doug Reddy, who between them have over 60 years experience in engineering, mine management, construction, exploration, technical reporting and consulting."
Additional details of the Transaction
The proceeds of the US$20 million Bridge Loan will be used by Avion to fund capital expenditures for the mill expansion at the Tabakoto operation in western Mali, and for other corporate needs. The terms of the Bridge Loan include a repayment date which is 6 months from the date of the loan; the loan may be repaid (a) in cash or (b) by Avion giving notice that it wishes to repay by delivering common shares of Avion to Endeavour. If Avion elects option (b) above, Endeavour may accept or may instead give notice to Avion electing to extend the repayment date by a further 6 month period. The loan is secured by the shares of certain of Avion's subsidiary companies which are holding companies for the Tabakoto, Houndé and Kofi properties.
Subject to pending TSX approval, the Bridge Loan contains an exchange feature enabling Endeavour in its sole discretion to exchange the Bridge Loan principal at any time into Avion common shares at an exchange price of US$0.4323. If Endeavour has not previously exercised its exchange right before the initial repayment date and Avion elects to deliver common shares in lieu of a cash repayment, the exchange price shall be the lower of (i) US$0.4323, and (ii) the 5-day VWAP for Avion on the TSX to the close of trading on the date immediately preceding the initial repayment date.
The Arrangement Agreement includes customary deal protections. Avion has agreed not to solicit any alternative transactions and has agreed to pay Endeavour a break fee of approximately CDN$11.5 million and an Expense Fee of $2 million in certain circumstances. In addition, Endeavour has been granted the right to match any competing offer and has agreed to pay Avion an Expense Fee of $1 million in certain circumstances.
Both the Endeavour and Avion Boards of Directors have determined that the proposed acquisition is in the best interests of their respective companies based on a number of factors, including fairness opinions received from their financial advisors, and have unanimously approved the terms of the Arrangement Agreement and recommend that their respective shareholders vote in favour of the proposed acquisition.
The directors and officers of Endeavour, Avion, Forbes and Manhattan and Stan Bharti have agreed to execute agreements to vote their shares in favour of the proposed acquisition, subject to customary fiduciary waivers in the case of a superior offer.
Stikeman Elliott LLP has provided Endeavour with legal counsel, and Canaccord Genuity Corp. has provided Endeavour's Board of Directors with an opinion that, as of the date thereof and subject to the assumptions, limitations and qualifications set out therein, the exchange ratio is fair, from a financial point of view, to the shareholders of Endeavour.
For the benefit of Endeavour's shareholders, full details of the proposed transaction will be included in a management information circular to be filed with regulatory authorities in both Canada and Australia and mailed to the Endeavour shareholders in accordance with applicable securities laws. For the benefit of Avion's shareholders, Avion will be mailing a management information circular to its shareholders.
Conference Call and Webcast Details
Endeavour will host a conference call and webcast to discuss the transaction as part of its previously announced Q2 results webcast on Thursday, August 9, 2012 at
5:00 AM in Vancouver
8:00 AM in Toronto and New York
1:00 PM in London
8:00 PM in Perth
10:00 PM in Sydney
Participating on the call will be Neil Woodyer, CEO of Endeavour, John Begeman, CEO of Avion, and also from Endeavour: Mark Connelly, COO, Christian Milau, CFO, David Laing, Executive VP - Technical Services, and Doug Bowlby, Executive VP - Corporate Development. Analysts and interested investors are invited to participate in the conference call using the dial in numbers below.
International: +1 201-689-8433
North American toll-free: +1 877-407-0832
Australian toll-free: 0011-800-2246-2666
The conference call can also be accessed through the following link: http://www.endeavourmining.com/s/Webcasts.asp
The call will be archived for later playback on Endeavour's website until August 9, 2013.
Table 1 - Pro Forma Mineral Reserves a
Mine / Project Reserves
Proven Probable Proven & Probable Gold
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Price
Mt g/t Mt g/t Mt g/t US$/oz
Nzema1,2,3,4- Total 11.938 2.0 770,000 2.664 2.3 193,000 14.603 2.0 964,000 US$900
Attributable - 90% 693,000 174,000 867,000
Youga5,6,7 - Total 3.517 2.1 235,000 3.792 1.7 212,000 7.308 1.9 448,000 US$1200
Attributable - 90% 211,000 191,000 403,000
Agbaou8 - Total 5.407 2.3 390,000 5.668 2.8 515,000 11.075 2.5 905,000 US$1200
Attributable - 85% 332,000 438,000 769,000
Finkolo9 - Total 1.037 3.3 109,000 1.381 2.9 127,000 2.418 3.0 237,000 US$900
Attributable - 40% 44,000 51,000 95,000
Tabakoto Underground10, 11 - Total 0.355 5.4 61,000 4.251 4.4 604,000 4.606 4.5 665,000 US$1183
Attributable - 80% 49,000 483,000 532,000
Tabakoto Open Pit10, 11, - Total 0.078 3.7 9,000 0.931 3.6 107,000 1.009 3.6 116,000 US$1183
Attributable - 80% 7,000 86,000 93,000
Tabakoto Stockpile10, 11,- Total 1.291 1.1 46,000 1.291 1.1 46,000 na
Attributable - 80% 37,000 37,000
Pro Forma Total 1,620,000 1,758,000 3,381,000
Pro Forma Attributable 1,373,000 1,423,000 2,796,000
Table 2 - Pro Forma Mineral Resources a
Mine / Project Resources (including reserves) Lower cutoff
Measured Indicated Measured & Indicated Inferred
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
Mt Au g/t Mt Au g/t Mt Au g/t Mt Au g/t Au g/t
Nzema1,2,3,4 - Total 31.658 1.4 1,409,000 16.671 1.2 656,000 48.329 1.3 2,064,000 17.725 1.1 652,000 0.5
Attributable - 90% 1,268,000 590,000 1,858,000 587,000 0.5
Youga5 - Total 3.526 2.3 266,000 7.897 1.6 398,000 11.422 1.8 664,000 3.462 1.2 138,000 0.5
Attributable - 90% 239,000 358,000 598,000 124,000 0.5
Youga Satellite6 - Total 3.220 1.1 118,000 3.731 1.2 146,000 6.951 1.2 264,000 1.211 1.4 55,000 0.5
Attributable - 90% 106,000 131,000 238,000 50,000 0.5
Ouare9 - Total 4.738 2.1 323,000 0.5
Attributable - 90% 291,000 0.5
Agbaou8 - Total 6.262 2.2 438,000 8.708 2.6 719,000 14.970 2.4 1,157,000 1.473 1.5 73,000 0.5
Attributable - 85% 373,000 611,000 983,000 62,000 0.5
Finkolo9 - Total 3.290 2.3 242,000 6.820 2.0 445,000 10.110 2.1 687,000 6.730 1.4 301,000 0.5
Attributable - 40% 97,000 178,000 275,000 120,000 0.5
Tabakoto Underground10, 11, - Total 0.341 7.0 76,000 4.773 5.5 848,000 5.114 5.6 925,000 6.007 5.0 968,000 2.0
Attributable - 80% 61,000 678,000 740,000 774,000 2.0
Tabakoto Open Pit10, 11 - Total 0.054 4.9 9,000 1.604 3.5 182,000 1.658 3.6 190,000 1.591 2.9 149,000 1.0
Attributable - 80% 7,000 146,000 152,000 119,000 1.0
Kofi12 - Total 6.901 2.3 500,000 6.901 2.3 500,000 12.355 1.8 702,000 0.5
Attributable - 75% 375,000 375,000 527,000 0.5
Houndé13 - Total 13.407 2.1 893,000 13.407 2.1 893,000 10.717 2.1 712,000 0.5
Attributable - 90% 804,000 804,000 641,000 0.5
Pro Forma Total 2,558,000 4,787,000 7,344,000 4,073,000
Pro Forma Attributable 2,151,000 3,871,000 6,023,000 3,295,000
Notes to Mineral Resource and Reserve Tables
a Effective dates are as follows: Nzema & Youga - December 31, 2011, Ouare - June 16 2009, Agbaou - May 25, 2012, Finkolo - June 10, 2010, Tabakoto - January 1, 2012, Kofi - December 21, 2011, Houndé - December 19, 2011
1 Technical Report Southern Ashanti Gold Project, Ghana, West Africa effective August 17, 2009, prepared by Ron Heeks (M.AusIMM), Technical Manager Adamus Resources Limited. Qualified Persons not independent of Endeavour Mining Corporation, Depleted as of December 31, 2011.
2 2012 Mineral Resource update of the Salman Gold Deposit effective February 16 2012, prepared by Nic Johnson (M.AIG), MPR Geological Consultants.
3 2012 Mineral Resource update of the Aliva and Nfutu Gold Deposits effective February 17, 2012, prepared by Nic Johnson (M.AIG), MPR Geological Consultants.
4 Mineral Resource for the Akropon Gold Deposit, Internal Resource Estimate effective February 20, 2012, prepared by William Yeo, Qualified Persons not independent of Endeavour Mining Corporation.
5 Technical Report and Update of Mineral Resources and Mineral Reserves for the Youga Gold Mine, Burkina Faso, West Africa, effective December 31, 2010 and dated March 15, 2011, prepared by A. de Freitas and K. Woodman, Qualified Persons not independent of Endeavour Mining Corporation, Depleted as of December 31, 2011.
6 Youga Satellite Deposits, Internal Resource Estimates, prepared by AMEC under supervision of K. Woodman; Internal Reserve Estimates, prepared by SEMS under supervision of A. de Freitas Qualified Persons not independent of Endeavour Mining Corporation.
7 Ouaré Deposit, Internal Resource Estimate, dated June 16 2009 prepared by A. Mouton under supervision of K. Woodman Qualified Persons not independent of Endeavour Mining Corporation.
8 Agbaou Gold Project Technical Report, Cote d'Ivoire, West Africa for Endeavour Mining Corp. effective date of May 25, 2012, prepared by SRK Consulting South Africa (Pty) Ltd, SENET , Knight Piésold Consulting.
9 Tabakoroni Feasibility Study Report, Tabakoroni Gold Deposit, Mali, West Africa, dated June 10, 2010, prepared by S. Stein and K. Woodman, Qualified Persons not independent of Endeavour Mining Corporation.
10 Andrew Bradfield, P.Eng. and Don Dudek, P.Geo. Sr. Officers of Avion and Qualified Persons, as such term is defined under NI 43-101, are responsible for the Mineral Reserve estimates and have reviewed and approved the scientific and technical information in this document relating to those estimates.
11 The Mineral Reserves have been classified in accordance with requirements of NI 43-101 and the CIM standards. Mineral Reserve estimates are based on a gold price of USD$1,183 per ounce and a 94% process plant recovery. Additional parameters used to define the reserves are presented in a NI 43-101 compliant report filed on SEDAR on August 17, 2011, entitled Technical Report on the Tabakoto Mining Operations Mali, West Africa for Avion Gold Corporation and prepared by P&E Mining Consultants Inc
12 Technical Report and Updated Resource Estimate on the Kofi Project, Mali, Africa for Avion Gold Corp, dated December 21, 2011, and prepared by P&E Mining Consultants Inc.
13 Technical Report and Updated Resource Estimate on the Houndé Property, Burkina Faso, Africa for Avion Gold Corp, dated December 19, 2011, and prepared by P&E Mining Consultants Inc.
Qualified Person
Adriaan "Attie" Roux, Pr. Sci.Nat, Endeavour's Senior VP - Operations, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information in this news release, except if noted otherwise.
About Endeavour Mining Corporation
Endeavour is a gold producer delivering growth. Endeavour owns two gold mines producing approximately 195,000 ounces per year in Ghana and Burkina Faso that are generating significant operating cash flows to fund exploration and development growth. In addition to upside potential at its current operations, Endeavour's third gold mine, Agbaou in Côte d'Ivoire has entered the construction phase for an additional 100,000 ounces per year during Q1 2014. Endeavour's strong financial base encourages investments in long-term operational growth, exploration to replace and increase reserves, and funding for acquisitions.
Endeavour Mining Corporation is listed on the TSX (symbol EDV) and ASX (symbol EVR), and also trades on the OTCQX (symbol EDVMF).
On behalf of Endeavour Mining Corporation
Neil Woodyer
Chief Executive Officer
CanAm Coal Corp. Pleased to announce that it intends to complete a non-brokered private placement
of up to 960,000 units at a price of $0.13 per unit for gross proceeds of up to
$124,800. Each unit will consist of one common share and one half common share
purchase warrant. Each warrant is exercisable at $0.17 per common share for a
period of two years from closing. This private placement will be fully
subscribed for by Mr. Steven Somerville, who has been appointed a director of
the Company.
Proceeds of the private placement will be used for general operating purposes.
The completion of the private placement is subject to regulatory approval. CanAm
has determined that there are exemptions available from the various requirements
of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of
the units to Mr. Somerville (Formal Valuation - Issuer Not Listed on Specified
Markets; Minority Approval - Fair Market Value Not More Than $2,500,000).
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the
acquisition, exploration and development of coal resources and resource-related
technologies. CanAm's main activities and assets include its four operating coal
mines in Alabama and the Buick Coal Project which holds significant coal
resources, 188 million indicated and 103 million inferred resources, in
Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert
County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2,
2007). Other coal and related opportunities continue to be evaluated on an
ongoing basis.
This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, is
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in the Company's disclosure documents on the SEDAR website at
www.sedar.com. The Company does not undertake to update any forward-looking
information except in accordance with applicable securities laws.
AQARF- report remaining drill results from the Phase I drill
campaign at the Bend copper-gold deposit ("Bend").
Bend was initially acquired as part of an exploration alliance between Aquila
and HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM) ("HudBay"). Due to recent
termination of the alliance by HudBay (see press release dated July 3, 2012),
Aquila now maintains a 100 percent interest in Bend. HudBay has a back-in right
to up to 65 percent, which is the sooner of 2 years from the date of termination
or 30 days from the date on which Aquila has completed an additional $500,000 of
expenditures.
Initial drill results from the Phase I drill campaign were released in early
June (see press release dated June 11, 2012). Preliminary results confirmed the
existence of high grade copper-gold mineralization as well as broad zones of
lower grade copper-gold mineralization that may be amenable to low cost bulk
mining techniques.
Remaining results from the Phase I drill campaign are listed below:
----------------------------------------------------------------------------
From To Interval Gold Silver Copper
DDH (m) (m) (m)(i) g/t g/t %
----------------------------------------------------------------------------
B12-06 447.72 519.4 71.68 1.68 0.9 0.21
----------------------------------------------------------------------------
Including 447.72 474.27 26.55 0.56 1.3 0.54
----------------------------------------------------------------------------
Including 468.17 472.43 4.26 0.86 0.05 1.11
----------------------------------------------------------------------------
And 501 519.4 18.4 5.25 1.57 0.01
----------------------------------------------------------------------------
Including 516.5 519.4 2.9 27.06 1.26 0.02
----------------------------------------------------------------------------
From To Interval Gold Silver Copper
DDH (m) (m) (m)(i) g/t g/t %
----------------------------------------------------------------------------
B12-07A 758.57 784.85 26.28 0.85 0.17 0.02
----------------------------------------------------------------------------
Including 758.57 762.1 3.53 3.56 0.19 0.04
----------------------------------------------------------------------------
And 782.9 785.81 2.91 2.78 0.42 0.01
----------------------------------------------------------------------------
From To Interval Gold Silver Copper
DDH (m) (m) (m)(i) g/t g/t %
----------------------------------------------------------------------------
B12-08 493.8 556.86 63.06 1.32 2.04 0.09
----------------------------------------------------------------------------
Including 529.5 556.86 27.36 2.09 0.82 0.04
----------------------------------------------------------------------------
And 551.45 556.86 5.41 6.34 1.21 0.02
----------------------------------------------------------------------------
From To Interval Gold Silver Copper
DDH (m) (m) (m)(i) g/t g/t %
----------------------------------------------------------------------------
B12-09 325.64 403 77.36 0.67 3.73 0.18
----------------------------------------------------------------------------
Including 325.64 332.08 6.44 1.11 12.79 0.54
----------------------------------------------------------------------------
And 386.73 390.9 4.17 2.06 8.43 0.44
----------------------------------------------------------------------------
From To Interval Gold Silver Copper
DDH (m) (m) (m)(i) g/t g/t %
----------------------------------------------------------------------------
B12-10 733 767 34 1.02 0.71 0.04
----------------------------------------------------------------------------
Including 739 744.5 5.5 2.43 1.72 0.12
----------------------------------------------------------------------------
From To Interval Gold Silver Copper
DDH (m) (m) (m)(i) g/t g/t %
----------------------------------------------------------------------------
B12-11 633.95 670.96 37.01 1.06 1.42 0.03
----------------------------------------------------------------------------
Including 633.95 641.5 7.55 2.05 3.54 0.06
----------------------------------------------------------------------------
(i) Reported intervals are drill thickness and do not necessarily represent
true thickness
The objective of the Phase I drill program at Bend was to conduct in-fill
drilling on the shallowest portions of the deposit and test down dip extensions
of both zones. Drill holes B12-06 and B12-09 were positioned to drill within
gaps of previously untested areas. Drill hole B12-08 tested the down dip
extension of copper mineralization in the upper zone while holes B12-07A,
B12-10, and B12-11 targeted extensions of the lower gold zone in an effort to
expand mineralization at depth.
B12-07A and B12-10 encountered mineralization at a depth of 690 and 610 meters,
respectively, below surface which represents step outs of 250 and 200 meters
down dip of historic drill holes. Also of significance is the high grade
intercept of B12-06 (2.9 meters of 27.06 g/t Au) which was drilled on the
western-most fence of holes leaving the potential of high grade gold
mineralization open in this direction.
Based on results to date, the Company plans to conduct a Phase II program that
will consist of further drilling along strike to test the outermost boundaries
of the deposit as well as down dip extensions of the lower gold zone.
About The Bend Copper-Gold Project
The Bend copper-gold Project is a volcanogenic massive sulfide (VMS) deposit
located in Taylor County, Wisconsin. Previous exploration in the 1990's quoted a
non 43-101 compliant resource estimate of 3 million tonnes grading 2.4% copper,
1.4 g/t gold and 13.7 g/t silver. In addition, a separate gold zone containing
1.23 million tonnes of 4.7 g/t gold and 0.31% copper was delineated in historic
reports (non NI 43-101 compliant). This zone remains open in all directions. The
historic resource was classified using USGS "geologic resource" and is
non-compliant to NI 43-101 Mineral Resources and Mineral Reserves Standards, and
should therefore not be relied upon. A Qualified Person has not done sufficient
work to upgrade or classify these Historical Mineral Resources as current NI
43-101 compliant Mineral resources and Aquila is not treating these resources as
current, although the resource is viewed as relevant. The report is on file with
the Bureau of Land Management. For more information on the Bend Project, please
refer to the Bend Deposit section on our website.
Results of Annual General Meeting of Shareholders
The Company is also pleased to announce that all items of business on the agenda
were approved at the Meeting. Holders of over 40 percent of all outstanding
shares were present in person or represented by proxy at the Meeting.
Collin Barrow Toronto LLP was re-appointed as the Company's independent auditor
and five current directors were re-elected. This includes Thomas O. Quigley,
Robin E. Dunbar, Edward J. Munden, William J. West and Peter M.D. Bradshaw. Alan
T. Hair did not stand for re-election. The Company would like to thank Mr. Hair
for his contributions over the last three years and wish him success in the
future.
About Aquila Resources Inc.
Aquila Resources Inc. (TSX:AQA)(OTCQX:AQARF)(FRANKFURT:JM4A) is a mineral
exploration Company focused on the discovery and development of high grade base
and precious metal projects in highly prospective regions of North America. The
Company holds a 49% interest in the Back Forty Project through a joint venture
with HudBay Minerals Inc. (TSX:HBM)(NYSE:HBM). The Company has also positioned
itself for future growth by acquiring new base and precious metal properties.
Leading the way is an experienced management and technical team that have
identified significant high grade base and precious metal properties. For more
information, please visit www.AquilaResources.com.
Quality Assurance and Quality Control
The core was logged and intersections were marked for sampling and assaying by
geologists and geo-technicians employed by Aquila Resources. Each bagged core
sample was transported to Minerals Processing Corporation's (a related party to
the Company) sample prep lab in Carney, Michigan where it was dried, crushed and
pulverized and a 250-gram sample was prepared and split, with one split for
assaying at Inspectorate Labs in Sparks, Nevada. Strict sampling and QA/QC
protocol are followed, including the insertion of standards and blanks in the
sample stream on a regular basis. Sample intervals are typically 1.5 meters.
Analytical method for gold is fire assay with atomic adsorption finish and
gravimetric finish for samples greater than 3.0 g/t gold. All other elements are
analyzed by ICP with silver over limits (greater than 200 g/t) analyzed by fire
assay/gravimetric finish and base metal over limits analyzed by AAS.
Assaying integrity is monitored internally with a quality control program, which
includes the use of assay sample standards, blanks, duplicates and repeats, and
externally through national and international programs. This news release
provides core lengths and estimates of vertical thickness only. True widths are
not provided. Where metal assays are provided for intersections they are either
a single assay of a sample of the entire intersection length or a composite of
assays calculated from interval weighted assays over the intersection length.
Thomas O. Quigley is the Qualified Person for Aquila Resources as described in
National Instrument 43-101 and is responsible for the contents of this release.
This press release contains certain forward-looking statements. In certain
cases, forward-looking statements can be identified by the use of words such as
"plans", "expects" or "does not anticipate", or "believes", or variations of
such words and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to international operations; risks
related to joint venture operations; actual results of current exploration
activities; changes in project parameters as plans continue to be refined,
future prices of resources; possible variations in reserves, grade or recovery
rates, accidents, labor disputes and other risks of the mining industry; and
delays in obtaining governmental approvals or financing or in the completion of
development or construction activities. Although the Company has attempted to
identify important factors that could cause actual actions, events or results to
differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results to differ from those
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements.
Shares Outstanding: 90,945,168
According to the OTC Market site, it is 212-634-7470.
CanAm Coal Corp. COECF- is pleased to announce the appointment of Steve Somerville to its Board of Directors. Mr. Somerville will commence duties immediately.
Mr. Somerville is a highly experienced corporate finance executive with key strengths in mergers and acquisitions, debt and equity strategies, structured finance, corporate restructuring, risk management and investment strategies. Mr. Somerville is currently President of CCM Capital Corporation, a privately held Investment holding company. Prior to establishing CCM Capital Corporation in 2012, Steve was President, BMO Capital Corporation, a leading provider of junior capital, including subordinated debt, mezzanine financing and equity capital to mid-market companies across Canada. Additionally, Mr. Somerville was responsible for the leadership of Bank of Montreal's Canadian Mid-Market Mergers and Acquisitions business and the Bank's Limited Partner investments in third party Canadian Private Equity Funds. Mr. Somerville was also a member of the Bank's Corporate Finance Leadership from 2001 to 2012. Prior to joining the Bank of Montreal, Steve worked 11 years with CIBC in a variety of roles. Steve is an experienced director having served on a number of Canadian boards as BMO's nominee.
Commenting on the appointment, Jon Legg, Chairman of CanAm's Board of Directors noted: "The appointment of Steve Somerville to the Board of Directors is a significant step for CanAm Coal. Steve's background, reputation and experience in Mid-Market corporate finance are exceptional and particularly relevant given the Company's overall growth strategy of becoming an intermediate coal producer in the next 3 to 5 years. Steve will be an invaluable member of our team moving forward, as we execute on our business strategy."
Mr. Somerville has been issued 400,000 stock options with an exercise price of $0.135. The options, issued in accordance with CanAm's stock option plan, are valid for 10 years and vest as to 1/6th of the options issued at the end of each successive three month period from the date of issuance such that the options are fully vested 18 months from the date of issuance. The Company has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of the options to directors, officers and employees of the Company (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than $2,500,000).
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
CanAm Corporate Office:
Timothy Bergen
CEO
403.262.3797 or Toll Free: 1.877.262.5888
tbergen@canamcoal.com
Brisco Capital Partners:
Scott Koyich
Partner
403.262.9888
scott@briscocapital
Thanks for reply. The closest Kroger in Northeast WI is a long drive.
The RSI, is currently at 22.84%, below the critical value of 30, which suggests that ABCW is oversold.
Aquila Resources Inc. (TSX:AQA)(OTCQX:AQARF)(FRANKFURT:JM4A) ("Aquila" or the "Company") is pleased to release remaining results from the 2012 drill program at its 100% owned Reef Gold project ("Reef") in Marathon County, Wisconsin. The Company reports that the program was successful in outlining the initial framework for an open pit resource calculation in the future as well as identifying additional extensions of gold mineralization at Reef.
Drilling intercepted significant gold mineralization in holes R12-38 and R12-40 including:
-- 65.23 meters of 2.80 g/t gold in R12-38
-- Including 8.88 meters of 13.14 g/t gold and 0.44% copper
-- 94.56 meters of 1.53 g/t gold in R12-40
-- Including 3.90 meters of 14.89 g/t gold
-- Including 6.78 meters of 6.15 g/t gold
Gold mineralization was encountered in stacked, sheet-like quartz veins in R12-38 and R12-40. The nature and thickness of these intercepts highlight the excellent exploration potential along strike to the northeast and also establishes continuity with similar trending historic zones to the north.
R12-38 was drilled in the vicinity of a high grade historic Noranda drill hole and confirms the presence of the mineralized zone. Mineralization remains open down dip and along strike to the northeast and follow up on this intercept will be high priority for future drilling. R12-40 was drilled on the southwestern most fence of the Reef core area and represents a 140 meter down dip step out of historic hole RF87-15. Mineralization is open down dip and along strike from this intercept.
Selected results from the winter 2012 drill program are listed below:
---------------------------------------------------------------------------
DDH From (m) To (m) Interval (m)(i) Gold g/t Silver g/t Copper %
---------------------------------------------------------------------------
R12-38 80.50 145.73 65.23 2.80 1.25 0.17
---------------------------------------------------------------------------
Including 100.19 105.23 5.04 5.99 1.83 0.20
---------------------------------------------------------------------------
Including 115.12 124.00 8.88 13.14 3.741 0.44
---------------------------------------------------------------------------
DDH From (m) To (m) Interval (m)(i) Gold g/t Silver g/t Copper %
---------------------------------------------------------------------------
R12-39 80.50 111.25 30.75 1.00 0.44 0.05
---------------------------------------------------------------------------
Including 88.34 92.00 3.66 6.81 0.12 1.30
---------------------------------------------------------------------------
DDH From (m) To (m) Interval (m)(i) Gold g/t Silver g/t Copper %
---------------------------------------------------------------------------
R12-40 8.54 103.50 94.96 1.53 0.92 0.05
---------------------------------------------------------------------------
Including 59.60 63.50 3.90 14.89 2.52 0.07
---------------------------------------------------------------------------
Including 96.72 103.50 6.78 6.15 1.76 0.10
---------------------------------------------------------------------------
DDH From (m) To (m) Interval (m)(i) Gold g/t Silver g/t Copper %
---------------------------------------------------------------------------
R12-41 44.45 65.07 20.62 1.00 0.71 0.14
---------------------------------------------------------------------------
108.00 117.76 9.76 1.17 2.66 0.32
---------------------------------------------------------------------------
(i) Reported intervals are drill thickness and do not necessarily
represent true thickness
Since acquiring Reef in March of 2011 Aquila has completed 42 diamond drill holes totaling approximately 4,400 meters (see press release dated March 7, 2011). The 2012 drill program confirmed the continued presence of extensive gold and copper mineralization within unexplored portions of loosely defined zones identified by previous explorers.
The Company is preparing a third round of exploration drilling for the upcoming winter season. This is expected to include additional infill drilling within the previously defined Noranda zones and continued step out drilling to the southwest and east of the profile drilling completed during summer of 2011 (see press release dated January 26, 2012).
To view the map associated with this press release, please visit the following link: http://www.aquilaresources.com/images/projects/Aquila_Gold/Reef/reef_drill_program.png.
About The Reef Gold Project
Located in Marathon County, Wisconsin, the Reef Gold Project is 100% owned by Aquila Resources. The project consists of approximately 600 acres of mineral and surface interests covering an area of gold mineralization discovered in the 1970's by Noranda Exploration. Noranda identified eight zones of high grade gold mineralization in a widely spaced, 50-hole drilling campaign, and quoted a non 43-101 compliant resource of 454,600 tonnes of 10.6 grams per ton (g/t) gold, open at depth and along strike. The Company has acquired and verified Reef drill core for geological characteristics and gold content. Aquila believes the mineral resource estimate is relevant and is based on a reliable historical report. For more information on the Reef Project, please refer to the Reef Project section on our website.
About Aquila Resources Inc.
Aquila Resources Inc. (TSX:AQA)(OTCQX:AQARF)(FRANKFURT:JM4A) is a mineral exploration Company focused on the discovery and development of high grade base and precious metal projects in highly prospective regions of North America. The Company is led by an experienced management team that has identified significant ore deposits over the last 30 years. For more information please visit www.AquilaResources.com.
Quality Assurance and Quality Control
The core was logged and intersections were marked for sampling and assaying by geologists and geo-technicians employed by Aquila Resources. Each bagged core sample was transported to Minerals Processing Corporation's (a related party to the Company) sample prep lab in Carney, Michigan where it was dried, crushed and pulverized and a 250-gram sample was prepared and split, with one split for assaying at Inspectorate Labs in Sparks, Nevada. Strict sampling and QA/QC protocol are followed, including the insertion of standards and blanks in the sample stream on a regular basis. Sample intervals are typically 1.5 meters. Analytical method for gold is fire assay with atomic adsorption finish and gravimetric finish for samples greater than 3.0 g/t gold. All other elements are analyzed by ICP with silver over limits (greater than 200 g/t) analyzed by fire assay/gravimetric finish and base metal over limits analyzed by AAS.
Assaying integrity is monitored internally with a quality control program, which includes the use of assay sample standards, blanks, duplicates and repeats, and externally through national and international programs. This news release provides core lengths and estimates of vertical thickness only. True widths are not provided. Where metal assays are provided for intersections they are either a single assay of a sample of the entire intersection length or a composite of assays calculated from interval weighted assays over the intersection length.
Thomas O. Quigley is the Qualified Person for Aquila Resources as described in National Instrument 43-101 and is responsible for the contents of this release.
This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward -looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labor disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward -looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward - looking statements.
Shares Outstanding: 90,945,168
The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.
Contacts:
Aquila Resources Inc. (Toronto)
Robin Dunbar
CFO
416-203-1404
rdunbar@aquilaresources.com
Aquila Resources Inc. (U.S.)
Thomas O. Quigley
President
906-352-4024
tquigley@aquilaresources.com
Yes, I see that every day on another board. I dont trade it, but I watch it, because I was in it a couple years ago. The "hit the ask, people" is also another good one. GLTY
Nickle and dime. You haven't found a time to flip since the R/S? I have my streamer set to watch ARNH. Many opportunities in my book. I wish you well.
Flip it. We all know the company is a joke. Just try and get your money back. Or have you been? I'm working my way back.
Monday, ARNH closed below the trigger point for the Parabolic SAR and is currently registering a bearish signal. The current Significant Point, above which a reversal to the bullish side would occur, is 0.28
On Sunday, ARNH closed below its 13 week exponential moving average.
The On Balance Volume indicator (OBV) presently offers a bearish signal.
The MACD for ARNH currently indicates a strong bearish signal for two reasons. First, the MACD is below the signal line, a 9-week moving average. Second, the MACD is below the critical level of 0, which implies that the underlying moving averages are trending lower.
GLTA
Avion Gold Corporation OTCQX:AVGCF is
pleased to announce record second quarter 2012 production of approximately
28,637 ounces of gold from its Tabakoto operation in Mali, West Africa. The
Company has now set two consecutive quarterly records for the amount of gold
produced in one quarter with year to date gold production of 54,894 ounces after
refinery adjustments. Avion is well on its way to achieving its upgraded
production guidance of 95,000 to 102,000 ounces of gold for 2012.
During the second quarter of 2012, the Company milled 191,500 tonnes of ore at
an average grade of 5.05 g/t Au, with a 92.5% mill recovery.
Avion's Chief Operating Officer, Mr. Andrew Bradfield, commented on the second
quarter 2012: "The Tabakoto Mine has had two consecutive record production
quarters that were achieved despite a military coup in the first quarter of
2012, and subsequent destabilization of the Malian government. The Tabakoto
underground mine continues to produce higher than expected ore grades with a
lower amount of ore dilution at higher processing recoveries than planned, that
when combined with good open pit grades resulted in an excellent quarter."
Andrew Bradfield, P.Eng., the Chief Operating Officer of the Company, and a
qualified person under National Instrument 43-101, has reviewed and approved the
scientific and technical information in this press release.
About Avion Gold Corporation
Avion is a Canadian-based gold mining company focused in West Africa that holds
80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced
at these projects in 2009 with approximately 51,290 ounces produced. 2010
production was 87,630 ounces of gold. 2011 production was 91,200 ounces of gold.
The current mineral reserve estimate (as of January 1, 2012) of 6.91 million
tonnes grading 3.73 g/t Au totaling 827,100 ounces of gold (proven and
probable), for the Tabakoto project property, demonstrates several sources of
excellent grade open pit and good grade underground mineral resources thus
providing significant flexibility for Avion's future mining plans. The Company
has developed an underground mine at the Tabakoto deposit, and is developing
another underground mine at the Segala deposit. The Tabakoto project property
also contains several producing open pit mines. Production sustainability will
continue to be supported by exploration programs over an approximately 600 km2
exploration package that both surrounds and is near to the Company's existing
mine infrastructure, and contains mineral resources on the Kofi property.
Additionally, mineral resources have grown considerably at Avion's 1,600 km2
Hounde exploration property in Burkina Faso. Avion has a highly skilled
management team, with a focus on growth and consolidation within West Africa.
Cautionary Notes
This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Except for statements of historical
fact, certain information contained herein constitutes forward-looking
statements which include statements regarding production estimates for 2012, the
impact of the political and social conditions in Mali on the Company,
management's assessment of Avion's targeted production, future plans, operations
and mineral resource estimates and are based on Avion's current internal
expectations, estimates, projections, assumptions and beliefs, which may prove
to be incorrect. Generally, forward-looking information can be identified by the
use of forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including but not
limited to those risks described in the annual information form of the Company
which is available under the profile of the Company on SEDAR at www.sedar.com.
Although the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information. The
Company does not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
What I mean is they filed the reduced shares with the state on 4-3-12,but they haven't filed with SEC or FINRA (As far as I can tell).