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African Precious Minerals (bought Mali licenses) in London
http://www.miningmx.com/gold_silver/468539.htm
African Precious Minerals brings gold to AIM
Allan Seccombe
Posted: Fri, 28 Mar 2008
[miningmx.com] -- AFRICAN Precious Minerals will list on London’s AIM in September this year, raising between $50m and $100m towards exploring and developing five gold prospects in South Africa, Mali and Mozambique, said CEO Rudolph de Bruin.
APM acquired the Jeanette and part of the Evander Basin deposits from Harmony Gold this year, bringing that company in as an 11% shareholder. Harmony is looking for ways to realise value from assets it can’t give its full attention to.
The project closest to production within the APM suite of prospects is the old Monarch mine in Mozambique, where APM has the right to earn in to 65% of the project held by Delta Trading, a Mozambique-registered company, de Bruin told Miningmx.
APM estimates it will need to spend around $8m on exploration, a bankable feasibility study and to bring a small mine into production to earn its 65% stake, he said.
The plan is to bring the old adits and a small portion of the tenement into production before the end of this year. It will be a 3,500 tonnes/month operation at a grade of around six to eight grams/tonne to start off with, but this is necessary to meet an agreement with the Mozambique government that the project would be in production in 2008.
Monarch is not far from the greenstone prospect explored by Pan African Resources where some 1.7 million oz of resources have been identified.
Looking at the size of the Monarch tenement, David Twist, an APM director who specialises in geology, said: “There is no reason to think we won’t find significantly more resources. This could become a much larger resource, similar to Pan African’s deposit.”
APM is held by about eight funds including RMB Resources, Investec and the Geologic Resource Partners, the directors and Harmony. APM’s black economic empowerment partner in South Africa is Sephaku Holdings.
A process of selecting brokers and advisors for the listing is underway, de Bruin said.
APM has a considerable ground holding in the South Rand Basin, close to the Great Basin Gold Burnstone mine development project. This project is early stage and many years away from production.
AngloGold Ashanti some four years ago sold a number of exploration prospects in Mali. APM has acquired six prospecting licences plus regional data, with the Kalaka prospect to the south of the AngloGold/Randgold Resources Morila mine having the most work done on it.
There is a large, shallow low-grade gold deposit but APM wants to find a high-grade “sweet spot” that will make the prospect financially viable.
AngloGold holds a 20% in the prospect and it remains to be seen what the world’s third-largest gold miner will do.
Mercury-free gold extraction process makes African footprint
[Not West-African-Gold oriented, but about a competitor of Haber (HABE), which is.]
By: Jonathan Faurie
Published: 28 Mar 08 - 0:00 -- Cramer's Mining Weekly
The iGoli mercury-free gold extraction process has made a significant impact in Tanzania and is widening its footprint into Africa, reports mineral-focused company Mintek.
Mintek has been developing a mercury-free extraction process for some time. In the past, Mintek designed the Minataur process, which was used for large-scale mining at a high cost. There was a call from the small-scale mining community to develop a system that is suitable for use in small-scale and artisanal mining.
Through the use of hydrochloric acid and sodium hypochlorite, the gold concentrates are leached and the slurry is filtered to separate the solids and the liquid. The addition of sodium metabisulfite to the leach liquor will cause the gold to pre-cipitate from the solution. If this is properly done, a gold powder of up to 99% purity can be obtained. Head of Mintek’s small-scale mining technology development unit, Azaria Mabasa, says that the iGoli process can be carried out by anyone with equipment, which is generally available.
Mintek reports that the intel- lectual property of the process is freely available, as the company feels that the removal of mercury from artisanal mining in Africa and in the rest of the world is important to the environment.
Mabasa, says that the use of mercury in mining has downstream environmental effects. Rural communities in Africa use river systems as a source of potable drinking water and for basic household tasks. The fish in these rivers are also an important source of food. The elimination of mercury will clean up the river systems and safeguard the wildlife that exists within it.
Mabasa says that Mintek is hoping to make an impact in the Democratic Republic of Congo and Ghana through its cooperation with gold-mining company AngloGold Ashanti.
“Through the company’s discussion with AngloGold Ashanti, Mintek will be supplying the iGoli process to the artisanal miners who will be sharing the mining concession with AngloGold Ashanti,” says Mabasa.
He adds that this will be in place by June this year. There is also the possibility that AngloGold Ashanti will be supplying the iGoli process to artisanal miners in Ghana towards the end of the year.
Mintek small-scale mining specialist Sidney Mahlatsi says that the developing representation with artisanal mining companies in Africa was started on an artisanal mining project in Tanzania.
In 2006, an artisanal mining group from Tanzania, called the Sambaru mining group, expressed interest in the iGoli process. The group came to South Africa and went through a training schedule at Mintek and the iGoli mercury-free gold extraction programme was established.
Mahlatsi adds that Mintek is hoping to establish a further operation in Tanzania through gold- mining company Barrick Gold.
“In many parts of Africa, it is common for large-scale mining companies to share a site with artisanal mining groups. Mintek is in discussion with Barrick Gold, which is keen to foster strong relationships with the artisanal mining group,” says Mahlatsi.
Edited by: Esmarie Swanepoel
Glencar Gold (London) finds 19m@4.92g/ton gold in Mali
See: http://www.kitco.com/pr/1931/article_03262008053343.pdf
26 March 2008
Drilling Update
Glencar intersects significant, extensive ore zone in Komana East drilling programme
• Significant, persistant ore grade mineralisation intersected at Komana East over one
kilometre strike length to date along the regional Sankarani Shear Zone
• 19 metres at 4.92 grams/tonne intersected in the southernmost hole drilled to date
• 8 metres at 3.92 grams/tonne intersected in northernmost drillhole
• 20 metres at 4.36 grams/tonne intersected in the central zone indicating continuity of
mineralization through this zone
• Mineralisation open in each direction along strike and at depth
• Main Sankarani Shear Zone extends for a further 20 kilometres to the south within
Glencar’s Komana licence.
• Drilling continued at Komana West deposit and Solona targets; update expected shortly.
Glencar Mining plc , (“Glencar” or “the Company”), the AIM and IEX listed company with gold exploration interests in Africa, is pleased to announce assay results from the first phase of drilling at its Komana East target in southern Mali.
The Komana East target is approximately 7 kilometres east of Glencar’s Komana West deposit and drilling by the previous licencee Randgold in the area in the 1990s had already outlined a non - JORC compliant resource of 280,000 ounces of gold. The objective of the current programme is to enable the completion of an ore resource estimate for Komana East in combination with the update of the resource estimate for Komana West following completion of the current drilling campaign in June next. Glencar’s first borehole at Komana East was drilled in November 2007, to gain structural information relating to the projected ore zone. This structural information was used in the design of Glencar’s first main phase of drilling at Komana East which comprises holes drilled on a northwest-southeast axis compared to the east-west axis used by Randgold in its drilling campaign. This phase, which is continuing, commenced on 19 January 2008 and comprises to date of 16 holes totaling 1,941 metres of reverse circulation drilling and 147 metres of diamond drilling. Twelve of the holes were drilled along the projected shear zone in four fencelines. One additional hole (KERC137) was drilled between fencelines. The remaining three holes were drilled on a separate target some 800 metres to the west to test a separate geochemical anomaly. On each of the four fencelines, one hole intersected the mineralized structure, with consistently good gold grades over significant widths.
The northernmost fenceline included the earlier hole KEDD126, reported in January 2008, which intersected 8 metres at 3.92 grams/ tonne between 102 and 110 metres downhole depth. The second fenceline, 250 metres to the south, contained hole KERC138 which showed the following intersections: 2 metres at 2.41 grams/tonne between 55 and 57 metres downhole; 15 metres at 1.86 grams/tonne between 72 and 87 metres downhole and 22 metres at 2.81 grams/tonne between 94 and 116 metres downhole depth. On this fenceline, another hole, KWRC345, was drilled from the west side of the projected structure to an azimuth precisely opposite that of hole KERC138, i.e. 135 degrees, and it confirmed our geologists’ initial interpretation of a sub vertical ore zone. This hole intersected the following mineralized intervals; 5 metres at 1.7 grams /tonne between 37 and 42 metres downhole; 4 metres at 4.95 grams/tonne between 49 and 53 metres downhole; 2 metres at 2.66 grams/tonne between
57 and 59 metres downhole; 6 metres at 5.51 grams/tonne between 62 and 68 metres downhole and, 20 metres at 4.36 grams/tonne between 75 and 95 metres downhole.
The third fenceline, 200 metres further south, contained borehole KWRC140, which intersected the mineralized structure over 12 metres grading 2.45 grams/tonne between 112 and 124 metres downhole depth.
The fourth fenceline, 600 metres further south, included borehole KWRC142 which intersected 19 metres at 4.92 grams/tonne between 42 and 61 metres downhole depth. The single borehole KERC137 did not encounter significant mineralization and further drilling at this location is planned to test whether the hole actually penetrated through the main shear zone.
The results obtained to date are particularly encouraging. We have intersected consistent ore grade gold mineralization over a one kilometre strike length and the mineralized zone is open along strike in both directions and at depth. We are continuing to drill along the southerly strike continuation of the mineralized zone on fencelines 100m apart. Geological logging of holes drilled in the past week suggests we have intersected the mineralized structure on our next stepout fenceline, a further 100 metres to the south of those boreholes
reported above. The mineralization is contained within a brecciated, silicious metasediment. The grades of gold seen in the mineralised zone at Komana East are consistent and average at in excess of 3 grams/tonne. Details of the assays received for the main mineralized intervals are given in the table below and details of the hole locations will be published shortly on the Company’s website at www.glencarmining.ie
This is a very exciting development in Glencar’s exploration of the general Yanfolila/Sankarani region. The consistent tenor of the mineralization encountered to date suggests a strongly mineralized system persistent over the strike length so far drilled. The mineralised zone seems to be particularly strong at the southern end of the currently drilled area. The area currently being drilled falls along the main Sankarani Shear Zone, a major, regional shear structure which extends for a further 20 kilometres to the south within Glencar’s Komana licence.
At Komana West, drilling has continued aimed at adding to the resource statement for that deposit. In addition we continue to receive exploration drilling results from the Company’s exploration licence over the neighbouring Solona area. While the current assay reporting times are still significantly longer that those achieved during previous field seasons we anticipate having sufficient data to be in a position to report an update on Komana West and Solona drill programmes within the next four weeks. Hugh McCullough, EurGeol., PGeo, Managing Director of Glencar, is a member of the Institute of Geologists of Ireland. He is a qualified person as defined in the Guidance Note for Mining, Oil and Gas
Companies, March 2006, of the London Stock Exchange. He has reviewed and approved the technical information contained in this announcement.
[TABLE FORMAT MESSED UP]
Fenceline
Hole
From
m
To
m
Width
m
Grade
g/t
1 KEDD126 102 110 8 3.92
1 KEDD126 116 118 2 2.01
2 KERC138 55 57 2 2.41
2 KERC138 72 87 15 1.86
2 KERC138 94 116 22 2.81
2 KEDD344* 54 61 7 1.15
2 KEDD344* 68 76 8 0.71
2 KEDD345* 37 42 5 1.70
2 KEDD345* 49 53 4 4.95
2 KEDD345* 57 59 2 2.66
2 KEDD345* 62 68 6 5.51
2 KEDD345* 75 95 20 4.36
3 KERC140 112 124 12 2.45
4 KERC142 42 61 19 4.92
4 KERC143* 20 22 2 4.85
- KERC137 39 44 5 0.75
- KERC137 57 62 5 0.81
- KERC137 67 68 1 1.30
- KERC145 6 7 1 1.26
The following drillholes did not intersect significant grades above
0.5g/t:
KERC135, KERC136, KERC139*, KERC141, KERC144*,
KERC146*, KERC147*
Holes marked with an asterisk have some assay data outstanding.
Notes to Editors
Glencar is a Dublin-based exploration company with a focus on exploration and development of gold deposits in Africa. Glencar has found major gold deposits in Ghana, West Africa in both the 1980s and in the 1990s. The Company has operations in Mali and Ghana in West Africa and in Uganda in East Africa
For further information please contact:
Glencar Mining plc
Hugh McCullough, Managing Director
Kieran Harrington, Operations Director
Tel: +353 1 661 9974
e-mail: info@glencarmining.ie
Davy
Brian Corr, Associate Director
Tel: +353 1 679 6363
Bishopsgate Communications
Nick Rome/Fran Read
Tel: +44 20 7562 3350
e-mail: nick@bishopsgatec
Communications.com
Pelangio (PLG.TO) splitting into Canada & Ghana pieces
Mar 25, 2008
Update On Spin-Out Proposal And Special Meeting Date
TORONTO, Ontario (March 25, 2008) -- Pelangio Mines Inc. (PLG:TSX) ("Pelangio" or the "Company") is pleased to provide an update on its previously announced (January 29, 2008) proposal to spin-off certain assets to a separate corporation. Pursuant to a plan of arrangement (the "Arrangement") and subject to shareholder, court and regulatory approvals, Pelangio now intends to spin-off all of its property, other than 19 million common shares of Detour Gold Corporation ("Detour Gold") and $500,000 in working capital, to a new corporation named Pelangio Exploration Inc. ("Newco"). Newco will hold one million common shares of Detour Gold and will focus its exploration efforts on the Obuasi property in Ghana (the "Obuasi Property") and on evaluating other opportunities to provide additional shareholder value. In conjunction with the Arrangement, Pelangio will be renamed and continue as PDX Resources Inc. ("PDX") and will hold 19 million common shares of Detour Gold. Each of PDX and Newco will hold their Detour Gold common shares for investment purposes and will review their alternatives in the future as investment conditions warrant.
On the effective date of the Arrangement (the "Effective Date"), shareholders of Pelangio will receive one common share of PDX and one common share of Newco for each share of Pelangio that they held prior to the Effective Date. Following the Effective Date, PDX's common shares are expected to trade on the Toronto Stock Exchange ("TSX"), subject to complying with the continued listing requirements of the TSX. Pelangio has received conditional listing approval for the continued listing of its common shares (under its new name PDX) on the TSX following the Arrangement and Newco has made an application to the TSX Venture Exchange (the "TSX-V") for the listing of the Newco common shares. Listing will be subject to Newco meeting original listing requirements of the TSX-V, receiving approval of the TSX-V and meeting all conditions of listing imposed by the TSX-V. There is no assurance as to if and when the common shares of Newco will be listed for trading on the TSX-V.
In order to be effective, the Arrangement must be approved by no less than 66?% of Pelangio's shareholders. Pelangio has called a special meeting of shareholders (the "Meeting"), which will be held at 1:00 pm on April 22, 2008 at the Toronto Board of Trade, Room A, 4th Floor, 1 First Canadian Place, Toronto, Ontario, at which shareholders will be given an opportunity to consider and, if thought advisable, approve a special resolution authorizing the Arrangement. The record date for notice of the Meeting was March 19, 2008. A management proxy circular (the "Circular"), which sets forth a complete description of the Arrangement, has been prepared for the Meeting and is being disseminated to shareholders. Pelangio expects to implement the Arrangement on or about June 14, 2008, subject to obtaining necessary shareholder, court, exchange and other regulatory approvals.
The implementation of the Arrangement is subject to, among other things: shareholder and court approval and other regulatory approvals, including TSX acceptance of the Arrangement and conditional listing approval of the Newco common shares on the TSX Venture or such other exchange or market as is acceptable to Pelangio; and receipt by Pelangio of an advance tax ruling from the Canada Revenue Agency confirming that the Arrangement may be completed on a tax neutral basis for Pelangio and its shareholders. There is no assurance that the TSX-V or any other exchange or market will provide conditional listing approval for the common shares of Newco or that the Canada Revenue Agency will provide an advance tax ruling. Under the terms of the Arrangement, however, Pelangio may waive the requirement that it obtain an advance tax ruling and may therefore proceed with the Arrangement in such ruling's absence.
Newco Financing
Prior to the Meeting, Newco expects to complete an offering of 10% promissory notes (the "Promissory Notes") in an aggregate principal amount of $3,000,000 through Bolder Investment Partners, Ltd. ("Bolder"), the agent, on a private placement basis and pursuant to applicable prospectus and registration exemptions. There is no assurance that the financing will be completed as contemplated in the Circular. The proceeds from the offering will be used by Newco to fund exploration on the Obuasi Property and the Canadian properties and for general corporate purposes.
Acquisition of 51% of the Obuasi Property in Ghana
On March 3, 2008, Pelangio made the third payments, totalling $150,000 and 1,500,000 common shares of Pelangio, to the vendors under certain option agreements (the "Option Agreements") in respect of the Obuasi Property and has now acquired a 51% interest in the property.
Pelangio made the third payments earlier than originally anticipated pursuant to amendments (the "Option Amendments") to the Option Agreements which it negotiated with the vendors. The Option Amendments further provide that the common shares to be issued to acquire the remaining 49% of the Obuasi Property (totalling, in the aggregate, 6,000,000 common shares) shall be common shares of Newco, rather than Pelangio, as was initially the case. Should Newco choose to exercise its options to acquire the remaining 49% of the Obuasi Property, it will make the first of the requisite payments and share issuances on or about June 19, 2009.
Option to Acquire Page Lake Property
On February 1, 2008, Pelangio entered into a letter of intent (the "Letter of Intent") with various vendors pursuant to which it has been granted an option to acquire a 100% interest in the Page Lake property, comprising 18 claims, 215 units or 3,440 hectares, located in the Page Lake Area in the Thunder Bay Mining Division, Ontario. The Page Lake property is host to a number of untested gold showings (Page Lake and Khuner showings) immediately north of the Company's Seeley Lake property. As well as gold showings, the property hosts several newly discovered polymetallic base metal occurrences, with zinc grades from grab samples as high as 4-11%. Several molybdenum occurrences also exist.
Under the terms of the Letter of Intent, Pelangio may acquire the interest by spending $536,000 on the property and making payments totalling $120,000 and 24,000 common shares to the vendors, with such payments to be made on specified dates within four years after the execution of a definitive option agreement. The Letter of Intent provides that Newco is expected to be assigned or be a party to any such option agreement and that any share issuances subsequent to the Effective Date shall be common shares of Newco, provided that the aggregate value of the shares to be issued shall be no less than $100,000.
About Pelangio
Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.
Pelangio also has a 49.0% equity interest in Detour Gold, which controls the Detour Lake advanced gold exploration project. The near-term objective of Detour Gold is to advance the Detour Lake project to development and production.
For additional information, please visit our website at www.pelangio.com or contact:
Ingrid Hibbard, President & CEO or
Warren Bates, Vice President Exploration
Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
Forward Looking Statements
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words 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 statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information include statements regarding the implementation of the Arrangement and the proposed financing. With respect to forward-looking statements and information contained herein, we have made numerous assumptions, including the ability of the Company to meet the conditions to implement the Arrangement and the ability of Newco to conduct the financing. Forward-looking statements and information are by their nature based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include the failure to meet the conditions to implement the Arrangement. See the Circular, our annual information form, and our quarterly and annual management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein or in the Circular will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of Pelangio or Newco. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.
=============================
NEW: Avion Resources (AVR.V) http://www.avionresources.com/ bought the Tabakoto gold property in Mali for $20 million from Nevsun. Avion also has properties in Ethiopia and Canada (British Columbia).
Nevsun DELETED, sold Tabakoto to Avion Resources (AVR.V).
[Now Nevsun is only an EAST African gold explorer; Sanu (SNU.V) is still in both Mali and Eritrea.]
Nevsun Resources sells mining interests in Mali to Avion for $20M
By THE CANADIAN PRESS
2008-03-25 10:07:00
VANCOUVER - Nevsun Resources Ltd. (TSX:NSU) has sold its interests in properties in Mali, including the Tabakoto Mine and the Segala property, to Avion Resources Corp. (TSXV:AVR) for $20 million.
Vancouver-based Nevsun said proceeds from the sale will go toward its share of development costs for the Bisha project in Eritrea. The deal is set to close around May 23 and Avion agreed to pay a US$1-million break fee if it doesn't close on schedule.
Avion has also agreed to remit a one per cent net smelter return royalty on future production to Nevsun.
Trading in Nevsun shares was halted pending the announcement. They last traded at $1.50. Avion shares were also halted and last traded at 38 cents on the TSX Venture Exchange.
Birim (BGI.V), AMI (AMU.V) prices have collapsed. Why?
Cassidy hits 42m@4.87g/ton gold at Kouroussa, Guinea
Cassidy Gold Hits 42m of 4.87 g/t Au at Junction Zone, Kouroussa Gold Project, Guinea
See: http://www.kitco.com/pr/2194/article_03192008152833.pdf" target="_blank">http://www.kitco.com/pr/frame/index_prec.html?http://www.kitco.com/pr/2194/article_03192008152833.pdf
Robex (RBX.V) finds surface gold at Wili-Wili, Mali
Press Release – 07– 08 March 20, 2008
ROBEX LOCATES ON SURFACE THE WILI-WILI MINÉRALIZED ZONE
Montreal – Robex Resources Inc (TSX-V: RBX) reports that the surface work undertaken in February has returned the expected results. This work has exposed and located on surface, the high grade mineralized zone intersected in drill hole WR-139, that is 4.2g/t over 22m.
Based on the data collected, the model seems to confirm that mineralization on the Fandou zone, Wili- Wili property, is vertical and continuous. This work will allow Robex to plan infill drilling to begin resource definition.
Description of the program
The pits numbered WW-20 to WW-33 were implanted towards the east on section 1366900 with an average spacing of ten metres. Pit WW-21 presented below is located 45m east of the collar of drill hole WR-139, in an area were the rock is subcropping.
WW-21: Log of surface pit
From To m g/t Au Notes
0.0 0.6 0.6 - Surface soil, debris, quartz fragments
0.6 1.0 0.4 1.35 Red clay
1.0 2.0 1.0 1.37 Red clay
2.0 3.0 1.0 11.30 Silicified rock - stockwork
3.0 4.0 1.0 22.65 Silicified rock - stockwork, N-S quartz vein Channel 5.37 Pit bottom, Silicified rock
The next pit (WW-22), located 11m further east, has intersected 1.8g/t over one metre, between metres 5 and 6, in saprolite at the bottom of the pit. As one could have expected, the other pits did not intersect significant values, the sharp decrease in the grades towards the east coinciding with surface geochemical data. The digging of these 14 pits averaging 10m in depth, indicates that mineralization is sub-vertical with an 80-degree east inclination. The spacing of the pits, the estimated inclination and the fact that the intersection in hole WR-139 is at least 22 metres wide (hole stopped in mineralization) allows us to assume that the real width of mineralization in that section would be about 12 metres wide.
Robex is active in gold exploration in Mali. Its growth potential is based on the quality of its team and of its projects as well as on its objective of creating value for its shareholders. This release and the information contained herein have been verified by Jean Demers, P.Geo and qualified person. The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this release.
For further information:
Jean Demers, P. geo, President & CEO, j.demers@robexgold.com – (514) 979-9400
Marie-Claude Poitras, Communications, mc.poitras@robexgold.com - (418) 870-1482
ROBEX Resources inc Tel: (418) 877-6411 Fax: (418) 877-8033
Semafo (SMF.TO) large increases at Mana, Burkina Faso
[See: http://www.kitco.com/pr/1768/article_03242008090643.pdf
The tables below are messed up. They include drilling results like 51 meters at 3.47g/ton gold, 49 meters at 2.9g/ton gold, 26 meters 4.4g/ton gold, etc.]
PRESS RELEASE
SEMAFO TSX-SMF
FOR IMMEDIATE RELEASE
HIGH GRADE ZONE DEEPENING AT MANA
Montreal, Quebec, March 24, 2008. – SEMAFO (TSX – SMF) is pleased to provide an update on its exploration program undertaken on the Wona North East Extension at its Mana Mine in Burkina Faso.
Semafo has determined that the Wona deposit, which is advantageously situated adjacent to the Mana processing plant, extends in a north-east direction as well as at depth. Follow-up drilling has been carried out confirming the presence of a mineralization lode for a distance of 500m under the NE part of the Wona open pit outline. The lode extends for another 800m in the NE direction, past the pit outline. Vertically, the lode covers a height of at least 400m. The mineralization, whose width is greater than at sub-surface, presents a number of high gold grades.
Further drilling will aim at a better definition of the mineralization and will focus on investigating the potential of an underground operation to be located between 16050E and 17400E. In addition, the potential for establishing two small open pits at 17,500E and 18,000E exist. The area herein described is shown on attached longitudinal section displaying contoured grades-thickness product in progressive cold to hot colors.
The following table presents the main mineralized zone intersected, with high grades values included.
TABLE OF GOLD INTERSECTIONS – WONA NE EXTENSION
HOLE NO.
FROM (m)
TO (m)
SECTION
Au/Length
WDC24
317
329
16275E
4.99 g/t / 12m
WDC31
271
276
16450 E
1,66 g/t / 5m
WDC32
219
230
16300 E
2.57g/t / 11m
WDC34
311
334
16200 E
3.05 g/t / 23m
Including
312
328
4.02 g/t / 16m
WDC35
317
328
16300 E
3.67 g/t / 17m
Including
311
322
4.67 g/t / 11m
WDC36
359
363
16350 E
4.62g/t/4m
WDC37
313
321
16400 E
1.40g/t/8m
WDC38
215
238
16700 E
2.76g/t/23m
Including
215
225
3.94g/t/10m
WDC38
244
253
4.34g/t/9m
WDC39
188
203
16500 E
3.13g/t/15m
WDC39
218
226
16500 E
2.30g/t/8m
WDC40
503
509
16275 E
2.13g/t/6m
WDC41
404
413
16200 E
3.18g/t/9m
WDC46
278
329
17000 E
3.47g/t/51m
Including
311
328
5,99g/t/17m
WDC49
251
280
17100 E
2.30g/t/29m
Including
260
268
5.14g/t/8m
WDC50
176
217
16900 E
3.01g/t/41m
Including
177
186
4.37g/t/9m
including
192
202
6.28g/t/10m
WDC51
224
273
16800 E
2.95g/t/49m
Including
226
229
5.73g/t/3m
Including
243
247
5.20g/t/4m
Including
252
262
5.19g/t/10m
WDC58
282
308
17175 E
4.04g/t/26m
Including
295
308
5.66g/t/13m
WDC59
234
242
17000 E
2.57g/t/8m
WDC59
260
264
17000 E
3.55g/t/4m
WDC60
493
515.5
16900 E
3.26g/t/20m
TABLE OF GOLD INTERSECTIONS – WONA NE EXTENSION HOLE NO. FROM (m) TO (m) SECTION Au/Length
Including
502
510
4.04g/t/8m
WDC61 319
350
16800 E
2.87g/t/21m
Including 335
339
4.26g/t/4m
WDC62 401
462
17100 E
2.43g/t/44m
Including 431
435
4.69g/t/4m
WRC318 7
19
17315 E
2.08g/t12m
WRC321 90
98
17300 E
2,57g/t/8m
WRC322 55
77
17500 E
2,85g/t/22m
Including 57
74
3.33g/t/18m
WRC341 93
102
17000 E
4.95g/t/9m
WRC343 101
111
17400 E
2,33g/t/10m
Including 101
108
3.16g/t/7m
WRC348 32
45
18000 E
3.05g/t/13m
Semafo’s properties in Burkina Faso are within the Houndé volcano-sedimentary belt. As described in previous technical reports, more than one mineralization type has been recognized in the area, such the Nyafé deposit which is of vein type in sheared volcanics and the Wona deposit, which lies in meta-sediments. The latter is related to silicification which is often brecciated and generally at proximity to a graphitic horizon.
The drilling programs were designed and managed locally by Dofinta Bondé, Mana Mineral’s Exploration Chief Geologist and reviewed and supervised under the direction of Michel Crevier P.Geo MScA, Geology Manager and Semafo’s Qualified Person who has reviewed this press release for accuracy and compliancy with the Canadian Instrument 43-101.
All individual samples represented one-meter length of core drilling which was sawn in half or one-meter length RC drilling riffle spit to end to 1 Kg sample. One half core or 1 Kg RC sample is kept on site as a control and identical sample for assay then sent for preparation and gold assaying at the ALS Chemex laboratories in Ouagadougou, Burkina Faso. Each sample was fire assayed for gold content on a 50-gram sub-sample at the same ALS Chemex laboratories. Complementing ALS Chemex’s own QA/QC (Quality Assurance / Quality Control) program, an internal quality control and quality insurance program was in place throughout the sampling program, using blind duplicates and recognized industry standards.
About SEMAFO
Semafo is a Canadian-based mining company with gold production and exploration activities located in West Africa. The Company currently operates three gold mines in Burkina Faso, Niger and Guinea. Semafo is committed to evolve in a conscientious manner to become a major player in its geographical area of interest, while maintaining values and strengthening relationships to increase shareholder value.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding expectations of the Company as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mining operating expenses, capital expenditures, and mineral reserve and resource estimates. Forward-looking statements involve known and unknown risks and uncertainties and accordingly, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves and resources, risks related to hedging strategies, risks of delays in construction, requirements of additional financing and other risks described in the Company’s documents filed from time to time with Canadian securities regulatory authorities. Although the Company is of the opinion that these forward-looking statements are based on reasonable assumptions, those assumptions may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements. Readers can find further information with respect to risks in the Annual Information Form of the Company and other filings of the Company with Canadian securities regulatory authorities available at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
For more information contact :
SEMAFO:
Benoit La Salle,
President & CEO
Tel : (514) 744-4408
@ : blasalle@semafo.com
SEMAFO:
Michel Crevier, géo., MScA
Geology Manager and Qualified Person
Tel: (514-744-4408
@: mcrevier@semafo.com
Renmark Financial Communications Inc.
Maurice Dagenais: mdagenais@renmarkfinancial.com
Eric St-Pierre : estpierre@renmarkfinancial.com
Tel: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
Lihir Gold buying Equigold (EQI in Sydney) for Cote d'Ivoire gold mine. Lihir symbol is LGL in Sydney, LGG in Toronto.
More on Adamus troubles (date unknown)
==============================
Source: Daily Graphic, Accra, Ghana
The youth of Teleku-Bokazo and Anwia who went on rampage over the mining activities of Adamus Resources Limited are reported to have adopted guerrilla tactics to outwit the police.
Most of them, now taking refuge in the bush to escape arrest, are said to come out in the night to set fire to some houses and break into stores, and then retreat.
This came to light when the Western Regional Minister, Mr A.E. Amoah, and his deputy, Mr Kwasi Blay, members of the Regional Security Council (REGSEC) and the Member of Parliament (MP) for Ellembele, Mr Freddie Blay, visited the two towns to .assess the situation and find an amicable solution to the problem.
Briefing the delegation, the Chief of Teleku-Bokazo, Nana Afful Kwaw II, said the Adubre mining concession had been granted for prospecting since 1936.
He said when information went round that Adamus Resources Limited was ready to start gold prospecting some weeks ago, the youth started wearing red bands and accused the chiefs that they had collected money from the company.
He said since then peace had not returned to the area.
The Chief of Anwia, Nana Essumali Kpayili IV, said prospecting for gold in the concession started in 1988 by a white geologist, adding that those who claimed they had not heard about it were liars.
“All the people have known about the mining for some time now," he added.
He said his life had been threatened by the youth of the town for a long time and that he had reported that to the police.
Mr Amoah noted that if the youth were against surface mining, they also could not do small-scale mining.
He explained that Adamus had not decided whether it was going to do surface mining or not, since it was only prospecting.
He said the REGSEC was ready to sit down with anybody or group to solve all problems emanating from the mining and warned those on rampage to stop, since the law would deal drastically with any¬one caught.
He urged the people to remain calm and not to fear anything.
He said the government would not sit down unconcerned for some people to destroy others' property.
Mr Blay called on the chiefs and opinion leaders in the area to help bring about peace.
He also urged the chiefs to sit down with the youth to solve all the problems associated with mining activities in the area.
The Community Development Manager of Adamus Resources Limited, Mr Patrick Ampong, said the company's property worth about $100,000 was destroyed in the rioting.
Meanwhile, 22 people suspected to be involved in the rioting have been arrested by the police.
Eighteen out of those arrested have appeared before the Sekondi Magistrate Court and have been remanded in prison custody.
They are Abusuapanyin Nyame Blay, Tufohene, Kwabena Badu, Abusuapanyin Nneaku Nida, Ben Essien, Nusia Kofi Mama, Joseph Ackah and James Donkor.
Others are Francis Tweneboah, Francis Asankulu, John Nketsia, Kweku Tweneboah, Daniel Alad¬je, Richard Kwesi and Philip Enu.
The rest are John Quison, Emmanuel Mensah, Miss Ackah Ekuba and Azumah Abekah.
The youth of Teleku-Bokazo and Anwia in the Nzema East District in the Western Region last Sunday went on rampage and vented their spleen on employees of Adamus Resources Limited.
In the process, two policemen, Constable Augustine Opoku-Agyeman and Lance Corporal Appiah, both of the Mobile Force Unit of the Ghana Police Service in Takoradi, sustained machete wounds and were admitted to the Axim Government Hospital.
The protest was to prevent the company from engaging in surface mining, as well as resettling the inhabitants, who feared that they might lose their identity and also have their water bodies polluted.
=================================
Adamus (ADU in Sydney; ADU.V) has had troubles in Ghana
=================
Accra, Oct. 10, GNA - The Police was on Tuesday accused of destroying houses, looting stores and stealing money from the people of Teleku-Bokazo, Nkroful and Anwia in the Nzema East District of the Western Region.
A Spokesman of a group calling itself concerned citizens, Mr Stephen Donkor told a news conference in Accra that contrary to earlier media reports that the youths of the area vandalised the villages, it was rather the police that carried out the pillaging.
He said the youths were not involved in the burning down of houses and breaking into stores.
"As I'm speaking, my 72-year old father's house was vandalised and he has to start life all over again," he said.
"Why should the youth whom I am leading come to my house and destroy my property at night and retreat into the bush?" Mr Donkor asked. He said the whole village was deserted as both the young and the old had to run for dear life.
The news conference was organised by the National Coalition on Mining to give the people from the two communities the opportunity to tell their side of the story and to find amicable solutions to the problem confronting them.
On September 30, the youth of the two communities were alleged to have brutalised two policemen from the Mobile Force Unit of the Ghana Police Service in Takoradi and seized their AK 47 assault riffles loaded with 30 rounds of ammunition each.
Some youth were said to have gone to Adamus Resources Limited, a gold prospecting company, to resist an attempt by the Company to bring in prospecting machines to the site.
According to Mr Donkor they had on a number of occasions met with the former Minister of Lands and Forestry and told him why they were resisting any attempt by companies to carry out surface mining in those communities.
Mr Donkor alleged that the Minister assured them that he would meet with the Leadership and members of the communities to find amicable solution to the issue but they never heard from him.
He said the two communities were occupying a small plot of land and ejecting them from their settlements meant depriving them of the right of belonging and putting them under a different traditional area. "Apart from that we are farmers and those of us in the hinterland produce food to feed those along the coast. For that reason we cannot allow surface mining as it would lead to starving our people," he said. He, therefore, appealed to the authorities; civil society organisations and the National Coalition on Mining to assist them to get legal aid to represent those arrested and also to help them to solve the problems.
Mr Abdullah Dramani, Co-ordinator of the Coalition, alleged that the incident was not an isolated one, as it was linked with systematic police brutalities meted out to mining communities.
"We are not saying that they should not maintain law and order but they should be able to do that without beating and brutalising the victims," he said.
=============================
Axmin (AXM.V) recovering 91% gold in Mali
AXMIN Inc. (TSX VENTURE:AXM) is pleased to announce that preliminary metallurgical testwork has given gold recoveries averaging 91% for the oxide, transition and sulphide mineralisation at the Kofi Gold Project in Mali.
Metallurgical samples were taken from core samples at three resource centres, Kofi SW Zones B, C and Betea, which account for the majority of the current mineral resources at the Kofi Gold Project, of 3.6 Mt grading 2.5 g/t Au (293,000 oz contained gold) of indicated resources and 2.2 Mt grading 2.2 g/t Au (368,000 oz contained gold) of inferred resources (press release December 11, 2007).
President and Chief Executive Officer, Mario Caron comments "The initial metallurgical testwork has produced excellent results and reinforces our ultimate objective of establishing a mining project at Kofi. These results give us further confidence to pursue our ongoing drill program which is focused on resource expansion from both known centres of mineralisation and from new targets."
Preliminary metallurgical tests were conducted independently at two separate laboratories, namely Transworld in Ghana and SGS Lakefield in South Africa. The tests were not subject to any optimization investigations. Overall gold dissolutions for oxide, transition and sulphide mineral types using cyanide bottle roll without any addition of carbon generally fell in a range between 81% and 98%, with an average of 91%. Further simulated Carbon in Leach ("CIL") tests resulted in even higher recoveries, averaging in excess of 95%. Further tests will, as a matter of course, be performed that will seek to confirm the high recoveries already exhibited.
[ forward looking etc. ... omitted here ]
This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.
About AXMIN
AXMIN, a gold and iron ore exploration company, offers dynamic growth with a track record of finding and developing mines in Africa. AXMIN is one of only a few companies of comparable or even larger size that has such a potential to develop multiple gold mines in central and west Africa. For more information regarding AXMIN visit our website at www.axmininc.com.
Ghana: Anglogold Ashanti to Pay Gh¢ 690,295 to 45 Victims
[ Note: "Gh¢" refers to the Ghanaian New Cedi currency, not cents. It's about equal to a dollar now, after a 10,000-to-1 revision from the old Cedi. FL ]
Public Agenda (Accra)
10 March 2008?Posted to the web 10 March 2008
Selorm Amevor
The Management of AngloGold Ashanti Iduapriem Mine is to cough out a handsome GH¢690,295 to 45 victims at Nkwantakrom, near Tarkwa, whose properties were demolished by the defunct Ghanaian Australian Goldfields (GAG) in 1997 to pave way for mining.
The properties destroyed included a church, a mosque and school buildings. The church building was reportedly pulled down in the presence of the congregation, while the school was pulled down in the presence of the school children and a teacher.
AngloGold Ashanti Iduapriem inherited the case from Ghanaian Australian Goldfields which, claimed to have a concession over the land, destroyed buildings and properties of the villagers with the help of the District Security Council (DISEC) and some thugs.
The case has been running for the past ten years and has witnessed a change of three judges while eleven out of the 45 plaintiffs did not live to enjoy the fruits of their struggle for justice.
His Lordship F. K. Opoku, a High Court Judge at Tarkwa who was the third judge on the case awarded a compensation fee of GH¢13, 000 to each plaintiff, GH¢ 2,000 as relocation allowance to each of them, GH¢ 52,950 to be shared amongst the plaintiffs, GH¢ 4000 as plaintiffs cost and GH¢2,000 each to the founders of a church, mosque and school which were demolished by the company.
The writ that was brought against the defunct Ghanaian Australian Goldfields Limited (GAG) 11 years ago by the 45 plaintiffs living in the community, pleaded with the court to declare that the demolition of their buildings by the company was unlawful. They accordingly demanded special damages and general damages for the unlawful demolition of their buildings.
In evidence to the court the first plaintiff Nana Kofi Karikari, the chief of the village said the land was granted to him by one Nana Nuako 1, then Chief of Teberebie and custodian of Nkwantakrom land on 12th June 1968. He tendered a document captioned "Handing over of Nkwantakrom land to Opanyin Kofi Karikari as caretaker." He Opayin Karikari in turn granted portions of the land to the rest of the plaintiffs to farm and erect their structures.
The chief further stated that on the day of the demolishing the whole village was grazed down in his absence and the defendants failed to show them any legal document authorizing them to do the demolition. His evidence was corroborated by the 4th, 5th, 14th, 43rd and PW1 witnesses in their testimonies.
The Judge further said the plaintiffs also tendered in a letter written on behalf of the Nkwantakrom Development Committee by the Secretary, Kwesi Aduakwa complaining to the Crime Officer of the Tarkwa Division of the Ghana Police Service about the invasion and total destruction of their places of abode and loss of items.
But the defendants averred that there was no town or village known as Nkwantakrom and that they were the owners of the mineral and mining rights of a large tract of land, including the place which was being wrongly described by the plaintiffs as their village.
The defendants told the court that in or about August 1996 the company defined a blasting zone within their concession and compensated owners of all properties therein located and that the plaintiffs only put up some shabby thatch structures and named the place Nkwantakrom with the aim of attracting compensation.
But the Judge ruled that the defendants' oral evidence that there was no village called Nkwantakrom could not be corroborated , considering the evidence by the Chief of Nkwantakrom who had provided documentary evidence to buttress his case.
The Judge further indicated that a scan through exhibits of photographs showing the devastated village showed very tall coconut trees some appearing to have reached their "menopause", an obvious indication that the village was an old and established village.
According to the Judge the decision by the defendants not to provide aerial photographs of their concession right from the day of invasion was an indication that they saw the plaintiffs as weak and voiceless people who would never be able to litigate them and therefore should keep quite if a wealthy multinational company demolishes their places of abode and uses their land in the way it likes.
The Judge also dismissed the argument by Counsel for the defendants that the demolishing exercise was not carried out by the company and therefore they could not be held liable for the exercise.
Justice Opoku held that it was the company and its agents that carried out the demolition of the plaintiffs' structures and the agents referred to are the representative of the Apinto Stool, armed policemen and thugs and the powerful body known as the District Security Council (DISEC) .
"Any person who authorizes or procures a tort to be committed by another person is responsible for that tort as if he committed it himself," he added.
Furthermore the judge debunked the assertion by the defendants that they served a notice to the villagers before embarking on the demolition exercise since. In his view service of notice should have been directed to the effected persons personally instead of resorting to only forums, using the print and electronic media and the beating of gongong.
Quoting appropriate portions of the Constitution the judge said the defendants overstepped their bounds and therefore their act was wrongful, unlawful, unconstitutional and without justification and that they have violated both PNDCL 153 and the 1992 constitution.
He further said the company abused its mineral holding right and recommended that they emulate the examples of sister companies in respect of resettlement and relocation.
On issues of whether or not the demolition caused any loss to the plaintiffs, the presiding judge ruled in favour of the plaintiffs since evidence before the court indicated the operation was done in the absence of some inhabitants and those present were not given adequate opportunity to remove their personal effects and other valuable items.
Taking into consideration the impact of inflation on the economy and the current values of clothes and other times the judge directed the company to pay Gh¢2,647.00, plus ten percent interest per anum from 27th June 1997 (date of destruction) to the date of final payment to be shared by all the plaintiffs.
Nana Kofi Karikari, the Chief of Nkwantakrom in an interview said the ruling has boosted the confidence of the natives in the judicial system in the country. According to him the court ruling was a clear case of a community that had a genuine case against a giant company like AngloGold Ashanti and after waiting for such long years justice has finally gone in their favour.
The Chief commended the judge for being bold in his decision and was grateful to WACAM a non-governmental organization aimed at fighting injustices in mining communities and also the Centre for Public Interest Law (CEPIL) for providing them with the lawyers who helped them against a giant company like AngloGold Ashanti Iduaprem Mines.
The Executive Secretary of WACAM , Mr. Daniel Owusu Koranteng commenting on the ruling also reiterated that it would boost the confidence of mining communities in the judicial system.
According to him most communities feel it is impossible to battle with multi-national companies, but with such a ruling other mining communities can also master courage to take the companies to court any time their human rights are trampled upon.
He called on the government to investigate the use of DISEC by the mining companies to brutalize and destroy the belongings of mining community members.
Mr. Samuel Dzigba, Counsel for the defendants expressed dissatisfaction with the ruling and indicated that they had appealed the decision with the hope that the court would over turn its decision.
He indicated that, they were yet to get a copy of the ruling and will give an appropriate response to the issues raised by the judge.
===========
"Ghana increased its gold output last year by 11%, following the first full year of production at Newmont Mining Corp’s Ahafo mine in the Brong Ahafo region of the African nation, according to the country’s chamber of mines. Ghana produced 2.49Moz of gold last year, compared with 2.24Moz in 2006. The increased output was largely a result of Newmont doubling its gold production to 454,000oz last year, following the opening of Ahafo in August 2006, the chamber said. ..." Mning Journal
Sierra Leone president sees gold output within 6 months
By: Reuters Published: 11 Mar 08 - 8:48
Sierra Leone's President Ernest Bai Koroma told Reuters on Monday he expected the West African country to begin mining its first commercial quantities of gold within six months.
The former British colony is slowly recovering from a 1991-2002 civil war, one of the most brutal in Africa's modern history, which tore its infrastructure to pieces and left mineral riches such as iron ore and rutile largely unexploited.
"We are sitting on a gold bed almost in the whole country but we have not engaged in commercial gold operations," Koroma told Reuters in an interview in his office in State House in the capital Freetown.
He said a number of miners, including Cluff Gold, listed in London, would start their operations this year.
"They have done their studies and they are just about to start their operations. I believe in the next six months they should be operational," he said.
Artisanal miners have long dug for gold in Sierra Leone but much of the output has been smuggled across the country's northern border with Guinea.
"What's happening in the gold field is just small-scale subsistence mining operations that are going in the chiefdoms," Koroma said. "The real commercial activity has not been started yet."
Koroma did not give any details on expected production levels. UK-listed exploration company West African Diamonds said last month that gold production at its plant 11 project in Sierra Leone was expected to reach 8,000 ounces in its first year from March 2008 to March 2009.
The company said it expected output from the plant to rise to 12 000 oz of gold in its second year.
=============================
What's the relevance to West African gold?
Searchgold (RSG.V) report incl. 49.5m@16.39g/t gold in Gabon. See:
http://www.marketwire.com/mw/release.do?id=827853
Looks like Bakoudou in Gabon is the real deal, and SearchGold (RSG.V) now has the gold mining expertise and the Moroccan royal money (ONA and hence Managem http://www.managem-ona.com/english/ ) to create a couple of producing gold mines in different francophone countries. Good, 'cause I got me some.
SearchGold (RSG.V) hits 4m@16.43 and more in Gabon
SearchGold Resources Inc.
TSX VENTURE: RSG
FRANKFURT: S10
Feb 13, 2008 09:15 ET
SearchGold Intersects 16.43 g/t Au Over 4 m and Provides Drilling Update on Bakoudou, Gabon
MONTREAL, QUEBEC--(Marketwire - Feb. 13, 2008) - SearchGold Resources Inc. (TSX VENTURE:RSG)(FRANKFURT:S1O) is pleased to provide an update on its Bakoudou-Magnima Gold Project located in Gabon, Africa. The recent significant drilling results are presented below.
Section 150S
Hole BA-06-40 was drilled to evaluate the northern extension of the higher grade section encountered in hole BA-06-36 (16.39 g/t Au over 49.50 m from 133.00 m to 182.50 m, press release dated September 19th 2007). Following a broad mineralized interval closer to surface which returned 1.34 g/t Au over 25.50 m, the higher grade section was intersected below and returned 16.43 g/t Au over 4.00 m. The hole had to be stopped in the high grade mineralization for technical difficulties. The complete results are presented below.
--------------------------------------------------------------------------
Drill hole Mineralization
--------------------------------------------------------------------------
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t Au)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
BA-06-40 66.00 227 80 150S 33.00 58.50 25.50 1.34
degrees degrees
62.00 66.00 4.00 16.43
--------------------------------------------------------------------------
Section 200S
Hole BA-06-39 was drilled to intercept the down dip extension of the mineralization on section 200S while hole BA-06-44 was executed to in-fill an area of section 200S near surface. The following mineralized intercepts were obtained.
--------------------------------------------------------------------------
Drill hole Mineralization
--------------------------------------------------------------------------
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t Au)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
BA-06-39 234.00 227 85 200S 172.00 177.60 5.60 2.81
degrees degrees
212.30 213.45 1.15 1.41
--------------------------------------------------------------------------
BA-06-44 71.00 227 70 200S 6.40 26.50 20.10 1.21
degrees degrees
--------------------------------------------------------------------------
Southern extension of Zone A
Hole BA-06-41 and 42 were drilled to intercept the southern extension Zone A. The following mineralized intercepts were obtained.
--------------------------------------------------------------------------
Drill hole Mineralization
--------------------------------------------------------------------------
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t Au)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
BA-06-41 233.00 227 70 225S 136.00 147.50 11.50 1.06
degrees degrees
--------------------------------------------------------------------------
BA-06-42 138.50 227 70 225S 112.50 114.07 1.57 1.13
degrees degrees
126.50 127.50 1.00 1.50
--------------------------------------------------------------------------
Northern extension of Zone A
Holes BA-06-43, 45 and 46 were drilled to intercept the northern extension of Zone A. The following mineralized intercepts were obtained.
--------------------------------------------------------------------------
Drill hole Mineralization
--------------------------------------------------------------------------
number depth azimuth dip section from to interval grade
(m) (m) (m) (m) (g/t Au)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
BA-06-43 41.50 227 70 208N 9.00 14.60 5.60 1.90
degrees degrees
18.40 19.20 0.80 1.85
--------------------------------------------------------------------------
BA-06-45 51.50 227 70 100N 11.25 17.50 6.25 2.31
degrees degrees
--------------------------------------------------------------------------
BA-06-46 47.60 227 70 100N 6.50 18.00 11.50 2.27
degrees degrees
--------------------------------------------------------------------------
Definition drilling was interrupted for a period of approximately two months in order to mobilize the drilling equipment for the execution of geotechnical drilling required for the on-going feasibility study on Zone A. Definition drilling activities have now resumed with the objective to obtain specific geological information on Zone A as well as to provide sufficient data to increase the proportion of measured resources in the final resource calculation. A progress report on the feasibility study will be disclosed in the near future.
No cut-off grade was applied in the calculation of the above intersections as an exact cut-off grade will be determined from final project statistical evaluations. Moreover, even though the drilling is performed at high angle to the mineralized structures, the above intersections do not represent perfect true widths. Such true widths will be computed and integrated in the final stages of the project modeling.
Individual samples weighting 3 kg on average are taken from sawn half core at +/- 1 metre intervals in the mineralized zones with consideration of the geological contacts. A rigorous QA/QC program involves the random inclusion of 10% standards, duplicates and blanks at the sample collection and preparation stage. The samples are flown to the ALS laboratory in Mali for analysis by fire assay on 50 g pulp samples.
The sample preparation procedure involves the crushing of the entire 3 kg sample followed by quartering to obtain a representative 500 g sample which is entirely pulverized and out of which a 50 g sample is isolated for analysis by fire assay.
The program is being executed by Managem, and all drill core is logged and sampled under the supervision of Mr. Benyounes Maamar, P. Geol. Philippe Giaro, P.Geol., President and CEO of SearchGold Resources Inc. and Qualified Person for SearchGold, has reviewed and approved the content of this release.
In July 2005, SearchGold signed a strategic $4,200,000 joint venture agreement on the Bakoudou-Magnima Gold Project with Managem, a successful, established African-based mining company (www.managem-ona.com). Through its subsidiaries, Managem operates 6 mines in Morocco and was also involved in the development of two gold mines in West Africa.
In June 2007, SearchGold announced the appointment of SRK Consulting (Canada) Inc. ("SRK") for an engineering mandate concerning the assistance for the development of the on-going feasibility study on Zone A. A first site visit by SRK and SearchGold's management was executed in early June 2007 in Gabon and Morocco.
About SearchGold Resources Inc.
SearchGold Resources is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Africa. The expansion strategy executed in 2006 has set the stage for the Company's development in 2007 through increased activity on the advanced projects, a new acquisition and the segmentation of its activities to unlock value for its shareholders. SearchGold's diamond assets were re-organized along with Mano River Resources Inc., to create an integrated diamond company called Stellar Diamonds Limited of which SearchGold holds 2.7 million shares. SearchGold's Canadian gold assets were also re-organized through the creation of Golden Share Mining Corporation which will focus on exploration principally for gold in Canada. SearchGold intends to distribute a dividend to its shareholders as part of the Golden Share transaction.
If you would like to receive press releases via e-mail please contact: info@searchgold.ca.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
SearchGold Resources Inc.
Philippe Giaro
President & CEO
32-473-52-30-29
phgiaro@skynet.be
or
SearchGold Resources Inc.
Denis Tremblay
Vice-President
514-866-4224
info@searchgold.ca
www.searchgold.ca
or
CHF Investor Relations
Alison Tullis
Account Manager
416-868-1079 x233
alison@chfir.com
[/PRE]
Randgold (GOLD) takes operational control of Morila, Mali
Allan Seccombe -- MiningMX.com
Posted: Mon, 04 Feb 2008
[miningmx.com] -- RANDGOLD Resources has been granted operational control of the Morila gold mine in Mali by its partner AngloGold Ashanti, which has indicated it wants to exit the project, Randgold CEO Mark Bristow said on Monday.
In other company developments, the Randgold board has approved the development of the Tongon gold mine in Cote d’Ivoire. Construction at the project could start at the end of 2008 pending to the government there approving its mining licence. Gold would be produced at the end of 2010.
Speculation has been rife since late last year that Morila could come up for sale by AngloGold Ashanti after CEO Mark Cutifani has said five or six of the company’s 21 mines were demanding a “disproportionate” amount of much management effort in relation to the value they are delivering.
Mining at Morila will halt in 2009 and the project will treat dumps up to 2012, by which time the entire project would have delivered some seven million ounces of gold. For Randgold, Tongon will replace the Morila ounces.
“AngloGold Ashanti has advised Randgold Resources that it is considering the disposal of its 40% stake in Morila and the two companies have agreed that in the circumstances it would be best for all stakeholders if Randgold Resources assumed the operatorship as soon as possible, given its continuing presence in and commitment to the region,” Bristow said in a statement accompanying the company’s results.
“We would consider buying AngloGold out, but everything’s got a price. Buying Morila is buying the risks of closure,” Bristow told Miningmx in a November interview.
“We would certainly take on that responsibility provided there is value in the deal for us,” he said. “We’d be happy to take on the other half provided we ended up with more profit and we could clearly see our way to financing the closure risk.”
AngloGold is obliged under contract to offer its stake for sale to Randgold first. There is a 20 day negotiation period once AngloGold has formally told its partner that it wants to exit Morila. At the end of that period, if a price has not been agreed, AngloGold has to put a single price tag on its stake.
If Randgold declines to buy it, AngloGold then has a limited time to bring in another party, who in turn has a month to provide guarantees it can buy the stake.
"The best asset you can negotiate for is the one you don't really need," Bristow told Miningmx on Monday.
The question begs who would buy a minority stake in such a short life asset and if so what price would they pay. AngloGold is understandably a little hesitant to let it be sold to Randgold too cheaply in case the latter finds something in its ongoing exploration programme around Morila. Nothing has been found yet.
Nearly all of the Morila staff will come over to Randgold, who will then deploy them to other projects within the company. "Morila is not so important to us anymore," Bristow said.
AngloGold has a hedge book far under water at current record high gold prices and is said to be selling assets to buy back part of the book.
Randgold owns 40% of Morila and the government the remaining 20%.
Randgold paid a dividend of $0.12/share after fourth quarter profit rose 26% to $14.5m, boosted by the Loulo mine in Mali.
The group’s gold output of 444 573 ounces for the year was in line with forecast, due in part to Loulo's increased contribution of 264,467 ounces at a total cash cost of $372/oz, the company said.
Morila’s gold output was lower at 449,815 oz at a total cash cost of US$332/oz against a forecast of 475 000 ounces.
“The shortfall was attributable to operational problems related to planning, grade control and plant lock-up,” it said.
Randgold unveiled what Bristow called a "significant new drill target" called Massawa in Senegal. A 5,000 metre diamond drilling programme will begin in the March quarter of this year as part of a scoping study.
Equigold (EQI in Sydney) successes in Ivory Coast
See:
http://www.kitco.com/pr/2162/article_01282008183355.pdf
Merrex (MXI.V) 14m@2.37g/ton gold at Siribaya, Mali
See
http://biz.yahoo.com/iw/080114/0348012.html
Merrex Concludes 2007 Siribaya Drilling with Intersection of 2.37 g/t Au over 14 Metres
Keegan (KGN.V) new drill at Esaase, Ghana
Keegan Resources Adds Second Drill to Rapidly Advance Esaase Gold Project
Wednesday January 16, 11:39 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 16, 2008 -- Keegan Resources Inc. ("Keegan") (CDNX:KGN.V) is pleased to announce that it has added a second drill rig to the Esaase Project. The second drill will expedite infill drilling while the current drill is continuing to expand the resource to the north and south.
On October 25, 2007, Keegan announced an indicated 43-101 resource of 240,000 ounces in the indicated category and 1.43 M oz in the inferred category with a grade of 1.4 g/t using a cutoff of 0.6 g/t Au. The inferred category was primarily estimated from a collar spacing of 80 X 40 meters whereas those in the indicated category were estimated using a collar spacing of approximately 40 X 40 meters. The original resource represents a strike length of approximately 1.5 km of mineralized structure. The recently announced south extension, while adding an additional 800 meters to this strike length, is already predominately drilled at 40 X 40 meter spacing.
President and CEO Dan McCoy states: "At this point, we are well financed and well prepared on the ground to add a second drill rig. While the initial drill rig has performed at a phenomenal rate, allowing us to estimate a significant resource in under 10 months, the second drill rig will allow us to bring the resource to a better defined classification and take us farther into the mine evaluation process in a timely manner, while at the same time allowing us to continue to further define and explore for additional mineralization along strike."
About Keegan Resources: Keegan is a junior gold company offering investors the opportunity to share ownership in the rapid exploration and development of high quality, pure gold assets. The Company is focused on its wholly owned flagship Esaase and Asumura gold projects located in Ghana, West Africa. Managed by highly skilled and successful technical and financial professionals, Keegan is well financed with no debt. Keegan is also strongly committed to the highest standards for environmental management, social responsibility, and health and safety for its employees and neighboring communities. Keegan trades on the TSX-VEN and AMEX under the symbol KGN. More information about Keegan is available at www.keeganresources.com.
On Behalf of the Board
Dan McCoy, Ph.D., President & CEO
This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Contact:
Contacts:
Keegan Resources Inc.
Investor Relations
(604) 683-8193 or Toll Free: 1-800-863-8655
(604) 683-8194 (FAX)
Email: info@keeganresources.com
Website: http://www.keeganresources.com
--------------------------------------------------------------------------------
Source: Keegan Resources Inc.
African Gold Group (AGG.V) new MALI gold properties
African Gold Group, Inc. Consolidates Strategic Land Position at Kobada, Mali With Foroko & Acoma Concessions Added to Regional Holdings
Thursday January 17, 12:41 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Jan 17, 2008 -- African Gold Group, Inc., ("AGG" or the "Company") (CDNX:AGG.V - News) is pleased to report that it has added the Foroko and Acoma concessions to its strategic land position at Kobada, Mali. This process was accomplished via direct application for the concessions with the Government of Mali's Department of Mines, Energy and Water.
The inclusion of the Foroko and Acoma concessions to AGG's regional land position represents a strategic consolidation of the Company's "footprint" on the eastern flank of the Kobada gold concession. Foroko is contiguous with Kobada's eastern and southern borders and Acoma is contiguous with Kobada and Forokos's eastern borders. Total land holdings in the region have increased from Kobada's 41 sq km to include Foroko's 22 sq km plus Acoma's 153 sq km for a total of 216 sq km, representing a 527% increase in AGG's original holdings. This increase in regional land holdings represents the culmination of a strategic initiative that commenced with the Company's acquisition of the Kobada gold concession in February, 2006. All three concessions are located in the Kangaba region of south western Mali. (Please see the link to the regional map that illustrates the respective concessions and their respective borders).
To view the map please click on the following link: http://www.ccnmatthews.com/docs/Location%20map%20Mali1.jpg .
NEW STRUCTURE IDENTIFIED AT FOROKO
In Q4, 2007, AGG technical personnel conducted a general reconnaissance of the northern most section of the Foroko concession that has resulted in the discovery of a previously unidentified structure oriented in a North/South (NS) direction. This newly identified structure is unrelated to the N30 degrees E Kobada Trend and has aptly been named the Foroko Structure. Limited reconnaissance efforts to date indicate this structure extends approximately 1 km N/S within the northern section of the Foroko concession and continues north for an additional 1 km in the north-eastern section of the Kobada concession. The full extent of the Foroko Structure has not been defined, in either direction, at this point in time. On site geo-technical personnel hypothesize that the N30 degrees E Kobada Trend possibly merges with the N/S Foroko Structure on or about section +2100 thru to +2500.
Of potential significance is the fact that the Foroko Structure is coincident with extensive hydrothermal alteration and is the site of very intense ancient artisanal workings that extend for approximately 2 km in length and are, to a large extent, overgrown with local vegetation. Much of the ancient workings involved the mining of the in situ resource, resulting in the creation of underground caves that remain intact and can be accessed up to 50 meters distance underneath the surface duricrust or have collapsed over centuries of time and weathering. The identification of these features, within this newly identified structure, resulted in the decision to drill test the Foroko Structure. A total of 41 RC drill holes were drilled on 8 fences within the boundaries of the Foroko concession, out of the total of 110 RC drill holes announced in the Company's Press Release dated January 10, 2008. (Please see the link to a location map that details the concession borders for Kobada and Foroko and the collars of the RC holes on the Foroko concession.)
To view the map please click on the following link: http://www.ccnmatthews.com/docs/Kobada%20map1.jpg .
WATTS, GRIFFIS and McOUAT RETAINED
The Company is pleased to advise that it has retained Watts, Griffis and McOuat Limited ("WGM") to assist the Company with the implementation and execution of its expanded Kobada exploration project, located in Mali, West Africa. In addition, it is anticipated that WGM will also assist the company with the management of its recently expanded Asankrangwa, Ghana exploration initiatives. WGM is a firm of consulting geologists and engineers which has served the international mining community since 1962. WGM has solid credentials in West Africa, having extensive experience in Ghana, Mali, Burkina Faso and Cote d'Ivoire, as well as having played a key role in managing the exploration that led to the discovery of Sadiola, located in western Mali. Due diligence reviews, ore reserve audits and valuation assignments completed in over 120 countries have contributed to the firm's worldwide reputation of excellence.
"Retaining WGM to assist the Company with the exploration and development of its expanding exploration portfolio represents the most efficient and expedient means of addressing AGG's immediate to medium term technical personnel requirements. Efforts to build our technical team internally have proved elusive in this current resource cycle, which is putting enormous demand pressures on available human capital. We are pleased that WGM has been able to assist us in fulfilling our technical personnel requirements in this environment," states AGG President, Michael A. Nikiforuk.
This news release has been reviewed by Mr. Al Workman, P.Geo., Vice-President of Watts, Griffis and McOuat.
African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa. To date, the Company controls a total of ten gold concessions that are consolidated in five separate standalone exploration projects, of which three projects are located in Ghana and the remaining two are located in Mali, West Africa.
Additional Information is available on the Company's website at www.africangoldgroup.com and on www.sedar.com and through the Company's offices at: BCE Place, Canada Trust Tower, 27th Floor, 161 Bay Street, Toronto, Canada M5J 2S1.
On Behalf of the Board:
Michael A. J. Nikiforuk, President, Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
African Gold Group, Inc.
Michael A. J. Nikiforuk
(416) 572-2225
Email: info@africangoldgroup.com
Website: http://www.africangoldgroup.com
--------------------------------------------------------------------------------
Source: African Gold Group, Inc.
Mineral Deposits (MDM.TO) 4.8m@14.7g/ton, Sabodala, Senegal
See:
http://biz.yahoo.com/iw/080118/0350250.html
High grade gold intercepts including 4.8 metres (true width 4.2 metres) grading 14.7g/t
December 2007 quarter drill programme continues to extend the limits of Sabodala mineralisation
Underground potential of some 265,000 ounces adjacent to the ultimate pit to increase
NEW: West African Diamonds PLC (London:WAD) gold exploration in Sierra Leone
LONDON (Thomson Financial) - Diamond and gold exploration company West African Diamonds PLC said it has commenced gold exploration in the Nimini Hills Greenstone Belt of Sierra Leone.
The company said follow-up sampling is in an advanced stage of planning in an attempt to discover shear hosted hydrothermal gold mineralised systems.
Early reconnaissance sampling for gold at the Nimini Hills included "encouraging" results of 63 and 73 grams per tonne, it said.
For the six months to Oct 31, 2007, West African Diamond reported a loss of 139,000 stg, down from a loss of 148,000 stg in 2006. The company said it looks forward to the future with confidence.
TFN.newsdesk@thomson.com
kal/sal
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
AngloGold-Ashanti (AU) considers military intervention to deter 'galamsey' miners
MINEWEB
AngloGold Ashanti may have run out of options in dealing with galamsey miners endangering personnel at its Obusasi Mines, and may now be considering asking for military intervention.
Author: Rodrick Mukumbira
Posted: Thursday , 10 Jan 2008
WINDHOEK -
Options on how to deal with Ghana's marauding illegal miners, a prominent feature in the country's traditional economy, seem to be deserting international gold producer, AngloGold Ashanti.
The gold miner Wednesday was considering seeking military intervention following an incident last week when a group of workers at its gold mine in Obusasi were trapped underground by a power outrage that the company attributed to sabotage.
Press reports said that the AngloGold Ashanti was talking with the government at different levels this week in efforts to bolster security at its concession, and that one of the options raised was to bring in the army.
The 22 miners, who were rescued 16 hours later, found themselves in the predicament after a fire outbreak--resulting from suspected cable theft that destroyed the conveyer belt at the company's engineering department--causing a power outrage that affected production for several days.
Illegal miners are not only targeting the company's gold, which they reportedly extract by digging their own shafts to access the underground operation, then using explosives to blow up rocks left to protect shafts. They also steal copper cables believed to fetch a good price from scrap metal dealers.
While not encouraging the army to shoot the miners, the military presence would ensure maximum protection of AngloGold Ashanti's assets against the substantial destruction created by illegal mining activities, John Miller, Managing Director of Obusasi Mines, said in a story in the Ghanaian Chronicle.
Violent clashes between the illegal miners, known as "galamsey operators" and the company's security details are very common. In November a group of illegal miners--who were reportedly armed with machetes, iron rods, stones and other offensive weapons-attacked security guards at its sulphide treatment plant, leaving two guards fighting for their lives.
"These [illegal] miners are trespassing on the mine's property and are using unsafe mining methods, which is putting our staff and their lives at risk," Steve Lenahan, AngloGold Ashanti's Executive Officer: Corporate Affairs, told Mineweb at that time. "There is no immediate danger, but in the long- term the mine will become unsafe if this problem is allowed to prevail."
The issue of illegal mining severely affected its performance last year, resulting in substantial losses. The company recorded an18.6% decline below targeted production in its third-quarter operations, which it attributed to disruption of operations at the Obusasi concession. The company had originally predicted total gold production of 400,000 ounces for 2007.
Semafo (SMF.TO) discovers two Niger gold zones
===============================
PRESS RELEASE -- SEMAFO TSX-SMF -- FOR IMMEDIATE RELEASE
SEMAFO DISCOVERS TWO NEW GOLD ZONES AT SAMIRA HILL, NIGER
Montreal, Quebec, January 15th, 2008. – SEMAFO (TSX – SMF) today announced having discovered two new gold zones each at its Samira Hill gold project. The first structure, Sikia 1, is located to the southeast of the Libiri pit. Work to date indicates Sikia 1 runs 1km in length. The second structure, Libiri Plateau is located to the northeast of the Libiri pit and has been identified as running 500 meters in length while still open at both ends. The discoveries emanate from the Company’s 2007 Samira Hill exploration program aimed at increasing the project’s overall resource and reserves thereby increasing mine life.
Geophysical Surveys
The second part of an IP survey (dipole-dipole, A=50, n=1 to 6), carried out by Sagax-Maghreb was completed in Q4. The latest results show new and high potential gold zones exist in the eastern extension of the Samira-Libiri conductive zone, and to the North at the Boulonjounga gold prospect. Both zones are within economic transport distance of the existing Samira Hill plant. Further drilling of both Sikia 1 and the Libiri Plateau will take place in 2008.
New Zones
The gold-bearing, highly conductive horizon runs through the Samira and Libiri deposits and extends on more than 10km in an eastward direction in the southern grid area. Testing by RC drilling of the IP potential zones provided gold intersections at Sikia 1 and the Libiri Plateau. Both Sikia 1 and the Libiri Plateau targets lie within the eastward continuation of the Samira-Libiri deposits rock sequence, along the extension of an elongated IP signature going through the deposits themselves. Highlights are shown in the tables below. Complete tables of mineralized intersections are available on the Company’s website.
TABLE OF RC DRILLING RESULTS
SIKIA 1 GOLD TARGET
HOLE No. FROM (m) TO (m) LENGTH (m) AVERAGE Au (g/t)
07SKRC05 38 47 9 1.14
07SKRC18 71 79 8 2.16
07SKRC19 51 61 10 1.68
07SKRC25 108 113 5 1.99
07SKRC26 33 40 7 1.27
07SKRC30 95 103 8 1.19
07SKRC31 25 36 11 3.23
07SKRC32 76 81 5 2.39
07SKRC34 33 43 10 1.53
07SKRC35 75 84 9 1.44
07SKRC36 90 98 8 3.87
07SKRC37 81 83 2 7.07
07SKRC40 45 51 6 1.22
07SKRC48 71 76 5 1.38
07SKRC52 73 81 8 1.62
TABLE OF RC DRILLING RESULTS
LIBIRI PLATEAU GOLD TARGET
HOLE No. FROM (m) TO (m) WIDTH (m) AVERAGE Au (g/t)
07NTRC02 25 35 10 1.13
07NTRC05 19 28 9 1.17
==================================
NEW: Goldplat PLC gold recovery in Ghana
Goldplat (GDP on London AIM) http://www.goldplat.com has a new gold recovery plant in Tema, Ghana, and is buying gold properties.
Yeah, MDM in Toronto, but almost no volume there yet.
It's about time! At last, some decent price moves in the West African golds occurred yesterday. The mines/explorers have lagged the metal, and the West Africa group have lagged the rest of the world (especially on a valuation per ounce basis). But today they picked up a bit, with the (nominal US dollar) record gold price of US$860/oz.
Some Price Rises Yesterday (percentage):
AMI + 14%
Birim +10.53%
Golden Star + 8.49%
Moydow + 22.22%
High River + 7.39%
Etruscan + 9.91%
Greencastle + 20.00%
North Atlantic + 14.00%
PMI + 7.14%
SearchGold + 8.82%
Semafo + 18.81%
Gold Fields + 8.45%
A few were down; the worst was Cassidy, down - 9.09%
WEGA MINING ACQUIRES OVER 91% OF GOLDBELT RESOURCES
Toronto, Ontario – (December 14, 2007) Goldbelt Resources Ltd. (TSX: GLD) (“Goldbelt”) announced that as of 8:00 p.m. (Toronto time) on December 13, 2007, approximately 67 million common shares of Goldbelt had been validly deposited (and not withdrawn) to the offer (the “Offer”) by Wega Mining ASA (“Wega Mining”), through its wholly-owned subsidiary Wega Mining Inc. (the “Offeror”), to acquire all of the outstanding common shares of Goldbelt for Cdn.$1.55 in cash per share. The Offeror has taken up and accepted for payment all of such shares, which represent over 91% of the common shares of Goldbelt (excluding the 16,000,000 common shares (the “Private Placement Shares”) subscribed for by the Offeror pursuant to the support agreement among Wega Mining, the Offeror and Goldbelt) and, accordingly, the Offer is now concluded. The common shares take up under the Offer are sufficient to permit the Offeror to complete a compulsory acquisition under the Business Corporations Act (British Columbia). Together with the Private Placement Shares, the Offeror now owns approximately 93% of the common shares of Goldbelt on a fully diluted basis.
It is Wega Mining's current intention that it will enter into one or more transactions to enable the Offeror or an affiliate of the Offeror to acquire all of the common shares not acquired under the Offer. The Offeror currently intends to acquire all of the outstanding Goldbelt common shares not tendered to the Offer by way of a compulsory acquisition or other subsequent acquisition transaction. Following take up by the Offeror of the approximately 67 million common shares of Goldbelt validly deposited to the Offer, Paul Morgan, chairman of the board, as well as Collin Ellison, chief executive officer and Laurence Marsland and Brian Irwin, resigned from the board of directors of Goldbelt. The vacancies left by the departure of these incumbent directors have been filled with Wega Mining nominees Sverre Slåttsveen, Hans-Arne L'orange, Michael Gareau and also the reappointment of Collin Ellison.
Following the above resignations and appointments, the following are the current directors of Goldbelt, Elizabeth Martin, Richard Reavley, Collin Ellison, Sverre Slåttsveen, Hans-Arne L'orange and Michael Gareau. Mr. Ellison will serve as chair of the board of directors. Goldbelt’s incumbent president and chief executive officer, Collin Ellison has resigned his position, effective as of take up. With the approval of the board, Mr. Ellison has accepted the position of acting chief executive officer during the transition period and will continue on as a director.
About Wega Mining ASA
Wega Mining ASA is an Oslo-based international mining company focused on exploring, developing and operating gold, copper and zinc deposits. Wega Mining currently holds exploration licenses in Guinea, Canada, Portugal, Ecuador, Romania and Norway, and a gold-copper development project in Canada. It trades on Oslo Axess, an exchange regulated by the Oslo Stock Exchange. Additional details about Wega Mining can be found in its most recent annual report and listing prospectus available at www.wegamining.com.
About Goldbelt Resources Ltd.
Goldbelt Resources is a Canadian junior mining company focused on exploring and developing known gold prospects in Burkina Faso. The common shares of Goldbelt are traded on the TSX under the symbol GLD.
his news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S.
Persons as such term is defined by regulations under the United States Securities Act of 1933, as amended. Certain statements contained in this press release constitute forward-looking statements which are not historical facts. When used in this release, words like "anticipate", "believe", "estimate", "expect", "will", "intend" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are inherently subject to significant business, economic, political and competitive uncertainties and contingencies. Readers are cautioned that such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance, achievements or position of the parties to be materially different from the estimated or anticipated future results, performance, achievements or position expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future results, performance, position or achievements.
The risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price and/or demand for gold and certain other commodities (such as zinc, copper, silver, fuel and electricity) and fluctuations in, currency rates; the risks that the businesses of Wega Mining ASA and Wega Mining Inc. will not be integrated successfully; material adverse changes in economic conditions generally or in relevant markets or industries in particular; future regulatory and legislative actions and conditions or political or economic developments affecting Wega Mining ASA’s and Wega Mining Inc.’s operating areas; obtaining and retaining skilled workers and key executives; the occurrence of natural disasters, hostilities, acts of war or terrorism; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the companies' projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. These risks and factors are discussed in greater detail in Goldbelt's most recent annual information form available on SEDAR at www.sedar.com.
For Further Information:
Goldbelt Resources Ltd.
Laura Sandilands
Investor Relations
(416) 364-0557
NEW: Wega Mining (WEMI on Oslo OAX) in Guinea, Mali, Burkina Faso
http://www.wegamining.com/
Newmont Ghana (NEM) Bans Women from Getting Pregnant
from peacefmonline.com:
http://www.peacefmonline.com/index.php?option=com_content&task=view&id=11215&Itemid=35
Thursday, 20 December 2007
Junior staff, of the Mining Department of Newmont Ghana Gold Ahafo Mine have embarked on an indefinite strike action, to register their disagreement with management and their representatives, over the decision not to have an end of year party for the mining operations and maintenance crew. The Chronicle learnt that, though the denial of annual end of year party was the basis for their demonstration, there was more to it.
The irate mine workers are complaining about inequality in monthly salaries and non-payment of leave allowances. They are also not happy with management’s decision to include medical, school fees, among other allowances, to their monthly salaries for them to be taxed.
According to some of the protestors, the Head of the Mine Department, Ervin Key has proposed to the management, and threatened to phase-out female workers in the department, who have been operating the dump trucks and other moveable machine, with the reason that, the rate at which they frequently get pregnant was alarming. They continued that Mr. Ervin Key buttressed his assertions that, the frequency of pregnancies recorded at the Department, on the part of the female workers, was affecting productivity of the company, and needed to be addressed immediately.
Some of the incensed junior staff, alleged that the Departmental Head made some racist comments, but that allegation was quickly refuted by majority of the protestors, who The Chronicle contacted. The protestors argued that Mr. Key’s threat to phase-out the female workers, in the department due to the rate at which they were getting conceived had no bas is, because they were not given specific periods during which they could get pregnant, after they have been given employment. “Once a person is married and is gainfully employed, he or she has the right to have her family, so Key was trying to infringe on the rights of the female workers,” they stressed.
The Chronicle’s source disclosed that the demonstration was planned for the early hours of Monday December 17, around 3:00am, at the fuel filling station of the mines, but the senior drivers instructed their juniors to park their vehicles, without any tangible reasons being given. A few minutes later, the senior drivers used dump trucks to block the main entrance to the administration offices.
The striking junior workers, who were not perturbed, however insisted that until their manager was dismissed, they were not resuming work, urging NGGL management to negotiate with the mine workers union on the leave allowances, and should as a matter of urgency arrange for the end of year party.
According to them, they were not resuming until their grievances were resolved, but in a release issued by the management of Newmont Ahafo Mine, a meeting was being scheduled with the leadership of the Ahafo Branch of the Ghana Mine Workers’ Union, to address the concerns raised by the Junior Staff of the Mining Department.
According to the statement, management of the Mining Department, together with representatives from the Human Resource Department (HR), had met with the Shift Crew leaders on Friday December 14, to discuss the Mine Department’s inability, due to logistical and time constraints, to organize an end-of-year party, for the mining operations and maintenance crews.
The statement continued that following the meeting, a section of the Junior Staff of the Mining Department embarked on the work stoppage, to register their disagreement with management and their representatives, over the decision not to have an end-of-year party.
The statement revealed that, from management of NGGL investigations, other concerns have also been raised and they were meeting with the leadership of the Ahafo Branch of the Ghana Mine Workers’ Union, to discuss those concerns through a jointly-agreed due process for responding to disagreements and grievances, set out under the Collective Bargaining Agreement (CBA), between Newmont Ghana Gold Limited and the Ghana Mine Workers’ Union.
“All other employees are at work, and it is Management’s belief that the terms and conditions and due process spelt out in the CBA, should be allowed to work,” management of NGGL stressed. They assured that management was committed to, and was working towards speedily resolving the aggrieved staff’s concerns, to ensure a peaceful and harmonious working environment at the Ahafo Mine site.
AXMIN (AXM.V) Resources at Kofi, Mali up 25%
AXMIN Mineral Resources at Kofi Gold Project, Mali Increase by 25%
TORONTO, ONTARIO--(Marketwire - Dec. 11, 2007) - AXMIN Inc. (TSX VENTURE:AXM) is pleased to report on a resource update for its near surface gold mineralisation at the Kofi Gold Project in western Mali, where exploration drilling during the period of January-July 2007 has resulted in a 25% increase to the Mineral Resource estimate, when combining both indicated and inferred ounces. Indicated ounces have more than doubled to 293,000 ounces (3.60Mt at a grade of 2.5 g/t Au) and Inferred ounces remain essentially unchanged at 368,000 ounces (5.26Mtat a grade of 2.2 g/t Au). The Mineral Resources occur within a 10 km radius in six separate prospects within the Kofi Project Area, with most typically within 140 metres from surface, making them potentially amenable to open pit extraction.??Chief Executive Officer, Jonathan Forster comments "I am pleased to be able to report a 25% increase in total resources which represents an important step in realizing our exploration target to add sufficient resources to warrant scoping engineering studies for a stand-alone development project. With a large drilling program recommencing in the new year, both to test depth and strike extensions to these new resources and also to continue our near surface expansion along the known structural domains, the coming exploration season could prove to be very significant for the project. The results from this year re-enforce our belief that these structures, which extend from the 11 million ounce resource of Randgold's Loulo Mine, continue to represent highly prospective targets."??The 2008 program has budgeted for some 30,000 metres of reverse circulation drilling supported by 14,000 metres of reconnaissance rotary air blast drilling and 5,000 metres of core drilling. It is anticipated that at least four new target areas will be explored as well as follow up at depth on high grade shoots interpreted to exist within the existing resource blocks.??The in-situ Mineral Resource estimate at a 1 g/t Au cut off was undertaken by independent consultant, SRK Consulting (UK) Ltd, using robust three dimensional interpretations with grade interpolation carried out using Ordinary Kriging. The estimates have been prepared under the guidelines of National Instrument 43-101 and accompanying documents 43-101.F1 and 43-101.CP.?
Type Tonnage Grade Ounces
(tonnes) (g/t Au) ('000)
Indicated Mineral Oxide 921,000 2.4 71
Resource
Transition 344,000 2.4 27
Sulphide 2,337,000 2.6 195
Total 3,602,000 2.5 293
Inferred Mineral Oxide 1,515,000 2.2 108
Resource
Transition 702,000 1.9 43
Sulphide 3,042,000 2.2 218
Total 5,259,000 2.2 368
The Indicated Mineral Resources were derived almost equally from the three prospects, Kofi SW Zones B and C, and Kofi South (Betea), whilst the three new prospects (Kofi SW Zone A, Blanaid, Dabara) and the southern extension to Betea account for nearly 50% of the Inferred Mineral Resources.
This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.
AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa. For more information regarding AXMIN visit our website at www.axmininc.com.
Safe Harbour Statement
Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where AXMIN is conducting business and/or investor relations. Forward-looking statements include, but are not limited to, those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, AXMIN's hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities. Although AXMIN has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be 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. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
For more information, please contact
AXMIN Inc.
Jon Forster
Chief Executive Officer
+44 (0)1233 665600 (UK)
+44 (0)1233 643728 (UK) (FAX)
or
AXMIN Inc.
Judith Webster
Manager - Investor Relations
(416) 368-0993 (Canada)
Email: ir@axmininc.com
Website: www.axmininc.com
Riverstone (RVS.V) Intercepts Significant Gold in Burkina Faso
See:
http://www.kitco.com/pr/1267/article_12122007131628.pdf
Good one! NEW: Added Hidalgo Mining International (HMIT):
Hidalgo Mining International (HMIT on OTCBB) http://www.hidalgominingint.com/home.html Guinea, Sierra Leone
The HMIT stock price has been looking a mite poorly lately... trading at US$0.016, down from US$1.68 in May.
Their idea in Guinea is to do alluvial gold. In Sierra Leone there is expressed an interest in Col-Tan and Niobium deposits, and Sula Mountain for gold.
The nice web page probably constitutes a nonnegligible portion of the company's assets.
A similar web page, and perhaps company, is Consolidated Mining at http://www.consolidatedmining.com/home.html which has the alluvial/placer mission in Guinea.
Golden Star (GSS): More Gold at Benso, Ghana
Golden Star Confirms Extensions to Benso Gold Deposit
DENVER, December 7 /CNW/ - Golden Star Resources Ltd. (AMEX:GSS)
(TSX:GSC) ("Golden Star") today provided an update on the continuing
exploration of its Benso concession in Ghana.
Results received from the 3,418 meters of combined Reverse Circulation
("RC") and Diamond Drilling ("DD") have been positive and Golden Star expects
that a portion of the Inferred Mineral Resource below the current pit designs
will be converted into Indicated Mineral Resources and may subsequently be
converted into Mineral Reserves.
Mitch Wasel, Golden Star's Vice President Exploration, commented that,
"The high grade shoot drilled at Subriso West exhibits grades and thicknesses
that will likely deepen the existing $480 per ounce pit designs and could
conceivably be mined underground. Therefore, in our efforts to enhance
shareholder value, the drilling of the down dip extensions of this zone is a
priority for Golden Star in 2008, which will help us to understand the full
potential of the Benso deposits. This work is expected to be done in the
second quarter of 2008, or possibly earlier depending on drill rig
availability."
BACKGROUND
The Benso concessions form part of the Hwini-Butre and Benso project,
which is currently being developed as a source of high grade ore for the Wassa
processing plant. Development of the haul road to connect the Benso concession
to the Wassa processing plant commenced in October 2007 following the receipt
of the necessary environmental permits. The haul road and modifications to the
Wassa processing plant are expected to be completed by the third quarter of
2008. The total cost of the project, including the cost of mining equipment,
is expected to be $50 million and the first ore is expected to be mined at
Benso and hauled to the Wassa processing plant in the third quarter of 2008.
Mining at Hwini-Butre is expected to commence in 2009.
We previously estimated a total Probable Mineral Reserve for the
Hwini-Butre and Benso project within $480 per ounce pit designs of 4.13
million tonnes grading 4.35 g/t for contained gold of 577,000 ounces, of which
2.30 million tonnes grading 3.41 g/t containing 252,000 ounces were contained
within pits on the Benso concession. In addition to the Mineral Reserves at
Benso, 0.41 million tonnes grading 2.47 g/t of Indicated Mineral Resource and
0.61 million tonnes grading 3.41 g/t of Inferred Mineral Resource were
contained within the $560 per ounce Inferred Mineral Resource optimized pit
shell.
BENSO DRILLING PROGRAM
The drilling at Benso was designed to test the $560 per ounce Inferred
Mineral Resource optimized pit shells with the aim of converting this material
into Measured and Indicated Mineral Resources and hence possible conversion
into Mineral Reserves. Results received from the combined RC and DD programs
have been positive and Golden Star expects the conversion of a portion of this
tested Inferred Mineral Resource into Indicated Mineral Resources for
subsequent possible conversion into Mineral Reserves.
The completed drilling program included 40 drill holes totaling 1,850
meters of RC drilling and 1,568 meters of DD drilling. The Subriso West pit
shows the best potential for expansion with the majority of the drilling
intersecting mineralized widths and grades that will likely have a positive
affect on our next optimized pit shells. Of note, hole SWRC006, which is
located on the southern end of the pit, drill intersected 5 meters grading 116
g/t gold, and hole SWZDD008, located 50 meters north of hole SWRC006, drill
intersected 19 meters grading 2.3 g/t. Significant intersections are detailed
in the table below.
<<
Hole ID Section East North Elevation Azimuth
(m) (m) (m) (degrees)
----------- ---------- --------- ---------- --------- ------------
SEZRC071 58300N 176752 58300 59 90
----------- ---------- --------- ---------- --------- ------------
SEZRC072 58300N 176781 58300 60 90
----------- ---------- --------- ---------- --------- ------------
SEZRC073 58250N 176779 58250 64 90
----------- ---------- --------- ---------- --------- ------------
SEZRC074 58250N 176807 58250 65 90
----------- ---------- --------- ---------- --------- ------------
SEZRC075 57475N 176721 57475 59 90
----------- ---------- --------- ---------- --------- ------------
SEZRC076 57475N 176674 57475 61 90
----------- ---------- --------- ---------- --------- ------------
SEZRC077 57525N 176724 57525 68 90
----------- ---------- --------- ---------- --------- ------------
SEZRC078 57525N 176682 57525 70 90
----------- ---------- --------- ---------- --------- ------------
SEZRC079 57575N 176750 57575 75 90
----------- ---------- --------- ---------- --------- ------------
SEZRC080 57575N 176713 57575 78 90
----------- ---------- --------- ---------- --------- ------------
SEZRC081 58025N 176579 58025 72 90
----------- ---------- --------- ---------- --------- ------------
SEZDD006 58225N 176741 58225 61 90
----------- ---------- --------- ---------- --------- ------------
SEZDD007 58250N 176744 58250 61 90
----------- ---------- --------- ---------- --------- ------------
SEZDD008 58275N 176730 58275 59 90
----------- ---------- --------- ---------- --------- ------------
SWZRC005 12SW 175318 58553 62 40
----------- ---------- --------- ---------- --------- ------------
SWZRC006 13SW 175272 58537 59 40
----------- ---------- --------- ---------- --------- ------------
SWZRC007 14SW 175251 58551 57 40
----------- ---------- --------- ---------- --------- ------------
SWZRC008 15SW 175228 58563 56 40
----------- ---------- --------- ---------- --------- ------------
SWZRC009 17SW 175213 58623 58 40
----------- ---------- --------- ---------- --------- ------------
SWZRC010 17SW 175151 58549 68 40
----------- ---------- --------- ---------- --------- ------------
SWZRC011 19SW 175160 58638 66 40
----------- ---------- --------- ---------- --------- ------------
SWZRC012 20SW 175119 58628 65 40
----------- ---------- --------- ---------- --------- ------------
SWZRC013A 18SW 175140 58583 66 40
----------- ---------- --------- ---------- --------- ------------
SWZRC014 19SW 175111 58579 69 40
----------- ---------- --------- ---------- --------- ------------
SWZRC015 22SW 175090 58671 60 40
----------- ---------- --------- ---------- --------- ------------
SWZRC016 23SW 175090 58710 56 40
----------- ---------- --------- ---------- --------- ------------
SWZRC017 15SW 175187 58514 59 40
----------- ---------- --------- ---------- --------- ------------
SWZRC018 12SW 175281 58510 171 40
----------- ---------- --------- ---------- --------- ------------
SGZRC020 58250N 174759 58257 58 90
----------- ---------- --------- ---------- --------- ------------
SGZRC021 58650N 174532 58652 54 90
----------- ---------- --------- ---------- --------- ------------
SGZRC022 58450N 174691 58450 62 90
----------- ---------- --------- ---------- --------- ------------
SGZRC023 19SW 174943 58379 64 40
----------- ---------- --------- ---------- --------- ------------
SGZRC024 18SW 174974 58378 65 40
----------- ---------- --------- ---------- --------- ------------
SGZRC025 17SW 175009 58381 64 40
----------- ---------- --------- ---------- --------- ------------
SGZRC026 17SW 175028 58404 65 40
----------- ---------- --------- ---------- --------- ------------
SGZRC027 58600N 174559 58600 54 90
----------- ---------- --------- ---------- --------- ------------
SGZRC028 58550N 174673 58550 54 90
----------- ---------- --------- ---------- --------- ------------
SGZDD010 58500N 174577 58500 70 90
----------- ---------- --------- ---------- --------- ------------
SGZDD011 58200N 174766 58200 56 90
----------- ---------- --------- ---------- --------- ------------
SGZDD012 58600N 174507 58600 61 90
----------- ---------- --------- ---------- --------- ------------
Dip Drill From To Interval Grade
(degrees) Type (m) (m) (m)(1) (Au g/t)
---------- --------- -------------- ---------- ----------- ----------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 RC 35 40 5 1.8
---------- --------- -------------- ---------- ----------- ----------
-50 RC 13 18 8 1.2
---------- --------- -------------- ---------- ----------- ----------
-50 RC 7 9 2 1.1
---------- --------- -------------- ---------- ----------- ----------
-50 RC 53 55 2 2.0
---------- --------- -------------- ---------- ----------- ----------
-50 RC 5 8 3 5.9
---------- --------- -------------- ---------- ----------- ----------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 No significant intersections
---------- --------- ------------------------------------------------
-50 54 58 4 1.8
---------- --------- -------------- ---------- ----------- ----------
-50 No significant intersections
---------- --------- ------------------------------------------------
-50 RC 20 23 3 1.3
---------- --------- -------------- ---------- ----------- ----------
RC 80 83 3 5.6
-50 RC 102 107 5 116.1
---------- --------- -------------- ---------- ----------- ----------
-50 DD 98 114 16 1.7
---------- --------- -------------- ---------- ----------- ----------
-50 DD 122 141 19 2.3
---------- --------- -------------- ---------- ----------- ----------
-50 DD 124 134 10 2.4
---------- --------- -------------- ---------- ----------- ----------
DD 220 223 3 2.1
-50 DD 234 240 6 1.0
---------- --------- -------------- ---------- ----------- ----------
-50 DD 131 138 6 3.7
---------- --------- -------------- ---------- ----------- ----------
DD 175 180 5 3.3
DD 213 218 5 1.9
-50 DD 234 238 4 1.4
---------- --------- -------------- ---------- ----------- ----------
-50 DD 218 224 6 8.2
---------- --------- -------------- ---------- ----------- ----------
-50 DD 279 282 3 1.7
---------- --------- -------------- ---------- ----------- ----------
DD 161 164 3 1.4
DD 202 207 5 1.7
-50 DD 220 223 3 1.5
---------- --------- -------------- ---------- ----------- ----------
DD 126 129 3 2.8
DD 140 148 8 1.6
DD 167 186 19 3.6
Including 168 175 7 6.5
DD 196 200 4 1.9
-50 DD 207 217 10 3.1
---------- --------- -------------- ---------- ----------- ----------
-50 DD 203 211 7 2.6
---------- --------- -------------- ---------- ----------- ----------
-50 DD No significant intersections
---------- --------- ------------------------------------------------
RC 81 86 5 1.1
-50 RC 92 95 3 1.7
---------- --------- -------------- ---------- ----------- ----------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 RC 79 83 4 1.0
---------- --------- -------------- ---------- ----------- ----------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 RC Assays pending
---------- --------- ------------------------------------------------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 RC No significant intersections
---------- --------- ------------------------------------------------
-50 RC 106 108 2 1.4
---------- --------- -------------- ---------- ----------- ----------
-50 RC 26 30 4 5.8
---------- --------- -------------- ---------- ----------- ----------
-50 DD 170 182 12 1.3
---------- --------- -------------- ---------- ----------- ----------
-50 RC 105 118 13 2.2
---------- --------- -------------- ---------- ----------- ----------
DD 170 176 6 2.4
-50 DD 181 187 6 1.4
---------- --------- -------------- ---------- ----------- ----------
>>
(1) Drill intervals do not represent true widths.
Hole SWZDD016, located at the north end of the Subriso West pit and below
the current $560 per ounce Inferred Mineral Resource pit shell, is of
particular interest since it has intersected several zones of potentially
economic gold mineralization at depth, including a drilled width of 19 meters
grading 3.6 g/t with a central core of 7 meters grading 6.5 g/t. This zone was
intersected at a vertical depth of 145 meters demonstrating that the high
grade mineralization continues at depth and may therefore support deepening of
the current pit design. Further extensions at depth of the high grade zone may
potentially support underground mining.
The Subriso West high grade shoot has been intersected in previous
drilling. Including holes SJB-120 and SJB-99, located on the same section as
SWZDD016 and 40 meters up dip, which intersected 11 meters grading 5.6 g/t and
4 meters grading 4.7 g/t respectively. Hole SJB-91, further up dip,
intersected 7 meters grading 7.3 g/t and hole SJB-62, approximately 80 meters
up dip from hole SWZDD016 drill intersected 6 meters grading 148.9 g/t. On the
next section, 25 meters to the north, the high grade zone has not been
extensively tested down dip with results from previously reported drilling
contained within the current $480 pit design returning widths and grades
similar to those described above, including hole SJB-63, which drill
intersected 6 meters grading 23.5 g/t, hole SJB-92 located 25 meters down dip,
which intersected 3 meters grading 10.9 g/t, and hole SJB-93, located another
25 meters further down dip which drill intersected 5 meters grading 13.6 g/t.
Full details on this past work are set out in the following table.
Benso Subriso West Deposit Previously Released Drill Hole Intersects
<<
Hole ID Section East North Elevation Azimuth
(m) (m) (m) (degrees)
---------- --------- -------- ------- ---------- ----------
BEGT08(2) 23SW 175120 58764 54 40
---------- --------- -------- ------- ---------- ----------
SJB-109 25SW 175108 58801 54 40
---------- --------- -------- ------- ---------- ----------
SJB-110 25SW 175073 58765 54 40
SJB-110 25SW 175073 58765 54 40
---------- --------- -------- ------- ---------- ----------
SJB-119 24SW 175075 58731 54 40
SJB-119 24SW 175075 58731 54 40
---------- --------- -------- ------- ---------- ----------
SJB-120 23SW 175106 58733 55 40
SJB-120 23SW 175106 58733 55 40
SJB-120 23SW 175106 58733 55 40
---------- --------- -------- ------- ---------- ----------
SJB-62 23SW 175143 58767 55 40
SJB-62 23SW 175143 58767 55 40
---------- --------- -------- ------- ---------- ----------
SJB-63 24SW 175127 58786 54 40
---------- --------- -------- ------- ---------- ----------
SJB-92 24SW 175110 58769 54 40
---------- --------- -------- ------- ---------- ----------
SJB-93 24SW 175092 58749 54 40
---------- --------- -------- ------- ---------- ----------
SJB-99 23SW 175107 58731 55 40
---------- --------- -------- ------- ---------- ----------
SJB-91 23SW 175125 58748 54 40
---------- --------- -------- ------- ---------- ----------
Dip Drill From To Interval Grade
(degrees) Type (m) (m) (m)(1) (Au
g/t)
---------- ------- ------- -------- --------- ----------
-45 DD 90 98 8 5.7
---------- ------- ------- -------- --------- ----------
-70 RC 140 144 4 4.7
---------- ------- ------- -------- --------- ----------
-60 RC 109 112 3 104.9
-60 RC 191 195 4 4.5
---------- ------- ------- -------- --------- ----------
-45 RC 130 133 3 6.9
-45 RC 172 180 8 2.1
---------- ------- ------- -------- --------- ----------
-45 RC 85 87 2 7.4
-45 RC 123 127 4 7.4
-45 RC 136 147 11 5.6
---------- ------- ------- -------- --------- ----------
-45 RC 70 76 6 148.9
-45 RC 80 82 2 9.4
---------- ------- ------- -------- --------- ----------
-45 RC 66 72 6 23.5
---------- ------- ------- -------- --------- ----------
-45 RC 99 102 3 10.9
---------- ------- ------- -------- --------- ----------
-45 RC 141 146 5 13.6
---------- ------- ------- -------- --------- ----------
-45 RC 133 137 4 4.7
---------- ------- ------- -------- --------- ----------
-45 RC 105 112 7 7.3
---------- ------- ------- -------- --------- ----------
>>
(1) Drill intervals do not represent true widths.
(2) BEGT08 is a Geotech hole that has not been previously released.
[/PRE]
VERIFICATION AND QA-QC
The technical contents of this press release have been reviewed and
verified by Mr. S. Mitchel Wasel, BSc Geology, a Qualified Person pursuant to
National Instrument 43-101 of the Canadian Securities Administration. Mr.
Wasel is Vice President Exploration for Golden Star and an active member of
the Australasian Institute of Mining and Metallurgy.
The results quoted herein are based on the analysis of saw-split HQ/NQ
diamond half core or a three kilogram single stage riffle split of a nominal
25 to 30 kilogram Reverse Circulation chip sample which has been sampled over
nominal one-meter intervals (adjusted where necessary for mineralized
structures). Sample preparation and analyses have been carried out at SGS
Laboratories in Tarkwa using a 1,000 gram slurry of sample and tap water which
is prepared and subjected to an accelerated cyanide leach (LEACHWELL). The
sample is then rolled for twelve hours before being allowed to settle. An
aliquot of solution is then taken, gold extracted into Di-iso Butyl Keytone
(DiBK), and determined by flame Atomic Absorption Spectrophotometry (AAS).
Detection Limit is 0.01 ppm. All analytical work is subject to a systematic
and rigorous Quality Assurance-Quality Control (QA-QC). At least 5% of samples
are certified standards and the accuracy of the analysis is confirmed to be
acceptable from comparison of the recommended and actual 'standards' results.
The remaining half core is stored on site for future inspection and detailed
logging, to provide valuable information on mineralogy, structure, alteration
patterns and the controls on gold mineralization.
COMPANY PROFILE
Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea)
Limited and Golden Star (Wassa) Limited, which respectively own the
Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, Golden
Star has an 81% interest in the currently inactive Prestea Underground mine in
Ghana, as well as gold exploration interests elsewhere in Ghana, in other
parts of West Africa and in the Guiana Shield of South America. Golden Star
has approximately 233 million shares outstanding.
Cautionary Note to US Investors concerning estimates of Measured,
Indicated and Inferred Mineral Resources: US investors are advised that while
the term "Measured, Indicated and Inferred Mineral Resources" are recognized
and required by Canadian regulations, the United States Securities and
Exchange Commission does not recognize them. "Inferred Mineral Resources" have
a great amount of uncertainty as to their existence, and great uncertainty as
to their economic and legal feasibility. It cannot be assumed that all or any
part of an Inferred Mineral Resource will ever be upgraded to a higher
category. Under Canadian rules estimates of Inferred Mineral Resources could
not form the basis of feasibility or other economic studies. US investors are
cautioned not to assume that part or all of the Inferred Mineral Resource
exists, or is economically or legally mineable.
Statements Regarding Forward-Looking Information: Some statements
contained in this news release are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ materially.
Such statements include comments regarding: the timing and results of future
drilling and development activities and the ability to convert Inferred
Mineral Resources to Indicated Mineral Resources and the possible subsequent
conversion to Mineral Reserves; the timing for the completion of the haul road
from Benso to Wassa; the timing for the commencement of mining at Benso and
haulage of ore from Benso to Wassa; and the timing for the commencement of
mining at Hwini-Butre; future operations and development at the Hwini-Butre
and Benso properties and total cost of the Hwini-Butre and Benso project.
Factors that could cause actual results to differ materially include timing of
and unexpected events during exploration, development and construction;
variations in ore grade; variations in relative amounts of refractory,
non-refractory and transition ores; technical or permitting issues, and
fluctuations in gold price and costs. There can be no assurance that future
developments affecting the Company will be those anticipated by management.
Please refer to the discussion of these and other factors in our Form 10-K for
2006, as amended.
For further information: GOLDEN STAR RESOURCES LTD. Bruce Higson-Smith,
+1 800-553-8436 Vice President Corporate Development Anne Hite, +1
800-553-8436 Investor Relations Manager