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TMM.V breaking out to new highs,
reminds me of Semafo
MAT.V keeps finding HREE's,
see also FLX.V same deposit
Matamec Identifies 2 Large Rare-Earths and Niobium Soil Anomalies in the Surprise Showing Area
MONTREAL, QUEBEC, Sep 02, 2010 (MARKETWIRE via COMTEX News Network) --
Matamec Explorations Inc. ("Matamec" or the "Company") (TSX VENTURE: MAT) is pleased to announce that it has identified 2 large rare-earth and niobium anomalies during its soil sampling campaign in the Surprise showing area. The Surprise showing is located in the eastern portion of its rare-earths-yttrium-zirconium Zeus property (see Figure 1: http://media3.marketwire.com/docs/MAT_FIG1_ENG_0902.pdf).
The first soil anomaly, "Surprise A" on Figure 2 (http://media3.marketwire.com/docs/MAT_FIG2_ENG_0902.pdf), is roughly 1.2 km long by more than 200m wide (0.4 km2) and includes the Surprise showing mid-length (yellow star on Figure 2). The Surprise showing was recently stripped and channel sampled, with a best interval of 2m @ 5.3% TREO, 67% of HeavyREO + Y2O3/TREO, 3.6% ZrO2 and 3.9% Nb2O5 (see August 26th press release). The Surprise Nord showing (the other yellow star on figure 2), though smaller, also has its associated soil anomaly. Note, though, that the northern and southern part of the Surprise A anomaly are considered to be only partially explained by the presence of these two showings, which implies the presence of other rare-earth and niobium mineralization in the immediate area.
The second of the large soil anomalies, "Surprise B" on Figure 2, is roughly 1.4 km long by more than 200m wide (0.5 km2). It is located 1 km east of the first anomaly and is of similar intensity (about 4 times background). This sector has not been intensely explored and the presence of a rare-earths-niobium anomaly therefore opens up the possibility of new showings being found in the sector.
Matamec plans to do further work on these anomalies during the course of autumn 2010. Detailed traverses, possibly followed by mechanical trenching, will seek to follow existing mineralizations present at the Surprise and Surprise Nord showings, as well as to discover new showings hidden below the two soil anomalies.
Andre Gauthier, President of Matamec, underlines that "soil sampling is one of the exploration methods that work well in the Kipawa Alkalic Complex. This type of survey gives us valuable information for the planning of future campaigns and they have proven their worth on the Kipawa deposit, the TH showing, and now in the Surprise area."
This is the third set of results released from Matamec's 2010 exploration campaign on its rare earths-yttrium-zirconium Zeus property, which covers much of the Kipawa Alkalic Complex. The 2010 campaign, which ran from May to July 2010, concentrated on the Surprise, TH and Falaises showings and ended with a 2000m drilling campaign on the Kipawa deposit. Once all results are received, hand samples of the showings will be examined by Anthony Mariano, PhD, who will identify the mineral species containing the rare earths, yttrium, zirconium, niobium and tantalum values.
CORRECTIONS TO THE AUGUST 26TH PRESS RELEASE: due to an error during conversion to oxides, Lanthanum (La) values should be ten times higher than those noted on Table 1. This also implies a small decrease in HeavyREO+Y2O3/TREO percentages, from 74 to 70% for the average of all samples and from 73 to 67% for the best interval. A corrected version of the press release is available on the company's web site.
Alex Knox, geologist (P. Geol), and Aline Leclerc, geologist (OGQ) and Vice-President Exploration of Matamec, are qualified persons for the Zeus Project. As qualified persons, they have supervised the preparation of the scientific and technical information for the Zeus property and verified the data in this press release.
Timmins Gold Corp.: Operating and Financial Results for the Three Months Ended June 30, 2010
VANCOUVER, BRITISH COLUMBIA, Aug 31, 2010 (MARKETWIRE via COMTEX News Network) --
Timmins Gold Corp. (TSX VENTURE: TMM) ("Timmins" or the "Company") is pleased to report on its first ever operating and financial results since commercial operations at its flagship San Francisco Mine commenced on April 1, 2010. All currency in this report is in Canadian dollars unless otherwise indicated.
The major highlights for the three months ended June 30, 2010 include the following:
-- Commercial operations were deemed to commence on April 1, 2010 following
a commissioning period of less than five months;
-- The San Francisco Mine averaged a mining rate of 1.7 million tonnes per
month during this first quarter of commercial operations and on average
301,765 tonnes of ore were placed on the leach pads (or 10,059 tonnes
per day);
-- The Company produced and sold 11,299 ounces of gold and 6,696 ounces of
silver, realizing gross proceeds of $14.3 million;
-- The San Francisco Mine generated net profit before tax of approximately
$1.9 million and cash flow from operations of $1.4 million during its
first quarter of operations.
-- Operating costs, excluding depreciation, at the San Francisco Mine were
$13.67(US $13.30) per tonne placed on leach pads or $946 (US $920) per
ounce produced and sold, net of by-product credits. These costs are on
line to reduce to $520 per ounce by year end and to reach the $420 per
ounce life of mine projections.
-- For the calendar year, the Company has produced and sold 16,619 ounces
of gold and 10,374 ounces of silver, realizing gross revenue of $22.6
million;
-- In April, as a result of the first phase of this year's exploration
program the Company announced an increase in the resources at the San
Francisco Mine of 25%;
-- For the three months ended June 30, 2008, the Company reported a net
loss of $4.1 million or $0.03 per share compared to a loss of $0.8
million or $0.01 per share for the comparable quarter in 2009; the
Company recognized interest expense and a loss on the embedded
derivative in connection with the gold loan financing (both of which
were non-cash items) of $5.0 million or an amount in excess of the total
loss for the quarter;
-- The loss on the embedded derivative is measured by the product of the
change in the quarter ending gold prices, adjusted for foreign exchange
and time value of money considerations;
-- For the three months ended June 30, 2010 cash flow from operating
activities was $605,010 compared to a use of cash of $324,116 for the
three months ended June 30, 2009; and
-- The Company reported net income from operations of $0.9 million for the
recently completed quarter.
CONSOLIDATED RESULTS
For the three months ended June 30, 2010, Timmins reported a net loss of $4,090,157 or $0.03 per share on revenue of $14,332,597. This compared to a net loss of $804,330 or $0.01 per share during the three months ended June 30, 2009, a period during which development of the San Francisco Mine had not yet commenced. The financial performance of the Company benefitted from continued strong gold prices and a successful and improving operating performance at the San Francisco Mine offset by expenses recognized on the gold loan.
Cost of goods sold totaled $10,845,997 or $945.89 per ounce of gold sold, net of by-product credits. Depreciation and amortization was $1,215,903 or $107.62 per ounce of gold sold. General and administration costs (including non-cash stock based compensation expense of $553,013) were $1,326,537 for the current quarter, compared to $1,236,190 for the comparable quarter in 2009. In the comparable quarter for 2009, stock based compensation expense was only $49,023.
The asset retirement obligation was $30,741 (2009:$3,621) and other miscellaneous expenses were $2,652, relating to abandoning the Tequila property in March 2010.
During the quarter, the requirement to fair value the embedded derivative in the gold loan resulted in a non-cash expense of $2,599,745 a result of the price of gold increasing by $128.50 per ounce between March 31, 2010 and June 30, 2010. However, the non-cash loss on the embedded derivative is mitigated by the fact that this financial instrument did not require the hedging of any production in late 2009 when gold prices are lower than they are today. The interest expense on the gold loan for the quarter was $2,413,778, and it was also a non-cash item this quarter as repayment of the gold loan does not commence until the end of August 2010.
THE SAN FRANCISCO MINE
The table below illustrates certain key operating statistics for the San Francisco Mine for the three months ended June 30, 2010. There were no comparable statistics to report for the three months ended June 30, 2009.
-----------------------------------------------------------------------
-----
April May June Total
----------------------------------------------------------------------------
Waste mined (mt) 1,431,434 1,295,774 1,350,360 4,077,568
----------------------------------------------------------------------------
Ore mined (mt) 317,997 288,096 299,203 905,296
----------------------------------------------------------------------------
Ore grade (g/t) 0.628 0.732 0.800 0.718
----------------------------------------------------------------------------
Gold sold (oz) 2,309 3,941 5,049 11,299
----------------------------------------------------------------------------
Silver sold 1,433 2,372 2,891 6,696
----------------------------------------------------------------------------
Operating cost per
tonne (C$) 12.85 13.77 14.43 13.67
----------------------------------------------------------------------------
During the first six months of this calendar year the Company has made a number of significant improvements to the operating performance and the operating life of the San Francisco Mine. The most notable achievements include:
-- In April a 25% increase in the mineral resources was announced based
solely on the first phase of the calendar year 2010 drill program;
-- Significant improvements to grade control in the pit were implemented;
-- The mining contractor brought another drill onto the property to expand
production;
-- To further improve mining productivity and reduce costs the mining
contractor has agreed to supplement the existing fleet with two
additional drills (one of which is on-site), three additional haul
trucks, and one more shovel; and
-- Operations are seeing continued improvements in tonnes mined per day and
ore placed on leach pads per day, increasing from 7,912 tonnes processed
per day during the January to March quarter to 10,059 tonnes per day in
this quarter.
Matamec Gets an Average of 74% HeavyREO + Y2O3/TREO, 2.8% TREO and 2.1% of Nb2O5 on all Samples Analyzed From the Surprise Showing
MONTREAL, QUEBEC, Aug 26, 2010 (MARKETWIRE via COMTEX News Network) --
Matamec Explorations Inc. ("Matamec" or the "Company" - TSX VENTURE:MAT) is pleased to announce that it has stripped and channel sampled the Surprise showing, located in the eastern part of its rare earths-yttrium-zirconium Zeus property (see Figure 1).
This outcrop was discovered in September 2008 and stripped manually over 2 meters at that time. Analysis gave up to 2.3% TREO (total rare earth and yttrium oxide), 0.7% ZrO2 (zirconium oxide) and 1.1% Nb2O5 (niobium oxide). In addition, this showing lies within a large boulder train, from which six grab samples recently yielded greater than 10.6% TREO, up to 86% HeavyREO + Y2O3/TREO and up to 7.0% Nb2O5 (see press release dated August 19th, 2010).
2010 work on the Surprise showing included mechanical stripping, geological mapping of the outcrop (see Figure 2) and collection of 14-meters of channel samples. The table below lists analysis results for all 17 channel samples, with a best interval of 2m @ 5.3% TREO, 73% of HeavyREO + Y2O3/TREO, 3.6% ZrO2 and 3.9% Nb2O5. The average ratio of mineralized samples is 2.8% TREO, 74% of HeavyREO + Y2O3/TREO, 2.3% ZrO2 and 2.1% of Nb2O5. It should be noted that samples 10, 11, 19, and 20 were collected outside the mineralized zone, to provide data on the unmineralized wall rocks, and are not included in the quoted averages (see Figure 2). This showing is considered open laterally and at depth.
-----------------------------------------------------------------------
-----
Table 1a. Analysis results for the 17 channel samples on the Surprise
showing, in %
----------------------------------------------------------------------------
Sample # 01 02 03(ii) 10 11 12 13 14 15
----------------------------------------------------------------------------
Length (m) 0.5 1 0.5 1 1 1 1 0.5 1
----------------------------------------------------------------------------
La2O3 Lanthanum 0.021 0.036 0.015 0.001 0.003 0.005 0.026 0.004 0.001
----------------------------------------------------------------------------
Ce2O3 Cerium 0.442 0.793 0.361 0.016 0.071 0.111 0.571 0.105 0.022
----------------------------------------------------------------------------
Praseodymi
Pr2O3 um 0.062 0.104 0.040 0.002 0.007 0.014 0.073 0.013 0.002
----------------------------------------------------------------------------
Nd2O3 Neodymium 0.220 0.395 0.132 0.007 0.026 0.051 0.262 0.043 0.010
----------------------------------------------------------------------------
Light rare
LREO(i) earths 0.745 1.329 0.547 0.026 0.107 0.180 0.932 0.165 0.035
----------------------------------------------------------------------------
Sm2O3 Samarium 0.078 0.143 0.028 0.002 0.006 0.019 0.092 0.010 0.004
----------------------------------------------------------------------------
Eu2O3 Europium 0.015 0.029 0.003 0.000 0.001 0.004 0.020 0.002 0.001
----------------------------------------------------------------------------
Gd2O3 Gadolinium 0.118 0.222 0.033 0.002 0.008 0.034 0.150 0.013 0.006
----------------------------------------------------------------------------
Medium
MREO(i) rare
earths 0.210 0.394 0.065 0.004 0.015 0.058 0.263 0.025 0.011
----------------------------------------------------------------------------
Tb2O3 Terbium 0.038 0.071 0.007 0.001 0.002 0.012 0.050 0.003 0.002
----------------------------------------------------------------------------
Dy2O3 Dysprosium 0.335 0.574 0.060 0.005 0.013 0.104 0.432 0.029 0.020
----------------------------------------------------------------------------
Ho2O3 Holmium 0.095 0.174 0.016 0.001 0.003 0.030 0.125 0.008 0.006
----------------------------------------------------------------------------
Er2O3 Erbium 0.338 0.572 0.059 0.005 0.011 0.110 0.451 0.030 0.021
----------------------------------------------------------------------------
Tm2O3 Thulium 0.346 0.571 0.200 0.001 0.002 0.019 0.076 0.006 0.004
----------------------------------------------------------------------------
Yb2O3 Ytterbium 0.313 0.552 0.060 0.005 0.009 0.109 0.416 0.033 0.021
----------------------------------------------------------------------------
Lu2O3 Lutetium 0.034 0.059 0.007 0.001 0.001 0.012 0.046 0.004 0.002
----------------------------------------------------------------------------
Heavy rare
HREO(i) earths 1.500 2.574 0.409 0.018 0.040 0.397 1.594 0.113 0.075
----------------------------------------------------------------------------
Y2O3 Yttrium 2.007 3.480 0.460 0.042 0.097 0.660 2.578 0.225 0.128
----------------------------------------------------------------------------
HREO +
Y2O3 3.506 6.053 0.869 0.060 0.137 1.057 4.172 0.339 0.203
----------------------------------------------------------------------------
HREO +
Y2O3over
%
TREO 78.6 77.8 58.7 66.5 52.9 81.6 77.7 64.1 81.5
----------------------------------------------------------------------------
Total rare
TREO(i) earths 4.462 7.776 1.481 0.090 0.259 1.295 5.366 0.529 0.250
----------------------------------------------------------------------------
ZrO2 Zirconium 4.174 4.957 0.334 0.047 0.095 1.763 6.362 0.280 0.255
----------------------------------------------------------------------------
Nb2O5 Niobium 3.190 5.908 0.546 0.020 0.043 1.144 4.363 0.330 0.187
----------------------------------------------------------------------------
Ta2O5 Tantalum 0.054 0.094 0.010 0.001 0.001 0.024 0.074 0.007 0.004
----------------------------------------------------------------------------
(i) LREO: Light rare earths in oxides = La2O3 to Nd2O3.
MREO: Medium rare earths in oxides = Sm2O3 to Gd2O3
HREO: Heavy rare earths in oxides = Tb2O3 to Lu2O3.
TREO: Total Rare Earth Oxides = LREO + MREO +
HREO + Y2O3 N.B.: Sub-divisions used by Roskill Information Services
Ltd. and Industrial Minerals Company of Australia Pty Ltd.
----------------------------------------------------------------------
(ii) Samples numbered 04 to 09 were planned but not gathered.
----------------------------------------------------------------------
-------------------------------------------------------------------------
Tableau 1b. Analysis results for the 17 channel samples on the Surprise
showing, in %
-------------------------------------------------------------------------
Sample # 16 17 18 19 20 21 22 23
-------------------------------------------------------------------------
Length (m) 1 0.5 0.5 0.5 1 0,8 0,7 1,4
-------------------------------------------------------------------------
La2O3 Lanthanum 0.011 0.025 0.003 0.000 0.000 0.002 0.208 0.001
-------------------------------------------------------------------------
Ce2O3 Cerium 0.260 0.585 0.079 0.011 0.004 0.042 4.429 0.017
-------------------------------------------------------------------------
Praseodymi
Pr2O3 um 0.034 0.071 0.009 0.001 0.001 0.005 0.508 0.002
-------------------------------------------------------------------------
Nd2O3 Neodymium 0.127 0.225 0.031 0.005 0.002 0.020 1.785 0.009
-------------------------------------------------------------------------
Light rare
LREO(i) earths 0.431 0.906 0.123 0.017 0.007 0.069 6.930 0.029
-------------------------------------------------------------------------
Sm2O3 Samarium 0.043 0.048 0.008 0.001 0.000 0.005 0.416 0.005
-------------------------------------------------------------------------
Eu2O3 Europium 0.008 0.008 0.002 0.000 0.000 0.001 0.059 0.001
-------------------------------------------------------------------------
Gd2O3 Gadolinium 0.060 0.056 0.011 0.002 0.001 0.006 0.452 0.009
-------------------------------------------------------------------------
Medium
MREO(i) rare
earths 0.111 0.112 0.021 0.004 0.001 0.012 0.927 0.015
-------------------------------------------------------------------------
Tb2O3 Terbium 0.019 0.014 0.003 0.001 0.000 0.002 0.092 0.003
-------------------------------------------------------------------------
Dy2O3 Dysprosium 0.157 0.108 0.027 0.005 0.001 0.013 0.574 0.034
-------------------------------------------------------------------------
Ho2O3 Holmium 0.043 0.030 0.008 0.001 0.000 0.004 0.143 0.010
-------------------------------------------------------------------------
Er2O3 Erbium 0.148 0.113 0.028 0.006 0.000 0.014 0.435 0.037
-------------------------------------------------------------------------
Tm2O3 Thulium 0.025 0.021 0.005 0.001 0.000 0.002 0.064 0.006
-------------------------------------------------------------------------
Yb2O3 Ytterbium 0.133 0.127 0.027 0.006 0.000 0.014 0.322 0.036
-------------------------------------------------------------------------
Lu2O3 Lutetium 0.014 0.014 0.003 0.001 0.000 0.002 0.033 0.004
-------------------------------------------------------------------------
Heavy rare
HREO(i) earths 0.538 0.426 0.101 0.021 0.002 0.051 1.662 0.131
-------------------------------------------------------------------------
Y2O3 Yttrium 0.888 0.818 0.195 0.053 0.003 0.111 4.254 0.224
-------------------------------------------------------------------------
HREO +
Y2O3 1.425 1.244 0.296 0.073 0.005 0.162 5.917 0.354
-------------------------------------------------------------------------
HREO +
Y2O3 sur
TREO 72.4 55.0 67.2 78.0 38.0 66.7 43.0 88.9
-------------------------------------------------------------------------
Total rare
TREO(i) earths 1.968 2.262 0.440 0.094 0.013 0.243 13.77 0.398
-------------------------------------------------------------------------
ZrO2 Zirconium 1.102 1.326 0.301 0.049 0.011 0.238 0.050 0.332
-------------------------------------------------------------------------
Nb2O5 Niobium 1.326 1.319 0.275 0.023 0.003 0.126 0.138 0.383
-------------------------------------------------------------------------
Ta2O5 Tantalum 0.022 0.021 0.006 0.001 0.000 0.004 0.004 0.008
-------------------------------------------------------------------------
(i) LREO: Light rare earths in oxides = La2O3 to Nd2O3.
MREO: Medium rare earths in oxides = Sm2O3 to Gd2O3
HREO: Heavy rare earths in oxides = Tb2O3 to Lu2O3.
TREO: Total Rare Earth Oxides = LREO + MREO + HREO + Y2O3
N.B.: Sub-divisions used by Roskill Information Services Ltd. and
Industrial Minerals Company of Australia Pty Ltd.
-------------------------------------------------------------------------
Andre Gauthier, President of Matamec, underlines that "the channel sampling on the Surprise showing proves that the very high ratio of heavy rare earths + yttrium observed on the boulder train was also found in local bedrock, and that high grade niobium is now a recognized factor in this sector of the property."
This is the second set of results released from Matamec's 2010 exploration campaign on its rare earths-yttrium-zirconium Zeus property, which covers much of the Kipawa Alkalic Complex. The 2010 campaign, which ran from May to July 2010, concentrated on the Surprise, TH and Falaises showings and ended with a 2000m drilling campaign on the Kipawa deposit. Once all results are received, hand samples of the showings will be examined by Anthony Mariano, PhD, who will identify the mineral species containing the rare earths, yttrium, zirconium, niobium and tantalum values.
Alex Knox, geologist (P. Geol), and Aline Leclerc, geologist (OGQ) and Vice-President Exploration of Matamec, are qualified persons for the Zeus Project. As qualified persons, they have supervised the preparation of the scientific and technical information for the Zeus property and verified the data in this press release.
About Matamec
Matamec explores for significant gold deposits in the Timmins mining camp in Ontario of which the Matheson JV property with Goldcorp Canada Ltd. and Goldcorp Inc. is the main target. In Quebec. the Company explores for precious and base metals on its Sakami, Valmont and Vulcain properties. As well, Matamec is exploring for gold together with Northern Superior Resources Inc. on its Leperance/Wachigabau property.
Concurrently with the above mentioned exploration programs, Matamec's Quebec Tansim property is also being explored for rare metals such as lithium, tantalum and niobium.
Figures 1 & 2 available at the following links : http://media3.marketwire.com/docs/mata0826_fig1.pdf; http://media3.marketwire.com/docs/mata0826_fig2.pdf
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts: Matamec Explorations Inc. Andre Gauthier President 514-844-5252 info@matamec.com www.matamec.com
SOURCE: Matamec Explorations inc.
mailto:info@matamec.com http://www.matamec.com
Copyright 2010 Marketwire, Inc., All rights reserved.
Avion Gold Announces Second Quarter 2010 Financial Results
TORONTO, ONTARIO, Aug 26, 2010 (MARKETWIRE via COMTEX News Network) --
Avion Gold Corporation (TSX VENTURE: AVR)(PINK SHEETS: AVGCF)(OTCQX: AVGCF) ("Avion" or the "Company") today announces its financial results for the 2nd quarter of 2010.
Complete interim financial statements and related Management's Discussion and Analysis are filed under the Company's profile on www.sedar.com. All amounts are in United States dollars unless otherwise indicated. The key facts are summarized below.
-- During the 2nd quarter, the Company produced 22,222 ounces at a cash
cost per ounce of US$ 596. The Company is forecasting costs of US$ 550
to US$ 600 per oz per quarter for the remaining two quarters in the
year.
-- During the 2nd quarter, the Company sold 21,654 ounces of gold at an
average realized price of US$ 1,197 per ounce, which was higher than the
average London fix of US$ 1,196 over the same period.
-- The Company reported a net loss of $208,350 ($0.00 per share) for the
quarter ended June 30, 2010 which includes a stock-based compensation
expense of $3,860,973 compared to a net loss of $580,694 ($0.00 per
share) for the quarter ended June 30, 2009 which includes a stock-based
compensation expense of $845,480.
-- Gold revenue for the second quarter ended June 30, 2010 was $25.9
million compared to $5.6 million for the comparable quarter last year.
-- Operating cash flow before the working capital adjustment for the second
quarter ended June 30, 2010 was $6.7 million.
-- Net working capital as at June 30, 2010 was $39.9 million (including
cash and cash equivalents of $ 31.2 million).
Commenting on the Q2 2010 results, Avion's President and CEO, Mr. John Begeman stated: "Second quarter production significantly increased over the previous quarter. The grade from Segala was as expected and was supplemented with some tonnage from the Tabakoto pit. Production in Q3 should be as expected and our guidance remains to produce between 75,000 and 85,000 ounces for 2010. Avion is cash flow positive and is in a strong financial position to proceed with our expansion plans."
There will be a conference call presentation and discussion of the Q2 results at 10:00am this morning. To participate in the call please dial:
International: +1 416 695 7848
Toll free: 1 800 952 4972
Toronto Area: 416 695 7848
Andrew Bradfield P.Eng., the Chief Operating Officer of the Company, and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.
Timmins Gold Corp.: 12.19 Meters Grading 4.39 gpt Gold and 13.72 meters Grading 3.88 gpt Gold Intercepted Up to 250 meters Southwest of San Francisco Pit
VANCOUVER, BRITISH COLUMBIA, Aug 24, 2010 (MARKETWIRE via COMTEX News Network) --
Timmins Gold Corp. (TSX VENTURE: TMM) is pleased to announce that reverse circulation drilling continues to expand the strike length of mineralization at the San Francisco Gold Mine, located in the State of Sonora, Mexico. Additionally, the tenor of the gold grades being encountered are amongst the highest returned to date from drilling on the now-operating gold deposit. Highlights of the assays received from the most current round of drilling completed in May and June include12.19 meters of 4.39 gpt gold in Hole TF-651 and 13.72 meters of 3.88 gpt gold in Hole TF-649 (which were drilled approximately 150 meters to the southwest of the San Francisco pit limit) and 10.67 meters of 6.39 gpt gold in Hole TF-725 and 4.57 meters of 3.46 gpt gold in Hole TF-728 in an area inside the north portion of the current pit limit. These results indicate the potential for expansion of the open pit beyond its current projected limit and indicates that the potential exists to increase the ultimate gold resource contained within the deposit.
The most current round of drilling has continued to take place- since the last update to shareholders (see press release dated May 13, 2010) and has totaled approximately 25,000 meters in 231 drill holes. Drilling has been focused on an infill basis to the north and also focused on extending the known -strike length of the newly-discovered southwest extension. The drilling, which is testing the potential of the San Francisco deposit outside of the limits of the currently-planned final pit, continues to confirm the continuity of mineralization within a 1.2 kilometer wide, major NW-SE trending gold-hosting structure.
The objective of the exploration drilling to the southwest of the pit has been to extend the mineralized zone outside of the currently planned pit limits and beyond a drill hole 50 meters to the southwest of the pit that intersected 13.7 meters of 10.28 gpt gold (see press release dated May 13, 2010). Drilling inside the northern part of the currently planned pit limits was in an area that required a higher density of drilling in order to be considered a part of the mine plan and, until now, was classified largely as waste for mine planning purposes The holes were all relatively shallow and were drilled to a maximum depth of 130 meters.
The table below highlights the better intercepts from the recently completed program to the Southwest of the pit limit:
Drill Intercepts SW of the San Francisco Pit
---------------------------------------------------------------------------
Drill Intersections
---------------------------------------------------------------------------
Drill Hole Number Depth (m) From (m) To (m) Width (m) Au g/t
---------------------------------------------------------------------------
TF-644 131.06 12.19 13.72 1.53 0.93
and 50.29 54.86 4.57 0.36
and 56.39 59.44 3.05 0.87
and 100.58 106.68 6.10 5.07
includes 100.58 102.11 1.53 4.33
includes 102.11 106.63 1.52 8.47
includes 103.63 105.16 1.53 6.97
---------------------------------------------------------------------------
TF-647 91.44 0.00 1.52 1.52 0.20
and 71.63 79.25 7.62 2.29
includes 73.15 74.68 1.53 2.90
includes 74.68 76.20 1.52 3.33
includes 76.20 77.72 1.52 3.37
and 83.82 91.44 7.62 0.34
---------------------------------------------------------------------------
TF-648 100.58 92.96 97.54 4.58 1.16
includes 92.96 94.49 1.53 2.67
---------------------------------------------------------------------------
TF-649 121.92 96.01 109.73 13.72 3.88
includes 96.01 97.54 1.53 4.73
includes 97.54 99.06 1.52 11.17
includes 99.06 100.58 1.52 4.83
includes 100.58 102.11 1.53 4.50
includes 102.11 103.63 1.52 3.17
includes 103.63 105.16 1.53 2.80
includes 106.68 108.20 1.52 2.17
---------------------------------------------------------------------------
TF-650 85.34 73.15 83.82 10.67 0.74
---------------------------------------------------------------------------
TF-651 100.58 0.00 10.67 10.67 0.85
includes 3.05 4.57 1.52 3.65
and 54.86 67.06 12.20 0.31
and 88.39 100.58 12.19 4.39
includes 89.92 91.44 1.52 6.83
includes 92.96 94.49 1.53 5.10
includes 94.49 96.01 1.52 3.93
includes 96.01 97.54 1.53 3.60
includes 97.54 99.06 1.52 3.65
includes 99.06 100.58 1.52 9.07
---------------------------------------------------------------------------
TF-652 137.16 48.77 51.82 3.05 0.47
and 53.34 54.86 1.52 2.97
and 96.01 117.35 21.34 2.52
includes 96.01 97.54 1.53 5.60
includes 97.54 99.06 1.52 14.43
includes 99.06 100.58 1.52 11.67
---------------------------------------------------------------------------
The table below highlights the better intercepts from the recently completed program at the northern portion of the pit:
Drill Intercepts on the Northern portion of the San Francisco Pit
---------------------------------------------------------------------------
Drill Intersections
---------------------------------------------------------------------------
Drill Hole Number Depth (m) From (m) To (m) Width (m) Au g/t
---------------------------------------------------------------------------
TF-724 121.92 9.14 12.19 3.05 2.700
includes 10.67 12.19 1.52 4.640
and 24.38 27.43 3.05 0.740
and 33.53 41.15 7.62 0.900
and 47.24 51.82 4.58 1.090
and 56.39 62.48 6.09 0.670
and 91.44 94.49 3.05 1.050
and 96.01 121.92 25.91 1.260
includes 97.54 99.06 1.52 2.260
includes 99.06 100.58 1.52 2.650
includes 108.20 109.73 1.53 7.420
includes 117.35 118.87 1.52 2.480
---------------------------------------------------------------------------
TF-725 131.06 53.34 64.01 10.67 6.390
includes 57.91 59.44 1.53 40.730
and 70.10 80.77 10.67 0.280
---------------------------------------------------------------------------
TF-726 82.29 0.00 6.10 6.10 0.360
and 27.43 33.53 6.10 2.000
includes 27.43 28.96 1.53 6.410
and 70.10 74.68 4.58 0.950
---------------------------------------------------------------------------
TF-728 70.1 0.00 7.62 7.62 0.600
and 30.48 35.05 4.57 1.260
and 36.58 41.15 4.57 3.460
includes 38.10 39.62 1.52 2.360
includes 39.62 41.15 1.53 7.850
and 50.29 53.34 3.05 0.440
and 64.01 70.10 6.09 0.690
---------------------------------------------------------------------------
TF-733 100.58 1.52 4.57 3.05 0.210
and 82.30 83.82 1.52 2.250
and 85.34 91.44 6.10 1.120
Includes 88.39 89.92 1.53 3.010
---------------------------------------------------------------------------
Information from the total of over 25,000 meters of drilling is currently being processed to provide an update to the current resource estimate. A new reserve estimate will also be prepared.
The exploration success follows upon the commencement of commercial production at the San Francisco Mine in April 2010. First quarter sales from the mine were 11,319 ounces of gold. The size of the gold mineralization zone, its presence within large shear zones and the continuous nature of the gold within these zones form the basis of management's expectation that the ongoing program could lead to a significant increase in the mineral resource at San Francisco and could potentially also lead to the discovery of additional satellite deposits within the existing land package.
The samples collected during the drilling were prepared and assayed in the San Francisco Mine assay laboratory using fire assay and gravimetric finish. Strict sampling and QA-QC protocol were followed to ensure the best practices in sampling and analysis of the drill samples. Duplicates, standards and blanks were inserted into the sampling stream at intervals of 25 samples. A minimum of fifteen percent of the pulps assayed in the mine lab were also sent to IPL-Inspectorate Lab, for check assays and a minimum of ten per cent of the original samples assayed by IPL will be sent to other independent labs for check assays. The check assays were cross referenced to the mine assays and verified the results.
About Timmins Gold
Timmins Gold Corp is strategically positioned for gold production and development. In April 2010, Timmins Gold commenced commercial production at its wholly owned San Francisco gold mine in Sonora, Mexico. Timmins Gold has projected production at a rate in excess of 80,000 ounces of gold per year at a life of mine cash cost of approximately $412 per ounce. (Micon International Preliminary Feasibility Study, March 2008).
This press release was reviewed and prepared by Lawrence A. Dick, Ph.D., P.Geo, a director of the Company, who is recognized as a Qualified Person under the guidelines of National Instrument 43-101 and by Miguel Soto, P. Geo., a director and the COO of the Company. For further information contact Timmins Gold Corp. at 604-682-4002 or go to the website at www.timminsgold.com.
On behalf of the Board:
Bruce Bragagnolo, LLB, Chief Executive Officer
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Timmins Gold does not intend to update any forward-looking statements to conform these statements to actual results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Timmins Gold Corp. Bruce Bragagnolo, LLB Chief Executive Officer 604-638-8980 bruce@timminsgold.com www.timminsgold.com
SOURCE: Timmins Gold Corp.
mailto:bruce@timminsgold.com http://www.timminsgold.com
Copyright 2010 Marketwire, Inc., All rights reserved.
Matamec Discovers Boulders Containing Up to 86% HeavyREO+ Y2O3/TREO and 6.96% Niobium
MONTREAL, QUEBEC, Aug 19, 2010 (MARKETWIRE via COMTEX News Network) --
Matamec Explorations Inc. ("Matamec" or the "Company")(TSX VENTURE: MAT) is pleased to announce that it has discovered a train of boulders around and upslope from the bedrock Surprise showing, located on the Zeus property. From this train, six samples were collected for analysis. These samples are characterized by a strong enrichment in rare earths, yttrium, niobium and tantalum as presented in the following table:
--------------------------------------------------------------------------
Analytical Results for Six Boulders(ii) from the Surprise Showing-Zeus
Property
--------------------------------------------------------------------------
Element Oxides Sample Number and Analytical Results in %
------------------------------------------
RA-3 RA-5 RA-9 RA-11 RA-12 RA-14
--------------------------------------------------------------------------
La2O3 Lanthanum Oxide 0.036 1.278 0.260 0.072 0.019 0.869
--------------------------------------------------------------------------
Ce2O3 Cerium Oxide 0.086 2.695 0.600 0.233 0.098 1.834
--------------------------------------------------------------------------
Pr2O3 Praseodymium Oxide 0.011 0.308 0.080 0.036 0.012 0.219
--------------------------------------------------------------------------
Nd2O3 Neodymium Oxide 0.045 1.184 0.296 0.193 0.064 0.815
--------------------------------------------------------------------------
LREO(i) Light rare earths 0.179 5.465 1.237 0.532 0.193 3.737
--------------------------------------------------------------------------
Sm2O3 Samarium Oxide 0.020 0.104 0.097 0.109 0.044 0.215
--------------------------------------------------------------------------
Eu2O3 Europium Oxide 0.004 0.047 0.017 0.022 0.009 0.037
--------------------------------------------------------------------------
Gd2O3 Gadolinium Oxide 0.032 0.347 0.138 0.179 0.070 0.296
--------------------------------------------------------------------------
MREO(i) Medium rare earths 0.056 0.498 0.251 0.310 0.122 0.549
--------------------------------------------------------------------------
Tb2O3 Terbium Oxide 0.009 0.062 0.036 0.048 0.022 0.071
--------------------------------------------------------------------------
Dy2O3 greater
than
Dysprosium Oxide 0.074 0.468 0.328 0.504 0.220 0.574
--------------------------------------------------------------------------
Ho2O3 Holmium Oxide 0.021 0.108 0.092 0.137 0.061 0.173
--------------------------------------------------------------------------
Er2O3 greater
than
Erbium Oxide 0.071 0.328 0.328 0.477 0.218 0.572
--------------------------------------------------------------------------
Tm2O3 Thulium Oxide 0.012 0.039 0.050 0.062 0.032 0.084
--------------------------------------------------------------------------
Yb2O3 Ytterbium Oxide 0.070 0.215 0.292 0.378 0.194 0.545
--------------------------------------------------------------------------
Lu2O3 Lutetium Oxide 0.008 0.023 0.035 0.041 0.022 0.065
--------------------------------------------------------------------------
HREO(i) greater
than
Heavy rare earths 0.266 1.243 1.160 1.646 0.769 2.084
--------------------------------------------------------------------------
Y2O3 Yttrium Oxide 0.531 3.518 2.305 2.692 1.160 4.280
--------------------------------------------------------------------------
HREO + Y2O3 greater
than
0.797 4.761 3.465 4.338 1.929 6.364
--------------------------------------------------------------------------
% HREO greater
+Y2O3/TREO 77 44 70 84 86than 60
--------------------------------------------------------------------------
TREO(i) greater
than
Total rare earths 1.031 10.724 4.953 5.181 2.244 10.649
--------------------------------------------------------------------------
ZrO2 Zirconium Oxide 0.921 0.111 0.689 1.857 2.209 0.729
--------------------------------------------------------------------------
Nb2O5 Niobium Oxide 0.737 0.062 3.905 4.707 3.677 6.967
--------------------------------------------------------------------------
Ta2O5 Tantalum Oxide 0.023 0.005 0.090 0.063 0.060 0.145
--------------------------------------------------------------------------
(i) LREO: light rare earths oxides (or Ceric) = La2O3 to Nd2O3 MREO :
Medium rare earths oxides = Sm2O3 to Gd2O3 HREO: Heavy rare earths oxides
(or Yttric) = Tb2O3 to Lu2O3 TREO: Total rare earths oxides = LREO + MREO
+ HREO + Y2O3
--------------------------------------------------------------------------
N.B.: Sub-divisions used by Roskill Information Services Ltd. and
Industrial Minerals Company of Australia Pty Ltd.
--------------------------------------------------------------------------
"greater than " This symbol shown in the above table means that the
results are overlimit. We are currently awaiting these new analyses.
--------------------------------------------------------------------------
(ii)An assay from a selected boulder could not represent the average grade
of its source.
--------------------------------------------------------------------------
These are preliminary results from the spring-summer field exploration work done on Matamec's Zeus property May to July 2010. This 2010 work was carried out on the Kipawa deposit and its surroundings, mostly on the Falaises, Surprise and TH showings (discovered in 2008), as well as other areas of the property which cover much of the Kipawa Alkalic Complex.
Once all results of the samples submitted for analysis are received in full, they will be reviewed by Anthony Mariano, PhD. He will identify the mineral species containing the rare earths, yttrium, zirconium, niobium and tantalum values, using various methods at his disposal.
Niobium is presently being mined at three places in the world, two in Brazil and one in Canada. The Canadian producer is the Niobec Mine owned by IAMGOLD Corporation, located in the Saguenay region of Quebec. The mine presently (December 31, 2009) produces from ore which averages 0.56% Nb2O5. IAMGOLD states that it is "comfortable" with the February 27th 2010 price of niobium, in the mid-$30's per kilogram.
Andre Gauthier, president of Matamec, underlines that "the discovery of these boulders means that it is probable to find high grade mineralization greatly enriched in heavy rare earths and niobium in the area of the Kipawa Alkalic Complex".
Alex Knox, geologist (P. Geol). and Aline Leclerc. geologist (OGQ) and Vice-President Exploration of Matamec, are qualified persons for the Zeus Project. As qualified persons, they have supervised the preparation of the scientific and technical information for the Zeus property and verified the data in this press release.
About Matamec
Matamec explores for significant gold deposits in the Timmins mining camp in Ontario of which the Matheson JV property with Goldcorp Canada Ltd. and Goldcorp Inc. is the main target. In Quebec. the Company explores for precious and base metals on its Sakami, Valmont and Vulcain properties. As well, Matamec is exploring for gold together with Northern Superior Resources Inc. on its Leperance/Wachigabau property.
Concurrently with the above mentioned exploration programs, Matamec's Quebec Tansim property is also being explored for rare metals such as lithium, tantalum and niobium.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Contacts: Andre Gauthier President 514-844-5252 514-844-0550 (FAX) info@matamec.com www.matamec.com
SOURCE: Matamec Explorations inc.
mailto:info@matamec.com http://www.matamec.com
Copyright 2010 Marketwire, Inc., All rights reserved.
AAA.V Allana Potash moving on high volume eom
RE: TMM, now that 10Q is out,
will move to the TSX shortly
Quest Rare Minerals Cracks the B-Zone Metallurgical Code, Reports REE Recoveries of Between 77% and 93%
TORONTO, ONTARIO, Aug 12, 2010 (MARKETWIRE via COMTEX News Network) --
Quest Rare Minerals Ltd. (TSX VENTURE: QRM) is pleased to announce that it has successfully developed a metallurgical process to bring the rare earths oxides and exotic metals from B-Zone deposit into solution at its Strange Lake project, Quebec (see Figure 1, 2). Hazen Research, Inc. reports that the extraction of rare earths from the B-Zone, between 77% and 93%, are generally in excess of the extraction to solution reported for previous metallurgical work conducted by the Iron Ore Company of Canada (IOC, 1985) and Mitsui Mining & Smelting (1996) on the historical Main Zone deposit to the southeast. The ultimate process flow-sheet developed from Hazen Research's work will be applied to pilot mill studies on a 20-50 tonne bulk sample to be collected from the B-Zone this summer.
"We are most satisfied with the success that Hazen has had in liberating the rare earths from B-Zone mineralization," stated Peter J. Cashin, President & CEO of Quest. "The flow-sheet appears to be equally successful in processing all grades of mineralization that Quest provided for this metallurgical test. Equally encouraging is the fact that the mineralization can be processed without the need of expensive concentrator technology in the ultimate mill design for the deposit. Hazen will now look at optimizing the process flow-sheet in order to reduce grinding requirements on the mineralization, reduce sulphuric acid addition to the mill feed in the leach phase and to increase leach times in an effort to further improve REE recoveries and ultimately, optimize recovery costs."
Metallurgical Test Results
Table 1 below is a compilation of experiments conducted on the various grades of mineralization recorded for the B-Zone. Variations of acid concentration, grind size and ore grade were tested to observe their effect on rare earth and rare metal recovery from the mineralized samples. In general, un-reacted zircon in the leach residues, including the acid bake residues, is believed to have accounted for the majority of the unrecovered rare earths and rare metals in the metallurgical test. A detailed listing of metal recoveries by the various experiments is listed in Table 2. The best recoveries were obtained from the whole-ore acid-bake experiments without the need of pre-concentration methods at the finest grind (experiment 3316-47) which recorded recoveries of 92% for neodymium (Nd), 87% for yttrium (Y), 89% cerium (Ce), 93% gadolinium and europium (Gd, Eu), 92% terbium (Tb), 90% dysprosium (Dy), 88% for holmium (Ho), 78% for thulium (Tm), 83% erbium (Er) and 77% for ytterbium and lutetium (Yb, Lu).
"The Hazen work has pointed out a pathway to open up the exotic metal-bearing minerals observed in the B-Zone and it appears that the acid bake procedure effectively cracks the high grade, medium-grade and low-grade of mineralization used in the Hazen test work," said Joseph M. Keane, P.Eng., Quest's consulting metallurgical engineer. "Down the road, procedures for separating the dissolved metals to produce marketable products will need to be addressed. Optimization studies directed to grind size, acid addition regime, acid consumption and heat requirements are indicated for future investigation."
Metallurgical Test Procedure
In January 2010, Hazen Research, Inc. received a one-tonne bulk sample obtained from core-drilling representative of the surface exposure of the B-Zone REE deposit discovered by Quest (see Press Release: November 19, 2009). The sample was separated into three mineralization types, designated high-grade, low-grade (mid-grade) and altered (low-grade) and treated separately by Hazen. Following crushing and grinding, the high-grade sample was subjected to several benefication (pre-concentration) methods. The sample was evaluated using gravity (heavy-liquid) separation, froth floatation, shaking table, centrifugal separation and magnetic separation. The magnetic separation method was the only procedure that eliminated mass (45%) with minimal rare earth losses (4-6%). The REE losses for the remaining pre-concentration methods outlined above were deemed unacceptable. An additional a series of experiments on the high-grade mineralization revealed that the REE could be effectively liberated by acid leaching of the whole-ore without the need of pre-concentration. In addition, the discovery that the REE recoveries could be further improved by applying an acid-bake step to the leach experiments was subsequently made. The acid-bake procedure is explained below.
In an acid bake process (see Figure 3), pulverized feed material (ore or concentrate) is mixed usually at room temperature with concentrated sulfuric acid. The mixing must be prompt and intimate so that all of the solid particles are wetted by the sulfuric acid. The resulting mass has the appearance of a moist cake or it can be a paste. The test flow-sheet requires that a 25-50 g sample of material be finely ground (minus 13, 74 and 149 microns), then prepared and sent to a Teflon leach flask containing 350 kg of sulphuric acid (H2SO4) per tonne of mineralization equivalent and heated to 80 degrees C. Once in solution, the leached material is exposed to an acid-bake procedure in an open vessel at high acid concentrations and heated to 225 degrees C for one hour. This step was immediately followed by a two-hour leach at 80 degrees C and 5% H2SO4. The leach liquor is sent for analyses of rare earths as well as zirconium (Zr), hafnium (Hf), niobium (Nb), thorium (Th) and beryllium (Be). In addition, once cooled, the leach residues are exposed to mild H2SO4 at 10% solids at 80 degrees C and then dried. The residue solids are then recorded for mass and sent for chemical analyses.
Future avenues of investigation by Hazen are to review and test mill throughput with the application of magnetic separation pre-concentration of rare earths from the B-Zone, to reduce acid consumption in the metallurgical practice, increase the grind size of the subsequent samples tested and to improve recoveries of Zr as a means of improving REE recovery in the test work.
Quality Control
Mr. Peter Cashin, P. Geo., is the qualified person on the Strange Lake Project under National Instrument 43-101 and was responsible for this news release and has approved the disclosure of the technical information contained herein.
Joseph M. Keane, P.Eng, of Keane Mineral Engineering LLC, Tucson, Arizona, is the qualified metallurgical engineer for the project and has reviewed and approved the metallurgical disclosures presented in this release.
About Quest Rare Minerals
Quest Rare Minerals Ltd. is a Canadian-based, exploration company focused on the identification and discovery of new world-class Rare Earth deposit opportunities. The Corporation is publicly-listed on the TSX Venture Exchange as "QRM" and is led by a highly-respected management and technical team with a proven mine-finding track record. Quest is currently advancing several high-potential projects in Canada's premier exploration areas: the Strange Lake and Misery Lake areas of northeastern Quebec, the Kenora area of northwestern Ontario and the Plaster Rock area of northwestern New Brunswick. Quest's 2009 exploration led to the discovery of a significant new Rare Earth metal deposit, the B-Zone, on its Strange Lake property in northeastern Quebec. The Corporation recently filed a 43-101 Inferred Resource Estimate on the B-Zone deposit and is awaiting the results of a Preliminary Economic Assessment (PEA) for the B-Zone deposit from Wardrop, A Tetra Tech Company, of Toronto, Ontario. In addition, Quest announced the discovery of an important new area of REE mineralization on its Misery Lake project, approximately 120 km south of Strange Lake project. Quest continues to pursue high-value project opportunities throughout North America.
This press release may contain "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward looking statements".
To view figure 1, please visit the following link:
http://media3.marketwire.com/docs/proplocation.pdf.
To view figure 2, please visit the following link:
http://media3.marketwire.com/docs/claimlocation.pdf.
To view figure 3, please visit the following link:
http://media3.marketwire.com/docs/ZB1.pdf.
Table 1 - Compilation of Test Parameters and Selected Recovery Results, B-Zone Metallurgical Test, Hazen Research, Inc.
To view table 1, please visit the following link:
http://media3.marketwire.com/docs/qrm0812project11051.pdf.
Table 2 - Detailed REE Recovery Summary of B-Zone Metallurgical Test Results, Hazen Research, Inc.
To view table 2, please visit the following link:
http://media3.marketwire.com/docs/rareacidbake.jpg.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Quest Rare Minerals Ltd. Peter J. Cashin President & CEO (416) 916-0777 or 1-887-916-0777 (416) 916-0779 (FAX) info@questrareminerals.com www.questrareminerals.com
SOURCE: Quest Rare Minerals Ltd.
mailto:info@questrareminerals.com http://www.questrareminerals.com
Copyright 2010 Marketwire, Inc., All rights reserved.
Avion Gold Produces 8,770 Ounces in July 2010
TORONTO, ONTARIO, Aug 06, 2010 (MARKETWIRE via COMTEX News Network) --
Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF)(PINK SHEETS: AVGCF) ("Avion" or the "Company") announces July 2010 monthly production of approximately 8,770 ounces of gold from its Tabakoto/Segala operations in Mali, West Africa. Year to date gold production for 2010 is approximately 46,700 ounces.
In July 2010, Avion processed 59,800 tonnes of ore at an average grade of 4.84 g/t Au, with a 94.3% mill recovery, for gold production of 8,770 ounces. Third quarter production remains forecast to be approximately 20,000 ounces of gold.
Commenting on the production results, Mr. Andrew Bradfield, Avion's Chief Operating Officer, stated: "In June and July, Segala pit ore was supplemented with high grade ore from a small pit mined within the existing Tabakoto open pit. Production from this small Tabakoto pit is now completed. Avion continues on track to produce between 75,000 and 85,000 ounces of gold in 2010".
Equipment and supplies that are required for underground mining are on route to Tabakoto. Portals are expected to start in late Q3 or early Q4, depending on when the mining equipment arrives at the mine site.
The Company has completed most of the infrastructure and roadways necessary to mine the Dioulafoundou deposit with a plan to commence mining the deposit beginning in mid-October of this year, after the rainy season.
About Avion Gold Corporation
Avion is a Canadian-based gold mining company focused in West Africa that holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with just over 51,000 ounces produced. 2010 production is estimated at 75,000 to 85,000 ounces of gold. Production sustainability is supported and enhanced by an aggressive 2010 drill program over an approximately 600 km2 exploration package that both surrounds and is near to the Company's existing mine infrastructure. Additionally, the 1,670 km2 Hounde exploration property in Burkina Faso, that Avion is in the process of acquiring (see News Release dated July 5, 2010) is returning good results from an ongoing exploration program. These properties are the subject of an approximate US$ 12 million dollar, 60,000 metre plus, drill-focused exploration program in 2010, which management expects, based on results to date, to add new resources and future opportunities for Avion. Avion continues to progress towards its longer term goal of 200,000 ounces of gold per year and is preparing to mine underground at the Segala and Tabakoto deposits. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Andrew Bradfield P.Eng., the Chief Operating Officer of the Company, and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.
China cuts REE's 40%, not enough left
http://www.indmin.com/Article/2631393/Rare-earth-fears-become-reality.html
REE's 4 dummies , excellent summary ...
Tony Mariano: The Special Science of Rare Earths
Posted 8/2/2010 4:02 PM
Theability to separate the science from the promotional claims is amongthe expertise that Geological Consultant Tony Mariano, PhD, brings tothe rare earth elements ( REE) table. Tony, who for decades has combined long hours in the lab witheven longer field visits to evaluate mineralization in its naturalenvironment, is among the rare ones who can help companies evaluate adeposit for grade, tonnage and the prospects for economic recovery. Asharp technician who manages to keep his head out of the clouds and hisfeet on the ground, Tony shares some of his secrets, and some of hisopinions about the hottest prospective properties, in this exclusiveinterview with The Gold Report.
The Gold Report: Jon Hykawy, technology analyst at Byron Capital Markets,recently told us that short supplies of heavy rare earths (HREEs) willbe driving up their price and shifting the economies of mining projectsin favor of companies that can produce large quantities of heavy rareearths. To what extent do you agree with that assessment?
Tony Mariano:I believe that this may be true, however we must define our demarcationof the light rare earth elements (LREEs) and heavy rare earth elements.Individuals have their own ideas of where to start defining the heaviesas opposed to the lights.
Currentlythe lanthanides in greatest demand are neodymium, europium, gadolinium,dysprosium and terbium; however, the demand for particular REEs isdynamic and can change at any time. Praseodymium is also of valuebecause of its similar properties to neodymium.
Whencompanies promote their deposits, they tend to come up with somethingalong the lines of, "We have a certain percentage of the heavies and acertain percentage of the lights." The greater the percentage of theheavies they show, the more it is to their advantage, so they tend tostart counting in areas that I would qualify as light rare earthelements.
When REEs arebeing discussed, people should define what they mean by the light andheavy rare earths. For me, the lights go midway through gadolinium. Iwould classify the heavies as terbium through lutetium. If you attemptto synthesize each of the REEs with a certain complex, phosphoruspentoxide (P2O5), for example, lanthanum through gadolinium will assume amonoclinic structure. Terbium through lutetium will assume a tetragonalstructure similar to yttrium phosphate, and also similar to the mineralzircon. For me this demarcation is more rigorous from a scientificpoint of view. Otherwise the distinction between the LREEs and HREEs isarbitrary.
TGR: So the generally accepted notion that the HREEs are less common and therefore rarer and more valuable isn't accurate?
TM:No, that's not accurate. They're heavies or they're lights, period.Some are common. Some are not. Some of the heavies tend to be muchrarer. Lutetium is a rare element, but yttrium-which always accompaniesthe heavy lanthanides-is not a rare element. In many areas, dysprosium,erbium and terbium are not that rare.
TGR: When investorshear the terms light rare earths and heavy rare earths, how should theybe thinking as far as the economic viability of a deposit?
TM:I would imagine they have to pay attention to those that are currentlyin demand and place that into the equation. When they hear that adeposit has a certain amount of tonnage of certain elements, nowadayspeople tend to sit down and look at those elements' market prices. Thenthey decide that they've got something great. To me this approach can bevery misleading.
TGR: Why?
TM:You can find many deposits that show good grade and tonnage consistingof a large quantity of valuable elements. If one calculates theelements' value based on current prices, the deposit looks like it's ofgreat value. However, those elements must be mineable and economic toprocess so they are competitive in the marketplace. In many occurrencesthat might not be the case.
TGR:The Chinese have become very good at finding rare earth deposits andprocessing them, and are dominant in this space. Recently they announcedthey will begin restricting rare earth exports, which seems to havecreated a rush to find deposits throughout North America. In general,where do you think the prospects look good?
TM:We know of a number of deposits in North America where we can acquirethe light lanthanides. We can do well going from lanthanum into themid-atomic number lanthanides. That would include deposits such asMolycorp Mineral's ( MCP ) Mountain Pass in California, Rare Element Resources Ltd.'s (TSX.V: RES)Bear Lodge carbonatite in Wyoming, and Wicheeda Lake in BritishColumbia, which is run by a private company, Spectrum MiningCorporation. [Editor's note: Molycorp Minerals ( MCP ) went public 7/29/2010. See press release .]
TheMountain Pass deposit is rich in LREEs with ample grade and tonnage,and Molycorp has the technology to produce excellent REE concentratesfor lanthanum, cerium, praseodymium, neodymium and samarium. And basedon work that I have done in Wicheeda Lake, that mineralogy is amenableto physical concentration and there should be no problems in chemicalprocessing.
Although we havesources in North America for LREEs in addition to those I justmentioned, to me they may have the best potential.
In terms of the heavies, we have several interesting HREE occurrences with some potential that are currently being investigated.
TGR: What are some of the deposits with the high ratio of heavies to lights that you're interested in?
TM: I've been working for Ucore Rare Metals Inc. (TSX.V:UCU)on Bokan Mountain in Alaska. It's on the southern tip of Prince ofWales Island. The accessibility there is the best of almost any deposit.It's principally heavy rare earth enriched with yttrium and dysprosium,gadolinium, erbium and ytterbium. The heavy lanthanides dominate themineralogy. At this time they are working to establish whether they havesufficient grade and tonnage, and whether it's amenable to economicrecovery.
They're in theexploration process right now. As a matter of fact, I'm scheduled to gothere August 8-13, with Ucore people and a number of others from theUnited States Geological Survey. The U.S. government is quite interestedin these minerals because they are of military importance.
TGR: Let's move on to some of the other deposits you'd like to talk about.
TM:I started the mineral exploration in Kipawa, Quebec, for Molycorp inthe mid-1980s. Kipawa is enriched with the mineral eudialyte, whichmeans "well decomposable" in Greek. I was able to establish thateudialyte contained yttrium and HREEs in anomalous amounts.
A number of years ago Matamec Explorations Inc. (TSX.V:MAT), a Canadian company from Québec, acquired the mineral rights onKipawa. I've been basically working with Matamec and they are beginningto get some very interesting results.
TGR: What are you finding?
TM:First of all, it's going to be very easy to make a eudialyte physicalconcentrate in Kipawa. In fact, the way I see it, it's going to beeasier to do this than in any other eudialyte deposit that I've workedon thus far. They are working on establishing that they indeed canprocess the eudialyte concentrate chemically to remove all of thelanthanides and yttrium and be able to bring them into the market. Anddo it at a cost that's competitive.
TGR: So the ease of creating that eudialyte concentrate translates into a lower cost of production?
TM:Yes. But there are a lot of other additional costs. Using common sense,if a deposit is in a certain type of geologic occurrence where therocks are very difficult to crush and separate, it's going to be muchmore costly. And if a deposit is in a remote place it's going to cost alot more to mine and you need to get power, too. You need to getreagents. You need qualified people to do the mining. Also, speaking ofother complications, the Parajito is currently owned by First Nationsgroups who have not allowed requests for access to the land and have yetto partner with a public company, so investment there is not possible at this time.
TGR: TGR: You mentioned Rare Element Resources' Bear Lodge a bit earlier. What's the story there?
TM:Bear Lodge is a light lanthanide deposit. I did the initial work onBear Lodge in the '70s-again for Molycorp. I did all of the mineralogy. Ijust came back from there in mid-July. Bear Lodge can provide lightlanthanides and some of the mid-atomic number lanthanides in greaterquantity than Mountain Pass, so that deposit has very good potential.
TGR: Now what about that deposit in South Africa? I'm not sure I can pronounce it.
TM: Steenkampskraal. That belongs to Great Western Minerals Group Ltd. (TSX.V:GWG; OTCQX:GWMGF) , out of Saskatchewan.
TGR: Have you visited that site?
TM:No, I've never been there. I've worked on some of the minerals. Manyyears ago a Brazilian colleague of mine visited the occurrence there andhe brought back minerals. I've done a lot of work on monazite from allover the world, including Steenkampskraal. So I know quite a bit aboutthe mineral.
TGR: Hasn't GWG entered into an option agreement with Search Minerals Inc.'s (TSX.V:SMY) wholly owned subsidiary, Alterra Resources, for a 50% working interest in Alterra's Red Wine property in Labrador, too?
TM: Yes. Great Western Minerals Group is there. Medallion Resources Ltd. (TSX.V:MDL)also has an option agreement going in the Red Wine, and I'll be goingto visit the Medallion area shortly and will be able to give my opinionon this deposit and rank it relative to other eudialyte deposits. As amatter of fact, I'm working on 15 polished thin sections and slabs fromthe Red Wine that I obtained. This is principally a eudialyte depositand it also contains alkali zirconosilicates-AZS-that have the heavyrare earths and may be amenable to economic recovery.
TGR: Is Medallion's Eden Lake deposit primarily light earths?
TM:Yes, but it appears to have an interesting showing of some of theheavies as well. However, these things don't come to you. It needs to beevaluated and it costs money to do that. These people are aware ofthat. They try to acquire people with the best background who areequipped to do these evaluations, such as Jim Clark, who is vicepresident of exploration for Rare Element Resources. He will join me on afield visit to collect rocks and evaluate Eden.
Plentyof academic people have worked on these things, but the academics arenot exploration geologists. Even economic geology professors don't maketheir living on exploration and true economics. They make their livingteaching, hopefully teaching students and publishing academic papers.They make great contributions, but when they look at a deposit, theydon't focus on the things we geologists have to focus on in order toevaluate a deposit from an exploration and economic point of view.
Soacademic people have looked at Eden Lake and perhaps to some extent,some exploration people as well, but not exploration people with abackground on rare earth deposits. By background I mean in thelaboratory and in the field, areas in which Jim Clark and I both haveexpertise.
One has to lookat these deposits. Once you study and understand them in the field andin the laboratory, you can make a value judgment about which have thebest possibility of being able to take over the marketplace. Theseinclude Pajarito, Kipawa, Bokan Mountain, the Red Wine complex and theNorra Kärr project in Sweden.
TGR: That's Tasman Metals Ltd.'s (TSX.V:TSM) project?
TM:Yes. I just visited there with Tasman, and I'm busy working on thatalso. Eudialyte deposits include the Ilimaussaq Intrusion in southernGreenland and eudialyte deposits in the Kola Peninsula of Russia aswell. These occurrences have a lot of potential and they are veryinteresting deposits, but they have to be looked at.
TGR: Right. Now let me ask you about one more project and that is Strange Lake. You've obviously visited Strange Lake.
TM:I did a considerable amount of work in the early 1980s on Strange Lake.It's a large A-type granite circular structure, close to 5 kilometersin diameter. I believe it was first discovered by Iron Ore Company ofCanada ( IOC ). Now Quest Rare Minerals Ltd. (TSX.V:QRM) is exploring and defining Strange Lake.
Thisdeposit is made up of a complexity of a number of different rareearth-bearing minerals that are very fine grain and are locked mostly inquartz and feldspar. So there are problems in processing, to saynothing of the remoteness of the deposit and some other issues that gobeyond what I specialize in-like cost of transportation and social andpolitical issues. However, recently they have made considerable progressin their drilling program, uncovering some areas of very attractivemineralization.
TGR:We've talked about Eden Lake, Mountain Pass, Bear Lodge, Wicheeda Lake,Bokan Mountain, Strange Lake, Pajarito, Kipawa, Red Wine,Steenkampskraal, Norra Kärr, the Ilimaussaq Intrusion and the KolaPeninsula. Have we left off any?
TM:There are so many deposits, it's hard to keep them all in mind. Thedeposits I currently think have the most potential and deserve a closerlook from the point of view of the heavy lanthanides are Pajarito andKipawa. We need to look into the Red Wine to find out what indeed isthere. And I hear there are some interesting things at the Douglas Riverdeposit. I have a pretty good idea what the geology is, but I've neverbeen to the Douglas River. I'm scheduled to go there August 23-30.
TGR: Where is Douglas River?
TM:It's in Saskatchewan. It's similar to the Maw zone in the lower part ofthe Athabasca-the uranium occurrence. It's supposedly mineralized withxenotime. The mineral xenotime has about 29% to 31% yttrium oxide. Aboutanother 30% includes the other heavy lanthanides. So it's a veryattractive mineral. But again, it needs to be found in grade and tonnageto make it a bona fide deposit.
TGR:If Pajarito and the Kipawa are developed and begin to produce, willthey deliver enough supply to satisfy the demand or will we needadditional mines?
TM:I think they'd be able to satisfy the conditions for a number of years.Meanwhile, we're very busy looking all over the world for more ofthese. Particularly since the lanthanides, the heavies and including thelights, as far as I'm concerned, have unique properties. This isparticularly true of the lanthanides, where the valence electrons aresuborbital, which imparts very special properties. And they're beingused extensively in many ways.
TGR:Early on in the conversation we touched on China beginning to restrictexports of the various rare earths. With some of these depositspotentially coming into production, are the fears that are beinggenerated unfounded?
TM:Well. . .Bear in mind, once you find the deposit it's very costly toget it going, to reproduce a Mountain Pass. So suppose people do findthese different deposits and finally establish that they have the gradeand tonnage and that the deposit is amenable to economic recovery. Atthat time a large capital is required to start a mine.
TGR: Tony, this has been a great education in the world of rare earths. We appreciate your time.
AnthonyN. (Tony) Mariano, PhD, is a geological consultant on rare earths andother rare metals. For decades, he has been the "go-to" expert on thegeology and mineralogy of rare earths, niobium-tantalum and other raremetals. A seasoned mineralogist and petrographer, Tony integrates hisstrong knowledge of geology and extractive metallurgy ("geometallurgy")to predict success or failure of proposed rare earth ventures. Companiesaround the world depend on his professional opinions on the potentialeconomic viability of deposits based on mineralogical examination, labwork and field visits. After earning his PhD in geology from BostonUniversity, Tony worked a number of years at Kennecott Research's lab inMassachusetts, after which he began his career as a consultinggeologist, specializing in carbonatite-hosted rare earth and niobiumdeposits.
Want to read more exclusive Gold Report interviews like this? Sign upfor our free e-newsletter, and you'll learn when new articles have beenpublished. To see a list of recent interviews with industry analystsand commentators, visit our Expert Insights page.
TMM looks like a breakout, see news eom
Timmins Gold Corp.: 11,319 Ounces of Gold Sold in Initial Quarter of Production
VANCOUVER, BRITISH COLUMBIA, Jul 29, 2010 (MARKETWIRE via COMTEX News Network) --
Timmins Gold (TSX VENTURE: TMM) is pleased to announce preliminary production statistics for its initial quarter of commercial production ended June 30, 2010 from its wholly owned San Francisco open pit gold mine located in northern Sonora, Mexico.
Commercial production commenced on April 1, 2010. A total of 11,319 ounces of gold were sold during the quarter with 5,068 ounces sold in June. Production is projected to increase until it stabilizes in excess of 9,000 ounces per month in December.
SAN FRANCISCO MINE
PRELIMINARY PRODUCTION
STATISTICS
-----------------------------------------------------------------------
-----
Quarter ended June 30, 2010
----------------------------------------------------------------------------
Total Material Moved Ktonnes 4,982
----------------------------------------------------------------------------
Ore Mined and Crushed Ktonnes 905
----------------------------------------------------------------------------
During the 3 month period average daily production from the mine averaged over 10,000 metric tonnes. In July an additional blast drill rig was delivered to the mine which has allowed production to increase to more than 12,000 metric tonnes of ore per day. A further 3 haulage trucks, 1 shovel and a further blast drill rig will arrive in September to further increase production to up to 14,000 metric tonnes of ore per day.
The strip ratio for the quarter averaged 4.5 to 1. The 2010 annual average strip ratio is projected at 4.0 to 1. The current life of mine strip ratio is currently projected at 3.0 to 1.
Average head grade for the quarter was 0.718 g/t which is in line with expectations.
Metallurgical recoveries are on target to achieve a rate of over 70%.
There were no accidents which resulted in lost time during the quarter.
About Timmins Gold
Focused solely in Mexico, Timmins Gold Corp is now in commercial gold production at its wholly owned San Francisco gold mine in Sonora, Mexico. The mine is a past-producing open pit heap leach operation. Timmins Gold has forecast production at a rate in excess of 80,000 ounces of gold per year at a life of mine cash cost of approximately $410 per ounce. (Micon International Preliminary Feasibility Study, March 2008)
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Timmins Gold does not intend to update any forward-looking statements to conform these statements to actual results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Timmins Gold Corp. Bruce Bragagnolo, LLB Chief Executive Officer 604-638-8980 bruce@timminsgold.com www.timminsgold.com
SOURCE: Timmins Gold Corp.
mailto:bruce@timminsgold.com http://www.timminsgold.com
Copyright 2010 Marketwire, Inc., All rights reserved.
Avion Defines High Grade Open Pit Resource 2 Km South of Tabakoto Mine; Mineralization Remains Open at Depth
Gold Resources at the Dioulafoundou Zone Increase more than 200%
TORONTO, ONTARIO, Jul 14, 2010 (MARKETWIRE via COMTEX News Network) --
Avion Gold Corporation ("Avion" or "the Company") (TSX VENTURE: AVR)(OTCQX: AVGCF), today announced an updated resource estimation within an optimized pit shell for the Dioulafoundou Zone, which lies approximately two km south of the existing Tabakoto pit on the Tabakoto mining concession (Figure 1). Highlights of the resource estimation are as follows:
-- Overall gold resources at the Dioulafoundou Zone increase 216%;
-- Open pit Indicated resources at a 1 g/t Au cut-off comprise 502,000
tonnes grading 5.16 g/t Au for 83,400 ounces;
-- Open pit Inferred resources at a 1 g/t Au cut-off comprise 105,000
tonnes grading 5.92 g/t Au for 19,900 ounces;
-- Additional new intercept of 9.46 g/t Au over 15.0 metres.
(i) Qualifying Mineral Resources are included below at the end of Table 1.
The Dioulafoundou open pit grades compare favourably with those previously defined at the Segala deposit which, pre-mining, consisted of 1.51 million tonnes Measured and Indicated resources grading 2.65 g/t Au (Avion news release December 12, 2008). A total of six closely spaced mineralized domains make up the Dioulafoundou resource estimate. The largest domain, the Dioulafoundou NW zone, comprises 81% of the resource with Indicated resources of 375,000 tonnes grading 5.96 g/t Au and Inferred resources of 146,000 tonnes grading 6.80 g/t Au. This strong zone of gold mineralization returned gold grades up to 21.77 g/t Au over 21.0 metres. The strongest Dioulafoundou mineralization has been traced for approximately 400 metres along strike and to 170 metres depth (Figure 2). The highest gold grades were intersected along the western half of this zone. The entire zone is open to depth.
John Begeman, President and CEO, commented: "These open pit resources have the potential to provide low cost, high grade feed for the Tabakoto Mill as Avion transitions from open pit to underground mining. In anticipation of the outcome of this resource estimate, Avion has applied for and received all necessary environmental permits, constructed a water diversion ditch, commenced construction of an access road and construction of a perimeter fence. Once these activities are completed, Avion will be able to commence development of the Dioulafoundou resource."
This Dioulafoundou resource estimate was prepared by Eugene Puritch, P.Eng. and Antoine Yassa, P.Geo. both independent Qualified Persons of P & E Mining Consultants Inc. of Brampton, Ontario. A total of 119 drill intercepts were used to calculate the resource derived from 74 drill holes, the bulk of which were drilled during the 2010 exploration program. Bulk densities of 1.75 t/m3, 2.2 t/m3 and 2.68 t/m3 were used for saprolite, oxidized rock and fresh rock, respectively. Grade estimation was undertaken with the inverse distance cubed (1/d3) interpolation method. Grade capping varies by resource domain, with 2.25 g/t Au to 50 g/t Au depending on the resource domain. The Dioulafoundou NW domain has demonstrated the highest grades and thus the highest capping values (see Table 1 at end of the release for details of estimate).
Avion is continuing to drill to better define and extend the zone to depth. To date an additional 19 in-fill and step-out holes, which extend to 310 metres vertical depth, have been completed. Results have been returned in eight of the nineteen holes, with the best results coming from a near-surface hole which returned 9.46 g/t Au over 15.0 metres (see Table 2 at end of release). Additional drilling will be required to define the western edge of the high grade portion of the deposit which is expected to extend between holes D-10-85 and D-10-86.
To date, 388 drill holes comprising 43,230 metres of drilling have been completed on the contiguous Tabakoto, Segala and Kenieba properties. Exploration drilling is continuing to test the cross-structures nearest the Tabakoto deposit.
Avion's procedures for handling core and reverse circulation drill chips have been presented in previous news releases (See for e.g. Avion News Release dated May 13, 2010).
Don Dudek, P.Geo. the Senior Vice President, Exploration of the Company and Eugene Puritch, P.Eng., of P&E Mining Consultants Inc., both Qualified Persons under National Instrument 43-101, have reviewed the scientific and technical information in this press release.
About Avion Gold Corporation
Avion is a Canadian-based gold mining company focused in West Africa that holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with just over 51,000 ounces of gold produced; 2010 production is estimated at between 75,000 to 85,000 ounces. Production sustainability is supported and enhanced by an aggressive 2010 drill program over an approximately 600 km2 exploration package that both surrounds and is near to the Company's existing mine infrastructure. Additionally, a new, 1,670 km2 exploration property in Burkina Faso is expected to return good results from an ongoing drill program. These properties are the subject of a US$ 12 million dollar, 60,000 metre plus, drill-focused exploration program in 2010, which is expected, based on results to date, to add new resources and future opportunities for Avion. Avion continues to progress towards its longer term goal of 200,000 ounces of gold per year and is preparing to mine underground at the Segala and Tabakoto deposits. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
DIOULAFOUNDOU DEPOSIT
DETAILED RESOURCE ESTIMATE +12345
July 12/10
----------------------------------------------------------------------------
DNW2 INDICATED INFERRED
--------------------------------------------------
Au Cut-Off Grade TONNES Au g/t Au oz TONNES Au g/t Au oz
----------------------------------------------------------------------------
Open Pit 1.0 g/t 128,086 3.193 13,149 11,950 3.713 1,427
----------------------------------------------------------------------------
Underground 2.0 g/t 24,400 2.695 2,114 7,883 2.709 687
----------------------------------------------------------------------------
Total 152,486 3.113 15,263 19,833 3.314 2,113
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Dioulafoundou NW INDICATED INFERRED
--------------------------------------------------
Au Cut-Off Grade TONNES Au g/t Au oz TONNES Au g/t Au oz
----------------------------------------------------------------------------
Open Pit 1.0 g/t 353,731 6.088 69,237 69,675 7.544 16,899
----------------------------------------------------------------------------
Underground 2.0 g/t 21,249 3.825 2,613 75,912 6.117 14,929
----------------------------------------------------------------------------
Total 374,980 5.960 71,850 145,587 6.800 31,829
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MAIN 2 DOMAIN INDICATED INFERRED
--------------------------------------------------
Au Cut-Off Grade TONNES Au g/t Au oz TONNES Au g/t Au oz
----------------------------------------------------------------------------
Open Pit 1.0 g/t 3,193 1.755 180 20,719 2.217 1,477
----------------------------------------------------------------------------
Underground 2.0 g/t 6,289 3.751 758 23,703 4.271 3,255
----------------------------------------------------------------------------
Total 9,482 3.079 939 44,422 3.313 4,732
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MAIN 3 DOMAIN INDICATED INFERRED
--------------------------------------------------
Au Cut-Off Grade TONNES Au g/t Au oz TONNES Au g/t Au oz
----------------------------------------------------------------------------
Open Pit 1.0 g/t 5,536 1.346 240 675 1.234 27
----------------------------------------------------------------------------
Underground 2.0 g/t 0 0.000 0 697 2.437 55
----------------------------------------------------------------------------
Total 5,536 1.346 240 1,372 1.845 81
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MAIN 4 DOMAIN INDICATED INFERRED
--------------------------------------------------
Au Cut-Off Grade TONNES Au g/t Au oz TONNES Au g/t Au oz
----------------------------------------------------------------------------
Open Pit 1.0 g/t 11,941 1.587 609 1,607 1.717 89
----------------------------------------------------------------------------
Underground 2.0 g/t 0 0.000 0 0 0.000 0
----------------------------------------------------------------------------
Total 11,941 1.587 609 1,607 1.717 89
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SW DOMAIN INDICATED INFERRED
--------------------------------------------------
Au Cut-Off Grade TONNES Au g/t Au oz TONNES Au g/t Au oz
----------------------------------------------------------------------------
Open Pit 1.0 g/t 0 0.000 0 0 0.000 0
----------------------------------------------------------------------------
Underground 2.0 g/t 707 2.048 47 795 2.093 53
----------------------------------------------------------------------------
Total 707 2.048 47 795 2.093 53
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ALL DOMAINS INDICATED INFERRED
--------------------------------------------------
Au Cut-Off Grade TONNES Au g/t Au oz TONNES Au g/t Au oz
----------------------------------------------------------------------------
Open Pit 1.0 g/t 502,487 5.163 83,415 104,626 5.921 19,918
----------------------------------------------------------------------------
Underground 2.0 g/t 52,645 3.269 5,532 108,990 5.416 18,979
----------------------------------------------------------------------------
Total 555,132 4.984 88,947 213,616 5.664 38,897
----------------------------------------------------------------------------
+ Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.
+ The quantity and grade of reported inferred resources in this estimation
are uncertain in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral
resource and it is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category.
1. The Inferred Resources are in addition to the Indicated Resources.
2. The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and
adopted by CIM Council December 11, 2005.
3. The gold price used in this estimate was the June 30, 2010 two year
trailing average of US$983/oz. Au recovery was 92% and mining costs were
US$2.73/tonne of ore and US$1.54/tonne of waste. Processing and G&A
costs combined were US26/tonne. Pit optimization slopes were 45 degrees.
4. Eugene Puritch, P. Eng. of P&E Mining Consultants Inc. Qualified Persons
under NI 43-101, prepared the Current mineral resource estimates and
have reviewed the technical disclosure herein relating to the resource
estimates.
5. Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
Recent drill results
--------------------------------------------------------------
Hole Number FROM TO LENGTH (m) True Width Au g/t
D-10-24 NV
D-10-75 188 202 14 9.5 5.4
D-10-77 15.8 28.5 12.7 7.3 5.34
D-10-79 15 30 15 11 9.46
D-10-80 21 27 6 6 1.67
D-10-82 116 122.25 6.25 4.3 4.37
D-10-85 NV
D-10-86 NV
--------------------------------------------------------------
Cautionary Notes
The ability of Avion to increase production to 200,000 ounces of gold per year has not been the subject of a feasibility study and there is no certainty that the proposed expansion will be economically viable. Further, the ability of Avion to profitably mine the Dioulafoundou deposit has not been the subject of a feasibility study and there is no certainty that such production will be economically viable.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the updated resource and its impact on the Company; statements with respect to the development potential and timetable of the Mali projects; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; ability to successfully integrate the purchased properties; foreign operations risks; other risks inherent in the mining industry and other risks described in the annual information form of the Company which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
To view a map of "Tabakoto Project", please visit the following link:
http://media3.marketwire.com/docs/avrmap714-1.pdf
To view a map of "Long Section Dioulafoundou NW Zone", please visit the following link:
http://media3.marketwire.com/docs/avrmap714-2.pdf
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Avion Gold Corporation Michael McAllister Manager, Investor Relations (416) 309-2134 info@aviongoldcorp.com
SOURCE: Avion Gold Corporation
mailto:info@aviongoldcorp.com
Copyright 2010 Marketwire, Inc., All rights reserved.
CL, what is ur take on REE's ? eom
well, there goes the neighborhood, lol
China Cuts Rare Earth Export Quota 72%, May Spark Trade Dispute With U.S.
By Bloomberg News - Jul 9, 20
LME's Abbott Interview on Asia's Commodity Demand
Play Video
July 9 (Bloomberg) -- London Metal Exchange Chief Executive Officer Martin Abbott talks with Bloomberg's Rishaad Salamat about demand for commodities in Asia and the LME's growth strategy in the region. The London-based exchange, founded in 1877, has entered talks with Singapore Exchange Ltd. on possible cooperation in Asia, according to a statement yesterday. The LME opened its first overseas office in the Southeast Asian city-state this year. Abbott, speaking from Singapore, also discusses regulation for commodity trading. (Source: Bloomberg)
China, the world’s largest rare- earths producer, cut export quotas for the minerals needed to make hybrid cars and televisions by 72 percent for the second half, raising the possibility of a trade dispute with the U.S.
Shipments will be capped at 7,976 metric tons, down from 28,417 tons for the same period a year ago, according to data from the Ministry of Commerce yesterday.
Rising production of hybrid cars and music players such as Toyota Motor Corp.’s Prius and Apple Inc.’s iPod have driven up demand for rare earths even as China cut the quotas to shore up prices and ensure domestic supplies. The U.S. is looking at building a trade case on the restrictions, industry representatives said last month.
“The rare earths industry officials have realized that, after many years of continued growth in exports, the industry didn’t receive due profit returns,” Liu Aisheng, director of the Chinese Society of Rare Earth, said in an interview by phone from Beijing. “They adjusted the policy to ensure that the resources are optimally utilized.”
Shares of Lynas Corp., building a rare earth mine in Australia, rose 8.8 percent to close at 59.5 Australian cents in Sydney. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., the biggest Chinese producer, rose 1.4 percent to close at 36.69 yuan on the Shanghai stock exchange.
Baotou Steel, Baotou Huamei RE Products Co. Ltd. and Sinosteel Corp. are among the 32 local and foreign companies that are permitted by the government to export in the second half, according to the Ministry of Commerce statement.
Lynas Opportunity
“The tightening of supply regulations provides additional opportunities for Lynas to meet the supply deficit out of China,” Executive Chairman Nicholas Curtis said today in a statement filed to the Australian Stock Exchange. Sydney-based Lynas is building a rare earth mine at Mount Weld in Australia.
The total Chinese export quota for 2010 is 30,258 tons, 40 percent less than the 50,145 tons for 2009, Lynas said in the statement.
Rare earths are a group of chemically similar metallic elements, including lanthanum, cerium, neodymium and europium. They are used in radar, high-powered magnets, mini hard-drives in laptop computers, catalytic converters for vehicles, electric-car batteries and wind turbines. China, which accounts for more than 90 percent of the global production, started cutting output and exports in 2006 as prices fell.
“Reduced supply from China will trigger other rare earth producers to boost production to fill the gap,” said Liu of the Chinese rare earth society. Still, the policy will force some privately owned Chinese producers to shut down as they are not authorized exporters, he added.
Trade Tensions
The U.S. has asked business groups and unions to provide evidence that China is hoarding rare earths for a case that may be filed at the World Trade Organization, according to industry representatives who asked not to be identified.
A rare-earth mine in the U.S., in Mountain Pass, California, shut down most operations in 2002. Molycorp Inc., which owns the mine, plans to reopen it this year.
China needs to restrict exports and production because domestic supplies won’t be enough to meet its own needs, the Ministry of Industry and Information Technology said in September.
Below is a table of Chinese rare earth export quotas for 2009 and 2010. The numbers are in metric tons.
09/1H 09/2H TOTAL 10/1H 10/2H TOTALForeign 6,685 10,160 16,845 5,978 1,768 7,746Local 15,043 18,257 33,300 16,304 6,208 22,512TOTAL 21,728 28,417 50,145 22,283 7,976 30,258
--Xiao Yu. Editors: Tan Hwee Ann, Indranil Ghosh.
Allana Potash Reports Further Positive Drill Results Continuing to Confirm Shallow Potash Mineralization
TORONTO, ONTARIO, Jul 07, 2010 (MARKETWIRE via COMTEX News Network) --
Allana Potash Corp. (TSX VENTURE: AAA) ("Allana" or the "Company") is pleased to announce the analytical results from drill hole DK-10-03 that provide further confirmation of shallow potash mineralization on its Ethiopian Potash Project returning 19.52 % KCl over 9.95 metres. Hole DK-10-03 is situated in the northwestern portion of Allana's claim block and was targeted to confirm historic drill results and test the extension of the Musley Deposit to the east-northeast.
Hole DK-10-03 was drilled vertically and is collared approximately 700 metres south of Hole DK-10-02. Hole DK-10-03 intersected strong potash mineralization yielding 19.52 % KCl over 9.95 metres (drilled width) from 151.25 metres to 161.20 metres, including 28.90 % KCl over 2 metres (drilled width) from 152.35 metres to 154.35 metres. This zone is interpreted to be the upper portion of the potash-bearing Houston Formation and X-Ray Diffraction (XRD) work is ongoing to determine the potash mineralogy. The confirmation of strong potash mineralization in this hole confirms Parsons drilling results and extends the Musley Deposit an additional 700 metres to the east where the deposit remains open to expansion.
Drilling is continuing at hole DK-10-04 in the centre part of the basin south of the Crescent Carnallite Deposit. In addition, management and its consultants identified other potash prospective horizons in hole DK-10-01 and additional sampling has been completed and these samples are being analyzed in Saskatoon. As reported earlier, the previous samples from DK-10-01 returned low potash mineralization, however, if new horizons contain significant potash, DK-10-01 will exceed management's expectations for this part of our potash property.
As mentioned above, mineral species identification is also in progress for holes 1, 2 and 3 as selected samples have been chosen for XRD analysis to determine the mineralogy of the potash and evaporite minerals.
Farhad Abasov, President and CEO, commented: "We are very pleased to have confirmed and exceeded the previous drilling results in this area. The results from DK-10-03 have also extended the potash mineralization associated with the Musley Deposit an additional 700 metres to the east. This hole provides further confirmation of shallow potash mineralization in this part of our property. We are also excited about additional sampling of the new potential potash-bearing horizons in hole DK-10-01. We expect to report the results of the new sampling of these potential zones from DK-10-01 in coming days."
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with NI 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008). Allana has approximately 117.6 million shares outstanding and trades on the TSX-Venture Exchange under the symbol "AAA".
Quality Control and Quality Assurance
Avion Gold Produces 22,210 Ounces in Second Quarter of 2010, a 42% Increase Over First Quarter Production
TORONTO, ONTARIO, Jul 07, 2010 (MARKETWIRE via COMTEX News Network) --
Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF)(PINK SHEETS: AVGCF) ("Avion" or the "Company") announces second quarter 2010 production of approximately 22,210 ounces of gold from its Tabakoto/Segala operations in Mali, West Africa. This is a 102% increase in gold production over the second quarter of 2009, when 10,992 ounces of gold was produced, and a 42% increase in production over Q1 2010 where 15,710 ounces of gold was produced. Year to date gold production for 2010 is 37,920 ounces.
In June, 2010, Avion processed 60,000 tonnes of ore at an average grade of 4.85 g/t Au, with a 95.9% mill recovery, for gold production of 8,960 ounces. During the second quarter of 2010 the Company milled 183,100 tonnes of ore at an average grade of 3.95 g/t Au, with a 95.8% mill recovery, compared to second quarter of 2009 production of 182,600 tonnes of ore processed at an average grade of 1.99 g/t Au, with a 93.7% mill recovery. 2010 second quarter production was also markedly better than during the first quarter where some non-recurring plant mechanical and open pit production problems prevented optimum gold production.
Commenting on the production results, Mr. Andrew Bradfield, Avion's Chief Operating Officer, stated: "Second quarter production was better than budgeted. High grade ore mined and milled from Segala, combined with some surface mined ore from Tabakoto, were the main drivers for the better than planned production during the month. Avion continues to demonstrate its ability to meet its stated targets and is on track to produce between 75,000 and 85,000 ounces of gold in 2010".
Timmins Gold Corp.: April and May Production Statistics from San Francisco Mine
VANCOUVER, BRITISH COLUMBIA, Jun 24, 2010 (MARKETWIRE via COMTEX News Network) --
Timmins Gold (TSX VENTURE: TMM) is pleased to announce production statistics for the months of April and May from its wholly owned San Francisco open pit gold mine located in northern Sonora, Mexico.
Commercial production commenced in April, 2010. During the month of April, a total of 2,666 ounces and during the month of May a total of 3,657 ounces for a total of 6,323 ounces of gold were poured and delivered to the Johnson Matthey refinery in Salt Lake City, Utah. The projected sales for June are 3,200 ounces and thereafter sales are projected to increase by 1,000 ounces per month until they stabilize in excess of 9,000 ounces per month in December.
A total of 14,364 ounces of gold and 8,669 ounces of silver have been sold for the period from the first of December to the end of May.
SAN FRANCISCO MINE
PRELIMINARY PRODUCTION
STATISTICS
---------------------------------------------------------------------------
April May
---------------------------------------------------------------------------
Total Material Moved Ktonnes 2,104 1,865
---------------------------------------------------------------------------
Ore Mined and Crushed Ktonnes 321 281
---------------------------------------------------------------------------
Ore Delivered to Leach Pad Ktonnes 317 288
---------------------------------------------------------------------------
During the 2-month period average daily production from the mine and ore placed on the leach pad has averaged 10,444 tonnes per day. In July an additional blast drill rig will be delivered to the mine in order to increase the ore delivered to the heap leach pad to in excess of 13,000 tonnes per day.
Costs are in line with expectations. Cost information for the fiscal quarter ending June 30 will be provided by the end of July.
Average head grade for April was 0.679 g/t gold and for May was 0.849 g/t gold which is in line with expectations.
Initial indications are that metallurgical recoveries will reach the 70% recovery projection.
About Timmins Gold
Focused solely in Mexico, Timmins Gold Corp is now in commercial gold production at its wholly owned San Francisco gold mine in Sonora, Mexico. The mine is a past-producing open pit heap leach operation from which Timmins Gold has projected production at a rate in excess of 80,000 ounces of gold per year at a life of mine cash cost of approximately $412 per ounce. (Micon International Preliminary Feasibility Study, March 2008)
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Timmins Gold does not intend to update any forward-looking statements to conform these statements to actual results.
Stan's a major shareholder of AAA eom
Allana Potash Confirms Shallow Potash Mineralization and Releases Drill Results
TORONTO, ONTARIO, Jun 15, 2010 (MARKETWIRE via COMTEX News Network) --
Allana Potash Corp. (TSX VENTURE: AAA) ("Allana" or the "Company") is pleased to announce confirmation of shallow potash mineralization on its Ethiopian Potash Project. Analytical results have been received and evaluated for holes DK-10-01 and DK-10-02. The highlight of these results is hole DK-10-02 which intersected 25.8 % KCl over 5.50 metres including 34.8 % KCl over 2 metres. These two holes, along with hole DK-10-03, are situated in the northwestern portion of Allana's claim block and were targeted to confirm historic drill results and test the extension of the Musley Deposit to the northeast.
Hole DK-10-02 was drilled vertically and is collared east of Parsons holes 226 and 270. Hole DK-10-02 intersected strong potash mineralization yielding 25.8% KCl over 5.5 metres (drilled width) from 150.10 metres to 155.65 metres, including 34.8% KCl over 2 metres (drilled width) from 150.10 metres to 152.10 metres. This zone is interpreted to be the upper portion of the Houston Formation and additional X-Ray Diffraction (XRD) work is ongoing to determine the potash mineralogy. The confirmation of strong potash mineralization in this hole extends the Musley Deposit approximately 750 metres to the northeast and the deposit remains open to expansion in that direction. Other potash intervals returned lower values, typically less than 5% KCl.
Drill hole DK-10-01 was drilled vertically and is located between Parsons holes 236, 226, 159, and 232. Historic drilling in this northern extension of the Musley Deposit shows isolated zones of low grade potash mineralization surrounded by higher grade potash zones. The potash zone intersected in DK-10-01 returned low potash values, KCl values are less than 5% and it is interpreted that this hole also intersected a similar isolated zone of weak potash mineralization. Sand and silt intersected immediately below the potash zone suggests a localized influx of sediment into this part of the basin which may have eroded, or inhibited, potash mineralization.
Hole DK-10-03 has been logged, sampled and samples are in transit to the Saskatchewan Research Council Laboratory in Saskatoon. Drilling is continuing at hole DK-10-04 in the centre part of the basin south of the Crescent Carnallite Deposit. Additional sampling has been completed on other prospective horizons in hole DK-10-01 and these samples are also en route to Saskatoon. As mentioned above, mineral species identification is also in progress for holes 1 and 2 as selected samples have been chosen for XRD analysis to determine the mineralogy of the complex potash and evaporite minerals.
Farhad Abasov, President and CEO, commented: "We are very pleased with the confirmation of the shallow potash mineralization in this part of our property. Both holes confirm past drilling results done by Parsons in the 1950s and 1960s. It is encouraging to see very good potash grades in DK-10-02. With continuing drilling and planned seismic programs the management expects to determine targets for the Phase II 10,000-meter drilling campaign in the southern part of our potash project."
MAT.V news after halt , see also FLX
Matamec Explorations inc.
TSX VENTURE: MAT
Matamec Explorations inc.
Jun 03, 2010 11:13 ET
Matamec Announces an Increase in All NI 43-101 Resource Categories of 300% in the Kipawa Deposit
MONTREAL, QUEBEC--(Marketwire - June 3, 2010) - Matamec Explorations Inc. ("Matamec") (TSX VENTURE:MAT) is proud to announce that it has received from the independent firm SGS Canada Inc. – geological department of Geostat ("SGS Geostat") the main assay tables from the new NI 43-101 resource calculation on the Kipawa Deposit, on the Zeus property.
More specifically described later in this release, SGS Geostat calculated that the Kipawa Deposit contains resources of rare earths-yttrium ("TREO") and of zirconium oxides ("ZrO2"). The resource has been considered under two scenarios: 1) a resource of rare earths-yttrium with zirconium as a by-product, or 2) a resource of zirconium with rare earths-yttrium as a by-product.
Scenario 1: TREO Resources with ZrO2by-product
Cut-off grade % Classification Tonnes TREO* % ZrO2 % (H+Y)**/
TREO* %
TREO > 0.50 Indicated 2,510,000 0.63 0.88 32
TREO > 0.50 Inferred 4,730,000 0.66 0.97 33
Y2O3 > 0.10 Indicated 3,350,000 0.58 0.89 33
Y2O3 > 0.10 Inferred 6,480,000 0.60 0.99 34
Scenario 2 : ZrO2 resources with TREO by-product
Cut-off
grade % Classifi-
cation Geologic
zones Tonnes TREO*
% ZrO2
% (H+Y)**/
TREO* %
ZrO2 > 0,50 Indicated TREO enriched 6,560,000 0.90 0.46 32
ZrO2 > 0,50 Indicated ZrO2zones 14,460,000 1.02 0.12 28
ZrO2 > 0,50 Indicated Total 21,020,000 0.99 0.23 32
ZrO2 > 0,50 Inferred TREO enriched 10,310,000 0.99 0.51 34
ZrO2 > 0,50 Inferred ZrO2 zones 7,730,000 1.03 0.12 36
ZrO2 > 0,50 Inferred Total 18,040,000 1.01 0.34 34
*: TREO contains all rare earth oxides and Y2O3
**: H+Y: Heavy rare earth oxides (HREO) and Y2O3
NOTE: Scenario 1 contains material from Scenario 2 and vice versa. We cannot add the tonnage of the two scenarios.
PRESS RELEASE HIGHLIGHTS
*
SGS Geostat modelled the entire mineralized syenite body within the Kipawa complex, and in which it has defined two types of mineralized zones;
*
SGS Geostat estimates that the Kipawa Deposit is continuous over a distance of 1.45 kilometres, is 200 metres wide and is 50 metres deep;
*
Two types of mineralization are observed in the Kipawa Deposit:
1.
The first type of mineralization is composed of 3 zones enriched in rare earths and yttrium ("TREO") named "Eudialyte zone", "Mosandrite zone" and "Britholite zone". These areas contain zirconium (ZrO2);
2.
The second type of mineralization is composed of zirconium with lower levels of rare earths and yttrium. These areas are interspersed with areas enriched in rare earths and yttrium.
*
The Kipawa deposit is located in an area that is easily accessible by road. It is near infrastructures and a well-trained workforce;
*
The Kipawa deposit is presently considered open both laterally and at depth;
*
The drilling holes completed by Matamec strongly suggest that there is a very good spatial continuity in the Kipawa deposit, both in terms of different lithologies and enriched mineralization in rare earths-yttrium;
*
In eight of nine sections examined within the Central Zone, the down-dip drill holes are better mineralized than those up-dip, strongly suggesting potential to encounter still better mineralization down dip from the currently defined deposit. Only one section hosts the opposite tendency.
The Zeus property is located near infrastructure and easily accessible by a network of logging roads. It is located 160 kilometres south of Rouyn-Noranda and 65 kilometres east of the town of Temiscaming. The property is 100% owned by Matamec and it has 260 designated claims covering over 15,300 hectares in the Kipawa alkaline complex. It includes the Kipawa deposit (also known as the Sheffield area).
Before the new NI 43-101 resource calculation from SGS Geostat, the Kipawa deposit presented historical resources (non NI 43-101) yttrium and zirconium in the West Zone (1.26 Mt @ Y2O3 0.15% and 0.96% ZrO2), in the Central Zone (no resource calculated) and the East Zone (1.009 Mt @ 0.14% and 1.17% Y2O3 ZrO2). Thanks to its favourable location along a hill, an open pit was already planned for this deposit in the historic resource calculation of 1990.
Modelling of NI 43-101 resources by SGS Geostat
For the NI 43-101 resource calculation, SGS Geostat used the method of inverse distance squared. The resource blocks have dimensions of 10m x 10m x 5m. The drill grid considered for indicated resources is 50m. Extrapolated resources over 30m and calculated rare earth values on historic drill holes are considered inferred. The database used consists of 12 discontinuous trenches (in 55 continuous parts) and 65 assays (34 drilled in 1988-1990 by Unocal Canada Ltd., and 31 drilled in 2009 by Matamec) totalling 4,416.19 meters drilled. A total of 3133 analyzed intervals were used for the calculation.
SGS Geostat modelled the entire mineralized syenite body within the Kipawa deposit of about 1.45 m x 200m x 50m, in which it has defined two types of mineralized zones.
SGS Geostat calculated that the Kipawa deposit contains resources of rare earths-yttrium oxides ("TREO") and zirconium oxide (ZrO2). The resource has been calculated under two scenarios: either a resource of rare earth yttrium with a zirconium by-product, a resource of zirconium with a rare earths-yttrium by-product.
Mineralized zones definition for resource modelling
Scenario 1
The first scenario consists of three TREO-enriched areas named "Eudialyte zone", "Mosandrite zone" and "Britholite zone" which always contain zirconium. These mineralized zones are modelled using geological interpretation, mineralogy and rare earth - yttrium values.
* At a cutoff grade of 0.50% TREO SGS Geostat calculated for these three areas indicated resources of 2.51 million t, grading 0.63% TREO with 0.88% ZrO2 oxides et inferred resources of 4.73 million t grading 0.66% TREO with 0.97% ZrO2. In addition, the ratio of HREO Y2O3 + / TREO is 32% in indicated resources and 33% in the inferred resources (see Table 1).
* The first scenario also consists of three TREO areas with a cutoff grade superior to 0.10% Y2O3, SGS Geostat calculated for these three areas indicated resource of 3.35 million t at a grade of 0.58% TREO with 0.89% ZrO2 and inferred resource of 6.48 million t at a grade of 0.60% TREO with 0.99% ZrO2. In addition, the ratio of HREO Y2O3+/ TREO is 33% in indicated resources and 34% in the inferred resources (see Table 2).
Scenario 2
The second scenario is composed of ZrO2 with the TREO as by-product. Both TREO-rich zones and ZrO2 zones are considered. These areas are interspersed with areas enriched in TREO. These zones at a cutoff grade of 0.50% ZrO2 are:
* For the TREO enriched zones, SGS Geostat calculated indicated resources of 6.56 million t with a grade of 0.90% ZrO2 and 0.46% TREO and inferred resources of 10.31 million t with a grade of 0.99% ZrO2 – 0.51% TREO. In addition, the ratio of HREO Y2O3 + / TREO is 32% in indicated resources and 34% in the inferred resources;
* For the ZrO2 zones, SGS Geostat calculated indicated resources of 14.46 million t with a grade of 1.02% ZrO2 and 0.12% TREO and inferred resources of 7.73 million t with a grade of 1.03% ZrO2 – 0.12% TREO. In addition, the ratio of HREO Y2O3 + / TREO is 28% in indicated resources and 36% in the inferred resources;
* Both types of mineralization combined give a total tonnage of resources in ZrO2-TREO in the indicated category of 21.02 million t with a grade of 0.99% ZrO2 with 0.23% TREO and in the inferred category of 18.04 million t with a grade of 1.01% ZrO2 with 0.34% TREO. In addition, the ratio of HREO Y2O3 + / TREO is 32% in indicated resources and 34% in the inferred resources (see table 3);
Resources in metric tones
Scenario 1
For the first scenario, at a cutoff grade of 0.50% TREO we find 15,800 t of TREO including 1,600 t of HREO, 3,500 t of Y2O3 and 22,100 t of ZrO2 in the indicated resources, as well as 31,200 t of TREO including 3,400 t of HREO, 7,100 t of Y2O3 and 45,900 t of ZrO2 (see table 1).
Scenario 2
For the first scenario, which uses a cutoff grade of 0.10% of Y2O3, there are 19,400 t of TREO including 2,000 t of HREO, 4,400 t of Y2O3 and 29,800 t of ZrO2 in the indicated resources, as well as 38,900 t of TREO including 4,200 t of HREO, 9,100 t of Y2O3 and 64,200 t of ZrO2 in inferred resources (see Table 2).
In the TREO enriched zones, 59,000 t of ZrO2 and 30,200 t of TREO including 3,200 t of HREO and 6,600 of Y2O3in indicated resources, as well as 102,100 t of ZrO2and 52,600 t of TREO including 5,700 t of HREO and 12,400 t of Y2O3in inferred resources;
In the ZrO2 zones, 147,500 t of ZrO2and 17,400 t of TREO including 1,900 t of HREO and 2,900 of Y2O3in indicated resources, as well as 79,600t of ZrO2and 9,300 t of TREO including 1,000 t of HREO and 2,300 t of Y2O3in inferred resources;
In both zones combined, 208,100 t of ZrO2and 48,300 t of TREO including 5,000 t of HREO and 10,500 t of Y2O3 in indicated resources, as well as 182,200 t of ZrO2and 61,300 t of TREO including 6,700 t of HREO and 14,400 t of Y2O3 in inferred resources (see table 3);
The breakdown of resources is reflected in the following three tables. The resources are presented in two categories: indicated and inferred at cutoff grade. The table also include in percentage the grade in light rare earths oxide (LREO), medium rare earth oxides (MREO), heavy rare earth oxide (HREO), of the total of rare earths oxide with yttrium (TREO), of each individual rare earth, yttrium, zirconium, as well as the corresponding tonnages.
Table 1: SCENARIO 1 - TREO ENRICHED ZONES Indicated and Inferred NI 43-101 Resources at a cut-off of TREO >0.50%
Zone TREO ENRICHED ZONES
Tonnage 2,510,000 4,730,000
Classification Indicated % Indicated t Inferred % Inferred t
La2O3 Lanthanum 0.091 2,300 0.092 4,400
Ce2O3 Cerium 0.19 4,800 0.19 9,000
Pr2O3 Praseodymium 0.023 600 0.023 1,100
Nd2O3 Neodymium 0.09 2,300 0.09 4,300
LREO* Light rare earth oxides 0.39 9,800 0.39 18,400
Sm2O3 Samarium 0.019 500 0.019 900
Eu2O3 Europium 0.002 100 0.003 100
Gd2O3 Gadolinium 0.019 500 0.020 900
MREO* Medium rare earth oxides 0.040 1,000 0.042 2,000
Tb2O3 Terbium 0.004 100 0.004 200
Dy2O3 Dysprosium 0.023 600 0.025 1,200
Ho2O3 Holmium 0.005 100 0.005 200
Er2O3 Erbium 0.015 400 0.017 800
Tm2O3 Thulium 0.002 100 0.003 100
Yb2O3 Ytterbium 0.013 300 0.015 700
Lu2O3 Lutetium 0.002 100 0.002 100
HREO* Heavy rare earth oxides 0.063 1,600 0.071 3,400
Y2O3 Yttrium 0.14 3,500 0.15 7,100
HREO + Y2O3 0.20 5,100 0.22 10,500
TREO* Total rare earth oxides 0.63 15,800 0.66 31,200
Zr2O2 Zirconium 0.88 22,100 0.97 45,900
* LREO: Light (or Ceric) Rare Earth Oxides = La2O3 to Nd2O3
MREO : Medium Rare Earth Oxides = Sm2O3 to Gd2O3
HREO: Heavy (or Yttric) Rare Earth Oxides = Tb2O3 to Lu2O3
TREO: Total Rare Earth Oxides = LREO + MREO + HREO + Y2O3
N.B.: Subdivision used by Roskill Information Services Ltd. and Industrial Minerals Company of Australia Pty Ltd.
Table 2: SCENARIO 1 - TREO ENRICHED ZONES Indicated and Inferred NI 43-101 Resources at a cut-off of Y2O3 >0.10%
Zone TREO ENRICHED ZONE
Tonnage 3,350,000 6,480,000
Classification Indicated % Indicated t Inferred % Inferred t
La2O3 0.082 2,700 0.084 5,400
Ce2O3 0.17 5,700 0.17 11,000
Pr2O3 0.021 700 0.021 1,400
Nd2O3 0.08 2,700 0.08 5,200
LREO* 0.35 11,700 0.36 23,300
Sm2O3 0.018 600 0.018 1,200
Eu2O3 0.002 100 0.002 100
Gd2O3 0.018 600 0.018 1,200
MREO* 0.038 1,300 0.039 2,500
Tb2O3 0.003 100 0.003 200
Dy2O3 0.021 700 0.005 1,500
Ho2O3 0.005 200 0.016 300
Er2O3 0.015 500 0.002 1,000
Tm2O3 0.002 100 0.014 100
Yb2O3 0.013 400 0.002 900
Lu2O3 0.002 100 0.002 100
HREO* 0.061 2,000 0.065 4,200
Y2O3 0.13 4,400 0.14 9,100
HREO + Y2O3 0.19 6,400 0.21 13,300
TREO* 0.58 19,400 0.60 38,900
Zr2O2 0.89 29,800 0.99 64,200
* LREO: Light (or Ceric) Rare Earth Oxides = La2O3 to Nd2O3
MREO : Medium Rare Earth Oxides = Sm2O3 to Gd2O3
HREO: Heavy (or Yttric) Rare Earth Oxides = Tb2O3 to Lu2O3
TREO: Total Rare Earth Oxides = LREO + MREO + HREO + Y2O3
N.B.: Subdivision used by Roskill Information Services Ltd. and Industrial Minerals Company of Australia Pty Ltd.
Table 3: SCENARIO 2 - ZrO2ZONES Indicated and Inferred NI 43-101 Resources at a cut-off of ZrO2>0.50%
Zone TREO ENRICHED ZONE ZIRCONIUM ZONE ALL ZONES
Tonnage 6,560,000 10,310,000 14,460,000 7,730,000 21,020,000 18,040,000
Classification Indicated Inferred Indicated Inferred Indicated Inferred
% t % t % t % t % t % t
La2O3 0.065 4,300 0.071 7,300 0.018 2,600 0.018 1,400 0.032 6,700 0.048 8,700
Ce2O3 0.13 8,500 0.15 15,500 0.04 5,800 0.04 3,100 0.07 14,700 0.10 18,000
Pr2O3 0.017 1,100 0.018 1,900 0.004 600 0.005 400 0.008 1,700 0.012 2,200
Nd2O3 0.06 3,900 0.07 7,200 0.02 2,900 0.02 1,500 0.03 6,300 0.05 9,000
LREO 0.28 18,400 0.30 30,900 0.07 10,100 0.08 6,200 0.14 29,400 0.21 37,900
Sm2O3 0.014 900 0.015 1,500 0.004 600 0.004 300 0.007 1,500 0.010 1,800
Eu2O3 0.002 100 0.002 200 0.000 - 0.000 - 0.001 210 0.001 200
Gd2O3 0.014 900 0.015 1,500 0.003 400 0.004 300 0.007 1,500 0.010 1,800
MREO* 0.030 2,000 0.033 3,400 0.007 1,000 0.008 600 0.014 2,900 0.022 4,000
Tb2O3 0.003 200 0.003 300 0.001 100 0.001 100 0.001 200 0.002 400
Dy2O3 0.017 1,100 0.019 2,000 0.004 600 0.004 300 0.008 1,700 0.013 2,300
Ho2O3 0.004 300 0.004 400 0.001 100 0.001 100 0.002 400 0.003 500
Er2O3 0.012 800 0.013 1,300 0.003 400 0.003 200 0.006 1,300 0.009 1,600
Tm2O3 0.002 100 0.002 200 0.000 - 0.001 100 0.001 200 0.001 200
Yb2O3 0.011 700 0.012 1,200 0.004 600 0.004 300 0.006 1,300 0.009 1,600
Lu2O3 0.0001 100 0.002 200 0.001 100 0.001 100 0.001 200 0.001 200
HREO* 0.049 3,200 0.055 5,700 0.013 1,900 0.013 1,000 0.024 5,000 0.037 6,700
Y2O3 0.10 6,600 0.12 12,400 0.02 2,900 0.03 2,300 0.05 10,500 0.08 14,400
HREO + Y2O3 0.149 9,800 0.175 18,100 0.033 4,800 0.043 3,300 0.074 15,500 0.117 21,100
TREO* 0.46 30,200 0.51 52,600 0.12 17,400 0.12 9,300 0.23 48,300 0.34 61,300
Zr2O2 0.90 59,000 0.99 102,100 1.02 147,500 1.03 79,600 0.99 208,100 1.01 182,200
* LREO: Light (or Ceric) Rare Earth Oxides = La2O3 to Nd2O3
MREO : Medium Rare Earth Oxides = Sm2O3 to Gd2O3
HREO: Heavy (or Yttric) Rare Earth Oxides = Tb2O3 to Lu2O3
TREO: Total Rare Earth Oxides = LREO + MREO + HREO + Y2O3
N.B.: Subdivision used by Roskill Information Services Ltd. and Industrial Minerals Company of Australia Pty Ltd.
In conjunction with the campaign of 31 assay holes completed in November-December 2009 by Matamec, SGS Geostat was commissioned to produce a NI 43-101 resource calculation report. The full report including all tables will be available on SEDAR within 45 days.
Yann Camus (Eng.) engineer for the independent firm SGS Canada Inc. - geological group Geostat ("SGS Geostat ") is the qualified person under NI 43-101 standards, which supervised the preparation of the resource estimate. Aline Leclerc (geo) and Vice-President Exploration of Matamec, qualified person under NI 43-101 standards for the project Zeus, oversaw the preparation of the scientific and technical information. Together, they have verified the information in this press release.
Andre Gauthier, President of Matamec, commented: "We are very pleased with the new resource Calculations, which has increased the size of all NI 43-101 Resource Categories by 300 percent. The deposit is presently considered open both laterally and at depth giving excellent potential for additional mineralization. We are very encouraged by our progress on the Kipawa deposit and feel that Matamec shareholders can look forward to a positive year as Matamec continues to explore and develop this exceptional mineralized system".
About Matamec
Matamec explores for significant gold deposits in the Timmins mining camp in Ontario of which the Matheson Property (with Goldcorp as partner) is the main target. In Quebec, the Company explores for precious and base metals on its Sakami, Valmont and Vulcain Properties. As well, Matamec is exploring for gold together with Northern Superior Resources Inc. on its Lespérance/Wachigabau Property.
Concurrently with the above mentioned exploration programs, Matamec's Quebec Tansim Property is also being explored for rare metals such as tantalum and lithium.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
For more information, please contact
Matamec Explorations Inc.
Andre Gauthier
President
514-844-5252
info@matamec.com
www.matamec.com
Click here to see all recent news from this company
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Allana Potash Reports Successful Initial Drilling Results Including A New Potash Zone
TORONTO, ONTARIO, May 18, 2010 (MARKETWIRE via COMTEX News Network) --
Allana Potash Corp. (TSX VENTURE: AAA) ("Allana" or the "Company"), is pleased to provide an update of its exploration activities on its Ethiopian Potash Project in the Danakhil Depression. Allana initiated its Phase 1 drill programme which consists of 7 holes and is designed to confirm historic drilling results, to confirm the accuracy of the previous resource and to potentially increase the resource.
Two holes (DK-10-01, 02) have been completed to date. These holes are situated at the north end of the Musley Deposit and were targeted to increase the resource east of historic drilling as well as confirm earlier drilling results.
Hole DK-10-01 intersected potash salts from 155 m - 160 m. Approximately 25 metres of clay and silt were intersected below the potash horizon and the hole was stopped at 185 metres. The preliminary results of DK-10-01 are consistent with management's expectations based on historical drilling completed by Parsons.
Drill hole DK-10-02 is collared approximately 800 m east of the Parsons drill holes and the projected target depth was 190 m. This hole intersected potash salts from 15-20 metres followed by intercalated sand and halite. This shallow horizon is not reported in the Parsons drilling and may represent an important new zone and therefore may increase the resource. A second potash interval was also intersected from 86 m to 106 m and the hole was stopped at 180 metres. While the target depth was not reached in this hole, the second potash interval intersected (86 m to 106 m) may represent the Houston Formation and its position higher up the hole may be due to a flattening of the dip of the stratigraphy and therefore management believes that the second potash interval is generally consistent with historical drilling completed by Parsons.
Core logging and sampling are ongoing and samples were shipped out of Ethiopia to the Saskatchewan Research Council last week. Results are expected within 2-3 weeks of arrival in Canada.
Farhad Abasov, President and CEO of Allana Potash, stated: "We are very pleased that the initial two holes seem to confirm the shallow depth of the potash beds and, in the case of the second hole, provides us with preliminary evidence of a potentially increased resource. We intend to report the assay results from the first two holes immediately after they are received and we also intend on accelerating the drill program by bringing in another drill rig. Allana is getting quotes on a seismic program that is planned to be launched as soon as seismic equipment can be mobilized."
In other developments, the Ethiopian government has announced positive news regarding new infrastructure projects in the country. After several years of actively seeking financial support for the development of a crucial transportation network, the Chinese Government has granted Ethiopia a multi-billion birr loan towards the construction of railway lines expected to stretch some 5,000 kilometers from Addis Ababa into the various regions of the country. Government officials have commented that it is economically viable to transport minerals by rail from the country's major mineral resource regions, including the Afar region which hosts Allana's potash project. Allana's project is specifically mentioned in the article and government officials have stated that the project is one on the main strategic projects of the country within the coming five years. A copy of the article is available at http://en.afrik.com/article17612.html.
About Allana Potash Corp.
Allana is a publicly traded corporation with a focus on the acquisition and development of potash assets internationally with its major focus on a previously explored potash property in Ethiopia with NI 43-101-compliant Inferred Mineral Resource of over 100 million tonnes of potash mineralization (Sylvite and Kainite) with a composite grade of 20.8 % KCl (see News Release Sept. 17, 2008). Allana has approximately 115.3 million shares outstanding and trades on the TSX-Venture exchange under the symbol "AAA".
Peter J. MacLean, Ph.D., P. Geo., Allana's Senior VP Exploration, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information presented in this release.
Forward-Looking Statement
Except for statements of historical fact relating to the Company, certain information contained herein constitutes ''forward-looking information'' under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the effect and estimated timeline of the drilling and proposed infrastructure on the Company, the receipt of all required regulatory approvals, estimated production, the estimation of mineral reserves and mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; limitations on insurance coverage and the effect of terminating the investor relations contract. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Contacts: Allana Potash Corp. Farhad Abasov President and CEO +1-416-309-2691 fabasov@allanapotash.com
SOURCE: Allana Potash Corp.
mailto:fabasov@allanapotash.com
Copyright 2010 Marketwire, Inc., All rights reserved.
Avion Continues Exploration Success
TORONTO, ONTARIO, May 13, 2010 (MARKETWIRE via COMTEX News Network) --
Avion Gold Corporation (TSX VENTURE: AVR)(OTCQX: AVGCF) ("Avion") is pleased to announce additional results from core drill holes that have tested the northwest-trending Dioulafoundou zone, located approximately 2 km south of the Tabakoto Pit (see figure 1). Drilling has identified two, closely spaced, zones of gold mineralization with new highlights including the following (complete 2008 to 2010 results are provided in the attached tables):
-- 13.42 g/t Au over 16.1 metres
-- 9.89 g/t Au over 9.1 metres
-- 5.87 g/t Au over 13.3 metres
-- 4.94 g/t Au over 5.5 metres
-- 16.92 g/t Au over 2.0 metres
-- 9.84 g/t Au over 6.0 metres
-- 9.66 g/t Au over 4.0 metres
Due to the encouraging exploration results from this area, Avion has initiated environmental permitting for an open pit.
The strongest of the two zones, Dioulafoundou NW zone ("DNW"), has been traced for approximately 400 metres along strike and to 170 metres depth (see figure 2). A second, parallel, zone of gold mineralization, DNW2, lies approximately 60 metres to the south and has been traced for approximately 190 metres along strike and to 115 metres depth (see figure 3). Both zones are steeply dipping and open down plunge.
Avion's work has extended the DNW and NW2 zones both along strike and to depth, relative to the defined and existing open pit inferred mineral resource for the Dioulafoundou zone (see Figures 2 and 3) of 349,300 tonnes grading 3.76 g/t Au totaling 42,000 ounces at a 1 g/t Au cut-off (Avion news release, May 19, 2009). In addition, the new drilling indicates significantly higher grades in the near-surface portions of the resource than were estimated and indicated by previous drilling.
Avion plans to update the mineral resources for these two mineralized zones by the end of the second quarter as part of a Tabakoto project resource update, with completion planned for fourth quarter, 2010. Avion has completed 90 holes totaling 7,702 metres over the Dioulafoundou area.
John Begeman, Avion's President and CEO, stated, "The Dioulafoundou zones display excellent continuity and good grades along strike and down plunge and as such I am confident that they will provide a near term source of open pittable and possibly underground mineral resources for Avion."
Avion's procedures for handling reverse circulation drill chips comprise initial splitting of the rock chips from one metre drill length samples into 2.0 kg samples, as well as description and logging into a database. These samples, and some of the recent core samples, are then delivered to the Company's mine site laboratory at Tabakoto. Assay standard samples are inserted every 25th sample and duplicate reverse circulation from every 20th sample are sent in as a separate sample to double check the assays from these intervals. This sampling procedure was initiated and periodically reviewed by Avion's Senior Vice President of Exploration, Don Dudek, P. Geo. The assay samples are then crushed to 3 mm and riffle split if required, to 1.5 kg and the entire sample milled in a LM2 mill to a nominal 95% passing 75 micrometres. All the preparation equipment is flushed with barren material prior to the commencement of the job and all sample bowls are scrapped clean with a scratch pad. Gold values were determined by Fire Assay and AAS with a 50 gram nominal sample weight. In order to ensure that local, exceptionally high grade assays are not overly represented in assay composites, Avion is also presenting assay composites, with high grade samples capped at 30.0 g/t Au. This capping level is deemed appropriate for the initial samples from the Dioulafoundou zone and is consistent with previous practice on the property.
Avion's results from the on-site laboratory have been of consistent high quality, with assay standards returning values well within accepted ranges.
To date, Avion's Tabakoto area exploration has completed over 224 holes totaling over 22,600 metres of core and reverse circulation drilling. This work has focused on the Dioulafoundou, DjambayeII and Tabakoto pit areas. Drilling is planned for the NW Segala, Far NW Segala, Dar Salam, Moralia and other structural targets throughout the property as part of a an approximate 60,000 metre 2010 drill program.
Don Dudek, P.Geo., the Senior Vice President, Exploration of the Company and a qualified person under National Instrument 43-101, has reviewed the scientific and technical information in this press release.
About Avion Gold Corporation
Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Gold production commenced at these projects in 2009 with just over 51,000 ounces produced in 2009. Avion's 2010 production goal is estimated at 75,000 to 85,000 ounces of gold. The longer term goal of the Company is to ramp production to 200,000 ounces in 2012. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Cautionary Notes
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the impact of the drilling results on the Company; statements with respect to the development potential and timetable of the Mali projects; the future price of gold; the estimation of mineral resources; conclusions of economic evaluation (including scoping studies); the realization of mineral resource estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; ability to successfully integrate the purchased properties; foreign operations risks; other risks inherent in the mining industry and other risks described in the annual information form of the Company which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SUMMARY OF AVION'S DIOULAFOUNDOU NW ZONE ASSAY RESULTS
-----------------------------------------------------------------------
-----
HOLE # FROM TO LENGTH TRUE Au CAPPED(ii)
WIDTH (m) g/t ASSAY
----------------------------------------------------------------------------
D-08-03(i) 153.0 160.5 7.5 3.5 8.93 8.93
D-09-03(i) 139.7 155.0 15.4 12 3.67 3.67
D-10-13 53.0 59.6 6.6 5.5 5.79 5.79
D-10-14 55.4 60.9 5.5 2.8 4.94 4.94
D-10-15(i) 64.0 81.2 17.2 12 6.51 6.51
D-10-16(i) 34.0 49.5 15.5 9.5 4.91 4.91
D-10-17(i) 39.9 50.4 10.5 6.5 7.65 7.30
D-10-18 73.6 79.7 6.08 4 1.26 1.26
D-10-19 21.0 24.5 3.5 2 2.34 2.34
D-10-20 56.3 59.0 2.7 1.5 4.04 4.04
D-10-21 0 0 0 0
D-10-28(i) 61.1 64.4 3.37 2.8 2.33 2.33
D-10-29 0 0 0 0
D-10-30A 59.4 72.7 16.6 9 5.46 5.46
D-10-31 105.4 121.5 16.1 10.5 13.42 6.80
D-10-32 0 0 0 0
D-10-33(i) 84.5 100.4 15.9 10 14.86 8.75
D-10-42 34.5 37.5 3.0 2 5.85 5.85
D-10-43 6.0 7.5 1.5 1.2 3.46 3.46
D-10-43 21.0 24.0 3.0 2.5 5.17 5.17
D-10-43 37.5 42.4 4.9 3.5 5.90 5.90
D-10-44 0.0 0 0 0
D-10-45 59.0 62.0 3.0 1.8 3.46 3.46
D-10-46 21.0 25.5 4.5 2.5 4.18 4.18
D-10-47 16.9 24.0 7.1 1.8 3.58 3.58
D-10-48 0 0 0 0
D-10-49 0 0 0 0
D-10-50 29.3 31.5 2.2 1.5 1.29 1.29
D-10-51 0 0 0 0
DRC-10-24 0 0 0 0
DRC-10-25 0 0 0 0
DRC-10-26(i) 52.0 58.0 6 4 1.18 1.18
DRC-10-27 22.0 23.0 1 0.7 3.12 3.12
DRC-10-27(i) 39.0 50.0 11.0 9.0 17.12 10.1
DRC-10-28 34.0 43.0 9.0 6.2 2.39 2.39
DRC-10-28(i) 48.0 58.0 10.0 6.5 4.39 4.39
DRC-10-28 67.0 72.0 6.0 4.0 2.32 2.32
DRC-10-29(i) 17.0 22.0 5.0 4.0 2.06 2.06
DRC-10-29 26.0 38.0 12.0 10.0 9.91 9.23
DRC-10-30(i) 23.0 29.0 6.0 3.0 17.97 17.97
DRC-10-31(i) 21.0 30.0 9.0 4.5 7.42 7.42
DRC-10-32(i) 33.0 36.0 3.0 3.0 11.67 11.67
DRC-10-33(i) 56.0 76.0 20.0 9.5 4.98 4.98
DRC-10-34(i) 24.0 45.0 21.0 10.5 28.57 11.23
DRC-10-35(i) 12.0 14.0 2.0 2.0 1.47 1.47
DRC-10-36(i) 0 0 0 0.00
DRC-10-37(i) 0 0 0 0.00
DRC-10-49(i) 88.0 90.0 2.0 1.5 16.97 16.97
----------------------------------------------------------------------------
(i) Previously reported drill hole intercept
(ii)Individual assays above 30 g/t Au are cut to 30 g/t
SUMMARY OF AVION'S DNW2 ZONE ASSAY RESULTS
-----------------------------------------------------------------------
-----
HOLE # FROM TO LENGTH TRUE Au g/t Capped(ii)
WIDTH (m) Assay
----------------------------------------------------------------------------
D-10-06 53 60.5 7.5 4 6.01 6.01
D-10-07 51.9 63.7 11.8 5 2.62 2.62
D-10-22 61 64 3 2 1.87 1.87
D-10-34 45 49 4 2.8 9.66 9.66
D-10-35 27 33 6 3.5 9.84 9.84
D-10-36 18 22.5 4.5 3.2 0.67 0.67
D-10-37 0 0 0 0
D-10-38 51 54 3 2 1.6 1.6
D-10-39 15 21 6 4 2.97 2.97
D-10-40 64 82 18 11 1.35 1.35
DRC-10-03 19 32 13 6 6.33 6.33
DRC-10-10 11 26 15 5 2.64 2.64
DRC-10-41(i) 19 35 16 11 2.63 2.63
DRC-10-43(i) 16 44 28 16 3.71 3.71
DRC-10-45(i) 25 32 7 4.2 1.78 1.78
----------------------------------------------------------------------------
(i) Previously reported drill hole intercept
(ii)Individual assays above 30 g/t Au are cut to 30 g/t
To view the figures associated with this press release, please visit the following links:
http://media3.marketwire.com/docs/AVRFigure1.pdf
http://media3.marketwire.com/docs/AVRFigure2.pdf
http://media3.marketwire.com/docs/AVRFigure3.pdf
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Contacts: Avion Gold Corporation Don Dudek Senior Vice President Exploration (416) 861-2261 don@aviongoldcorp.com
SOURCE: Avion Gold Corporation
mailto:don@aviongoldcorp.com
Copyright 2010 Marketwire, Inc., All rights reserved.
Timmins Gold Corp.: Gold Mineralization Extended 500 Meters to Southwest of San Francisco Pit
VANCOUVER, BRITISH COLUMBIA, May 13, 2010 (MARKETWIRE via COMTEX News Network) --
Timmins Gold Corp. (TSX VENTURE: TMM) is pleased to announce that the ongoing drill program at its 100% owned San Francisco Gold Mine continues to expand the known boundaries of a 1.2 kilometer wide major NW-SE trending gold-hosting structure outside of the confines of the currently planned pit limits. During the months of March and April a total of 17,007 meters of RC and RAB drilling were drilled at the mine. One of the highlights of the assays received during the last two months is the intercept of 13.71 meters of 10.28 g/t gold approximately 50 meters to the south of the San Francisco pit. The other highlight is the intercept of 21 meters of 1.11 g/t gold in a new zone 500 meters to the southwest of the currently defined pit limits in an area which corresponds with the projection to the southeast of a mineral trend of a previously mined satellite pit called La Chicharra which is located 2 km to the west of the San Francisco pit.
Additional holes drilled in the area 50 meters to the south of the San Francisco pit also intercepted gold mineralization. Hole TF-491 intersected 3.04 meters of 1.25 g/t gold at 42.72 meters and 22.82 meters of 1.04 g/t gold at 51.81 meters. Hole TF-492 intersected 15.24 meters of 0.87 g/t gold at 39.62 meters, 13.71 meters of 1.20 g/t gold at 57.91 meters, 3.04 m of 3.18 g/t gold at 77.72 meters and the mineralization is still open at the bottom of the hole. The table below highlights the better intercepts from the recently completed program:
---------------------------------------------------------------
True Width
Hole Number From (m) To (m) (m) Au g/t
---------------------------------------------------------------
TFR-16 15.00 36.00 21.00 1.11
---------------------------------------------------------------
TF-491 42.72 45.76 3.04 1.25
And 51.81 74.63 22.82 1.04
---------------------------------------------------------------
TF-492 39.62 54.86 15.24 0.87
includes 50.26 51.78 1.52 4.27
and 57.91 71.62 13.71 1.20
includes 68.55 70.07 1.52 6.83
and 77.72 80.76 3.04 3.18
---------------------------------------------------------------
TF-530 21.33 25.9 4.57 1.85
---------------------------------------------------------------
TF-531 13.71 15.24 1.53 3.67
---------------------------------------------------------------
TF-548 57.91 67.05 9.14 1.14
---------------------------------------------------------------
TF-551 32.00 50.29 18.29 0.94
And 68.58 82.29 13.71 10.28
---------------------------------------------------------------
TF-563 60.96 73.15 12.19 1.08
---------------------------------------------------------------
TF-585 4.57 13.71 9.12 2.27
And 15.24 27.43 12.16 1.08
---------------------------------------------------------------
The 500 meter step out confirms that the major mineralized structure has a known width of approximately 1.2 kilometers. This structural zone presents high priority exploration targets which will be further explored by the ongoing drill program. The purpose of the ongoing drill program, which consists of a total of 50,000 meters of reverse circulation and 20,000 meters of RAB drilling, is to confirm whether in-pit mineralization continues along the strike of this major gold-hosting structure outside of the confines of the currently planned pit limits. A map of the ongoing drill hole locations can be found on the Company's website at www.timminsgold.com.
The exploration success follows upon the commencement of commercial production at the San Francisco Mine in April 2010. The size of the gold mineralization zone, its presence within large shear zones and the continuous nature of the gold within the zones form the basis of management's expectation that the ongoing program could lead to a significant increase in the mineral resource at San Francisco and could potentially also lead to the discovery of additional satellite deposits within the existing land package.
The samples collected during the drilling were prepared and assayed in the San Francisco Mine assay laboratory using fire assay and gravimetric finish. Strict sampling and QA-QC protocol were followed to ensure the best practices in sampling and analysis of the drill samples. Duplicates, standards and blanks were inserted into the sampling stream at intervals of 25 samples. A minimum of fifteen percent of the pulps assayed in the mine lab were also sent to IPL-Inspectorate Lab, for check assays and a minimum of ten per cent of the original samples assayed by IPL will be sent to other independent labs for check assays. The check assays were cross referenced to the mine assays and verified the results.
About Timmins Gold
Timmins Gold Corp. is strategically positioned for gold production and development. In April 2010, Timmins Gold commenced commercial production at its wholly owned San Francisco gold mine in Sonora, Mexico. Timmins Gold has projected production at a rate in excess of 80,000 ounces of gold per year at a life of mine cash cost of approximately $412 per ounce. (Micon International Preliminary Feasibility Study, March 2008)
This press release was reviewed and prepared by Lawrence A. Dick, Ph.D., P.Geo, a director of the Company, who is recognized as a Qualified Person under the guidelines of National Instrument 43-101 and by Miguel Soto, P. Geo., a director and the COO of the Company. For further information contact Timmins Gold Corp. at 604-682-4002 or go to the website at www.timminsgold.com.
On behalf of the Board:
Bruce Bragagnolo, LLB, Chief Executive Officer
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Timmins Gold does not intend to update any forward-looking statements to conform these statements to actual results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Timmins Gold Corp. Bruce Bragagnolo, LLB Chief Executive Officer 604-638-8980 bruce@timminsgold.com www.timminsgold.com
SOURCE: Timmins Gold Corp.
mailto:bruce@timminsgold.com http://www.timminsgold.com
CMM.V cease trade order, not good eom
CMM.V halted, news pending ? eom
Avion Gold Corporation Announces Closing of Financing Including Exercise of Over-Allotment Option in Full
TORONTO, ONTARIO, May 10, 2010 (Marketwire via COMTEX News Network) --
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Avion Gold Corporation ("Avion" or the "Company") (TSX VENTURE:AVR)(OTCQX:AVGCF) is pleased to announce that it has closed its previously announced public offering including the exercise of the over-allotment option in full. Pursuant to the terms of the financing, the Company has issued 48,070,000 common shares of the Company (the "Common Shares") at a price of $0.60 per share, for aggregate gross proceeds of $28,842,000 (the "Offering").
The Common Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters co-led by Canaccord Financial Ltd. and Cormark Securities Inc. and including GMP Securities L.P., Macquarie Capital Markets Canada Ltd. and Wellington West Capital Markets Inc. (collectively, the "Underwriters").
The net proceeds of the Offering will be used for exploration and development purposes at the Corporation's 80%-owned Tabakoto and Segala gold projects in Mali, as well as for general corporate purposes.
In consideration for their efforts, the Underwriters received a cash commission equal to $1,730,520 and 2,884,200 broker warrants that will entitle them to acquire an equal number of Common Shares at a price of $0.60 per share on or before May 10, 2011.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Avion
Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Cautionary Notes
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the anticipated use of proceeds; completion of the financing on the terms announced and receipt of all necessary regulatory approvals; the development potential and timetable of the Mali projects; estimation of mineral resources; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company,: which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE: Avion Gold Corporation
Avion Gold Corporation John Begeman President and Chief Executive Officer (416) 861-5884 jbegeman@aviongoldcorp.com
Copyright (C) 2010 Marketwire. All rights reserved.
SEMAFO to Reduce Cash Operating Cost by $70 per Ounce at Samira Hill - $19M Investment in New Mining Fleet with 3.5-Year Payback
MONTREAL, May 6, 2010 (Canada NewsWire via COMTEX News Network) --
SEMAFO TSX-SMF
SEMAFO (TSX: SMF) today announced the purchase of a new mining fleet for its Samira Hill Mine in Niger. As owner miner, SEMAFO will ensure higher availability and productivity, as well as reduce cash operating costs at Samira Hill. The payback period for this $19,000,000 investment is approximately 3.5 years.
As a result of this strategic investment, SEMAFO is forecasting mining cost savings of 30%, representing cash operating cost savings of approximately $70 per ounce at Samira Hill. Additionally, Samira Hill will benefit from substantial cost savings associated with civil works previously outsourced, such as raising the tailings dams, road maintenance, transportation and ore re-handling to the mill.
The mining equipment consists mainly of 2 dozers (D275-5R), 10 haul trucks (HD605-7R) and 2 hydraulic excavators (PC1250SP-8R). Machinery is scheduled to arrive on site in September and October 2010 and will be fully operational in the fourth quarter 2010. The transition to owner mining will be sustained through the efforts of our experienced management and staff. SEMAFO anticipates a smooth changeover from the incumbent mining contractor.
SEMAFO is pleased with the progress achieved to date on the selection and projected delivery dates of the new mining fleet for Samira Hill. Two new Cat 988H wheel loaders are already on site and operational.
"Historically SEMAFO's experience as owner miner has proved successful, resulting in improved operating costs and productivity," said Benoit Desormeaux, SEMAFO's Executive Vice-President and Chief Operating Officer. "Samira will undoubtedly benefit from our vast experience in terms of logistics, inventories and management. We are confident that the results of this strategic investment will continue to optimize and enhance performance to generate superior cash flows, thereby increasing shareholder value through improved financial performance."
About SEMAFO
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines: the Mana Mine in Burkina Faso, the Samira Hill Mine in Niger and the Kiniero Mine in Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities in West Africa.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "will", "forecasting", "scheduled", "continue", "committed", "evolve", "become", "pursuing", growth", and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to achieve higher availability and productivity and reduce cash operating costs by approximately $70 per ounce as owner miner at Samira Hill, the ability to achieve mining costs savings of 30%, the ability to obtain the mining equipment on schedule, the ability to find organic and strategic growth opportunities in West Africa, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2009 Annual MD&A and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
SOURCE: SEMAFO INC.
Benoit La Salle, President & CEO, SEMAFO, (514) 744-4408, Toll-Free: 1 (888) 744-4408, blasalle@semafo.com; Sofia St Laurent, Communications, SEMAFO, (514) 744-4408, Toll-Free: 1 (888) 744-4408, sstlaurent@semafo.com
Copyright (C) 2010 CNW Group. All rights reserved.
CMM.v sell'in the news, eom
Century Completes First Gold Pour at Lamaque and Discusses Late Filing of December 31, 2009 Financial Statements
BLAINE, WASHINGTON, May 03, 2010 (MARKETWIRE via COMTEX News Network) --
Century Mining Corporation ("Century" or the "Company") (TSX VENTURE: CMM) is pleased to announce the successful completion of another milestone ahead of schedule at the Lamaque Gold Mine in Val d'Or, Quebec. The Lamaque operation reports that all systems are up and running and the mill facility poured its first bar of gold one month ahead of schedule on April 30, 2010. The first gold pour was from the gravity table concentrate from the first few days of operation, which yielded a gold dore bar weighing approximately 230 ounces. The mill can now expect the commencement of regular weekly gold pours going forward as the Carbon-in-Pulp (CIP) circuit is now fully operational. Future gold pours will include gold from the stripping circuit as well as the gravity recovered gold.
The Company will be able to provide tonnage, grade and recovery statistics from the first weeks of production at a later date. The Company is also pleased to report that the first jumbo from the fleet of low profile underground mine equipment has arrived on schedule at the Lamaque operation and is being readied for underground deployment this week. The low profile equipment is expected to significantly increase the underground production rate in the Lamaque #2 mineralized flat zones and also assist in lowering mining costs.
The Company also wishes to advise that the Company's December 31, 2009 financials have not yet been completed and filed by the required deadline of April 30, 2010.
"The Company and its audit committee have been working closely with its auditors over the last three months and has yet to complete the 2009 audit of the Company's financial statements. The delay in completing the audit of the financials has resulted from the complexity of the Company's year-end financing transactions, certain accounting treatments respecting the Peruvian operations, combined with the restructuring and paying out of a significant amount of debt including short and long-term payables. The auditors, the Company's financial team and its audit committee, are working diligently to complete the routine year-end audit. It is expected that the audit will be completed within the next two weeks. At the time of conclusion of the audit, the Company anticipates showing a set of financial statements containing a much stronger and cleaner balance sheet as compared to the previous year," commented Margaret M. Kent, President & CEO of Century Mining.
About Century Mining Corporation
Century Mining Corporation is a Canadian junior gold producer and holds strategic land positions in Canada, United States and Peru. The Company's strategy is to grow to an intermediate gold producer through existing mine expansions and acquisitions of other strategic and synergistic gold opportunities.
On behalf of Century Mining Corporation,
SEMAFO to Release First Quarter 2010 Financial Results on May 11, 2010 - Conference Call Scheduled for May 12, 2010
MONTREAL, Apr 27, 2010 (Canada NewsWire via COMTEX News Network) --
SEMAFO TSX-SMF
SEMAFO (TSX: SMF) today announced that the Company's first quarter results for the three-month period ended March 31, 2010 will be released on Tuesday, May 11, 2010. The financial statements will be available on the Company's website at www.semafo.com or at www.sedar.com.
SEMAFO will host a conference call to discuss the results, as well as to provide an update on operations.
<< Conference Call: Date: Wednesday, May 12, 2010 Time: 10:00 AM (ET) Tel. local & overseas: 416 644-3426 Tel. North America: 1 800 731-5319 >>
The conference call will feature Benoit La Salle, President and Chief Executive Officer, Benoit Desormeaux, Executive Vice-President and Chief Operating Officer, Martin Milette, Chief Financial Officer, Michel Crevier, SEMAFO's Geology Manager and Qualified Person, and Patrick Moryoussef, Mining Operations Manager.
The conference call will be archived for replay until May 26, 2010. To access the archived conference call, please dial 1 877 289-8525 and enter pass code 4291480 followed by the number sign #.
A live audio webcast of the conference can be accessed through SEMAFO's website at www.semafo.com. The webcast will be available for replay for a period of 90 days.
SEMAFO's Annual Meeting of Shareholders will be held on Wednesday, June 16, 2010 at 4:00 p.m. at the Centre Sheraton Hotel Montréal, Salons 4-5, 1201 René-Lévesque Boulevard West, in Montreal. Attendees will have the opportunity to ask questions and meet the management team and Board of Directors.
About SEMAFO
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines: the Mana Mine in Burkina Faso, the Samira Hill Mine in Niger and the Kiniero Mine in Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities in West Africa.
SOURCE: SEMAFO INC.
Benoit La Salle, President & CEO, SEMAFO, (514) 744-4408, Toll-Free: 1-888-744-4408, blasalle@semafo.com; Sofia St Laurent, Communications, SEMAFO, (514) 744-4408, Toll-Free: 1-888-744-4408, sstlaurent@semafo.com
Copyright (C) 2010 CNW Group. All rights reserved.
Tasman acquires new rare earth element project at Otanmaki in Finland
VANCOUVER, April 26 /CNW/ - Tasman Metals Ltd. ("Tasman" or the "Company") TSXV - TSM; Frankfurt - T61; Pink Sheets - TASXF. Mr Mark Saxon, President & CEO, announces the Company has increased its portfolio of rare earth element (REE) projects in Scandinavia, with the staking of the Otanmaki REE project in central Finland. Tasman has acquired a 100% interest in 3 adjoining claim reservations Otanmaki 1, 2 and 3 which total 2626 hectares in size, and lie in a historic mining district 450 km north of the capital Helsinki.
The Otanmaki project secures for Tasman two REE - niobium (Nb) - zirconium (Zr) prospects, named Katajakangas and Kontioaho. A total of 59 diamond drill holes for a total of 8,862 metres have been drilled within the claimed area.
"This new 100% owned acquisition in Finland adds another high merit advanced property to Tasman's Scandinavian portfolio of Norra Karr (drilling of 26 holes continuing), Bastnas and Korsnas, and reinforces Tasman's position as a leader in the REE field in Europe." said Mark Saxon, Tasman's President & CEO.
Katajakangas and Kontioaho were discovered in 1982, following the identification of REE-bearing boulder trains by the Geological Survey of Finland (GTK). The discoveries were followed up with various geochemical and geophysical methods, and with drill testing by Rautaruukki Oy between 1983 and 1985. The REE mineralized horizon at Katajakangas was located by drilling in 1983, and at Kontioaho the year after. Tasman has access to all previous publically available exploration data and drill core from GTK and Rautaruukki Oy.
Katajakangas is comprised of a number of REE mineralized horizons, the most persistent being up to 1.4 metres in thickness, and drill tested over a strike length of more than 850 metres. The REE zone remains open along strike and at depth. REE's at Katajakangas is present as fergusonite, allanite and lesser columbite within a metasomatic altered interval of quartz-feldspar schist.
In 1985, Rautaruukki Oy reported a resource estimate at Katajakangas of 0.46 million tonnes at 2.71% TREO 0.76% Nb2O5, and 1.13 ZrO2 (TREO (equal sign) total rare earth oxide; see table 1 for a complete list contributing of rare earth oxides). The resource estimates are based on 14 diamond drill holes, drilled in 7 profiles 850 metres along strike and has been calculated to a vertical depth of 150 metres. The resource estimate is based on a report titled "Katajakangas geologinen malmiarvio" by Rauno Hugg in 1985 of Rautaruukki Oy. Data is historical in nature and was compiled prior to the implementation of NI 43-101 reporting standards. Tasman has not completed sufficient exploration to verify the estimates and is not treating them as National Instrument defined resources or reserves verified by a Qualified Person, and the historical estimate should not be relied upon.
Better drill intersections include:
R-14: 1.40m (at) 2.95% TREO, 0.87% Nb(2)O(5), 1.28% ZrO(2) from 57.4m;
R-19: 0.60m (at) 3.60% TREO, 1.01% Nb(2)O(5), 0.98% ZrO(2) from 79.0m;
R-20: 0.80m (at) 2.93% TREO, 0.86% Nb(2)O(5), 1.01% ZrO(2) from 121.6m;
Kontioaho is situated 1.3km to the north-northeast of Katajakangas, where REE mineralization has been discovered within a 7-12 metre wide northwest trending alteration zone comprised of quartz, microcline, plagioclase, zircon and magnetite hosted within a quartz-feldspar schist. The mineralized horizon shows up as a strong northwest-southeast trending ground magnetic anomaly that extends for more than 400 metres. The principal REE minerals at Kontioaho are allanite, fergusonite and xenotime.
Better drill intersections included:
R-9: 6.90m (at) 0.65% TREO, 0.10% Nb(2)O(5), 3.39% ZrO(2) from 3.4m;
R-4: 12.00m (at) 0.51% TREO, 0.09% Nb(2)O(5), 2.45% ZrO(2) from 79.8m;
R-3: 11.30m (at) 0.64% TREO, 0.15% Nb(2)O(5), 2.33% ZrO(2), from 188.2m;
"Tasman's Otanmaki REE project is a strong addition for the Company, providing the combination of an extensive ground position and an historic resource in an area with well developed road and rail infrastructure. Our Finnish team is compiling historic information, along with data from the historic Korsnas REE-Pb mine" said Mark Saxon, Tasman's President & CEO. "In Sweden, drilling at the Norra Karr REE-Zr is progressing well with hole 23 of a 26 hole program now in progress. We anticipate the next batch of drilling results will be checked and available for reporting within several weeks."
REE consumption is growing, being essential in the production of hybrid/electric cars, solar panels, wind turbines, compact fluorescent lighting, high-energy magnets, mobile phones and computers. Tasman holds numerous claims and claim applications across mining friendly regions in Scandinavia with potential for REE's, and is well placed as the European Union is actively supporting policies to promote the domestic supply of REE's to secure high-tech industry.
For more information regarding rare earth elements, see the Rare Metal Blog at www.treo.typepad.com/raremetalblog or Resource Stock Digest at http://strategicmetalstocks.resourcestockdigest.com/.
On behalf of the Board,
"Mark Saxon"
-----------------------
Mark Saxon, President & CEO
The qualified person for the Company's exploration projects, Mark Saxon, President and Chief Executive Officer of Tasman and a member of the Australasian Institute of Mining and Metallurgy and Australian Institute of Geoscientists, has reviewed and verified the contents of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Statements. This Company news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
RE: AVR , the Bharti curse, retail
gets burned .70 and again .60 eom
RE : AVR the reason behind the deal
"Stan Bharti, Chairman of Avion, stated that, "After the start up of the Segala Mine in 2009, we continue to expand Segala and accelerate plans for underground development at Tabakoto in 2010. We are also expanding our exploration program in the region, have completed an important property acquisition and entered into agreements regarding two other promising projects. We are confident that Avion's assets provide the basis for Avion to be a significant gold producer in Western Africa."
These 2 promising projects should be coming out soon The cash they have in their disposal will be used for combination of more explorations and aquisitions. Calm people Calm. That includes you B of G The bottom is already been made at .57c and the New bought deal puts a floor at .60c So as long as no more surprises comes out It can still move up to $.85c to $1.00c in the next 3 months."
Avion Gold Corporation announces $25 million bought deal
TORONTO, Apr 23, 2010 (Canada NewsWire via COMTEX News Network) --
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
Avion Gold Corporation (TSX-V: AVR) announces that it has entered into an agreement with Canaccord Financial Ltd., on behalf of a syndicate of underwriters co-led by Canaccord Financial Ltd. and Cormark Securities Inc., pursuant to which the underwriters have agreed to purchase 41,800,000 common shares of the Company (the "Common Shares") at a price of $0.60 per Common Share for gross proceeds of $25,080,000. The Corporation has granted the underwriters an underwriters' option to purchase an additional 6,270,000 Common Shares at the offer price, exercisable at any time, in whole or in part, prior to 48 hours from the Closing Date. The Corporation will file a preliminary short form prospectus in each of the Provinces of Canada, other than Quebec, for the purpose of qualifying the common shares for distribution to the public and the offering is scheduled to close on or about May 10, 2010.
The Company intends to use the net proceeds of the offering for exploration and development purposes at the Corporation's 80%-owned Tabakoto and Segala gold projects in Mali, as well as for general corporate purposes. The offering is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Avion Gold Corporation
Avion is a Canadian-based gold company focused in West Africa. The Company holds 80% of the Tabakoto and Segala gold projects in Mali. Avion has a highly skilled management team, with a focus on growth and consolidation within West Africa.
Cautionary Notes
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the anticipated use of proceeds; completion of the financing on the terms announced and receipt of all necessary regulatory approvals; the development potential and timetable of the Mali projects; estimation of mineral resources; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form of the Company, which is available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SEMAFO: Metallurgical Tests Reveal a 5% Increase in Bedrock Recovery at Mana
MONTREAL, Apr 22, 2010 (Canada NewsWire via COMTEX News Network) --
TSX-SMF
SEMAFO (TSX: SMF) today reported the results of metallurgical tests and rock mechanics investigations on Wona bedrock at the Mana Mine in Burkina Faso. Studies were carried out by SGS South Africa ("SGS") and Golder Associates ("Golder") respectively as part of the pre-feasibility and feasibility studies ("PFS/FS") conducted by Met-Chem Canada Inc., currently in progress.
Highlights of the SGS metallurgical test work program completed on Wona Underground demonstrate better than expected results:
<<
- Estimated average recovery rate in bedrock of 81%, representing a 5%
increase over the previous estimated average recovery rate of 76%
- Head grades correlate with identified samples from geological zones in
the underground resource model
- Decrease in estimated reagents consumption to process the ore in
bedrock
- Bedrock work index varies between 15.7 kWh/t and 18.8 kWh/t, in line
with the current plant expansion aimed at processing 6,000 tonnes per
day in bedrock
>>
"This 5% increase in the recovery rate represents an important upside to our cash flow." said Benoit Desormeaux, SEMAFO's Executive Vice-President and Chief Operating Officer. "At the prevailing gold price of approximately US$1,140 per ounce, this increase in recovery represents over $40,000,000 in additional cash flow from the bedrock reserves in the Wona open pit plus the improved profitability of the preliminary economic assessment ("PEA")."
Highlights of the rock mechanics test work program underway by Golder on Wona Underground demonstrate:
<<
- No "fatal flaws" that may prevent underground development or production
- Geotechnical investigations in bedrock indicate rock mass quality and
permeability conditions suitable for development and infrastructure
localisation
- Better than expected dilution rates compared to the PEA
- Improved stope dimension requirements, allowing increased productivity
and mining method flexibility compared to the PEA
>>
"We continue to be impressed by the various independent study results that will ultimately constitute the basis of the PFS/FS," said Patrick Moryoussef, SEMAFO's Mining Operations Manager. "Based on the outcome of rock mechanics and metallurgical studies, we anticipate superior pre-feasibility study results."
Results of the SEMAFO's prefeasibility and feasibility studies of the underground mining operation are expected in the second and third quarter of 2010 respectively. This will lead to an update of Mana's total reserves and resources.
About SEMAFO
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines: the Mana Mine in Burkina Faso, the Samira Hill Mine in Niger and the Kiniero Mine in Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities in West Africa.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "in progress", "estimated", "anticipate", "expected", "committed", "evolve", "become", "pursuing", growth", "believe", "strategy", "moving forward" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to complete the pre-feasibility and the feasibility studies, the ability to find organic and strategic growth opportunities in West Africa, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2009 Annual MD&A and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
SOURCE: SEMAFO INC.
Benoit La Salle, President & CEO, SEMAFO, (514) 744-4408, 1-888-744-4408, blasalle@semafo.com; Sofia St Laurent, Communications, SEMAFO, (514) 744-4408, 1-888-744-4408, sstlaurent@semafo.com
Copyright (C) 2010 CNW Group. All rights reserved.