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Yale Resources Board of Directors has Industry Great
By Greg Nelson
June 25, 2007
How does the presence of a player like Wayne Gretzky affect a hockey team? Sure he helps it win games, but what else? Because of his prowess on the rink, ticket sales go up. He brings a certain amount of prestige and notoriety to the team and the home city. He attracts skilled players who want to play with him and learn from the very best the league has to offer.
It’s no different in mining, especially in the current superbull. Stars are made. Fortunes are made. Everyone wants to work with the stars because they have proven time and time again that they can deliver beyond what anyone expects. Yale Resources (TSX.V:YLL), a silver/gold/copper junior exploration company with three properties in Mexico is lucky enough to have on its board of directors, one of the greats in the Canadian mining industry, Richard Hughes.
Mr Hughes is revered primarily because he was instrumental in discovering the gold deposit at Hemlo, Ontario in the 1980’s. Hughes started two exploration companies, Golden Sceptre and Goliath Gold, disovered the deposit and secured rights to a large land package in the Hemlo area. Stock prices for both companies, which began in the $0.20 range, ran up to $94.00 and $96.00 respectively at the top of the market. Subsequent to the discovery, both companies were acquired by Noranda, which built the Golden Giant mine and operated it under the flag of Hemlo Gold Mines. The mine had a 21-year life and mined in excess of 6 million ounces of gold. The average gold grade was 10 g/t gold. Production peaked in the early 1990’s with approximately 500,000 ounces of gold per year. It was a massive deposit which made many people – not least of all Mr. Hughes himself – very wealthy.
Mr. Hughes was also pivotal in the Balmoral discovery in Quebec approximately 30 years ago, which led to the creation of the Balmoral Mine, a mine that produced for about 13 years. Stock prices began at $0.10 and ran up to $40.00 before lower gold prices coincided with Balmoral running out of economic grade ore.
The Sleeping Giant mine north of Amos, Quebec, another notch in Hughes’ exploration belt, has been in production for 15 years. Those stocks were Perron Gold, which started at $0.12 and hit a high of $7.00 and Dorville started at about $0.20 and went up to $13.
If Mr. Hughes had the golden touch then, he doesn’t seem to have lost it. He is President and owner of Hastings Management Corp. and oversees the activities of several junior exploration companies. Many of them are doing well at the moment, partly, many think, because the Hughes name is attached. Investors have begun following whatever Richard Hughes is involved in.
Recently, Hughes’ Golden Chalice Resources (TSX.V:GCR) exploration team put a drill hole in the ground at its Langmuir property south of Timmins Ontario and intersected 1.14% nickel over 72.50 meters, including two high grade zones of 2.23% nickel, 0.22% copper and 0.20g/t platinum over 17.50m; and 1.74% nickel, 0.12% copper and 0.20g/t platinum over 13.10m. The results, reported on May 16 caused GCR stock to skyrocket from below $0.30 to a high of $4.05 over the following weeks, before settling back down around the $3.00 mark. Since the initial results, Golden Chalice drilled a second hole and encountered similar mineralization.
What was “Langmuir” before is now “the Langmuir Discovery.” In an interview with, Stanley Hunt, who after 25 years in the industry could barely contain his excitement about Langmuir’s potential, Hughes himself said “we have something that looks quite significant… this has the smell of something big about it…There’s blebs of massive sulphides within the disseminated nickel right through the rock. These little blebs would indicate to us that there’s probably a massive sulphide source somewhere either to one side or most likely at depth, which would be more like a Voisey’s Bay or a perhaps Norilsk deposit, the largest deposit in the world, which is located in Russia.”
Wouldn’t it have been nice to be in on the ground floor on that one? In an interview with CEOCFO Interviews and News, Hughes said, “We look for something big. There are lots of little mineralized narrow veins, but the odds of finding a mine are one chance in a thousand from a prospect. However, our odds are one chance in thirty-five. We beat the odds considerably.”
So how does it bode for Yale Resources have Hughes on the team? It’s a boon: Because of his track record of creating value and discovering mines, no doubt, he helps win games. But what else? He attracts talent. He has connections. Money seems to follow him like a lost dog that won’t go home. And investors want a piece of whatever he does. As Yale Resource President Ian Foreman said in an interview about his stellar board of directors, “In this industry successful people will continue to be successful and good management will create a successful company. The question will just be then, How long does it take for that company to be successful? ”
Even if success takes a while, Yale gives us reason to be hopeful. Reporting on June 11, Yale announced that the recent phase I drill program on its Zacatecas project returned a highlight intercept of 1,340 g/t silver over 0.80m. Keeping in mind that Yale shares outstanding are 19,609,223 and the stock is trading in and around the $0.30 mark, Yale still offers plenty of upside potential.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Near Term Production May Help Realize Yale Resources’ Long Term Goals
By Mary Steiner
For many junior resource companies the idea of advancing an exploration project to production is merely a dream. The cost of development—infrastructure, labor, material transportation, equipment, a processing mill, etc.—can easily reach into the tens of millions for the smallest of mining operations. It is at this stage that most juniors either begin courting a larger partner for take-over, or considering debt financing options.
But, for Yale Resources [TSXV: YLL], what’s ostensibly a fantasy for most seems a not too far distant reality. Yale’s Zacatecas Venture silver project, under option from Impact Silver Corp., lies in Mexico’s Zacatecas mining district, a region with a rich silver production history dating back to the Spanish Colonial era with past production estimated at 1.2 billion ounces. This same district is also home to Penole’s Fresnillo mine, ranked as the world's second largest primary silver mine in 2005.
Earlier this month, Yale released the results from its phase one drill program. Much of the results confirmed Yale’s expectations of an average 200-300 grams per tonne silver; however, to the surprise of everyone, including President Ian Foreman, one hole on the Mina San Jose property showed an intercept of 1,340 grams per tonne over 0.80 metre.
During the exploration stage, a junior company’s share price is naturally affected by news releases, particularly those pertaining to drill results. Although the 1,340 g/t silver intercept gave many at Yale something to smile about, “it's obvious that the market wasn't happy,” said Foreman. He admits the intersections were narrower than expected and the market’s reaction to the news placed downward pressure on the stock.
Nevertheless, Foreman remains optimistic: “You’re looking at a vein system that is 400 meters long and you're drilling with something that is 2.5 inches in diameter. At times, you have to be very lucky when it comes to a drill program. We all know that the distribution of minerals through vein systems is very irregular; so for us to be able to get a high grade intersect is tremendously encouraging. It means that we could do it again.”
Yale’s involvement with the Zacatecas project began last October when the company signed a letter agreement with Impact Silver Corp. [IPT- TSX-V]. The terms of the agreement require Yale to reimburse Impact the property purchase cost and perform a minimum of US$ 100,000 exploration work within 18 months in order to earn a 65% interest in the venture.
In just eight months, Yale has fulfilled most of the terms of the agreement. “I think the key thing now is that we've been able to advance the property really quickly,” said Foreman. Once the drill programs are complete, Yale will have earned its 65% interest in the property. “So that means then we're not going to be diluting shares through optioning and paying 100% of the costs to earn in. We'll actually be partners paying 65% of the cost and Impact—35%. And that's a really significant thing.“ He added, “Not a lot of companies get to the point where they're actually earning in their percentage; so, for us to have done that within 8 months is a real feather in our cap.”
Drilling on the San Sabino property has yet to commence. “The trench results are trickling in,” said Foreman, “It’s the only one [of the properties] that we didn’t drill because we’re looking at expanding our interest in the area. We were awaiting [trenching] results, and we just wanted to look at more information before we spent money on a drill program.”
The results from the San Sabino trenching program will soon be released. The management of Yale is planning further work in the fall, particularly on the Mina San Jose property. Phase one drilling of San Sabino is expected to be completed then, as well.
By partnering with Impact, Yale has aligned themselves with a respected silver producing junior company whose portfolio of advanced silver projects in Mexico includes two currently producing mines and a 500 tpd processing plant at Royal Mines in the Zacualpan Silver District. Yale chose Impact as a venture partner “along the same lines that someone would pick a company to invest in: we like their management, we like their projects, we like their ability to manage well-run programs,” said Foreman.
The fact that Impact has an option to purchase the nearby Veta Grande Mill is the icing on the cake. If further exploration work proves fruitful, the two companies are considering processing ore from the many tailings dumps on their properties at the Veta Grande. All four of the Zacatecas Venture properties are within ten kilomtres of the mill, greatly reducing the expenses involved in transporting ore.
However, the close proximity of the mill is not the only cost beneficial feature of the Zacatecas project. Each of the four properties Yale has optioned contains old workings, including a series of adits, left over from the days of the Spanish colonialists. Beside each of these adits are fortuitously located dumps with mineralization that Yale’s management assumes was uneconomical to the Spanish. “So we've gone in and sampled a lot of those dumps,” said Foreman, “and the average grades came back 200-300 g/t silver, which a lot of companies promote as being economical underground – and this is sitting on the surface!”
Unlike most other production-minded juniors, Yale will have no need for debt financing to move the project into the development and production stages. According to Foreman, “there’s no reason for us to go to the market to pay to go into production. Literally, we're talking about getting a small contractor with a couple of dump trucks and a backhoe to dig this [the dump mineralization] at the surface of the earth and put it in a dump truck and truck it to the mill. So, we don’t need to raise funds at all to put these materials through the mill.”
Foreman believes the upside for investors is that Yale would be able to generate revenue without diluting its stock. “This is money the investors don't have to give us for further projects, or on this project. That’s a huge advantage.”
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Near Term Production May Help Realize Yale Resources’ Long Term Goals
By Mary Steiner
For many junior resource companies the idea of advancing an exploration project to production is merely a dream. The cost of development—infrastructure, labor, material transportation, equipment, a processing mill, etc.—can easily reach into the tens of millions for the smallest of mining operations. It is at this stage that most juniors either begin courting a larger partner for take-over, or considering debt financing options.
But, for Yale Resources [TSXV: YLL], what’s ostensibly a fantasy for most seems a not too far distant reality. Yale’s Zacatecas Venture silver project, under option from Impact Silver Corp., lies in Mexico’s Zacatecas mining district, a region with a rich silver production history dating back to the Spanish Colonial era with past production estimated at 1.2 billion ounces. This same district is also home to Penole’s Fresnillo mine, ranked as the world's second largest primary silver mine in 2005.
Earlier this month, Yale released the results from its phase one drill program. Much of the results confirmed Yale’s expectations of an average 200-300 grams per tonne silver; however, to the surprise of everyone, including President Ian Foreman, one hole on the Mina San Jose property showed an intercept of 1,340 grams per tonne over 0.80 metre.
During the exploration stage, a junior company’s share price is naturally affected by news releases, particularly those pertaining to drill results. Although the 1,340 g/t silver intercept gave many at Yale something to smile about, “it's obvious that the market wasn't happy,” said Foreman. He admits the intersections were narrower than expected and the market’s reaction to the news placed downward pressure on the stock.
Nevertheless, Foreman remains optimistic: “You’re looking at a vein system that is 400 meters long and you're drilling with something that is 2.5 inches in diameter. At times, you have to be very lucky when it comes to a drill program. We all know that the distribution of minerals through vein systems is very irregular; so for us to be able to get a high grade intersect is tremendously encouraging. It means that we could do it again.”
Yale’s involvement with the Zacatecas project began last October when the company signed a letter agreement with Impact Silver Corp. [IPT- TSX-V]. The terms of the agreement require Yale to reimburse Impact the property purchase cost and perform a minimum of US$ 100,000 exploration work within 18 months in order to earn a 65% interest in the venture.
In just eight months, Yale has fulfilled most of the terms of the agreement. “I think the key thing now is that we've been able to advance the property really quickly,” said Foreman. Once the drill programs are complete, Yale will have earned its 65% interest in the property. “So that means then we're not going to be diluting shares through optioning and paying 100% of the costs to earn in. We'll actually be partners paying 65% of the cost and Impact—35%. And that's a really significant thing.“ He added, “Not a lot of companies get to the point where they're actually earning in their percentage; so, for us to have done that within 8 months is a real feather in our cap.”
Drilling on the San Sabino property has yet to commence. “The trench results are trickling in,” said Foreman, “It’s the only one [of the properties] that we didn’t drill because we’re looking at expanding our interest in the area. We were awaiting [trenching] results, and we just wanted to look at more information before we spent money on a drill program.”
The results from the San Sabino trenching program will soon be released. The management of Yale is planning further work in the fall, particularly on the Mina San Jose property. Phase one drilling of San Sabino is expected to be completed then, as well.
By partnering with Impact, Yale has aligned themselves with a respected silver producing junior company whose portfolio of advanced silver projects in Mexico includes two currently producing mines and a 500 tpd processing plant at Royal Mines in the Zacualpan Silver District. Yale chose Impact as a venture partner “along the same lines that someone would pick a company to invest in: we like their management, we like their projects, we like their ability to manage well-run programs,” said Foreman.
The fact that Impact has an option to purchase the nearby Veta Grande Mill is the icing on the cake. If further exploration work proves fruitful, the two companies are considering processing ore from the many tailings dumps on their properties at the Veta Grande. All four of the Zacatecas Venture properties are within ten kilomtres of the mill, greatly reducing the expenses involved in transporting ore.
However, the close proximity of the mill is not the only cost beneficial feature of the Zacatecas project. Each of the four properties Yale has optioned contains old workings, including a series of adits, left over from the days of the Spanish colonialists. Beside each of these adits are fortuitously located dumps with mineralization that Yale’s management assumes was uneconomical to the Spanish. “So we've gone in and sampled a lot of those dumps,” said Foreman, “and the average grades came back 200-300 g/t silver, which a lot of companies promote as being economical underground – and this is sitting on the surface!”
Unlike most other production-minded juniors, Yale will have no need for debt financing to move the project into the development and production stages. According to Foreman, “there’s no reason for us to go to the market to pay to go into production. Literally, we're talking about getting a small contractor with a couple of dump trucks and a backhoe to dig this [the dump mineralization] at the surface of the earth and put it in a dump truck and truck it to the mill. So, we don’t need to raise funds at all to put these materials through the mill.”
Foreman believes the upside for investors is that Yale would be able to generate revenue without diluting its stock. “This is money the investors don't have to give us for further projects, or on this project. That’s a huge advantage.”
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Yales Resources’ Successes South of the Border¬¬
By: Barry Miller
Mexico is the world’s leading producer of silver, at almost 100 million ounces per year (17% of the worlds annual supply), although it does produce a number of other base metals. However, despite the country’s rich mining history dating back over 500 years, much of it remains to be explored. With a stable political and social structure by Latin American standards, Mexico boasts infinitely strong potential for exploration and development.
Yale Resources Ltd. (TSXV: YLL) specializes in the acquisition, exploration and development of natural resource properties in Mexico. Based in Vancouver, BC, Yale’s management intends to keep the focus of its company simple. The company has acquired and plans to develop a variety of properties in Mexico to the production stage.
However, a prospective industry creates prospective investors, and Yale faces the problem of creating shareholder value in a business where speculation can be both a driver and deterrent of interest.
So how does Yale evaluate prospective projects before spending valuable shareholder dollars? According to their company website (www.yaleresources.com), Yale’s program to increase shareholder value rests on a few important initiatives before a project undertaking, including:
1. Significant “blue sky” potential
2. Previous production
3. Proximity to active mines or major projects
4. Good access and infrastructure
With Yale’s current operations in Mexico, the management team plays an important role in the reliability and credibility of the company. Although foreign countries such as Mexico can present a number of hurdles and setbacks, the management team has countered this problem with know-how derived from individual experience, both industry and region specific. The talented roster at Yale includes such notables as President and Director Ian Foreman, with prior work as a chief geologist in Peru; director Dr. Luca Riggio, with a multitude of pioneering development work in Venezuela and throughout South America; and director Lindsay Bottomer, who brings more than 33 years of global mineral exploration and development experience to the project.
Although Mexico already exhibits world class potential, Yale has not based its exploration on this factor alone. Yale is exclusively interested in projects that satisfy the criteria the company uses to identify successful candidates. As President and CEO Ian Foreman, P.Geo. tells it, factors such as “favourable tax structures” and a “strong government commitment to natural resource development” will also strongly contribute to the success of the project.
Initial expansion into Mexico was led by the Urique Project, which eventually led the company towards a number of other unique business opportunities in the same region, the Carol Property and The Zacatecas Venture. Each property has had production in the past and is within 10km of a currently producing mine, important prerequisites for a successful venture.
The Urique project (gold & silver) is 290 square kilometres in size, and currently consists of ten mineralized targets in the Sierra Madre Gold Belt of Northern Mexico. This region truly does have a “rich” history of successful gold mining with numerous one million ounce-plus gold deposits stretched along the 300km region. Yale has numerous drill targets located “on strike”, prepped and ready to go; three out of a total of ten targets are at the drill ready stage.
The Zacatecas Venture (silver) includes four distinct properties in the Zacatecas Silver District, one of the largest in the world historically. With this venture, Yale has partnered with IMPACT Silver in an agreement to purchase up to 80% interest in the Zacatecas, Salvador, San Sabino and San Jose properties. This relationship has already proved to be key with IMPACT’s recently announced purchasing option in the Veta Grande processing plant, a mere 8km from all three properties, undoubtedly strengthening Yale’s presence in the region. The Phase 1 drill program at Zacatecas, now completed, includes a highlight intercept of 1,340 g/t silver over 0.80 metres, with all drilling encountering at least some level of notable mineralization.
In a June 11, 2007 press release, Yale announced it had, as a result of phase 1 drilling, already earned its 65% interest in three of its four Zacatecas properties. The recent drill results satisfied all exploration requirements as outlined prior to the phase one drill program; phase two drilling is slated to begin this fall.
The Carol Property (Copper, Zinc, Silver & Gold), slightly southwest of Urique, is 100% owned by Yale Resources. Consisting of six mining claims and 3 distinct zones (the Balde Skarn, Escondida and Epithermal Vein) and spanning over 700 hectares, the property also boasts proximity to Frontera Corp’s Piedras Verdes deposit and established road access and infrastructure.
Since entering Mexico last year, Yale Resources has already succeeded in the optioning of two massive projects and has purchased 100% of a third. With a number of successful drillings and additional discoveries on the cusp of development, Yale has also begun the process of creating a wholly owned Mexican subsidiary, Minera Alta Vista, to better serve and direct their business needs.
With the creation of the Mexican subsidiary, new management has been brought in to direct operations on the ground in Mexico. Ezra Jiminez, LLM, MBA, is now Yale’s Manager of Operations. Jimenez specializes in aspects of Mexican law such as arbitration and negotiation, environmental and tax law, which will help the company circumvent unnecessary legal tangles that have slowed or stopped operations at so many other South and Central American projects, such as Century Mining in Peru or Columbia Metals in Columbia.
As Director and President Ian Foreman states, “Qualified people must look after the day-to-day operations in Mexico”, referring to the lack of local management often given to foreign operations. He adds, “I don’t want to be involved in the day to day running of the Mexican properties, I want to be looking after the bigger picture of what we are doing in Mexico in general”.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Yales Resources’ Successes South of the Border¬¬
By: Barry Miller
Mexico is the world’s leading producer of silver, at almost 100 million ounces per year (17% of the worlds annual supply), although it does produce a number of other base metals. However, despite the country’s rich mining history dating back over 500 years, much of it remains to be explored. With a stable political and social structure by Latin American standards, Mexico boasts infinitely strong potential for exploration and development.
Yale Resources Ltd. (TSXV: YLL) specializes in the acquisition, exploration and development of natural resource properties in Mexico. Based in Vancouver, BC, Yale’s management intends to keep the focus of its company simple. The company has acquired and plans to develop a variety of properties in Mexico to the production stage.
However, a prospective industry creates prospective investors, and Yale faces the problem of creating shareholder value in a business where speculation can be both a driver and deterrent of interest.
So how does Yale evaluate prospective projects before spending valuable shareholder dollars? According to their company website (www.yaleresources.com), Yale’s program to increase shareholder value rests on a few important initiatives before a project undertaking, including:
1. Significant “blue sky” potential
2. Previous production
3. Proximity to active mines or major projects
4. Good access and infrastructure
With Yale’s current operations in Mexico, the management team plays an important role in the reliability and credibility of the company. Although foreign countries such as Mexico can present a number of hurdles and setbacks, the management team has countered this problem with know-how derived from individual experience, both industry and region specific. The talented roster at Yale includes such notables as President and Director Ian Foreman, with prior work as a chief geologist in Peru; director Dr. Luca Riggio, with a multitude of pioneering development work in Venezuela and throughout South America; and director Lindsay Bottomer, who brings more than 33 years of global mineral exploration and development experience to the project.
Although Mexico already exhibits world class potential, Yale has not based its exploration on this factor alone. Yale is exclusively interested in projects that satisfy the criteria the company uses to identify successful candidates. As President and CEO Ian Foreman, P.Geo. tells it, factors such as “favourable tax structures” and a “strong government commitment to natural resource development” will also strongly contribute to the success of the project.
Initial expansion into Mexico was led by the Urique Project, which eventually led the company towards a number of other unique business opportunities in the same region, the Carol Property and The Zacatecas Venture. Each property has had production in the past and is within 10km of a currently producing mine, important prerequisites for a successful venture.
The Urique project (gold & silver) is 290 square kilometres in size, and currently consists of ten mineralized targets in the Sierra Madre Gold Belt of Northern Mexico. This region truly does have a “rich” history of successful gold mining with numerous one million ounce-plus gold deposits stretched along the 300km region. Yale has numerous drill targets located “on strike”, prepped and ready to go; three out of a total of ten targets are at the drill ready stage.
The Zacatecas Venture (silver) includes four distinct properties in the Zacatecas Silver District, one of the largest in the world historically. With this venture, Yale has partnered with IMPACT Silver in an agreement to purchase up to 80% interest in the Zacatecas, Salvador, San Sabino and San Jose properties. This relationship has already proved to be key with IMPACT’s recently announced purchasing option in the Veta Grande processing plant, a mere 8km from all three properties, undoubtedly strengthening Yale’s presence in the region. The Phase 1 drill program at Zacatecas, now completed, includes a highlight intercept of 1,340 g/t silver over 0.80 metres, with all drilling encountering at least some level of notable mineralization.
In a June 11, 2007 press release, Yale announced it had, as a result of phase 1 drilling, already earned its 65% interest in three of its four Zacatecas properties. The recent drill results satisfied all exploration requirements as outlined prior to the phase one drill program; phase two drilling is slated to begin this fall.
The Carol Property (Copper, Zinc, Silver & Gold), slightly southwest of Urique, is 100% owned by Yale Resources. Consisting of six mining claims and 3 distinct zones (the Balde Skarn, Escondida and Epithermal Vein) and spanning over 700 hectares, the property also boasts proximity to Frontera Corp’s Piedras Verdes deposit and established road access and infrastructure.
Since entering Mexico last year, Yale Resources has already succeeded in the optioning of two massive projects and has purchased 100% of a third. With a number of successful drillings and additional discoveries on the cusp of development, Yale has also begun the process of creating a wholly owned Mexican subsidiary, Minera Alta Vista, to better serve and direct their business needs.
With the creation of the Mexican subsidiary, new management has been brought in to direct operations on the ground in Mexico. Ezra Jiminez, LLM, MBA, is now Yale’s Manager of Operations. Jimenez specializes in aspects of Mexican law such as arbitration and negotiation, environmental and tax law, which will help the company circumvent unnecessary legal tangles that have slowed or stopped operations at so many other South and Central American projects, such as Century Mining in Peru or Columbia Metals in Columbia.
As Director and President Ian Foreman states, “Qualified people must look after the day-to-day operations in Mexico”, referring to the lack of local management often given to foreign operations. He adds, “I don’t want to be involved in the day to day running of the Mexican properties, I want to be looking after the bigger picture of what we are doing in Mexico in general”.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Bayfield Ventures Explores with BHP in Mongolia
By Peter Fitzhenry
June 20, 2007
Since Rio Tinto and Ivanhoe Mines announced an agreement in principle with the Mongolian government to develop the Oyu Tolgoi Mine in the South Gobi region of Mongolia, investor interest has been piqued about the opportunity of exploiting the minerals embedded in the metal-rich East Asian country. Bayfield Ventures (TSX.V:BYV) is one junior company with a promising copper-gold and coal position in the desirable area.
In June 2005¬¬¬¬¬¬, Bayfield Ventures signed an agreement with BHP Billiton where BHP could earn 51% interest in Bayfield’s Hurmen Uul Mongolian copper-gold and coal property. BHP Billiton began an exploration program on the properties in October of 2005 and is currently earning 51% interest in the Hurmen Uul properties by paying 100% of exploration expenditures.
Mining analyst Terence Ortslan, in an interview with Katherine Young of Resourcex Group, described the opportunity for mining companies in Mongolia. “[Mongolia is] one of the great metallogenic belts of the world. It has been underexplored and has been explored only to Eastern block standards. Russian, Czech, Bulgarian and East German geologists have been through the properties with their own systems and devices, approaches and exploration methodologies. It’s not been seen a lot by the western technology and expertise.”
The Mongolian government, according to Ortslan, is recognizing the value of its resource assets while learning how to best work with foreign investors to both develop and protect Mongolian interests. Ortslan outlines the issues, “In short, Mongolia has everything to offer, and the western exploration companies have a lot to offer. The learning process is still on. Mongolia is careful and protective of what they want out of the industry. Obviously, they have also seen enormous interest by their neighbors, not only by us, but also by the Chinese and the Russian resource business people. And [the Mongolian government] knows and understands that the western companies are far more into corporate governance, into the environment, into World Bank Standards than Chinese or Russian possible counterparts.”
With the Mongolian government making historic deals with the likes of Rio Tinto and Ivanhoe Mines, Bayfield is well-positioned next to a partner like the major mining company BHP Billiton. Protected by the size and power of one of the largest mining companies in the world, Bayfield is poised to protect its interests.
According to Bayfield’s website, the Mines Branch of Mongolia carried out geophysical and geological studies in the area of Bayfield’s Hurmen Uul properties in the 1980’s and turned up findings of “coal, several porphyry gold occurrences (granitoid related gold), instances of placer gold, and outcroppings of laterites containing weathering crust nickel exposure.”
Also notable, the Hurmen Uul properties are located in the same South Gobi region of Mongolia as the Rio Tinto/Ivanhoe Oyu Tolgoi world-class deposit and the legendary Tavan Tolgoi deposit. Ortslan puts the Tavan Tolgoi in perspective, “the Tavan Tolgoi is one of the biggest undeveloped coal mineral resources and reserves on this planet. That can feed China and Mongolia for decades to come…It’s a massive, beautiful project, I’ve never seen anything like it before in my life. It’s unprecedented.”
Similarly impressive, the Oyu Tolgoi deposit is estimated to contain measured and indicated resources of 1.15 billion tonnes grading 1.30% copper and 0.47g/t gold for an estimated resource of 32.9 billion pounds of copper and 17.3 million ounces of gold. The additional estimated inferred resource adds another 26.2 billion pounds of copper and 8.4 million ounces of gold.
Bayfield is currently waiting in queue with many other foreign mining companies in Mongolia for new licenses. Bayfield’s President, Don Huston explained, “Bayfield has been forced to make a reapplication, as hundreds of other companies have been in Mongolia at this time, foreign companies, Canadian or Australian or whatever to make a reapplication to the Mongolian ministry of mines to have the ministry of mines reissue new licenses for this specific area. It is the way that business has to be done there right now.”
However, with a major like BHP Billiton for a partner, Huston is confident that the licenses will be issued. “We’re very optimistic we’ll get those. The hardest part is the time.” Huston estimates that Bayfield will proceed at the Mongolian properties within a few months. “They [the Mongolian people] are just coming to their annual summer festival where I understand work stops for a month. It will probably be three months before we hear.”
In addition, Bayfield has gold properties both in Rainy River Ontario and in Red Lake Ontario. Exploration programs are underway on the company’s Claim Block A Rainy River property while the winter 2007 exploration program on Block B has recently been completed. The properties are situated approximately1000 metres (m) from Rainy River Resources’ newly discovered gold zone where the company has reported intercepts of 23.5m of 10.6g/t gold and 22.6m of 17.0 g/t gold. Drilling is planned for Blocks A,B and C this summer.
Bayfield also owns a 24.5% interest in the Red Lake Ontario, Baird Gold property. Skyharbour resources owns another 24.5% while the remaining 51% is held by Goldcorp Inc. The Red Lake area is home to several gold mines where production and proven resources total upwards of 30 million ounces of gold. The Company is currently in negotiations with Goldcorp for an interest in a much larger land package in the area, which is presently owned by Goldcorp.
Rounding out its portfolio, Bayfield is also exploring for diamonds in the Fort a la Corne diamond area of Saskatchewan. The company’s 5 claims are located near the Shore Gold and the De Beers-Shore Gold recent diamond discoveries.
Bayfield Ventures stock price was $0.55 on Tuesday June 19, 2007 with volume trading at 17,900.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Yale Resources Team Selects Top Properties, Unveils High Grades in Mexico
By Rob Staianno
June 21, 2007
On June 11, 2007, Yale Resources (TSX.V:YLL) reported significant intercepts from its Phase I drill program at the Zacatecas project. Highlights included a huge 1,340 g/t silver over 0.80m. With the recent completion of the Phase I drill program on Zacatecas, Yale Resources has only to finish drilling at San Sabino to complete the terms of its option agreement and earn a 65% interest in the Mina San Jose, San Sabino and Salvador properties. Drilling at San Sabino is scheduled to take place this fall.
Yale Resources has a letter of agreement with IMPACT Silver Corp to acquire 80% interest in the three properties in the Zacatecas silver district in Mexico. Yale will earn 65% interest in San Sabino, San Jose and Salvador, collectively known as the Zacatecas project by paying IMPACT its full purchase price for the properties, and spending US$100,000 on exploration within 18 months. Once it has earned the initial 65% interest, Yale can earn the remaing 15% by paying US$125,000 or the equivalent in shares – IMPACT’s choice.
With the Phase I program at Zacatecas completed, Yale Resources plans a Phase 2 program to begin on the property this fall, concurrent with drilling at San Sabino. The Phase 2 drilling will focus particularly on the high grades coming out of the Mina San Jose property, which was host to the high grade intercept of 1,340 g/t silver and where dump samples turned up grades of 1kg/t silver.
Yale Resources’ highly experienced management team acquired the Zacatecas properties because of the high silver grades from the run of mine dumps, which they believe to be indicative of the high grade ore remaining in the ground below. Sampling showed that mineralization from the dumps grades on average more than 300 g/t silver.
Also of note, Yale management plans to investigate the possibility of processing mineralized dumps through a mill that IMPACT, Yale’s joint venture partner, has an option to acquire. If testing of the milling goes well, Yale hopes to generate cash flow while using mineralized dumps as a bulk sample.
Management at Yale, which includes the much respected and followed Richard Hughes, were well aware of the promise of the prolific Zacatecas region when they acquired the properties. Silver production in the area dates back to the Spanish period. And the Zacatecas region in Mexico is one of the largest silver regions in the world.
In addition to the Zacatecas Venture, Yale has two other Mexican projects, which also reflect the expertise of the Yale team in selecting properties, the Urique Project and the Carol Property. A significant amount of historic work has been done on the Urique Property, which, although not NI 43-101 compliant, nonetheless is evidence of potential within the 11 concessions totaling 28,880 hectares in the Sierra Madre Gold Belt in Northern Mexico.
The Sierra Madre Belt is home to large gold deposits and gold mines. Especially of interest, the Urique property directly borders the El Sauzal Mine which has proven and probable resources of 15,821,000 tonnes at 3.29 g/t gold for 1,673,000 ounces of gold and measured and indicated resources of 20,529,000 tonnes at 2.73 g/t gold for 1,802,000 ounces of gold.
Historic results on the Urique property include highlights of 532 g/t silver and 0.57 g/t gold over 1.5m from El Suaz. Samples from El Frijolar included 4.2 g/t gold and 46.9 g/t gold. Other areas boast historic grades as high as 86 g/t gold and 161 g/t silver from sampling at Urique and 35 g/t gold and 482 g/t silver from San Pedro.
The Urique Project is a joint venture with Exmin where Yale can earn 75% interest by spending US $4.5 million on exploration and property acquisition and issuing 1.5 million shares to Exmin over 5 years.
Following mangement’s acquisition logic, Yale’s Carol Property is located in northern Mexico 6 km from Frontera Copper Corp.’s Piedras Verdas copper deposit, which has proven and probable reserves of 191 million tonnes at 0.36% copper. NI 43-101 compliant sampling on one of the three mineralized zones on the Carol Property, the Balde Skarn Zone returned results including 5.32% copper, 1.53% zinc, 300 ppb gold and 8.0 g/t silver. Historic sample results from a second zone, the Escondida zone returned 5.5% copper, 3.18% zinc, 0.99% gold and 15 g/t silver over 4m.
Yale can earn 100% interest in the Carol Property by paying US $250,000 over 3 years.
With these excellent Mexican properties and high grades in hand, the Yale Resources team is poised to move forward. President Ian Foreman perhaps said it best in an interview, “In this industry successful people will continue to be successful and good management will create a successful company. The question will just be then, how long does it take for that company to be successful?”
With Yale Resources stock sitting at an attractively low $0.285, getting in at this stage of the game on properties with excellent grades and a management team that consistently delivers, may be an excellent way to maximize the upside.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Yale Resources Team Selects Top Properties, Unveils High Grades in Mexico
By Rob Staianno
June 21, 2007
On June 11, 2007, Yale Resources (TSX.V:YLL) reported significant intercepts from its Phase I drill program at the Zacatecas project. Highlights included a huge 1,340 g/t silver over 0.80m. With the recent completion of the Phase I drill program on Zacatecas, Yale Resources has only to finish drilling at San Sabino to complete the terms of its option agreement and earn a 65% interest in the Mina San Jose, San Sabino and Salvador properties. Drilling at San Sabino is scheduled to take place this fall.
Yale Resources has a letter of agreement with IMPACT Silver Corp to acquire 80% interest in the three properties in the Zacatecas silver district in Mexico. Yale will earn 65% interest in San Sabino, San Jose and Salvador, collectively known as the Zacatecas project by paying IMPACT its full purchase price for the properties, and spending US$100,000 on exploration within 18 months. Once it has earned the initial 65% interest, Yale can earn the remaing 15% by paying US$125,000 or the equivalent in shares – IMPACT’s choice.
With the Phase I program at Zacatecas completed, Yale Resources plans a Phase 2 program to begin on the property this fall, concurrent with drilling at San Sabino. The Phase 2 drilling will focus particularly on the high grades coming out of the Mina San Jose property, which was host to the high grade intercept of 1,340 g/t silver and where dump samples turned up grades of 1kg/t silver.
Yale Resources’ highly experienced management team acquired the Zacatecas properties because of the high silver grades from the run of mine dumps, which they believe to be indicative of the high grade ore remaining in the ground below. Sampling showed that mineralization from the dumps grades on average more than 300 g/t silver.
Also of note, Yale management plans to investigate the possibility of processing mineralized dumps through a mill that IMPACT, Yale’s joint venture partner, has an option to acquire. If testing of the milling goes well, Yale hopes to generate cash flow while using mineralized dumps as a bulk sample.
Management at Yale, which includes the much respected and followed Richard Hughes, were well aware of the promise of the prolific Zacatecas region when they acquired the properties. Silver production in the area dates back to the Spanish period. And the Zacatecas region in Mexico is one of the largest silver regions in the world.
In addition to the Zacatecas Venture, Yale has two other Mexican projects, which also reflect the expertise of the Yale team in selecting properties, the Urique Project and the Carol Property. A significant amount of historic work has been done on the Urique Property, which, although not NI 43-101 compliant, nonetheless is evidence of potential within the 11 concessions totaling 28,880 hectares in the Sierra Madre Gold Belt in Northern Mexico.
The Sierra Madre Belt is home to large gold deposits and gold mines. Especially of interest, the Urique property directly borders the El Sauzal Mine which has proven and probable resources of 15,821,000 tonnes at 3.29 g/t gold for 1,673,000 ounces of gold and measured and indicated resources of 20,529,000 tonnes at 2.73 g/t gold for 1,802,000 ounces of gold.
Historic results on the Urique property include highlights of 532 g/t silver and 0.57 g/t gold over 1.5m from El Suaz. Samples from El Frijolar included 4.2 g/t gold and 46.9 g/t gold. Other areas boast historic grades as high as 86 g/t gold and 161 g/t silver from sampling at Urique and 35 g/t gold and 482 g/t silver from San Pedro.
The Urique Project is a joint venture with Exmin where Yale can earn 75% interest by spending US $4.5 million on exploration and property acquisition and issuing 1.5 million shares to Exmin over 5 years.
Following mangement’s acquisition logic, Yale’s Carol Property is located in northern Mexico 6 km from Frontera Copper Corp.’s Piedras Verdas copper deposit, which has proven and probable reserves of 191 million tonnes at 0.36% copper. NI 43-101 compliant sampling on one of the three mineralized zones on the Carol Property, the Balde Skarn Zone returned results including 5.32% copper, 1.53% zinc, 300 ppb gold and 8.0 g/t silver. Historic sample results from a second zone, the Escondida zone returned 5.5% copper, 3.18% zinc, 0.99% gold and 15 g/t silver over 4m.
Yale can earn 100% interest in the Carol Property by paying US $250,000 over 3 years.
With these excellent Mexican properties and high grades in hand, the Yale Resources team is poised to move forward. President Ian Foreman perhaps said it best in an interview, “In this industry successful people will continue to be successful and good management will create a successful company. The question will just be then, how long does it take for that company to be successful?”
With Yale Resources stock sitting at an attractively low $0.285, getting in at this stage of the game on properties with excellent grades and a management team that consistently delivers, may be an excellent way to maximize the upside.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Bayfield Ventures Explores with BHP in Mongolia
By Peter Fitzhenry
June 20, 2007
Since Rio Tinto and Ivanhoe Mines announced an agreement in principle with the Mongolian government to develop the Oyu Tolgoi Mine in the South Gobi region of Mongolia, investor interest has been piqued about the opportunity of exploiting the minerals embedded in the metal-rich East Asian country. Bayfield Ventures (TSX.V:BYV) is one junior company with a promising copper-gold and coal position in the desirable area.
In June 2005¬¬¬¬¬¬, Bayfield Ventures signed an agreement with BHP Billiton where BHP could earn 51% interest in Bayfield’s Hurmen Uul Mongolian copper-gold and coal property. BHP Billiton began an exploration program on the properties in October of 2005 and is currently earning 51% interest in the Hurmen Uul properties by paying 100% of exploration expenditures.
Mining analyst Terence Ortslan, in an interview with Katherine Young of Resourcex Group, described the opportunity for mining companies in Mongolia. “[Mongolia is] one of the great metallogenic belts of the world. It has been underexplored and has been explored only to Eastern block standards. Russian, Czech, Bulgarian and East German geologists have been through the properties with their own systems and devices, approaches and exploration methodologies. It’s not been seen a lot by the western technology and expertise.”
The Mongolian government, according to Ortslan, is recognizing the value of its resource assets while learning how to best work with foreign investors to both develop and protect Mongolian interests. Ortslan outlines the issues, “In short, Mongolia has everything to offer, and the western exploration companies have a lot to offer. The learning process is still on. Mongolia is careful and protective of what they want out of the industry. Obviously, they have also seen enormous interest by their neighbors, not only by us, but also by the Chinese and the Russian resource business people. And [the Mongolian government] knows and understands that the western companies are far more into corporate governance, into the environment, into World Bank Standards than Chinese or Russian possible counterparts.”
With the Mongolian government making historic deals with the likes of Rio Tinto and Ivanhoe Mines, Bayfield is well-positioned next to a partner like the major mining company BHP Billiton. Protected by the size and power of one of the largest mining companies in the world, Bayfield is poised to protect its interests.
According to Bayfield’s website, the Mines Branch of Mongolia carried out geophysical and geological studies in the area of Bayfield’s Hurmen Uul properties in the 1980’s and turned up findings of “coal, several porphyry gold occurrences (granitoid related gold), instances of placer gold, and outcroppings of laterites containing weathering crust nickel exposure.”
Also notable, the Hurmen Uul properties are located in the same South Gobi region of Mongolia as the Rio Tinto/Ivanhoe Oyu Tolgoi world-class deposit and the legendary Tavan Tolgoi deposit. Ortslan puts the Tavan Tolgoi in perspective, “the Tavan Tolgoi is one of the biggest undeveloped coal mineral resources and reserves on this planet. That can feed China and Mongolia for decades to come…It’s a massive, beautiful project, I’ve never seen anything like it before in my life. It’s unprecedented.”
Similarly impressive, the Oyu Tolgoi deposit is estimated to contain measured and indicated resources of 1.15 billion tonnes grading 1.30% copper and 0.47g/t gold for an estimated resource of 32.9 billion pounds of copper and 17.3 million ounces of gold. The additional estimated inferred resource adds another 26.2 billion pounds of copper and 8.4 million ounces of gold.
Bayfield is currently waiting in queue with many other foreign mining companies in Mongolia for new licenses. Bayfield’s President, Don Huston explained, “Bayfield has been forced to make a reapplication, as hundreds of other companies have been in Mongolia at this time, foreign companies, Canadian or Australian or whatever to make a reapplication to the Mongolian ministry of mines to have the ministry of mines reissue new licenses for this specific area. It is the way that business has to be done there right now.”
However, with a major like BHP Billiton for a partner, Huston is confident that the licenses will be issued. “We’re very optimistic we’ll get those. The hardest part is the time.” Huston estimates that Bayfield will proceed at the Mongolian properties within a few months. “They [the Mongolian people] are just coming to their annual summer festival where I understand work stops for a month. It will probably be three months before we hear.”
In addition, Bayfield has gold properties both in Rainy River Ontario and in Red Lake Ontario. Exploration programs are underway on the company’s Claim Block A Rainy River property while the winter 2007 exploration program on Block B has recently been completed. The properties are situated approximately1000 metres (m) from Rainy River Resources’ newly discovered gold zone where the company has reported intercepts of 23.5m of 10.6g/t gold and 22.6m of 17.0 g/t gold. Drilling is planned for Blocks A,B and C this summer.
Bayfield also owns a 24.5% interest in the Red Lake Ontario, Baird Gold property. Skyharbour resources owns another 24.5% while the remaining 51% is held by Goldcorp Inc. The Red Lake area is home to several gold mines where production and proven resources total upwards of 30 million ounces of gold. The Company is currently in negotiations with Goldcorp for an interest in a much larger land package in the area, which is presently owned by Goldcorp.
Rounding out its portfolio, Bayfield is also exploring for diamonds in the Fort a la Corne diamond area of Saskatchewan. The company’s 5 claims are located near the Shore Gold and the De Beers-Shore Gold recent diamond discoveries.
Bayfield Ventures stock price was $0.55 on Tuesday June 19, 2007 with volume trading at 17,900.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Bayfield Ventures Explores with BHP in Mongolia
By Peter Fitzhenry
June 20, 2007
Since Rio Tinto and Ivanhoe Mines announced an agreement in principle with the Mongolian government to develop the Oyu Tolgoi Mine in the South Gobi region of Mongolia, investor interest has been piqued about the opportunity of exploiting the minerals embedded in the metal-rich East Asian country. Bayfield Ventures (TSX.V:BYV) is one junior company with a promising copper-gold and coal position in the desirable area.
In June 2005¬¬¬¬¬¬, Bayfield Ventures signed an agreement with BHP Billiton where BHP could earn 51% interest in Bayfield’s Hurmen Uul Mongolian copper-gold and coal property. BHP Billiton began an exploration program on the properties in October of 2005 and is currently earning 51% interest in the Hurmen Uul properties by paying 100% of exploration expenditures.
Mining analyst Terence Ortslan, in an interview with Katherine Young of Resourcex Group, described the opportunity for mining companies in Mongolia. “[Mongolia is] one of the great metallogenic belts of the world. It has been underexplored and has been explored only to Eastern block standards. Russian, Czech, Bulgarian and East German geologists have been through the properties with their own systems and devices, approaches and exploration methodologies. It’s not been seen a lot by the western technology and expertise.”
The Mongolian government, according to Ortslan, is recognizing the value of its resource assets while learning how to best work with foreign investors to both develop and protect Mongolian interests. Ortslan outlines the issues, “In short, Mongolia has everything to offer, and the western exploration companies have a lot to offer. The learning process is still on. Mongolia is careful and protective of what they want out of the industry. Obviously, they have also seen enormous interest by their neighbors, not only by us, but also by the Chinese and the Russian resource business people. And [the Mongolian government] knows and understands that the western companies are far more into corporate governance, into the environment, into World Bank Standards than Chinese or Russian possible counterparts.”
With the Mongolian government making historic deals with the likes of Rio Tinto and Ivanhoe Mines, Bayfield is well-positioned next to a partner like the major mining company BHP Billiton. Protected by the size and power of one of the largest mining companies in the world, Bayfield is poised to protect its interests.
According to Bayfield’s website, the Mines Branch of Mongolia carried out geophysical and geological studies in the area of Bayfield’s Hurmen Uul properties in the 1980’s and turned up findings of “coal, several porphyry gold occurrences (granitoid related gold), instances of placer gold, and outcroppings of laterites containing weathering crust nickel exposure.”
Also notable, the Hurmen Uul properties are located in the same South Gobi region of Mongolia as the Rio Tinto/Ivanhoe Oyu Tolgoi world-class deposit and the legendary Tavan Tolgoi deposit. Ortslan puts the Tavan Tolgoi in perspective, “the Tavan Tolgoi is one of the biggest undeveloped coal mineral resources and reserves on this planet. That can feed China and Mongolia for decades to come…It’s a massive, beautiful project, I’ve never seen anything like it before in my life. It’s unprecedented.”
Similarly impressive, the Oyu Tolgoi deposit is estimated to contain measured and indicated resources of 1.15 billion tonnes grading 1.30% copper and 0.47g/t gold for an estimated resource of 32.9 billion pounds of copper and 17.3 million ounces of gold. The additional estimated inferred resource adds another 26.2 billion pounds of copper and 8.4 million ounces of gold.
Bayfield is currently waiting in queue with many other foreign mining companies in Mongolia for new licenses. Bayfield’s President, Don Huston explained, “Bayfield has been forced to make a reapplication, as hundreds of other companies have been in Mongolia at this time, foreign companies, Canadian or Australian or whatever to make a reapplication to the Mongolian ministry of mines to have the ministry of mines reissue new licenses for this specific area. It is the way that business has to be done there right now.”
However, with a major like BHP Billiton for a partner, Huston is confident that the licenses will be issued. “We’re very optimistic we’ll get those. The hardest part is the time.” Huston estimates that Bayfield will proceed at the Mongolian properties within a few months. “They [the Mongolian people] are just coming to their annual summer festival where I understand work stops for a month. It will probably be three months before we hear.”
In addition, Bayfield has gold properties both in Rainy River Ontario and in Red Lake Ontario. Exploration programs are underway on the company’s Claim Block A Rainy River property while the winter 2007 exploration program on Block B has recently been completed. The properties are situated approximately1000 metres (m) from Rainy River Resources’ newly discovered gold zone where the company has reported intercepts of 23.5m of 10.6g/t gold and 22.6m of 17.0 g/t gold. Drilling is planned for Blocks A,B and C this summer.
Bayfield also owns a 24.5% interest in the Red Lake Ontario, Baird Gold property. Skyharbour resources owns another 24.5% while the remaining 51% is held by Goldcorp Inc. The Red Lake area is home to several gold mines where production and proven resources total upwards of 30 million ounces of gold. The Company is currently in negotiations with Goldcorp for an interest in a much larger land package in the area, which is presently owned by Goldcorp.
Rounding out its portfolio, Bayfield is also exploring for diamonds in the Fort a la Corne diamond area of Saskatchewan. The company’s 5 claims are located near the Shore Gold and the De Beers-Shore Gold recent diamond discoveries.
Bayfield Ventures stock price was $0.55 on Tuesday June 19, 2007 with volume trading at 17,900.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Bayfield Ventures Sits Alongside Major Rainy Rivers Resources
By Peter Fitzhenry
June 20, 2007
About a year ago Bayfield Ventures’(TSXV:BYV) President Don Huston began staking ground in the Rainy Rivers area of Ontario. One full turning of the calendar later, he’s pleased to be holding claim blocks neighboring those of Rainy Rivers Resources’ (TSXV:RR), a TSX Venture-listed company trading for $5.20 per share. President Huston explains, “Rainy Rivers have since last summer decided to increase their land holding in the Rainy Rivers area too and they find now that they have a neighbor in Bayfield and I think that bodes very, very well for us in the future if they are to develop this ore body to production.”
Huston’s strategy has paid off. The ore body he refers to has been identified and drilled by Rainy Rivers. In early November 2006, Rainy River Resources began reporting assays from its targets to the tune of 23.5m of 10.0 g/t gold and 22.6m of 17.0 g/t gold amongst others. An NI 43-101 report for the Tait Property in Claim Block A at Rainy River, listed on Sedar.com on March 20, 2007 stated, “of considerable significance is the gold mineralization reported on the adjoining Rainy River Resources Ltd. property.” Rainy River, in Huston’s words, “have got themselves an ore body.” And their stock price reflects it. Rainy River’s stock took a large hike in November 2006 from $2.50 per share to over $6.50 in early December before settling comfortably into the $5.00 neighborhood.
Bayfield’s Rainy River properties are situated on a known greenstone belt, which is also host to the Rainy Rivers Resources deposit. Huston explains, “We adjoin Rainy River on its east boundary. We’re about 2000 feet from where they’re drilling now and we adjoin them on the south and the southwest about ¾ of a mile from where they’re drilling now. We are on either end of them on-strike. We’re in the same major volcanic greenstone belt. We are following up on what we think are very similar structures that Rainy River Resources and their precursor, Nuinsco has seen. We think that we have as much opportunity as they do.”
Bayfields’ Rainy River properties consist of 131 hectares at the 50% owned A claim block, 192 hectares at the 100% owned B claim block and 800 hectares at the C claim block in the northwestern region of Ontario. The other 50% interest of Block A is being earned by Pender Gold Corp. On Block A, both Pender Gold and Bayfield can earn 50% each by paying $41,000 and issuing 100,000 shares each over 4 years to Perry English and Rubicon Minerals Corp. Both companies must pay a net smelter return royalty of 1.5%.
Bayfield Ventures will earn 100% interest in the Block B claim by paying $90,000.00 and issuing 160,000 shares over a three year working option term. A 2% net smelter return (NSR) is payable to the optioner with Bayfield retaining the right to buy back ½ of the NSR. Bayfield also has an option to earn 100% interest in the C Block Claim.
Huston predicts that the next phase of diamond drilling at the A, B and C blocks will begin about July 5th after the July 1st long weekend. “We’re anticipating a 10,000-12,000 foot drill program consisting of probably 12-14 holes that are spread over the 3 properties A, B and C…We’ll start on the B block.”
The last winter has been busy on the B block. “We’ve done a fair amount of work now this winter, since January. We’ve spent about $400,000 in ground preparation. We’ve established grids. We’ve done geophysics being magnetometer and horizontal loop electromagnetic surveys and we also did overburden drilling.”
Bayfield’s last winter’s program duplicated the successful methodology used by Rainy River Resources and its predecessor, Nuinsco. The results? Huston analyzed the winter’s conclusions, “We are very, very pleased with the gold grain counts that have been seen in our assaying in many locations on our Rainy River Properties. It’s not just one little assay or anything like that. The most intriguing thing here is that, we did the geophysics and now we’ve done the overburden drilling, we have gold green counts in the tills and they are coincidental with the geophysical targets which indicates geological structures and cross-cutting faults in the same places that the gold grain counts are found and I’m talking high gold grain counts—plus 1000 ppm and that’s quite substantial numbers. We have very bonafide, very real drill targets to look after on Blocks A,B and C.”
The Rainy River properties are Bayfields’ focus and Huston says he’s sitting on money that has to be spent. “I’ve got $600,000 to $800,000 that must be spent here in Canada very shortly. So I’m aggressive at getting at it. We’re going to work now.”
I’m expecting to see serious investor activity on the stock price as drill results begin to come in on the property. Bayfield stock is currently trading at $0.58 (June 21, 2007) with just 17 million shares outstanding. The low for the year was $0.35; the high was $0.80.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. Although the author has made efforts to verify the information contained herein, the accuracy of all the information cannot be guaranteed. As always, it is recommended that you commit considerable time to completing your due diligence before buying stocks in publicly traded companies. A fee has been paid for the creation and distribution of this article.
Yale Resources Takes a Rock Solid Approach in Mexico
Packard Richardson
The management team of Yale Resources Ltd. (TSXV: YLL) has a sound strategy that continues to place them in attractive positions. The team focuses on countries whose governments are mining friendly. They consider existing infrastructure or feasibility of bringing in infrastructure at new sites. One of their key strategies, however, is to explore areas near producing or past producing mines. Many companies have had much success with this strategy (a prime example is Inco’s 777 mine in Manitoba). To this end, Yale’s properties in Mexico have already begun to turn up exquisite results.
For example, Yale’s Carol property 20 km north of Alamos, Mexico is well positioned to take advantage of significant finds in the area. Frontera Copper Corp. has a reported proven and probable reserve of 191 million tonnes grading 0.36% copper. The Carol property is located 6 kilometres north of their property and has excellent infrastructure to work with, as well as a road to the core of the property. Three zones make up the Carol property, yielding copper, zinc, silver and gold. The Carol property has six claims over a total area of approximately 750 hectares.
Precious metal prices are still on the rise, and with the current state of the US economy they continue to remain a good hedge against inflation. Gold has gone up approximately 12% in the past year, and has been rising steadily since 2001. Silver is also in bull mode with a 27% increase in the past 12 months. As Canada increases interest rates later in the year, we will see increased movement by investors towards precious metals. Yale Resources has capitalized on these bull markets in precious metals and has put itself in a position to benefit from the commodities’ increasing value. One property that really stands to benefit from silver’s upward movement, is Yale’s Zacatecas property.
The Zacatecas District is one of the largest historic silver districts in the world, with past production estimated at 1.2 billion ounces. Yale’s property here has shown excellent results so far. The area has a run of mine dumps from historic work on the site. The samples from the mine dumps have yielded on average above 300 g/t silver. Select samples from the San Jose area of the project have shown very high grades, with the highest being 4,970 g/t silver, 6.74 g/t gold, 1.67 % lead, and 2.98 % zinc. Significant exploration potential remains on the San Jose project as well.
Yale Resources has partnered with IMPACT Silver Corp (TSXV: IPT) on the properties in Zacatecas District: Mina San Jose, Salvador, and Zacatecas. They stand to earn a 80% interest on each of the claims. Yale and IMPACT are in the process of investigating the option of processing the mineralized dumps at the nearby Veta Grande Mill. Processing the dumps will act as a bulk sample and may generate cash flow. With the processing plant, established infrastructure and a producing mine nearby, the ingredients for Yale Resources’ success here are already in place.
Recent drilling results have been promising, especially on the Mina San Jose property which yielded a significant intercept of 1,340 grams per tonne of silver at a vertical depth of approximately 75 metres below surface. Their next drill program is scheduled for the fall. Further work will go towards expanding their knowledge of the high-grade mineralization.
Additional projects for Yale Resources include a large claim on the historic Sierra Madre gold belt of northern Mexico. Titled the Urique project, it is 290 square kilometers in size and covers ten mineralized targets, a number of which have previously been in production.
Utilizing the strategy of exploring near proven resources, the Urique claims lie forty kilometers north of Goldcorp’s El Sauzal mine, which hosts over two million ounces of gold. After recent sample work, Yale has advanced their target to the drill ready stage. Yale has the right to earn a 75% interest in the Urique Project from EXMIN Resources Inc. Other producing mines in the area factor into this property’s appeal. These include Mulatos (Alamos Gold), Dolores (Minefinders), Ocampo (Gammon Lake), as well as the El Sauzal mine (Glamis Goldcorp).
Yale Resources is in a strong position in Mexico and is making significant progress on its properties. With the added value of existing infrastructure and proven resources surrounding the claims, Yale Resources’ strategies are taking effect. Since President and CEO Ian Foreman began launching Yale’s exploration programs in Mexico and gathering around him a seasoned management team, volume trading has tripled, the company’s stock price has doubled and still Yale has only issued 26 million shares, which represents good value for a junior exploration company.
Closeology Pays from all Directions for Bayfield Resources
By Rob Staianno
June 21, 2007
Think of salmon fishing. Imagine you see a large, expensive boat, perhaps with a depth-sounder, several state-of-the-art rods sprouting from its decks, downrigger lines in the water, strategically anchored at the mouth of a large river. It’s human nature and good logic for other smaller boats to crowd around.
In the mining industry it’s called closeology. The glib term casually refers to what adds up to an excellent strategy for junior exploration companies and Bayfield Ventures (TSXV:BYV) makes use of the strategy to excellent end.
Case in point for Bayfield are its Rainy River properties in Ontario. The company has three properties, Claim Blocks A, B and C, located near and next to those of Rainy River Resources (TSXV.RR). In an interview, Bayfield’s President Don Huston said, “We adjoin Rainy River [Resources] on its east boundary. We’re about 2000 feet from where they’re drilling now and we adjoined them on the south and the southwest about ¾ of a mile from where they’re drilling now.”
The idea is that Rainy River’s success (the company trades at over $5 per share) could, by virtue of its proximity to Bayfield, become Bayfield’s success as well.
“I believe that working where majors are working must give you a little better chance of success given that they have a much better geological group of people to draw information from as well as money to spend. And if they’re willing to take the money and the time and spend the effort on places like Rainy River for instance [then Bayfield is too.]”
And as Rainy River proceeds with excellent gold assays (55.7 m of 4.01 g/t gold at its ODM zone), a newly identified gold zone, and an outlined ore body, all the while acquiring more property in the area in the year since Bayfield’s President began staking ground there, Bayfield management’s confidence is escalating right along with Rainy River’s dramatic stock price climb that began last November following the news of high grade assays.
Huston’s language reveals his closeology strategy: “We are on either end of them on-strike. We’re in the same major volcanics, greenstone belt. We are following up on what we think are very similar structures that Rainy River Resources and their precursor, Nuinsco, has seen. We think that we have as much opportunity as they do.”
Bayfield’s other property choices follow the same logic. The Company’s copper-gold and coal Hurmen Uul properties, which are 51% owned by BHP Billiton, located in the South Gobi region of Mongolia are situated to the west of the Rio Tinto/Ivanhoe Mines’ world class Oyu Tolgoi copper/gold deposit, while to the north lies the massive Tavan Tolgoy coal deposit. The Tavan Tolgoy is one of the largest coal deposits in the world.
Similarly, Bayfield holds 5 claim blocks in Fort a la Corne, Saskatchewan, an area known to host diamond-rich kimberlite. But more than that, the Bayfield claims are located strategically close to claims owned by Shore Gold and De Beers. Bayfield’s Bay #1 leases adjoin the Shore Gold claims on the north, south and west. Shore Gold’s “Star” kimberlite body is 6 km away and another Shore Gold/De Beers’ kimberlite body is 8km away. Bayfield’s Bay #2 claim and 2 other properties are similarly situated close to Shore Gold and Shore Gold/De Beers bodies. The final Bayfield property is surrounded on all sides by Shore Gold properties and is on-strike to Shore Gold/ De Beers joint ventured properties.
Strategic positioning again, next to Goldcorp properties in Red Lake Ontario at the Baird Property has led to negotiations currently ongoing between Bayfield and Goldcorp. At the moment, Bayfield owns a 24.5% interest in the Baird Gold Property where Goldcorp retains 51% interest. The remaining 24.5% is owned by Skyharbour Resources.
Huston explains that Bayfield stands to possibly gain an interest in Goldcorp’s large landholding in the area.
“[Goldcorp has] the properties on either side of [Bayfield] and they’d like to incorporate our package and make it into one project. We’re in negotiations about that right now and I think that’s very much to the betterment of Bayfield. That’s what I would assume they’re going to suggest. Would I retain the 24.5%? Probably not. I don’t know what’s going to be proposed here. I have a work proposal from Goldcorp at this time that I have to put up 49% for work and we’re talking right now about a $300,000 work program that is scheduled for sometime this summer; I don’t know if it would be July or October. There is work proposed, but before that, I think we would be considering doing some sort of merger with Goldcorp on it.”
Huston may be uncertain at this point exactly what the future holds at Red Lake, but one thing is for sure, the strategic landholding gives Bayfield a bargaining power with a major that is otherwise very difficult to create.
Bargaining power, proximity to major structures that so far seem to extend onto Bayfield property, association with major names in the industry, all show that the closeology strategy works for an opportunistic junior like Bayfield.
Yale refocuses its world-class fieldwork in Zacatecas
Alison Metcalfe
The blinders are off at Yale Resources Ltd’s silver properties in Mexico and Ian Foreman P.Geo., the Vancouver company’s geologist, president and CEO, said new drill program results ensure that Yale will earn the interest it seeks in the land parcels there.
Yale (TSXV:YLL) reported results from its phase one drill program at the Zacatecas Venture, under option from IMPACT Silver Corp. (TSXV:IPT), with a highlight intercept of 1,340 g/t silver over 0.80 metres.
Yale expects now to earn a 65-percent interest in the Mina San Jose, Zacatecas and Salvador properties shortly. The San Sabino property has yet to be drilled and therefore Yale has, to date, not earned its interest. Results from a recently completed trenching program at San Sabino will be released when received.
Both firms were encouraged by the most recent results, as all drill holes encountered mineralization; they plan a series of holes for a phase-two drill program in the fall. Further work will be focused on expanding the understanding of the high-grade mineralization, particularly at Mina San Jose. Phase-one drilling of San Sabino will be completed at that time.
Yale and IMPACT are now going to investigate the option of processing the mineralized dumps on the properties through the Veta Grande Mill, which IMPACT has an option to purchase. If test work is satisfactory, milling would then be done on a contract basis at rates to be negotiated.
"Processing the mineralized dumps will act as a bulk sample and, in addition, could generate cash flow for the partnership,” Foreman stated.
Later, he told Resourcex that he believes the market over-reacted with regards to the drill results news, reaffirming the importance of managing investor expectations.
“I think we’re very reasonable in setting our expectations of what success would be at Zacatecas. We knew we were going to get some intersections; we had visuals at all the drill holes; but it’s ultimately the lab that tells you how successful you’ve been and it turns out that our intervals were narrower than expected, though the grades were exceptional.”
In no way does this news sound the death knell for Yale’s project, Foreman stated.
“What it does is it refocuses us and when we settle the bills and get our 65-percent interest in the property, that’s a real milestone. To earn an interest in someone else’s property – and to do it in less than six months – is ridiculously quick. Many times, it takes years and years to earn your interest in a property, so this is actually a first for Yale, in which we are going to be able to earn an interest in someone else’s property and then we will have to work as partners with IMPACT.
“There’s a real significance to that. Above and beyond the fact that we got a couple of narrow intersections, we now can move forward on investigating the opportunities for the property. We can look into what it will cost to process the mineralized dumps on the properties. And we can then look at the greater economics of working in the area.
“All of a sudden, we can take the blinders off. A lot of the time, it’s all about just earning your interest in a property.”
(The intersection turned out to be narrow, Foreman said, because Yale expected intervals of two to three metres wide. At Salvador, because of previous mining at those widths, the vein is exposed no longer. Expectations were that earlier mining operations took out only the vein.)
“So, our expectation was one and one-half to two meters in width. And we’re getting intervals in the 80-centimeter range,” he said.
“I think a meter seems to be a mental threshold for a lot of people. What they forget is that when we’re talking about having 1.3 kilos of silver per tonne, on the Mina San Jose property, you’re looking at a scenario where at today’s values, that’s greater than $500 a tonne of material. That’s significant mineralization.”
Within the past year, Yale decided to concentrate its efforts on developing its properties in mineral-rich Mexico. As its position in the mining-friendly country expands steadily, its investors are being urged to stay the course as its market value gathers momentum.
Currently Yale has three properties in Mexico: An option to earn 75 percent in the Urique Project, an option to earn 80 percent in the Zacatecas Venture, and the wholly owned Carol Property.
The Zacatecas Venture is actually made up of four properties and each has old workings dating from the Spanish colonial period. All are within eight km of the Veta Grande processing plant, which IMPACT recently announced that it has an option to acquire
Growing at the Speed of Yale Resources
By Alex “The Guru” Large
I talked to the “man behind the curtain” at Yale Resources (TSX: V.YLL), Ron Shenton, to vet the company’s deal recently, and found that everything I’d read at Yale’s website, on Sedar.com and in other reports was the real deal.
Shenton has put together or stumbled across a major find in the world of management, with a stellar board of directors and Ian Foreman presiding over day-to-day activities as president, CEO and senior geologist on the company’s three projects in Mexico. The team’s growing, Ron told me, with the addition of a Mexican lawyer to the Vancouver office who is striking up deals on the ground there faster than the company has been able to in the past.
Here’s what Shenton has to say about the Yale team:
“What I like to look at is management. I know that’s what everyone says, but boy, do we have good management. Richard Hughes was with the original company that I took over as a shell. Do Dick was on the board, and he likes what we were doing, so he decided to stay.
“People talk about the “Hughes Effect” because Richard Hughes’ companies do so well. But Luca Riccio [who is also on the board] just got a 30 million dollar bought deal for Georgia Ventures, a molybdenum company. And he is an Ex-VP of Crystallex. Like the company or not, that is one of the largest gold deposits around with something like 13 million ounces of gold. So, David Hall runs Aurizon Mines, which is a six or seven hundred million dollar market cap with a producing mine in Quebec. Lindsay Bottomer works for Entrée Gold, and was ex-president of the Yukon Chamber of Mines. So you got some great guys here with a great pedigree here, working under one umbrella.”
I think that as investors in this sector we all agree that the management team behind a project is the most vital link in the chain of events that we hope will lead to a mine, or takeover bid down the road. These are the people who need the trust and confidence of a fickle market, they need the track record to raise funds, the connections to find the right projects, and the wherewithal to build real shareholder value in those projects.
We can safely say that Yale’s three projects – and what I like about them is that they’re all seeing consistent progress – are grassroots projects. This is reflected in both the share price and the shares outstanding. Yale’s trading at $0.285 (June 18, 2007) and issued 26 million shares. So they’re tiny, with tonnes of upside potential.
In less than a year, Yale has acquired 100% ownership of a property called Carol, and has two other joint ventures on projects surrounded by serious players. So let’s briefly go over the merits of those.
Zacatecas
Yale bought the option to earn 80% of four Zacatecas properties from Impact Silver (Trading at $1.53 on June 18, with several other properties in Mexico) in November last year, and in a recent press release, Yale announced it had completed the work required to earn 65% of three of the four properties. That was announced on June 11th, along with some narrow but encouraging high grade silver results, including 1,340 grams per tonne silver over 0.80 metres.
According to a press release describing two of the Zacatecas concessions: “The Salvador and Zacatecas properties are contiguous and host two main veins (with splays) that have silver grades that range from 100 to 1,410 g/t. The Salvador vein lies to the northeast and has been traced for 450 metres within the property. The Zacatecas vein has one subparallel vein and has little outcrop, but many shafts and dumps that indicate a strike length of at least 350 metres within the property.”
Zacatecas silver district is one of the most prolific silver mining areas in the world, with over a billion ounces historical production.
Urique
Urique may be more interesting to some investors for the fact of “closeology”, as some say, referring to the increased likelihood of finding a mine next to an existing mine. According one report, “Sandwiched between Goldcorp's two million ounce El Sauzal gold deposit to the south and Kimber Resources’ Monterde, with a reported 800,000 ounces gold and 45 million ounces silver to the north, Urique has been locally mined by the Spanish, but never using modern tools or technology.”
Yale has defined 10 targets on the 292 square kilometer project, with Cerro Colorado at the drill ready stage. That target is 2.5 kilometers long and has “multiple zones with over one gram per tonne (g/t) gold and over 32 g/t silver.”
Yale has mapped out three new targets on Urique, the La Mariscal, Mina Hueso and El Suaz. All have returned high-grade gold and silver samples, which, though not very wide, also cry out for further work, IMHO.
Carol
Last but not least is Carol, fully owned by Yale and which is a stone’s throw from Frontera Copper’s (TSX: FCC) Piedras Verdes copper mine – a 191 million tonne copper porphyry grading 0.36% Cu.
A piece published at Resourcex.com quoted Yale’s CEO Ian Foreman talking about the enormity of Piedras Verdes and its relationship to Carol. “It’s a huge deposit, a really large porphyry and we’re on the periphery of the porphyry – try to say that five times fast – and at Carol we’ve identified a body that appears to be just over a kilometre in length about 500 hundred meters in width. If that is all mineralized and has interesting grades, then it could turn into a significant project.”
Elsewhere the company announced that there were three targets at Carol: A copper-zinc-gold-silver skarn (Balde); a high-grade copper-zinc-gold-silver shear zone (Escondida); and an epithermal vein-hosted silver and gold zone (Epithermal). All have had extensive sampling and mapping work done with mineralization everywhere you can scrape two rocks together, judging from the press releases.
If you were at the Vancouver gold show last weekend, you may have noticed that Yale wasn’t able to attend, which is why I called Ron Shenton. Nevertheless, it was a tough slog trying to talk to anyone there – especially on Sunday. With the metals’ bull supercycle in full swing, these events are beginning to attract the more general of the general public. Who didn’t have a list an arm long of companies they wanted to talk to?
And wasn’t that Paul van Eeden, standing with a crowd around him, informing all that the bull market was at an end?! You wouldn’t know it from recent commodity reports: Russian gold production is down, as is South African, Australian and US production. And Canadian. Central banks are at it again around the world, too, selling off bullion – the age old attempt to shore up paper money every time it appears that gold will break past historical highs and throw into disrepute the already flagging “mighty” US greenback. And facts like those tell us one thing: It’s highly doubtful that this bull is anywhere near its end.
China’s growth, even if it drops by a couple percentage points, is massive. The Chinese government plans to quadruple its economy – its GDP – by 2020. Imagine that! A Stanford University report shows that this is an average of 7.2% growth per year. Google it: It’s quite astounding when you think of the implications. Demand for new vehicles in 2005 in China was 5.6 million and that was 12% higher than the year before. So add up all the new sinks in China, the cars, dishwashers, new water pipes and Bic pens – because “if it ain’t grown, it’s mined” – and you’ve got the recipe for demand, demand, demand!
What does that mean for exploration companies? It means that exploration companies like Yale Resources that have hit the ground running, with real brains and brawn and tonnes of upside, have picked the ideal time to build their portfolios and their teams.
This article is intended for informational purposes only and should not be considered as a recommendation to buy stock in any company. A fee has been paid for the creation and distribution of this article.
Thoroughbred Board Bring Track Record to Yale Resources
By Katherine Young
June 14, 2007
Yale Resources Ltd.’s (TSXV.YLL) president Ian Foreman, P.Geo., thinks that there are two key things to look at when evaluating a mineral exploration company: The merit of its properties and the merit of its management team. Yale Resources, he says, has both: a solid company with great properties and a significant management team.
Since a board of directors is indispensable in running any successful junior exploration company it should, ideally, be made up of only the most experienced, reputable people in the industry. But how do you know if they are what a company claims they are? One way to go, Foreman suggests, is to look at what the individuals in a company are involved in.
“In this industry,” he says, “successful people will continue to be successful and good management will create a successful company. The question will just be then, how long does it take for that company to become successful?”
Foreman says investors should spend time speaking to the management at exploration companies in which they want to invest. “The management of a company, although it is probably the single most important aspect about a company in regards to long term investing, is probably the most difficult thing to truly get a handle on.”
What some investors may not realize is that the boards of directors of Canadian public companies usually represent a web of cross-referenced experts that could require an indexer to keep track of. A president or director of one company often serves on the board of several others. Having board members in common with a successful company is a boon because of expertise they bring of course, but also because of investor perception. Foreman explains, “If Yale were to become very successful, the other companies that the Yale people are associated with will develop a following because of [Yale’s success]. Investors will ask, “What else are these people doing?’”
Yale’s board of directors represents some of the best-known talent on the TSX Venture Exchange, Foreman says. “We’ve got a board of directors that is enviable to companies much larger than us.”
Foreman mentions Richard Hughes, “A very well respected person in the industry who runs numerous other companies under the banner of Hastings Management. Many of his companies lately are really flying. So there’s a wealth of knowledge there about how companies should run and the style of project to bring into a company.”
It is difficult to argue with Hughes’ track record. He is known primarily for his work on past discoveries such as Belmoral Mines in Quebec, which he has said, “started as a dime, but is now $40 [per share]”; and Hemlo Mines, which jumped from $0.25 to $30. Perhaps Hughes’ biggest claim to fame was with Noranda where, Hughes told CEOCFOInterview.com, “the net jumped from around .20 cents to $94.00 on Golden Scepter and about $96.00 on Goliath Gold Mine. The [investors] were very happy because $2000.00 investment was worth just under $1 million at the top of the market.”
Hughes is currently associated with a number of junior exploration companies, and forming a great deal of excitement from the fabled “Hughes Effect”. Many have noted that where Hughes goes, so go the investors and, by extension, the capital.
Hughes serves as a Director for Genco Resources, a silver/gold company trading at $3.94 up from below $1.60 a year ago. He is also the chairperson of the board at Golden Chalice Resources, which trades at $3.75 up from $0.35 just a month ago. At Kootenay Gold, Hughes serves as a director as well. Kootenay stock was stable below $0.65 until December of 2006 when it shot up to the $1.00 mark.
In a sense, with Hughes on a board, the “Hughes Effect” will always lead to a “Chicken and egg” paradox. Such is the confidence that follows Hughes, that speculators ask, “Is the stock trading high because of the grades, the progress, the company… or is it the Hughes Effect?”
Foreman also points to David Hall, “who runs Aurizon Mines. They’ve got a producing gold mine in Quebec, so his guidance as the president of a genuine mining company is priceless.” But Hall will be useful for more than potential future production at any of Yale’s present or future prospects. He has secured important project debt and equity financings for major mining projects, including the Golden Giant Mine, in Hemlo, Ontario and the Sleeping Giant, Beaufor and Casa Berardi mines in Quebec.
Members of a board of directors do not necessarily take a hands on approach, Foreman points out, sometimes they merely open doors – to financings, acquisitions and experience – that otherwise would remain shut.
Rounding out the various fields of expertise needed in the mining industry, Foreman introduces two geologists on the board. Luca Riccio, “who is a PhD geologist, well respected in the industry. He is associated with a lot of companies but was a key figure at Crystallex as its Las Christinas grew to about 13 million ounces of contained gold.”
Finally, Foreman points to Lindsay Bottomer, “who is associated with many companies here in Vancouver, is a Vice President of Entrée Gold really has his finger on the pulse of what the Vancouver industry is doing.”
“Imagine the conversations that I can have using them as a sounding board. I can say, ‘I really like this idea’ and they can say, ‘well you know, how about doing it this way?’ Or if they say ‘yes’ then you know you’re onto something.”
By providing advice and guidance, the board of directors becomes responsible for the success or failure of a company. Foreman explains how the board relates to the company, “they are a sounding board and I can then go to them for advice or opinions. And for that they are issued incentive stock options. The key word that I think many investors aren’t aware of is incentive. And the true word there is incentive. These men are essentially volunteering their time. And what this does is it cuts down on the overhead of the company and it allows the company to have access to a wide range of experience and skill sets.”
The incentive is that if Yale’s stock does well, the director’s stock value increases. However, Foreman is quick to emphasize another kind of incentive. “You want something that you’re putting your name on to be successful.”
In other words, for the Hughes Effect to work, Hughes has to make sure he surrounds himself with the right projects, people and program.
With Richard Hughes, Lindsay Bottomer, David Hall and Luca Riccio putting their names to Yale’s performance, Foreman is confident. “I would put the Yale Resources board of directors up against that of a company many times our size.”
Yale Resource: Drilling confirms 1.3 kg /tonne Silver
By Darryl Kelley
Yale’s drill results from their Zacatecas, Mexico property confirmed the presence of bonanza grades of silver across narrow veins. The best intercept was 1340 grams per tonne over .8 metres. This concludes Yale’s phase 1 drill program. Upon completion of drilling of the San Sabino phase 1 drill program, Yale will have earned its 65% interest from joint venture partner Impact Silver Corp. (TSX.V:IPT)
Mina San Jose:
Four holes totalling 501.25 metres were drilled to test approximately 230 metres of strike length of the vein zone. The holes successfully tested the system at a vertical depth of 60 to 75 metres. Mineralization appears to be associated with a 2 to 4 metre wide structural zone that hosts disseminated and stringer pyrite with associated patchy base metal sulphides and possible sulphosalts.
The first hole was designed to test the vein approximately 50 metres from historical workings that returned over one kilogram per tonne silver from dump samples. This hole returned a significant intercept of 1,340 grams per tonne of silver at a vertical depth of approximately 75 metres below surface.
Salvador/Zacatecas:
Twelve holes totalling 1,314.5 metres were drilled on the contiguous Salvador and Zacatecas properties. The holes tested approximately 300 metres of strike length of the Salvador Vein and 200 metres of strike length of the parallel Zacatecas Veins.
Mineralization within the Salvador Vein was tested with seven holes. Of the seven holes drilled within the Salvador property, two (SZ-02 and SZ-06) were lost due to poor ground conditions; in each case the replacement hole for the two lost holes was drilled to intersect the vein at a greater depth. It appears that the veins are at a higher elevation in the mineralizing system than previously understood. Local faulting was seen in several holes and this may have an effect on the mineralization. The deeper mineralization has a much higher base metal content.The Salvador Vein is a quartz-calcite vein with associated pyrite, sphalerite and galena and has several metres of stringer zone in the footwall. The vein is part of a broad structural zone that continues to depth and drilling tested this zone to depths of up to 110 metres.
Five holes were drilled to test the Zacatecas property. Drilling has shown that at least three veins are better developed at the extreme north of the property and appear to continue toward the south. Local narrow sulphide-rich veins intersected resulted in high-grade intervals such as in SZ-09, which intersected 416.0 g/t silver and 2.1 per cent zinc over a core length of 25 centimetres. The main vein target was successfully intersected along with previously unknown stringer zones. The main vein appears to be a vein set – on one section holes were drilled in two directions to better understand the vein geometry. Mineralization within the Zacatecas veins is more coherent than the Salvador Vein and has more visible sulphides.
The Salvador Property is located approximately 5 km southeast of the Veta Grande processing plant. Vein outcroppings and old workings indicate that the primary vein within the Salvador property can be traced for greater than 1 km. The central 400m of the open pits trace a very well defined 2-5m wide structure and a secondary vein nearby. There are three main shafts along the length of the vein: one at a presumed vein intersection and another outside the principal vein area, presumably for the ore extraction, access and services. There are at least two known splays to the principle vein. Along the length of the vein there are old mine dumps of various sizes.
Testing will now focus on the tailings dumps, which have previously sampled 200 – 300 grams per tonne of silver. Yale and Impact estimate there are “many thousands” of tonnes of tailings, which will be processed at Impact’s 200 ton per day mill located in the Veta Grande area of Zacatecas that is currently operating on a toll mill basis. Presently IMPACT holds 25% Net Profit Interest in the mill, with an option to purchase 100% interest.
Historic mines throughout the San José property and samples near these mines grading up to 145 ounces per tonne silver combined with the recent results from outcrops, show that there is significant exploration potential. The Zacatecas district is one of the most famous historic silver mining districts in Mexico.
A significant aspect to the potential at San José is the consistently elevated gold values. Previous sampling of dumps identified gold values up to 7.0 g/t. Recent sampling returned 2,180 g/t silver (or 63.5 ounces per ton) and 3.15 g/t gold.
thanks vey much for the tip eric.
Mining Exploration CEOs: Who Makes the Best Boss?
By John Hurst, Resourcex.com
What qualities are ideal for the junior resource company CEO? Does financial ability trump geological talent? Or vice versa?
Resourcex asked two active Chief Executive Officers in the Vancouver mining exploration community for their thoughts on this age old mining dichotomy.
Ian Foreman is president and director, Yale Resources Ltd. (TSXV: YLL). He has worked in a wide spectrum of geological environments involving both base and precious metals. Throughout the mid 1990's, Foreman worked on a series of large multi-million- dollar exploration programs in British Columbia, the Yukon and Mexico. As chief geologist, he was a key figure in putting Peru’s 1,000-tonne-per-day Santa Rosa open pit gold-silver mine into production.
“A really integral quality that a CEO or president of a junior mining exploration company has to have is an entrepreneurial spirit, a flair,” Foreman said recently. “Seldom in this industry do you have the ability to plan that far in advance. The caveat is you always have to have long-term goals, long-term plans and long-term strategies, but the nature of the business is that things change so rapidly that you have to be able to react accordingly to good results or bad results, new property, or problems – there are always problems in this industry. The willingness to take chances is really important.
“You could make comparisons to small tech companies or venture capital. There is always someone with an entrepreneurial aspect, so I think the key thing is that, as a geologist, I have the capacity to do several persons’ jobs and that for a junior mining company of the size of Yale Resources is very key. Because that not only is a way in which we get to trim our costs, but we also in the smaller scope of things it could also be a too-many-cooks spoil the broth and you don’t want too many people getting in the way. The key thing is there is a considerable saving in terms of time, energy and money.”
He stated a CEO must have the capacity to make decisions: “I’ve always been able to make decisions. And I’ve always tried to have the short-term goals of getting as much experience that I make good decisions and I’ve always believed in the mantra that it’s better to make a bad decision than no decision. Of course, you don’t want to make a bad decision and to get enough good decisions under your belt that you have then a benefit of your years of experience to give you the edge in making better decisions.
Foreman said that depending on qualified people is a big help, drawing on management and the board of directors as sounding boards to augment one’s experience and make even better decisions.
“I can always learn the financial aspects of this industry,” he said, “but it’s very difficult for a financial person to learn the geological aspects of this industry and that’s a real advantage that the geologist-CEO’s have. If you are a financial CEO, you’d better have a good geologist in your back pocket, because in this industry there are so many variables and factors that are intangibles.”
Paul Gill, president and CEO, Grenville Gold Corporation (TSXV: GVG), developed significant experience in the strategic development of such resource companies as Norsemont Mining Inc. and Lomiko Resources. Often cast in restructuring assignments, he has held the positions of president, chief financial officer, corporate secretary and vice-president of business development of Norsemont Mining Inc. and was also a co-founding director.
“I always try to segregate the thought process of putting a company together – a very junior company with less than 100 million shares out, trading at 25 cents – with a certain skill set. You have to be able to make strategic decisions. You have to say, ‘Okay, this is what I’ve got and this is where I want to go and what will get me there.’ And this is part of the business plan process. Whether it’s people, properties, or capital structure, you have to decide where the market is; what people will want to invest in, with some concept of where you’re coming from; and what tools you’ll have to start with,” he said.
“Strategic thinking is a number-one asset. It’s somewhat like chess. You could make a thousand moves and blow a lot of game pieces to get to where you want to go, or you could do it in the most efficient way possible and not sacrifice as much as you go forward.”
He also said that in any situation where you’re dealing with risk, a good CEO has to categorize acceptable risks and unacceptable risks. Having known both sides of that story, he said he can see it’s about trying to put your long-term goals in front of your short-term goals.
“I think that everyone can make short-term decisions that hurt them in the long term.
“An acceptable risk is a risk you take on a property that has a potential and you mitigate that risk by understanding the information behind the property. You do your due diligence by figuring out just what exactly is correct and incorrect about the information presented to you.”
The question of which background is best suited to the CEO position is best answered by another question: “What does the project require?”
Gill and Foreman are two CEOs with substantial successes in their portfolios, yet entirely different training for a job that some might mistakenly believe requires one kind of skill set. Gill has harnessed his political and financial background to transform a floundering Grenville Gold into a vital stock with liquidity and upward mobility. What he lacked in the geology department, his team, led by Chairman (and geologist) Len DeMelt has made up for in spades.
Foreman, on the other hand, is the CEO of Yale – an up-and-comer with several grass roots projects, a tight budget and a board of directors with some of the best finance chops a junior could hope for. In this case, Foreman’s geology strengths allow him to make quick decisions that benefit Yale while using his knowledge of the economics of mines and minerals at the negotiating table.
http://www.resourcexinvestor.com
I've got 50,000 shares
Investor persistence is a key to Yale’s momentum in Mexico
By John Hurst
Just a year ago, Yale Resources Ltd. (TSX.V-YLL) decided to concentrate its efforts on developing properties in mineral rich Mexico. As its position in the mining-friendly country expands steadily, its investors are being urged to stay the course as its market value gathers momentum.
Currently Yale has three properties in Mexico: an option to earn 75% in the Urique Project, an option to earn 80% in the Zacatecas Venture, and the wholly owned Carol Property.
The Zacatecas Venture is actually made up of four properties and each has old workings dating from the Spanish colonial period. All are within eight km of the Veta Grande processing plant, for which partner Impact Silver Inc. recently announced that it has an option to acquire. The companies are awaiting assay results from the recently completed drilling program and therein lies the rub.
All along, the Vancouver-based Yale Resources has relied on one of its great strengths, excellent fieldwork. Even so, president Ian Foreman, P.Geo., said his company, with many others, has to wait longer than usual for assay results.
“It’s very difficult to have investors truly understand how slow this can be and how success takes a long time,” Foreman said. “We all talk about ‘overnight successes’ and they are all companies who have been around for two or three years or who have gone public after finding something. So the exploration process never takes as short a time as investors would like.
“I think one of the key things - and it’s getting better known around the industry these days – is that the assay lab is a classic bottleneck, being that there are only a couple of recognized labs that are doing the work for all of the public companies out there. There’s typically a six to eight-week lag time once samples are sent into the lab. It’s just the question of capacity.”
Foreman wants his investor’s money to go into the ground. There is only one way to know what is in the ground and that is to get assays. So, whether it be trench sampling, soil sampling, bio-geochemical sampling, or drilling, all of these assays have to go through the assay lab. There were times last year in which the labs were caught completely off guard by this and there were lags of three and a half months waiting for assays.
“In the meantime, what is the investor to do? They buy on the potential of the company and its portfolio of properties and sadly, a lot of the investors don’t have long-term investment strategies. They buy on the premise that a company is going to find the next Eldorado with their next drill hole. A lot of the investors are not prepared to wait the appropriate length of time to let a story mature,” Foreman stated.
His advice: observe the people, projects and financing.
“If you are investing in the people in a company - good people will succeed in this industry. It might take three months; it might take three years. But they will ultimately succeed.”
Foreman said that one of the key reasons that Yale will be successful is its management team and a board of directors that can be put on a par with companies much larger. Fore example, one Yale director is Richard Hughes, a celebrated mine producer of longstanding performance and president of Golden Chalice Resources, now sitting on a drill hole that raised its share price from 28 cents to $2.08 this spring.
The Spanish-speaking Foreman is an experienced geoscientist in his own right, with many years of experience in Mexico and in Latin America. In addition, company founder Ron Shenton, vice-president for corporate development, has a financial background with over 20 years at public companies. Yale recently added a Mexican lawyer to the management team, with an MBA and over 10 years’ experience, to serve as manager of oper¬ations for Mexico.
Also new with Yale is Jesus Herrera Ortega, general manager of Yale's wholly owned Mexican subsidiary -- Minera Alta Vista S.A. de C.V. Mr. Herrera is a mining technician with a business management degree. He has been involved in the Mexican national program of cartography, coordinating the geological mapping in Mexico since 1999.
With this team in place, Foreman feels that it is only a matter of time. In the meantime, Yale will ponder the value of processing dump material through the Veta Grande plant once Impact Silver exercises its option to acquire it. Sampling from these dumps has returned values that average 200-300 grams per tonne of silver.
here is another interesting article on YLL
Andesite, Breccia, Carbonate: The A, B, Cs of Geology in Yale’s Mexico
By Doug Hadfield, Resourcex.com
In a recent interview with the CEO of Yale Resources Ltd. (YLL-V), Ian Foreman, P.Geo., I was given a brush up on geology in Mexico. We covered everything from rhyolites in the Sierra Madres to skarns in Sonora, and I learned that there are a lot of plusses to a CEO who’s also a professional geoscientist.
Since I discuss geology with CEOs, CFOs and IROs (Investor Relations Officers) of Pubcos several times a week, I get a strong feeling when one doesn’t know what he or she is talking about. Sometimes, believe it or not, they even tell you:
“You know, I’m actually not a geologist, so I can’t tell you that.”
Right, then I’ll buy a million shares. Not.
Yale Resources has three distinct projects in Mexico: Urique is a joint venture with EXMIN Resources; Zacatecas is a joint venture with IMPACT Silver; the Carol project is owned exclusively by Yale.
Each of these projects is completely different from the other – the mineralization, the host rock, the age of the geological formations, and so on – but one thing is constant: Each has seen historic work done on it. As Foreman says, “The phrase “past producer” is a bit of a misnomer in Mexico. In Mexico, everything was a past producer. It’s a very prolific country.”
The first project Yale optioned in Mexico was the 290 square km Urique gold and silver project. Sandwiched between Goldcorp's two million ounce El Sauzal gold deposit to the south and Kimber Resources’ Monterde, with a reported 800,000 ounces gold and 45 million ounces silver to the north, Urique has been locally mined by the Spanish, but never using modern tools or technology.
“We’re on trend between significant deposits,” says Foreman. “And we know we’ve got mineralization, so we have all the smoke. Now all we need to do is find the fire. I think at the Cerro Colorado target we’ve got the burning embers. A couple of drill holes and we could blow that thing wide open.”
To understand why, Foreman argues you need to understand the geology of this area. Where Yale is operating here in the mineral rich Sierra Madres of northern Mexico, there are two “volcanic sequences” – an upper sequence and a lower sequence. Foreman, like many other experienced geologists working in the area, knew it was essential to be working in the lower sequence.
“In the upper sequence you’ve got mostly rhyolite; in the lower you’ve got mostly andesite,” he explains. “The rhyolite in the upper sequence is generally non-porous, and is a poor host for mineralization. On the other hand, the porous andesite in the lower sequence is reactive – fluids can permeate the rock, and with that action the chemistry of the rock is altered.”
Foreman retrieves a rock sample from the shelf behind him. It is the size of a cantaloupe and marked with a location and a gold-silver grade.
“This is a piece of rhyolite breccia from our Cerro Colorado target: 4.1 g/t gold and 33.8 g/t silver. It’s one of our drill targets at Urique – a breccia or broken rock that’s been re-healed,” he explains. The pink rhyolite tends to be poor host for disseminated deposits, but if you break the rock then fluids can penetrate it.
Another example of andesite: porous, good host
“It’s actually the epithermal fluids that went through here, you can even see the green material and that’s actually what is carrying all the grade, not the rock itself. Now you get to scenarios where you’re dealing with deposits like Mulatos where you’ve got the lower sequence rocks and the fluids come through and actually impregnate the rock and then they create these larger low grade systems.
”Urique actually straddles the contact between the lower sequence and the upper sequence in the Urique valley. Typically “contacts” in geology are very important to the formation of ore deposits. Sometimes that will be where the deposit stops, or potentially if the system’s strong enough to go through a bad host and turns into a good host, then all of a sudden all the minerals come out of the fluids or the chemistry changes or something along those lines.
“This is true for the entire Sierra Madres. Companies will talk about where they are in the upper or lower sequence of volcanic rocks. So, that’s why we’ve got more targets in the lower part of the valley, at the same elevation as El Sauzal.”
Zacatecas
At Zacatecas, Yale has an option to earn 80% in four properties in the immediate Zacatecas area. The Zacatecas silver district is known in the mining world for having produced over one billion ounces of silver in recorded history. To date, Yale has completed 1,800 meters of drilling on three of these concessions.
“What’s really unique about Zacatecas is, well, you wouldn’t want to walk around at night because you’d just fall into a hole. There are little shafts everywhere. On the Salvador-Zacatecas concessions I think there are 15 shafts.”
Beside these shafts, some of which date back to the 16th century, are piles of tailings commonly called “dumps”, where rock then considered too low-grade to process was disposed.
“You can tell from the dump material beside the shaft as to what they were finding. In some cases they went down to 20 meters, found nothing and stopped. But in each case the mineralized dumps all averaged between 200 and 300 grams per tonne silver,” Foreman told me. “And we get some really fantastic numbers. On the San Jose property we got one select sample that was 5,000 g/t silver.”
Foreman believes that by taking samples from the dumps, Yale will get an accurate picture of what lies in the earth below the dumps.
“One of the things difficult about drilling projects like this is that you’ve got 300 meters of vein, you’ve got one shaft, you know where the high grade mineralization probably was, probably an ore shoot. But when you drill a hole in it, you’re only sampling something that’s two and a half inches in diameter, and [the original miners] were sampling something that’s four or five feet in diameter. So they’re getting something that’s much more of a bulk sample, so in my mind’s eye, the results from the dump samples are almost more valuable than the drill samples.”
“We could drill a hole here and get 100 grams per tonne silver, but if you drill one meter over and you’ve got a 1,000 grams! It really is quite fickle sometimes. But you take what you get.”
Carol Property – the evolution of a skarn deposit
The Carol property, located in the state of Sonora in northern Mexico, is Yale’s first wholly owned property. According to Foreman, the mineralization at Carol appears to be a large copper-zinc skarn.
“A skarn is the alteration of a carbonate – typically limestone,” Foreman makes some sketches as he explains the evolution of a skarn. “So, you’ve got your limestone bed, sitting here. Then you intrude a porphyry into it.” (Fig. 1)
“The porphyry is the heat source, and all the fluids are running into the limestone around it. The fluid finds potentially favorable hosts, some will be more reactive, some will be less reactive, and some will be more favorable to alteration, and so on.” (Fig. 2)
“And maybe there’s a fault, which is more of a conduit to the fluids, and ultimately what you might find is that along the fault – there are a myriad number of options there – but you could have then a mineralized body, that is then associated with this porphyry at depth.” (Fig. 3)
“It doesn’t have to be vertical; it can be off to the side, as is the case at Carol.
“The important thing is that that process in itself changes the chemistry of the rock. But if that process brings mineralization with it, you can have gold skarns, copper-zinc skarns, gold-copper-silver skarns, a wide range of what’s coming through. And in the case at Carol, it’s copper and zinc.”
Carol is an early stage prospect that Foreman says he and his board of directors chose for two reasons. First, some early sample grades assayed as high as 1.3% copper and 16% zinc over four meters, which suggests a deposit with the correct economics for further development.
The other attractive thing about Carol is its proximity to Frontera Copper Ltd.’s (TSX: FCC) Piedras Verdes copper mine, which is a 191 million tonne copper porphyry grading 0.36% Cu. Piedras Verdes is less than 5 kilometers away – “spitting distance” says Foreman – and is the most likely source for the Carol skarn(s).
“It’s a huge deposit, a really large porphyry and we’re on the periphery of the porphyry – try to say that five times fast – and at Carol we’ve identified a body that appears to be just over a kilometre in length about 500 hundred meters in width. If that is all mineralized and has interesting grades, then it could turn into a significant project.”
To date, Yale has completed trenching, sampling and a mapping program on the property, with results expected sometime in June 2007.
“There are about 240 samples, of about 1.5 metres per sample. That’s sampling four hundred meters of trenches, which should really help as this is the kind of project that, with any kind of continued favourable results, we’ve got to get a drill onto.”
Property Acquisition 101: How it’s done in Practice
By Doug Hadfield, Resourcex.com
Since Yale Resources (TSX: V.YLL) began picking up exploration projects in Mexico in August 2006, the company has begun to take what is perhaps its most coherent form since its inception in 1989.
Urique was the first Mexican property to be picked up, followed closely by Zacatecas, both of which are joint venture projects in which Yale is not the operator but for which the company has financial obligations in return for up to 75% and 80% interest respectively. Yale also bought a 100% interest in the Carol property, which is now the company’s only wholly owned project.
In the months that followed, Yale has fulfilled its financial obligations, has seen favorable phase one exploration results, and in turn decided it was time to consider a serious round of fundraising.
That investors had begun to take note of Yale’s progress is clear from trading patterns. In 2005 daily trading averaged about 50,000 shares and the company’s share price ranged between $0.15 and $0.30 cents per share. By the time the company had announced its Mexican acquisitions in August 2006, more than 100,000 shares were trading hands on average. Trading volume has continued its bullish ascent and Yale’s stock price has mirrored its volume’s slow climb, rising to $0.40 cents per share, and finding a new floor at $0.30 cents, seemingly waiting for the company’s next move.
Yale’s President and CEO is Ian Foreman, an imposing figure at six feet three inches, but who in front of a microphone is clearly more cerebral than physical. In an interview with Resourcex, Foreman explained how sometimes the path to cash is through the correct acquisition.
“We’ve gone to the brokers to discuss it,” Forman said. “They’ve said, “Great, but why not find something with an asset that has potential to increase in volume and size, and that has had some work done on it, rather than a pure exploration play?”
So that’s what Foreman – in consultation with his board of directors – is doing.
“Every week, I get a couple things passed to me,” he says of the process of seeking out a new acquisition.
“You look at each and say—” He gestures with his hands, as if making two piles in front of him, one significantly larger than the other, “—crap… crap… crap… hmm, not bad… crap… crap… crap… interesting! Send me some more details on this one!”
If the reports and historical documents – which sometimes include detailed accounts of past exploration and mining activity, and sometimes do not – fulfill Foreman’s stringent requirements, he travels to the site for a thorough inspection.
“That’s the acid test,” he explains. “To actually be able to go into the field and say, “Ok, it’s here – or it isn’t here – and put the property into three dimensions.... As a geologist that’s my responsibility.”
In the last two months, Foreman has been to Mexico five times to inspect various candidate properties. This, he says, is the advanced stage of the acquisition game.
I asked him about historical data and other records. In response, he pointed to several large black binders on the desk in front of him. “This is all the data.”
The property – which he can’t identify until Yale has completed the required disclosure in a press release – is a copper-zinc property, with significant silver.
“It [the property] has been a past producer, there’s a small mill onsite, there’s a mill offsite. We’re going through the old data base and saying, “This is what was there.” Nobody’s worked on it since 2001. And since 2001 the value of the contained metals has increased 433 percent.”
He chuckles.
“It’s certainly more interesting now than it was in 2002!”
So what’s next in the process?
“We’ll put an offer in and if they like it we’ll sign the deal. We’ll announce it whenever it’s done.” Investors can expect to see a press release about an acquisition within the next couple weeks, he says.
According to Foreman, negotiating the price of the property comes second to the finding of a solid resource.
“There’s a great quote from Ian Telfer,” Foreman says, referring to the mining visionary who raised more than $450 million for Wheaton River and produced some of the lowest cost gold in modern mining for Goldcorp. “He says, “Don’t be afraid to pay a little too much for an asset – at least you get it.””
Involved in the property acquisition process are days of pouring over historical documentation, weeks of research and years of experience in the field. Still, after all the empirical work is complete, there is always an element of fatalism, too.
Here Foreman makes an analogy that reveals his Canuck-ness, “Look at the [Pavel] Bure for [Ed] Jovanovski trade. At the time it looked pretty expensive, but the Canucks got a much better deal out of it ultimately because Bure blew out his knee and played for a year and a half after that.”
In other words, “You pay your money, you takes your chances.”
glad i could help
Silveria Puts Grenville Gold Closer To Production
By Reg Hajman
I can’t say I’ve ever set foot on the rich ground that Grenville Gold refers to as the Silveria project.
What I can say, is that this property is generating a lot of positive data that seems to indicate production could be a lot closer than we think.
Pete Ellsworth, consulting geologist to the Grenville Gold Silveria Project, examined 44 principal portals at the Pacococha, Millotingo, and Germania mining districts to observe vein outcrop and survey the portal locations. In addition, 34 mine dump grab samples were collected and analyzed at ALS Chemex Lima laboratory for gold plus 35 element ICP scan to characterize the geochemistry and zonation of the district. Results show anomalous to low-grade gold values in most samples plus gold ore grades in the Millotingo, Belgica, Reserva and Ernesto Segundo veins.
Silver values show mineralization from all samples collected, with assays ranging from 3.5 to 2,220 grams per ton and base metal credits range up to 3.9% copper, 7.2% lead, and 19.7% zinc. This confirms the high-grade polymetallic nature of the veins from all the districts.
Followers of this story may remember a press release dated
"These reconnaissance exploration samples confirm the Silveria property encompasses rich mineralization," stated Paul Gill, Grenville Gold President in a recent press release. "We look forward to receiving a full 43-101 report on this project and continuing forward with the development of the project."
The Silveria property includes the Millotingo site.
Millotingo operated a 350 tpd mill with average head grade of 24 oz Ag/t Ag from 1962 until 1973. Total mine production over the 30 years was 2.6 million tonnes averaging 16 oz Ag/t with gold credit as a by-product. During this period, a total of 95,000 tonnes of concentrates was produced containing about 39 million oz Ag and 90,000 oz Au. The mine has reported mineral resource of 661,000 tonnes 25 grading 12.8 oz Ag /t (September 1992, not N.I. 43-101 compliant).
So the company could obviously start production here in the very near future. According to the company’s most recent press release:
“The geochemical results from the sampling program confirm Grenville's assumption that these veins are epithermal and the upper levels of the system are eroded over the Pacococha veins. Structural geologic interpretations combined with the geochemical studies suggest the Millotingo mine is stratigraphically higher in the epithermal system where precious metals are enriched and base metals depleted. The boiling level therefore must daylight between the Millotingo zone and the Pacococha mines. These epithermal deposit model interpretations will guide a regional exploration program to locate additional veins and disseminated mineralization.
As stated in a release dated May 8, 2007, the company is also making immediate preparations to begin a test heap leaching program of the Millotingo tailings dam. Initial estimates of tailing grades reveal between 85 grams (3 ozs) and 567 grams (20 ozs) per metric ton of silver, and between 1 and 3 grams per metric ton of gold. The company will proceed with a bulk sample program in order to test the potential for the project to yield significant positive cash flows.
The Silveria project property was in production up until 1991, but has not received serious attention until now. Published documentation on historical production, reserves, reserve ore grades and estimated mine life at December 1990 on the Millotingo and Pacococha Mine are available through "The Peru Report's Guide to Mines and Miners in Peru - Las Minas Del Peru," 1992, page 197-199, 223-225, researched and edited by Jonathon Cavanagh. (Published by Peru Reporting Servicios Editoriales S.R.L.)
Based upon the published information, mine plans, production records and reserve calculations obtained from operators of the two mines, the minimum historic production from two of the four mines indicates 510,291 kilograms (18 million ozs) of silver, 40 million kilograms (88 million lbs) of copper, and 44 million kilograms (96.8 million lbs) of zinc were produced. Management believes a potential target grade of 113.4 grams (4 ozs) per ton silver, 1% copper, and 2.5% zinc is attainable over a potential target tonnage of between 10 and 25 million metric tons of ore grade material.”
With corporate suitors in the wings, a mill that could be re-started with a minimum of rehabilitation investment, and such strong grades in both tailings and historical workings, investors have much to anticipate as this dynamic company moves forward.
Reg Hajman is a free lance writer who specializes in resource companies and micro-cap issues.
Yale Resources Mexican Focus
By James West
Ian Foreman, president of Yale Resources (TSX.V:YLL) has no hesitation in choosing Mexico as its primary exploration focus.
Mexico is the number one producer of silver in the world. The largest silver mine in the world is in Zacatecas, where we have signed a Letter Agreement with IMPACT Silver Corp. (TSX.V: IPT) to purchase up to an 80 % interest in three properties in the Zacatecas Silver District, Mexico.
Under terms of the Agreement, for each property, Yale must reimburse Impact the property purchase cost and then spend a minimum of US$ 100,000 on exploration within 18 months in order to earn a 65 % interest in the property. Yale will then have an option to increase its interest to 80 % by paying IMPACT US$ 125,000 in either cash or shares, at IMPACT's discretion. IMPACT will be the operator of the Zacatecas Venture.
The three areas of focus under the Zacatecas Venture are:
1. The San Sabino property is located approximately 8 km north of the Veta Grande processing plant. The property covers a 500m section of the San Sabino Vein marked by old workings and trenches. In the main showing area there is an old open cut and a small dump of run of mine material. Random samples from the dump assayed 303 g/t silver and a grade sample ran 834 g/t silver. The vein appears to be a strongly silicified shear mineralized with pyrite, galena and sphalerite. A chip sample taken from a remnant pillar across the open cut assayed 260 g/t silver across a true width of 2.35m.
2. The San Jose property is located 5 km northwest of the Veta Grande processing plant. The property has at least two veins and covers a 500 m section of the principal vein. There are two open shafts with approximately 50 meters depth to the water table and a third has collapsed. The ultimate depth of these shafts and the associated workings are unknown.
In the vicinity of the two primary shafts are three run of mine dumps. Of particular interest at San Jose are the very high grades from selected sampling of these dumps with the highest grades being 4,970 g/t (159.81 oz/t) silver, 6.74 g/t gold, 1.67 % lead, and 2.98 % zinc.
3. The Salvador property is located approximately 5 km southeast of the Veta Grande processing plant. Vein outcroppings and old workings indicate that the primary vein within the Salvador property can be traced for greater than 1 km. The central 400 m long section consists of open pits that trace a very well defined 2 to 5 m wide structure with a secondary vein nearby. Along the length of the vein there are three main shafts, one glory hole at a presumed vein intersection and another outside the principal vein area presumably for ore extraction, access and services. Each of the main shafts has an estimated depth of 60 m to the water table, but the true depth of the workings is unknown.
In the north of Mexico, Yale is earning a 75 % interest in the Urique Project by spending US$ 4.5 million on exploration and property acquisitions and issuing 1.5 million shares to Exmin Resources Inc. (TSX.V:EXM) over a five year term.
The Urique Project consists of 11 concessions covering 28,880 hectares and is located in the prolific Sierra Madre gold belt of northern Mexico, which has a well known history of gold and silver discovery and production.
It covers or surrounds seven mineralized areas with past mining activity. Each of these areas is related to large mineralized hydrothermal systems that have the potential to host bulk mineable resources. They are:
• El Platano: Reported to contain a 1.2 km long vein that averages 4 meters in width; 3 samples taken by the CRM, averaged 4.0 metres in width with 1% Cu and 84 g/t Ag.
• Los Alisos: A large visible iron oxide anomaly, possibly consisting of advanced argillic alteration, surrounding an intrusion at Cobriza with anomalous copper and gold values; the CRM has compared this area to El Sauzal prior to its discovery.
• El Frijolar: A alteration zone approximately one square kilometre in size that is rich in iron oxides. A 0.5 m vein is reported to outcrop for 50 meters - 2 samples by the CRM gave 4.2 g/t gold and 46.9 g/t gold.
• Urique: Consists of an epithermal vein district with as many as 18 small mines and prospects worked until the 1920's according to the CRM. Limited sampling by the CRM yielded local bonanza grade gold and silver values (86 g/t gold and 161 g/t silver) as well as locally important base metals values.
• San Pedro: Consists of an area surrounding small old workings that targeted numerous, generally narrow epithermal veins with local bonanza grades (35 g/t gold and 482 g/t silver) with anomalous values for various indicator elements such as arsenic, antimony and mercury.
• El Vergel: A large structure between 1.5 to 10 meters in width and mapped over a 2.5 km strike length. Local workings have been identified at the northern extent of the target area.
• Cuiteco: a large area that covers at least several square kilometres of strong silica-clay alteration; of six samples collected by Exmin only one sample contained anomalous copper and lead values as well as 2.59 % zinc.
Numerous plus-one million ounce gold deposits have been discovered in this 300 km long region of southwestern Chihuahua: including Mulatos (Alamos Gold), Dolores (Minefinders), Ocampo (Gammon Lake), as well as the El Sauzal mine (Glamis Gold). The Urique Project is located immediately north of Glamis's property and approximately 10 km north of the El Sauzal mine and extends 40 kilometers to the north where it borders the Monterde property (Kimber Resources).
The El Sauzal mine entered production in 2004 and was scheduled to produce 170,000 ounces in 2005. As of Dec. 31, 2005, the mine has proven and probable reserves of 15,821,000 tonnes grading 3.29 g/t gold (for a total of 1,673,000 ounces) and measured and indicated resources of 20,529,000 tonnes grading 2.73 g/t gold (for a total of 1,802,000 ounces)
In the State of Sonora in northern Mexico, Yale must make cash payments totalling US $250,000 over a 3 year period to earn a 100% interest in the Carol Property.
The Carol property consists of six mining claims that cover 758.14 hecares and is located 20 km north of the city of Alamos.
The Carol property is approximately 6 km north of Frontera Copper Corp.'s(TSX:FCC) Piedras Verdes copper porphyry deposit that has a reported proven and probable reserve of 191 million tonnes grading 0.36% copper and is expected to begin commercial production in the second half of this year. With the proximity of the Piedras Verdes mine, the Carol property has excellent infrastructure and there is road access to the core of the property.
The Carol Property is host to three distinct mineralized targets - the Balde copper-zinc-gold-silver skarn, the high grade Escondida shear zone, and epithermal vein hosted silver and gold:
1. The Balde skarn zone:
Skarn hosted copper-zinc-gold-silver mineralization has been identified in outcrop and float over an area that measures 800 metres by 700 metres through the southern portion of the property.
Historic sampling by previous companies, including Phelps Dodge, returned similar results over a wider sampling area. Width of sulphide mineralization has yet to be determined but gossans developed through this area range in widths from 25 to 40 metres. As a majority of the mineralization exposed on surface is very strongly oxidized there is the potential for a significant zone of supergene copper mineralization at depth.
2. The Escondida zone:
The Escondida zone is a copper mineralized north-south trending shear zone that is located approximately 1,200 metres northwest of the skarn zone. The shear has a reported width that varies from 4 to 7 metres. A historic sample from within a small adit returned 5.5 % copper, 3.18 % zinc, 0.99 g/t gold and 15 g/t silver over a width of 4 metres.
3. Epithermal vein zone:
Near the centre of the property is a reported narrow discontinuous epithermal vein that was mined in the 1980's and 90's by local miners. No production records detailing tonnage and grade are available but workings are known to go down to a depth of 12 metres.
So there is plenty to keep your eye on in Yale’s rather prolific existence. And with crews working full time on all three projects, near term share price appreciation is a distinct possibility.
You as well December. What do you like?
I've been in since September and going to hold on for the ride.
Impressive Picture Developing at PBX
http://www.resourcexinvestor.com/news.php?id=1249
I've been hearing alot of good things with GVG lately. Rumor has it Solway is interested and they should be on the Lima exchange in no time.
Grenville Gold’s Suitors Are Lining Up To Dance
By James West
Grenville Gold Corp. (TSX.V:GVG) looks poised to get gobbled up by any number of suitors, if the recent flurry of press releases are any indication.
And judging by the companies doing the courting, it would appear that some know more than others, in terms of where the real value may lay in this dynamic little company. It appears that the companies lining up to kick the tires are all well established in Peru.
The focus of all the attention, or most of it, is a group of 4 mines the company acquired recently on a little shopping spree. The four mines were owned and operated independently of one another by four different companies. All four mines are part of the same vein system, which produced some bonanza grades of silver, lead, zinc and gold. They are the Germania, Pacococha, Millotingo and Silveria mines, which Grenville has collectively named the Silveria Project.
The Silveria Project mining operation is part of the Viso-Aruri mining district located in the
San Mateo District, Department of Lima, Province of Huarochiri, in the central Andes of
Peru.
Published documentation on historical production, reserves, reserve ore grades and estimated mine life at December 1990 on the Millotingo and Pacococha Mine pegs the minimum historic production from these two of the four mines at 18 million ouncers of silver, 88 million pounds of copper, and 96.8 million pounds of zinc. Grenville believes a potential target grade of 113.4 grams (4 ozs) per ton silver, 1% copper, and 2.5% zinc is attainable over a potential target tonnage of between 10 and 25 million tons of ore grade material.
But there is even easier, lower hanging fruit to be plucked from the Millotingo mine site.
The Millotingo tailings dam was recently sampled, and Initial estimates of tailing grades reveal between 85 grams (3 ozs) and 567 grams (20 ozs) per metric ton of silver, and between 1 and 3 grams per metric ton of gold.
So who’s sniffing around?
On May 23, Grenville announced in a press release that Compania Minera Ares S.A.C., a subsidiary of the Hochschild Mining PLC, was reviewing historic data and conducting a site visit at the Silveria Mine.
Hochschild Mining PLC (LSE: HOC.L) is headquartered in Peru, listed on the London Stock Exchange, and is a leading precious metals company with a primary focus on the exploration, mining, processing and sale of silver and gold. Hochschild is focused on the development of its high-grade reserve base and has a proven track record of consistent reserve replacement, sustaining the reserve and resource base.
On April 18th, in another press release, the company announced that “Solway Andes SAC, a subsidiary of the Solway Group (www.solwaygroup.com) plan to send three senior geologists to Peru for one month to conduct a site visit at the Silveria Project, review data from various Grenville projects and meet with Grenville project consultants, managers and geologists in order to complete its due diligence.”
Solway Andes S.A.C. is a South American subsidiary of Solway Management which is a sole and
exclusive asset management company of Solway Investment Fund, a private equity investment
fund specializing in worldwide strategic investments. Solway Investment Fund is owned by a
small group of experienced international investors and employs over 8 ,000 people worldwide. Solway’s total assets exceed US$900 Million.
Now obviously large mining groups pouring over data and poking around in the old mine is no assurance that any kind of a deal is imminent, but it certainly is a positive indication.
Another plus is the fact that Goldhawk Resources Inc (TSX.V:CGK) in 2006 paid US$12 Million for their Tamboraque project, which is 2 km from the Silveria project, and part of the same mineralized system as those within Grenville’s project.
According to Goldhawk’s 43-101 pre-feasibility report filed in April of this year (Note that Goldhawk has renamed the project from “Tamboraque” to “Coricancha”):
“The mineralization of the Coricancha operation consists of low-sulfidation, narrow veins containing gold, silver, lead, zinc, and copper that filled the main fractures of the system (Constancia and Wellington Veins) as well as other tension-type veins such as the Rocío,
Colquipallana, and Animas.
CMSJ’s estimate of mineral reserves indicates that the combined total of the Constancia
and Wellington Veins contain 436,500 tonnes of proven and probable material averaging
5.09 grams per tonne of Gold, 161.29 grams per tonne of Silver, 2.72% Lead, 2.52% Zinc, and 0.31% Copper. It is Gustavson’s opinion that the CMSJ estimated reserves meet the current Canadian Institute of Mining (CIM) guidelines and requirements.”
If Silveria’s grades turn out to be comparable to Goldhawk’s, there could be a monster of a mine there. Bear in mind that all of the mining and exploration to date have focused on development in the mountain rising above the valley floor, and no exploration has been conducted below the valley level. All of these fluids are typically forced upward, so the best place to look for more mineralization is below that which has already been discovered.
Grenville presently has a great deal of work underway at Silveria.
Knight Piésold has reported approximately 50% completion of its environmental scoping study project. Knight Piesold has completed its mine sight inspection, has examined waste rock dumps, and tailings dams, and is in the process of making numerous recommendations regarding the location of a new tailings facility, location of a new waste rock dump, and opinions on the reprocessing of existing tailings dams. The 3D modeling program of the Pacococha veins is near completion and will be followed by 3D modeling of the Millotingo vein system.
Knight Piésold is a specialised international consulting company offering engineering and environmental services in Mining, Environment, Hydropower, Water Resources, Roads & Construction Services.
I’d like to wrap this up with an explanation of why I am such a firm believer in Grenville Gold.
When I first was introduced to the company, it was trading at $0.15, Silveria wasn’t in the picture, and the company owned a piece of a half of a tiny diamond project in Ontario. But the reason I even agreed to look at the project was its new chairman, Len De Melt.
Len is a large man with a booming voice and a no-nonsense approach to mining. He’s not a theory guy….he’s a miner’s miner.
By that I mean, he has spent his life working underground and in open pits, in virtually every mining jurisdiction in the world chasing everything from diamonds in Nanavut to Uranium in Australia.
Trying to keep up with his giant strides as he marches up and down Peruvian mountainsides is an exercise in endurance. He works tirelessly and travels in and out of Peru’s remotest regions in search of the next Yanacocha, which is Newmont’s big gold mine and the 3rd largest gold mine in the world. De Melt did a stint there improving head grades and production flow.
“I like Peru because it’s the land of giants,” he explains. “If you want to find other giants, you go to where they’ve been discovered in the past. I’ve been exploring in Peru for over 10 years now. I speak the language, and my partners are well connected in the government. Why would I search elsewhere?”
Exactly. Why would I search elsewhere for companies to write about when Grenville, which has quadrupled in value is just over a year, is sitting right under my nose.
Grenville Gold Advancing To Production
Grenville Gold (TSX.V:GVG) is getting ready to restart production at its Silveria Mines project in Peru.
Sources close to the company have indicated that new geological data being generated by Minefill in preparation for a N.I. 43-101 report on the Pacococha demonstrate consistently high grades of gold, silver, zinc and lead from sampled locations across 42 km of mine workings.
Of 24 mapped veins on 20 levels, only 10 have been exploited since 1950, and only 1.7 million tons of ore were produced.
The neighbouring Germania and Silveria mines produced very high grade silver from 1962 to 1973, with grades as high as 24 ounces per ton passing through the mill.
Minefill Services is a specialist mining consulting company based on the 20 years of expertise of its founder, Dr David Stone, an internationally recognized expert in mine backfilling. The company is based in Seattle, Washington and employs a small staff of engineers and project managers, supported by a pool of independent professionals. The company operates from 2 principal office locations in Vancouver and Toronto, Canada.
Minefill has 2 core areas of expertise: mining rock mechanics and mine backfilling. The backfilling group spans the full range of backfill technologies from cemented rockfills, hydraulic fills, and paste fills, through to backfill geomechanics, and backfill mix designs. Most of their project work in this area is for operating mines. Minefill also provide a range of specialist services in rock mechanics, ranging from rockmass characterizations studies, through to detailed geotechnical designs for open pit slopes and underground excavations.
4 km away, Goldhawk Resources’ (TSX.V:CGK) Corichanca Mine has recently restarted and is now producing lead and zinc concentrates as well as gold.
The Corichanca mining operation is located in the mining district of Viso – Aruri in the San Mateo District, Province of Huarochiri, Department of Lima in the Central Andes of Peru. The mine has been exploited almost continuously from the colonial times. Rich silver-lead ores were exploited from the Colquipallana vein until the mid-1980s at rates in the order of 200 tpd. In addition to the conventional treatment of silver-lead-zinc ores, the advances in the technology of bioxidation of sulphides ores occurred in the early 1980s and allowed the owners to expand production to 600 tpd and treat refractory gold minerals contained in arsenopyrite.
The concentrator produces a lead concentrate, zinc concentrate, pyrite concentrate and arsenopyrite concentrate. The lead and zinc concentrates are trucked and/or railway hauled to smelters in Peru. The pyrite concentrate, recovered to keep it out of the arsenopyrite circuit, has no commercial value so it is discharged to the final tailings. The arsenopyrite concentrate has its gold and silver values within the arsenopyrite matrix. To release these precious metals the arsenopyrite is oxidized by bacteria. The precious metals are retained in the Biox circuit tailings; then this residue is leached with cyanide to extract and carbon to recover the precious metals. The loaded carbon is sent to a Peruvian refinery to recovery the gold and silver in a dore metal.
The mineralization of the Corichanca operation consists of narrow veins of the "low Sulfuration" type containing Au, Ag, Cu, Pb and Zn that filled the main fractures of the system (Constancia and Wellington veins) as well as other tension type veins such as the Rocío and Colquipallana. The veins cross the Rimac Group volcanic formation.
The mineral resources in Corichanca have been classified using the guidelines set out in the JORC Code by the consulting firm Anglo Peruana S.A. in November 2003. Their report indicates a total of 652,818 tonnes of Measured and Indicated Resources averaging 0.209 oz Au /t, 6.46 oz Ag /t, 3.18% Pb, 3.85% Zn and 0.44% Cu. These resource estimates are from the Constancia and Wellington veins. In addition, the total Inferred Resources, including all other mineralized veins, was estimated to be 3.9 million tones averaging 0.170 oz Au /t, 8.40 oz Ag /t, 2.56% Pb, 3.12% Zn and 0.35% Cu.
Other companies in commercial mineral production in Peru include Newmont Mining’s (NYSE:NEM) Yanacocha project, where Grenville Gold chairman Len De Melt was instrumental in identifying and implementing production improvement measures throughout the late 80’s.
Norsemont Mining (TSX.V:NOM) is in the process of developing the Constancia project in Peru, which holds an estimated 2.8 Billion pounds of copper, 72 million pounds of Molybdenum, and 9 million ounces of silver.
Bear Creek Mining’s (TSX.V:BCM) Corani Silver-Gold Project represents an emerging, world-class discovery of potentially bulk-mineable silver-lead mineralization. To date, Bear Creek has defined the Main Corani, Minas Corani ,Corani Este, and the Gold Zone deposits, as well as several other targets.
Peru Copper’s (TSX:PCR) Toromocho Project is situated in Morococha, an historical mining district in central Peru. The Toromocho Project is a porphyry copper, potentially open pittable, mineral deposit which Peru Copper, through its wholly owned subsidiary MPCS, has an option to acquire from Centromin.
The world’s largest publicly traded copper company, Freeport McMoran (NYSE:FCX) subsidiary Phelps Dodge’s Cerro Verde is undergoing an $850 million expansion that will permit mining a primary sulfide ore body beneath the oxide ore body currently in production. Through the expansion, approximately 1 billion tons of sulfide ore reserves averaging 0.51 percent copper will be processed through a new concentrator. Mining of the sulfide ore body is expected to begin in late 2006. The expanded copper production rate should be achieved in the first half of 2007. Current copper production at Cerro Verde is approximately 100,000 tons per year. After the expansion, copper production initially will approximate 300,000 tons per year.
http://www.resourcexgold.com/nf070510.php
Title: Grenville Gold's BIG Silver Mountain
Is this Fund going to buy Grenville?
http://resourcexmoly.com/nf070508.php
Would Blue Pearl be a candidate to buy pbx? This article states it could be a possibility.