Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
KUB rollback removed after 5 years: https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00027219
KUB rollback removed after 5 years: https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00027219
new company presentation regarding the recent acqusition: https://www.portofinoresources.com/site/assets/files/1790/sapawe-west-property-cp.pdf
Portofino Acquires Sapawe West, Atikokan Ontario Property
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") is pleased to announce it has executed a binding agreement to acquire 3 claims (54 cells) totaling 1,147 hectares in the Steep Rock Greenstone Belt of northwestern Ontario. The Sapawe West Property (the "Property") is located in McCaul Township 9 kilometers ("km") northeast of Atikokan, Ontario.
The Property lies within the Steep Rock Greenstone Belt just north of the Quetico Fault (Figure 1) and 2.5 km west and along strike of the past producing Sapawe Gold Mine which produced 4,457 ounces ("oz") of gold and 1,315 oz of Silver between 1964-1966. Falcon Gold has recently completed three diamond drill holes with visually favourable results 6.75km to the east (See Falcon Gold New Release, April 28th, 2020). In addition, Agnico Eagle's Hammond Reef gold deposit is approximately 13 km north of the Property. The Hammond Reef deposit reportedly hosts a large, near surface deposit categorized as a measured and indicated resource containing 4.5 million oz. of gold in 208 million tonnes grading 0.67 grams per tonne ("g/t").
Cannot view this image? Visit: https://orders.newsfilecorp.com/files/3751/56604_585cff76741688e2_001.jpg
Figure 1. General location and geology of the Sapawe West Property, Portofino Resources.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3751/56604_585cff76741688e2_001full.jpg
The Property is strategically located in a structurally active portion of the Steep Rock Greenstone Belt and hosts the Jack Lake Shear Zone, a possible northeast trending splay from the Quetico Fault similar to the structure associated with the Hammond Reef deposit. In addition, the Lindsay Lake Shear zone extends east from the Property towards the historic Sapawe Gold Mine.
The Property hosts a suite of mafic volcanics, gabbro, diorite and feldspar porphyry. Prospecting and mapping by Noranda in 1990 reported gold values up to 2.4 g/t in sheared, sericitic and silicified quartz diorite, sheared silicified quartz feldspar porphyry and sheared gabbro.
"We are excited to acquire this strategically located property" states David Tafel, CEO of Portofino Resources. "The nearby historic Sapawe Gold Mine, the visual results from Falcon Gold's drill program along the same geological corridor and the lack of drilling on the Property makes for a compelling exploration project with merit. We look forward to commencing our initial field work."
Next Steps
Portofino has initiated the compilation and reinterpretation of all available historic data on the project and is proceeding to develop exploration targets for a summer field program.
Acquisition Terms
Portofino has acquired the exclusive right and option to acquire 100% of the Property by issuing 700,000 common shares and making payments totaling $62,000 over a 4-year option period. The Property is subject to a 1.5% NSR and Portofino has the right to purchase one half of the NSR (.75%) at any time up to commencement of production for a payment of $500,000.
The transaction is subject to TSXV exchange approval.
Qualified Person
Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. In addition, Portofino recently acquired the Gold Creek property located near Thunder Bay, Ontario. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.
ON BEHALF OF THE BOARD
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel
CEO, Director
604-683-1991
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements concerning future operations of Portofino Resources Inc. (the "Company"). All forward- looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections
Corporate Logo
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56604
So as we expected, Q1 was not going to be good. Reason being that around $500,000 USD was spent on the M30 well and that was factored into this quarter. At the same time, KUB has $6.1 million USD in cash(minus $1.7 mil with RK field equipment purchase as of recent), and then the company presentation below shows work happening on all 5 leases this year. On top of that, cost cutting measures were implemented(see below) where 11 team members were layed off, not sure if that includes the $60k a year director, along with other savings. So I feel that the cost reductions will help a lot.
New company presentation: http://www.cubenergyinc.com/_resources/corporate-presentation.pdf?v=4.2
2020-05-21 14:49 MT - News Release
Mr. Mikhail Afendikov reports
CUB ENERGY ANNOUNCES FIRST QUARTER OF 2020 RESULTS
Cub Energy Inc. has released its unaudited financial and operating results for the interim three months ended March 31, 2020. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC ("Kub-Gas"), which Cub has a 35% equity ownership interest, Tysagaz LLC ("Tysagaz"), Cub's 100% owned subsidiary and CNG LLC ("CNG"), which Cub has a 50% equity ownership interest.
Mikhail Afendikov, Chairman and CEO of Cub said: "In April 2020, we made a capital commitment to purchase two Jenbacher power generation units in order to better utilize the Company's RK field in western Ukraine to generate potential cashflow for the Company."
Operational Highlights
Achieved average natural gas price of $3.45/Mcf and condensate price of $36.25/bbl during the three months March 31, 2020 as compared to $7.11/Mcf and $42.57/bbl for 2019. The decrease is due, in large part, to increased volumes of gas stored in Europe and a warmer than expected winter in Europe.
Production averaged 646 boe/d (97% weighted to natural gas and the remaining to condensate) for the three months March 31, 2020 as compared to 895 boe/d for 2019.
In April 2020, the Company has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates. Each power generation unit will have the capacity to produce as much as 1.5 megawatts ("MW") of power each or 3 MW in total. The RK field was materially suspended on April 1, 2016 and this new plan should result in the restart of the RK field.
Financial Highlights
The Company reported a net loss of $706,000 or $0.00 per share during the three months March 31, 2020 as compared to net income of $962,000 or $0.00 per share during 2019.
Netbacks of $5.40/boe or $0.90/Mcfe were achieved for the three months March 31, 2020 as compared to netback of $24.49/Boe or $4.08/Mcfe for 2019.
The Company has implemented certain cost-cutting initiatives during the second quarter of 2020, including the layoff of eleven team members, salary and director fee reductions, the signing of office leases at lower rent levels and a general decrease in the use of external consultants.
Reader Advisory
With the current cash resources, negative working capital, suspension of the RK field, uncertainty surrounding the successful installation of the Jenbacher power generation units, fluctuating commodity prices, dividend uncertainty, currency fluctuations, reliance on a limited number of customers, and impact on carrying values, the Company may not have sufficient cash to continue the exploration and development activities. These matters raise significant doubt about the ability of the Company to continue as a going concern and meet its obligations as they become due.
Three Months Ended Three Months Ended
(in thousands of US Dollars) March 31, 2020 March 31, 2019
Petroleum and natural gas revenue 66 49
Pro-rata petroleum and natural gas revenue(1) 1,262 3,452
Revenue from gas trading(2) 2,204 4,479
Net income (loss) (706) 962
Income (loss) per share - basic and diluted (0.00) 0.00
Funds generated from (used in) operations 350 (35)
Capital expenditures(3) - -
Pro-rata capital expenditures(3) 851 56
Pro-rata netback ($/boe) 5.40 24.49
Pro-rata netback ($Mcfe) 0.90 4.08
March 31, 2020 December 31, 2019
Cash and cash equivalents 6,100 6,206
Notes:
Pro-rata petroleum and natural gas revenue is a non-IFRS measure that adds the Company's petroleum and natural gas revenue earned in the respective periods to the Company's 35% equity share of the KUB-Gas natural gas sales that the Company has an economic interest in.
During the three and twelve months ended March 31, 2020, the Company recorded $2,204,000 (2019 - $4,479,000) and $2,070,000 (2019 - $4,240,000) in revenue for gas trading and $134,000 (2019 - $239,000).
Capital expenditures include the purchase of property, plant and equipment and the purchase of exploration and evaluation assets. Pro-rata capital expenditures are a non-IFRS measure that adds the Company's capital expenditures in the respective periods to the Company's 35% equity share of the KUB-Gas and 50% equity share of CNG Holdings capital expenditures that the Company has an economic interest in.
Supporting Documents
Cub's complete quarterly reporting package, including the unaudited interim financial statements and associated Management's Discussion and Analysis, have been filed on SEDAR (www.sedar.com) and has been posted on the Company's website at www.cubenergyinc.com.
About Cub Energy Inc.
Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high pricing environment.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
So as we expected, Q1 was not going to be good. Reason being that around $500,000 USD was spent on the M30 well and that was factored into this quarter. At the same time, KUB has $6.1 million USD in cash(minus $1.7 mil with RK field equipment purchase as of recent), and then the company presentation below shows work happening on all 5 leases this year. On top of that, cost cutting measures were implemented(see below) where 11 team members were layed off, not sure if that includes the $60k a year director, along with other savings. So I feel that the cost reductions will help a lot.
New company presentation: http://www.cubenergyinc.com/_resources/corporate-presentation.pdf?v=4.2
2020-05-21 14:49 MT - News Release
Mr. Mikhail Afendikov reports
CUB ENERGY ANNOUNCES FIRST QUARTER OF 2020 RESULTS
Cub Energy Inc. has released its unaudited financial and operating results for the interim three months ended March 31, 2020. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC ("Kub-Gas"), which Cub has a 35% equity ownership interest, Tysagaz LLC ("Tysagaz"), Cub's 100% owned subsidiary and CNG LLC ("CNG"), which Cub has a 50% equity ownership interest.
Mikhail Afendikov, Chairman and CEO of Cub said: "In April 2020, we made a capital commitment to purchase two Jenbacher power generation units in order to better utilize the Company's RK field in western Ukraine to generate potential cashflow for the Company."
Operational Highlights
Achieved average natural gas price of $3.45/Mcf and condensate price of $36.25/bbl during the three months March 31, 2020 as compared to $7.11/Mcf and $42.57/bbl for 2019. The decrease is due, in large part, to increased volumes of gas stored in Europe and a warmer than expected winter in Europe.
Production averaged 646 boe/d (97% weighted to natural gas and the remaining to condensate) for the three months March 31, 2020 as compared to 895 boe/d for 2019.
In April 2020, the Company has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates. Each power generation unit will have the capacity to produce as much as 1.5 megawatts ("MW") of power each or 3 MW in total. The RK field was materially suspended on April 1, 2016 and this new plan should result in the restart of the RK field.
Financial Highlights
The Company reported a net loss of $706,000 or $0.00 per share during the three months March 31, 2020 as compared to net income of $962,000 or $0.00 per share during 2019.
Netbacks of $5.40/boe or $0.90/Mcfe were achieved for the three months March 31, 2020 as compared to netback of $24.49/Boe or $4.08/Mcfe for 2019.
The Company has implemented certain cost-cutting initiatives during the second quarter of 2020, including the layoff of eleven team members, salary and director fee reductions, the signing of office leases at lower rent levels and a general decrease in the use of external consultants.
Reader Advisory
With the current cash resources, negative working capital, suspension of the RK field, uncertainty surrounding the successful installation of the Jenbacher power generation units, fluctuating commodity prices, dividend uncertainty, currency fluctuations, reliance on a limited number of customers, and impact on carrying values, the Company may not have sufficient cash to continue the exploration and development activities. These matters raise significant doubt about the ability of the Company to continue as a going concern and meet its obligations as they become due.
Three Months Ended Three Months Ended
(in thousands of US Dollars) March 31, 2020 March 31, 2019
Petroleum and natural gas revenue 66 49
Pro-rata petroleum and natural gas revenue(1) 1,262 3,452
Revenue from gas trading(2) 2,204 4,479
Net income (loss) (706) 962
Income (loss) per share - basic and diluted (0.00) 0.00
Funds generated from (used in) operations 350 (35)
Capital expenditures(3) - -
Pro-rata capital expenditures(3) 851 56
Pro-rata netback ($/boe) 5.40 24.49
Pro-rata netback ($Mcfe) 0.90 4.08
March 31, 2020 December 31, 2019
Cash and cash equivalents 6,100 6,206
Notes:
Pro-rata petroleum and natural gas revenue is a non-IFRS measure that adds the Company's petroleum and natural gas revenue earned in the respective periods to the Company's 35% equity share of the KUB-Gas natural gas sales that the Company has an economic interest in.
During the three and twelve months ended March 31, 2020, the Company recorded $2,204,000 (2019 - $4,479,000) and $2,070,000 (2019 - $4,240,000) in revenue for gas trading and $134,000 (2019 - $239,000).
Capital expenditures include the purchase of property, plant and equipment and the purchase of exploration and evaluation assets. Pro-rata capital expenditures are a non-IFRS measure that adds the Company's capital expenditures in the respective periods to the Company's 35% equity share of the KUB-Gas and 50% equity share of CNG Holdings capital expenditures that the Company has an economic interest in.
Supporting Documents
Cub's complete quarterly reporting package, including the unaudited interim financial statements and associated Management's Discussion and Analysis, have been filed on SEDAR (www.sedar.com) and has been posted on the Company's website at www.cubenergyinc.com.
About Cub Energy Inc.
Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high pricing environment.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
New Maps For POR's Gold Creek Property - Upto 759g/t Au
https://portofinoresources.com/site/assets/files/1781/gold-creek-property-location-1.jpg
https://www.portofinoresources.com/site/assets/files/1781/gold-creek-historic-highlights-results.jpg?
Portofino executes option agreement for Gold Creek
2020-05-20 06:53 MT - News Release
Mr. David Tafel reports
PORTOFINO EXECUTES OPTION TO ACQUIRE GOLD CREEK, ONTARIO PROPERTY
Portofino Resources Inc. has executed a binding option agreement for the right to acquire a 100-per-cent interest in the Gold Creek property, a mining claim block located in Duckworth township, Northwestern Ontario. The claim block comprises 3 mining claims containing 50 contiguous cell units, is easily accessible by road and covers approximately 2,500 acres.
HIGHLIGHTS:Located 60 kilometers west of Thunder Bay, Ontario;Historic drill holes including 2.3 g/t gold over 8 meters with visible gold in core;Historic multi-ounce gold grab samples; andClose to excellent infrastructure including CN railway, hydro lines, and paved highway.
The Ontario Geological Survey, ("OGS") (Open File Report 5896) reported that historical work dates to the first discovery of gold in Duckworth Township in 1896. More recent activity includes:
A prospector, M. Penziwol, (from 1967 to 1973) carried out a program of prospecting, mechanical stripping and trenching and rock sampling of quartz vein occurrences in the area. In 1983, geological mapping, magnetic and VLF-EM surveys were conducted to further assess the area.
In 1985 and 1987 to 1989, Noranda Exploration Company explored the area with an airborne magnetic and electromagnetic survey, ground magnetic and electromagnetic surveys, selective radiometric and gravity surveys, geochemical sampling, geological mapping and overburden stripping and rock sampling.
Inco Gold Limited conducted an exploration program in 1989 and 1990 which consisted of grid line cutting, magnetic, VLF-EM and geological mapping surveys, trenching, rock sampling and two diamond drill holes. Several auriferous quartz vein occurrences were examined. Two of the showings assayed up to 13.2 g/t gold and 64.2 g/t gold from grab samples. The drill holes which examined these occurrences encountered subeconomic mineralization over narrow widths. Further work was recommended but there is no public record that further exploration was done.
Significant gold mineralization has been traced along a 1.5-kilometre strike length with grab samples returning values up to 759 g/t (OGS property visit) and diamond drill intersections by Golden Share Mining in 2008 of up to 2.3 g/t over 8.3 metres.
A Gold Creek project highlights map is provided as well as a map showing regional deposits relative to the Gold Creek project location.
David Tafel, Portofino's CEO stated: "This transaction allows us to continue to build our gold project portfolio within an easily accessible, active and historic gold mining area of northwestern Ontario. The multiple visible gold occurrences reported by previous operators is very encouraging and gives our technical crew a head start in planning initial exploration activities."
The Property is located within the Wawa Subprovince of the Superior Structural Province of the Archean Canadian Shield. On a local scale, the Property is situated centrally within the Shebandowan Greenstone Belt which some consider to be the western extension of the Abitibi Subprovince. The Property is characterized by geology similar to that documented in the Kirkland Lake area, where numerous gold showings occur in a broad range of lithologies. Some of the original gold showings within the boundary of the Property include occurrences of gold-bearing quartz veins in alkalic intrusive rocks of the Peewatai Lake Pluton. The auriferous quartz veins generally contain iron carbonate, abundant (5 to 15%) pyrite and minor (< 1%) galena. Visible gold also occurs within the mineralized veins. Alteration of the host rocks includes silicification, albitization and chloritization with local sericitization, carbonatization and hematization.
Next Steps
The Company has initiated the compilation and re-interpretation of all available historic geochemical and geophysical data on the project to develop exploration targets for summer field work.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a member of the Association of Professional Geoscientists of Ontario and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Acquisition Terms
To earn a 100% interest in the Gold Creek Property, Portofino has agreed to issue 800,000 common shares and make payments over a 3-year period to the vendor totaling $70,600 for the property. Subsequent to Portofino acquiring its 100% interest, the vendor will retain a 1.5% Net Smelter Return ("NSR"). Portofino will have the right to purchase one half of the NSR (.75%) at any time up to commencement of production for a payment of $500,000. The transaction is subject to TSXV exchange approval.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
New video on Portofino Resoures Inc
Starts at 15 min mark -
May 17th 2020 - MINUSCA To Secure Central Region Of CAR
From Wikipedia: Ouaka is one of the 16 prefectures of the Central African Republic.[1][2] It borders the Democratic Republic of the Congo, covers an area of 49,900 km2, and has a population of 224,076 (2003 census), giving a population density of under 5 inhabitants/km2. The capital is Bambari.
Note: This is the region where AXM's Passendro mine is located.
https://minusca.unmissions.org/la-minusca-lance-deux-nouvelles-op%C3%A9rations-de-protection-et-s%C3%A9curisation-dans-la-r%C3%A9gion-centre-de-la?fbclid=IwAR1-hZ430kGxvrgkriuXUsk-jGH5Zsjr73MqOJnBiy3VbdLAQeldj1E7VvY
May 17 2020
MINUSCA LAUNCHES TWO NEW PROTECTION AND SECURITY OPERATIONS IN THE CENTRAL REGION OF CAR
As part of its mandate to protect populations, the MINUSCA Force has just launched two major operations, namely Operation "Igana siriri" (Bringing Peace to Sango) in Ndélé (north-central Central African Republic) as well than in the Sibut-Grimari-Kouango triangle (Ouaka and Kemo prefectures), in order to deal with the security situation in these regions.
The operation in Ndélé will be carried out jointly with the hundred FACA soldiers, who have just been deployed in the city, and aims to restore a safe and secure environment in and around the city, to ensure the protection of civilians and d '' assist in the establishment of security conditions allowing the immediate resumption of humanitarian activities intended for populations, especially those who have fled their homes. It also aims to create conditions conducive to a lasting political solution to the crisis in the prefecture of Bamingui-Bangoran, thereby contributing to the implementation of the Agreement for Peace and Reconciliation in the Central African Republic (APPR-RCA ) In the region. To this end, the workforce is reinforced, in particular with the deployment of a rapid intervention blue helmet unit dedicated to large-scale operations as well as the dispatch of a detachment of United Nations police officers capable of supporting the investigations initiated and of help maintain order in order to prevent any criminal act in the city. The operation in Ndélé is justified by the series of deliberate attacks against the civilian population by armed groups, to which the MINUSCA Force had to respond vigorously on April 29, to expel the attackers from the city.
As for the operation in the Sibut-Grimari-Kouango triangle, the aim is to put an end to the illegal activities of the criminal group led by the so-called Ayoloma, to strengthen the protection of civilians and to ensure freedom of movement along the main axes and secondary in the Sibut-Grimari-Kouango area. The operation follows the atrocities committed by this group on the local population, including that of March 15, during which a Burundian peacekeeper fell in his mission to protect civilians.
In addition to these two new operations, the MINUSCA Force is continuing Operation Kiri na Autorité (Restoring State Authority) launched on April 10 in western CAR, in order to curb the activities of armed groups which, during transhumance, illegally tax populations and contribute to insecurity. To this end, the Force's ultimatum in early May forced elements of the Return, Claim and Rehabilitation (3R) group to leave the village of Baboua (Nana-Mambéré) where they were trying to set up a base, in violation of the APPR-RCA. In addition, in Lobaye, the UN Forces control the area and monitor the transhumance routes in order to avoid any incident between nomadic and sedentary populations.
Despite the context of COVID-19, MINUSCA reiterates its commitment to fully execute its mandate, including the protection of civilians and institutions, support for the implementation of the Peace Agreement and the creation of a secure environment conducive to the holding of the next elections. It continues to work closely with the Central African defense and security forces, as evidenced by the significant support recently provided by the MINUSCA Force and Police to the deployment of police and gendarmes to Ippy, Bria and Kaga-Bandoro, as well as FACA in Ndélé, regions where the Central African defense and security forces have been absent since 2012.
May 17th 2020 - MINUSCA To Secure Central Region Of CAR
From Wikipedia: Ouaka is one of the 16 prefectures of the Central African Republic.[1][2] It borders the Democratic Republic of the Congo, covers an area of 49,900 km2, and has a population of 224,076 (2003 census), giving a population density of under 5 inhabitants/km2. The capital is Bambari.
Note: This is the region where AXM's Passendro mine is located.
https://minusca.unmissions.org/la-minusca-lance-deux-nouvelles-op%C3%A9rations-de-protection-et-s%C3%A9curisation-dans-la-r%C3%A9gion-centre-de-la?fbclid=IwAR1-hZ430kGxvrgkriuXUsk-jGH5Zsjr73MqOJnBiy3VbdLAQeldj1E7VvY
May 17 2020
MINUSCA LAUNCHES TWO NEW PROTECTION AND SECURITY OPERATIONS IN THE CENTRAL REGION OF CAR
As part of its mandate to protect populations, the MINUSCA Force has just launched two major operations, namely Operation "Igana siriri" (Bringing Peace to Sango) in Ndélé (north-central Central African Republic) as well than in the Sibut-Grimari-Kouango triangle (Ouaka and Kemo prefectures), in order to deal with the security situation in these regions.
The operation in Ndélé will be carried out jointly with the hundred FACA soldiers, who have just been deployed in the city, and aims to restore a safe and secure environment in and around the city, to ensure the protection of civilians and d '' assist in the establishment of security conditions allowing the immediate resumption of humanitarian activities intended for populations, especially those who have fled their homes. It also aims to create conditions conducive to a lasting political solution to the crisis in the prefecture of Bamingui-Bangoran, thereby contributing to the implementation of the Agreement for Peace and Reconciliation in the Central African Republic (APPR-RCA ) In the region. To this end, the workforce is reinforced, in particular with the deployment of a rapid intervention blue helmet unit dedicated to large-scale operations as well as the dispatch of a detachment of United Nations police officers capable of supporting the investigations initiated and of help maintain order in order to prevent any criminal act in the city. The operation in Ndélé is justified by the series of deliberate attacks against the civilian population by armed groups, to which the MINUSCA Force had to respond vigorously on April 29, to expel the attackers from the city.
As for the operation in the Sibut-Grimari-Kouango triangle, the aim is to put an end to the illegal activities of the criminal group led by the so-called Ayoloma, to strengthen the protection of civilians and to ensure freedom of movement along the main axes and secondary in the Sibut-Grimari-Kouango area. The operation follows the atrocities committed by this group on the local population, including that of March 15, during which a Burundian peacekeeper fell in his mission to protect civilians.
In addition to these two new operations, the MINUSCA Force is continuing Operation Kiri na Autorité (Restoring State Authority) launched on April 10 in western CAR, in order to curb the activities of armed groups which, during transhumance, illegally tax populations and contribute to insecurity. To this end, the Force's ultimatum in early May forced elements of the Return, Claim and Rehabilitation (3R) group to leave the village of Baboua (Nana-Mambéré) where they were trying to set up a base, in violation of the APPR-RCA. In addition, in Lobaye, the UN Forces control the area and monitor the transhumance routes in order to avoid any incident between nomadic and sedentary populations.
Despite the context of COVID-19, MINUSCA reiterates its commitment to fully execute its mandate, including the protection of civilians and institutions, support for the implementation of the Peace Agreement and the creation of a secure environment conducive to the holding of the next elections. It continues to work closely with the Central African defense and security forces, as evidenced by the significant support recently provided by the MINUSCA Force and Police to the deployment of police and gendarmes to Ippy, Bria and Kaga-Bandoro, as well as FACA in Ndélé, regions where the Central African defense and security forces have been absent since 2012.
A very interesting thing to note is that the mineralization found during Portofino’s exploration matches up with what GBR and BTU have also found. Now there’s a KEY NOTE from Great Bear that helps associate it with higher gold bearing anomalies:
September 19th 2019: https://greatbearresources.ca/news/great-bear-drills-multiple-gold-discoveries-along-3.2-km-of-the-lp-fault-at-dixie-drilling-at-new-auro-zone-a-2.6-km-step-out/
Great Bear Drills Multiple Gold Discoveries Along 3.2 km of the LP Fault at Dixie: Drilling at New “Auro” Zone, a 2.6 km Step-Out from Bear-Rimini, Intersects 101.71 g/t Gold Over 1.50 m Within 42.00 m of 5.28 g/t Gold at 80 m Depth; Yuma Zone Intercepts
Gold mineralization associated with the LP Fault is not typical of the Red Lake district. Early observations suggest that gold is associated with a large-scale deformation zone near the contact between sediments and felsic volcanics. Accessory minerals include pyrite, sphalerite, and galena with minor chalcopyrite and arsenopyrite. Elevated lead, silver and zinc values are observed within higher grade gold intercepts.
March 18th 2020: https://www.btumetals.com/?news=74
BTU REPORTS ASSAYS OF 2.27% COPPER EQUIVALENT* OVER 7.8 METRES AT TNT TARGET
March 18th, 2020, Vancouver, BC, Canada – BTU METALS CORP. ("BTU" or the "Company") (BTU-TSX:V provides the following update on the Dixie Halo exploration work programs. Assay results from drill holes BTU-19-21 to 25, confirm the presence of a large alteration system at the TNT target. This alteration and associated mineralization which consists of varying amounts of pyrite and chalcopyrite, as well as minor amounts of sphalerite, galena and molybdenite is traceable using the induced polarization (“IP”) geophysical technique as well as electromagnetic methods. Hole 13 intercepted 44 m of 1.14% CuEq* including highlights of 5.56% Cu, 2 g/t Au and 99.6 g/t Ag. Hole 25, collared approximately 500 m to the east of 13 included assay highlights of 0.92 g/t Au, 5.86% Cu and 116 g/t Ag.
May 14th 2020: https://www.portofinoresources.com/news/2020/portofino-identifies-3-significant-conductors-in-geophysical-program-south-of-otter-red-lake-ont/
The property has been subject to large-scale geophysical surveys by past operators specifically designed to target base metals. In 2001, Goldcorp Inc. completed a property wide compilation and interpretation of the historic ground and airborne magnetic data to investigate economic mineralization on the property and assess the potential for gold mineralization. Goldcorp outlined a significant target area for gold mineralization encompassed by the South of Otter Project, but due to a lack of outcrop rocks, a limited amount of follow-up work was completed
It is noteworthy that pyrite, sphalerite, and chalcopyrite mineralization was observed in outcrops by the Company’s field crew. Mineralization occurs within a strongly sheared felsic volcanic rock unit near the contact of a large felsic intrusive unit and the sulphide mineralization occurs along a significant conductor. A total of 6 samples were collected from surface near one of the conductors and have been submitted to Activation Laboratories for gold analysis.
David Tafel, Portofino’s CEO comments: “We are very encouraged by the extensive evidence of deposit-scale structures identified in the survey area and the correlation to the (Longlegged) fault zone running through our property and in close proximity to GBR’s Dixie project that is associated with the same regional structure. In addition, and due to recent logging in the area, our survey crew discovered previously undetected outcropping rock types that are typically associated with gold mineralization.”
Information Regarding “Au Group Ltd” – Axmin Inc’s Joint Venture Partner
Axmin Inc.(AXM.V) announced on January 20th 2020 that their “first” strategic partner would be a company named “Au Metals Ltd” which is a subsidiary of “Au Group Ltd”. This was great news, but the issue was that “Au Group Ltd” is a private company (limited information online) and therefore many shareholders did not know the financial push that they could assist Axmin with. This is why the stock did not get the true value appreciation it deserved. There was obviously some confidentiality agreement signed where they could not disclose more information regarding “Au Group Ltd”. On March 3rd 2020, a small update stated that things have progressed with the Joint Venture partner. Then on April 27th 2020, the company had announced a postponement to the financials and an update due to COVID-19 and auditor delays.
In the meantime, I have tried several times to research this “Au Metals Ltd” with little luck. This is understandable because it’s private, so I decided to try and look for “Au Group Ltd” instead. Being the parent company, this would give a good indication as to what kind of projects or investments this private group does. After much time spent researching, I found some great content which connects this group to what Axmin has stated. Not only is “Au Group Ltd” part of a state owned enterprise, but their treasury is likely in the billions. This is why Axmin likely chose them as a partner after having numerous offers, as stated in a news release on May 6th 2019.
Note: “Au Group Ltd” also goes by the name “Aomei Group Co” which is stated in the registration below. Even with all the names researched “Aomei Group Co”, “Au Group Ltd”, “Au Metals Ltd”, “Au Ventures Ltd” there still isn’t tons of information. Either way, these are all the articles I could find. If I looked up “Aomei Group Co” articles would show up with the name “Au Group Ltd”
Axmin News Release: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/422-tsx-venture/axm/72159-axmin-announces-letter-of-intent-with-first-strategic-partner.html
Axmin Inc. has signed a letter of intent for the development of its Passendro gold asset in the Central African Republic (CAR) with Au Metals Ltd., a subsidiary of the Au Group Ltd. Au Metals is a gold and copper mineral focused venture capital firm established in 2015 in Hong Kong, special administrative regions, and the British Virgin Islands. Au Metals, through its related company Au Ventures Ltd., operates venture capital funds. Au Metals has been involved with numerous mining companies. Au Metals' team also has operational experience in projects throughout Asia, Africa, North America and Australia. Au Metals is well connected in the mining industry, and has close relationships with corporate and state-owned enterprise mining operations and investors in the Asia region. Au Metals maintains offices in Hong Kong, Beijing, Sydney, Melbourne, Perth and Brisbane.
Au Group Ltd Registration: https://www.hongkongcompanylookup.com/company/2204323/
Au Group Limited was established in Hong Kong on February 16, 2015. The company number is: 2204323, which belongs to a private limited company. The company's annual review date is after the establishment of the next year, from February 16 to March 30 every year. As of today, the company has operated for 5 years, 3 months and 0 days.
Article From China Daily In 2016: https://wxn.qq.com/cmsid/2016070505858500
Important Segment: Recently, Beijing Real Estate Market Co., Ltd., together with Au Group Ltd and Kuafu Properties, held a real estate investment appraisal meeting at No. 1289 in Lexington, Manhattan s Upper East Side. The project is located at the intersection of 86th Street and Lexington Avenue in the Upper East Side of Manhattan. It is in the core commercial and high-end residential area. The 10028 postal area is one of the richest areas in the United States and Manhattan. It has 18-storey luxury apartments and 3-storey corner retail shops. We have received a letter of intent for a world-renowned brand for 15 years.
Shanghai Real Estate site that mentions Au Group Ltd: http://3sfc.com/zufang/1/10019.html
Important Segment: Beijing Real Estate Market Co., Ltd. joined with Au Group Ltd., and affordable housing is a government-sponsored project to solve the housing problems of low-income and lowest-income families. Hefei Apartment ranked among the top six in Chengdu.
About Kuafu Properties: http://kuafuproperties.com/
Kuafu Properties LLC is a privately held, fully integrated real estate development and investment company based in New York City. Kuafu was established with the vision of being the ultimate bridge between Chinese and other international investors to the overseas real estate market in the United States. This bridge has been established by building a team of local market experts (investment, development, construction, sales & marketing, real estate services) based in Manhattan who have a deep understanding of the U.S. real estate markets with a specific emphasis on New York City, and strong ties to foreign investors who understand New York and seek real estate exposure through Kuafu Properties.
Connecting The Dots
1) Dates – Axmin mentioned that the venture firm was established in 2015. This corresponds to what the Hong Kong registry states. The two articles also have dates of 2016, roughly a year after the company was formed. This proves that it’s a real company.
2) Locations – Axmin mentions that Au Metals has worked on projects across the globe and has several offices. Au Group Ltd also works with companies across the globe. Au Group Ltd is more real estate focused and its subsidiary is into mining. Au Group has an office in Beijing, which again ties it closely to it’s partners for work around China or investments aboard, as per the two articles.
3) Partners – Both articles mention “Beijing Real Estate Market”, which is likely a state-owned enterprise that works with “Au Group Ltd”. Axmin also mentions that “Au Metals” is affiliated with “State Owned Enterprises”. The second article talks about government sponsored housing, meaning that Au Group would have to be quite large in order to accommodate such a project.
4) Beijing - The November 2019 news release mentions that Axmin met with Au Metals In “Beijing”. “Au Group Ltd” has worked closely with “Beijing Real Estate Market Co” which seems like a strange coincidence. Au Group has offices around the world, yet Beijing is always the primary connection.
5) Funding – If Au Group Ltd is invested in some of the most expensive real estate in America (As mentioned in the article) then they obviously have more than enough funds to finance the construction of Passendro or any gold mine for that matter. The parent company “Au Group Ltd” would just infuse it’s subsidiary “Au Metals Ltd” with the funds needed to move forward.
Conclusion: This was created to help bring to light what kind of partner Axmin Inc has. Au Group Ltd. Is a real company, so are the subsidiaries. They are likely a state owned enterprise with strong connections to Beijing, AKA the Chinese government. This means that any project, even in a third world country like CAR, will be pushed through as China is on a record gold purchasing spree at the moment. China has already spent millions in the last couple years trying to help stabilize and rebuild the Central African Republic, meaning CAR government officials will have to comply with the Chinese if they intend to keep the funding and support going.
Information Regarding “Au Group Ltd” – Axmin Inc’s Joint Venture Partner
Axmin Inc.(AXM.V) announced on January 20th 2020 that their “first” strategic partner would be a company named “Au Metals Ltd” which is a subsidiary of “Au Group Ltd”. This was great news, but the issue was that “Au Group Ltd” is a private company (limited information online) and therefore many shareholders did not know the financial push that they could assist Axmin with. This is why the stock did not get the true value appreciation it deserved. There was obviously some confidentiality agreement signed where they could not disclose more information regarding “Au Group Ltd”. On March 3rd 2020, a small update stated that things have progressed with the Joint Venture partner. Then on April 27th 2020, the company had announced a postponement to the financials and an update due to COVID-19 and auditor delays.
In the meantime, I have tried several times to research this “Au Metals Ltd” with little luck. This is understandable because it’s private, so I decided to try and look for “Au Group Ltd” instead. Being the parent company, this would give a good indication as to what kind of projects or investments this private group does. After much time spent researching, I found some great content which connects this group to what Axmin has stated. Not only is “Au Group Ltd” part of a state owned enterprise, but their treasury is likely in the billions. This is why Axmin likely chose them as a partner after having numerous offers, as stated in a news release on May 6th 2019.
Note: “Au Group Ltd” also goes by the name “Aomei Group Co” which is stated in the registration below. Even with all the names researched “Aomei Group Co”, “Au Group Ltd”, “Au Metals Ltd”, “Au Ventures Ltd” there still isn’t tons of information. Either way, these are all the articles I could find. If I looked up “Aomei Group Co” articles would show up with the name “Au Group Ltd”
Axmin News Release: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/422-tsx-venture/axm/72159-axmin-announces-letter-of-intent-with-first-strategic-partner.html
Axmin Inc. has signed a letter of intent for the development of its Passendro gold asset in the Central African Republic (CAR) with Au Metals Ltd., a subsidiary of the Au Group Ltd. Au Metals is a gold and copper mineral focused venture capital firm established in 2015 in Hong Kong, special administrative regions, and the British Virgin Islands. Au Metals, through its related company Au Ventures Ltd., operates venture capital funds. Au Metals has been involved with numerous mining companies. Au Metals' team also has operational experience in projects throughout Asia, Africa, North America and Australia. Au Metals is well connected in the mining industry, and has close relationships with corporate and state-owned enterprise mining operations and investors in the Asia region. Au Metals maintains offices in Hong Kong, Beijing, Sydney, Melbourne, Perth and Brisbane.
Au Group Ltd Registration: https://www.hongkongcompanylookup.com/company/2204323/
Au Group Limited was established in Hong Kong on February 16, 2015. The company number is: 2204323, which belongs to a private limited company. The company's annual review date is after the establishment of the next year, from February 16 to March 30 every year. As of today, the company has operated for 5 years, 3 months and 0 days.
Article From China Daily In 2016: https://wxn.qq.com/cmsid/2016070505858500
Important Segment: Recently, Beijing Real Estate Market Co., Ltd., together with Au Group Ltd and Kuafu Properties, held a real estate investment appraisal meeting at No. 1289 in Lexington, Manhattan s Upper East Side. The project is located at the intersection of 86th Street and Lexington Avenue in the Upper East Side of Manhattan. It is in the core commercial and high-end residential area. The 10028 postal area is one of the richest areas in the United States and Manhattan. It has 18-storey luxury apartments and 3-storey corner retail shops. We have received a letter of intent for a world-renowned brand for 15 years.
Shanghai Real Estate site that mentions Au Group Ltd: http://3sfc.com/zufang/1/10019.html
Important Segment: Beijing Real Estate Market Co., Ltd. joined with Au Group Ltd., and affordable housing is a government-sponsored project to solve the housing problems of low-income and lowest-income families. Hefei Apartment ranked among the top six in Chengdu.
About Kuafu Properties: http://kuafuproperties.com/
Kuafu Properties LLC is a privately held, fully integrated real estate development and investment company based in New York City. Kuafu was established with the vision of being the ultimate bridge between Chinese and other international investors to the overseas real estate market in the United States. This bridge has been established by building a team of local market experts (investment, development, construction, sales & marketing, real estate services) based in Manhattan who have a deep understanding of the U.S. real estate markets with a specific emphasis on New York City, and strong ties to foreign investors who understand New York and seek real estate exposure through Kuafu Properties.
Connecting The Dots
1) Dates – Axmin mentioned that the venture firm was established in 2015. This corresponds to what the Hong Kong registry states. The two articles also have dates of 2016, roughly a year after the company was formed. This proves that it’s a real company.
2) Locations – Axmin mentions that Au Metals has worked on projects across the globe and has several offices. Au Group Ltd also works with companies across the globe. Au Group Ltd is more real estate focused and its subsidiary is into mining. Au Group has an office in Beijing, which again ties it closely to it’s partners for work around China or investments aboard, as per the two articles.
3) Partners – Both articles mention “Beijing Real Estate Market”, which is likely a state-owned enterprise that works with “Au Group Ltd”. Axmin also mentions that “Au Metals” is affiliated with “State Owned Enterprises”. The second article talks about government sponsored housing, meaning that Au Group would have to be quite large in order to accommodate such a project.
4) Beijing - The November 2019 news release mentions that Axmin met with Au Metals In “Beijing”. “Au Group Ltd” has worked closely with “Beijing Real Estate Market Co” which seems like a strange coincidence. Au Group has offices around the world, yet Beijing is always the primary connection.
5) Funding – If Au Group Ltd is invested in some of the most expensive real estate in America (As mentioned in the article) then they obviously have more than enough funds to finance the construction of Passendro or any gold mine for that matter. The parent company “Au Group Ltd” would just infuse it’s subsidiary “Au Metals Ltd” with the funds needed to move forward.
Conclusion: This was created to help bring to light what kind of partner Axmin Inc has. Au Group Ltd. Is a real company, so are the subsidiaries. They are likely a state owned enterprise with strong connections to Beijing, AKA the Chinese government. This means that any project, even in a third world country like CAR, will be pushed through as China is on a record gold purchasing spree at the moment. China has already spent millions in the last couple years trying to help stabilize and rebuild the Central African Republic, meaning CAR government officials will have to comply with the Chinese if they intend to keep the funding and support going.
News Release: Portofino Identifies 3 Significant Conductors in Geophysical Program
2020-05-14 06:00 MT - News Release
Vancouver, British Columbia--(Newsfile Corp. - May 14, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") is pleased to report that it has received results from its 19-line kilometer ("km") winter geophysical program. The program consisted of a Very-Low Frequency (VLF) Electromagnetic (EM) survey. This survey method is widely used in gold exploration and has been proven effective in delineating geological contacts and mineralized shear zones in the Red Lake Mining Camp and along the Confederation Lake greenstone belt.
The property has been subject to large-scale geophysical surveys by past operators specifically designed to target base metals. In 2001, Goldcorp Inc. completed a property wide compilation and interpretation of the historic ground and airborne magnetic data to investigate economic mineralization on the property and assess the potential for gold mineralization. Goldcorp outlined a significant target area for gold mineralization encompassed by the South of Otter Project, but due to a lack of outcrop rocks, a limited amount of follow-up work was completed.
Portofino designed the winter VLF-EM survey to refine the gold mineralization target area and identify specific target areas for prospecting, trenching, and drilling. The survey successfully delineated 3 significant conductors over a 1.6-kilometer strike length. These conductors are interpreted to be shear zones along the contact of intermixed volcanic units and a large granitoid intrusion and correspond with magnetic breaks defined by Goldcorp's 2001 interpretation. This suggests the structures are deep seated and continue along strike and beyond Portofino's 19-line km VLF survey grid.
The prospective targets delineated in the VLF survey occur along splays of the Pakwash-Longlegged Fault system within the Portofino claim boundary. This fault system is a major regional structure along the Confederation Lake assemblage and continues into the LP Fault Zone, hosting Great Bear Resources Ltd.'s ("GBR") Dixie Project.
It is noteworthy that pyrite, sphalerite, and chalcopyrite mineralization was observed in outcrops by the Company's field crew. Mineralization occurs within a strongly sheared felsic volcanic rock unit near the contact of a large felsic intrusive unit and the sulphide mineralization occurs along a significant conductor. A total of 6 samples were collected from surface near one of the conductors and have been submitted to Activation Laboratories for gold analysis.
David Tafel, Portofino's CEO comments: "We are very encouraged by the extensive evidence of deposit-scale structures identified in the survey area and the correlation to the (Longlegged) fault zone running through our property and in close proximity to GBR's Dixie project that is associated with the same regional structure. In addition, and due to recent logging in the area, our survey crew discovered previously undetected outcropping rock types that are typically associated with gold mineralization."
An exploration permit application has been submitted to the Ministry of Northern Mines and Development which outlines a significant trenching and drilling program to further delineate the gold bearing targets defined through the recent VLF survey.
The 5,120 hectares (South of Otter) property is contained within the Birch-Uchi-Confederation Lakes greenstone belt which hosts the world-renowned Red Lake gold deposits and includes the Dixie project currently being drilled by GBR. GBR continues to report exciting drill results with mineralized intersections commonly returning bonanza gold grades in association with coarse visible gold grains. Portofino's property is located approximately 8 km east of GBR's claims.
The Portofino property contains excellent targets for both Red Lake-style gold mineralization as well as gold bearing base metal prospects. Historical work on the claims included prospecting, sampling, limited drilling, and airborne magnetic geophysical surveys.
Qualified Person
The technical content of this news release has been reviewed and approved by Mr. Alex Pleson, P. Geo., who is a member of the Association of Professional Geoscientists of Ontario and is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.
On Behalf of the Board,
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel
CEO, Director
604-683-1991
Some positive developments, the last rebel held area of the Central African Republic is now under state authority, which means that the country is much safer and Axmin can finally get back to work soon on their 2 million ounce gold deposit. See news article below.
For those that want to get in touch with the company, give Joe Tai a call at 1-604-307-9918
https://corbeaunews-centrafrique.com/centrafrique-les-soldats-faca-de-retour-a-ndele/
Central African Republic: FACA soldiers return to Ndélé.
By Moïse BANAFIO, Journalist and CNC correspondent at Bria -May 13, 2020
Ndélé (Central African Republic) - after 8 years of absence, soldiers from the Central African armed forces are back this Wednesday, May 13 in Ndélé, capital of the prefecture of Bamingui-Bangoran. A tangible sign of the return of state authority to this tourist town long occupied by armed groups.
Welcomed in their jubilation upon their arrival by rebel leader Abdoulaye Hissen Ramadan and the local populations, FACA soldiers, on board dozens of military vehicles, were taken to the TP base, a former training and cantonment site for the rebels of the FPRC.
A theater of confrontation between different rival armed groups, the city of Ndélé, emptied of its inhabitants since the last clashes between the FPRC and the RPRC, has just welcomed the FACA soldiers again after more than 8 years of absence. For the moment, according to a national army officer, the exchanges are very cordial between the FACA soldiers and the rebel fighters of the FPRC.
The return of Faca soldiers to Ndélé is made possible thanks to the political agreement for peace and reconciliation in the Central African Republic (APPR-RCA), signed on February 6, 2019 between the government and the 14 armed groups, and supported by the community. international. Unfortunately, when the FACA returned to Ndélé, all the civilian populations were in the IDP camp near Minusca.
Case to follow.
Some positive developments, the last rebel held area of the Central African Republic is now under state authority, which means that the country is much safer and Axmin can finally get back to work soon on their 2 million ounce gold deposit. See news article below.
For those that want to get in touch with the company, give Joe Tai a call at 1-604-307-9918
https://corbeaunews-centrafrique.com/centrafrique-les-soldats-faca-de-retour-a-ndele/
Central African Republic: FACA soldiers return to Ndélé.
By Moïse BANAFIO, Journalist and CNC correspondent at Bria -May 13, 2020
Ndélé (Central African Republic) - after 8 years of absence, soldiers from the Central African armed forces are back this Wednesday, May 13 in Ndélé, capital of the prefecture of Bamingui-Bangoran. A tangible sign of the return of state authority to this tourist town long occupied by armed groups.
Welcomed in their jubilation upon their arrival by rebel leader Abdoulaye Hissen Ramadan and the local populations, FACA soldiers, on board dozens of military vehicles, were taken to the TP base, a former training and cantonment site for the rebels of the FPRC.
A theater of confrontation between different rival armed groups, the city of Ndélé, emptied of its inhabitants since the last clashes between the FPRC and the RPRC, has just welcomed the FACA soldiers again after more than 8 years of absence. For the moment, according to a national army officer, the exchanges are very cordial between the FACA soldiers and the rebel fighters of the FPRC.
The return of Faca soldiers to Ndélé is made possible thanks to the political agreement for peace and reconciliation in the Central African Republic (APPR-RCA), signed on February 6, 2019 between the government and the 14 armed groups, and supported by the community. international. Unfortunately, when the FACA returned to Ndélé, all the civilian populations were in the IDP camp near Minusca.
Case to follow.
Portofino Resources: Searching for Gold in the Red Hot, Red Lake District
https://www.linkedin.com/pulse/portofino-resources-searching-gold-red-hot-lake-district-ali-sinawi/
Published on May 12, 2020
Ali Sinawi
Capital Markets | Marketing | Financing | Connector of People, Capital & Ideas
As capital market professionals and speculative investors, we are all looking for opportunities during this exciting gold market, and the Red Lake Mining District of Ontario has been making big headlines.
As recently as today, Great Bear Resources (GBR) announced they upsized their previously announced C$20.0 Million Bought Deal Private Placement to C$33 Million at a price of $17 per flow-through share and 725,000 common shares at a price of $11.04 per common share.
This was announced a day after GBR intersected the widest high-grade gold interval in the Dixie Limb zone to-date, assaying 10.19 g/t gold over 19.00 metres, which included 68.59 g/t gold over 2.65 metres, which in turn included 133.50 g/t gold over 1.00 metre.
GBR has been one of the best gold stories of the past decade, up ~6,600% from $0.165 in 4Q 2016 to over $11.00 today, with a market cap of $500+M.
Additionally in the area, Pure Gold announced that it is on track to open Red Lake mine this year which produced 2.5 million ounces of gold between 1938 and 1976. The asset was briefly put back into production in the late 1990s before the collapse in the gold price.
It’s clear the Red Lake District still has a lot of gold to be found and investors continue to place their bets there.
So when the opportunity to make an early investment in this great gold district arises, investors tend to not shy away leaving junior exploration companies with oversubscribed private placements.
Portofino Resources (TSX-V: POR) is one of those oversubscribed junior exploration companies. In fact, they ran two separate private placements to meet the demand.
On May 5, 2020, TSX-V: POR announced the close of back-to-back oversubscribed financings for a total proceeds of $882,500, with insiders subscribing for 2 million units on the second round.
With approx. 40 million shares outstanding and with a market cap of approx. $2.4 million, the company plans to advance its Red Lake gold project as well as aggressively pursue additional potential “company maker” acquisitions.
Last September, Portofino Resources (TSX-V: POR) announced a binding agreement for the right to acquire a 100% interest in mining claims in the famous Red Lake mining district of Ontario, Canada.
Portofino joins both majors & juniors including Australian-listed; Evolution Mining and Canadian-listed; Yamana, Great Bear Resources, Premier Gold Mines, Pure Gold, Rubicon Minerals, Pacton Gold, BTU Metals and GoldOn Resources.
Portofino’s block comprises 14 mining claims covering ~5,120 hectares. The claims are near the investment crowd favorite Dixie project, being drilled out by Great Bear Resources (GBR).
No alt text provided for this image
The South of Otter project is situated north of a major regional fault, wherein numerous gold prospects including the Dixie Project (less than 10 km east of South of Otter) have been discovered.
The project is also located along trend of historically development mineral deposits such as Inmet’s South Bay Mine (1.6Mt @ 2.3% Cu, 14.7% Zn, 3.5 opt Ag.), WMC International‘s CopperLode (425,000t @ 1.56% Cu, 0.98 opt Ag), and Noranda‘s Copperlode East (160,000t @ 1.02 % Cu, 8.28% Zn, 0.39 opt Ag)
With Portofino commencing its exploration program on the property, a strong gold market, and continued activity in the Red Lake district, I believe this is a story you should watch unfold over the coming months.
If you have any questions about Portofino Resources (TSX-V: POR), please don't hesitate to leave a comment or send me a Direct Message. I look forward to hearing from you.
Regards,
Ali
Update from SEW.H, which EW holds over 500k shares in and has not traded in over a year:
2020-05-11 12:55 MT - News Release
Mr. Peter Espig reports
SEAWAY ANNOUNCES VOLUNTARY DELISTING FROM THE TSX VENTURE EXCHANGE
Seaway Energy Services Inc., further to its news release dated Feb. 24, 2020, has made an application to the TSX Venture Exchange to voluntarily delist its common shares from the TSX-V in support of a listing of the common shares on the Canadian Securities Exchange. The Company anticipates that its Common Shares will be voluntarily delisted from the TSXV immediately following the close of trading on May 12, 2020. The Company has received conditional approval from the CSE and trading is anticipated to commence shortly.
The Company will complete a three-cornered amalgamation with Sweet Earth Holdings Inc. ("Sweet Earth") a vertically integrated and award-winning company focused on hemp production and CBD related products. A member of the American National Hemp Association and Leaping Bunny accredited, the Company maintains a complete "farm to shelf" platform. Its farms focus on pure organic hemp growing while production specializes on high-end CBD products that can be purchased on its website and high-end distributers in the United States.
Sweet Earth maintains business operations and networks in the following jurisdictions:
North America: Hemp-focus agronomy research, product development, main farm production, drying, and extraction facilities are headquartered in the State of Oregon. It has a distribution office and acreage package in California, the world's largest market for CBD products;
European Union (EU): Sweet Earth expanded its operations into the EU in 2020, by securing land and production capacity in Spain. Its Spanish farm augments access to European markets through strong distribution partnerships;
South America: The Company is currently expanding into Panama, for its Central and South American operations, and has signed an LOI with a leading pharmaceutical company for distribution throughout the region;
Asia: Focused is on anti-ageing creams for the Japanese and Korean markets.
The Sweet Earth Brand and products continues to garner high ratings and sales expansion because of its superior agriculture and cutting-edge product development.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Update from SEW.H, which EW holds over 500k shares in and has not traded in over a year:
2020-05-11 12:55 MT - News Release
Mr. Peter Espig reports
SEAWAY ANNOUNCES VOLUNTARY DELISTING FROM THE TSX VENTURE EXCHANGE
Seaway Energy Services Inc., further to its news release dated Feb. 24, 2020, has made an application to the TSX Venture Exchange to voluntarily delist its common shares from the TSX-V in support of a listing of the common shares on the Canadian Securities Exchange. The Company anticipates that its Common Shares will be voluntarily delisted from the TSXV immediately following the close of trading on May 12, 2020. The Company has received conditional approval from the CSE and trading is anticipated to commence shortly.
The Company will complete a three-cornered amalgamation with Sweet Earth Holdings Inc. ("Sweet Earth") a vertically integrated and award-winning company focused on hemp production and CBD related products. A member of the American National Hemp Association and Leaping Bunny accredited, the Company maintains a complete "farm to shelf" platform. Its farms focus on pure organic hemp growing while production specializes on high-end CBD products that can be purchased on its website and high-end distributers in the United States.
Sweet Earth maintains business operations and networks in the following jurisdictions:
North America: Hemp-focus agronomy research, product development, main farm production, drying, and extraction facilities are headquartered in the State of Oregon. It has a distribution office and acreage package in California, the world's largest market for CBD products;
European Union (EU): Sweet Earth expanded its operations into the EU in 2020, by securing land and production capacity in Spain. Its Spanish farm augments access to European markets through strong distribution partnerships;
South America: The Company is currently expanding into Panama, for its Central and South American operations, and has signed an LOI with a leading pharmaceutical company for distribution throughout the region;
Asia: Focused is on anti-ageing creams for the Japanese and Korean markets.
The Sweet Earth Brand and products continues to garner high ratings and sales expansion because of its superior agriculture and cutting-edge product development.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
POR Insider Buying:
Filed 2020-05-08 09:39
Tx date 2020-05-08 $POR
Portofino Resources Inc. Wright, Jeremy Christopher
5 - Senior Officer of Issuer
Holder: Seatrend Strategy Group (Indirect Ownership)
Warrants
11 - Acquisition or disposition carried out privately $50,000
+1,000,000 vol
$0.05 each 1,416,761
Filed 2020-05-08 09:36
Tx date 2020-05-08 $POR
Portofino Resources Inc. Wright, Jeremy Christopher
5 - Senior Officer of Issuer
Holder: Seatrend Strategy Group (Indirect Ownership)
Common Shares
11 - Acquisition or disposition carried out privately $50,000
+1,000,000 vol
$0.05 each 1,594,886
Filed 2020-05-08 09:32
Tx date 2020-05-08 $POR
Portofino Resources Inc. Tafel, David Geophry
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Warrants
11 - Acquisition or disposition carried out privately $50,000
+1,000,000 vol
$0.05 each 1,600,000
Filed 2020-05-08 09:30
Tx date 2020-05-08 $POR
Portofino Resources Inc. Tafel, David Geophry
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
11 - Acquisition or disposition carried out privately $50,000
+1,000,000 vol
$0.05 each 1,854,562
Older filings
Filed 2020-04-03 15:23
Tx date 2020-03-13 $POR
Portofino Resources Inc. Wright, Jeremy Christopher
5 - Senior Officer of Issuer
Holder: Seatrend Strategy Group (Indirect Ownership)
Common Shares
10 - Acquisition or disposition in the public market $3,000
+100,000 vol
$0.03 each 594,886
Filed 2019-12-30 13:30
Tx date 2019-12-27 $POR
Portofino Resources Inc. Tafel, David Geophry
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $1,250
+50,000 vol
$0.025 each 854,562
Filed 2019-12-20 15:05
Tx date 2019-12-19 $POR
Portofino Resources Inc. Tafel, David Geophry
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $1,000
+50,000 vol
$0.02 each 804,562
Portofino 6.65-million-share private placement
Portofino Resources Inc (2) (C:POR)
Shares Issued 40,215,969
Last Close 5/5/2020 $0.055
Tuesday May 5 2020 - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced April 27, 2020.
Number of shares:6.65 million shares Purchase price:five cents per share Warrants:6.65 million share purchase warrants to purchase 6.65 million shares Warrant initial exercise price:five cents Warrant term to expiry:two years Number of placees:18 placeesInsiders:David Tafel, one million; Seatrend Strategy Group (Jeremy Wright), one million Total pro group involvement:468,000 (two placees) Finders' fees:Leede Jones Gable Inc., $400 cash and 8,000 warrants; PI Financial Corp., $8,640 cash and 180,000 warrants; Intrynsyc Capital Corp., 500,000 warrants Finder's warrant initial exercise price:five cents Finder's warrant term to expiry:two years exercisable at five cents
Note that in certain circumstances the exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
© 2020 Canjex Publishing Ltd.
Portofino Closes Oversubscribed Financing
2020-05-05 09:10 MT - News Release
Vancouver, British Columbia--(Newsfile Corp. - May 5, 2020) - PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POTA) ("Portofino" or the "Company") reports that it has been oversubscribed on its previously announced $300,000 non-brokered private placement and closed on $332,500 priced at $0.05/Unit. Portofino insiders subscribed for 2 million units.
Each Unit consists of one common share and one 2-year common share purchase warrant. Each whole warrant is exercisable for one Common Share of the Company for a period of 24 months from closing at an exercise price of $0.05. Portofino is issuing 6,650,000 Share Units and paying finders fees of $9,040 and 688,000 broker warrants which are exercisable on the same terms as the subscribing investors. The shares issued are subject to a four-month hold period which will expire in September 2020.
Proceeds from this financing shall be used by the Company for mineral exploration activities, currently focused on its South of Otter (Red Lake) project and general corporate purposes which includes pursuing other potential precious metal project opportunities. The South of Otter property hosts targets for both Red Lake-style gold mineralization, as well as gold bearing base metal prospects. Historical work on the property includes prospecting, sampling, airborne magnetic geophysical surveys as well as limited drilling.
The Company anticipates deploying its exploration team to the project within the month and will provide activity details and objectives shortly.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring, and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold project owned by Great Bear Resources Ltd. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.
On Behalf of the Board,
"David G. Tafel"
Chief Executive Officer
For Further Information Contact:
David Tafel
CEO, Director
604-683-1991
ATI Airtest Technologies Inc. Responds Strongly to Pandemic
2020-05-05 07:00 MT - News Release
Delta, British Columbia--(Newsfile Corp. - May 5, 2020) - Airtest Technologies Inc. (TSXV: AAT) President George Graham announces that the Company has maintained a sales volume for the first four months of this year ahead of last year's average monthly sales. Our sales have been strong because many of our products support new and existing building infrastructure that is considered essential to ensure health, safety and economic well-being during the current pandemic.
AirTest also has substantial growth opportunity in front of us at this time. As the world emerges from the lockdown there is a growing emphasis on ensuring that building equipment is working properly and is properly modified to maximize the safety of building occupants. We anticipate that there will be an accelerated trend driven by regulations, codes and new building performance standards to recommission and retrofit many technologies in existing buildings to ensure the safety as well as economic and energy efficiency including greenhouse gas reduction. AirTest's wireless sensor and control technology is specifically designed and ready-to-go to address this enormous retrofit demand.
About ATI: AirTest Technologies is a Green-Tech company specializing in sensors that improve commercial building operating efficiency and at the same time create energy savings. These sensors are all based on technical innovations developed in the last ten years and comprise a growing second wave of energy saving technologies that are positioned to make a significant contribution to the Sustainable Buildings Program. AirTest offers its products to leading-edge building owners, contractors and energy service companies targeting the buildings market. AirTest also provides energy cost reduction solutions to building equipment and controls manufacturers who incorporate AirTest sensor components in their products.
# # #
For further information, please contact:
Mr. George Graham, President & CEO
Phone: (604) 517 3888
Fax :(604) 517 3900
Email: ggraham@airtest.com
Website: www.airtest.com
Spectra has Q1 profit before tax of $176,513
2020-05-04 07:29 MT - News Release
Mr. Andrew Malion reports
SPECTRA PRODUCTS INC. REPORTS FIRST QUARTER 2020 RESULTS
Spectra Products Inc. has released its financial results for the three months ended March 31, 2020. Revenues for the three-month period ending March 31, 2020, were $535,926 compared with $495,507 for the same period in 2019.
In the three-month period ended March 31, 2020, a net profit before income taxes of $176,513 was earned compared with a net profit before income taxes of $106,287 for the three-month period ended March 31, 2019.
About Spectra Products Inc.
Spectra is the Toronto-based North American designer, manufacturer and distributor of wheel-end safety products to the transportation industry.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Article : Cub Energy JV Partner Moves Forward In Ukraine
Nafta has obtained a mining license in Ukraine
The Ukrainian government decided on Wednesday.
https://ekonomika.sme.sk/c/22395869/spolocnost-nafta-ziskala-licenciu-na-tazbu-na-ukrajine.html
May 1, 2020 at 11:26 AM SITA
BRATISLAVA. The company Nafta, which operates gas storage facilities in Slovakia and is engaged in the exploration and extraction of hydrocarbons, is consolidating its position in Ukraine.
EP Ukraine, in which Nafta has a 10% share and Energetický a prumyslový holding (EPH) has a 90% share, has obtained a license to explore and extract mainly natural gas in the Ukrainian projects Grunivska and Ochtyrska.
The Ukrainian government decided on Wednesday.
Two mining sites
As EPH further informed through the portal of the Slovak Gas and Oil Association slovgas.sk, its subsidiary EP Ukraine was selected on the basis of evaluation criteria developed by experts, international consulting companies and energy organizations.
"We welcome the opportunity to use our financial and technological advantages in the dynamic development of the Ukrainian energy sector," said EP Ukraine in response.
EP Ukraine will now launch an extensive investment program, including in the first phase the implementation of seismic measurements and the drilling of a significant number of exploratory wells. For the supply of services and materials will use local Ukrainian companies and experts.
The Grunivska project is located in the Sumy and Poltava self-governing areas and covers an area of ??almost 1,100 square kilometers.
The Ochtyrska project with a total area of ??670 square kilometers extends on the border of the Sumy, Poltava and Kharkiv self-governing regions.
Diesel will be involved in the development of mining
Nafta, as a Central European leader in the production and storage of oil and natural gas with more than 105 years of experience, is ready to ensure the active development of individual licenses for the exploration and production of hydrocarbons, especially natural gas, in the Ukrainian project.
Last year, through its subsidiary Nafta RV LLC, it participated in the tender for Vantazhkivsk's license.
With its bid in the auction, it succeeded and obtained the right to a Vantazhkivske license near the town of Poltava.
Diesel also started last year with Cub Energy Inc. to implement the first of three planned exploratory wells near Uzhhorod.
The Slovak company Nafta, through its subsidiary Nafta International BV, entered the Ukrainian market about four years ago after obtaining 50 percent in the Uzhhorod license.
Since then, the partners have been working on a joint project aimed at exploring the Uzhhorod license in western Ukraine.
The Uzhhorod license is a geological continuation of highly explored areas in eastern Slovakia and copies the trend of discovered deposits in Slovakia.
As the main shareholder of EP Ukraine, EPH is active in the Czech Republic, Slovakia, Germany, France, the United Kingdom, Ireland , Italy , Poland and Hungary. The holding covers the entire spectrum of energy production and distribution.
Article : Cub Energy JV Partner Moves Forward In Ukraine
Nafta has obtained a mining license in Ukraine
The Ukrainian government decided on Wednesday.
https://ekonomika.sme.sk/c/22395869/spolocnost-nafta-ziskala-licenciu-na-tazbu-na-ukrajine.html
May 1, 2020 at 11:26 AM SITA
BRATISLAVA. The company Nafta, which operates gas storage facilities in Slovakia and is engaged in the exploration and extraction of hydrocarbons, is consolidating its position in Ukraine.
EP Ukraine, in which Nafta has a 10% share and Energetický a prumyslový holding (EPH) has a 90% share, has obtained a license to explore and extract mainly natural gas in the Ukrainian projects Grunivska and Ochtyrska.
The Ukrainian government decided on Wednesday.
Two mining sites
As EPH further informed through the portal of the Slovak Gas and Oil Association slovgas.sk, its subsidiary EP Ukraine was selected on the basis of evaluation criteria developed by experts, international consulting companies and energy organizations.
"We welcome the opportunity to use our financial and technological advantages in the dynamic development of the Ukrainian energy sector," said EP Ukraine in response.
EP Ukraine will now launch an extensive investment program, including in the first phase the implementation of seismic measurements and the drilling of a significant number of exploratory wells. For the supply of services and materials will use local Ukrainian companies and experts.
The Grunivska project is located in the Sumy and Poltava self-governing areas and covers an area of ??almost 1,100 square kilometers.
The Ochtyrska project with a total area of ??670 square kilometers extends on the border of the Sumy, Poltava and Kharkiv self-governing regions.
Diesel will be involved in the development of mining
Nafta, as a Central European leader in the production and storage of oil and natural gas with more than 105 years of experience, is ready to ensure the active development of individual licenses for the exploration and production of hydrocarbons, especially natural gas, in the Ukrainian project.
Last year, through its subsidiary Nafta RV LLC, it participated in the tender for Vantazhkivsk's license.
With its bid in the auction, it succeeded and obtained the right to a Vantazhkivske license near the town of Poltava.
Diesel also started last year with Cub Energy Inc. to implement the first of three planned exploratory wells near Uzhhorod.
The Slovak company Nafta, through its subsidiary Nafta International BV, entered the Ukrainian market about four years ago after obtaining 50 percent in the Uzhhorod license.
Since then, the partners have been working on a joint project aimed at exploring the Uzhhorod license in western Ukraine.
The Uzhhorod license is a geological continuation of highly explored areas in eastern Slovakia and copies the trend of discovered deposits in Slovakia.
As the main shareholder of EP Ukraine, EPH is active in the Czech Republic, Slovakia, Germany, France, the United Kingdom, Ireland , Italy , Poland and Hungary. The holding covers the entire spectrum of energy production and distribution.
February 18th 2020 Interview:
February 2020 Streetwise Report On Portofino Resources Inc.
https://www.streetwisereports.com/article/2020/02/19/with-gold-price-soaring-portofino-resources-is-exploring-the-red-lake-mining-district.html
Last September Portofino Resources Inc. (POR:TSX.V; POT:FSE) announced a binding agreement for the right to acquire a 100% interest in mining claims in the famous Red Lake mining district of Ontario. Portofino joins both majors and juniors including Australia-listed Evolution Mining and Canada-listed Yamana, Great Bear Resources, Premier Gold Mines, Pure Gold, Rubicon Minerals, Pacton Gold, BTU Metals and GoldOn Resources.
Portofino's block comprises 14 mining claims covering ~5,120 hectares. The claims are near investment crowd favorite Dixie project, being drilled out by Great Bear Resources (GBR). GBR's latest results from a fully financed 200,000-meter drill program were impressive. One of several intervals was 48.7 grams per tonne (g/t) gold (Au) over 8.7 meters (m), including 1.2m @ 281.9 g/t Au.
Gold price had its best year (2019) in a decade….
So, ultra, high-grade Au mineralization, found at shallow depth (under 300m), across multiple drill programs in 2017–2019. GBR has a market cap of $440 million. Portofino's 5,120- hectare "South of Otter" property is less than 10 km east of GBR's 9,140-hectare flagship project.
If South of Otter hosts anything good, which remains to be seen, it might be high-grade Au, like Dixie, or high-grade copper (Cu) and zinc (Zn) mineralization, like that found on other nearby properties.
I'm shamelessly playing the close-olgy card here, but only because GBR is one of the best gold junior stories of the past decade, up ~5,600% from $0.165 in 4Q 2016 to $9.40 today. In fact, several juniors have done quite well. Pure Gold Mining is up ~1,020% since 4Q 2015. BTU Metals is up nearly 500% since 3Q 2018. One more, GoldON Resources, is up ~700% since 1Q 2019.
That's four Red Lake juniors with spectacular share price success. Four out of roughly 16 (25%) publicly traded companies with all, or substantially all, of their gold and/or base metals assets in and around Red Lake, Ontario. Portofino, with a market cap of just $1 million is perhaps the smallest player in the entire district. Yet, its under-explored property is both sizable and meaningfully prospective.
South of Otter is located within a geological setting that hosts the past-producing South Bay Mine (1.6 Mt @ 11.1% Zn, 1.8% Cu and 2.1 oz./t silver (Ag). GBR's Dixie project is also on this trend. In addition to being on trend, Portofino's property lies in a similar geological and structural setting.
Two historical operators, Goldcorp (recently acquired by Newmont) and Tri Origins, compiled a vast amount of geophysical data that mapped structures within the South of Otter claims. Portofino has commenced geophysical and geochemical surveys to further understand the geology and mineralization associated with past discoveries, which lie just north of the property but strike onto Portofino's claims.
Red Lake exploration program started last week
These surveys will provide Portofino with the data required to effectively target both gold and base metal mineralization and identify similar structures for exploration that are being explored along trend by companies including Great Bear Resources and BTU Metals. BTU recently reported an intercept of 44.3m of 1.14% Cu Eq, with intervals of up to 5.56% Cu, 99.6 g/t Ag plus 2 g/t Au.
Portofino's CEO David Tafel stated,
"We have been able to acquire a very prospective land package in a known gold mining camp proximal to the Dixie project which has recently produced multiple high-grade gold discoveries by Great Bear Resources. This acquisition allows us to diversify our project portfolio while we continue to advance our lithium projects."
The South of Otter property is ~40 km southeast of the town of Red Lake, Ontario, and less than 10 km east of GBR's Dixie Lake. Historical work on the claims included prospecting, sampling and limited diamond drilling.
With the gold price up US$300/oz (+24%) from the low of 2019, management is wisely seizing an opportunity to conduct meaningful programs that may, in part, be guided by ongoing successes at neighboring projects. Active drill programs are underway on properties in virtually every direction from Portofino's South of Otter property. In fact, one of the most aggressive drill campaigns in Canada (200,000 meters) is being done by Great Bear.
Portofino Resources' South of Otter Property
To earn 100% interest in South of Otter, Portofino has agreed to issue 500k shares and make payments over a four-year period totaling $70,000. The property vendor will retain a 1.5% Net Smelter Return (NSR), of which one half, (0.75%), can be purchased for $400,000.
Management has completed a review of all available historical assessment work on the South of Otter property and has announced an initial exploration plan starting this week. According to the press release,
"The first phase of Portofino's 2020 exploration program consists of ~25-line km of ground VLF/EM geophysics and soil geochemistry surveys. The objective is to delineate mineralized structures related to past gold and base metal discoveries in the region and outline targets for follow-up trenching and drilling. Multiple gold, copper and zinc deposits / prospects have been discovered both immediately to the north and south of the claim boundaries."
Utilizing historical geological and airborne magnetic surveys has enabled the company to advance its exploration program rapidly and cost effectively. Combined with the new data to be collected from the upcoming program, the company expects to delineate mineralized structures related to past gold and base metal discoveries and outline targets for follow-up trenching and drilling.
Portofino's property contains excellent targets for both Red Lake-style Au mineralization as well as gold-bearing base metal prospects. Historical work includes prospecting, sampling, plus limited drilling, as well as airborne magnetic geophysical surveys commissioned by a previous operator.
Portofino's brine lithium prospects in Argentina are highly prospective
Readers may recall that Portofino Resources is also known as a lithium play. It has locked up (through favorable option structures) three projects in the heart of the Lithium Triangle.
In the first half of 2019, Portofino continued to move the ball forward on two of its three projects. Although it's too early to know if the company has good lithium assets, one of its projects, Hombre Muerto West (HMW), is in the single best salar in Argentina—salar del Hombre Muerto.
Neighbors in and around Hombre Muerto include Livent Corp. (formerly FMC), Korean giant POSCO and Australia-listed Galaxy Resources. Last year, POSCO famously paid ~$364 million to Galaxy for 17,500 hectares, that's ~$20,800/ha. That land package reportedly had a 2.54 million tonne LCE Indicated + Inferred resource.
Over the past few months, a number of lithium juniors and producers have seen significant rebounds in their share prices. Eight well-known names—Neo Lithium, Advantage Lithium, Lithium Americas, Ganfeng, Livent, Wealth Minerals, Standard Lithium and Bacanora—are up an average of 125% from 52-week lows.
Gold sentiment is high and lithium sentiment might be turning. Portofino now has two segments (lithium and gold), each of which could be worth considerably more than the company's entire market cap of just $1 million.
It's early days, but a raging bull market in precious metals (underway?) and/or a bounce in lithium prices could draw attention to Portofino Resources (TSX-V: POR) this year and next.
Portofino Resources Inc. Research Report
Symbol: POR.V in Canada & PFFOF in the USA
Price: $0.065 CAD & $0.017 USD
Common Shares: 24.5 million (Does not include recent financing which has a 4 month hold)
Funds raised $850,000 between two placements
POR has two great projects, one is next to Great Bear Resources (GBR) which is the most successful gold discovery project in Canada at the moment, along with a large lithium project in South America.
Recent Fact Sheet: https://www.portofinoresources.com/site/assets/files/1761/portofino_-_fact_sheet_02-25-2020_jw_final.pdf
Recent Company Presentation: https://www.portofinoresources.com/site/assets/files/1764/portofino_-_presentation_02-25-2020_jw_final.pdf
GBR went from $0.50 to $9 because of a large amount of high grade gold that was discovered near Kirkland Lake, which is beside many active mines. BTU.V is also an area play which has had success and a tremendous jump in share price.
Most recent news:
Portofino arranges $300,000 private placement
2020-04-27 13:05 MT - News Release
Mr. David Tafel reports
PORTOFINO ANNOUNCES $300,000 FINANCING
Portofino Resources Inc., due to overwhelming interest in its previously announced, oversubscribed $550,000 private placement, the company has arranged a $300,000 placement consisting of up to six million units priced at five cents per unit. Portofino insiders intend to subscribe for a minimum 2 million units.
Each Unit consists of one common share and one 2-year common share purchase warrant. Each whole warrant is exercisable for one Common Share of the Company for a period of 24 months from closing at an exercise price of $0.05.
David Tafel, Portofino's CEO comments: "We appreciate the strong support from our current shareholders and new investors during a tumultuous and uncertain economic time and we are determined to work hard to increase our Company's value. Due to Exchange restrictions on the amount of funds the Company could accept into the previous ($0.035) financing and the market value at time of closing (April 24), insiders decided not to invest to ensure maximum availability for non-insider investors. Insiders will instead invest in the current, higher priced ($0.05) placement."
Proceeds from this financing shall be used by the Company for project exploration activities, currently focused on its South of Otter (Red Lake) gold project and general corporate purposes which includes pursuing other potential precious metal project opportunities. The South of Otter property hosts targets for both Red Lake-style gold mineralization, as well as gold bearing base metal prospects. Historical work on the property includes prospecting, sampling, airborne magnetic geophysical surveys as well as limited drilling.
Closing of this financing will be subject to TSX Venture Exchange approval and any shares issued will be subject to a four-month hold period.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historic gold mining district of Red Lake, Ontario proximal to the high-grade Dixie gold property owned by Great Bear Resources Ltd. The Company also maintains an interest in prospective lithium salar properties located within the world-renowned "Lithium Triangle" in Argentina.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Portofino closes oversubscribed financing for $550,000
2020-04-24 16:17 MT - News Release
Mr. David Tafel reports
PORTOFINO CLOSES OVERSUBSCRIBED FINANCING
Portofino Resources Inc. has been oversubscribed on its previously announced $500,000 non-brokered private placement and has closed on $550,000 priced at 3.5 cents per unit. Each unit consists of one common share and one two-year common share purchase warrant. Each whole warrant is exercisable for one common share of the company for a period of 24 months from closing at an exercise price of five cents.
Proceeds from this financing shall be used by the company for project exploration activities, currently focused on its Red Lake gold project, and for general corporate purposes as previously detailed.
Portofino is issuing 15,714,285 share units and paying finders' fees of $21,512 and 597,509 broker warrants, which are exercisable on the same terms as the subscribing investors. The shares issued are subject to a four-month hold period, which will expire in August, 2020.
About Portofino Resources Inc.
Portofino is a Vancouver-based Canadian company focused on acquiring, exploring and developing mineral resource projects in the Americas. Its South of Otter gold/base metal project is located in the historical gold mining district of Red Lake, Ont., proximal to the high-grade Dixie gold property owned by Great Bear Resources Ltd. The company also maintains an interest in prospective lithium salar properties, located within the world-renowned Lithium Triangle in Argentina.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this corporate update.
OPERATIONAL UPDATES
Romania
The Company's joint venture partner and operator, Naftna Industrija Srbije ("NIS"), has provided the following operational update for Romania.
Due to the Covid-19 pandemic the state of emergency and a nationwide lockdown was imposed by the Romanian government on March 25, 2020. Consequently, the operator NIS, has temporarily ceased new exploration field activity until such time that the lockdown is lifted and social distancing requirements can be safely relaxed. It is expected that this will substantially delay the planned 2020 exploration programs in the EX-2, EX-3, EX-7 and EX-8 exploration blocks in Romania. As usual, it should be noted that all activities are dependent on securing the necessary government and local approvals.
Block EX-2; an acquisition program of 170 Km2 of 3D seismic was completed in 4Q 2019. Processing is expected to be completed in May 2020. Exploration drilling is anticipated to commence in 2021.
Block EX-3; interpretation of the 223 km2 of 3D seismic acquired in 2018 has been completed. This work has identified several exploration prospects with drilling expected to commence in 2021.
Block EX-7; testing of the BVS-1000 exploration well, which was drilled and completed to 3,800 m in 1Q 2019, has been postponed until 2021.
On the Teremia North discovery, the initial discovery well, Teremia-1000 has experienced mechanical problems resulting in an inflow of formation water. A workover is planned for 2021. An appraisal well, Teremia-1001, was drilled and completed in 1Q 2019 and, following initial testing, was placed on long term experimental production in July 2019. Production rates have stabilised around 150 bopd.
Block EX-8; A second appraisal well, Teremia-1002, was drilled into the extension of the Teremia North discovery in Block EX-8. The well was completed and tested in 4Q 2019 and has subsequently been placed on long term experimental production with rates stabilising around 150 bopd.
Following the drilling of the Pesac Sud-1000 exploration well in 3Q 2019, two separate intervals were tested in 4Q 2019. Both tests failed to indicate the presence of hydrocarbons. Future testing of potentially prospective shallower zones is being considered for 2021.
NIS Petrol is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes and being granted appropriate extensions due to the current Covid-19 situation.
NIS will be funding 100% of the costs and fully carrying East West through the commitment work programs in each of the blocks in return for earning an 85% interest in each licence.
New Zealand
The Company's news release of February 3rd 2020 reported that the local regulatory issues of Cheal Petroleum, the owner of a 70% interest in the permits and the operator, had been resolved such that the Company could proceed to close the transaction for the sale of its 30% interest. The Company had agreed with an arm's length local New Zealand purchaser to sell, with an effective date of April 1st 2019 its interest in Petroleum Exploration Permit 54877 and Petroleum Mining Permit 60291 for sale proceeds of US$1,900,000 in cash. Net revenue, as defined, since April 1st 2019 is being credited to the purchase price such that as at March 31st 2020 the Company has received approximately US $ .95 million of the sale proceeds. The Company had anticipated that as of this date it would have closed the sale but as result of the COVID-19 pandemic and subsequent shut down of various government offices in New Zealand, which must approve the transfer of the properties, it is uncertain when closing can occur. At this time it is not known when all government approvals to the sale will be in place and therefore a closing date cannot be determined other than pursuant to the agreement with the purchaser closing must occur, subject to possible extensions, by June 24th 2020.
From an operational perspective with the recent collapse in price of oil the economics of continuing operations at Cheal is under review. The operator has reported that they have initiated preliminary plans to investigate the real possibility of closing in production at Cheal.
About East West Petroleum Corp.
East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere in the Company's filings on SEDAR. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Nick Demare
ndemare@chasemgt.com
Tel: (604) 685-9316
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54767
© 2020 Canjex Publishing Ltd. All rights reserved.
East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this corporate update.
OPERATIONAL UPDATES
Romania
The Company's joint venture partner and operator, Naftna Industrija Srbije ("NIS"), has provided the following operational update for Romania.
Due to the Covid-19 pandemic the state of emergency and a nationwide lockdown was imposed by the Romanian government on March 25, 2020. Consequently, the operator NIS, has temporarily ceased new exploration field activity until such time that the lockdown is lifted and social distancing requirements can be safely relaxed. It is expected that this will substantially delay the planned 2020 exploration programs in the EX-2, EX-3, EX-7 and EX-8 exploration blocks in Romania. As usual, it should be noted that all activities are dependent on securing the necessary government and local approvals.
Block EX-2; an acquisition program of 170 Km2 of 3D seismic was completed in 4Q 2019. Processing is expected to be completed in May 2020. Exploration drilling is anticipated to commence in 2021.
Block EX-3; interpretation of the 223 km2 of 3D seismic acquired in 2018 has been completed. This work has identified several exploration prospects with drilling expected to commence in 2021.
Block EX-7; testing of the BVS-1000 exploration well, which was drilled and completed to 3,800 m in 1Q 2019, has been postponed until 2021.
On the Teremia North discovery, the initial discovery well, Teremia-1000 has experienced mechanical problems resulting in an inflow of formation water. A workover is planned for 2021. An appraisal well, Teremia-1001, was drilled and completed in 1Q 2019 and, following initial testing, was placed on long term experimental production in July 2019. Production rates have stabilised around 150 bopd.
Block EX-8; A second appraisal well, Teremia-1002, was drilled into the extension of the Teremia North discovery in Block EX-8. The well was completed and tested in 4Q 2019 and has subsequently been placed on long term experimental production with rates stabilising around 150 bopd.
Following the drilling of the Pesac Sud-1000 exploration well in 3Q 2019, two separate intervals were tested in 4Q 2019. Both tests failed to indicate the presence of hydrocarbons. Future testing of potentially prospective shallower zones is being considered for 2021.
NIS Petrol is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes and being granted appropriate extensions due to the current Covid-19 situation.
NIS will be funding 100% of the costs and fully carrying East West through the commitment work programs in each of the blocks in return for earning an 85% interest in each licence.
New Zealand
The Company's news release of February 3rd 2020 reported that the local regulatory issues of Cheal Petroleum, the owner of a 70% interest in the permits and the operator, had been resolved such that the Company could proceed to close the transaction for the sale of its 30% interest. The Company had agreed with an arm's length local New Zealand purchaser to sell, with an effective date of April 1st 2019 its interest in Petroleum Exploration Permit 54877 and Petroleum Mining Permit 60291 for sale proceeds of US$1,900,000 in cash. Net revenue, as defined, since April 1st 2019 is being credited to the purchase price such that as at March 31st 2020 the Company has received approximately US $ .95 million of the sale proceeds. The Company had anticipated that as of this date it would have closed the sale but as result of the COVID-19 pandemic and subsequent shut down of various government offices in New Zealand, which must approve the transfer of the properties, it is uncertain when closing can occur. At this time it is not known when all government approvals to the sale will be in place and therefore a closing date cannot be determined other than pursuant to the agreement with the purchaser closing must occur, subject to possible extensions, by June 24th 2020.
From an operational perspective with the recent collapse in price of oil the economics of continuing operations at Cheal is under review. The operator has reported that they have initiated preliminary plans to investigate the real possibility of closing in production at Cheal.
About East West Petroleum Corp.
East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere in the Company's filings on SEDAR. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Nick Demare
ndemare@chasemgt.com
Tel: (604) 685-9316
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54767
© 2020 Canjex Publishing Ltd. All rights reserved.
East West Petroleum Announces Corporate Updates
Vancouver, British Columbia--(Newsfile Corp. - April 23, 2020) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this corporate update.
OPERATIONAL UPDATES
Romania
The Company's joint venture partner and operator, Naftna Industrija Srbije ("NIS"), has provided the following operational update for Romania.
Due to the Covid-19 pandemic the state of emergency and a nationwide lockdown was imposed by the Romanian government on March 25, 2020. Consequently, the operator NIS, has temporarily ceased new exploration field activity until such time that the lockdown is lifted and social distancing requirements can be safely relaxed. It is expected that this will substantially delay the planned 2020 exploration programs in the EX-2, EX-3, EX-7 and EX-8 exploration blocks in Romania. As usual, it should be noted that all activities are dependent on securing the necessary government and local approvals.
Block EX-2; an acquisition program of 170 Km2 of 3D seismic was completed in 4Q 2019. Processing is expected to be completed in May 2020. Exploration drilling is anticipated to commence in 2021.
Block EX-3; interpretation of the 223 km2 of 3D seismic acquired in 2018 has been completed. This work has identified several exploration prospects with drilling expected to commence in 2021.
Block EX-7; testing of the BVS-1000 exploration well, which was drilled and completed to 3,800 m in 1Q 2019, has been postponed until 2021.
On the Teremia North discovery, the initial discovery well, Teremia-1000 has experienced mechanical problems resulting in an inflow of formation water. A workover is planned for 2021. An appraisal well, Teremia-1001, was drilled and completed in 1Q 2019 and, following initial testing, was placed on long term experimental production in July 2019. Production rates have stabilised around 150 bopd.
Block EX-8; A second appraisal well, Teremia-1002, was drilled into the extension of the Teremia North discovery in Block EX-8. The well was completed and tested in 4Q 2019 and has subsequently been placed on long term experimental production with rates stabilising around 150 bopd.
Following the drilling of the Pesac Sud-1000 exploration well in 3Q 2019, two separate intervals were tested in 4Q 2019. Both tests failed to indicate the presence of hydrocarbons. Future testing of potentially prospective shallower zones is being considered for 2021.
NIS Petrol is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes and being granted appropriate extensions due to the current Covid-19 situation.
NIS will be funding 100% of the costs and fully carrying East West through the commitment work programs in each of the blocks in return for earning an 85% interest in each licence.
New Zealand
The Company's news release of February 3rd 2020 reported that the local regulatory issues of Cheal Petroleum, the owner of a 70% interest in the permits and the operator, had been resolved such that the Company could proceed to close the transaction for the sale of its 30% interest. The Company had agreed with an arm's length local New Zealand purchaser to sell, with an effective date of April 1st 2019 its interest in Petroleum Exploration Permit 54877 and Petroleum Mining Permit 60291 for sale proceeds of US$1,900,000 in cash. Net revenue, as defined, since April 1st 2019 is being credited to the purchase price such that as at March 31st 2020 the Company has received approximately US $ .95 million of the sale proceeds. The Company had anticipated that as of this date it would have closed the sale but as result of the COVID-19 pandemic and subsequent shut down of various government offices in New Zealand, which must approve the transfer of the properties, it is uncertain when closing can occur. At this time it is not known when all government approvals to the sale will be in place and therefore a closing date cannot be determined other than pursuant to the agreement with the purchaser closing must occur, subject to possible extensions, by June 24th 2020.
From an operational perspective with the recent collapse in price of oil the economics of continuing operations at Cheal is under review. The operator has reported that they have initiated preliminary plans to investigate the real possibility of closing in production at Cheal.
About East West Petroleum Corp.
East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere in the Company's filings on SEDAR. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Nick Demare
ndemare@chasemgt.com
Tel: (604) 685-9316
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54767
Spectra Products Inc. (previously Spectra Inc.) Reports
Fourth Quarter 2019 Results
For Immediate Release – April 23, 2020
Toronto, Ontario – Spectra Inc. (SSA: TSX VENTURE) reports the release of its financial results
for the twelve-month ended December 31, 2019. Revenues for the twelve-month period ending
December 31, 2019 were $2,036,047 compared to $2,045,806 for the same period in 2018.
Revenues for the fourth quarter ending December 31, 2019 were $380,944 compared to $444,429
in 2018.
In the twelve-month period ended December 31, 2019, a net profit before income taxes of
$364,468 was earned compared to a net profit before income taxes of $495,372 for the twelvemonth period ended December 31, 2018.
The fourth quarter ended December 31, 2019 showed a net loss before income taxes of $71,309
compared to a net profit before income taxes of $108,436 for the fourth quarter ended December
31, 2018.
As a result of the improved financial position of the Company, the Directors now believe that a
deferred tax asset of $508,407 can be recognized. This was done in the fourth quarter of 2019,
resulting in net profit after taxes for the fourth quarter of 2019 of $437,098 and net profit after
taxes for of $872,875 for the year ended December 31, 2019.
Spectra Products Inc. is the Toronto-based North American designer, manufacturer and
distributor of wheel end safety products to the transportation industry. These products include
Brake SafeÒ, Brake InspectorÒ, Zafety Lug LockÒ, Hub Alert™ and the Anti-Seize Cotter Pin™ as
well as the Termin-8RÒ line of anti-corrosion and extreme pressure lubricants.
Except for the historical information contained herein, this news release contains forward looking
statements that involve risks and uncertainties, including the impact of competitive products and
pricing and general economic conditions as they affect the Corporation’s customers. Actual
results and developments may therefore differ materially from those described in this release.
On behalf of the Board of Directors,
Andrew Malion, President, Spectra Products Inc.
Investor Relations: 1-800-308-5255
E-Mail: info@spectrainc.ca
Website: www.spectrainc.ca
Trading below it's cash value right now with Q4 results coming out shortly. Unreal how clean this company is and how low it trades. See past results:
Year Revenue($USD) Profit/Loss $USD) Assets ($USD) Liabilities ($USD) Asset/Debt Ratio
2012(Q1-Q4) $25,958,829 -$445,775 $15,736,142 $13,561,034 1.16
2013(Q1-Q4) $28,341,631 $1,344,683 $15,870,890 $12,351,098 1.28
2014(Q1-Q4) $30,555,757 $2,720,669 $18,143,126 $11,902,666 1.52
2015(Q1-Q4) $33,338,543 $3,933,883 $19,613,905 $9,439,562 2.08
2016(Q1-Q4) $33,326,624 $1,909,408 $23,922,129 $11,838,378 2.02
2017(Q1-Q4) $34,958,327 $3,032,901 $27,062,630 $11,945,978 2.27
2018(Q1-Q4) $39,406,306 $5,951,864 $32,474,080 $11,405,562 2.85
2019(Q1-Q3) $29,593,880 $3,687,945 $35,820,347 $11,063,886 3.24
East West Petroleum Report. Recent Financials (Available On Sedar)
Price: $0.035
Common Shares: 89,585,665
Financials (As of December 31, 2019)
ASSETS
Cash: $4,149,150 - $0.0463 cents per share
Receivables: $276,039
Prepaid Expenses: $14,780
Investments: $692,229 (Made up of AAL & SEW.H Shares)
Assets Held For Sale: $1,786,828 – New Zealand Asset Sale (Still proceeding as per Feb 2020 news)
Total Assets: $6,919,026
LIABILITIES
Accounts Payable: $296,150
Decommissioning Liability: $319,101 – removed once NZ sale completed
Liabilities On Asset Held For Sale: $995,431 – removed once NZ sale completed
Deposit: $65,505
Total Liabilities: $1,676,187
No value on assets in Romania as clearly shown above. Keep in mind that (Property, Equipment & Exploration Assets) were written off mid-2019 and can always be added back once those assets are producing. The true value of East West Petroleum is far higher than what the current stock trades at.
East West Petroleum Report. Recent Financials (Available On Sedar)
Price: $0.035
Common Shares: 89,585,665
Financials (As of December 31, 2019)
ASSETS
Cash: $4,149,150 - $0.0463 cents per share
Receivables: $276,039
Prepaid Expenses: $14,780
Investments: $692,229 (Made up of AAL & SEW.H Shares)
Assets Held For Sale: $1,786,828 – New Zealand Asset Sale (Still proceeding as per Feb 2020 news)
Total Assets: $6,919,026
LIABILITIES
Accounts Payable: $296,150
Decommissioning Liability: $319,101 – removed once NZ sale completed
Liabilities On Asset Held For Sale: $995,431 – removed once NZ sale completed
Deposit: $65,505
Total Liabilities: $1,676,187
No value on assets in Romania as clearly shown above. Keep in mind that (Property, Equipment & Exploration Assets) were written off mid-2019 and can always be added back once those assets are producing. The true value of East West Petroleum is far higher than what the current stock trades at.
Cub signs contract to purchase power generation engines
2020-04-15 06:49 MT - News Release
Mr. Mikhail Afendikov reports
CUB ENERGY INC. ANNOUNCES CAPITAL COMMITMENT TO RESTART THE RK FIELD FOR POWER GENERATION
Cub Energy Inc.'s 100-per-cent-owned subsidiary, Tysagaz LLC, has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates. Each power generation unit will have the capacity to produce as much as 1.5 megawatts ("MW") of power each or 3 MW in total. The RK field was materially suspended on April 1, 2016 and this new plan should result in the restart of the RK field.
The Jenbacher units will be manufactured in Europe and expected delivery is in the fourth quarter of 2020 with power revenue expected in the first quarter of 2021. The successful sale of power into the local grid will be subject to the successful installation of the Jenbacher units, regulatory commissioning and tie-in to the local power supply. The direct capital costs of the two units are approximately US$1.4 million and the total investment is expected to be approximately US$1.9 million. The total investment amount includes approximately $0.3 million in Value Added Tax (VAT) which should be refunded on commercial production. There are approximately 60 of these power generators units currently in operation in Ukraine.
Mikhail Afendikov, Chairman and CEO of Cub said: "We reviewed various alternatives to maximize the value of the RK field and we believe the Jenbacher power generation is the best path for shareholders. It has the potential to generate material cashflow while at the same time capitalizing on the restart of the RK field."
Currently, all of the Company's facilities remain fully operational. The company is monitoring recommendations by the public health authorities related to COVID-19 in all its operating regions and is adjusting operational requirements as required. The Company has implemented certain cost-cutting initiatives during the second quarter of 2020, including the layoff of eleven team members, salary adjustments of up to 25% and a general reduction in the use of external consultants.
About Cub Energy Inc.
Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas and power generation company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of energy assets.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Cub signs contract to purchase power generation engines
2020-04-15 06:49 MT - News Release
Mr. Mikhail Afendikov reports
CUB ENERGY INC. ANNOUNCES CAPITAL COMMITMENT TO RESTART THE RK FIELD FOR POWER GENERATION
Cub Energy Inc.'s 100-per-cent-owned subsidiary, Tysagaz LLC, has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates. Each power generation unit will have the capacity to produce as much as 1.5 megawatts ("MW") of power each or 3 MW in total. The RK field was materially suspended on April 1, 2016 and this new plan should result in the restart of the RK field.
The Jenbacher units will be manufactured in Europe and expected delivery is in the fourth quarter of 2020 with power revenue expected in the first quarter of 2021. The successful sale of power into the local grid will be subject to the successful installation of the Jenbacher units, regulatory commissioning and tie-in to the local power supply. The direct capital costs of the two units are approximately US$1.4 million and the total investment is expected to be approximately US$1.9 million. The total investment amount includes approximately $0.3 million in Value Added Tax (VAT) which should be refunded on commercial production. There are approximately 60 of these power generators units currently in operation in Ukraine.
Mikhail Afendikov, Chairman and CEO of Cub said: "We reviewed various alternatives to maximize the value of the RK field and we believe the Jenbacher power generation is the best path for shareholders. It has the potential to generate material cashflow while at the same time capitalizing on the restart of the RK field."
Currently, all of the Company's facilities remain fully operational. The company is monitoring recommendations by the public health authorities related to COVID-19 in all its operating regions and is adjusting operational requirements as required. The Company has implemented certain cost-cutting initiatives during the second quarter of 2020, including the layoff of eleven team members, salary adjustments of up to 25% and a general reduction in the use of external consultants.
About Cub Energy Inc.
Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas and power generation company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of energy assets.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.
Positive news this week on Ring Of Fire. Lots of plays up that way and even some recent property acquisitions last week from two different companies. Looking forward to seeing Cadillac Ventures close their JV deal next week, as per the December news release.
Ontario government signs Ring of Fire agreements with 2 northern First Nations : https://globalnews.ca/news/6622081/ring-of-fire-ontario-agreements/
Australians stake more ground near Pickle Lake : https://www.northernontariobusiness.com/industry-news/mining/australians-stake-more-ground-near-pickle-lake-2113832
Commander Acquires Gold Project in Pickle Lake, Ontario : https://investingnews.com/daily/resource-investing/base-metals-investing/copper-investing/commander-acquires-gold-project-in-pickle-lake-ontario/