The greatest bull market in Gold in the history of man is before us but 99% of investors will be in the breadline before it's all over
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Still waiting...
I hope they are executing their plan and we should be updated before year end.
For those who didn't take advantage of the smash down in price this deal sucks. For Endeaver shareholders this is great and for those who added or averaged down this is a break even but I believe if we hold we will be greatly rewarded. I'm still hoping for another company to start a bidding war for what is clearly an undervalued take out of a growing company with great assets.
Announces Acquisition by Endeavour Mining Corporation and a US$20,000,000 Exchangeable Debt Financing
TORONTO, ONTARIO--(Marketwire - Aug. 7, 2012) - Avion Gold Corporation ("Avion") (TSX:AVR)(OTCQX:AVGCF) is pleased to announce today that it has entered into a definitive arrangement agreement (the "Arrangement Agreement") with Endeavour Mining Corporation ("Endeavour"), pursuant to which Endeavour has agreed to acquire all of the issued and outstanding common shares ("Avion Shares") of Avion by way of a statutory plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement").
Under the terms of the Arrangement Agreement, each Avion shareholder will receive 0.365 (the "Exchange Ratio") of an ordinary share of Endeavour for each Avion Share held. Each shareholder of Avion that is a Canadian resident may elect for tax purposes to receive Avion Exchangeable Preferred Shares ("Exchangeable Shares") on the basis of the Exchange Ratio. Each Exchangeable Share will be exchangeable for one ordinary shares of Endeavour at the option of the holder (the "Arrangement").
Based on the closing price of the Endeavour Shares on the Toronto Stock Exchange (the "TSX") of $2.40 on August 7, 2012, the last trading day prior to the announcement of the Arrangement, the share consideration represents a 56.4% premium to the closing price of Avion Shares and a 70% premium over the volume-weighted average trading price ("VWAP") of the Avion Shares on the TSX for the last 20 trading days, on a VWAP to VWAP basis. On a pro-forma basis, Avion's shareholders are expected to hold approximately 39.8% of Endeavour on completion of the Arrangement.
John Begeman, President, CEO and Director of Avion, states "We are very pleased with the proposed transaction as it provides our shareholders with a substantial premium and meaningful ownership in a stronger combined West African-focused mining company with the financial resources to withstand a protracted lull in the capital markets. We believe this transaction to be mutually beneficial to both parties and strategically positions the new company well for future value creation. I look forward to my new role as a director of the new, stronger company."
Benefits of the Arrangement to Avion Shareholders
Provides Avion shareholders with an immediate and attractive premium to the current Avion share price
Creates a well positioned multi-mine gold producer focused on West Africa with a diversified production base from three producing mines and a strong development profile
The pro forma company is very well funded with available liquidity and strong operating cash flow sufficient to meet the company's foreseeable capital needs
Avion shareholders will retain a meaningful ownership stake in the new company providing leverage to the exploration and development successes at Hounde and the resolution of political issues within Mali, in addition to Endeavour's development prospects including the building of the Agbaou gold mine located in Cote d'Ivoire
The combined company's 2012 production guidance is 282,000 - 304,000 ounces gold with diversified production and cash flow from mines located in major gold producing regions solidifying the company's status as one of the growth leaders in West Africa
Strengthened management and operations teams with presence focused in geologically attractive regions of West Africa and track record of successfully building and operating mines
Compelling revaluation opportunity based on an attractive market valuation, strong combined asset portfolio, better near-term liquidity and an enhanced capital markets profile
Transaction Details
The completion of the Arrangement is subject to customary conditions, including receipt of all necessary court, shareholder and regulatory approvals. The Arrangement Agreement includes customary representations and warranties of each party, non-solicitation covenants by Avion, "right-to-match" provisions in favour of Endeavour in the event of a Superior Proposal (as defined in the Arrangement Agreement) and the payment by Avion to Endeavour of a termination fee in the amount of $11,500,000 should the Arrangement Agreement be terminated in certain circumstances.
The Arrangement is subject to the approval of 66 2/3% of the votes cast at a special meeting of Avion's shareholders to approve the arrangement (the "Avion Meeting") that is expected to occur on or about October 12, 2012. An information circular regarding the Arrangement will be filed with regulatory authorities and mailed to Avion's shareholders in accordance with applicable securities laws. The record date for the special meeting of the Avion's shareholders will be announced in the near future.
The issue of the Endeavour ordinary shares pursuant to the Arrangement must be approved by a simple majority of the shareholders of Endeavour at a special meeting of Endeavour shareholders (the "Endeavour Meeting"). The Endeavour Meeting is expected to occur on the same date as the Avion Meeting.
The Board of Directors of the combined company will draw from the expertise of both companies. John Begeman and another member of the current Avion board will be joining Endeavour's Board.
Exchangeable Loan
Avion and Endeavour have also entered into a loan agreement (the "Loan Agreement") whereby Endeavour is providing a US$20,000,000 exchangeable loan (the "Loan") to Avion Resources (Mali) Ltd (the "Borrower"), a wholly-owned subsidiary of Avion. The Loan is for an initial term of six months (the "InitialMaturity Date") and bears interest at the rate of LIBOR plus 6%. Pursuant to the terms of the Loan Agreement, Avion has agreed to guarantee the Loan, which is secured against the common shares in the capital of the Borrower and Avion Mali Limited, another wholly-owned subsidiary of Avion.
The Loan is exchangeable at the option of Endeavour, at any time subsequent to the advance of the Loan, into Avion Shares at an exchange price of US$0.4323 per Avion Share. In certain circumstances Avion will have the option to exchange the Loan for Avion Shares on the Initial Maturity Date at the lower of the agreed conversion price of US$0.4323 per Avion Share and the five day VWAP of the Avion Shares on the TSX as at the close of trading on the date immediately preceding the Initial Maturity Date. Endeavour will, in turn, have the right to elect not to allow the conversion of the Loan at that time but instead to have the Loan remain outstanding for an additional six months on the same terms, subject to Endeavour retaining the option to convert at any time at the lower of the agreed upon conversion price of US$0.4323 per share and the five day VWAP of the Avion Shares on the TSX as at the close of trading on the date immediately preceding the initial repayment date. The exchangeability features of the Loan are subject to the approval of the TSX. If the approval of the TSX to these exchangeability features is not obtained, the Loan will bear interest at the rate of LIBOR plus 12%.
The proceeds of the Loan will be used to fund capital expenditures for Avion's Tabakoto mine and general corporate purposes.
Board and Special Committee Approval
The Board of Directors of Avion formed a special committee (the "Special Committee") comprised of Bruce Humphrey, Honourable Pierre Pettigrew P.C. and Bernie Wilson to consider the proposed Arrangement. The Special Committee, based in part on a fairness opinion from National Bank Financial Inc. that the consideration offered in the Arrangement is fair to the holders of Avion Shares from a financial point of view, has unanimously determined that the completion of the Arrangement is in the best interests of Avion. The Special Committee unanimously recommended that the Board of Directors approve the Arrangement and recommend that shareholders of Avion vote in favour of the Arrangement.
Based in part on the recommendation of the Special Committee and on a fairness opinion from GMP Securities L.P. that the consideration offered in the Arrangement is fair to the holders of Avion Shares from a financial point of view, the Board of Directors of Avion determined that the Arrangement is in the best interests of Avion and Avion's shareholders. The Board recommends that Avion's shareholders vote to approve the Arrangement at the Avion Meeting.
Voting Support Agreements
All of Avion's officers and directors and certain other shareholders of Avion, holding, in the aggregate, 1.1% of the issued and outstanding Avion Shares, have entered into support agreements with Endeavour to vote in favour of the Arrangement, not to solicit other transactions and otherwise support the Arrangement, subject to certain permitted exceptions.
Advisors
Avion's financial advisor for the Arrangement is GMP Securities L.P. and its legal advisor is Cassels, Brock & Blackwell LLP. The Special Committee retained National Bank Financial Inc. as its financial advisor. Fraser, Milner Casgrain LLP acted as counsel to the Special Committee.
Kingsdale Shareholder Services Inc. has been retained to act as Proxy Solicitation and Information Agent in connection with the Arrangement. Avion shareholders with questions about the Arrangement may contact Kingsdale toll free at 1-866-229-8214. Outside of North America, please dial 416-872-2272, or email at contactus@kingsdaleshareholder.com.
Conference Call:
Avion and Endeavour will hold a joint conference call and webcast on Thursday, August 9, 2012 starting at 8:00 a.m. Eastern Time.
Conference Call Access:
North American Toll Free: +1 (877) 407-0832
International: +1 (201) 689-8433
Internet link: http://www.endeavourmining.com/s/Webcasts.asp
The conference call will be available for replay on Endeavour's website until August 9, 2013.
Endeavour mining buying at a discount... This sucks (Unless we get a bidding war going)
http://uk.reuters.com/article/2012/08/07/endeavourmining-aviongold-idUKL4E8J772P20120807
another 600,000 today @ .0023
CBM Asia Reports Final Gas Content Analysis for the CBM-KW-01 Exploration Well at the Kutai West Coalbed Methane PSC, Indonesia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/07/12 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) reports high final gas content values with excellent gas quality have been measured at the Kutai West Coalbed Methane Production Sharing Contract ("Kutai West CBM PSC"), located in East Kalimantan, Indonesia. Newton Energy Capital Limited operates the Kutai West CBM PSC, in which CBM Asia holds an 18% working interest.
Contractor PT GeoServices measured the gas content of seventeen (17) coal samples that were cored from the CBM-KW-01 exploration well. The final gas content ranged from 155 to 359 ft3/ton (average 275 ft3/ton), reported on an industry-standard "dry, ash-free" basis. The concentration of methane and other hydrocarbon gases averaged over 97% with low CO2.
"Gas content averaging 275 ft3/ton is much better than expected and some of the highest measured to date in Indonesia," noted CBM Asia Chairman Scott H. Stevens. "By comparison, it is over five times higher than in the Powder River Basin, Wyoming, USA, which the US Geological Survey considers to be Indonesia's closest commercial analog and the world's second most productive CBM field at 1.4 Bcfd. High gas content is an excellent indicator for the upcoming production pilot program at Kutai West."
The three most undervalued Gold mines today (in my opinion) are BRD and AVGCF. Both producing and expanding but the third is probably the most undervalued soon to be producing mine in the world and that is COLUF. It is ridiculous what you are paying for precious metals in the ground for these three companies. BRD has not made it's shareholders money in over three years... unless you are trading the moves... it's our time and it will happen in a big way. It will happen sooner than many realize.
Take some profits and hold on you aint seen nothing yet.
We are so undervalued here it is crazy...
Excellent Gas Quality And Final Exploration Well at the Kutai West Coalbed Methane PSC, Indonesia
High-Methane Coalbed Gas Confirmed with Very Low CO2 Suitable for Pipeline or LNG Export
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(OTCBB:CBMDF)(FRANKFURT:IY2) reports excellent gas quality has been measured at the Kutai West Coalbed Methane Production Sharing Contract ("Kutai West CBM PSC"), located in East Kalimantan, Indonesia. Newton Energy Capital Limited operates the Kutai West CBM PSC, in which CBM Asia holds an 18% working interest.
Contractor PT GeoServices measured the composition of coalbed methane gas desorbed from eleven (11) coal samples cored from a depth of 317 to 842 meters in the CBM-KW-01 exploration well. All gas samples tested high in methane and very low in carbon dioxide. The methane content averaged 91.1%, while the CO2 content averaged 0.14%. Combustible ethane and propane also were present (average 0.5% each), while inert gas such as nitrogen accounted for the balance. The gas compositional testing indicates that the CBM gas in the CBM-KW-01 well is of high quality, suitable for transport via pipeline or conversion to LNG.
CBM Asia also reports that the fourth and final well, CBM-KW-03, reached a target depth at 1,000 meters. The exploration well, designed to delineate the coal extent at the south-eastern edge of the syncline in the C 'sweet spot' encountered 11.5 meters of net coal as expected.
With the aerial extent, coal thickness, gas content and gas quality of the C sweet spot confirmed the Kutai West partners are now planning development activities for the next exploration phase which will likely include a production pilot. The Kutai West block is adjacent to the Sanga-Sanga PSC, where BP, ENI, and partners (VICO) have been commercially producing coalbed methane and exporting it as LNG to north Asia since March 2011.
"With gas content levels exceeding 200 scf/ton and net coal thickness within sweet spot C of 25-32 meters we are excited to be moving toward the second exploration phase and begin the planning process for the production pilot program," comments CBM Asia President and CEO Alan T. Charuk. "BP's success in delivering CBM gas to the Bontang LNG and securing local gas sales contracts in the range of USD7.50/Mcf underscores the potential of the Kutai West PSC."
ABOUT CBM ASIA DEVELOPMENT CORP.
CBM Asia Development Corp. is a Canadian-based unconventional gas company with significant coalbed methane ("CBM") exploration and development opportunities in Indonesia. The Company holds various participating interests in four production sharing contracts (each a "PSC") for CBM in Indonesia. Indonesia has one of the largest CBM resources in the world with a potential 453 trillion cubic feet in-place, more than double the country's natural gas reserves
Stevens and Hadiyanto, 2004). Since 2008 a total of 39 CBM PSCs have been granted by the Government of Indonesia, representing exploration commitments of over US$100 million during the next 3 years. In addition to CBM Asia, other companies active in CBM exploration in Indonesia include BP, Dart Energy, ENI, ExxonMobil, Medco, Santos, and TOTAL. BP, ENI, and the Indonesian government have confirmed that commercial CBM production started in March 2011 from the Sanga-Sanga PSC and is being exported from the Bontang LNG facility. The Company trades on the TSX Venture Exchange under the symbol "TCF".www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Alan T. Charuk, President & CEO
Progress Report: Environmental and Mine Site Design
Verde Builds Development Team
TORONTO, July 26, 2012 /CNW/ - Verde Potash (TSX: "NPK") ("Verde" or the "Company") is pleased to provide an update of recent Company activities and the appointment of two new management personnel to advance the Cerrado Verde Project: Mr. Rubens Mendonça as VP Mining and Dr. Patricia Radino as VP Engineering.
The Company is currently completing the environmental impact assessment report for the Cerrado Verde KCl project, which has been initially reviewed by the government's environmental agency. The Company is pleased with the report and the initial feedback received from the agency, and plans to submit the report in August 2012. Highlights of the report include an independent survey of communities in the vicinity of the project, showing overwhelming support for the project. When residents were asked to answer "yes" or "no" to whether they were in favour of the mine development, over 85% of residents were in favour. The Company also completed a mine site plan for the environmental report, with emphasis on tailings management. The mine site plan contemplates a dam to contain 1/3 of mine life tailings (160 million cubic metres), which is easily accommodated taking advantage of the hilly landscape, with additional tailings to be contained as backfill in mined out areas.
Exploration work continues. Approximately 60% of the infill drilling for the Definitive Feasibility Study ("DFS") is complete and 50% of the assays have been received. Work is expected to be concluded during Q3/2012.
Cristiano Veloso, President and CEO, said: "Verde Potash, throughout its 5 year history as a publicly listed company, has been a disciplined arbiter of its cash and share capital. The Company enjoys a healthy cash position of approximately $28.8M (as of financial statements dated March 31, 2012). The Company has sufficient capital to conclude the on-going DFS, complete the environmental studies and licensing, and cover project finance costs as well as all overhead costs associated with moving the project forward."
Along with continued development of the Cerrado Verde Project, the Company has appointed Mr. Rubens Mendonça (VP Mining) and Dr. Patricia Radino (VP Engineering) to the management team.
Rubens Mendonça, a mining engineer and geostatistics specialist, has worldwide experience working with mineral commodities in technical and managerial roles. As Vale's Senior Mining Engineer, Mr. Mendonça was responsible for mine planning and design, implementation, engineering and feasibility studies for both of Vale's Southern and Northern integrated mine-railroad-port complexes. Subsequently, as the mining manager of the Brazilian division of Snowden Mining Industry Consultants, Mr. Mendonça was responsible for the technical coordination of several mine projects as well as desktop, scoping and feasibility studies worldwide. There he supervised and mentored geologists and mining engineers, and oversaw legal, social and environmental improvements to operations. At London Mining and Paulo Abib Engenharia S.A. (a leading Brazilian engineering consulting company), Mr. Mendonça gained experience with open pit mines, having held managerial positions in the field of minerals processing and engineering that expanded to extractive metallurgy. Mr. Mendonça completed a B.Sc. in Mining Engineering at UFMG (Federal University of Minas Gerais), and an MBA at FDC and PoliUSP.
Dr. Patricia Radino-Rouse has extensive experience as a senior consultant in extractive metallurgy for a wide variety of non-ferrous metals projects in Brazil where she specialized in process development and improvement for companies such as Paranapanema, Itaoeste, Votorantim, Carbocloro and Unisais. As Senior Process Engineer and Project Manager for Paulo Abib Engenharia, Dr. Radino-Rouse was responsible for project development and process engineering. Specifically, she supervised the process of the feasibility study for a 1.5 million tonnes per year potassium chloride project for Petrobras. At Unisais, Dr. Radino- Rouse developed projects for the solar evaporation of residual brines from salt production to obtain potassium chloride and sodium sulphates. She holds a B.Sc. in Chemistry from EQ-UFRJ (Chemical School of the Federal University of Rio de Janeiro) and a Ph.D. in Hydro Metallurgy from the Royal School of Mines, Imperial College, London.
Peter Gundy, Chairman, said: "In terms of risk and reward the Company is stronger than ever. Despite challenging investment markets, project development continues unabated."
About Verde Potash
Verde Potash, a Brazilian fertilizer exploration and development company, is focused on advancing the Cerrado Verde Project located in the heart of Brazil's largest agriculture market. Cerrado Verde is the source of a potash-rich deposit from which the Company intends to produce potassium chloride (KCl). In addition, the Company is developing its Calcario limestone project, limestone being a key raw material in the production of KCl.
About the Cerrado Verde Potash Project
Cerrado Verde is a unique project: 1) its high grade potash rock outcrops and is amenable to strip mining, allowing fast construction of a scalable operation; 2) it is located in the midst of the world's third largest and fastest growing fertilizer market; 3) it connects to Brazil's largest fertilizer distribution districts via existing and high quality infrastructure.; 4) it has the potential to supply KCl to Brazil's local agriculture market from its large potash-rich deposit.
Uranium North and Diamonds North Commence Exploration Program on Empire Creek
Vancouver, BC, July 26, 2012 – Diamonds North Resources Ltd. (TSX-V: DDN) Uranium North Resources Corp. (TSX-V: UNR) (“the “Companies”) announces the surface exploration program is underway on the Empire Creek gold project in Ferry County, Washington State. In addition, a land use permit for specific drill targets has been approved by the US Department of Interior, Bureau of Land Management (BLM).
“Prior to starting our surface exploration program at Empire Creek, the companies proactively applied for a land use permit to drill preliminary targets. Approval for this drilling within only a few months of the original application gives us a great deal of confidence that Washington State is open to responsible mineral exploration,” says Mark Kolebaba, President and CEO of Uranium North and Diamonds North Resources.
The initial exploration program on Empire Creek includes geological mapping, geophysical surveys and geochemical sampling. The 2012 data will be used to reassess the historic data and to better define targets for possible drilling.
Historic reports suggest that higher grade gold values are associated with areas containing increased magnetite, silica, carbonate and sulfide concentrations. These areas, and any newly found zones with similar attributes will be focused upon during the sampling and geological phases of the program. Results from the preliminary program will be important in designing future geophysical and possible drill programs. Additionally, several splay and parallel fault zones have been identified from topographic and landsat data from the property which are similar to epithermal gold related structures in the area.
Empire Creek is located 10 kilometres south of the K2 mine and 20 kilometres from the Kinross Kettle River Mill. Both Empire Creek and the K2 gold mine are hosted within the Republic Graben structure. The Republic District has reportedly produced well over 2.8 million ounces of gold and 15 million ounces of silver through to 1994.
Highlights from previous trenching programs at Empire Creek include results as high as 39.8 g/t gold over three metres and a drill intercept assaying as high as 12.1 g/t gold with 150 g/t silver over 18.3 metres. (See news release dated June 13, 2012) These occurrences are related to replacement style mineralization. Epithermal style mineralization similar to the K2 gold mine is also a target.
The permit has been received by the companies’ subsidiary Minerals North for final signature. The Empire Creek property has a 0.25% royalty payable to a consulting geologist. The royalty may be purchased at any time for the value of 300 ounces of gold.
Diamonds North Resources Ltd. and Uranium North Resources Corp. have formed and jointly own Minerals North LLC, a Nevada registered company with the objective to explore mineral potential in Washington State. This partnership demonstrates the Companies’ commitment to increasing shareholder value while maintaining low exploration costs. The Companies are actively seeking joint venture partners for our northern Canadian projects as they represent significant opportunity.
Graham Gill P.Geo and Bruce Kienlen P.Geol will be the Qualified Persons as defined by National Instrument 43-101 reviewing the data collected and overseeing the project. All data is from historical private reports and has not been verified by the Company, however, it appears to have been completed under standard best practices consistent with the time and appears to be of reasonable quality.
On behalf of the Board of Directors.
Mark Kolebaba President & CEO
For “Our Perspective” on this release please visit our websites:
www.diamondsnorth.com www.uraniumnorth.com
Ram Power Receives Initial Equity Distribution From Its San Jacinto-Tizate Project
RENO, NV--(Marketwire - July 26, 2012) - Ram Power, Corp. (TSX: RPG) ("Ram Power" or the "Company"), a renewable energy company focused on the development, production and sale of electricity from geothermal energy, is pleased to announce that it has received an initial equity distribution of approximately $1 million from the San Jacinto-Tizate geothermal power project (the "Project"). The Project, which began commercial operation of its Phase I 36 MW expansion in January 2012, has produced approximately 157,000 MWh.
Polaris Geothermal Inc.'s Vice President, Operations and COO, Latin America, Tono Rodriguez, stated, "The Phase I expansion continues to operate with better than average efficiency and availability, and we expect this trend to carry forward not only with Phase I, but also with the Phase II expansion scheduled for commercial operation in December 2012."
At least I know where he lives
PLS RESULTS INDICATE PRESENCE OF URANIUM-RICH SYSTEM
http://www.fission-energy.com/s/newsreleases.asp?ReportID=538534
PLS RESULTS INDICATE PRESENCE OF URANIUM-RICH SYSTEM
http://www.fission-energy.com/s/newsreleases.asp?ReportID=538534
Exploitation Concession Granted for Ilovitza Project
VANCOUVER, July 24, 2012 /CNW/ - EurOmax Resources Ltd. (TSX-V: EOX; OTCQX: EOXFF): ("EurOmax" or the "Company") is pleased to announce that it has been granted a concession for the exploitation of mineral resources at its flagship Ilovitza copper-gold project (the "Project") in the municipality of Bosilovo in South Eastern Macedonia, (the "Exploitation Concession Agreement").
The Exploitation Concession Agreement was issued to EurOmax's wholly-owned subsidiary by the Government of Macedonia, represented by the Prime Minister, Nikola Gruevski and Minister of Economy, Valon Saracini, on 24 July 2012 at a formal signing ceremony in Skopje attended by members of the Company's senior management, the Prime Minister and the Minister of Economy.
The Exploitation Concession has been issued on the basis of:
A mineral resource report; A conceptual study of the development of Ilovitza, which included geo-mechanical, mineralogical and metallurgical reports and studies; An Environmental Impact Statement ("EIS"), which included geochemical, hydrochemical and hydro-geological reports; A public consultation in respect of the EIS on 1 November 2011 in the Municipality of Bosilovo; A cadastral report for the Exploitation Concession area including the area covered by the mining activities and proposed open pit.
The granting of the Exploitation Concession was supported by the positive opinions of the Ministry of Economy, Ministry of Agriculture, Forestry and Water, Ministry of Transport and Communications, Ministry of Culture and Municipality Administration.
The Exploitation Concession has been granted under the rules and regulations of the Law on Mineral Raw Materials in Macedonia and as such has an initial term of 30 years, is subject to royalties of 2% of the market value of metal contained in concentrate and a land usage fee of 180,000 Macedonian Denar per square kilometer (approximately USD 5,000 per annum based on current exchange rates and a concession area of 1.68 km2).
The Company is advancing a Preliminary Economic Assessment ("PEA") using the findings of the conceptual study referred to above to outline the economics of the project in different operating scenarios, through-puts and different cut off grades further to its Technical Report announced on 18 May 2012. The PEA is due to be completed by year-end.
Additionally, in parallel with the development of the PEA and as previously announced on 17 May and 14 June, the Company is continuing its step out and in-fill drilling programmes and metallurgical test work to advance the Ilovitza Project toward a Preliminary Feasibility Study ("PFS") level, which it anticipates completing by mid-2013.
Commenting on today's announcement, Steve Sharpe, President & CEO of the Company said:
"This is a very important milestone in EurOmax's transition from a pure exploration company into a development and exploration company. The newly established management team at EurOmax is now fully empowered to kick-start the detailed work that will enable Ilovitza to be developed in a timely manner and to world class technical and environmental standards that will be ultimately be beneficial to all stakeholders.
I would personally like to thank Prime Minister Gruevski and Minister Saracini for their support throughout this process and on a broader note the dynamism and pragmatism of the Macedonian authorities as a whole, in facilitating this first step towards the development of Ilovitza. I firmly believe that this is a very positive development for Macedonia, not only in terms of the direct investment and long-term job creation, but also in a broader sense by raising the profile of Macedonia on the international stage. Firstly, in terms of the international capital markets and secondly but perhaps most importantly, by being recognised as facilitating the socially and environmentally responsible development of its natural resources."
Receives Major Exploration Permit for Brewery Creek
VANCOUVER, July 23, 2012 /CNW/ - Golden Predator Corp. (TSX:GPD) (the "Company") is pleased to announce that it has obtained final approval and issuance, from the Yukon Government's Energy, Mines & Resources Department, for a Class 4 Mining Land Use permit (Class 4 Permit) on its flagship Brewery Creek Project.
TheClass4Permitprovidesforexpansionofexplorationactivitiesacrossthemorethan180squarekilometerBreweryCreekProject. This exploration permit is in addition to the pre-existing Water and Quartz Mining License affecting portions of the Project area.
"This permit will allow Golden Predator to expand our exploration program, drill test a number of untested targets, delineate our new discoveries while at the same time moving forward towards restarting the Brewery Creek mine through the process of amending our existing Quartz Mining License," said William M. Sheriff, Chairman & CEO. "Our ability to access and fully drill test these new discoveries creates the opportunity for Brewery Creek's resources to grow, ultimately supporting a longer term operation."
Authorized Activities under the Class 4 Permit include:
the expansion of drilling activities up to and including 8 drill rigs operating simultaneously (1500 reverse circulation holes and 1500 diamond core holes); the construction and use of up to 61 KM of new access roads across the Project; the expansion of the existing 45 person camp facility to a 120 person camp facility; the use and operation of vehicles exceeding 40 tonnes on existing roads; expanded fuel storage capacity; the expansion of mechanized trenching up to 12,000 m3.
Brewery Creek Project Overview
Brewery Creek hosts NI 43-101 compliant resources of 581,000 indicated gold ounces in 20.417 million tonnes at 0.89 g/t and 346,000 inferred gold ounces in 12.990 million tonnes at 0.83 g/t (Barr, 2012; GPD NR 12-20 June 18, 2012). The Company anticipates publishing an updated resource estimate incorporating the current year's drilling later in the year.
The Brewery Creek Project is a past producing heap leach gold mining operation with a total of 278,484 oz Au produced from seven near-surface oxide deposits along the property's Reserve Trend from 1996 through 2002, when the mine (operated by Viceroy Resource Corporation) shut down primarily due to low gold prices. The 181 km2 property is located 55 km due east of Dawson City, accessible by paved and gravel roads from the junction of the North Klondike and Dempster Highways.
The Project is in receipt of all necessary permits required to conduct additional exploration. The Brewery Creek Project holds a Type A Water License with an expiry date of December 31, 2021, subject to the restrictions and conditions contained in the Yukon Water Act and Regulations. The Project also holds a Quartz Mining License (QML) with an expiry date of December 31, 2021. The Company is working to amend the Water License and the QML to incorporate mine planning and design studies which are currently underway. In addition, a restated and amended Socio-Economic Accord with Tr'ondek Hwech'in First Nation with respect to the Brewery Creek Project is in place.
The technical content of this news release has been reviewed and approved by Michael Maslowski, BSc, CPG, the Company's Chief Operating Officer and a Qualified Person as defined by National Instrument 43-101.
Announces Connection of the 230 kV Transmission Line and 75% Construction Completion at Detour Lake
Detour Gold Corporation (TSX: DGC) (“Detour Gold” or the “Company”) reports on the construction progress of its 100% owned Detour Lake open pit gold mine in northeastern Ontario. The project remains on budget and on schedule for gold production to start in the first quarter of 2013. All dollar amounts are in Canadian dollars.
The following project milestones have recently been achieved:
Project construction reached 75% completion mark on June 30 230 kV transmission line connected to grid on July 19 Pre-stripping reaches 10 million tonnes mined Process plant mechanical contract at 60% completion
New peak in construction activities with 1,550 workers at site Now over 279 Detour Gold employees at site and Cochrane office.
Gerald Panneton, President and CEO of Detour Gold commented, "We have achieved another significant milestone with the successful connection of the 230 kV transmission line, which will allow for the full commissioning of the grinding mills to start as planned before year-end. We are pleased with the performance of our contractors in achieving the 75% completion mark at the end of June. Our site and Cochrane team of 279 employees are actively preparing for the commencement of operations. The Company remains on budget with sufficient cash to complete the project construction and on schedule for gold production to commence in the first quarter of 2013."
Capital Expenditures Remain on Budget
Pre-production capital cost estimates for Detour Lake remain unchanged at $1.45 billion, of which approximately $969 million has been spent as of June 30, 2012 leaving $481 million to be spent. Approximately $1.29 billion has been committed (or 99% of all the contracts). The Company has approximately $576 million in cash and short-term investments, sufficient to fully finance the remaining project expenditures. As part of our risk management strategy, the Company is seeking a $100 million secured credit facility to provide additional financial flexibility and working capital during the initial mine ramp-up period.
230 kV Transmission Line is connected
The project site has been connected to a 115 kV connection since October 2011. With the completion of the transmission line to Pinard (Fraserdale Power Station), the new 230 kV connection was established on July 19. The 230 kV transmission line allows for the commissioning to start, providing more than the 85 MW of power consumption needed to service the entire Detour Lake mine operation once in full production. Thanks to Hydro One Networks’ team for their excellent support in finalizing the connection.
Detour Lake Construction 75% Complete
Construction progress is at the 75% completion mark. A significant portion of the remaining construction activities are within the process plant building where over 800 workers are installing
equipment and proceeding with the mechanical, piping, electrical and instrumentation (MPEI) contracts.
Status of construction progress is as follows:
Overall 94% of concrete is poured and 99% of steel is erected Concrete and building structure for the primary (gyratory) crusher is complete; mechanical installation underway
Geodesic dome installation is underway over the reclaim area
Secondary and pebble crushers are installed for both grinding lines
First grinding line mechanical installation is nearly completed; second grinding line
mechanical installation is progressing in parallel
Commissioning with water has started for the leach tanks
All the CIP tanks are installed; equipment installation in the gold room is underway
and reagents systems are well advanced
Mine service facility is nearing completion and expected to be operational in August
Civil construction of the first cell of the Tailings Management Area continues to advance on schedule.
As already reported in April 2012, the truck wash facility is now fully operational. In addition, Detour Gold has commissioned all four wings (400 rooms) of the permanent camp, which brings the total to 1,700 rooms available at site. This is providing construction planning flexibility in having more contractors at site to further advance construction progress.
Pre-stripping Activities Reaches 10 Mt Mined
The 2012 pre-stripping operation is well underway in the Calcite Zone (western portion) of the Detour Lake deposit. The Company has started its mining activities in this wide mineralized zone (50 to 150 metres wide) a lower grade zone (0.8 to 0.9 g/t), than the average grade of the mineral reserves, but much wider and easier to provide ore production in the ramp up year of the mine to sustain the throughput. The pre-stripping operation is supported by eight haul trucks, two hydraulic shovels and two additional excavators. The production rates are steadily increasing and have now reached a peak of nearly 120,000 tpd. The Company is still targeting to have up to 3 million tonnes of ore (at an average grade of 0.85 g/t Au) available for processing prior to the commencement of operations.
In preparation for the 2013 production plan, the Company will have by year-end 2012 a mining fleet at site of 26 haulage trucks (20 X 320 tonnes and 6 X 100 tonnes) with four shovels (two of 28/34 m3 and two of 48 m3) and two smaller excavators (for the 100 t trucks). The table below shows the status of the current mining fleet. A significant portion of these deliveries will be leased under the Company’s US$150 million lease facility with CAT Finance.
CAT 795F (320 t) CAT 777F (100 t) CAT 6060FS (28/34 m3) CAT 7495 (48 m3) CAT 385 (5 m3) * Includes 2 trucks supplied by Caterpillar as warranty units.
Equipment in use for mining
Additional Equipment in Equipment Assembly Line Available in 2013
Completed in To be Completed in 2Q 2012 3Q & 4Q 2012
The operational readiness planning is progressing on schedule in preparation for commissioning and start-up activities. The Detour Gold operation manpower is now at 279 employees with all 23 senior operational management positions filled. A significant portion of the employees are working on the open pit mine development. Currently, the Company is meeting its planned hiring rate expectations and is confident in meeting its 400 permanent employee target by year- end for its 2013 operational requirements.
Appointment of Senior Management Position
Detour Gold is pleased to announce the appointment of Jean-Francois Métail as Director of Reserve and Resources. Mr. Métail is a geologist with over 20 years of direct involvement in economic geology. Prior to joining Detour Gold in July 2012, Mr. Métail spent 16 years with Barrick Gold Corporation where he progressed to Director, Geology and Reserves Strategy with responsibility for geology functions as they relate to production and overall reserves strategy. He received a Bachelor of Science in Geology from Université de Montréal.
Detour Gold Launches its New Website
Detour Gold launched an entirely new website on July 18. You will find it easier to navigate the site and get quick access to our key online content areas. Learn about Detour Gold and stay abreast of our latest news and events at www.detourgold.com.
About Detour Gold
Detour Gold is a Canadian gold exploration and development company whose primary focus is to advance the development of its Detour Lake gold project, located in northeastern Ontario, towards production. Detour Gold's shares trade on the Toronto Stock Exchange under the trading symbol DGC.
For further information, please contact:
Gerald Panneton, President and CEO Laurie Gaborit, Director Investor Relations Tel: (416) 304.0800 Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 2200, Toronto, Ontario M5J 2J1
One way or another we are coming to an end to this consolidation and a major trend change is coming very very soon. I know which side I placed my bets on. :)
Thanks RIck I'll take that under consideration. This time I might lock in some profits and let some ride. If MDMN can surpass .19 I might sell the rest into the spike up from there.
Wishing prosperity upon all here and remember no one makes a dime unless they sell.
So you think I should hold this time and not flip it?
Timmins Gold Announces AGM Results
Vancouver, BC - Timmins Gold Corp. (TSX:TMM, NYSE.A:TGD) (the “Company”) announces that it held its annual and special meeting of shareholders on July 19, 2012 and the following persons were elected to the board of directors: Arturo Bonillas, Bruce Bragagnolo, Miguel Soto, Frank Cordova, Eugene Hodgson, R. Barry Fraser, Paula Rogers and Keith Peck. Lawrence Dick resigned from the board of directors prior to the meeting but will continue as the Company’s Qualified Person. Mr. Dick was one of the original directors and helped the Company transition from a developer to a producer. The Company thanks Mr. Dick for his many years of service as a director.
SLAM FILES NI43-101 REPORT ON 3M TONNE RESOURCE
Massive Sulphide Deposit Contains Significant Zinc-Lead-Copper-Silver Resource
http://www.slamresources.com/PDF/SLAM-12-July20_Nep.pdf
Sir, you miss the whole point of a penny stock... It doesn't matter if it's real or not. It doesn't matter if it's a scam or not. It doesn't matter. The only thing that matters is if you can make money buying and selling it. After all, isn't that why we are all here?
You only need two things in a penny stock and they are all that matters.
1. Volume
2. Volatility
AUMY has both. Therefore AUMY is a success in my eyes. Thank you
lol... with all the manipulation and out-right theft going on in the market today I'm sure SFMI is at the top of their list... NOT! But I'm sure if anyone was going to be found guilty of a crime in today's market it would be the little guy.
It is what it is until it isn't, that is why I buy all over the chart so I'm ready to take profits when it does move in my favor... and yes that means sometimes you lose but at least you're playing the game.
This is all my opinion and only I am responsible for it.
Amen brother...
Yes, but those of us who were silently buying in the .02's and low .03's are selling now with a smile on our face. :) I'm still holding some .10's, .07's and 05's though that I would like to unload at a profit...
SLAM Makes New Gold Discovery
Angular Quartz Boulders Grade Up To 118 g/t Gold On New Project
Miramichi, New Brunswick - SLAM Exploration Ltd. (TSXV: SXL) (OTCBB: SLMF) ("SLAM") is pleased to report a new bonanza gold discovery on its wholly-owned Menneval claims in New Brunswick. The new discovery is 30 km north of the Lavoie gold occurrence where trenching produced grab samples grading up to 493 g/t gold on SLAM’s NW Gold project as reported January 9, 2012.
SLAM has named this new discovery the “Maisie Zone”. It comprises 3 angular boulders of mineralized quartz with grab samples ranging from 5.16 to 118 g/t gold. These boulders are aligned with several other auriferous quartz boulders grading up to 0.367 g/t gold over a distance of 2500 m. Company geologists also found a quartz boulder grading 1.54 g/t gold that appears to represent a separate vein structure located at a distance of 5800 m. Assays are pending on additional prospecting samples.
The Company is very encouraged by this new discovery. SLAM geologists have identified the widespread presence of auriferous quartz boulders in the vicinity of the bonanza grade Maisie Zone boulders. Only preliminary, reconnaissance prospecting has been completed to date. The Company is now following up with more detailed prospecting in preparation for a trenching program.
Detailed prospecting is also in progress on the NW Gold project and is generating a number of new trenching targets in addition to the original Lavoie gold discovery. Both the Menneval and NW Gold projects have demonstrated significant gold potential. The Company will continue the prospecting campaign and expects to follow with trenching to test these sites.
About The Menneval Project: SLAM acquired by map-staking the original claim group based upon air- borne geophysical and topographic features. SLAM acquired additional claims after the Maisie zone discovery and now holds 100% interest in 11 contiguous claims covering 18,840 hectares all acquired by map-staking near Menneval in northwest New Brunswick. In addition to the Maisie zone, the property is host to 3 skarn deposits where exploration programs date back to 1965.
Previous workers have tested the skarn zones with approximately 27 diamond drill holes for a total of 4850 m. Copper was the main target and the most significant intercept was 0.57 % copper over 57.5 feet (17.5 metres) drilled in 1973. Reported higher grade intercepts include 2.20% copper + 1.88 opt (oz per ton) silver over 2.5 ft (0.76m) and 8.86% copper + 4.15 opt silver over 2.0 feet (0.6 m).
Claim Acquisition: The Company signed an agreement with Tim Lavoie to purchase an additional 4 claims covering 692 hectares subject to a 1.5% NSR. SLAM can buy down 0.5% NSR for C$0.5M and has right of first refusal on remaining 1%. These claims are contiguous to SLAM’s wholly owned Menneval Project.
The Company also owns 4 additional claim groups covering 3042 hectares in the Saint Quentin area.
About New Brunswick: New Brunswick is currently rated the world’s most attractive jurisdiction for mineral exploration and development, as announced by the Fraser Institute, February 23, 2012. The Province has demonstrated potential for large mineral deposits and can be expected to generate mining operations well beyond the world-class BMS No. 12 mine operated by Xstrata.
CLEARWATER PROJECT UPDATE
New high-grade gold vein (T10 Vein) at Eau Claire
Eastmain Resources Inc. (TSX:ER) announces that 26 drill holes totaling 9,030 metres have been completed to date during the current phase of drilling at its wholly-owned Clearwater Project, located in James Bay Québec. Two drills are now operating on the Eau Claire gold deposit with the principal objective of expanding measured and indicated open pit-able resources in the 450 and 850 West Zones respectively.
Assay data received from 11 drill holes completed in 2012, confirms a new gold-bearing structure (T10 Vein) located north and west of the 450 West Zone. Drilling demonstrates both lateral and vertical continuity of this new gold-bearing vein structure, which is open to the northwest and at depth.
Vein T10 has been traced for a lateral strike-length of 150 metres, ranges in thickness from 0.5 to 22.0 metres, and has been delineated from vertical depths of 100 to 200 metres. Significant T10 Vein intercepts include 2.23 g/t Au over 16.5 metres, (including 47.8 g/t Au and 109.5 g/t Te over 0.5 metres) in hole ER12-357; 5.90 g/t Au over 6.0 metres, including a half-metre interval of 35.9 g/t Au and 43.5 g/t Te, in hole ER12-358; and 12.25 g/t Au over 5.0 metres, including 29.24 g/t Au and 53.8 g/t Te over 2.0 metres in hole ER12-369 (Table 1). Vein T10 is outside of the limits of the previous resource estimate.
The second drill is currently testing lateral and vertical continuity of high-grade gold-bearing veins found at the RC Soccer Field in the 850 West Zone. Here, previously reported trenching results (Feb. 9, 2012 news release), include channel sample interval RC-3, which assayed 16.4 g/t Au over 13.5 metres, and corresponds to the surface projection of Vein V10. Drill hole ER12-374, collared 25 metres east of the Soccer Field has intersected multiple veins and alteration zones from surface to a down hole depth of 130 metres. 16 grains of visible gold and 17 telluride grains have also been observed in four clusters within a narrow quartz-tourmaline vein at a depth of 22.0 metres in hole 374. Assays for several drill holes are pending.
Both the 450 and 850 West Zones are open laterally and to depth. Exploration to date has defined a prominent structural control to the gold mineralization at Eau Claire, with a pronounced southwest vector evident for both zones. 2012 drilling clearly shows there is potential to expand the size of the prospective open pit resource to the northwest.
The current 40,000-metre drill program will continue to focus on expanding lateral and vertical extensions of both zones. Surface trenching and prospecting is also progressing west and north of the Eau Claire deposit. A revised resource estimate currently in progress will comprise drilling to hole ER11- 350, which includes all holes into the 850 West discovery area completed in 2011.
Dr. Donald J. Robinson P.Geo, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.
Colossus Minerals Appoints Lyle Pritchard as Vice President, Operations and Provides Metallurgical and Development Update
http://colossusmineralsinc.wordpress.com/2012/07/16/colossus-minerals-appoints-lyle-pritchard-as-vice-president-operations-and-provides-metallurgical-and-development-update/
Provides Update to its Toll Milling Program at its Pulacayo Project in Bolivia and Issues Final Payment to Acquire Cachinal Property in Chile
July 16, 2012, Toronto, Ontario – Apogee Silver Ltd. (“Apogee” or the “Company”) (TSX Venture Exchange: APE) is pleased to announce that it commenced shipment of stockpiled mineralized material from its 100% controlled Pulacayo project (the “Project”) in Bolivia to Tatasi for milling and processing. The Company has secured a toll milling agreement with the Tatasi Cooperative, who operate the concentrator which has the capacity to process up to 200 tonnes of ore per day. Further, the Company has obtained the required sign-off from COMIBOL (Corporacíon Minera de Bolivia) to transport mineralized material to the Tatasi concentrator. To date, Apogee has stockpiled 7,000 tonnes of mineralized material from its trial mining operations.
Commenting on these recent developments, Neil Ringdahl, the Chief Executive Officer of the Company, stated, “We are delighted by our progress and COMIBOL’s endorsement of our planned milling activities. This is a positive indication of the high level of support Apogee has from the affected communities and stakeholders at Pulacayo. In addition, we look forward to developing a similarly positive relationship with the Tatasi community.”
Apogee holds the necessary environmental permits issued by the Bolivian authorities to conduct mining and processing operations up to 200 tonnes per day, which includes the transport of mineralized material to an established concentrator outside the Project area. The Company plans to process stockpiled mineralized material into the 4th calendar quarter of 2012, at which point the Company anticipates that its feasibility study will be completed.
In addition, Apogee has completed the acquisition of the Cachinal silver property, located in Chile (See Press Release dated September 16, 2011) and has issued the remaining payment to Valencia Ventures Inc. (“Valencia”). In accordance with the terms of the agreement entered into with Valencia, the Company has acquired all of the issued and outstanding common shares of Compania Minera Valencia Ventures – Chile Limitada, Valencia’s wholly- owned subsidiary that holds an 80% interest in Cachinal and the Nueva Juncal silver properties. In consideration, Apogee has paid Valencia $500,000 in cash ($325,170 of which had already been paid) and has issued 3,000,000 common shares of the Company to Valencia.
While the Company remains focused on developing its flagship Pulacayo silver property in Bolivia, management believes the completion of the acquisition of the Cachinal property is an important milestone for the Company which may result in further resource growth and development in the future.
Things are heating up again. :)
That's a great article and caused me to rethink my position here and do something I've never done before. I converted my trading shares to long shares and took the profits I had acquired with my trading shares that I've sold over the last few weeks and put them back into MAUXF. I've also allocated capital (a good sum) to buy POEFF over the next few weeks. There is one more oil play everyone should tune into and be aware of and that is GFPMF. I believe with Chen that these are good sound investments for the future.
Expert Analysis
Paolo Lostritto, National Bank Financial (7/12/12) "Drilling at Vista Gold Corp.'s Mt. Todd expanded mineralization, which should help expanded throughput. The throughput increase is designed to capture economies of scale. . .based on a long mine life and continued drilling success, the company has elected to revise its in-process feasibility study to contemplate increased throughput. . .Mt. Todd has always been viewed as a turbo leverage asset to the gold price."
It's nice to find these in the early stages... I don't think we're done yet though. I look for another 300% minimum from here. :)
It's ok to disagree because in the end the results will be the same but that is not what is going to drive gold and gold stocks to all time new highs. We don't need QE...
QE will only come when there is a complete breakdown not to save the election.