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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AVION’S HOUNDÉ PROPERTY, BURKINA FASO, CONTINUES TO RETURN WIDE HIGH GRADE INTERCEPTS
3.12 G/T AU OVER 62.0 METRESAND 3.48 G/T AU OVER 62.0 METRES
Toronto, Ontario -- Avion Gold Corporation (AVR: TSX, AVGCF: OTCQX) (“Avion” or the “Company”) is pleased to announce results for an additional 33 holes drilled in 2012 in the Vindaloo zone area, Houndé Project, Burkina Faso (see Figure 1). A summary of select intercepts are as follows:
? 5.02 g/t Au over 6.0 metres
? 3.12 g/t Au over 62.0 metres
? 3.48 g/t Au over 62.0 metres
? 7.74 g/t Au over 10.0 metres
? 5.27 g/t Au over 16.0 metres
? 1.87 g/t Au over 16.0 metres
? 2.16 g/t Au over 19.0 metres
? 2.85 g/t Au over 17.0 metres
? 2.61 g/t Au over 23.6 metres
? 1.49 g/t Au over 36.0 metres
? 1.72 g/t Au over 25.0 metres
? 1.44 g/t Au over 21.0 metres
These holes predominantly tested the central part of the Vindaloo zone where Avion has defined Indicated mineral resources of 13.41 million tonnes at 2.07 g/t Au totaling 893,000 ounces of gold and Inferred mineral resources of 10.71 million tonnes at 2.07 g/t Au totalling 712,000 ounces of gold. Holes HD-12-35 with 3.12 g/t Au over 62.0 metres and HD-12-36 with 3.48 g/t Au over 62.0 metres (Figure 1), were drilled 200 metres apart and represent near-surface intercepts that further support the economic potential of the Vindaloo zone. In addition, intercepts of 1.26 g/t Au over 8.6 metres and 1.73 g/t Au over 11.0 metres in hole HA-12-08 and 1.72 g/t Au over 25.0 metres in hole HA-12-10 extend the Vindaloo West zone further to depth. The Vindaloo West zone lies from 50 to 75 metres west of the Vindaloo zone and has returned intercepts to 2.18 g/t Au over 29.7 metres.
Don Dudek, Avion’s Senior Vice President Exploration stated: “Avion continues to be rewarded by good grade and width intercepts from the Vindaloo zone and from the adjacent Vindaloo West zone which is still open along strike and to depth. With the results we have seen to date it is easy to see the potential for production at the Vindaloo zone in the near future.”
This news release presents the results from 33 core and reverse circulation holes totaling approximately 5,432 metres of drilling. Assay from an additional 26 holes is still pending. A summary of all the current drill intercepts is attached at the end of this press release.
The gold-bearing zones that define the Vindaloo zone, now including the Madras and Madras NW zones (see Figure 2), have now been traced, by drilling, more or less continuously for approximately 5.6 kilometres. Avion has now completed at least one hole per 100 metres of strike along the defined mineralized trends. The current mineral resource is defined as the southern 2.65 kilometres part of the Vindaloo zone. Drilling, and the discovery of a new artisanal zone, located to the south along strike of the mineral resource area could potentially add another 3.7 kilometres of strike to the Vindaloo zone for a total of 9.3 kilometres.
The Vindaloo zones are hosted by an intensely sericite- and silica-altered mafic intrusion and similarly-altered, intensely sheared and altered intermediate to mafic volcanoclastics. The mineralization is often quartz stockwork-style and is weakly to moderately pyritic. The entire mineralized package strikes north-northeast and dips steeply to the west to vertical. Drilling along the approximate 1.2 kilometre strike of the central core of the Vindaloo gold system has defined a coherent gold-mineralized, apparently shallow south plunging zone that has been traced at least to 300 metres depth. Along strike, both to the north and south of the core of the Vindaloo zone, the gold mineralization can vary from weak to quite strong over relatively short, generally vertical distances, leading to nodes of higher grade mineralization connected by less well gold mineralized zones.
In 2012, 134 holes totaling approximately 20,220 metres have been drilled on the Houndé Property with just over 50% of the drill program completed. This program was designed to define additional inferred mineral resources, in-fill drill where necessary to support a Preliminary Economic Study (PEA) and continue to extend the mineralized zones along strike. Approximately 60% of the assays submitted for analysis have been received. Baseline work for the PEA is continuing with potential water dam sites located, initial land ownership surveys completed, potential tailings sites, a possible mill site and on-going community relations work.
Avion’s 2012 US$ 12.4 million exploration program is continuing with 241 holes totaling approximately 36,540 metres completed at the Houndé, Tabakoto and Kofi properties. The Houndé Preliminary Economic Assessment has been initiated with completion expected in Q4 2012 to allow for the reception of sufficient drill data.
Avion's procedures for handling core have been presented in previous news releases (See for e.g. Avion's News Release dated September 10, 2011). Assays presented in the attached table have been capped at 30 g/t Au. SGS Laboratories in Ouagadougou and Kaya, Burkina Faso was the independent laboratory used in the testing of the assay samples.
Don Dudek, P.Geo., the Senior Vice President, Exploration of the Company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
Mining in Burkina Faso
The mining industry in Burkina Faso is growing at a rapid rate due to a combination of a stable elected democratic government, excellent geology and a competitive fiscal regime. Currently six gold mines are in production or development in Burkina Faso (Essakane – IAMGOLD Corporation, Mana - SEMAFO, Inata – Avocet Mining PLC, Youga – Endeavor Mining Corporation, Taparko – High River Gold Mines Ltd., Kalsaka – Cluff Gold PLC). In 2012, it is expected that Burkina Faso will become the fourth largest gold producing country in Africa. The country has legislated low taxes with a corporate tax rate of 20% for mining companies. The government is entitled to a 10% free carried interest and a competitive 3-5% sliding royalty on gold production. Political and economic protests that occurred back in the spring of 2011 did not materially affect Avion’s exploration program and no new issues of concern have since arisen.
About Avion Gold Corporation
Yes, I had been accumulating this over the last couple of months so I'm Happy we have some interest here again. I will be taking some profits soon. :)
Progress at Copperstone Mine and Completion of a Gold Facility
June 14th 2012 - American Bonanza Gold Corp. (TSX: BZA) ("Bonanza” or "Company") is pleased to announce a progress update at the high-grade Copperstone Mine during April 2012, and to announce that it has completed a second priority secured gold prepayment facility to support the successful ramp-up of the Copperstone Mine to full production.
Bonanza continues to make positive progress during its expected ramp-up stage as it approaches its objective of reaching design rates for mining and production. Performance during April represents a substantial improvement over the first quarter of 2012. Once at design rates, Bonanza will be able to announce commercial production. Current improvements during the ramp-up phase include:
1. Mill Performance – 5,455 tons were milled during April. On a day-to-day basis, the mill has performed at design throughput rates and is capable of running at these target rates. Increased through-put will be seen in the coming months as the mine’s ore tonnage to the processing plant increases from the ‘D’, ‘C’ and ‘North D’ Zones. The target throughput rate is 450 tons per day.
2. Recovery – 1,060 ounces gold was recovered in the mill during April, which is approximately 35% of the monthly design rate for year one of the mine life.
3. Overall Recovery Rate - stands at 85% for the full month of April. This will further improve as the feed from the mine evens out over the summer. The tailings grade is low at 0.036 ounces per ton, in line with expectations.
4. Concentrate Shipment Grade – During April, the concentrates graded between 48 and 54 ounces of gold per ton, which is several times higher than design grades.
5. Gold Sales – preliminary gold sales in April of 1,186 ounces were achieved, representing 40% of Year 1 monthly design rates. The gravity concentrate is currently being sent to Metals Research in Idaho, and the flotation concentrate to Global Metal Technologies in Spokane.
6. The Mine – 5,375 tons of ore was mined in April, which is approximately 180 tons per day, representing 40% of design output rates.
The mining activity is focusing on three zones. Within the next two or three months, these three zones will ensure that the mine has more than sufficient ore stopes available to achieve design output:
‘D’ Zone – this zone has been the focus of the mining activity during 2012 and mining ore at higher rates will resume when current curing of the backfill is completed shortly. The backfill activity had led to a short-term drop in mine output. ‘C’ Zone – stopes are currently under development and are expected to be developed for the mining of ore within two weeks. The ‘C Zone’ will be the second zone to be developed.
‘North D’ Zone - a development heading is being driven out to ‘North D Zone’ and is expected to arrive in approximately two months.
Gold Facility Details
In order for Bonanza to expedite the opening up of the ‘North D’ Zone and develop stopes in the ‘C’ Zone, plus improve equipment availability and the building of a spare parts inventory, Bonanza completed a second priority secured gold prepayment facility. The gold prepayment facility was completed with an arms-length Lender, whereby Bonanza has agreed to deliver 3,215 ounces of gold for delivery on June 1, 2015, for gross proceeds of US$4,501,000 (the "Facility").
The Facility will be repaid through the delivery of 3,215 ounces of gold (the “Gold”) on June 1, 2015, subject to the Lender’s option to receive the Gold or cash. The Gold that has been committed under this Facility represents approximately 1% of the measured and indicated mineral resources at the Copperstone gold mine.
The Facility is subject to optional early repayment by the Company after eight months have passed with a prepayment equal to the gross proceeds plus the outstanding interest which would become due until June 1, 2015, less interest previously paid. The Company will pay an interest rate of 12% per annum, commencing on July 1, 2012. The Facility is secured by a second priority charge over the personal property of the Company and the Company’s wholly owned subsidiary, Bonanza Explorations Inc.
This news release was reviewed by Douglas Wood, P.G., Vice President, Exploration of Bonanza, a non-independent Qualified Person within the meaning of NI 43-101.
Third Exploration Well Encounters 31 Meters of Net Coal At Kutai West PSC
&
CBM Asia Opens Jakarta Representative Office
VANCOUVER, BRITISH COLUMBIA, June 14, 2012 – CBM Asia Development Corp. (“CBM Asia” or the “Company”) (TSX.V TCF), (US: CBMDF) (FWB: IY2) has been informed by the operator Newton Energy Capital Limited that the third exploration well (CBM-KW-04) reached target depth (TD) of 1,000 meters on May 26, 2012 at the Kutai West Coalbed Methane Production Sharing Contract (“Kutai West CBM PSC”) block, located in East Kalimantan, Indonesia. CBM Asia holds an 18% working interest in the Kutai West CBM PSC.
CBM-KW-04 well logs indicate 31 meters of net coal in the Balikpapan Formation which is line with the CBM-KW-01 net coal thickness of 32 meters and is 24% thicker than the 25 meters of net coal found at the CBM-KW-02 well. The drilling rig is now in transit to the next exploration well location, CBM-KW-03, which is south of the first three wells. The CBM-KW-03 well is expected to spud within the next week and will test the continuity of coal targets of the block.
Separately, on April 1, 2012 CBM Asia opened its Jakarta Representative Office at the Talavera Office Park Jl. T.B. Simatupang Kav, 22-26, South Jakarta. The office, which is located close to many of Indonesia’s oil field service companies, is managed by Mr. Keith Potter, General Manager, Indonesia. It will house the core technical and administrative teams responsible for CBM Asia’s day-to-day operations.
“We are encouraged by the results of the CBM-KW-04 well logs as they confirm continuous thick coal seams through the eastern section of the block.” comments Alan Charuk, President and CEO of CBM Asia. “We are also delighted to open the Jakarta office as it allows us to begin operating and planning the exploration of our majority owned PSCs as well as those we plan to acquire. Keith Potter, who joined us six months ago as General Manager-Indonesia, has many years of operating and administrative experience in Indonesia and is recruiting a top-rated CBM team to execute our business plan in time and in a cost effective manner.”
China Minerals Grants Stock Options and Provides Project Update
VANCOUVER, BRITISH COLUMBIA, Jun 14, 2012 (MARKETWIRE via COMTEX) -- China Minerals Mining Corporation ("China Minerals" or the "Company") CA:CMV 0.00% (pinksheets:HWTHF) advises that it has granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to 1,810,000 common shares in the capital of the Company (the "Shares") pursuant to an approved share option plan. The options are exercisable on or before June 14, 2017 at an exercise price of $0.10 per Share and will be vested in stages with 33% to vest every six months from the date of grant. The grant of options is subject to TSX Venture Exchange approval.
The Company also advises that drilling as announced in the news release of April 17, 2012 will begin with the first drill on June 15, Friday this week and the second drill a week later. The Company will provide updates as the drill program progresses.
About China Minerals Mining Corporation
China Minerals Mining Corporation is a Vancouver based exploration and development company with offices located in both Vancouver and Beijing. China Minerals Mining Corporation's ambition is to build an international mining company with an appropriate portfolio.
ON BEHA
One thing you can always count on with these pinkies is PR's that say absolutely nothing shareholders didn't already know. 0 news = 0 volume. Sheesh...
That's close to my $7.50 target price by 2014
The gains that are coming will be a surprise to many, even those who have been holding here for a long time. The problem is most will sell to soon and miss the really big move.
Today's PR only confirms how undervalued we are and the potential for a huge rally grows with each passing day.
DDH-2012-3 Indicates 117.7 g/t Gold Over 2.13 m
Vancouver, BC - Decade Resources Ltd. (“Decade”) and Mountain Boy Minerals Ltd. (“Mountain Boy”) are providing an update on assays released in a June 5 press release for the Red Cliff project in Northwestern British Columbia. The joint venture project is owned 65% by Decade and 35% by Mountain Boy. The Red Cliff is a gold/copper property consisting of 8 Crown Granted mineral claims located 25 miles north of the town of Stewart, British Columbia. The Silver Crown 6 claim in which Decade is earning a 100 % interest is adjacent to the north portion of the crown grants. To date, the Companies have identified 3 separate gold bearing zones called the Upper Montrose, Lower Montrose and Waterpump within the Crown Granted claims.
In the assays released on June 5 a mineralized section in DDH-2012-3 was reported as 8.40 g/t gold over 4.26 m. The interval was recheck assayed using gravimetric methods due to the presence of coarse gold identified in the core during logging. The check assays indicated an increase from 9.69 g/t gold to 117.7 g/t over a 2.13 m interval. As a result the assay interval for the hole is now as follows:
In the future, any visible gold bearing sections will be analyzed using gravimetric methods.
All samples are assayed by Loring laboratories of Calgary, Alberta..It is an ISO9001 certified laboratory.
Ed. Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, is in charge of the exploration program on behalf of the Companies and is responsible for the contents of this release. E Kruchkowski has conducted all the exploration on this property from 2007 to present and has logged and overseen the sampling of the core.
Decade Resources Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Decade holds numerous properties at various stages of development and exploration from basic grass roots to advanced. Its properties and projects are primarily in Northern British Columbia. For a complete listing of the Company assets and developments, visit the Company website at www.decaderesources.ca.
AMERIX UPDATES GOLD IN SOIL ANOMALIES AT THE LIMÃO GOLD PROPERTY, PARÁ STATE, BRAZIL – DRILLING UNDERWAY
June 7, 2012 News Release 2012 - 08
Toronto, Canada: (TSX Venture: APM) Amerix Precious Metals Corporation (“Amerix” or the “Company”) is pleased to update gold in soil assay results from the Central Grid at the Company’s Limão Gold Property that is located along the Tocantinzinho Gold Trend, in the Tapajós Gold Province, Pará State, Brazil. Amerix owns a 100% interest in the Limão Gold Property and has recently optioned the exploration concessions adjoining to the northwest. (See News Release 2012-06 of May 14, 2012).
During late 2011, the Company established a 10 metre by 10 metre spaced and a 20 metre by 10 metre spaced, infill soil grid, as a continuation of its earlier, 100 metre by 20 metre spaced soil grid. These grids cover the Limão Pit area that is the main gold target at the Central Grid. As described in News Release 2012-04 dated 02/04/2012, the Limão Pit target is characterized by pyrite bearing syenite that was exploited by small-scale artisanal miners and diamond drilled during the 1980’s using conventional drilling methods. Amerix’s sampling of stockpiled pyrite bearing syenite from near the Limão Pit also returned positive gold in rock assay values.
The interpreted strike of mineralization acquired from the historic drilling, combined with mapping by the Company’s geologists, guided the orientation of the infill soil grid and a total of one thousand four hundred and sixty eight, 1-metre manual soil auger samples were collected along a northwest trend. The infill grid is bisected by two creeks that were subject to alluvial placer mining. The linked Figure 1 shows the soil sample locations overlain on satellite imagery.
To view Figure 1 Image, please copy and paste the URL below into new browser:
http://www.rmcommunicationsinc.com/snapmail/img/file20120607134750.pdf
The 1-metre soil auger samples were collected from a regolith consisting of colluvium, laterite, saprolite, alluvium, and tailings that included placer mining reject and tailings from the Limão Pit. Excluding alluvium and tailings material, soil assay results from colluvial to saprolitic material have defined a 600 metre northwest trending gold in soil anomaly defined by subtle, sporadic clusters of soil anomalies ranging from 25 to 1,217 parts per billion gold and represent the majority of the soil samples collected. Apart from the colluvium, laterite, and saprolite, alluvial and tailings samples returned results ranging from 11 to 6,660 parts per billion gold with one outlier of 12,900 parts per billion gold.
Amerix is presently drilling at the Limão Property, targeting the gold in soil anomalies and historic gold targets from artisanal mine workings located on several grids. Drill assay results can be expected within the next few weeks and months.
All soil samples were delivered to Acme Labs preparation facility in Itaituba, Brazil where the samples were dried, sieved, split, and shipped to Acme’s Santiago, Chile laboratory for gold analysis by fire assay with atomic absorption finish on a 30 or 50 gram split. Acme Laboratories is registered under International Standards Organization ISO 9001:2008 quality control program. The Company utilizes a QA/QC chain of custody program overseen by its geologists concerning its samples.
Mr. Ryan Grywul, P. Geo., and Vice President, Corporate Development for Amerix, and a qualified person as defined in National Policy 43-101 is responsible for all technical information contained in this news release.
I'm very ok with this. I think I'll pick up some more shares on this news once I see what investors are going to do.
CBM Asia Completes Final Tranche of $16.0 Million Financing
VANCOUVER, BRITISH COLUMBIA, June 6, 2012 - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX.V: TCF) (US: CBMDF) (FWB: IY2) is pleased to announce that it has completed the final tranche (the “Final Tranche”) of its non-brokered private placement totalling 12,876,208 units (the “Units”) at a price of $0.18 per Unit for gross proceeds of $2,317,717. In total, the Company issued 88,972,222 Units representing gross proceeds of $16,015,000 for a total of 167,761,809 common shares currently outstanding.
Each Unit consists of one common share (a “Share”) and one transferable share purchase warrant (a “Warrant”) to purchase an additional Share at a price of $0.35 for a period of 24 months, subject to acceleration by the Company, at its discretion, after 4 months from closing upon 30 days notice if the closing price of the Company’s shares on the TSX Venture Exchange (the “Exchange”) equals or exceed $0.50 per share for 20 consecutive trading days.
Finder’s fees of 5% cash and finder’s warrants of 5% of the Units sold are payable in connection with the Final Tranche. Each finder’s warrant will entitle the holder thereof to purchase one share of the Company at a price of $0.18 for a period of 24 months, subject to acceleration on the same basis as the warrants forming part of the Units. All securities issued pursuant to the Final Tranche are subject to a 4 month hold period expiring October 6, 2012.
“With the closure of the final tranche, we have secured our 2012 financing requirements and increased institutional ownership to 35%, with Indus Capital Partners holding a 16.6% interest,” comments Alan Charuk, CBM Asia’s President and CEO. “With capital raise behind us we look forward to executing our growth plans to obtain a 10-15 Tcf recoverable resource base.”
Buyout at $1.60 per share is too low
PetroMagdalena announces all-cash offer by Pacific Rubiales
TORONTO, June 5, 2012 /PRNewswire/ - PetroMagdalena Energy Corp. (TSX-V:PMD) announced today that it has entered into a definitive agreement (the "Arrangement Agreement") with Pacific Rubiales Energy Corp. (TSX:PRE; BVC: PREC; BOVESPA: PREB), pursuant to which Pacific Rubiales has offered to acquire all of the issued and outstanding common shares of PetroMagdalena (the "Shares") by way of a Plan of Arrangement under the British Columbia Business Corporations Act (the "Arrangement").
Under the Arrangement, shareholders of PetroMagdalena will receive C$1.60 in cash for each outstanding Share, representing a premium of approximately 38% on the 20 day volume weighted average price of PetroMagdalena's common shares on the TSX-V as of June 4, 2012. In addition, holders of all of the outstanding PetroMagdalena warrants (TSX-V: PMD.WT) (the "Warrants") will receive C$0.25 in cash for each unexercised Warrant held at closing. The Warrants had a closing trading price on the TSX-V of C$0.215 on June 4, 2012.
PetroMagdalena's Board of Directors, after consultation with GMP Securities L.P. ("GMP") who acted as PetroMagdalena's exclusive financial advisor and Blake, Cassels & Graydon LLP, PetroMagdalena's legal advisors, and based on the recommendation of an independent committee of PetroMagdalena's Board of Directors formed specifically to consider the offer, has unanimously determined that the Arrangement is fair to PetroMagdalena's shareholders and warrantholders (collectively, "Securityholders") and recommends that PetroMagdalena's Securityholders vote in favour of the Arrangement. Both Miguel de la Campa and Serafino Iacono, directors of the Company who are also directors of Pacific Rubiales, did not participate in any discussions or negotiations regarding the approval of the proposed acquisition and abstained from the Boards' deliberations.
Luciano Biondi, Chief Executive Officer of PetroMagdalena, stated "We are very pleased to receive this offer and provide shareholders with an opportunity to realize value on their investment and provide liquidity in a volatile market."
Arrangement Agreement Summary
The Arrangement Agreement contains customary non-solicitation provisions, subject to PetroMagdalena's right to consider and accept superior proposals. In the event of a superior proposal, Pacific Rubiales will have a five business day right to match the superior proposal. If the Arrangement is not completed as a result of a superior proposal or for other certain specified circumstances, a termination fee equal to C$10,000,000 will be paid by PetroMagdalena to Pacific Rubiales. If the Arrangement is not completed, due to certain circumstances, including a failure to receive necessary regulatory approvals, a reverse termination fee of C$10,000,000 will be paid to PetroMagdalena by Pacific Rubiales.
The terms and conditions of the Arrangement will be summarized in PetroMagdalena's management information circular which will be filed and mailed to PetroMagdalena's Securityholders in late June 2012. Securityholders will be asked to approve the Arrangement at a special meeting to be held in July 2012 (the "Special Meeting").
The Arrangement will be subject, among other things, to the approval of at least 66 2/3% of the votes cast at the Special Meeting of PetroMagdalena's Securityholders to be called to consider the Arrangement. In addition, the Arrangement will be subject to certain customary conditions, including court approval, relevant regulatory approvals and the absence of any material adverse change with respect to PetroMagdalena. The transaction is expected to close in the third quarter of 2012.
GMP has provided an opinion that, based upon and subject to the assumptions, limitations, and qualifications in such opinion, the consideration to be received by PetroMagdalena's shareholders and warrantholders is fair, from a financial point of view, to PetroMagdalena shareholders and warrantholders, respectively. A copy of the fairness opinion will be included in the PetroMagdalena meeting materials in respect of the Special Meeting.
PetroMagdalena is a Canadian-based oil and gas exploration and production company, with working interests in 19 properties in five basins in Colombia. Further information can be obtained by visiting our website at www.petromagdalena.com.
All monetary amounts in U.S. dollars unless otherwise stated. Certain information contained in this news release, including any information relating to the proposed transaction (the "Transaction") and or future financial or operating performance of PetroMagdalena may be deemed "forward-looking". These statements relate to future events or future performance and reflect PetroMagdalena's expectations regarding the Transaction, and the future growth, results of operations, business prospects and opportunities of PetroMagdalena, Pacific Rubiales and the combined company. These forward-looking statements also reflect PetroMagdalena's current internal projections, expectations or beliefs and are based on information currently available to each party, respectively. These forward-looking statements are subject to a variety of risks and uncertainties that are identified and disclosed in the Annual Information Form of PetroMagdalena for the year ended December 31, 2011. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Assumptions upon which such forward looking information regarding completion of the Transaction is based include that each party will be able to satisfy the conditions to the Transaction, that the required approvals will be obtained from the Securityholders of PetroMagdalena, that all third party regulatory and governmental approvals to the Transaction will be obtained and all other conditions to completion of the Transaction will be satisfied or waived. Although PetroMagdalena believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. PetroMagdalena expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE PetroMagdalena Energy Corp.
Everything you need to know about Niogold is found here
http://aheadoftheherd.com/Newsletter/2012/NioGold-Mining.htm
Martin Armstrong believes there will be one more leg down to retest last years low. He states that usually the fourth time is what wipes out all or most all bulls which propels the price like a rocket up to new highs and never looks back. I have money sitting aside just in case he is right and will take profit on my trading shares soon.
An explosion in price for good quality precious metals mines is very close at hand. BRD is one of a few that will see 500% to 1000% gains sooner than most people realize.
Yes it will :)
Not much other than what has been said. I don't know of a stronger management team in the the whole sector.
Highlights 209 Feet of 2.01% Copper Equivalent at West Maturi in the Twin Metals Minnesota Project
http://tmx.quotemedia.com/article.php?newsid=51659874&qm_symbol=DM
Recent management hires to drive "substantial" upward rerating in EurOmax shares, says First Berlin
10:10 am by Deborah Sterescu EurOmax Resources shares trading at an unwarranted discount to peers, says First Berlin Equity Research
Recent management additions to EurOmax Resources (CVE:EOX) are expected to drive a "substantial upward rerating" of the miner's shares, according to a recent report from First Berlin Equity Research.
First Berlin has rated the company with a "buy" recommendation and a price target of 50 cents, up from its previous target of 45 cents.
Earlier this month, it was announced that three former high-ranking members of European Goldfields' (EGU) management team have taken charge at EurOmax.
The significance of this move, said First Berlin analyst Simon Scholes, is that EurOmax's 6.76 million ounces of gold resource base will now be combined "with the proven ability of the former EGU management team to raise money."
In December of 2011, Canadian gold mining company Eldorado Gold (TSE:ELD) (NYSE:EGO) announced the takover of London-based European Goldfields for C$2.5 billion.
European Goldfields has reserves in Greece at the Olympias and Skouries projects, and in Romania at the Certej project totalling 9.2 million ounces of gold.
EurOmax Resources is a Canadian mineral explorer that is advancing three core properties in Bulgaria, Serbia and Macedonia.
At the EurOmax annual general meeting on May 22, three members of European Goldfields' former management team - former executive chairman and president Martyn Konig, former treasurer Varshan Gokool and former senior vice president of business development Steven Sharpe - were elected as directors of EurOmax.
What's more, First Berlin noted that the newly elected directors and other ex-European Goldfields associates will invest C$6.3 million in a private placement of 42 million EurOmax shares at 15 Canadian cents each.
The money raised will be used to fund the forthcoming infill drilling program at its Ilovitza copper-gold porphyry project in Macedonia as well as general working capital requirements.
First Berlin analyst Scholes also took note of further "high quality additions" to the EurOmax management team on the technical and engineering side, which are in progress. Arrangements are already in place and new hires in this area are expected to be announced later this year.
"The EOX share is trading at a large discount to its peer group reflecting past doubts as to whether any of the company’s properties would go into production," Scholes said.
"We expect the last few days’ newsflow to dispel this scepticism and drive a substantial upward rerating of the share."
Sharpe, who has more than 25 years of corporate and project finance experience, is EurOmax's new president and CEO based in London, and will replace Mark Gustafson, who moves to the COO position.
In addition to starting up the mining finance businesses of Rothschild and Standard Bank in the 1990s, Sharpe arranged over US$3.5bn in the debt market, receiving two Euromoney Project Finance Awards.
Gokool is the new CFO and before joining European Goldfields in 2009, he was treasurer of Katanga Mining Limited, where he arranged funding for the Kamoto copper project in the Democratic Republic of Congo. Gokool has also held positions at Société Générale in London, where he was a vice president of the mining finance team, and at Ashanti Goldfields, where he managed the hedgebook.
Konig is the new non-executive chairman and became executive chairman and president of European Goldfields in October 2009. Konig was brought in to re-focus the company and prepare it for financing and development as well as to raise its profile in the international financial markets.
Konig has 30 years experience in investment banking and the commodity markets and is also a non-executive director of TSX listed Newgold Inc.
First Berlin noted he has "extensive experience in the natural resource sector", and for 15 years and held senior positions at Goldman Sachs and UBS.
"One of the principal highlights of Konig's tenure was the orchestration of a US$750m debt facility comprised of US$600m from Qatar Holding and US$150m from existing shareholders which secured EGU’s financing to production.
"We understand that this financing package was the catalyst for the Eldorado takeover," the report said.
First Berlin noted that from conversations with the new management team, it gathers that were two key drivers of their decision to join EurOmax, including similarities between Ilovitza and European's Skouries project, and the attraction of EurOmax's undervaluation.
"Ilovitza and Skouries are similar style deposits (both are copper-gold porphyries) and are in the same geological belt. Management’s understanding of and experience with permitting in the region (both in Greece and Romania) positions EOX well for the permitting process," said the research report.
In addition, First Berlin analyst Scholes said the initial focus of the new management team will be the advancement of the Ilovitza property, with "Trun in Bulgaria following close behind and KMC providing the blue-sky upside."
A program of infill drilling at Ilovitza is planned to improve the quality of the resource estimate from inferred to indicated and measured.
EurOmax is transitioning from a pure exploration play, currently listed on the TSX-Venture Exchange, to an exploration and development company with a London listing in early 2013. The company plans on rebranding with a move in headquarters from Vancouver to London.
Management is targeting an AIM listing for the second quarter of 2013, First Berlin said, on the back of a pre-feasibility study to be completed in the first quarter of next year.
With regards to the pre-AGM management team, Gustafson moves from CEO to COO, while Dimitar Dimitrov remains senior VP of exploration and Quinton Hennigh remains chief geologist.
First Berlin concluded that EurOmax is trading at an "unwarranted discount to peers."
"Our peer group comparison now shows an average EV/oz of C$27.19 for the peers and C$4.55 for EOX."
CBM Asia Increases Participating Interest in Sekayu PSC to 26%
VANCOUVER, BRITISH COLUMBIA, May 25, 2012 – CBM Asia Development Corp. (“CBM Asia” or the “Company”) (TSX.V TCF), (US: CBMDF) (FWB: IY2). CBM Asia is pleased to announce that it has entered into a settlement deed (the “Deed”) to increase its participating interest in the Sekayu production sharing contract (the “Sekayu PSC”) for the 583.49 km2 Sekayu block in the South Sumatra Basin of Indonesia to 26%. Currently, the Sekayu PSC is held 50% by a consortium of shareholders through South Sumatra Energy Inc. (“SSE”) and 50% by PT Medco CBM Sekayu, as operator.
Under its original letter of intent, the Company acquired the right to earn, indirectly through SSE, a 12% participating interest in the Sekayu PSC (with the exclusive right to provide financing for up to an additional 12% participating interest) from certain arm’s length vendors (the “Vendors”) in consideration for US$1,000,000 cash (the “Cash Payment”), of which US$730,000 was paid on December 14, 2009, and exploration expenditures totaling US$3,243,500.
Under the terms of the Deed, the Vendors have agreed to relinquish and transfer all of their interest in SSE and the Sekayu PSC to the remaining shareholders of SSE including the Company and Ephindo Sekayu CBM Inc. (“Ephindo”) in exchange for, inter alia, the Company paying the Vendors the sum of C$75,000 in full and final settlement of the Cash Payment and assuming all of the Vendors’ obligations under the underlying participation agreement (the “Participation Agreement”) between the Vendors and Ephindo. Ephindo, in turn, will transfer all of its interest in SSE to the Company in exchange for a direct 21.5% participating interest in the Sekayu PSC. Upon completion of the transactions contemplated in the Deed, the Sekayu PSC will be beneficially owned as follows:
CBM Asia (indirectly through SSE) - 26.0%
Ephindo - 21.5%
Far East Methane LLC (“FEM”) - 2.5%
PT Medco CBM Sekayu - 50.0%
TOTAL - 100.0%
Pursuant to the Participation Agreement, the Company will be responsible for funding all of Ephindo’s and FEM’s exploration expenditures under the Sekayu PSC up to the earn-in cap of US$8,000,000 (the “Earn-in Cap”), of which US$6,422,938 had been incurred by the Company and the Vendors as of December 22, 2011. Upon the Company funding the remaining US$1,577,062 of the Earn-in Cap, each party will be responsible for paying its pro rata share of future exploration and other costs under the Sekayu PSC.
Certain transactions contemplated in the Deed including the change in control of SSE to the Company and the transfer of the direct interest in the Sekayu PSC to Ephindo are subject to the approval of BP Migas, the Government of Indonesia’s executive agency for regulation of upstream oil and natural gas activities.
FEM is a private limited liability company owned by Charles W. Bloomquist and Harvey S. Price, both officers and/or directors of the Company.
Sounds like more reasons to buy at theses insane prices
These are the times to buy not sell. But to each their own. Good luck
With the explorers shares so suppressed in price this is unavoidable at the present time.
I don't see it that way. I believe what we are seeing is the beginning of a strong company with great assets. Management is the best in the business and their board is now very strong. They want to be London based with a presence in Toronto and that's ok.
EurOmax Proposes $6.3 Million Private Placement and Grants Stock Options
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 24, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES
EurOmax Resources Ltd. (TSX VENTURE:EOX) (OTCQX:EOXFF) ("EurOmax" or the "Company") is pleased to announce a non-brokered private placement of up to 42,000,000 common shares of the Company at the price of $0.15 per share, for gross proceeds of up to $6,300,000. There are no warrants in this private placement.
The Company intends to use the proceeds of the private placement to fund the first stage of a development program at its Ilovitza copper-gold porphyry project and for general working capital purposes.
Certain insiders of the Company may acquire securities under the private placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will exceed 25% of the Company's market capitalization.
The private placement is subject to the approval of the TSX Venture Exchange. Any securities issued pursuant to the private placement will be subject to a hold period of four months from the closing date of the private placement in accordance with applicable Canadian securities laws.
Stock Options - The Company has granted a total of 8,630,000 stock options to directors, officers, consultants and employees of the Company pursuant to the Company's stock option plan. The options are exercisable for five years at a price of $0.20 per share and vest 25% on grant, 25% after one year, 25% after two years and the remaining 25% after three years. Insiders of the Company were granted a total of 5,200,000 options.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Canada- EurOmax sets stage for transformation into London-based explorer
(MENAFN - ProactiveInvestors - UK) EurOmax Resources' (CVE:EOX)(OTCQX:EOXFF) share consolidation is the first step in a process that will transform the junior explorer into a London-based exploration and development company.
Currently listed in Toronto and the US, the company has three advanced gold and base metal properties in Bulgaria, Serbia, and Macedonia. These are mining-friendly regions, open to foreign investment, with a skilled and knowledgeable workforce.
"We're really looking at transforming into a London-based exploration and development company," EurOmax chief operating officer Mark Gustafson told Proactive Investors in a recent interview.
"Our assets are in Southeastern Europe, so they're closer to London than Toronto plus our three new proposed directors are all based in London. There will be a very strong London-based influence on the board and management team."
The eventual move to the London Stock Exchange may take place "well into next year."
EurOmax's shareholders recently approved a stock consolidation on a one for three basis, which would reduce outstanding shares to approximately 55 million common shares from around 166 million currently. They also voted to elect the following to the company's board of directors: Mark Gustafson, Randal Matkaluk, Quinton Hennigh, Martyn Konig, Varshan Gokool and Steve Sharpe.
"We received really strong support," EurOmax's Gustafson said.
The company's key management team now inclused: Martyn Konig, non-executive chairman; Steve Sharpe, president & chief executive officer; Varshan Gokool, chief financial officer; Mark Gustafson, chief operating officer; Dimitar Dimitrov, senior vice-president of exploration; Quinton Hennigh, chief geologist and and Aurora Davidson, VP of finance & corporate secretary.
Gustafson says that the rationale behind the consolidation was to reduce the number of outstanding shares to a level "more appropriate" for a Europe-based company.
In a sign of his strong belief in the company, Gustafson has invested close to $1 million of his own money in EurOmax stock purchases over the past two years.
EurOmax has three core properties, one in each of the three countries where it operates.
The most advanced is the Illovitza copper-gold porphyry project in Macedonia - which "has the obvious development potential" to become a producing mine, Gustafson says.
In April, EurOmax unveiled an updated NI 43-101 resource update giving an indicated sulphide and mixed mineral resource of 22 million tonnes comprising 224,000 ounces of gold at an average grade of 0.31 grams per tonne (g/t) and 112 million pounds copper at an average grade of 0.23%.
On an inferred basis, the sulphide and mixed mineral resource was 374 million tonnes comprising 3.84 million ounces gold at an average grade of 0.32 g/t and 1.74 billion pounds copper at an average grade of 0.21%.
In Bulgaria, Trun is an intrusion-related gold project over 67 square kilometres. A January 2011 NI 43-101 report outlined an inferred resource of 2.1 million ounces of gold at the Logo prospect.
Earlier this month, EurOmax said recent drilling at Trun led to a high-grade silver discovery.
Drilling on the KD Zone at Little Hill, the southernmost of two granite intrusions on the property, returned 12.8 metres at 975 g/t silver, including 3.0 metres at 3,450 g/t silver in diamond drill hole 12132.
In Serbia, meanwhile, KMC is a large skarn/porphyry copper-gold project on a 42 square kilometres exploration license.
To date, drilling at KMC has identified extensive copper-gold skarn, gold skarn, and gold-bearing siliceous breccias in several locations. EurOmax believes one or multiple buried porphyry intrusions, perhaps also mineralized, may be the source for these widely occurring mineralized zones.
"Our Serbian property has the most upside potential from an exploration perspective," EurOmax's Gustafson says.
Following the recent sale of Thrace Resources in Bulgaria and the $3.8 million raised from a private placement in January, EurOmax has enough financial resources for this year's drilling campaign.
"Between the sale and January private placement, all of our exploration announced this year is funded. Any additional development at Illovitza would require financing but our 2012 program is fully funded."
Gustafson also says the company plans to add to its portfolio of assets in Bulgaria, Serbia and Macedonia.
"We will announce some additional prospects later in the year," he adds.
In terms of updates, final drill results from Trun are expected in early July, and over the summer and fall, EurOmax will proved further drilling updates on Ilovitza and KMC.
When asked on his outlook for gold and copper, EurOmax's Gustafson is "not quite as bullish as others" and sees prices for gold and copper north of $1,500 and $3 a pound, respectively, but sees "pretty good" overall demand for the basic commodities.
Yes, made a few hundred dollars today. If it falls again I'll be buying again. Gold needs to make it's move above $1612 soon or we will fall again. imo
Several factors are weighing in at the moment. Oil down, turmoil in the region, fear in the market, etc... this is an opportunity once again to load up. Welcome it. Buy it. Sit tight.
Shareholder Update
Indus Capital Partners, LLC
VANCOUVER, BRITISH COLUMBIA, May 17, 2012 – CBM Asia Development Corp. (“CBM Asia” or the “Company”) (TSX.V TCF), (US: CBMDF) (FWB: IY2). CBM Asia is pleased to announce that Indus Capital Partners LLC (“Indus”), in its capacity as investment manager on behalf of various private investment funds recently acquired a 9.7% interest in CBM Asia’s outstanding shares pursuant to the Company’s previously announced non-brokered private placement and plans to increase the position further upon receipt of final acceptance from the TSX Venture Exchange (the “TSXV”).
Indus Capital Partners LLC was founded in 2000 by former partners of Soros Fund Management. Indus is employee owned and specializes in international equity investing with a focus on the Asia Pacific region including Japan. Headquartered in New York City, with research offices in Tokyo, Hong Kong, London, Singapore and San Francisco, Indus has 86 employees. Indus currently manages approximately USD4.3 billion in assets under management.
“We are very pleased to have Indus become our largest shareholder. Indus Capital Partners, LLC has deep knowledge of the Asia Pacific region - in particular the Indonesian gas markets – as well as global oil & gas companies and markets. We look forward to TSXV acceptance of the second tranche of Indus’ private placement,” comments Alan Charuk, President and CEO of CBM Asia.
Mr. Charuk further commented, “Indus’ investment during the recent capital raise, played a substantial part in the transformation of CBM Asia’s shareholding structure. CBM Asia now has eight institutional investors, two from Hong Kong, two from New York, one from London, one from Vancouver and two from Toronto representing approximately 30% of our shareholder base -- a level that will increase further on completion of Indus’ second tranche. We believe these institutions’ investment in CBM Asia underpins the value proposition that we have created within the Indonesian CBM market. Furthermore, we appreciate their support in management’s goal to achieve 10-15 Tcf of net recoverable resources.”
Uranium North Discovers Significant Graphite on Amer Property and Stakes New Ground
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2012) - Uranium North Resource Corp. ("Uranium North" or the "Company") (TSX VENTURE:UNR) announces that it has identified significant amounts of graphite on its 100% owned Amer Lake Property in Nunavut. Multiple graphite bearing beds ranging from 15 to 25 metres thick have yielded up to 4.13% graphite.
Graphitic beds have been intersected by two reverse circulation drill holes 3.1 kilometres apart as well as a core hole drilled 15 kilometres to the east. The same graphitic units have been identified in three surface outcrop exposures spanning an area of 22 x 10 kilometres.
The graphitic rocks are flat lying and occur in a basin scale stratigraphic unit that is a minimum of 60 metres thick and is expected to extend over a 26 x 8 kilometre area based on geological mapping.
"We are quite excited by the fact that the graphite at Amer occurs in thick extensive beds, not small thin veins. The thickness, grade and lateral extent of these graphite beds clearly represents a large scale deposit target for the company and depending on the nature of the graphite; this is a very significant discovery. With the future outlook of graphite and uranium, the Amer Lake property is highly valuable," says Mark Kolebaba, President and CEO of Uranium North Resources.
Six test samples were randomly selected from two reverse circulation drill holes 3.1 kilometres apart and submitted for analysis to determine the graphitic carbon (Cg) content. The results from the analysis are shown in the table below.
Sample (Cg) %
54268 4.13
54271 3.2
54272 3.84
89474 0.6
89477 3.22
89482 3.77
Analysis method is Infrared
Samples have been submitted for mineral liberation analysis (MLA) to determine the nature and particle size of the graphite.
Graphite beds that outcrop at surface along the paleo-basin margins should be mapped in detail and sampled systematically. A 2000 to 3000 metre drill program with drill hole spacing at 500 to 1000 metres is required to test the grade, thickness and lateral extent of the graphite units across the basin.
Graphite at Amer Lake was recognized during the company's uranium exploration program. The presence of graphite was investigated as a reducing environment favorable for uranium precipitation. This new graphite discovery increases the attractiveness of the Amer property where we have an existing uranium resource with potential to expand. Since the discovery of graphite on Amer, the company has staked additional claims over areas with known outcropping graphitic rocks.
The project is 70 kilometres from an all season road to Baker Lake and sea access.
Bruce Kienlen, P.Geol, and Graham Gill, P.Geo, are Qualified Persons as defined by National Instrument 43-101 reviewing the data in this news release.
On behalf of Uranium North Resources
Mark Kolebaba, President and CEO
DESAFIO MINERO S.A.C. SUBSCRIBES FOR SHARES OF ANTIOQUIA GOLD INC.
Lima, Peru, May 16, 2012 – Desafio Minero S.A.C. (“Desafio”) announced that on May 15, 2012, Desafio completed a subscription for 19,500,000 units (“Units”), each comprised of one common share (“Common Share”) of Antioquia Gold Inc. (“Antioquia”) and one-half of one common share purchase warrant (a “Warrant”) at a price per Unit of $0.10 (the “Private Placement”). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.20 at any time until the date that is 6 months from the date of the issuance of the Units. Fasken Martineau DuMoulin LLP acted as legal advisor, to Desafio in connection with the Private Placement.
The securities of Antioquia issued to Desafio in the Private Placement were issued by way of a private agreement in reliance on the accredited investor exemption under applicable Canadian securities laws. Together with the 35,626,296 Common Shares held by Desafio prior to the Private Placement, immediately following the closing of the Private Placement, Desafio had beneficial ownership of, and control and direction over, directly or indirectly 64,876,296 Common Shares (including, for purposes of securities legislation, the 9,750,000 Common Shares for which the 9,750,000 Warrants may be exercised), or approximately 48% of the Common Shares outstanding on such date.
For purposes of calculating percentages of Common Shares beneficially owned or over which control or direction is exercised, directly or indirectly, Desafio has assumed that there were 124,434,326 Common Shares outstanding as of the date hereof, as disclosed to Desafio by the Antioquia in connection with the Private Placement.
Other Information
Desafio acquired beneficial ownership, and control or direction, directly or indirectly, of the Common Shares that are the subject of this press release for investment purposes.
Desafio intends to review its investment in Antioquia on a continuing basis. Depending on various factors including, without limitation, Antioquia’s financial position, the price levels of the Common Shares, conditions in the securities markets and general economic and industry conditions, Desafio’s business or financial condition and other factors and conditions Desafio deems appropriate, Desafio may in the future take such actions with respect to its investment in Antioquia as Desafio deems appropriate including, without limitation, making proposals to Antioquia concerning changes to the capitalization, board of directors, ownership structure or operations of Antioquia, acquiring Common Shares or selling or otherwise disposing of some or all of the Common Shares held by either of them. In addition, Desafio may formulate other purposes, plans or proposals regarding Antioquia or any of Antioquia’s securities to the extent deemed advisable in light of general investment and trading policies, market conditions or other factors or may change its intention with respect to any and all matters referred to above. Immediately prior to the Private Placement, Desafio was entitled to nominate two directors to the Board of Directors of Antioquia. As a result of the Subscription, Desafio may be entitled to nominate an additional director to Antioquia’s Board of Directors.
That's alright, I have buys and sells every .05. Just trying to make a little capital for now until things get going again.
EurOmax Begins 2012 Drill Campaign at KMC and Ilovitza
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/17/12 -- EurOmax Resources Ltd. (TSX VENTURE: EOX) (OTCQX: EOXFF) ("EurOmax" or the "Company") is pleased to announce it has begun its 2012 diamond drill campaign at two of its 100% controlled projects, the KMC Cu-Au Project in Serbia and the Ilovitza Cu-Au Porphyry Project in Macedonia.
Drilling at KMC
Multiple new targets defined by magnetic, induced polarization ("IP") and resistivity data collected in late 2011 will be tested by an 8,000 meter diamond drill program at KMC in 2012. The first drill hole, EOKSC-1246, drilled at an azimuth of 042 degrees true north at an inclination of -50 degrees, was completed to a depth of 541 meters (see attached map). This hole was designed to test a prominent magnetic anomaly located about 2 km north of the Copper Canyon Cu-Au skarn system. Although previous interpretations suggested this area to be underlain by unmineralized serpentinites, hole EOKSC-1246 intercepted extensive pyroxene-epidote skarn beginning at about 380 meters after crossing a major structural zone. This skarn was accompanied by variable amounts of sulphides, mainly pyrite with lesser chalcopyrite. The Company expects to receive assays for this hole in 6 to 8 weeks.
A second hole, EOKSC-1247, is in progress in the northern part of the project testing the Medenovatz target. This hole is vertical and has a planned depth of 500 meters. Nearby historical drill holes intersected extensive Pb-Zn-Ag mineralization hosted in volcanic rocks and Cu-Au mineralization in underlying skarns within a few hundred meters of hole EOKSC-1247. Numerous ancient silver mines are also present. Hole EOKSC-1247 is in an area where magnetic response is subtle, but there are coincident resistivity and IP highs. Completion of this hole is expected in several weeks.
Beginning at the end of May, the Company will be undertaking a detailed gravity survey to complement its already extensive geophysical database that includes detailed ground magnetics and IP-resistivity. It is anticipated that this gravity data will better define areas underlain by intrusive rocks, possibly mineralized, that will also be tested by drilling this season.
"We are very pleased that drilling has commenced at KMC," comments Dr. Quinton Hennigh, Chief Geologist and Director of EurOmax. "The KMC Project covers a vast center of mineralization that we believe is grossly underexplored. Over the next six months, we will drill approximately 8,000 meters of diamond core on multiple new well-defined targets, including skarns, breccia pipes and intrusives."
About KMC
The KMC Cu-Au Project is in a large, Tertiary-aged precious and base metal district located in southwest Serbia in an area with excellent infrastructure. To date, drilling has identified extensive copper-gold skarn, gold skarn, and gold-bearing siliceous breccias in several locations. The Company believes one or multiple buried porphyry intrusions, perhaps also mineralized, may be the source for these widely occurring mineralized zones.
Drilling at Ilovitza
EurOmax has commenced a 4,000 meter step-out diamond drill program at Ilovitza. IP-resistivity data indicates significant potential for expansion of the resource to the south, southeast and east of the conceptual pit. Although extensions of mineralization in these directions might prove to be somewhat deeper than the presently estimated resource, the conceptual pit produced through resource modeling would strip much of the overburden in these areas, potentially making expansion of the current resource estimate possible if exploration proves successful. The first hole, EOIC-1229, a vertical step-out hole situated about 200 meters south of the nearest hole, is presently at a depth of about 400 meters (see attached map).
About Ilovitza
Ilovitza is a Tertiary copper-gold porphyry system, part of a province of such deposits in Macedonia and Greece that includes the gold-copper Skouries deposit (Eldorado Gold Corp.) in Greece. The Ilovitza Project is easily accessible by paved road, is near a rail line and just 75 km from a port facility. In a press release dated April 4, 2012, EurOmax reported a NI 43-101 compliant sulfide and mixed mineral resource estimate of 112 million lbs Cu and 224,000 oz Au in the indicated category (22 million tonnes at 0.23% Cu and 0.31gpt Au) and 1.74 billion pounds Cu and 3,840,000 oz Au in the inferred category (374 million tonnes at 0.21% Cu and 0.32gpt Au) at a 0.25% Cu equivalent cut-off and an oxide mineral resource estimate of 21,000 oz gold in the indicated category (1.9 million tonnes at 0.35gpt Au) and 361,000 oz Au in the inferred category (33 million tonnes at 0.34 gpt Au) at a 0.25 gpt Au cut-off.
Roger Moss, Ph.D., P.Geo., a member of the EurOmax Technical Advisory Board and a "qualified person" as defined by NI 43-101, supervised the preparation of the technical information contained in this news release.
About EurOmax Resources Ltd.
EurOmax is a Canadian company with three core properties in Bulgaria, Serbia and Macedonia. We are focused on identifying, acquiring and developing mineral resources in Southeastern Europe with the objective of becoming a world-class mining company in the region. Our strength is our local staff, knowledge and technical expertise in Bulgaria, Serbia and Macedonia.
I have continued to buy on the way down and I will continue to buy until gold makes its move to the up-side. It's not a matter of if but when. A little at a time all the way to zero if need be.
As soon as the problems take care of themselves and gold begins it's new trend up Avion will recover and hit all time new highs. I for one am buying aggressively a little at a time all the way to zero.
Yup, this is when you buy. You're finally catching on.
Anglo Canadian Mining White River-Dawson News
Preliminary exploration efforts on the Armenius Property in the White River-Dawson District
have identified the potential for precious metal (gold and silver)
mineralization.
Len Harris, President and CEO noted that "The property is immediately
adjacent to a placer operation in Eureka Creek that has been profitably
mined for more than a decade. Although the source of the gold from that
operation is yet to be traced, it is known to occur within altered
sequences that are thought to extend into the property area."
The Yukon Geological Survey has indicated the gold at Eureka Creek has
come from the Armenius property. Historic staking was prompted by
discovery of a quartz ledge or vein of considerable length and width. A
twelve meter shaft was also sunk on the vein that demonstrated gold
occurrences.
Preliminary mapping on the property has identified a large quartz
breccia with localized quartz carbonate veining and limonitic staining.
Geophysical work has also identified three significant magnetic
anomalies. Harris added "Both of these features are conducive to
epithermal gold deposits and now require further investigation. Our
plan is to conduct a soil and trenching program this summer that will
hopefully serve to identify specific anomalous zones and drill
targets." Maps outlining the Armenius property are available on the
Company website under Yukon Gold Projects.
Access to the area is excellent. High quality placer roads extend to
the property area and the property is also traversed by an extensive
network of trails system that will be used to facilitate exploration
efforts.