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RealBiz Media Group (RBIZ) Home Tour Network Expands Into New Market
FORT LAUDERDALE, FL--(Marketwired - May 7, 2013) - The Home Tour Network, a division of RealBiz Media Group, Inc. (OTCQB: RBIZ), announced today the expansion of its video on demand real estate network into the greater Atlanta (GA) area. This expansion follows the successful launch of the realtor.com® channel which premiered on the Home Tour Network in Las Vegas (NV) in March of this year. The channel has experienced a significant increase in viewership over the first six weeks of its opening, and there is great optimism for the continuing success of the channel and its expansion into a Tier 1 market.
The realtor.com® channel in Atlanta has the potential to connect hundreds of thousands of interested home buyers, sellers, and curious home viewers to agents and available listings in their local market. "We are very excited to see the realtor.com® channel off to such a quick start in the video on demand space," said Steve Marques, President/CRO for Realbiz Media. "Our service agreement with realtor.com® is moving along well. We are looking forward to getting Atlanta off to a quick start and to continuing the expansion of the network and the realtor.com® channel. We are also very pleased with the support and advanced interactive technologies offered by Comcast® in Atlanta and are confident that their system will help drive additional traffic to our network." Click here to see an example of an interactive TV ad spot for the realtor.com® channel.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. (OTCQB: RBIZ) is a real estate media services company whose proprietary video processing technology has made it one of the leaders in providing home virtual tours to the real estate industry. Its client base includes more than 60,000 real estate agents and brokers. Through its wholly owned Home Tour Network, the company also includes a television video on demand network. The company enjoys access to the nation's largest real estate companies with numerous approved vendors and national contracts, both key to its future development programs. When completed, the company is targeting delivery of its multimedia Video on Demand platforms to more than 70 million households along with a supporting web portal and an agent-driven Micro Video App program. For more information, visit our website at www.realbizmedia.com.
RealBiz Media Group (RBIZ) Home Tour Network Expands Into New Market
FORT LAUDERDALE, FL--(Marketwired - May 7, 2013) - The Home Tour Network, a division of RealBiz Media Group, Inc. (OTCQB: RBIZ), announced today the expansion of its video on demand real estate network into the greater Atlanta (GA) area. This expansion follows the successful launch of the realtor.com® channel which premiered on the Home Tour Network in Las Vegas (NV) in March of this year. The channel has experienced a significant increase in viewership over the first six weeks of its opening, and there is great optimism for the continuing success of the channel and its expansion into a Tier 1 market.
The realtor.com® channel in Atlanta has the potential to connect hundreds of thousands of interested home buyers, sellers, and curious home viewers to agents and available listings in their local market. "We are very excited to see the realtor.com® channel off to such a quick start in the video on demand space," said Steve Marques, President/CRO for Realbiz Media. "Our service agreement with realtor.com® is moving along well. We are looking forward to getting Atlanta off to a quick start and to continuing the expansion of the network and the realtor.com® channel. We are also very pleased with the support and advanced interactive technologies offered by Comcast® in Atlanta and are confident that their system will help drive additional traffic to our network." Click here to see an example of an interactive TV ad spot for the realtor.com® channel.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. (OTCQB: RBIZ) is a real estate media services company whose proprietary video processing technology has made it one of the leaders in providing home virtual tours to the real estate industry. Its client base includes more than 60,000 real estate agents and brokers. Through its wholly owned Home Tour Network, the company also includes a television video on demand network. The company enjoys access to the nation's largest real estate companies with numerous approved vendors and national contracts, both key to its future development programs. When completed, the company is targeting delivery of its multimedia Video on Demand platforms to more than 70 million households along with a supporting web portal and an agent-driven Micro Video App program. For more information, visit our website at www.realbizmedia.com.
Red Eagle Mining (RD.V) Intercepts 24.00 Metres at 9.03 Grams Gold Per Tonne and 6.00 Metres at 9.83 Grams Gold Per Tonne at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2013) -Red Eagle Mining Corporation(TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce additional assay results from the Phase Four drill programme at the San Ramon Deposit, Santa Rosa Gold Project, Antioquia, Colombia. Highlights from an additional 14 drill holes (SR-212 to SR-225) include intercepts:
•SR-215 - 24.00m at 9.03 g/t Au from 112.50m down hole (incl. 3.10m at 39.30 g/t Au)
•SR-219 - 6.00m at 9.83 g/t Au from 156.00m down hole (incl. 1.40m at 36.00 g/t Au)
"Our infill drilling programme to 250m depth is now complete and has confirmed continuity of strong gold mineralisation within the extent of a potential open pit at San Ramon," comments Jeff Toohey, Vice President Exploration. "Hole SR-215 was very encouraging as it demonstrated continuity of high grade mineralisation between the eastern and western zones. The remainder of the programme is testing the mineralisation down dip."
The current 22,000m Phase Four drill programme is planned to be completed in May 2013. 20,235m in 89 holes have been drilled to date with assays pending on the latest three deeper holes (SR-226 to SR-228). Results from Phase Four drill holes SR-140 to SR-211 were previously announced (most recent news release dated April 9, 2013). An updated Resource Estimate planned for release in July, 2013 will incorporate infill drilling to 50m centres to a depth of 250m which is expected to upgrade a majority of the existing Inferred Resources below 100m to the Indicated classification. In addition, the San Ramon Gold Deposit remains open at depth and has the potential to be mined from underground (approximately 50% of the ounces in the current Inferred Resource average over 5g/t Au). Therefore, the updated Resource Estimate will also incorporate broad spaced drilling from approximately 250m to 500m depth to establish an Inferred Resource suitable for potential development by underground mining methods.
The San Ramon deposit trends east-west, dips 70° to the north, extends over 1,900m, is up to 50m wide and is mineralised from surface. A total of 23,000m of core in 139 holes have been drilled through Phase Three to a vertical depth of 250m to 300m with mineralisation remaining open at depth. The initial Resource Estimate includes an Indicated Resource of 7.34 million tonnes at 1.37 g/t Au containing 322,000 ounces gold and an Inferred Resource of 9.45 million tonnes at 1.50 g/t Au containing 456,000 ounces gold. All of these Resources occur at the San Ramon Deposit, one of numerous gold prospects undergoing exploration at Santa Rosa. Metallurgical test work to date has returned an average CIL gold recovery of 94%.
Anticipated news flow over the coming months includes:
•Final results from the current 22,000m Phase Four drill programme (May 2013);
•Updated NI 43-101 Resource Estimate (July 2013);
•Preliminary Economic Assessment (Q3 2013); and
•Environmental Impact Assessment (Q3 2013).
Table 1 summarizes the significant (+0.30 g/t) uncut gold intercepts from Phase Four core drill holes SR-212 to SR-225 (also see Figure 1 - Drill Hole Plan and Table 2 - Drill Hole Specifications). True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Drill assays were composited by length-weighted averaging into intersections using a 0.30 g/t Au cut-off grade. Due to the mining method and mining selectivity contemplated for the deposit, internal dilution was included in some intersections where considered appropriate for mining continuity. Holes SR-214 and SR-217 did not intercept economic mineralisation. Holes SR-221, SR-224 and SR-225 were condemnation holes for the potential plant site. For photographs of the drill core see Red Eagle's photostream on flickr.
Quality Assurance and Quality Control
All drill samples were collected with a diamond core drill rig using approximately one metre sample intervals of whole core and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 50g charge at 250 mesh pulp with an AAS finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. The coarse crush split reject (<16mm) was retained for metallurgical testwork. 10% of a range of selected assays over 0.2 g/t Au, with an average of approximately 1.0 g/t Au were taken from the middling split reject and submitted for metallic screening analysis at 150 mesh pulp followed by fire assay and both AAS and gravimetric finish. Any discrepancies were reanalysed from the remaining middling reject by gravity concentration and acid digest. QA/QC included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey, P.Eng., who is a "Qualified Person" as defined under NI 43-101
Canamex (CSQ.V) Intersects 91 Meters of 3.1 G/Tonne Gold (300 Feet of 0.090 Oz/Ton) Including 1.5 Meters of 117 GPT Au (5 Feet of 3.402 OPT) at Bruner Gold Project, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 23, 2013) - Canamex Resources Corp. (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is very pleased to announce the assay results of the first and second drill holes of the 2013 drilling program at the Penelas East target area on the Bruner Gold Project, Nye, County, Nevada.
Drill hole B-1301 intersected 91.4 meters of 3.1 gpt (300 feet grading 0.090 opt) Au between 290-590 feet, including 5 feet grading 117 gpt (3.402 opt) Au and 396 gpt (11.55 opt) silver between 415-420 feet, in what is believed to be the second best intercept ever drilled on the Bruner property. The intercept in drill hole B-1301 is located approximately 55 meters (180 feet) south of the discovery hole B-1201 reported last year which contained 110 meters of 4.08 gpt (360 feet grading 0.119 opt) Au between 290-650 feet. In addition, drill hole B-1301 intersected two thinner and lower grade zones further down the hole at 660-695 feet grading 1.507 gpt (0.044 opt) Au and 750-780 feet grading 0.474 gpt (0.014 opt) Au.
Drill holes B-1301 and B-1201 are very similar in character with a high-grade core almost centered on an extensive and robust lower grade halo surrounding the high-grade core. Importantly, drill hole B-1301 is on the southern end of the drilling pattern completed to date at the Penelas East target area, and the wide zone of mineralization with a central high-grade core remains open to the south. Mineralization at this depth could be accessible by open pit.
Drill hole B-1302 (N95E azimuth and -75 degree inclination) was designed to intersect the mineralized zone 60 meters (200 feet) below that in B-1301 (N95E azimuth and -60 degree inclination) and intersected 16.8 meters (55 feet) grading 1.563 gpt (0.046 opt) Au from 640-695 feet. At this point we do not know if this intercept is the down-dip equivalent of the thicker high-grade zone encountered in B-1301 or whether the target dips to the east and thus out of reach of drill hole B-1302.
The mineralized zone appears to be steeply dipping but of unknown true width. The drill intercepts are summarized in the following table, and the complete table of results appears at the end of this release.
Highlights of Drill Hole B-1301
Hole
From (ft)
To (ft)
Thickness (ft)
Au grade g/tonne
Au grade oz/ton
B-1301
290
590
300
3.10
0.090
including:
415
420
5
117.00
3.402
All intercepts greater than 3 gpt (0.09 opt) Au are being re-assayed from a 1 kilogram split from the coarse rejects and pulverized entirely to -200 mesh to assess the presence of particulate gold in the higher grade intercepts.
12 Hole 2013 Spring Drilling Program at Penelas East
A total of twelve holes are planned for the Penelas East target area in the first half of 2013 to obtain a better understanding of the geometry and orientation of the mineralized zone, which is not exposed at the surface, being beneath 30 feet of alluvial cover and several hundred feet of mostly unmineralized flow-banded rhyolite, the latter of which appears to have formed an effective cap on the hydrothermal system. Results from these holes will be announced as they are received and analyzed and are expected to be released on a section-by-section basis going forward.
Quality Control
Drill samples were stored in a locked storage unit and retrieved by ALS-Chemex personnel, transported in their custody to the ALS-Chemex laboratory in Reno/Sparks, Nevada, where they were dried, crushed, and split, and representative splits sent to the ALS-Chemex laboratory in Vancouver for gold and silver analyses. Duplicates, blanks, and standards were inserted at regular intervals for QA/QC purposes.
Greg Hahn, Certified Professional Geologist (#7122) is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.
Stornoway (SWY.TO) Reports Positive Renard 65 Diamond Valuation Result
MONTREAL, QUEBEC--(Marketwired - April 11, 2013) -Stornoway Diamond Corporation (TSX:SWY) is pleased to provide the results of an independent valuation on the Renard 65 bulk sample diamonds recently recovered at the Renard Diamond Project in north-central Quebec. The valuation was undertaken in Antwerp, Belgium by WWW International Diamond Consultants ("WWW") utilizing their March 2013 price book. Highlights are as follows:
•An average price of US$250 per carat on the total Renard 65 parcel of 997 carats.
•A diamond price model for Renard 65 of US$180 per carat, with a "High" sensitivity of US$203 per carat and a "Minimum" sensitivity of US$169 carat.
•Valuations of US$8,500 per carat and US$5,900 per carat on the two largest stones of 9.77 carats (G colour) and 6.40 carats (F colour) respectively.
Matt Manson, President and CEO commented "This new valuation work has confirmed a high quality diamond population at Renard 65 that we anticipate will now allow the addition of a substantial quantity of new, open-pit resources to the project's mine plan. Two features of this work stand out. Firstly, the two large stones in the sample, previously announced by Stornoway, have been confirmed by WWW as amongst the most valuable stones recovered at the project to date. Their large impact in the parcel valuation has been tempered, appropriately, in the recommended base case price model, but their presence confirms a key characteristic of the Renard Project: upside value potential in large gems. Secondly, the WWW work has determined that Renard 65 possesses a diamond population with a different, and generally better, assortment of qualities than is seen in the other Renard kimberlite pipes. This has prompted a re-evaluation of the valuation models used in the project generally, which have previously been based on the assumption that Renard exhibits a single diamond population sampled by multiple pipes. The consequences of these findings for the project are significant, and positive."
Renard 65 and the Renard Mine Plan
The Renard 65 bulk sample was undertaken with a view to the potential conversion of material that is currently classified as an Inferred Mineral Resource to an Indicated Mineral Resource and, if warranted, to a Mineral Reserve. Within the larger Renard Mineral Resource inventory, Renard 65 contains an Inferred Mineral Resource of 3.7 million carats (representing 12.9 million tonnes at an average grade of 29 carats per hundred tonnes) to a depth of 290m, with an exploration potential estimated at between 6.8 and 13.7 million carats (29.5 to 41.6 million tonnes at between 23 and 33 cpht) from 290m to 775m in depth. As outlined in November 2011 Feasibility Study and subsequent Optimization Study, the Renard mine plan currently contemplates the mining of a 17.9 million carat Mineral Reserve from Renard 2, 3 and 4 from a combined open pit and underground mine at a processing rate of 6000 tonnes per day. Consistent with Canadian disclosure standards, this mine plan does not include the mining and processing of any of the project's Inferred Mineral Resources. The addition of new open-pit resources at Renard 65 is expected to allow an increase in processing capacity to 7000 tonnes per day and the extension of the project's reserve life.
The reader is cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. In addition, the potential quantity and grade of any exploration target is conceptual in nature, and it is uncertain if further exploration will result in it being delineated as a mineral resource
Diamond Market Survey
The Renard 65 valuation exercise has also afforded an opportunity to calibrate the value of the Renard 2, 3 and 4 diamond parcels in the current market against the May 2011 price assumptions that were used in the November 2011 Feasibility Study and subsequent Optimization Study. Over this period the diamond market has experienced a high degree of price volatility, including a sustained period of weakness in 2012. However, the market has recovered in the first quarter of 2013 and WWW have reported that prices for Renard-specific diamond assortments are currently within 7% to 8% of May 2011 levels.
Table 1: Summary of Parcel Valuations1
Kimberlite
Sample Size (Carats)
Average of Independent Valuations (May 2011)2
WWW Valuation(May 2011)3
Average of Independent Valuations (Mar 2013)2
WWW Valuation(Mar 2013)3
Price Change Due to Market
Renard 2
1,581
$173
$195
$161
$180
-7%
Renard 3
2,752
$171
$190
$157
$173
-8%
Renard 4
2,674
$100
$107
$93
$100
-7%
Renard 65
997
n/a
n/a
n/a
$250
n/a
Notes
1.All prices in US$/carat. Samples utilizing a +1 DTC sieve size cut-off.
2.Based on the average of 5 independent diamantaire valuations, as established in the May 2011 open market valuation exercise. This average is adjusted into March 2013 terms based on the application of the relative price changes seen by WWW over this period.
3.Based on WWW alone. In each case WWW's own valuation was higher than the average of the five valuations.
Renard Diamond Price Models
The May 2011 valuation exercise utilized valuations by 5 independent valuators, including WWW, from which diamond price models were derived for mine planning purposes. At that time, the diamond samples from each kimberlite pipe were interpreted by Stornoway to have similar characteristics and represented a single diamond population. This interpretation led to the recommendation that employing a single diamond price model, derived from combining the Renard 2 and Renard 3 datasets, would be the most appropriate method for establishing diamond price estimates for the Renard project.
The determination that the Renard 65 kimberlite has a markedly different assortment of diamond qualities than the other kimberlite pipes has led WWW to recommend that individual price models for each pipe now be considered, and that the small differences in diamond quality and size distribution that can be observed in the diamond samples be treated as real. This has the effect of increasing the base case diamond price model for Renard 2 and decreasing the diamond price models for Renard 3 and Renard 4. The Renard kimberlites can now be said to exhibit similar, but different, diamond populations meriting individual consideration for pricing and valuation modeling. This is consistent with what is seen in most other diamond mines in the world that are based on a cluster of individual kimberlite pipes. Since Renard 2 contains 83% of the current Mineral Reserve at Renard, this adjustment to individual valuation models is expected to yield a net positive impact on project value.
Table 2: Diamond Price Models1
WWW Price Models (May 2011)
Utilizing Common Value and Size Distribution Models
WWW Price Models (Mar 2013)
Utilizing Independent Value and Size Distribution Models
Kimberlite
Base
Case
Model
Sensitivities
Base
Case
Model
Sensitivities
High
Minimum
High
Minimum
Renard 2
$182
$236
$163
$190
$214
$151
Renard 3
$182
$205
$153
$151
$185
$141
Renard 4
$112
($164)2
$185
$105
$104
($150)2
$168
$98
Renard 65
n/a
n/a
n/a
$180
$203
$169
Notes
1.All prices in US$/carat. Samples utilizing a +1 DTC sieve size cut-off.
2.Should the Renard 4 diamond population prove to have a diamond population with a size distribution equal to the average of Renard 2 and 3, WWW have estimated that a base case diamond price model of $164 per carat would apply based on May 2011 pricing and $150 per carat based on March 2013 pricing.
For purposes of comparison, updated diamond price models based on the same assumptions used in May 2011 have been estimated by WWW as US$166 per carat for Renard 2 and 3 (with a High sensitivity of US$183 and a Minimum sensitivity of US$155) and US$150 for Renard 4 (with a High sensitivity of US$168 and a Minimum sensitivity of US$140), consistent with recent market price movements.
In the case of Renard 4, independent studies on diamond breakage and poor plant performance during the processing of the bulk sample have previously indicated that the size distribution of the Renard 4 diamond sample has been artificially modified during recovery. Should this prove to have been the case, a higher diamond price estimate for the Renard 4 kimberlite might still be expected.
Large Diamonds in Exploration Samples at Renard
Since its discovery in 2001, a characteristic of the Renard Diamond Project has been the incidence of large, high quality diamonds that have been recovered at each stage of exploration sampling. The most celebrated of these was a Renard 65 white octahedral gem of at least 4 carats discovered embedded in drill core in 2003. To date approximately 8,000 carats have been recovered from the Renard 2, 3, 4 and 65 kimberlite pipes, including 17 stones weighing 5 carats or more with a combined weight of 123.32 carats (see picture on our websitehttp://tinyurl.com/cudp9e8). These include a 15.46 carat top light brown "makeable" gem from Renard 2, a 10.15 carat white octahedral gem from Renard 3, and the 9.77 carat white octahedral gem from Renard 65. In the latest WWW valuation the average value of these 17 stones is US$3,100 per carat. Six stones have values in excess of US$4,000 per carat. The WWW base case valuation models for the Renard project assume an average price of, variously, US$1,900 to US$2,200 per carat for stones between 5 and 10 carats in size. A substantial increase in revenue will be achieved for the Renard Project should large diamonds continue to be recovered upon commercial production on the same basis as has been achieved in the sampling performed to date.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under National Instrument ("NI") 43-101 stand at 17.9 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$752 million, with a life of mine operating cost of C$57.63/tonne giving a 67% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29th, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the technical report dated February 28th, 2013 in respect of the January 2013 Optimization Study, for further details and assumptions relating to the project
Red Eagle Mining (RD.V) Intercepts 4.45 Metres at 15.25 Grams Gold Per Tonne and 2.30 Metres at 35.72 Grams Gold Per Tonne at Santa Rosa
Red Eagle Mining (RD.V) Intercepts 4.45 Metres at 15.25 Grams Gold Per Tonne and 2.30 Metres at 35.72 Grams Gold Per Tonne at Santa Rosa
VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 9, 2013) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce additional assay results from the Phase Four drill programme at the San Ramon Deposit, Santa Rosa Gold Project, Antioquia, Colombia. Highlights from an additional 15 drill holes (SR-197 to SR-211) include intercepts:
•SR-198 – 2.40m at 8.66 g/t Au from 74.50m down hole (incl. 0.59m at 21.70 g/t Au)
•SR-202 – 2.30m at 35.72 g/t Au from 129.40m down hole (incl. 0.70m at 77.60 g/t Au)
•SR-203 – 10.60m at 3.07 g/t Au from 132.95m down hole (incl. 1.35m at 19.40 g/t Au)
•SR-204 – 11.70m at 1.75 g/t Au from 178.00m down hole (incl. 1.20m at 8.37 g/t Au)
•SR-207 – 16.10m at 1.03 g/t Au from 127.00m down hole (incl. 0.70m at 8.81 g/t Au)
•SR-211 – 23.30m at 3.50 g/t Au from 91.10m down hole (incl. 4.45m at 15.25 g/t Au)
“Our delineation drilling continues to confirm continuity of strong high grade gold mineralisation within the extent of a potential open pit at San Ramon”, comments Jeff Toohey, Vice President Exploration. “In addition, we look forward to upcoming results from current drilling at depth.”
The current 22,000m Phase Four drill programme is planned to be completed in May 2013. 19,040m in 86 holes have been drilled to date with assays pending on the latest 14 holes (SR-212 to SR-225). Results from Phase Four drill holes SR-140 to SR-196 were previously announced (news releases dated March 4, 2013 and March 19, 2013). An updated Resource Estimate planned for release mid 2013 will incorporate infill drilling to 50m centres to a depth of 250m which is expected to upgrade a majority of the existing Inferred Resources below 100m to the Indicated classification. In addition, the San Ramon Gold Deposit remains open at depth and has the potential to be mined from underground (approximately 50% of the ounces in the current Inferred Resource average over 5g/t Au). Therefore, the updated Resource Estimate will also incorporate broad spaced drilling from approximately 250m to 500m depth to establish an Inferred Resource suitable for potential development by underground mining methods.
The San Ramon deposit trends east-west, dips 70° to the north, extends over 1,900m, is up to 50m wide and is mineralised from surface. A total of 23,000m of core in 139 holes have been drilled through Phase Three to a vertical depth of 250m to 300m with mineralisation remaining open at depth. The initial Resource Estimate includes an Indicated Resource of 7.34 million tonnes at 1.37 g/t Au containing 322,000 ounces gold and an Inferred Resource of 9.45 million tonnes at 1.50 g/t Au containing 456,000 ounces gold. All of these Resources occur at the San Ramon Deposit, one of numerous gold prospects undergoing exploration at Santa Rosa. Metallurgy test work to date has returned an average CIL gold recovery of 94%.
Anticipated news flow over the coming months includes:
•Final results from the current 22,000m Phase Four drill programme (April/May 2013);
•Updated NI 43-101 Resource Estimate (mid 2013);
•Preliminary Economic Assessment (Q3 2013);
•Environmental Impact Assessment (Q3 2013); and
•Feasibility and permitting (2014).
Table 1 summarizes the significant (+0.30 g/t) uncut gold intercepts from Phase Four core drill holes SR-197 to SR-211 (also see Figure 1 – Drill Hole Plan and Table 2 – Drill Hole Specifications). True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Drill assays were composited by length-weighted averaging into intersections using a 0.30 g/t Au cut-off grade. Due to the mining method and mining selectivity contemplated for the deposit, internal dilution was included in some intersections where considered appropriate for mining continuity. Hole SR-199 was abandoned. For photographs of the drill core see Red Eagle’s photostream on flickr.
Quality Assurance and Quality Control
All drill samples were collected with a diamond core drill rig using approximately one metre sample intervals of whole core and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 50g charge at 250 mesh pulp with an AAS finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. The coarse crush split reject (<16mm) was retained for metallurgical testwork. 10% of a range of selected assays over 0.2 g/t Au, with an average of approximately 1.0 g/t Au were taken from the middling split reject and submitted for metallic screening analysis at 150 mesh pulp followed by fire assay and both AAS and gravimetric finish. Any discrepancies were reanalysed from the remaining middling reject by gravity concentration and acid digest. QA/QC included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a "Qualified Person" as defined under NI 43-101.
very interesting to see where RBIZ over the next few weeks, being we are just getting started in the busy season for homes being bought/sold March through July, I'm sure they will start to see more more people checking out the services they offer to see whats on the market which in return should drive more realtor's signing up to capture these leads and hopefuly give this stock nice push and get some attention from some new investors.. just my thoughts
NioGold Mining Corporation (TSX-V:NOX) North Zone Drilling Expands Satellite Zone near Norlartic Deposit
(via Thenewswire.ca)
Val-d'Or, Quebec - April 4, 2013 - NioGold Mining Corporation (TSX-V:NOX) (OTCQX:NOXGF) ("NioGold") is pleased to announce the results of its 18 hole, 4,395 meter exploration drilling program of the North zone on the Marban Block (100% owned by NioGold and under option to Aurizon).
The Marban Block contains the Kierens, Norlartic and Marban deposits which have a collective resource estimate of 1.56 M ounces (28.5 millions of tonnes at 1.70 g/t) in the measured and indicated categories and 0.51 M ounces (9.6 millions of tonnes at 1.66 g/t) in the inferred category (see news release of September 7th, 2012).
The North zone is a satellite zone to the Norlartic deposit, located 200-300 metres northeast and parallel to Norlartic and consists of three sub-zones named A (north-easternmost), B (centermost) and C (south-westernmost).
Highlights from the North zone drill program include
4.47 g/t Au over 3.4 m in hole NL-13-074 at a vertical depth of 40 m.
3.75 g/t Au over 4.8 m and 2.93 g/t Au over 5.3 m in hole NL-13-078 at a vertical depth of 35 m and 45 m respectively.
15.41 g/t Au over 2.8 m in hole NL-13-080 at a vertical depth of 80 m.
1.45 g/t Au over 23.4 m in hole NL-12-066 at a vertical depth of 205 m.
1.81 g/t Au over 7.6 m in hole NL-13-071 at a vertical depth of 130 m.
Two holes that were drilled to test the North zone were extended to a depth that also intersected the adjacent Norlartic trend with the following results:
84.10 g/t Au over 1.2 m in hole NL-13-073 at a vertical depth of 215 m. For technical reasons, this hole was abandoned before crossing the entire Norlartic structure.
2.18 g/t Au over 24.7 m in hole NL-13-075 at a vertical depth of 260 m.
"We are very pleased with these results, they are in line with what we expected in the North zone" said Michael Iverson, President and CEO of NioGold. He added, "Our investigation of this satellite zone of the Norlartic deposit is part of our goal to develop the huge potential of the Marban Block. The results to date indicate that the North zone as well as the Norlartic and Kierens deposits may be amendable to open pit mining, as widths and grades are similar to the Marban deposit which has been modeled for open pit extraction".
The North zone was drilled between December 7th, 2012 and February 21st, 2013 with one drill. Drilling comprised 4,394.6 meters in 18 holes (one an extension of a 2006 hole). The campaign then continued on the Kierens deposit which was completed March 22nd, 2013. This program utilized up to four drills operating on ice bridges. Results from this program will be reported when received and compiled.
This Marban Block drilling is part of the $1.6 million program funded by NioGold. In the event of Aurizon's decision to proceed with the Phase III program, Aurizon will immediately reimburse Niogold for the costs of the exploration program and such amount will then be applied to Aurizon's earn-in requirement. Aurizon has $9.0 million of spending commitments remaining on the project as part of the Phase III program.
Drill holes results:
A map showing the location of the new holes is available at:
http://www.niogold.com/projects/maps/MarbanBlockNR-April2013.jpg
Aurizon Option
Aurizon can earn up to a 65% interest the Marban Block property under the terms of an option and joint venture agreement dated July 5, 2010, between NioGold and Aurizon. The initial 50% interest can be earned by incurring expenditures of $20 million over three years, completing an updated NI 43-101 compliant mineral resource estimate, and by making a resource payment for 50% of the total gold ounces defined by the mineral resource estimate. NioGold remains the project operator during the initial earn-in period (see news release dated July 6, 2010).
Technical Info, QA/QC and Qualified Persons
Reported intervals are in core lengths but are anticipated to approximate true width, except where structural complexities occur, as the holes were drilled near perpendicular to the principal local structural orientation.
Diamond drill holes were drilled with NQ-size core in order to obtain larger sample volumes of the mineralised zones, except for holes that traversed underground workings which were completed using BQ-size core. The core was sealed delivered by the drilling contractor to NioGold's facilities located at the Norlartic mine site. The core was photographed for reference, logged and mineralised sections were sawed in half. Sample lengths vary between 0.5 to 1.5 metres. Half core samples were bagged, sealed and delivered to ALS Chemex in Val-d'Or, Quebec, which is an accredited laboratory. The remaining core is stored on site for reference. Samples were assayed by the fire-assay method using an atomic absorption finish on a 50-gram pulp split. A quality assurance and quality control program (QA/QC) was implemented by NioGold and the laboratory to insure the precision and reproducibility of the analytical method and results. The QA/QC program includes the insertion of standards, blanks and field duplicates in the sample batches sent to the laboratory and a systematic re-assaying of samples returning values above 2 g/t Au by the fire-assay method using a gravimetric finish. As well, pulps grading above 0.5 g/t Au are sent to Bourlamaque Assay Laboratories Ltd. in Val-d'Or for check assaying.
The drilling program is conducted under the supervision of Yan Ducharme, M.Sc., P.Geo. (OGQ), the NioGold's Vice-president Exploration and a Qualified Person as defined by National Instrument 43-101. This news release was prepared by Mr. Ducharme.
NioGold Mining Corporation - << On Canada's Golden Highway >>
NioGold Mining Corporation is a mineral exploration company focused on gold. The Company's flagship projects are located in the Cadillac - Malartic - Val-d'Or region of the prolific Abitibi gold mining district Quebec. The Cadillac, Malartic and Val-d'Or mining camps have produced over 45 million ounces of gold since the 1930's and presently encompass seven producing gold mines including Osisko Mining's new Canadian Malartic operations. NioGold's land holdings within the Abitibi presently cover 130km2 and encompass four former gold producers, namely the Norlartic, Kierens (First Canadian), Marban and Malartic Hygrade mines that collectively produced 640,000 ounces of gold.
NioGold's experienced and qualified technical team are overseeing the advancement of these projects, with current drill programs underway targeting expansion of the resource base.
NioGold invites you to visit the company website at www.niogold.com. For information on NioGold Mining Corporation contact:
Michael A. Iverson, President & CEODale Paruk, Vice-President
miverson@niogold.comdparuk@niogold.com
Tel: (604) 856-9887Tel: (604) 662-4505
Toll-free: (877) 642-6200
Calyx (CYX.V) Majority-Owned Subsidiary, Agrisoma Biosciences Inc., Enters Into Marketing and Distribution Agreement With Subsidiary of Paterson Grain
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 3, 2013) -Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) is pleased to announce that its majority-owned subsidiary, Agrisoma Biosciences Inc. ("Agrisoma") and PGF Biofuels Inc. ("PGF") have entered into a long term strategic agreement for marketing and distribution.
PGF is a wholly owned subsidiary of Paterson GlobalFoods Inc. ("Paterson"), owner of Paterson Grain. Paterson is a private family-owned group of companies active in Europe, Asia, Australia, and the Americas. Founded in 1908 and headquartered in Winnipeg, Manitoba, Paterson operates approximately 40 grain handling sites across the Canadian prairies, including nine inland export terminals.
The new long-term agreement appoints PGF as Agrisoma's exclusive partner for Resonance® carinata, a non-food oilseed crop, in North America and Australia, and establishes a framework through which PGF and Agrisoma will coordinate expansion into additional regions. Under the original agreement in 2012, Paterson was the exclusive contracting partner for the production of Resonance® in Western Canada.
Paterson played a key role in the commercial production launch of Resonance® in 2012, acting as the contracting partner for 6,000 acres planted and harvested last year at approximately 40 farms in Saskatchewan and Alberta. Fifty acres were planted in 2011. Under the new agreement Paterson will manage the purchase of Resonance® carinata production from growers and the subsequent processing and sale of product. Agrisoma will be paid a royalty on sales generated from Resonance® carinata, which will vary depending on the nature of the end products sold.
Hugh Notman, president and CEO of Calyx, said, "The agreement is vital to building the value chain from seed through to product sales. Our focus now turns to ramping up carinata production in the coming years."
"Building a strong partnership between Agrisoma and Paterson strengthens our goals to cover a much broader geographical region," said Dr. Steven Fabijanski, president and CEO of Agrisoma. "As we expand the production of Resonance® carinata, there isn't a better company to work with than Paterson. They have been at the forefront of the grain handling business for more than a century and are leaders in seed sales, relationships with farmers, logistics, transportation, elevation and the sale of grain."
"We are pleased to expand our relationship with Agrisoma, and pursue the potential of Resonance® at a global scale," said Andrew Paterson, CEO of Paterson GlobalFoods Inc. "We have an unwavering commitment to bold innovation and new opportunities. We highly value our relationships, and Resonance® offers farmers crop rotation flexibility, another source of income and a chance to participate in the flourishing bio-energy sector."
"PGF provides a very important link in the biofuel value chain," said Dr. Fabijanski. "Paterson's leadership in the grain handling industry expands our ability to scale Resonance® carinata, and allows us to focus on our core competencies as a seed and technology company."
Resonance® carinata has been specifically developed for production on semi-arid land such as the brown soil zone regions of Western Canada found in southern Saskatchewan and Alberta and other regions. The crop produces oil suited to industrial uses, such as biofuel production, and was the exclusive feedstock for the first 100% biofuel flight flown in October, 2012. The crop is vigorous and hearty, with good resistance to ecosystem stressors. Resonance® carinata showed potential in 2012 by growing well under a variety of conditions that were less than ideal.
About Calyx
Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) is an agricultural technology company focused on renewable fuels including biojet and biodiesel. Calyx's majority-owned operating subsidiary, Agrisoma Biosciences Inc., is producing an exciting new proprietary non-food energy feedstock crop, Resonance® carinata, which yields oil that can be refined into fuel which works in existing engines as a 100 percent petroleum substitute. From seed to sky, fuels produced from carinata substantially reduce carbon and other harmful emissions, and help to reduce global petroleum dependence. For further information about Calyx, please visit www.calyxbio.com
Skyharbour (SYH.V) Increases Land Package Near Patterson Lake South High-Grade Uranium Discovery to 388,000 Acres, Northern Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2013) - Skyharbour Resources Ltd. (TSX VENTURE:SYH) (OTC PINK:SYHBF) (the "Company") is pleased to announce it has added to its large portfolio of uranium mineral claims in the Patterson Lake region with an additional 191,000 acres of ground. The Company now owns a 100% interest in approximately 400,000 total acres of land between seven properties in the Athabasca Basin region in northern Saskatchewan.
Six of the properties consisting of approximately 388,000 acres of prospective ground are strategically located near the Alpha Minerals and Fission Energy Patterson Lake South (PLS) uranium discovery area. The properties were acquired for their proximity to the PLS discovery and interpreted favourable geology for the occurrence of PLS style uranium mineralization. Skyharbour's land position is now one of the largest in the Patterson Lake area. The Athabasca Basin hosts the world's largest and richest high-grade uranium deposits accounting for approximately 20% of global primary uranium supply. There are still many areas in the region that are highly prospective and underexplored as illustrated by the new high-grade uranium discovery at the Patterson Lake South property.
Skyharbour's Patterson Lake Area Properties:
http://www.skyharbourltd.com/i/maps/SYH-Patterson-Lake-Claims-Map-New.jpg
The Patterson Lake area has received escalating exploration attention and claim acquisition activity as a result of the new, shallow discovery made by Alpha and Fission which includes the recently reported drill interval of 4.92% U3O8 over 34 metres in hole PLS13-038 (see Alpha / Fission News Release dated March 25). This mineralized zone is located approximately 400 metres to the northeast of discovery hole PLS12-024 which returned 2.49% U3O8 over 12.5 metres. These discoveries demonstrate the potential for high-grade uranium mineralization on the margins of the western side of the Athabasca Basin where significantly less exploration has been carried out compared to the eastern side of the Athabasca Basin.
Skyharbour has acquired its entire land package at acquisition cost plus the issuance of one million common shares of the Company at a deemed price of six cents per share. The share issuance is subject to the acceptance of the TSX Venture Exchange. Roughly 115,000 acres of the total land position was staked directly by the Company while the other approximately 285,000 acres were staked by an arms-length party and are subject to a 2% NSR.
With roughly $900,000 in the treasury, Skyharbour will now examine and compile all available historic and related mineral exploration data associated with the acquired properties in anticipation of uranium exploration work programs this year. Given the excellent supply-demand fundamentals underpinning uranium, Skyharbour will continue to evaluate uranium projects for potential acquisition in the Athabasca Basin as well as in other prolific uranium districts.
Skyharbour's Patterson Lake Properties:
The Company has now acquired six properties in the Patterson Lake region totalling roughly 388,000 acres making it one of the largest land positions in the area. This most recent acquisition includes additional ground tied onto the Company's South Patterson Property located approximately 15 km to the south of Fission / Alpha's Patterson Lake South project claim boundary. The claims are accessible by road with primary access from the all-weather Highway 955, which runs north through the Patterson Lake South discovery to the former Cluff Lake mine where over 60 million pounds of uranium was produced. The highway also passes through the UEX-Areva Shea Creek discoveries to the north which are currently under active exploration and development. Skyharbour's newly acquired sixth property in the Patterson Lake area, the West Patterson Property, is located approximately 18 km to the southwest of Fission / Alpha's Patterson Lake South project claim boundary. This property is on strike with the W-SW to E-NE mineralized trend being delineated at the PLS uranium discovery zones. Other regional operators in the area include Cameco Corp., Areva, and Denison Mines.
Patterson Lake Regional Geology:
http://www.skyharbourltd.com/i/maps/SYH-Patterson-Lake-Claims-Regional-Geology-New.jpg
Uranium mineralization in the Patterson Lake area bears a number of similarities to the high-grade uranium deposits in the Eastern part of the Athabasca Basin like those at the Cigar Lake and McArthur River mines. The mineralization occurs in structurally disrupted and strongly clay altered, commonly graphitic pelites and metapelites with narrow felsic segregations / pegmatites. Intervals of quartz-feldspar gneiss and semipelite are also present. Sulphides are commonly associated with the mineralization along with anomalous levels of cobalt, nickel, molybdenum and boron. Uranium mineralization in the Patterson Lake area is also associated with fesic intrusives, primarily pegmatites. Skyharbour has both target types on its pre-existing properties and its recently acquired land in the Patterson Lake region.
Jim Pettit, Director of Skyharbour Resources, stated: "We are very excited to have acquired one of the largest land positions in this emerging area and to have Rick Kusmirski come on as Head of the Advisory Board. Skyharbour now owns prospective uranium claims to the north, south, east and west of the high-grade PLS discovery providing the Company with significant leverage and exposure to this region in which most of the land has been staked. We are of the opinion that given Skyharbour's early and low cost entry into the area, shareholder value will be created from both exploratory work programs potentially leading to new discoveries as well as from option and joint venture agreements the Company enters into with other groups on its current 100% owned land holdings."
Qualified Person:
Robert Marvin, P.Geo., CPG, geologist for Skyharbour is the Qualified Person as defined by National Instrument 43-101 and has approved the technical information in this release.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a uranium, gold and base metal exploration company with projects in the Athabasca Basin of northern Saskatchewan and in Red Lake, north-western Ontario, Canada. The Company has 35 million shares outstanding.
To find out more about Skyharbour Resources Ltd. (TSX VENTURE:SYH) visit the Company's website at www.skyharbourltd.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, Director
Stevia Nutra (STNT) Moves To Fill Alternative Sweetener Market Demand as Coca-Cola Leads “Anti-Obesity” Push
Stevia Nutra Corporation (STNT) – (The Company), an Agro-Management company focused on stevia agronomics, having just reported a successful first harvest, is developing plans to expand its production capacity of high quality stevia in Cambodia. This ramp up in production capacity coincides with a number of positive announcements by leading food and beverage brands to increase the use of the all-natural, zero calorie sweetener ‘stevia’ in their ingredient mix.
One clear example of this trend is Coca-Cola’s recent announcement that its regular Sprite will no longer be available in the United Kingdom, to be replaced with a version that uses the sweetener stevia, and has 30 percent fewer calories. The change by the world's biggest beverage maker comes in response to a government push calling on companies to address obesity. Coca-Cola already made a similar move with Sprite in France last year. Sprite is Coca-Cola's fifth most popular brand in the United Kingdom, after Coke, Diet Coke, Schweppes and Fanta.
The announcement came ahead of the airing of Coca-Cola's anti-obesity TV ad in the United Kingdom. That ad first aired in the United States in January amid increasing fire over the role sodas play in fueling obesity rates. New York City, for example, is looking to enact a first-in-the-U.S. ban on sugary drinks bigger than 16 ounces in restaurants, movie theatres and other venues. Coke has already been experimenting with reduced-calorie versions of Sprite and Fanta that use stevia in select U.S. markets since this summer 2012.
"It's pretty clear where the trend line is pointing”, said Stevia Nutra President, Brian Dicks. “The big food and beverage brands and manufacturers are addressing the “obesity-battle”, and consumer demands, with new healthier products and formulations that are lower in calories. Stevia really hits the sweet spot because it delivers on taste, calories and is naturally derived from a plant, not from a lab. There is not enough stevia grown in the world to meet current demand and Stevia Nutra intends to expand its operations and capacity dramatically to take advantage. It’s very simple. Consumers want stevia; we will grow it.”
Stevia Nutra CEO, Dr. Hilary Rodrigues further noted, “We applaud Coca-Cola, with its global reach and influence on consumer tastes, for taking proactive steps in expanding stevia use as a food and beverage ingredient. In doing so they are extending the benefits stevia offers to consumers, especially those battling diabetes and other obesity related illnesses.”
About Us
Stevia Nutra:
Stevia Nutra is an Agro-Management company focused on stevia agronomics which includes plant breeding, proprietary agricultural practices and post-harvest techniques. Stevia Nutra intends to invest heavily in R&D and IP acquisition and manage large-scale plantations for the production of high value stevia products.
Stevia Nutra is dedicated to utilizing best agronomic and business practices to demonstrate the sustainability and profitability of stevia production. By subscribing to, and implementing the performance standards published by the World Bank, Stevia Nutra is committed to becoming the premier producer of the highest quality stevia. Stevia Nutra recognizes the potential this remarkable plant has to reduce the global epidemic of obesity and diabetes and promote general good health. The Company's priority will be to embrace sustainability for smarter innovation and profitable growth.
Stevia and the stevia sector:
Stevia is the world’s only all natural zero calorie sweetener. Since being approved by the United States Food and Drug Administration late in 2008, stevia can now be found in over 6,000 food, beverage and medicine products, with many more new products to follow as globally consumers are making healthier food choices.
Stevia is the fastest growing sweetener product in the world. The World Health Organization estimates that stevia will replace up to 20% of the global sweetener market valued at over $10 Billion USD. Zenith International expects that stevia agriculture production will have to triple within two years to keep up with the strong demand. Only one year after FDA approval in the U.S., stevia sales surged past both aspartame and saccharin in the tabletop sugar market.
Further information on the Company can be found at www.sec.gov and the company’s website at www.stevianutra.com.
Canamex Announces (CSQ.V) Positive Cyanide Leach Test Results From the Bruner Gold Project, Nye County, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 19, 2013) - Canamex Resources Corp. (the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is pleased to announce the results of bottle roll cyanide leach tests on composite coarse reject drill cuttings from two drill holes from the 2012 exploration drilling program on the Penelas East discovery area at the Bruner gold project, Nye County, Nevada.
Bottle Roll Cyanide Leach Test Results
Bottle roll cyanide leach tests returned an average of 97% gold extraction from 21 composites from drill holes B-1201 and B-1207C from the Penelas East discovery area on coarse rejects ground to 80% passing 200 mesh screen size. These tests were run to assess the cyanide solubility from two holes which demonstrated a wide range of grades and vertical extent of gold mineralization within two distinctly different rock types. The positive results indicate that there is no material difference in gold solubility in samples ranging from less than 200 feet below the surface to samples from greater than 500 feet below the surface, no difference in gold solubility between head grades from 0.01 opt Au (0.34 g/t) to 0.64 opt Au (21.94 g/t), and no difference in solubility between gold hosted in strongly silicified quartz rhyolite and partially silicified / argillized volcanic agglomerate. Gold grade of all 21 composites averaged 0.0956 opt Au (3.28 g/t). Leach residue ("tailings") retained on average only 0.001 opt Au (0.034 g/t), ranging from 0.0005 opt Au (0.017 g/t) to 0.0027 opt Au (0.093 g/t), indicating that essentially all of the gold was soluble in cyanide. Although the bottle roll tests were run for 96 hours, almost all of the gold was leached in 24 to 48 hours. Cyanide consumption was very low in all of the bottle roll tests. Silver solubility was encouraging, with an average silver cyanide solubility of 79% at an average head grade of 0.19 opt (6.5 g/t) Ag. Silver is not a strong economic driver at the Bruner project, but these silver extractions bode well for silver contributing to the economics of the project, even at low silver grades.
"We are very encouraged by these metallurgical test results" exclaimed Greg Hahn, President & COO. "These results support the observations of consulting geologist Don White, in his report on logging of core hole B-1207C that the gold-bearing event appears to accompany last-stage fracture filling and to be the latest event at the Penelas East, post-dating at least five previous periods of silica veining or flooding. Thus the gold does not appear to be encapsulated in silica" continued Hahn. "Further, the gold extractions in bottle roll tests from Penelas East are indistinguishable from those performed on the bulk sample from the historic resource area, which returned +85% gold extractions in column leach tests, which bodes well for future column leach tests on the Penelas East discovery area" concluded Hahn.
To view "Bottle Roll Test Results - Gold", please click the following link: http://www.canamex.us/wp-content/uploads/2013/03/Bottle-Roll-Test-Results-Gold.jpg.
To view "Bottle Roll Test Results - Silver", please click the following link: http://www.canamex.us/wp-content/uploads/2013/03/Bottle-Roll-Test-Results-Silver.jpg.
Metallic screen analyses performed on seven of the highest grade composite samples indicate high variance with standard head grade analyses but good correlation with calculated head grades from cyanide leach results, indicating the presence of particulate gold. However the test results indicate the particulate gold is all soluble in cyanide, indicating it must be relatively fine-grained.
The Company plans on performing further bottle roll tests to continue to quantify the metallurgical characteristics of the gold-bearing material at the Bruner project.
All of the test work referenced herein was performed by Kappes, Cassidy & Associates ("KCA") metallurgical laboratory located in Reno, Nevada, and summarized in a report from KCA dated March 2013. KCA is a world-renowned metallurgical testing laboratory specializing in cyanide leach processing.
Greg Hahn, President & COO and a Certified Professional Geologist (#7122) is the qualified person under N I 43-101 ("NI 43-101") responsible for preparing and reviewing the data, and for reviewing and approving all other scientific and technical information, contained in this press release.
In an unrelated matter, Herb Duerr has resigned from the Board of Directors to pursue other business interests. Mr. Duerr has agreed to remain available for the balance of the year to answer any questions relating to Bruner that may arise. "We thank Herb for his years of service to Canamex, and wish him well in his future endeavors," stated Company Chairman and CEO Robert Kramer.
ON BEHALF OF THE BOARD
Robert Kramer, Chairman and CEO
Stevia Nutra (STNT) Receives Excellent Leaf Test Results
PHNOM PENH, Cambodia--(BUSINESS WIRE)--
Stevia Nutra Corporation (STNT)– (The Company), an Agro-Management company focused on stevia agronomics, is pleased to report that independent test results on its stevia leaf has confirmed a high level of Reb ‘A’ and total steviol glycosides (TSG).
Stevia Nutra Corp. is very pleased to inform that stevia leaf samples from its initial harvest have been tested at the Institute of Botany, a division of The Chinese Academy of Sciences in Beijing, with test results yielding very high levels of Reb ‘A’ and TSG. This represents the first testing of the Company’s leaf since its Stevia Propagation Center (SPC), located in Kampong Speu Province, Cambodia, was established in 2012. These positive results validate the Company's plan to drive revenue streams through rapid expansion and production of high quality stevia leaves to satisfy growing demand.
Stevia Nutra’s Chief Agronomist, Dr. Ahmed El Sheikh, noted that, “Cultivation conditions in Cambodia combined with our choice of seed variety and the protocols we initiated have proven to be very effective. With this confirmation of leaf quality we can continue our planned plantation expansion with confidence.”
“I am extremely encouraged with this test result,” noted Stevia Nutra’s President, Brian Dicks. “The combined efforts of Dr. El Sheikh and his team on the ground in Cambodia along with our local partner, Ecologica Co. Ltd., have resulted in our establishing a high grade, commercially viable, stevia plant.” Dicks went on to say, “Management will now move forward with its plans to secure and develop additional acreage and ramp up production to meet increasing global demand.”
Dr. Hilary Rodrigues, CEO, commented, “This is indeed excellent news. With confirmation of our high quality leaf we can expect a high value harvest. With demand rising and approval of stevia for use as an ingredient in more and more food and beverage products expanding, Stevia Nutra is positioning itself to carve out a piece of the over $50 billion sweetener market as a significant producer in the stevia sector.”
About Us
Stevia Nutra:
Stevia Nutra is an Agro-Management company focused on stevia agronomics which includes plant breeding, proprietary agricultural practices and post-harvest techniques. Stevia Nutra intends to invest heavily in R&D and IP acquisition and manage large-scale plantations for the production of high value stevia products.
Stevia Nutra is dedicated to utilizing best agronomic and business practices to demonstrate the sustainability and profitability of stevia production. By subscribing to, and implementing the performance standards published by the World Bank, Stevia Nutra is committed to becoming the premier producer of the highest quality stevia. Stevia Nutra recognizes the potential this remarkable plant has to reduce the global epidemic of obesity and diabetes and promote general good health. The Company's priority will be to embrace sustainability for smarter innovation and profitable growth.
Stevia and the stevia sector:
Stevia is the world’s only all natural zero calorie sweetener. Since being approved by the United States Food and Drug Administration late in 2008, stevia can now be found in over 6,000 food, beverage and medicine products, with many more new products to follow as globally consumers are making healthier food choices.
Stevia is the fastest growing sweetener product in the world. The World Health Organization estimates that stevia will replace up to 20% of the global sweetener market valued at over $10 Billion USD. Zenith International expects that stevia agriculture production will have to triple within two years to keep up with the strong demand. Only one year after FDA approval in the U.S., stevia sales surged past both aspartame and saccharin in the tabletop sugar market.
Red Eagle Mining (RD.V) Intercepts 63.4 Metres at 1.36 Grams Gold Per Tonne and 8.7 Metres at 7.11 Grams Gold Per Tonne at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2013) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce additional assay results from the Phase Four drill programme at the San Ramon Deposit, Santa Rosa Gold Project, Antioquia, Colombia. Highlights from an additional eleven drill holes (SR-186 to SR-196) include intercepts:
•SR-186 - 63.4m at 1.36 g/t Au from 107.8m down hole (incl. 1.0m at 37.00 g/t Au)
•SR-187 - 23.6m at 1.00 g/t Au from 28.7m down hole (incl. 1.1m at 11.30 g/t Au)
•SR-188 - 8.4m at 4.29 g/t Au from 70.4m down hole (incl. 2.3m at 13.51 g/t Au)
•SR-189 - 8.7m at 7.11 g/t Au from 154.8m down hole (incl. 1.0m at 36.10 g/t Au)
•SR-194 - 1.3m at 15.61 g/t Au from 191.6m down hole (incl. 0.7m at 25.80 g/t Au)
"Our delineation drilling continues to confirm continuity of strong gold mineralisation to the extent of a potential open pit at San Ramon", comments Jeff Toohey, Vice President Exploration. "In addition, we continue to intercept multiple high grade domains at depth."
The current 22,000m Phase Four drill programme is planned to be completed in May 2013. 16,370m in 75 holes have been drilled to date with assays pending on the latest 18 holes (SR-197 to SR-214). Results from Phase Four drill holes SR-140 to SR-185 were previously announced (news release dated March 4, 2013). An updated Resource Estimate planned for release mid 2013 will incorporate infill drilling to 50m centres to a depth of 250m which it is anticipated should upgrade a majority of the existing Inferred Resources below 100m to the Indicated classification. In addition, the San Ramon Gold Deposit remains open at depth and, due to significant high grade Resources (approximately 50% of the ounces in the Inferred Resource average over 5g/t Au), indicates potential for underground mining. Therefore, the updated Resource Estimate will also incorporate broad spaced drilling from approximately 250m to 500m depth to establish an Inferred Resource suitable for potential development by underground mining methods.
The San Ramon deposit trends east-west, dips 70° to the north, extends over 1,900m, is up to 50m wide and is mineralised from surface. 23,000m of core have been drilled through Phase Three to a vertical depth of 250m to 300m with mineralisation remaining open at depth. The initial Resource Estimate includes an Indicated Resource of 7.34 million tonnes at 1.37 g/t Au containing 322,000 ounces gold and an Inferred Resource of 9.45 million tonnes at 1.50 g/t Au containing 456,000 ounces gold. All of these Resources occur at the San Ramon Deposit, one of numerous gold prospects undergoing exploration at Santa Rosa. Metallurgy test work to date has returned an average CIL gold recovery of 94%.
Anticipated news flow over the coming months includes:
•Final results from the current 22,000m Phase Four drill programme (April/May 2013);
•Updated NI 43-101 Resource Estimate (mid 2013);
•Preliminary Economic Assessment (Q3 2013);
•Environmental Impact Assessment (Q3 2013); and
•Feasibility and permitting (2014).
Table 1 summarizes the significant (+0.30 g/t) uncut gold intercepts from Phase Four core drill holes SR-186 to SR-196 (also see Figure 1 - Drill Hole Plan and Table 2 - Drill Hole Specifications). True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Drill assays were composited by length-weighted averaging into intersections using a 0.30 g/t Au cut-off grade. Due to the mining method and mining selectivity contemplated for the deposit, internal dilution was included in some intersections where considered appropriate for mining continuity. Hole SR-192 did not intercept economic mineralisation. For photographs of the drill core see Red Eagle's photostream on flickr.
Quality Assurance and Quality Control
All drill samples were collected with a diamond core drill rig using approximately one metre sample intervals of whole core and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 50g charge at 250 mesh pulp with an AAS finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. The coarse crush split reject (<16mm) was retained for metallurgical testwork. 10% of a range of selected assays over 0.2 g/t Au, with an average of approximately 1.0 g/t Au were taken from the middling split reject and submitted for metallic screening analysis at 150 mesh pulp followed by fire assay and both AAS and gravimetric finish. Any discrepancies were reanalysed from the remaining middling reject by gravity concentration and acid digest. QA/QC included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a "Qualified Person" as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine development team. Red Eagle Mining is developing the 390 km² Santa Rosa Gold Project located in Antioquia, Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Antioquia Batholith. Gold mining within the Santa Rosa Gold Project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located approximately 30km west of AngloGold Ashanti's Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 40km east of Continental Gold's Buritica gold deposit (1.6 million ounce M&I resource grading 13.6 g/t Au). Red Eagle Mining holds an extensive package of exploration ground throughout Colombia, including the Pavo Real Gold Project.
Table 1 - San Ramon Additional Phase Four Drill Intercepts
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
SR-186
107.8
171.2
63.4
1.36
incl.
158.2
171.2
13.0
4.65
incl.
158.2
158.8
0.6
22.60
incl.
166.1
167.1
1.0
37.00
SR-187
28.7
52.3
23.6
1.00
incl.
48.9
52.3
3.4
4.31
incl.
50.3
51.4
1.1
11.30
SR-188
70.4
78.8
8.4
4.29
incl.
70.4
71.0
0.6
7.44
incl.
76.5
78.8
2.3
13.51
SR-189
89.1
89.6
0.5
14.30
154.8
163.5
8.7
7.11
incl.
154.8
155.8
1.0
36.10
incl.
158.5
160.0
1.6
11.90
SR-190
24.9
27.2
2.3
0.95
SR-191
105.1
106.7
1.6
0.83
123.4
132.6
9.2
0.91
incl.
123.4
124.3
0.8
3.08
SR-193
109.0
111.3
2.3
0.85
178.4
179.2
0.8
1.51
187.3
188.4
1.1
1.04
231.0
234.9
3.9
0.80
SR-194
191.6
192.9
1.3
15.61
incl.
192.2
192.9
0.7
25.80
SR-195
61.3
63.0
1.7
0.74
77.0
79.7
2.7
5.39
incl.
77.0
78.0
1.0
10.80
SR-196
36.8
38.5
1.7
0.79
68.5
81.3
12.8
1.06
incl.
68.5
71.5
3.0
3.70
Stevia Nutra Corp (STNT) Reports Successful First Growing Season in Cambodia
Stevia Nutra Corporation (STNT)– (The Company), an Agro-Management company focused on stevia agronomics, is pleased to report on the successful completion of an exceptional initial growing season at the Company’s Stevia Propagation Centre (SPC) in Cambodia.
The first harvest of high quality stevia leaves has commenced and samples have been prepared for third-party, independent testing to determine levels of Reb ‘A’ and Glycosides (total steviol glycosides – TSG). This measure of ‘sweetness’ content is a key determinant to the commercial viability of a stevia crop.
Stevia Nutra’s Chief Agronomist, Dr. Ahmed El Sheikh, noted that, “The ideal growing conditions here in Cambodia combined with our choice of seed variety and rigorous agronomy protocols have proven to be very effective. The stevia plants are thriving with better than expected growth and we are optimistic that initial leaf testing will yield positive results.”
Leaf samples have been sent to the prestigious ‘Institute of Botany of the Chinese Academy of Sciences’ in Beijing, the highest authority for stevia testing in China. “China’s expertise in stevia cultivation and refining is well established. This will be the first testing of our stevia leaf and we are eager for test results from this respected institution," Dr. El Sheikh further commented.
“I am extremely encouraged with the results of our initial growing season,” noted Stevia Nutra’s President, Brian Dicks. “The combined efforts of Dr. El Sheikh, his team and our local partner, Ecologica Co. Ltd., have resulted in our establishing a thriving stevia propagation operation. Matching climate, soils, nutrients and cultivation practices with a robust and productive seed variety is a challenging exercise and our team has delivered.” Dicks further noted, “Our location in Kampong Speu Province, located forty-five minutes from Phnom Penh, has proven to be an excellent site for our agronomy operations and validates our selection of Cambodia as Stevia Nutra’s home in SE Asia.”
Dr. Hilary Rodrigues, CEO also extended his congratulations to the Cambodia team. “It is gratifying to see their efforts and dedication come to fruition on schedule and on budget. We can now move forward to the next phase of development with confidence after having successfully managed and completed this most challenging initial development phase.”
About Us
Stevia Nutra:
Stevia Nutra is an Agro-Management company focused on stevia agronomics which includes plant breeding, proprietary agricultural practices and post-harvest techniques. Stevia Nutra intends to invest heavily in R&D and IP acquisition and manage large-scale plantations for the production of high value stevia products.
Stevia Nutra is dedicated to utilizing best agronomic and business practices to demonstrate the sustainability and profitability of stevia production. By subscribing to, and implementing the performance standards published by the World Bank, Stevia Nutra is committed to becoming the premier producer of the highest quality stevia. Stevia Nutra recognizes the potential this remarkable plant has to reduce the global epidemic of obesity and diabetes and promote general good health. The Company's priority will be to embrace sustainability for smarter innovation and profitable growth.
Stevia and the stevia sector:
Stevia is the world’s only all natural zero calorie sweetener. Since being approved by the United States Food and Drug Administration late in 2008, stevia can now be found in over 6,000 food, beverage and medicine products, with many more new products to follow as globally consumers are making healthier food choices.
Stevia is the fastest growing sweetener product in the world. The World Health Organization estimates that stevia will replace up to 20% of the global sweetener market valued at over $10 Billion USD. Zenith International expects that stevia agriculture production will have to triple within two years to keep up with the strong demand. Only one year after FDA approval in the U.S., stevia sales surged past both aspartame and saccharin in the tabletop sugar market.
Stornoway (SWY.TO) Options Non-Core Exploration Projects
MONTREAL, QUEBEC--(Marketwire - Mar 14, 2013) - Stornoway Diamond Corporation (SWY.TO) is pleased to report that it has entered into option agreements with 0954506 B.C. Ltd. (the "Optionee"), a private company controlled by Ms. Eira Thomas, formerly a director of Stornoway, relating to Stornoway''s interest in each of the Qilalugaq, Pikoo and Timiskaming exploration projects. Under the terms of the option agreements, the Optionee will acquire an 80% interest in each of the Qilalugaq, Pikoo and Timiskaming exploration projects upon completion of a defined exploration program (the "option work program") specific to each project. The option work programs will be funded and operated by the Optionee. Stornoway retains a one-time back-in right to re-acquire a 20% interest in each project, thereby increasing its interest to 40%, by paying the Optionee an amount equal to three times the cost incurred by the Optionee in connection with the project-specific option work program. Stornoway has a 100% interest in each of these projects; the Qilalugaq project is subject to a 3% net smelter returns royalty on metals produced and a 3% gross-overriding royalty on the sale of industrial minerals, including diamonds.
The Optionee has notified Stornoway of its intent to assign its interest and obligations in the option agreements to North Arrow Minerals Inc. (TSX VENTURE:NAR) ("North Arrow"), as permitted under the terms of the option agreements. Upon closing of the assignment, North Arrow, as optionee, will assume the rights and obligations of 0954506 B.C. Ltd. under these agreements.
The option work program for the Qilalugaq, Nunavut project is designed to evaluate the potential of the Q1-4 kimberlite by the surface collection and subsequent processing of a 1,000 tonne bulk sample. The option work programs for the Pikoo, Saskatchewan and Timiskaming, Ontario projects are designed to evaluate the potential for bedrock kimberlite occurrences at each project. The Pikoo option work program will consist of a minimum of 2,000 meters of diamond drilling within the project, with a minimum of two drill holes for each of the North and South Target areas. The Timiskaming option work program will consist of single core drill holes testing three separate geophysical targets. The Timiskaming option agreement excludes the previously identified 95-2 kimberlite. Stornoway expects that exploration on these projects will commence in 2013, subject to receipt of all required permits and authorizations.
Matt Manson, Stornoway''s President and CEO commented: "This option agreement allows us to move these promising exploration projects forward while allowing our management team to focus on the development of the Renard Diamond Project, our core asset. The bulk sample program at Qilalugaq, for which an Inferred Mineral Resource of 26 million carats was declared by Stornoway in June 2012, is designed to recover a large enough parcel of diamonds for a preliminary valuation and economic assessment. The Pikoo and Timiskaming work programs are designed to test for the presence of kimberlite with economic potential. At the end of each program Stornoway and the Optionee will be well placed to make a determination on whether to advance each project further within a joint venture, if results warrant."
About the Qilalugaq, Pikoo, Timiskaming Exploration Projects
The Qilalugaq Diamond Project, located on the Rae Isthmus of Nunavut close to the hamlet of Repulse Bay, includes the Qilalugaq kimberlite pipes and the Naujaat system of kimberlite dykes. The project was originally optioned by Stornoway and subsequently acquired from BHP Billiton Diamonds Inc. in July 2006 and July 2010, respectively. The project includes the 12.5 hectare Q1-4 kimberlite, the largest kimberlite pipe in the eastern Canadian Arctic. In June 2012 Stornoway announced an Inferred Mineral Resource at Q1-4 of 26.1 million carats from 48.8 million tonnes of kimberlite with an average +1 DTC total diamond content of 53.6 carats per hundred tonnes (cpht) extending from surface to a depth of 205m. Additional resource upside in the form of a target for further exploration was estimated at between 7.9 to 9.3 million carats from 14.1 to 16.6 million tonnes of kimberlite with an average +1 DTC total diamond content of 56.1 cpht, extending from 205m depth to 305m depth.
The Pikoo Project comprises 33,374 hectares of contiguous claims located in central Saskatchewan, approximately 140 km east of La Ronge Saskatchewan and 100 km west of Flin Flon Manitoba and close to the community of Deschambault Lake. Previous geochemical and geophysical work by Stornoway has outlined the potential for several kimberlites with diamond potential on the property. In 2012 kimberlite float was discovered that returned a single microdiamond from 73.8 kilograms of material submitted for caustic dissolution.
The Timiskaming Project comprises 3,865 hectares of claims located close to the community of New Liskeard, Ontario. Stornoway and its predecessor companies have discovered a total of 9 kimberlites out of over 50 kimberlites that are believed to have been discovered in the region. Stornoway''s 95-2 kimberlite, the best delineated and most promising Timiskaming kimberlite discovered to date, contains an Inferred Mineral Resource of 2.3 million carats from 20.2 million tonnes of kimberlite with an average +1 DTC total diamond content of 11.3 cpht extending from surface to a depth of 300m. The 95-2 kimberlite is excluded from the Timiskaming option agreement
Canamex (CSQ.V) Announces Commencement of RC Drill Program at the Bruner Gold Project, Nye County, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2013) - Canamex Resources Corp. (TSX VENTURE:CSQ)(OTCQX:CNMFX)(FRANKFURT:CX6) ("Canamex" or the "Company") announces that it has signed a contract with AK Drilling of Butte, Montana for 22,000 feet (+6,700 meters) of reverse circulation ("RC") drilling at its Bruner Gold project located in central Nevada, approximately 200 kilometers east - southeast of Reno. Drilling is expected to commence on or about March 15, 2013, and continue through June 2013. Additional drilling of at least a similar amount during the second half of 2013 is anticipated, although details on that drilling will be dependent upon, in part, the drilling results received from the first half of 2013.
Canamex can earn a 70% interest in the Bruner project by expending $6 million before May 2017, and an additional 5% by completing a bankable feasibility study (News Release dated October 15, 2010). Canamex currently has sufficient cash to complete the contracted drilling program for the first half of 2013.
Drilling to Commence on the Northern Extension of the Historic Resource Area
Drilling will commence on the west side of the property on the northern extension of the historic resource area*. The gold-in-soil anomaly that defines the area of the historic resource continues over 600 feet (~200 meters) to the north of the area that was drilled extensively by Newmont, Miramar, Kennecott, and others in the 1980s and 1990s. The area includes 32 rock chip samples taken by Newmont Exploration, Inc., with values ranging from .03 g/t to 50.3 g/t Au. The Company has no reason to doubt the veracity of the map dated November 1989 which contains these data.
This area has seen little drilling, and is characterized by strong silica-adularia alteration and some brecciation along north-trending structures that appear to be the extension of the gold-bearing structures that host the feeder zones of the historic resource area. A total of 16 holes from four sites are planned in this area to test this northern extension to the historic resource area. If successful, additional drilling in this area will be proposed for the second half of the year.
Column leach tests on bulk samples from underground workings in the historic resource area performed by Canamex in 2012 (News Release dated September 12, 2012) returned excellent gold extractions of +85% in only 83 days at both -3/4 inch and -3 inch crush sizes, which supports advancing exploration on the property aggressively towards the preparation of a National Instrument 43-101 ("NI 43-101") mineral resource report and, if warranted by the results of that report, a follow-on preliminary economic assessment in order to quantify the economics of any such mineral resource.
Penelas East Discovery Area Drilling to Follow
Following the first stage of drilling on the west side of the property discussed above, the drill will proceed to the east side of the property and the Penelas East discovery area, after the snow cover there has melted, to continue drilling the open extension to both the north and south of the new deposit discovered in 2012, where 19 out of 20 holes intersected mineralization averaging 158 feet grading 0.041 opt (1.41 g/t) Au, including discovery hole B-1201 which returned 360 feet grading 0.119 opt (4.08 g/t) Au (see News Release dated January 30, 2013 for full details).
Metallurgical Test Work Underway - Results Expected Shortly
Towards this goal, metallurgical test work is already underway on drill samples from the Penelas East discovery deposit area. Those metallurgical test results are expected shortly, and will be announced when received. The Penelas East target area is over 600 meters long and contains several gold intercepts in shallow holes completed by Newmont, Miramar and others well north of the current proposed drilling program, which could extend the mineralized zone beyond the strike length that will be drilled by the end of this next round of drilling.
Canamex President and COO Greg Hahn Comments
"We are excited to resume drilling on the Bruner gold project, after a severe snowstorm ran us out of the project in mid-December 2012, and we look forward to drilling the project throughout 2013 to be able to establish an initial NI 43-101 mineral resource on the Bruner project after this next year of drilling," states Greg Hahn, President and COO. "Our expectations are high that we will have a very attractive gold + silver deposit to bring to the market in 2014, after completion of drilling in 2013," Hahn concluded.
* The historic resource area refers to an area on the Bruner property that was the subject of a historical resource estimate reported on the property not in compliance with NI 43-101 standards. A qualified person (within the meaning of NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the Company is not treating the historical estimate as current mineral resources or mineral reserves. The historical estimate is relevant solely for purposes of directing target areas for the Company's current exploration programs.
PITOOEY! Inc. (PTOO) Engages Crystal Research Associates
Relationship To Enhance Visibility To Institutional Investors And Aggressive Growth Funds
PHOENIX, March 7, 2013 /PRNewswire/ -- PITOOEY! Inc. (PTOO) ("The Company") announced that it has engaged New York based Crystal Research Associates in an effort to increase its visibility to Wall Street, Institutional Investors and Aggressive Growth Fund Managers.
Pitooey! Inc. is a complete digital marketing agency comprised of three subsidiaries: PITOOEY! Mobile Inc., Choice One Mobile Inc. & Rockstar Digital Inc., offering businesses unique service packages based on the client's needs and desires.
Recently, Pitooey! Mobile Inc. created the first consumer-centric profile based search engine within a mobile app. The app, which can currently be found in Apple's App Store, assists users in creating the most efficient, organized and rewarding business to consumer interaction experience ever. Upon login on the PITOOEY! app, users can create a personalized profile of their favorite businesses by utilizing the easy to use search and subscribe feature that enables you to receive deals and/or updates on those businesses. By users building their own customizable list, they will only receive deals and notifications from the companies on their lists which will eliminate unwanted promotions, emails and messages.
Current industry research reports that the mobile app market reached $8 Billion dollars in sales for 2012 and a recent research report by World Mobile Applications Market finds that the total global mobile app market is expected to reach $25 Billion by 2015.
Additionally, App store downloads have more than doubled in the last 12 months reaching a staggering 40 billion downloads. This number is expected to reach 55 billion downloads by mid-2013 further confirming the consistent uptrend the app market is expected to continue experiencing.
Jacob DiMartino, Pitoeey! Inc. CEO, stated, "As app and digital markets continue to show exponential growth, we have positioned our Company and its subsidiaries to take advantage of the synergistic opportunities that have recently become available in our industry space." He also stated, "The engagement of Crystal Research will help give us the exposure necessary to various institutions and aggressive growth funds that seek growth companies in this space for their portfolios and growth funds. This eventually will help us with creating a broad shareholder base and shareholder valuation."
About Pitooey! Inc.:
PITOOEY! Inc. is a complete digital marketing agency offering businesses unique service packages based on the clients desires. Based on these desires and what type of following or reach they would like to establish enables them to be filtered through three wholly owned subsidiaries in order to provide the perfect fit: PITOOEY! Mobile Inc., Choice One Mobile Inc. & Rockstar Digital Inc.
About Crystal Research Associates:
Crystal Research Associates was established in 2003 in response to the growing need for independent equity research and innovative thinking in today's highly competitive markets. Well known and highly respected on Wall Street and by the international financial media for providing consistent award-winning analyses and developing long-term relationships, Crystal Research Associates has quickly gained broad recognition among professional investors and its clientele as a quality provider of innovative, fact-driven research that reaches a wide spectrum of stakeholders and fund managers
Altima (ARH.V) Announces Chambers, Alberta 14-35-41-11 W5M Well Drilled and Cased
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Mar 5, 2013) - Altima Resources Ltd. (TSX VENTURE:ARH)(ARSLF)(FRANKFURT:AKC) announces that the Altima Chambers 14-35-41-11 W5M well was drilled to a Total Depth (TD) of 3,201m Measured Depth, casing set to TD, and Rig Released (RR) on February 28, 2013.
Rick Switzer, President and CEO reported: "Altima, in only twelve days, has drilled and cased a directional well faster than anyone else in the area. There are 93 wells drilled within a 10km radius of the 14-35 Chambers well, averaging depths around 3,100 meters and ranging from 24 to 66 days to drill - averaging around 43 days. Our Engineers researched, planned, and implemented techniques and systems for directional drilling, mud systems and overall drilling techniques that may now be standard bearers for industry to follow. Everyone involved not only carried out their jobs at high and efficient levels, but also safely. Altima extends its thanks to all those individuals who made drilling this well so successful."
As reported in the Company''s February 19, 2013 News Release, the 14-35 well is the first well drilled under Altima''s Participation Agreement with Whistler Oil and Gas Pty. Ltd., and is located approximately 5km to the north of the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well that was drilled and completed in 2012.
The Company''s mostly contiguous land base at Chambers-Ferrier totals twenty (20) sections (12,800 gross acres) with an approximate average working interest of 97.2% in 10 of the 20 sections and varying interests in nine (9) wells.
Richard Switzer, CEO, President and a Certified Professional Geologist, is the Qualified Person under National Instrument 51-101 responsible for preparing and reviewing the data contained in this press release.
Red Eagle Mining (RD.V) Intercepts 0.6 Metres at 157.70 Grams Gold Per Tonne and 1.5 Metres at 34.34 Grams Gold Per Tonne at Santa Rosa
Red Eagle Mining Corporation (RD.V) (TSX VENTURE:RD) (OTCQX:RDEMF) is pleased to announce assay results from the Phase Four drill programme at the San Ramon Deposit, Santa Rosa Gold Project, Antioquia, Colombia. Highlights from the initial 46 drill holes (SR-140 to SR-185) include intercepts:
•SR-142 - 54.2m at 0.77 g/t Au from 354.4m down hole
•SR-146 - 46.5m at 0.93 g/t Au from 105.8m down hole (incl. 0.8m at 27.20 g/t Au)
•SR-168 - 36.1m at 2.64 g/t Au from 392.5m down hole (incl. 1.5m at 34.34 g/t Au)
•SR-172 - 0.6m at 157.70 g/t Au from 398.4m down hole
•SR-175 - 4.1m at 12.75 g/t Au from 117.7m down hole (incl. 1.7m at 25.47 g/t Au)
•SR-177 - 37.5m at 1.27 g/t Au from 69.5m down hole (incl. 0.5m at 43.90 g/t Au)
•SR-181 - 7.3m at 6.08 g/t Au from 148.3m down hole (incl. 0.8m at 35.90 g/t Au)
•SR-182 - 0.8m at 36.30 g/t Au from 55.5m down hole
•SR-184 - 28.8m at 1.54 g/t Au from 178.0m down hole
•SR-185 - 14.3m at 2.74 g/t Au from 46.7m down hole (incl. 0.9m at 30.90 g/t Au)
"Our delineation drilling has successfully confirmed continuity of strong gold mineralisation to the maximum extent of a potential open pit at San Ramon," comments Ian Slater, Chief Executive Officer. "In addition, we have been encouraged with the initial drill holes testing the gold system down dip, where typically higher grades have been intercepted, and have expanded the current drill programme from 17,000 metres to 22,000 metres."
Since the cut-off date for the recently released Resource Estimate (news release dated January 21, 2013), this additional 22,000m Phase Four drill programme has been in progress. 13,320m in 61 holes have been drilled to date with assays pending on the latest 15 holes (SR-186 to SR-200). An updated Resource Estimate planned for release mid 2013 will incorporate infill drilling to 50m centres to a depth of 250m which it is anticipated should upgrade a majority of the existing Inferred Resources below 100m to the Indicated classification. In addition, the San Ramon Gold Deposit remains open at depth and, due to significant high grade Resources (approximately 50% of the ounces in the Inferred Resource average over 5g/t Au), indicates potential for underground mining. Therefore, the updated Resource will also incorporate broad spaced drilling from 250m to 500m depth to establish an Inferred Resource suitable for potential development by underground mining methods.
The San Ramon deposit trends east-west, dips 70° to the north, extends over 1,900m, is up to 50m wide and is mineralised from surface. 23,000m of core have been drilled through Phase Three to a vertical depth of 250m to 300m with mineralisation remaining open at depth. The initial Resource Estimate includes an Indicated Resource of 7.34 million tonnes at 1.37 g/t Au containing 322,000 ounces gold and an Inferred Resource of 9.45 million tonnes at 1.50 g/t Au containing 456,000 ounces gold. All of these Resources occur at the San Ramon Deposit, one of numerous gold prospects undergoing exploration at Santa Rosa. Preliminary metallurgy test work returned an average CIL gold recovery of 95%.
Anticipated news flow over the coming months includes:
•Results from the current 22,000 metre Phase Four drill programme (ongoing);
•Preliminary Economic Assessment (Q2 2013);
•Environmental Impact Assessment (Q2 2013);
•Updated NI 43-101 Resource Estimate (mid 2013); and
•Feasibility and permitting (2014).
Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from Phase Four core drill holes SR-140 to SR-185 (also see Figure 1 - Drill Hole Plan and Table 2 - Drill Hole Specifications). True widths are estimated to be 70-90% of the intercepts and vertical depths are estimated to be 70-90% of the drilled depths reported below. Drill assays were composited by length-weighted averaging into intersections using a 0.3 g/t Au cut-off grade. Due to the mining method and mining selectivity contemplated for the deposit, internal dilution was included in some intersections where considered appropriate from the point of view of mining continuity.
Holes SR-144, 148, 151, 153, 154 and 162 were testing extensions to the western extent of the deposit and did not intercept economic mineralisation. Holes SR-155 and SR-171 were abandoned. For pictures of the drill core see Red Eagle's photostream on flickr.
Quality Assurance and Quality Control
All drill samples were collected with a diamond core drill rig using approximately one metre sample intervals of whole core and following standard industry practice. Acme Analytical Laboratories prepped and screened samples in Medellin, Colombia and assayed samples in Santiago, Chile. Gold values were determined by fire assay of a 50g charge at 250 mesh pulp with an AAS finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. The coarse crush split reject (<16mm) was retained for metallurgical testwork. 10% of a range of selected assays over 0.2 g/t Au, with an average of approximately 1.0 g/t Au were taken from the middling split reject and submitted for metallic screening analysis at 150 mesh pulp followed by fire assay and both AAS and gravimetric finish. Any discrepancies were reanalysed from the remaining middling reject by gravity concentration and acid digest. QA/QC included the insertion and continual monitoring of standards and blanks into 10% of the sample stream batches, along with check assays conducted at alternate accredited laboratories.
The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a "Qualified Person" as defined under NI 43-101.
EquityNet Research Initiates Analyst Coverage on PITOOEY!, Inc.
LOS ANGELES, Feb. 27, 2013 (GLOBE NEWSWIRE) -- EquityNet Research, an independent West Coast equity research firm based in Los Angeles, announced today that it has initiated research coverage on PITOOEY!, Inc. (PTOO). A full copy of the report and disclosure requirements is available at EquityNet Research's website: www.equitynet.net.
PITOOEY!, Inc. is a complete, "consumer-first" digital marketing agency that leverages its proprietary technology to assist companies in establishing and expanding their presence and interaction with new and existing customers.
Randy Lewis, CFA, Founder and Senior Analyst with EquityNet who is covering the Company, stated, "We are not only analysts, but consumers as well. And as consumers, we have experienced firsthand the inconvenience and inefficiency of push marketing. PITOOEY! represents a paradigm shift in the way businesses interact with their customers through today's available media -- essentially by letting customers come to them, instead of the consistent clamoring for awareness and new business.
"We feel that it was only a matter of time before some thoughtful, experienced digital marketing company got the idea. The current 'daily deal' services model, while evolving, has shown several flaws. For businesses, the main flaw is that only a small portion of daily deal consumers are repeat purchasers. Only 3% of retailers got repeat customers out of daily deals promotions, according to a survey that Manta released last October. And businesses pay a hefty price for that one-off business -- usually 50%. PITOOEY! solves this problem by putting the power back in the hands of the consumer. In short, people using the PITOOEY! app only receive messages from merchants that they themselves choose, not the other way around. We believe this is a model with tremendous potential." For more information on PITOOEY!, please visit www.pitooey.com.
Stornoway (SWY.TO) Completes Renard 65 Diamond Recovery
MONTREAL, QUEBEC--(Marketwire - Feb. 25, 2013) -Stornoway Diamond Corporation (TSX:SWY) is pleased to report that it has completed diamond recovery from the Renard 65 bulk sample recently collected at Stornoway's 100% owned Renard Diamond Project located in north-central Quebec. In total, 962.8 carats of diamonds larger than a +1 DTC size sieve were recovered from 5080.8 dry tonnes. The size of the diamond sample recovered and the incidene of large diamonds are consistent with Stornoway's expectations for the Renard 65 kimberlite at this sample location.
The objective of the Renard 65 bulk sample was the collection of approximately 1,000 carats of Renard 65 diamonds for valuation purposes. Having achieved this objective, a diamond valuation exercise has been scheduled to take place shortly in Antwerp, Belgium.
As previously announced (Stornoway press release dated December 11th 2012) the largest diamond recovered from the sample was a 9.78 carat white octahedral gem with a preliminary valuation of $7,000 per carat. The next largest diamond was a 6.41 carat white gem also of high quality, with a preliminary valuation of $4,700 per carat.
The Renard 65 bulk sampling is being undertaken with a view to the potential conversion of material that is currently classified as an Inferred Mineral Resource to an Indicated Mineral Resource and, if warranted, to a Mineral Reserve for inclusion in the project's mine plan. Within the larger Renard Mineral Resource inventory, Renard 65 contains an Inferred Mineral Resource of 3.7 million carats (representing 12.9 million tonnes at an average grade of 29 carats per hundred tonnes) to a depth of 290m, with an exploration potential estimated at between 6.8 and 13.7 million carats (29.5 to 41.6 million tonnes at between 23 and 33 cpht) from 290m to 775m in depth. The reader is cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. In addition, the potential quantity and grade of any exploration target is conceptual in nature, and it is uncertain if further exploration will result in it being delineated as a mineral resource.
The current bulk sample was extracted from a site that is known to represent a lower grade portion of the kimberlite, but which is easily accessible from surface. In 2008, a 266 tonne trench sample from the same location returned 51.8 carats for a diamond recovery of 19 cpht, identical to the current result.
Large Diamonds in Exploration Samples at Renard
A feature of the Renard Diamond Project has been the incidence of large, high value stones that have been recovered at each stage of exploration sampling since the project's discovery in 2001. The current Renard 65 bulk sample has continued this trend. In 2003 a white octahedral gem of at least 4 carats was discovered embedded in drill core at Renard 65. During the Renard bulk sampling program of 2007 a 15.46 carat top light brown "makeable" gem was recovered from Renard 2, a 10.15 carat white octahedral gem was recovered from Renard 3, and a broken 21.53 carat brown octahedral gem was recovered from the Lynx Dyke in three pieces of 11.73, 5.96 and 3.94 carats. In all, at least seven large stones have now been recovered from Renard with values in excess of US$4,000 per carat.
Scientific and Technical Data
Diamond results reported in this release are based on dense media separation (DMS) processing work completed by Stornoway at its wholly owned and operated 10 tonne per hour (tph) DMS plant situated in northern Quebec. Kimberlite was prepared through a primary jaw crusher, with -50 mm material fed directly into the DMS which is configured to recover stones retained on a 1.0 x 12.0mm slotted screen. Recovery of +1 DTC diamonds from the DMS concentrate was carried out at Stornoway's wholly owned diamond laboratory in North Vancouver whereby concentrates were processed through x-ray sorter equipment with a grease table finish to generate a final concentrate which was hand sorted to extract diamonds. Quality assurance protocols, security and actual operating procedures for the processing, transport and recovery of diamonds conform to industry standard Chain of Custody provisions. As part of Stornoway's ongoing QA/QC program, all aspects of the bulk sample program are subject to audit. Any material changes to the recovered diamond contents provided above will be reported when available.
Qualified Persons
Mr. David Skelton, P.Geo. (QC), P.Geol (AB), Vice President, Project Development for Stornoway is a Qualified Person as defined under National Instrument ("NI") 43-101 and was responsible for supervising the Renard 65 bulk sample program on the Renard Diamond Project. Mr. Robin Hopkins, P.Geol. (NT/NU), Vice President, Exploration for Stornoway is a Qualified Person as defined under NI 43-101 and was responsible for supervising the diamond recovery. Messrs. Skelton and Hopkins have reviewed and approved the scientific and technical information contained in this release. Diamond valuations were performed by Mr. Shlomo Tidhar of Galaxy Diamond Expertise (HK), a consultant to Stornoway.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. Probable Mineral Reserves as defined under NI 43-101 stand at 17.9 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$752 million, with a life of mine operating cost of C$57.63/tonne giving a 67% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the press release dated 28th January 2013 in respect to the January 2013 Optimization Study, for further details and assumptions relating to the project.
About Stornoway Diamond Corporation
Stornoway is a leading Canadian diamond exploration and development company listed on the Toronto Stock Exchange under the symbol SWY and headquartered in Montreal. Our flagship asset is the 100% owned Renard Diamond Project, on track to becoming Québec's first diamond mine. Stornoway also maintains an active diamond exploration program with both advanced and grassroots programs in the most prospective regions of Canada. Stornoway is a growth oriented company with a world class asset, in one of the world's best mining jurisdictions, in one of the world's great mining businesses
Added to my list, Looks to be coming together slowly but could be a lotto play with the right Catalyst, Going to keep watch for some positive signs. Any opinions appreciated
Altima (ARH.V) Spuds Chambers 14-35-41-11 W5M Well
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2013) - Altima Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC) ( announces the Altima Chambers 14-35-41-11 W5M well spud on February 16, 2013 and drilled to a depth of 632 meters where casing was set. The 14-35 well is to be drilled to a depth of approximately 3,090 meters into the Nordegg formation.
The 14-35 well is the first well drilled under Altima's Participation Agreement with Whistler Oil and Gas Pty. Ltd. (refer to News Release January 24, 2013). The 14-35 well is located approximately 5 kilometers to the north of the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well drilled and completed in 2012.
The Company's mostly contiguous land base at Chambers-Ferrier totals twenty (20) sections (12,800 gross acres) with an approximate average working interest of 97.2% in 10 of the 20 sections and varying interests in eight (8) wells.
Richard Switzer, CEO, President and a Certified Professional Geologist, is the Qualified Person under National Instrument 51-101
Stornoway (SWY.TO) Reports Arrival of Winter Road at Renard Project Site
MONTREAL, QUEBEC--(Marketwire - Feb 14, 2013) - Stornoway Diamond Corporation (SWY.TO) is pleased to report that the Québec Ministère des Transports ("MTQ") has successfully completed the construction of a winter road to the Renard Diamond Project site, two weeks ahead of schedule. The winter road is expected to be open for approximately 6 weeks, and will be used by Stornoway to mobilize heavy equipment required for the construction of the all-season Renard Mine Road. With today''s news, the Renard project has become accessible for vehicles for the first time since its discovery in 2001.
The MTQ winter road has been constructed under a Framework Agreement executed on November 15th 2012 by Stornoway, the MTQ, the Québec Ministère des Ressources Naturelles, and the Québec Ministère des Finances et de l''Économie ("MFE"). Under the terms of this agreement, a 240km long all-season road linking Renard to the Québec highway network is currently being constructed in four segments, A to D. Progress is well established on segments A and B, which are being completed by the MTQ as a 70km/hr two-lane gravel highway. Stornoway will complete the remaining 97km covered by segments C and D as a 50km/hr single lane mining road under the terms of a Financing Agreement executed on December 6th 2012 between Stornoway and the MFE. The timely arrival of the MTQ winter road will allow Stornoway to commence construction of the Renard Mine Road in April, as previously planned. First all-season road access to Renard is scheduled for the 4th quarter of this year.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the results of a Feasibility Study at Renard, followed by an Optimization Study in January 2013, which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 17.9 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$752 million, with a life of mine operating cost of C$57.63/tonne giving a 67% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project, and the press release dated 28th January 2013 in respect to the January 2013 Optimization Study, for further details and assumptions relating to the project.
Red Eagle Mining (RD.V) Files Santa Rosa NI 43-101 Technical Report
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2013) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that it has filed a NI 43-101 Technical Report dated effective January 16, 2013. The Technical Report is with respect to the initial Resource Estimate for the 100% controlled San Ramon Deposit, Santa Rosa Gold Project in Antioquia, Colombia. This initial Resource Estimate established an Indicated mineral resource of 7.34 million tonnes at 1.37 grams gold per tonne containing 322,000 ounces gold and an Inferred mineral resource of 9.45 million tonnes at 1.50 grams gold per tonne containing 456,000 ounces gold. All of these announced resources occur at the San Ramon deposit, one of numerous gold prospects undergoing exploration by Red Eagle Mining at the 390 km² Santa Rosa Gold Project. An updated Resource Estimate, incorporating an additional 17,000 metres of drilling currently underway at San Ramon, is targeted to be released mid-2013.
The results were announced in a news release dated January 21, 2013 and there are no material differences between the results announced in that news release and those contained in the final Technical Report. The complete NI 43-101 Technical Report is available on Red Eagle Mining's website and www.sedar.com.
The Santa Rosa Resource Estimate was prepared by Michael Lindholm, C.P.G., of Mine Development Associates of Reno, Nevada, who is a "Qualified Person" as defined under NI 43-101. The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Eng., who is a "Qualified Person" as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine development team. Red Eagle Mining is currently developing the 390 km² Santa Rosa gold project located in Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located approximately 30km west of AngloGold Ashanti's Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 40km east of Continental Gold's Buritica gold deposit (1.6 million ounce M&I resource grading 13.6 g/t Au). Red Eagle Mining also holds an extensive package of exploration ground in Colombia, including the Pavo Real project.
Altima (ARH.V) Announces Initiation of Drilling of the 14-35 Well at Chambers-Ferrier, Alberta
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 12, 2013) - Altima Resources Ltd. (TSX VENTURE:ARH)(PINKSHEETS:ARSLF)(FRANKFURT:AKC) announces the Altima Chambers 14-35-41-11 W5M well is anticipated to spud within the third week of February. Road and lease construction has commenced and a rig contracted. The 14-35 well is to be drilled to a depth of approximately 3,090 meters into the Nordegg formation.
The 14-35 well will be the first well drilled under Altima's Participation Agreement with Whistler Oil and Gas Pty. Ltd. (refer to News Release January 24, 2013). The 14-35 well is located approximately 5 kilometers to the north of the COPOL ET AL HZ CHAMBERS 14-15-41-11 W5M well drilled and completed in 2012.
The Company's mostly contiguous land base at Chambers-Ferrier totals twenty (20) sections (12,800 gross acres) with an approximate average working interest of 97.2% in 10 of the 20 sections and varying interests in eight (8) wells.
Richard Switzer, CEO, President and a Certified Professional Geologist, is the Qualified Person under National Instrument 51-101 responsible for preparing and reviewing the data contained in this press release.
ON BEHALF OF THE BOARD
Joe DeVries, Director
Marifil Mines Ltd. Announces Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2013) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
MARIFIL MINES LTD. (TSX VENTURE:MFM) (the "Company") is pleased to announce a non-brokered private placement of up to 20,000,000 units at $0.05 per unit for gross proceeds of up to $1,000,000 (the "Offering"). Each unit will consist of one common share and one full purchase warrant (a "Unit"). Each whole warrant will entitle the holder thereof to acquire one common share of the Company at a price of $0.10 for 60 months from closing of the Offering. If, commencing on that date that is four months after the closing of the Offering, the closing price of the common shares of the Company on the TSX Venture Exchange is higher than $0.20 for 20 consecutive trading days then on the date that is the 20th consecutive trading day (the "Acceleration Trigger Date") the expiry date of the warrants will be accelerated to the date that is 20 business days after the Acceleration Trigger Date. Closing of the Offering is anticipated to be on or about February 25th, 2013.
Insiders, management and other existing shareholders identified by the Company will subscribe for up to $200,000 (up to 4,000,000 Units) of the Offering on the same terms and conditions.
Sprott Private Wealth LP and affiliates will act as finders in the Offering. A finders fee equal to 7.5% payable in cash or Units will be payable on a portion of the Offering. Brokers warrants equal to 7.5% of the Offering will be payable to certain finders, brokers warrants issued will be exercisable for a period of two years at $0.05 per share, subject to early acceleration on the same basis as the Unit warrants.
All securities issued pursuant to this non-brokered private placement will be subject to a four month hold period from the date of issuance.
Proceeds from the placement will be used for exploration and development activities on the Company's properties and for general working capital. The non-brokered private placement is subject to the approval of the TSX Venture Exchange
TNR Gold Corp (TNR.V) Finalizes Los Azules Settlement with McEwen Mining
Vancouver B.C., February 05, 2013: TNR Gold Corp. (the "Company" or "TNR") Is pleased to announce that in follow-up to its press release of November 12, 2012, whereby TNR Gold Corp. announced that it and its wholly owned subsidiary, Solitario Argentina S.A. had reached a settlement with McEwen Mining Inc. with respect to the Los Azules Copper Project located in San Juan Province, Argentina, formal documentation and the details pertaining thereto have now been signed and will be filed on SEDAR under TNR's profile at http://sedar.com.
The Company is also pleased to announce that the 1 million shares of McEwen Mining Inc. that form part of the settlement have now been issued (information about McEwen Mining can be found at http://www.mcewenmining.com and on Sedar at http://www.sedar.com). The Company expects that the delivery of the certificates representing such shares will occur upon the transfer of the mineral rights to the Escorpio IV mining tenure to McEwen Mining Inc, which it anticipates will take place later this month. The shares will be subject to the minimum statutory hold period.
About Los Azules
The Company has a 25% back-in right in the northern part of the Los Azules property which is exercisable following the completion of a feasibility study. If the Company elects to back-in for 5% or less or has its interest diluted to 5% or less, TNR will receive a net smelter royalty of 0.6%.
The Los Azules copper deposit is located in the San Juan province of Argentina. McEwen Mining Inc. is the current operator on the Los Azules copper deposit and the Company advises that on January 17, 2013, McEwen Mining Inc. issued a press-release in relation to the deposit. The press release is accessible on Sedar at http://www.sedar.com and on McEwen Mining Inc's website at http://mcewenmining.com.
The press release issued by McEwen Mining Inc. dated January 17, 2013 includes preliminary results from drilling operations on the Los Azules copper deposit for the current exploration season. McEwen Mining Inc.'s press release appears to have been prepared by qualified persons, but no independent qualified person engaged by TNR Gold Corp. has done sufficient work to analyze, interpret, classify or verify McEwen Mining Inc.'s information to determine the accuracy of the current mineral reserve or resource or other information referred to in the press release. Accordingly, the reader is cautioned in placing any reliance on the subject results and estimates.
John Harrop, PGeo, FGS, is a "Qualified Person" as defined under NI 43-101 and has reviewed and approved the technical content of this news release.
About TNR Gold Corp.
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR's subsidiary, International Lithium Corp. (TSX:ILC.V), demonstrated the successful application of TNR's business model in which TNR shareholders benefited from a unit distribution upon spin-out of TNR's lithium and rare metals projects. Gangeng Lithium Co. Ltd. is a leading China based, multi-product lithium manufacturer, and strategic partner and investor in ILC. TNR remains a large shareholder in ILC at 25.5% of outstanding shares.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina; and teamed with the recent acquisitions of rare-earth elements and iron ore projects in Canada confirm TNR's commitment to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
For further details about the Los Azules settlement, please see our 'Question & Answer' release which can be found in the news section of our website at http://www.tnrgoldcorp.com/s/NewsReleases.asp
On behalf of the board,
Gary Schellenberg
Canamex (CSQ.V) Shares Issued Pursuant to Aranka North Property Option Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2013) - Canamex Resources Corp. ("Canamex" or the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) announces that on February 1, 2013 a total of 1,250,000 common shares were issued to GMV Minerals Inc. ("GMV") in accordance with an Option and Joint Venture Agreement (the "Agreement") that was accepted for filing by the TSX Venture Exchange on August 2, 2011 (refer to News Release dated July 6, 2011). These shares, representing the second of three staged issuances of shares that are required to be made pursuant to the Agreement, are subject to a hold period expiring on June 2, 2013.
Canamex, through its wholly-owned subsidiary Canamex Guyana Inc., was granted an option to acquire up to a 100% interest in the Aranka North property by making cash payments to GMV totaling US$520,628 (the final payment of US$183,348 is due on August 2, 2013), expending US$1,000,000 in exploration work on the property before December 31, 2013 (the Company has expended over US$1 million, so the expenditure obligation has been met), and issuing a total of 3,750,000 shares to GMV (the final 1,000,000 share issuance is due on August 2, 2014).
The Aranka North land package contains nominally 98,000 acres in a highly prospective gold region in Guyana, South America. Aranka North lies to the northeast of the major gold discoveries by Guyana Goldfields Inc. at Aurora and Aranka/Sulphur Rose. The Company has identified two prominent gold-in-soil anomalies on the Ridge Anomaly which is located within the Aranka North property, and is conducting a 120-hole power auger drilling program on 100-meter spacing which is expected to be completed by the end of February, with all results anticipated to be in by the end of March.
ON BEHALF OF THE BOARD
Robert Kramer, Chairman and CEO
Canamex Announces 2012 Drilling Results and 2013 Exploration Plans for Bruner Gold Project, Nye County, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2013) - Canamex Resources Corp. ("Canamex" or the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is pleased to announce 2012 drill results and 2013 exploration plans for the Bruner gold project, Nye County, Nevada.
Penelas East New Discovery Area: Highlights
Canamex completed eleven reverse circulation ("RC") holes and one core hole at the Penelas East new discovery area during the fourth quarter of 2012. Eleven of the twelve holes intersected significant thicknesses of gold grading +0.34 gpt (+0.01 opt) Au over potentially minable widths along a length of 180 meters of strike, and across widths of up to +100 meters (see following Summary Table). All totaled in 2012, twenty holes were drilled into the new Penelas East discovery area, wherein nineteen of the holes hit mineralization with an average overall thickness of 48.2 meters (158 feet) averaging 1.4 gpt (0.041 opt) Au. The gold-bearing zone remains open both to the north of section 540mN and to the south of section 380mN, and these extensions will be the focus of continued drilling in the spring of 2013 when the snow comes off the ground.
Two historic drill holes immediately north of the area drilled in 2012 intersected 15.2 meters (50 feet) grading 6.14 gpt (0.179 opt) Au in BRU-105 and 29 meters (95 feet) grading 1.95 gpt (0.057 opt) Au in BRU-085, which we now interpret as the upper extension of the Penelas East new discovery area and which we intend to test in 2013 at lower elevations of 6300-6000 feet, which is believed to be the major boiling zone and where the best gold intercepts have been encountered to date.
Penelas East New Discovery Area: Interpretation
Gold and silver mineralization is associated with brecciated and silicified rhyolite porphyry within a large rhyolite porphyry flow-dome complex. Some of the gold-bearing breccias are vertically oriented, some appear to follow flow foliation within the rhyolite, which dips dominantly to the northeast, and some appear to follow faults and structures of various orientations that are associated with northwest-trending normal and strike-slip faults that cross the property. The network of mineralized breccias in general follow a northerly trend defined by an eastern bounding fault which is intruded by late-stage mafic dikes, and parallel to sub-parallel structures that appear to have been preferable hosts for the emplacement of breccias and gold mineralization. Gold mineralization can be followed from near the surface to depths in excess of 180 meters (~600 feet). All gold-bearing mineralization is oxidized to the penetration depth of the drill holes, which in some holes exceeds +200 meters (~700 vertical feet).
The gold bearing zone appears to be capped by a flow-banded phase of the rhyolite porphyry, which in places is argillized and unmineralized, except along narrow high-angle silicified breccia zones which lead downward into wider breccia zones that are variably mineralized. Outcrops of silicified and brecciated flow-banded rhyolite continue north of the area drilled to date for another several hundred meters, and suggest continuity of mineralization at depth that remains to be tested with additional drilling in 2013. Further to the north widely spaced shallow drilling by Newmont and Miramar intersected gold-bearing stockwork silica and brecciated rhyolite near the bottoms of the shallow holes which suggest the entire mineral system could continue beyond the area of silicified and brecciated outcrops for another several hundred meters. All together this mineral system appears to be over 600 meters long, one hundred meters wide, and intersected over a vertical range of up to 200 meters.
President and COO Greg Hahn Comments
"We are excited to have tapped into what appears to be a large and robust gold bearing mineral system, and look forward to continued drilling along the open extensions to the system that has been defined to date," stated President and COO Greg Hahn.
Bruner Gold Project: H1 2013 Drilling Program
The Company's Technical Advisory Committee met last week and has recommended to the Board of Directors a 6,700 meters (22,000 feet) RC drilling program for the first half of 2013 to be split roughly evenly between the new discovery area drilled in 2012 (the area referenced above) and the northern extension to the historic resource area. Historic work by Morrison-Knudsen, Miramar, Glamis, Newmont, Kennecott and others identified a low grade resource near the southwest portion of the property. The work by Newmont, Kennecott and Miramar was summarized in a report by John Schilling in 1991. The resource section of the report identifies approximately 383,000 ounces (15 million tons at 0.026 opt) of gold within the July-Duluth area of the project. This is not a NI 43-101 defined resource and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Canamex is not treating the historical estimate as current mineral resources or mineral reserves. The Company identifies this as the historic resource area.
Recently acquired rock and soil sampling over the historic resource area completed by Newmont shows a gold anomalous area roughly 100 meters wide by 200 meters long the contains samples up to +50 gpt Au and which has not been drilled. Combined, these two target areas could add significantly to the mineral inventory at the Bruner property. Also, an area roughly 100 meters by 100 meters located to the east of the historic resource area contains highly anomalous gold in soils and rock chips and which contains no drill holes. This area will be a focus of detailed geologic mapping and follow-up sampling in anticipation of drilling in the second half of the year.
Bruner Vein Target Area
The newly defined Bruner vein target area is approximately 1.5 kilometers north of the Penelas East new discovery area. During Q4 of 2012, Chief Geologist Dr. Ellen Leavitt took rock chip samples from this newly defined area of interest which returned up to +5 gpt Au. Based on an historic rock geochem map obtained in H2 2012, the Company has determined that historic rock chip samples have returned over 7 gpt Au in an area on the property near the Bruner Vein that has seen absolutely no follow-up mapping or sampling since the samples were taken in the late 1980s. Importantly, there has been no drilling in the Bruner Vein target area. The Company anticipates it will be ready to drill this area in the second half of 2013.
Bruner Gold Project: Additional Actions
The Company plans to commence initial metallurgical work on drill cuttings from the Penelas East new discovery area. The ultimate objective will be to compare the very positive metallurgical results announced on September 10, 2012 for the historic resource area with those for the Penelas East new discovery area. In addition, the Company will address preparation of a Plan of Operations that will allow extensive drilling of these resource areas and additional target areas going forward. The Company is currently operating under Notice of Intent for the drilling planned in 2013 and does not require approval of a Plan of Operations for any drilling contemplated at the Bruner gold project during 2013.
Summary
A complete summary of the drill hole intercepts follows. Interpretive assay sections will be posted to the Company's web site once they are completed. All drill cuttings were collected in 1.5 meter (5 feet) interval, consisting of 2-3 kilogram homogenized splits which were shipped to ALS Minerals laboratory in Reno for analyses. Blanks and standards were included in the samples analyzed by the lab. Analysis for gold was done using 30 gram fire assays and AA analyses were completed for silver. The drill holes all intersect the complex mineral system at different angles and therefor a true width for each intercept cannot be determined at this time.
"With the successful discovery of a new mineral system on the property and the acquisition of historic geochemical and geophysical data generated by Newmont and others that highlights open extensions to the historic resource and identifies new target areas never before drilled, we are excited to enter 2013 with an aggressive program to quantify and expand resources in both resource areas and to test new targets that could add considerably to the mineral inventory on the property. With the successful financings completed in 2012 we now have the capital resources with which to execute our exploration program" concluded President & COO Greg Hahn.
Stornoway (SWY.TO) Reports Optimized Renard Mine Design and Cost Estimates
Initial Capital Cost Reduced; High Operating Margin Maintained
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2013) -Stornoway Diamond Corporation (TSX:SWY) is pleased to report the completion of a mine design and cost optimization exercise (the "Optimization Study") for the Renard Diamond Project, Stornoway's 100% owned mining development project located in north-central Québec. The Optimization Study incorporates certain design refinements undertaken since the release of the project's Feasibility Study in November 2011 (the "Feasibility Study"), including the deferral of shaft access for the underground mine and a modified underground mining sequence and draw point design. As a result of these design changes, project operating and capital cost estimates have been restated, and a revised production schedule established. The Optimization Study also contains an updated project development schedule and financial model incorporating, amongst other things, the terms of the March 2012 Mecheshoo Agreement with the Cree Nation of Mistissini, the Grand Council of the Crees (Eeyou Istchee), and the Cree Regional Authority, and the November 2012 Renard Mine Road financing agreement with the Government of Québec. Highlights of the Optimization Study are as follows:
•A revised initial capital cost of C$752 million, including contingencies, in October 2012 terms, a reduction of C$50 million from the previous estimate which was expressed in June 2011 terms.
•A revised operating cost averaging C$57.63/tonne (C$76.63/carat) life of mine in October 2012 terms, an increase of C$2.92/tonne from the previous estimate.
•Base case estimates of Net Present Value ("NPV") of C$683 million at a 7% discount rate and Internal Rate of Return ("IRR") of 20.3% before taxes and mining duties, and C$391 million and 16.3% after taxes and mining duties, all improvements from the previous estimates.
•11 years reserve-based mine life with diamond production averaging 1.6 million carats/annum life of mine, real terms net revenue of C$4,046 million, and a cash operating margin of C$2,693 million (67% compared to 68% in the previous estimate).
Matt Manson, President and CEO, commented: "The Optimization Study reported today confirms a robust project with strong cash flows. Since the release of the project's Feasibility Study, we have been able to bring down our initial capital cost estimate with only a modest impact on the project's operating costs. We are particularly pleased that the project has so successfully absorbed the kind of post-feasibility design adjustments and operating agreements that can negatively impact a project's value. The deferral of the shaft has been achieved without compromising the future development of the project's substantial resource upside, and the refinements made to the underground mining sequence provide greater confidence in the operating parameters for this critical part of the overall mine plan. With our Mining Lease and Québec Certificate of Authorization in hand, and the Renard Mine Road under development, we can now move towards finalizing our project financing arrangements, and initiating project construction in the third quarter of this year."
The Optimization Study restates the project's Probable Mineral Reserves at 17.9 million carats (23.8 Mtonnes at 75 carats per hundred tonnes, or "cpht"), a reduction of 0.1 million carats after allowance for revised mining dilution and ore recovery estimates. The new study does not incorporate any changes to the project's underlying National Instrument ("NI") 43-101 compliant Mineral Resources, and does not include the results of the ongoing bulk sampling program at the Renard 65 kimberlite. Including Renard 65, the project contains 17.5 million carats (31.1 Mtonnes at 56 cpht) of Inferred Mineral Resources, much of which lies within the envelope of the planned mine infrastructure. Since mineral resources that are not mineral reserves do not have demonstrated economic viability, these have not been incorporated into the Optimization Study mine plan, in compliance with Canadian reporting standards. However, the project's design, processed kimberlite storage capacity, permits and Mining Lease contemplates the eventual mining of all NI 43-101 Mineral Resources over an extended mine life. In addition to the Mineral Resources, 23.5 to 48.5 million carats of non-resource exploration upside (55.1 to 75.5 Mtonnes at grades ranging from 23 to 188 cpht) has been estimated to 775 meters depth, below which each kimberlite remains open. Readers are cautioned that the potential quantity and grade of any such exploration target is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource (an Optimization Study Support Material presentation is available at http://stornowaydiamonds.com/_resources/feasibility_support_materials_20130128.pdf).
Significant Changes to the November 2011 Feasibility Study
The Feasibility Study included both ramp and shaft access to the Renard underground mine. Shaft sinking will now be deferred until later in the mine life and access to the underground mine will be by way of a ramp only. This will be developed to a depth of 610 meters, sufficient to extract all Mineral Reserves and the Inferred Mineral Resources, and enlarged to accommodate the planned production rate of 6,000 tonnes of ore daily. Ore will be hauled to surface by 60 tonne trucks, with ramp ventilation capacity and surface maintenance facilities expanded to accommodate the increased fleet. Plant capacity remains at 6,000 tonnes per day (2.2 Mtonnes/year) expandable to 7,000 tonnes per day (2.6 Mtonnes/year). Power requirements are expected to total 12.2 MW during operations and be provided by on-site diesel power generation.
Diamond production in Years 1 and 2 remains predominantly derived from the Renard 2/3 open pit. Diamond production from the underground mine will commence during Year 2. As with the Feasibility Study, underground ore will be mined with blast-hole shrinkage on 250 meter, 430 meter and 610 meter development levels, with waste back fill from surface. The Optimization Study contains a refined draw point design and a mining sequence incorporating a panel-retreat method to better assure geomechanical stability and militate against the unexpected onset of natural caving. Numerical analysis of blast fragmentation, and modeling of ore flow during the draw, has been conducted using REBOP™ software. This has resulted in a modest increase in the overall estimate for ore dilution and a modest decrease in the estimate for ore recovery.
No changes have been made to assumptions contained within the Feasibility Study for diamond price, exchange rate, or marketing costs. The cost of diesel fuel is based on an assumed oil price of US$95/barrel compared to US$90/barrel previously.
The Optimization Study incorporates the impact of a Framework Agreement between Stornoway and the Québec Ministère des Transports, the Ministère des Ressources Naturelles, and the Ministère des Finances et de l'Économie ("MFE") for the completion of the Route 167 Extension and the Renard Mine Road, and a revised financing agreement between Stornoway and the MFE (Stornoway press releases dated November 15 and 30, 2012). The Optimization Study assumes a cost to Stornoway of $78 million (after escalation) to complete the road. The MFE loan to Stornoway funding the Renard Mine Road is in two tranches, $77 million at 3.35% and, to the extent required, an additional $7.7 million at 6.3%, both with a term of 15 years, with interest accruing from January 2016 and interest and principal payments beginning in December 2016. As a result of these agreements, the new project development schedule assumes first road access to the project site by the fourth quarter of 2013 rather than July 2013 previously. Plant commissioning is now scheduled to begin in December 2015 with commercial production achieved by June 2016, compared to July 2015 and January 2016 previously.
The Optimization Study also incorporates certain financial terms of the Mecheshoo Agreement, the Impacts and Benefits Agreement between Stornoway, the Cree Nation of Mistissini, the Grand Council of the Crees (Eeyou Istchee) and the Cree Regional Authority (Stornoway press release dated March 27, 2012). The Mecheshoo Agreement includes a mechanism by which the Cree parties will benefit financially from the success of the project on a long term basis, consistent with mining industry best practices for social engagement.
The results of the Optimization Study are outlined in Table 1 below.
Table 1: Results and Key Assumptions
November 2011 Feasibility Study
January 2013 Optimization
Mining Parameters
Reserve Carats (M)
18.0
17.9
Tonnes Processed (M)
23.1
23.8
Recovered Grade (cpht)
78
75
Average Ore Recovery (%)
83.5%
82.9%
Average Mining Dilution (%)
13.5%
17.9%
Dilution Grade (cpht)
0
0
Processing Rate (Mtonnes/annum)
2.2
2.2
Mine Life (years)
11
11
Cost Parameters
Initial Cap-ex (C$M)1
$802
$752
LOM Cap-ex (C$M)3
$994
$1,013
Oil Price (US$/barrel)1
$90
$95
LOM Op-ex (C$/tonne)1
$54.71
$57.63
LOM Op-ex (C$/carat)1
$70.27
$76.63
Revenue Parameters
Gross Revenue (C$M)1
$4,112
$4,268
Marketing Costs
2.7%
2.7%
DIAQUEM Royalty
2.0%
2.0%
Cash Operating Margin (C$M)1
$2,677
$2,693
% Operating Margin
68%
67%
Income Tax, Mining Duties and IBA payments (C$M)1
$571
$625
After Tax Net Cash Flow (C$M)
$1,151
$1,084
Diamond Price Parameters2
Renard 2 and Renard 3 (US$/carat)
$182
$182
Renard 4 (US$/carat)
$164
$164
Diamond Price Escalation
2.5%
2.5%
Exchange rate
1C$=1US$
1C$=1US$
Schedule Parameters
Effective Date for NPV Calculation
January 1 2012
January 1 2013
Construction Mobilization (Early Works)
July 1 2013
August 1 2013
Plant Commissioning Commences
July 1 2015
December 1 2015
Commercial Production Declared
January 1 2016
June 1 2016
Valuation Parameters4
Pre-Tax NPV7% (C$M)
$672
$683
Pre-Tax IRR
18.7%
20.3%
After-Tax NPV7% (C$M)
$376
$391
After-Tax IRR
14.9%
16.3%
1.November 2011 Feasibility Study expressed in June 2011 terms. January 2013 Optimization expressed in October 2012 terms.
2.Prices are expressed in May 2011 terms.
3.Expressed in nominal terms.
4.De-escalated nominal terms.
Capital and Operating Costs
Capital and operating costs in the Optimization Study were adjusted on the basis of modified deliverables and material take offs arising from the mine design scope changes. No changes were made to quantity estimates where no design changes had been made. Capital cost is estimated at an accuracy of -11% and +19%. All estimated costs were escalated to October 2012 terms from June 2011 terms previously by applying market inflation indices. Indirect, owners and EPCM costs were re-assessed on the basis of the revised project schedule including early works and infrastructure availability. Contingencies, risk and escalation factors were all re-assessed.
Initial capital costs are now estimated at C$752.1 million, including a contingency of C$64.7 million, expressed in October 2012 terms. Life of Mine capital cost, including escalation commencing in Q4 2012, the Renard Mining Road, sustaining and deferred capital, less credits for pre-production revenue and salvage value, are estimated at C$1,012.9 million.
Table 2: Estimate of Capital Costs1
November 2011 Feasibility Study
January 2013 Optimization
Site Preparation & General
$ 22.9
$ 32.7
Mining
$ 236.9
$ 151.2
Mineral processing plant
$ 168.4
$ 175.4
Onsite utilities and infrastructures
$ 102.4
$ 114.8
Owner's Cost
$ 86.2
$ 94.7
Spares, fills, tools
$ 10.2
$ 7.1
EPCM services
$ 45.0
$ 47.9
Field indirect costs, vendor representatives
$ 22.5
$ 33.9
Construction camp & Catering
$ 25.0
$ 24.5
Freight and duties
$ 8.1
$ 5.5
Contingency
$ 74.3
$ 64.7
Total Initial Capital
$ 801.8
$ 752.1
Escalation Allowance on Initial Capital
$ 57.3
$ 45.1
Pre-Production Revenue
$ (24.6)
$ (25.0)
Deferred & Sustaining Capital2
$ 138.8
$ 175.9
Deferred Capital (Route 167 Extension)
$ 44.0
$ 0.0
Renard Mine Road2
$ 0.0
$ 78.0
Salvage Value2
$ (22.9)
$ (13.3)
Total Life of Mine Capital, After Contingency, Escalation, Deferred and Sustaining Capital
$ 994.4
$ 1,012.9
All figures in C$ million.
1. Totals may not add due to rounding.
2. After Escalation
Life of mine operating cost is estimated at C$57.63/tonne (C$76.63 per carat; Table 3). The majority of open pit costs at Renard 2 and 3 occur before June 2016 and are contained within the capital cost estimates.
Table 3: Estimate of Operating Costs1,2
November 2011
Feasibility Study
January 2013
Optimization
C$ millions
Unit Cost $/Tonne
C$ millions
Unit Cost $/Tonne
Open Pit Mine
$ 6
$ 0.27
$ 10
$ 0.43
Underground Mine3
$ 556
$ 24.45
$ 555
$ 23.64
Processing
$ 344
$ 15.13
$ 359
$ 15.29
G&A
$ 338
$ 14.86
$ 429
$ 18.27
Total Life of Mine Operating Costs
$ 1,244
$ 54.71
($70.27/ct)
$ 1,352
$ 57.63
($76.63/ct)
1.Totals may not add due to rounding. November 2011 Feasibility Study costs are expressed in Q3 2011 terms. January 2013 Optimization costs are expressed in Q3 2012 terms.
2.Excludes capitalized preproduction costs.
3.Unit cost per processed tonnes. Unit cost per mined tonnes were $26.13 in the November 2011 Feasibility Study and are $25.53 in the 2013 Optimization Study.
Qualified Persons
Jean-François St-Onge, Eng. of SNC Lavalin Inc. is the independent Qualified Person responsible for infrastructure design, the operating and capital cost estimate, and risk management.
Dr. Lynton Gormely, P.Eng. of AMEC Americas Limited is the independent Qualified Person responsible for process plant design.
Mr. William Bagnell, P.Eng. of AMEC Americas Limited is the independent Qualified Person responsible for underground mine design and mineral reserves.
Mr. Louis-Pierre Gignac, Eng. of G Mining Services Inc. is the independent Qualified Person responsible for open pit design and mineral reserves, and financial analysis.
Mr. Martin Magnan, Eng. of Roche Lte. is the independent Qualified Person responsible for permitting and environmental and social considerations.
Mr. Paul Bedell, P.Eng. of Golder Associates Ltd. is the independent Qualified Person responsible for geotechnical, water management and processed kimberlite containment facility design.
Ms. Valérie Bertrand, Géo. of Golder Associates Ltd. is the independent Qualified Person responsible for geochemical classification.
Dr. Richard Brummer, P.Eng. of Itasca Consulting Canada Inc. is the independent Qualified Person responsible for geomechanical and hydrogeological considerations.
Mr. Charles Gagnon, Eng. of Roscoe Postle Associates Inc. is the independent Qualified Person responsible for underground ventilation design.
Mr. David Farrow, P.Geo. (BC) of GeoStrat Consulting Inc. is the independent Qualified Person responsible for the preparation of the mineral resource estimate for the Renard Diamond Project.
All of these Qualified Persons have reviewed and approved the contents of this press release for which they are responsible.
Stornoway will file a NI 43-101 compliant technical report on the Optimization Study, representing an amended Feasibility Study, within 45 days.
About the Renard Diamond Project
The Renard Diamond Project is located approximately 250 km north of the Cree community of Mistissini and 350 km north of Chibougamau in the James Bay region of north-central Québec. In November 2011, Stornoway released the Renard results in the November 2011 Feasibility Study followed with the January 2013 Feasibility Study Optimization which highlighted the potential of the project to become a significant producer of high value rough diamonds over a long mine life. NI 43-101 compliant Probable Mineral Reserves stand at 17.9 million carats, with a further 17.5 million carats classified as Inferred Mineral Resources, and 23.5 to 48.5 million carats classified as non-resource exploration upside. All kimberlites remain open at depth. Pre-production capital cost stands at an estimated C$752 million, with a life of mine operating cost of C$57.63/tonne giving a 67% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the November 2011 Feasibility Study for the Renard Diamond Project for further details and assumptions relating to the project.
Marifil (MFM.V) Identifies High Gold Recoveries in Oxide Gold Tests
Receives Favourable Results from Cyanide Leach Tests in Zone 34 San Roque Property, Argentina
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2013) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces it has received preliminary results from bottle roll cyanide recovery tests from the Zone 34 oxide gold target at the San Roque Project, Rio Negro Province, Argentina.
Marifil submitted composite drill core samples from three holes to the Alex Steward Argentina S.A. laboratory for testing. The purpose of these tests was to determine the amenability of the oxide mineralization to heap leach gold extraction. The tests were highly successful and the Company intends to move forward with further testing and drilling of this gold deposit. Table 1 shows the results of these tests.
Table 1
Composite ID
Drill Hole
Samples
Number of samples
MC-1-2
DDHSR 34 (Nova)
8314-15-16-17-18-20-
21-22-23-25-26-27-28-
29-30-32-33
17
MC-3
DDH 17 (Marifil)
9120-21-22-23-24-25-
26-27-28-29-30-31-32-
33
14
MC-4
DDH 20 (Marifil)
9218-19-20-21-22-23-
24-25
8
The laboratory carried out metallic screen assays to determine if coarse gold was present. The assays of the three composites plus one duplicate sample show that 95% of the gold reports to the -140 mesh fraction. This is important because fine-grained gold leaches more readily than coarse-grained gold.
The bottle roll tests were carried out at a pH of 11.2. The results for the 96 hour leach were 92.43%, 85.28%, and 95.14% recoveries of gold respectively. Graph 1 below shows the results for grade vs time for gold.
To view "Graph 1", please visit the following link: http://media3.marketwire.com/docs/MFMfig.pdf.
Silver recoveries were lower than expected, however this is typical for heap leach operations. Silver accounts for less than 20% of the dollar value of the deposit.
The Company is pleased with these preliminary results from San Roque. We look forward to conducting further testing on the property.
On Behalf of the Board of Directors,
John Hite, President
For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR (http://www.sedar.com) or at Marifil's Website (http://www.marifilmines.com).
Red Eagle Mining Announces Initial Santa Rosa NI 43-101 Resource
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2013) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that an initial NI 43-101 resource estimate for its 100% controlled Santa Rosa gold project has established an Indicated mineral resource of 7.34 million tonnes at 1.37 grams gold per tonne containing 322,000 ounces gold and an Inferred mineral resource of 9.45 million tonnes at 1.50 grams gold per tonne containing 456,000 ounces gold. All of these announced resources occur at the San Ramon deposit, one of numerous gold prospects undergoing exploration by Red Eagle Mining at the 390 km² Santa Rosa gold project. An updated resource estimate incorporating an additional 17,000 metres of drilling currently in progress at San Ramon is targeted to be released mid-2013.
This resource estimate was prepared by Mine Development Associates in accordance with the definitions in the Canadian National Instrument 43-101 (NI 43-101) based on 23,000m drilled to date. For resource reporting, a cut-off grade of 0.30 g/t Au was determined to reflect expected mining and processing operating conditions. The majority of the Indicated resource occurs within 100m of the surface, where the deposit has been drilled to 50m centres. The resource below 100m is primarily an Inferred resource drilled to approximately 100m centres to a depth of 250m, which is currently defined as the likely extent of a potential open-pit. Wider-spaced drilling indicates that mineralisation is present at depths of over 300m.
Cutoff
Indicated Resource
Inferred Resource
g/t Au
Tonnes
g/t Au
oz Au
Tonnes
g/t Au
oz Au
0.20
9,239,000
1.14
338,000
12,137,000
1.22
477,000
0.30
7,339,000
1.37
322,000
9,453,000
1.50
456,000
0.40
6,031,000
1.59
308,000
7,748,000
1.75
437,000
0.50
5,151,000
1.78
295,000
6,625,000
1.97
421,000
1.00
2,821,000
2.66
242,000
3,645,000
3.01
353,000
1.50
1,643,000
3.70
195,000
2,140,000
4.26
293,000
2.00
1,080,000
4.73
164,000
1,463,000
5.44
256,000
Since the cut-off date for the resource estimate, an additional 17,000m drill program has been in progress. The updated resource estimate will incorporate infill drilling to 50m centres to a depth of 250m which it is anticipated should upgrade a majority of the existing Inferred resources below 100m to the Indicated classification. In addition, the San Ramon gold deposit remains open at depth and, due to significant high grade resources (approximately 50% of the ounces in the Inferred resource average over 5g/t Au), indicates potential for underground mining. Therefore, the updated resource will also incorporate broad spaced drilling from 250m to 500m depth to establish an Inferred resource suitable for potential development by underground mining methods.
"We are extremely pleased by the results of this initial resource estimate for San Ramon and look forward to both increasing the quality and tonnage with an updated resource estimate targeted for release mid-year based on the current drilling," comments Ian Slater, Chief Executive Officer. "The resource estimate establishes San Ramon as one of the highest-grade deposits amenable to low-cost open-pit mining in Colombia."
The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 50m wide and is mineralised from surface. 23,000m of core have been drilled to date to a vertical depth of 250m to 300m with mineralisation remaining open at depth. Preliminary metallurgy test work returned an average gold recovery of 93.5% through flotation and cyanide leaching.
Anticipated news flow over the coming months will include:
•Results from the current 17,000 metre Phase Four drill programme (Q1 2013);
•Preliminary Economic Assessment (Q2 2013);
•Environmental Impact Assessment (Q2 2013);
•Updated NI 43-101 resource estimate (mid 2013); and
•Feasibility and permitting (Q1 2014).
The Santa Rosa resource estimates were prepared by Michael Lindholm C.P.G., of Mine Development Associates of Reno, Nevada, who is a "Qualified Person" as defined under NI 43-101. The complete NI 43-101 technical report will be filed within 45 days and will be available on Red Eagle Mining's website and www.sedar.com. The technical information contained in this news release has been reviewed and approved by Red Eagle Mining's Vice President of Exploration, Jeff Toohey P.Geo., who is a "Qualified Person" as defined under NI 43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine development team. Red Eagle Mining is currently developing the 390 km² Santa Rosa gold project located in Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located approximately 30km west of AngloGold Ashanti's Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 40km east of Continental Gold's Buritica gold deposit (1.6 million ounce M&I resource grading 13.6 g/t Au). Red Eagle Mining also holds an extensive package of exploration ground in Colombia, including the Pavo Real project.
Canamex Resources (CSQ.V) Announces Formation of Technical Advisory Committee
Jan 16, 2013 10:30:00 AM
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2013) - Canamex Resources Corp. ("Canamex" or the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) is pleased to announce the formation of a Technical Advisory Committee (the "Committee"). Formed pursuant to the terms of an Ancillary Rights Agreement with Hecla Canada Ltd., a wholly owned subsidiary of NYSE-listed Hecla Mining Company, the Committee will report to Canamex's Board of Directors and make recommendations on technical matters relating to the Company's mineral projects. The three members of the Committee are Greg Hahn, Chair of the Committee, Kurt Allen and Dr. Stuart Simmons.
Greg Hahn, President and COO of Canamex and Chair of the Committee
Greg Hahn is the President and COO of the Company and Chair of the Committee. A Certified Professional Geologist and a Geological Engineer with more than 35 years of experience in exploration and mine development, he was a founding Director and shareholder of Marathon PGM Corp., which was sold in November 2010 to Stillwater Mining Company for $170 million. Prior to joining Canamex, he served as director and interim President & CEO of Silver Bull Resources Inc. (formerly Metalline Mining Company/NYSE MKT and TSX), where he was co-lead director on structuring a merger with a Vancouver-based entrepreneurial and mineral exploration group that resulted in an increase in its market cap from $20 million pre-merger to +$140 million post-merger. From 1995 - 2007, he was CEO and a director of Constellation Copper Corporation, where he was instrumental in bringing the Lisbon Valley copper mine through permitting, engineering, financing, construction, and initial operation. Prior to his position with Constellation, he was Vice-President for St. Mary Minerals Inc. for four years, examining investment opportunities in Latin America, and Chief Geological Engineer for CoCa Mines Inc. for five years, where he helped construct and operate two open pit heap leach gold and silver mines in the 1980s. He spent ten years previously with Noranda Inc. as an exploration and pre-development geologist. Greg received a B.A. in Earth Sciences from Dartmouth College and a M.S. in Geology and Geological Engineering from Michigan Technological University.
Kurt Allen, Director - New Projects for Hecla Mining Company
Kurt Allen has over 25 years' experience in the mineral exploration and mining industry, with emphasis on volcanic and sediment hosed epithermal gold-silver deposits. Kurt holds a B.Sc. in geology from Boise State University and a M.Sc. in geology from Idaho State University, and is currently the Director - New Projects for Hecla Mining Company. He has worked for Hecla since 1991 holding various positions, including Senior Mine Geologist, Chief Geologist, Manager of Exploration at Hecla's Rosebud deposit and operation from 1995 - 2000, and District Geologist, Chief Geologist, Exploration Manager, and General Manager at Hecla's San Sebastian deposit in Durango, Mexico from 2000 - 2010. While at San Sebastian, Kurt managed the exploration group responsible for the discovery of the high-grade Ag-Cu-Pb-Zn Hugh Zone resource currently in pre-feasibility studies. Prior to joining Hecla, Kurt also worked for CoCa Mines Inc. and Geodome Resources Limited.
Dr. Stuart Simmons, Research Professor, Department of Geology and Geological Engineering, Colorado School of Mines
Dr. Simmons is a consulting and research geoscientist serving clients in exploration and discovery of mineral and geothermal resources. He specializes in analyzing and interpreting patterns of hydrothermal alteration/mineralization and fluid chemistry. He has published over 70 papers dealing with epithermal mineral deposits, hydrothermal minerals, hot springs, and geothermal resources. Stuart moved to New Zealand in 1987 after completing his Ph.D. in Economic Geology at the University of Minnesota to study hydrothermal gold-silver transport-deposition in the Taupo Volcanic Zone. He is a former director of the Geothermal Institute, University of Auckland, where he was employed for over twenty years. In 2008, he began work as a full-time consultant, and in 2011 he was appointed Research Professor at Colorado School of Mines. In spring 2013, he will take up a new research position at the Energy and Geoscience Institute, University of Utah.
President and COO Greg Hahn Comments
"We are delighted Kurt Allen and Dr. Stuart Simmons have agreed to join the Company's Technical Advisory Committee. Both men have outstanding academic and professional qualifications, and I look forward to working with them as we advance our mineral projects," stated President and COO Greg Hahn. The first meeting of the Committee will be held in Golden, Colorado on January 23, 2013.
ON BEHALF OF THE BOARD
Robert Kramer, Chairman and CEO
Red Eagle Mining (RD.V) Commences Environmental Impact Assessment and Augments Mine Development Team
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2013) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that Conestoga-Rovers & Associates (CRA) have commenced a NI 43-101 compliant Environmental Impact Assessment (EIA) and Kappes Cassiday and Associates (KCA) have commenced a Detailed Metallurgical Testwork and Process Design Program for the San Ramon deposit, Santa Rosa gold project, Colombia. In order to manage the transition to development Red Eagle Mining is also very pleased to announce the appointment of Alan Baker - Project Director, Jeff Toohey - Vice President Exploration and Bob Bell - Chief Operating Officer.
CRA is an internationally recognized environmental consulting group which employs 3,000 people in over 90 offices - principally in the Americas. The EIA will rely on the Environmental Baseline Study being conducted by the Universidad de Antioquia and the Fundacion Universitaria Catolica del Norte (news release dated September 11, 2012) of which the first stage was completed in December 2012.
KCA are a world-class process metallurgical consulting group with extensive laboratory facilities specializing in gold extraction technology in Reno, Nevada. The testwork program will evaluate the possible process options for the San Ramon ore, including heap leaching, carbon-in-pulp (CIP), carbon-in-leach (CIL), and floatation concentration processing. Additionally, tailings disposal options will be evaluated. As this testwork program progresses, results will be incorporated into the Preliminary Economic Assessment (PEA) being prepared by Mine Development Associates (MDA) (news release dated September 11, 2012).
"We are very pleased to be able to continue taking the San Ramon deposit towards our goal of development in a timely process," comments Ian Slater, Chief Executive Officer. "We are also delighted with the addition of both Alan Baker and Jeff Toohey and their wealth of responsible mine development experience."
Mr. Baker has over 35 years of experience in design and construction of gold projects including surface and underground mining and process plants. Earlier in his career Mr. Baker was Senior Manager - Projects for AngloGold Ashanti in Ghana. Mr. Baker joins Red Eagle Mining from Eldorado Gold Corp. Mr. Baker is responsible for the design, permitting and construction of Red Eagle Mining's San Ramon gold deposit and is based in Medellin, Colombia.
Mr. Toohey has over 38 years of experience in mineral exploration and development in South America. Mr. Toohey was a Senior Geologist for twelve years with Teck Resources Limited in Chile, Argentina and Peru. Most recently Mr. Toohey was Vice President Exploration for Peregrine Metals Ltd which was purchased by the Stillwater Mining Company in 2011. Mr. Toohey was responsible for the acquisition, exploration, drilling delineation and PEA of Stillwater's flagship Altar copper and gold project in Argentina. Mr. Toohey replaces Mr. Mike Johnson as Vice President Exploration. The board would like to thank Mr. Johnson for his service and wish him well in his future endeavours.
Mr. Bell, a founding director of Red Eagle Mining, has been appointed Chief Operating Officer. Mr. Bell has worked internationally in the mining industry for over 40 years. Mr. Bell was a founding partner of Minproc Engineers' Mining Division and responsible for a large number of feasibility studies and mine construction projects. Prior to co-founding Red Eagle Mining, Mr. Bell was General Manager of the Chelopech Mine in Bulgaria. Mr. Bell is a graduate Mining Engineer from the Western Australian School of Mines.
The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m wide and is mineralised from surface. 23,000m have been drilled to date to a vertical depth of approximately 250m with mineralisation remaining open at depth. Anticipated news flow over the coming months will include:
•Initial NI 43-101 resource estimate (January 2013);
•Results from the current 17,000 metre Phase Four drill programme (Q1 2013);
•Updated NI 43-101 resource estimate (Q2 2013);
•Preliminary Economic Assessment (Q2 2013);
•Environmental Impact Assessment (Q2 2013); and
•Feasibility and permitting (Q1 2014).
The scientific and technical information contained in this news release has been reviewed and approved by Jeff Toohey P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.
About Red Eagle Mining
Red Eagle Mining Corporation is a well-financed gold exploration and development company with an experienced mine development team. Red Eagle Mining is currently developing the 390 km² Santa Rosa gold project located in Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Antioquia Batholith. Gold mining within the Santa Rosa project pre-dates the 16th century when an estimated 30 million tonnes were mined. Santa Rosa is located 70km north of Medellin near the town of Santa Rosa de Osos in a region characterized by gently rolling hills and excellent infrastructure. Santa Rosa is also located approximately 30km west of AngloGold Ashanti's Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 40km east of Continental Gold's Buritica gold deposit (1.6 million ounce M&I resource grading 13.6 g/t Au). Red Eagle Mining also holds an extensive package of exploration ground in Colombia, including the Pavo Real project.
Going to see how it lines up could be a decent bounce play
Canamex Resources Update on Status of Projects
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2013) - Canamex Resources Corp. ("Canamex" or the "Company") (TSX VENTURE:CSQ)(OTCQX:CNMXF)(FRANKFURT:CX6) updates the status of the Bruner Gold Project, Nye County, Nevada, and the Aranka North Gold Project, Guyana, South America.
Bruner Gold Project, Nye County, Nevada
In the fourth quarter of 2012, a total of eleven reverse circulation drill holes (B-1209 thru B-1219) and one diamond drill hole (B-1208C) were completed at the Penelas East discovery area for a total of 2,920 meters (9,578 feet) of drilling. Drilling was completed mid-December, and the Company expects to be in a position to announce all drill results by the end of January. A follow-up drill program is currently being planned, and drilling is expected to re-commence in March, depending upon winter weather and spring thaw conditions.
Aranka North Gold Project, Guyana, South America
Soil sampling via hand auger holes one meter deep on 100-meter spacing across eight square kilometers of the Ridge Anomaly has identified two prominent gold-in-soil anomalies: Ridge North Anomaly and Ridge South Anomaly. The Ridge South Anomaly has overall dimensions of 1 kilometer wide by 1.8 kilometers long, and trends in a NNW direction towards the Ridge North Anomaly, which is 0.8 kilometers wide by 1.2 kilometers long. These two anomalies are separated by a distance of approximately one kilometer. The South Ridge Anomaly has ATV trail access to it and has been the focus of follow-up power auger drilling on 100-meter spacing to sample below the one meter depth of the hand auger soil sampling program. A total of 35 power auger holes out of a 120-hole program were completed before the holiday break, and a total of 90 soil samples have been delivered to the prep lab in Georgetown, Guyana for ultimate assaying at Acme Analytical Laboratories in Vancouver, Canada. The field program will re- commence in mid-January. The balance of the power auger drill holes are expected to be completed by the end of February, with all results anticipated to be in by the end of March.
Cash Position
The Company had in excess of $4.1 million cash on hand on December 31, 2012, and believes it is sufficiently financed to carry out its exploration work plan at both projects into early 2014.
CEO Robert Kramer Comments
"2012 was a pivotal year in Canamex's development. We wish to thank our shareholders for their support, and look forward to building on the results of last year during 2013," stated Company Chairman and CEO Robert Kramer.
Greg Hahn, Certified Professional Geologist (#7122) is the Qualified Person who has prepared and reviewed this press release in accordance with NI 43-101 reporting standards.
ON BEHALF OF THE BOARD
Robert Kramer, CEO and Director
Marifil Mines (MFM.V) Year End Update: December 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2012) -
Dear Shareholders & Investors,
On behalf of Marifil Mines Ltd. ("Marifil" or the "Company") (TSX VENTURE:MFM), I am pleased to provide an operational update on Marifil's activities for the year end 2012. During the past year, the Company has made several significant accomplishments on our extensive portfolio of projects in Argentina.
Marifil has expanded its land holdings and acquired two high-grade potash deposits K-5 and K-6 in the Neuquen basin. Additionally, the company hired consultant Dr. Robert Rennie to assist in the development and planned spinout of the potash, sulfur, and phosphate projects into Marifil Fertilizers Ltd. For more information on the company's potash projects please visit Marifil's website: http://www.marifilmines.com/
Marifil has been working diligently to find new partners for our properties. We have reached an agreement on one of our larger projects; however, we have been unable to sign a contract for several months due to bureaucratic delays. A second major project is being reviewed by several companies and investor groups and we hope to have updates in the coming months.
Further, Marifil has succeeded in adding value through exploration and development. One of our recent successes has been in identifying oxide gold at the San Roque property. This potential heap leach gold deposit is located in the Zone 34 area of the property and mineralization is thoroughly oxidized to a depth of 30 to 35 meters. Company geologists are currently preparing composite samples for metallurgical testing. Several companies have signed or are reviewing Confidentiality Agreements on this project. For more information on San Roque please read Marifil's December 10th News Release: http://www.marifilmines.com/s/news.asp?ReportID=560789
Despite Marifil's successes and advancements this year, our share price has been hit hard by poor macro economic conditions. The junior mining sector has suffered from slowing economic growth in the US, the Eurozone crisis, and the looming fiscal cliff. Poor investor sentiment, declining trading volumes, and restricted access to capital have caused almost half of all TSX-Venture junior mining companies' stock prices to fall below 10 cents. Adding to this list of problems is the perception that Argentina offers a poor investment climate, although a number of major companies are spending billions of dollars to develop new projects. Even in the face of these tough market conditions, we are confident in our growth strategy and excited about the future.
Our plan for 2013 is:
•To continue to develop our portfolio of projects, our diversity allows us to whether commodity price volatility
•To partner with mid-large mining companies to reduce risk and exploration costs
•To spinout Marifil Fertilizers Inc.
On Behalf of the Board of Directors,
John Hite, President
For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR (http://www.sedar.com) or at Marifil's Website (http://www.marifilmines.com).
This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Vice President under whose directions the exploration program is being carried out. Mr. Hite and Mr. Walters are Qualified Persons as defined by National Instrument 43-101.
Stornoway (SWY.TO) Receives Transfer of the Certificate of Authorization for The Renard Mine Road
MONTREAL, QUEBEC--(Marketwire - Dec. 17, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has received from the Québec Ministère du Développement durable, de l'Environnement, de la Faune et des Parcs ("MDDEFP") the transfer of the Certificate of Authorization for the construction of the Renard Mine Road, the 97 km long mining grade road that Stornoway will construct to complete all season road access to the Renard Diamond Project. The transfer of this Certificate of Authorization has been made consistent with the schedule contained within the Framework Agreement entered into on November 15th 2012 between Stornoway, the MDDEFP, the Québec Ministère des Transports ("MTQ"), the Ministère des Ressources Naturelles and the Ministère des Finances et de l'Économie.
Construction of the road that will provide all-season vehicle access to the Renard Project began in February 2012 as the "Route 167 Extension". Under the terms of the Framework Agreement, and a subsequent Financing Agreement entered into on November 30th, 2012, Québec will complete the first 143km of road as a 70km/hr two-lane gravel highway as previously planned and Stornoway will undertake the construction of a 50km/hr single lane mining road over the remaining 97km. Québec will provide Stornoway with credit facilities of up to C$85 million to complete this work. To facilitate the road's construction schedule, the MTQ will complete a winter road by March 2013 to allow temporary access to Renard and the mobilization of fuel, road construction equipment and camps. It is expected that permanent road access to Renard will be available by Q4 2013 to allow mine construction to commence.
The Renard Mine Road Certificate of Authorization represents the principal regulatory approval required for Stornoway to commence road construction. Given that the single lane road that will be built will have a smaller environmental footprint than was previously contemplated for the Route 167 Extension, Stornoway will seek minor changes to the terms of the authorization.