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Marifil Regains Ownership of Mina El Carmen
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2012) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that Marifil has regained ownership of the Mina El Carmen oil and gas property in Chubut Province, Argentina.
The Mina El Carmen project is an oil and gas property with a potential target of 8.1 billion cubic feet of natural gas and 6.4 million barrels of oil. Marifil's geologic report, including an estimate of target size, was prepared by an experienced Argentinian petroleum geologist who is a member of the American Association of Petroleum Geologists, but is not a Qualified Person as defined by NI 51-101. Therefore investors are cautioned that this estimated target is not a defined resource.
Mina El Carmen was sold to Ilakon Ltd. ("Ilakon"), a private company, in November 2010 for $250,000, an 8% royalty, and an annual minimum advance royalty of $75,000. Ilakon completed the $250,000 purchase and subsequently sold the property to Obtala Resources ("Obtala"), a British Company. Obtala (and/or Ilakon) failed to make the $75,000 advance royalty payment due in November 2012. Marifil exercised its right to cancel the contract and is now the owner of the property.
The property comprises four patented oil claims totalling 2,001 hectares located on the north flank of the Golfo San Jorge Basin in Chubut Province, Argentina (see El Carmen News Release dated October 16, 2007).
Twelve shallow wells were drilled on the property by private and government oil companies between 1928 and 1944, primarily to test a near-surface gas-bearing formation. Four of the wells have shut-in gas and two of the deeper wells reported oil and gas shows from deeper reservoirs. Several factors sharply limited the value of this early testing, including lack of technical ability, lack of seismic coverage, the use of now obsolete technology and placing wells where access was convenient rather than based on geology.
Marifil will begin looking for a new joint-venture partner for Mina El Carmen.
On Behalf of the Board of Directors,
John Hite, President
IntelGenx Appoints Rajiv Khosla RPh, PhD, MBA
SAINT LAURENT, Quebec, Dec. 11, 2012 (GLOBE NEWSWIRE) -- IntelGenx Corp. (TSX-V:IGX) (OTCQX:IGXT) (the "Company") today announced that Rajiv Khosla RPh, PhD, MBA has joined its management team in a senior consulting capacity effective January 1, 2013.
"I am very proud and excited to welcome Rajiv to our management team," said Dr. Horst G. Zerbe, President and CEO of IntelGenx. "Rajiv brings a wealth of experience and expertise from a distinguished career in the pharmaceutical industry." That experience includes VP Business Development at Biovail Corporation; VP and General Manager, Pharmaceutical, at Sensient Technologies, and Senior Business Director, Healthcare, at ICI Group.
"Dr. Khosla's business development experience and record of leading growth in the sector are key assets as IntelGenx moves forward," Dr. Zerbe said, noting that Dr. Khosla also has deep knowledge in drug delivery systems.
Initially, Dr. Khosla will assist IntelGenx with strategic operations, business development activities and provide advice related to IntelGenx' current and future pharmaceutical project development. He will also play an important role in the Company's ongoing succession planning. It is expected that on April 1, 2013, Dr. Khosla will be appointed to the newly created positions of Chief Operating Officer and Chief Scientific Officer at IntelGenx, subject to successful attainment of Canadian work permit documents.
Dr. Khosla has served as a member of the IntelGenx Board of Directors, where Dr. Zerbe said it became clear that his contributions to the future of the Company could be very significant. He will resign his board seat as he begins his new role.
Most recently, Dr. Khosla was President, Chief Executive Officer and a member of the board of directors of Orasi Medical, a leading provider of clinical neurophysiology biomarkers, focused on the industrialization and standardization of magnetoencephalography (MEG) in central nervous system drug and therapeutic device development. In January 2011, Dr. Khosla founded CEUTEC LLC, a private company that offers a full-service of business development activities to Biotech, Specialty Pharma and Venture Capital/Private Equity Firms.
From September 2005 to December 2010, Dr. Khosla was Vice President of Business Development at Biovail Corporation, a Canadian pharmaceutical company operating internationally. Whilst there, Dr. Khosla successfully led the transaction process for over 75 deal opportunities in a variety of therapeutic areas, including the central nervous system, dermatology, women's health, cardiovascular and gastrointestinal, drug delivery, orphan drugs, generics and pipeline partnerships. From 2003 to 2005, Dr. Khosla was Vice President and General Manager, Pharmaceutical, of Sensient Technologies. From 1998 to 2003, Dr. Khosla served as Senior Business Director, Healthcare at ICI Group, where he managed a new worldwide healthcare business.
Dr. Khosla holds a Ph.D. in pharmaceutical science, with a thesis on Oral Drug Delivery Technology, completed in 1987. Additionally, Dr. Khosla has an Executive MBA from the Henley Business School in England, a Bachelor of Pharmacy (Honours) from the University of Nottingham, England and is a registered pharmacist in the UK.
Marifil (MFM.V) Identifies Oxide Gold at San Roque; Potential Heap Leach Gold Deposit
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces it has identified a potential heap leachable gold deposit at the Zone 34 area on its San Roque Property, Rio Negro Province, Argentina.
Zone 34 includes two sub-parallel linear gold bearing structures about 125 meters apart, each exceeding 200 meters in length, named the west system and the east system. Both systems are hosted by a rhyolite crystal lithic tuff which has been shattered, silicified, and cut by stockwork quartz-pyrite-gold-silver veinlets. Mineralization is thoroughly oxidized to a depth of 30 to 35 meters.
Zone 34 represents a sparsely explored sector of the property which differs markedly from the focus area of past drilling as it lacks significant base metal and indium mineralization. This absence of base metals, especially copper, enhances the leachability of precious metals mineralization.
The last episode of drilling on the property ended with diamond drill core hole DDHMSR-0034 returning 35 m (oxidized) of 2.27 g/t Au and 42.6 g/t Ag from surface down followed by 37.5 m (unoxidized) of 1.12 g/t Au and 15.3 g/t Ag from 155.5 m to 193.0 m. These intercepts average less than 0.01% Cu, 0.10% Pb and 0.15% Zn.
The east system is defined by nine drill holes, including DDHMSR-0034, with an average thickness of 16.8 meters and a weighted average grade of 3.18 grams per ton gold. The west system is defined by six holes with an average thickness of 14 meters and a weighted average grade of 1.50 grams per ton gold.
Company geologists are preparing composite samples from drill core coarse rejects for metallurgical testing to determine whether this deposit can be exploited by low cost heap leach extraction. The Company is preparing for laboratory bottle roll cyanide leach tests to be quickly completed. If these results are positive then column leach tests will follow to further determine gold leachability characteristics.
On Behalf of the Board of Directors,
John Hite, President
Stornoway (SWY.TO) Completes Finance Agreement With Quebec for Renard Mine Road
MONTREAL, QUEBEC--(Marketwire - Dec. 7, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that its wholly-owned subsidiary Les Diamants Stornoway (Canada) Inc. has completed a Financing Agreement with the Québec Ministère des Finances et de l'Économie ("MFE") under which Stornoway will be financed to complete the construction of a mining-grade access road to the Renard Diamond Project (the "Renard Mine Road"). The Financing Agreement is pursuant to a Framework Agreement and associated Letter of Intent previously executed between Québec and Stornoway and announced on November 15, 2012. The Framework Agreement and the now-completed Financing Agreement are designed to ensure all-season road access to Renard during 2013. Features of the Financing Agreement are as follows:
•Québec to provide Stornoway with a credit facility of up to C$77m ("Loan A") to complete the road construction work, at an annual interest rate of 3.35% percent, for a term of 15 years, with repayment beginning 48 months following first disbursement, and deferrable up to 2 years due to any delay in the attainment of commercial production at Renard past July 1, 2016.
•Québec to provide Stornoway an additional overrun facility of up to C$7.7m ("Loan B"), at an annual interest rate of 6.3% percent, with repayments concurrent with Loan A.
•Stornoway undertakes to complete construction of the Renard Mine Road no later than June 30, 2015, subject to certain terms, including terms of the previously announced Framework Agreement.
On the basis of the construction schedule as currently anticipated, Stornoway expects to request an initial disbursement under Loan A during the month of December 2012.
IntelGenx Grants Stock Options
SAINT LAURENT, Quebec, Dec. 7, 2012 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. ("IntelGenx") (TSX-V:IGX) (OTCQX:IGXT) announced today that the Company's board of directors granted options to acquire 55,000 common shares effective December 4, 2012. All options were granted under the 2006 Stock Option Plan as amended, with an exercise price of C$0.60 and expire in five years. All options vest over a period of two years at the rate of 25% every six months.
Of the total stock options granted, 30,000 were granted to the CEO and President, Horst G. Zerbe and 25,000 to the CFO, Paul A. Simmons.
Stornoway (SWY.TO) Receives Renard Certificate of Authorization
Major Permitting Milestone Achieved on Schedule
MONTREAL, QUEBEC--(Marketwire - Dec 6, 2012) - Stornoway Diamond Corporation (SWY.TO) is pleased to announce that it has received the global Certificate of Authorization for the Renard Diamond Project from the Québec Ministère du Développement Durable, de l''Environnement,de la Faune et des Parcs ("MDDEFP"). The Certificate of Authorization represents the principal regulatory approval required to commence mine construction, and has been issued by the Québec regulators following more than 2 years of formal environmental study, community engagement and public consultation under the terms of the James Bay and Northern Québec Agreement (the "JBNQA").
Matt Manson, Stornoway''s President and CEO commented: "Today''s news represents the most significant milestone in the development of the Renard Diamond Project achieved to date. It comes just 11 months since the filing of the project''s Environmental and Social Impact Assessment, an accomplishment that reflects the high quality of the work undertaken by Stornoway''s project team and partners, and the broad support that the project enjoys within the nearby communities of Mistissini, Chibougamau and Chapais. The MDDEFP global Certificate of Authorization is the most important element of the permitting process for mining projects in Québec. As of today we are able to say that the principal regulatory hurdle for the Renard Diamond Project is behind us."
The Renard project falls under the social and environmental protection regimes of both the JBNQA and the Canadian Environmental Assessment Act ("CEAA"). Successful public hearings on the project were held by the federal Canadian government and Québec in June and August of this year respectively. Stornoway expects to receive regulatory authorizations from the Fisheries and Oceans Canada and Environment Canada shortly, following the conclusion of the federal government''s evaluation of the project under the CEAA. The Québec Certificate of Authorization has been issued by the MDDEFP upon the recommendation of the review committee of the JBNQA ("COMEX"). The project''s Mining Lease was issued by the Québec Ministère des Ressources naturelles in October.
The Renard Environmental and Social Impact Assessment, as well as the project''s Environmental Baseline Study and Restoration Plan, are available in their entirety on Stornoway''s website (www.stornowaydiamonds.com/renard/esia).
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 for Renard that 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 18.0 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$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project 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. 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.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Matt Manson, President and Chief Executive Officer
Niogold Mining Corp. (NOX.V) Peter Hawley Appointed Chair
December 4, 2012 - NioGold Mining Corporation (TSX-V:NOX) (OTCQX:NOXGF) ("NioGold") is pleased to announce that Mr. Peter Hawley has accepted the appointment as Chairman of NioGold.
Mr. Hawley is a professional geologist with over 30 years experience in the mining industry, from grassroots exploration through to mine development and production, on projects throughout the Americas. He spent over 22 of those years working in the Val D'Or mining camp, including the Noralartic, Kierens and Marban mines - all of which are now part of NioGold's current land holdings and being actively re-evaluated by NioGold.
Mr. Hawley has worked extensively with a number of large and established mining companies, including Teck Corp., Noranda Inc., Placer Dome Inc., Aur Resources and Barrick Gold Corp. In 1998, he founded Scorpio Mining Corporation, a low cost underground silver producer in Mexico which is listed on the TSX with a market capitalization of $200 million. Peter served as Scorpio Mining's CEO until November 2010 and currently holds office as Chairman of the Board. During his time at Scorpio Mining, Peter managed and participated in all exploration, staffing, mine development and production design, in addition to raising over $120M for the project's development. After stepping down as CEO of Scorpio Mining, he founded Scorpio Gold Corporation where he has served to date as CEO. Within 17 months of purchasing the Mineral Ridge Gold mine in Nevada, Scorpio Gold brought the low cost open pit gold mine into production with Peter overseeing all construction, mine planning and development, and exploration while raising all the capital required for build-out of the project.
Mr. Hawley also continues to serve as a director and officer of a number of other public companies, and brings a wealth of experience in project exploration and development, financing and corporate governance to NioGold.
Mr. Iverson, President and CEO of NioGold, states "We are extremely pleased and excited that Peter will take on a more active role in NioGold. His personal knowledge of our flagship projects, combined with his knowledge and experience in exploration and mine planning and development in general, will be a great asset to us as we continue to plan and execute on the development of our properties."
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 encompasses six 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.
Stornoway (SWY.TO) Completes Renard 65 Bulk Sample Field Program
MONTREAL, QUEBEC--(Marketwire - Nov. 21, 2012) - Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has completed the field portion of a bulk sample program on the Renard 65 Kimberlite pipe, located at Stornoway's 100% owned Renard Diamond Project in north-central Quebec. The program was announced in a press release dated July 23, 2012.
The objective of the bulk sample program is to collect a large enough parcel of diamonds to allow the conversion of material that is currently classified as an Inferred Mineral Resource at Renard 65 to an Indicated Mineral Resource and then, if warranted, to a Mineral Reserve. Sampling commenced in July with the objective of collecting five thousand tonnes from a surface trench through blasting. Following the trenching, a sample of approximately 5,147 dry tonnes of kimberlite from Renard 65 was processed at the 10 tonne per hour Dense Media Sample plant located at the Renard project site. A heavy mineral concentrate produced by the plant will now undergo final diamond recovery at Stornoway's North Vancouver lab facilities. Diamond results are expected in Q1 2013. Given the estimated diamond content at the sampling site, it is expected that approximately 1,000 carats of diamonds will be recovered, which will be sent to Antwerp, Belgium for valuation.
Matt Manson, President and CEO, commented: "We are pleased that trenching and processing of the Renard 65 bulk sample has progressed so well to date. Although Renard 65 is lower grade than the other four kimberlites contained within the Renard Mineral Resource, it is the largest pipe discovered to date at Renard and is amenable to large scale open-pit mining. The successful conversion of Inferred Mineral Resources at Renard 65 to a Mineral Reserve will allow us to plan for an expanded processing rate and an extension of the reserve mine life beyond the current 11 years. This is all expected to add value to the project."
In November 2011, Stornoway released the first National Instrument ("NI") 43-101 compliant Mineral Reserve estimate for Renard of 18.0 Mcarats (representing 23.0 million tonnes at an average grade of 78 carats per hundred tonnes, or "cpht") at a weighted average diamond valuation of US$180/carat. The project's Inferred Mineral Resources comprise an additional 17.5 Mcarats (31.1 Mtonnes at an average grade of 56 cpht), and targets for further exploration outside of the Mineral Resource statement have been estimated at between 23.5 and 48.5 Mcarats (55.1 to 75.5 Mtonnes at grades ranging from 23 to 188 cpht). Within this resource inventory, Renard 65 contains an Inferred Mineral Resource of 3.7 Mcarats (representing 12.9 mtonnes at an average grade of 29 cpht) to a depth of 290m, with an exploration potential estimated at between 6.8 and 13.7 Mcarats (29.5 to 41.6 Mtonnes at between 23 and 33 cpht) from 290m to 775m in depth. All kimberlites remain open at 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.
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 43-101 and was responsible for supervising the Renard 65 bulk sample program on the Renard Diamond Project. Mr. Skelton has reviewed and approved the scientific and technical information contained in this release.
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 for Renard that 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 18.0 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$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project 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. 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.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Stornoway (SWY.TO) Announces New Agreement to Complete Route 167 Extension
Quebec and Stornoway to Partner on Road Financing and Construction
MONTREAL, QUEBEC--(Marketwire - Nov. 15, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that its wholly-owned subsidiary Les Diamants Stornoway (Canada) Inc. has entered into a Framework Agreement and an associated Letter of Intent (collectively the "Agreement") with the Government of Québec for the financing and completion of the Route 167 Extension under Stornoway's direct management. The Agreement is designed to ensure timely road access to the Renard Diamond Project and the commencement of mine construction during 2013, as previously contemplated. Key features of the new Agreement are as follows:
•Stornoway to assume the completion of segments "C" and "D" of the Route 167 Extension as a single lane mining grade road; and
•Québec to provide Stornoway with an unsecured credit facility of up to C$77m to complete the work, at an annual interest rate of 3.35% percent, amortized over 15 years, with a repayment schedule based upon planned commencement of commercial production at Renard.
In addition, and in support of Stornoway's construction schedule for Renard, Québec has agreed that:
•The Québec Ministère des Transports ("MTQ") shall continue with the construction of a winter road this season as previously planned, providing temporary road access to Renard by March 2013; and
•The Québec Ministère du Développement Durable, de l'Environnement, de la Faune et des Parcs and the MTQ shall transfer all relevant authorizations for Stornoway to commence mining road construction by April 2013.
As a result of the Agreement, Stornoway now anticipates first all-season vehicle access to the Renard project site by the 4th Quarter of 2013, compared to July 2013 previously.
Matt Manson, Stornoway's President and CEO commented: "Today's news represents the removal of a major element of uncertainty over the Renard Diamond Project. With Stornoway now responsible for the completion of the project's access road, we will be in full control of our overall development schedule for the first time. The financing terms that we have negotiated to complete this work are beneficial to Stornoway, and are expected to have a minimal impact on the project's overall valuation and financing capacity. This is an excellent example of government and the mining industry working in partnership to achieve a common goal." Mr. Manson continued: "Since Stornoway's October 29th announcement of the potential for a delay in the completion of the Route 167 Extension, we have moved quickly to re-establish a viable plan for road access to Renard during 2013. The Agreement announced today achieves this, and allows us to continue moving forward with our project financing and development activities. This positive outcome will benefit our shareholders, our community partners and Québec in equal measure."
Construction on the 240km long Route 167 Extension began in February of this year, and is being undertaken in four segments, "A" to "D". Under the terms of the Framework Agreement executed today with the MTQ, the Québec Ministère des Ressources Naturelles ("MRN"), and the Québec Ministère des Finances et de l'Économie ("MFE"), Québec will complete the first 143km of the road over segments A and B as a 70km/hr two-lane gravel highway, as previously planned. Starting in April 2013, Stornoway will commence construction of a 50km/hr single lane mining road over the remaining 97km covered by segments C and D. To facilitate this schedule, the MTQ has committed to complete a winter road by March 2013, allowing temporary access to Renard and the mobilization of fuel, road construction equipment and camps. Given the reduced scope of the mining road that will be built on segments C and D, and the progress that has been made to date on segments A and B, it is expected that this construction plan will allow all-season road access to be available to Renard starting in the 4th Quarter of 2013 and mine construction to commence forthwith. Maintenance costs on segments C and D will be borne by Stornoway, and by Québec on segments A and B.
The cost of a mining road on segments C and D has been estimated by Stornoway at C$77 million, including a 15% contingency. Under the terms of the Letter of Intent between Stornoway and the MFE, this cost will be financed by way of an unsecured credit facility to be provided to Stornoway by the MFE, bearing an annual interest rate of 3.35% and amortized over a fifteen year period. In order to provide additional cost contingency, the MFE is agreeing to provide Stornoway with a second facility, with the right to draw a further C$7.7 million, bearing an annual interest rate of 6.3%, for total credit facilities of up to C$84.7 million. Stornoway's schedule of loan repayments is based upon the schedule of financing and construction of the Renard Diamond Project, commencing upon the attainment of commercial production. Finalisation of these terms is dependent upon the conclusion of a definitive Financing Agreement between Stornoway and the MFE, which is currently under negotiation. Stornoway's obligations under the Framework Agreement are conditional upon the execution of the definitive Financing Agreement.
The Agreement provides for the termination of, and replaces, the two pre-existing agreements between Stornoway and Québec dated August 1st 2011, wherein Stornoway agreed to contribute C$44 million to the construction of the Route 167 Extension at a 6.3% interest rate over 10 years, and up to C$1.215 million per year to the road's maintenance.
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 for Renard that 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 18.0 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$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project 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. 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.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Prosperity Goldfields' Gold Grain Analyses Suggests Southern Extension of the Rusty Discovery
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) - Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE:PPG) announces the receipt of gold grain analysis completed on 44 bulk till samples collected during the summer exploration program at its Kiyuk Lake project, Nunavut (the "Property"). Up to 1,720 gold grains per sample were counted in material from the Rusty, Cobalt and Amundsen discoveries.Abundant gold grains (926) in a sample 400m down-ice from the original Rusty discovery may indicate a proximal bedrock gold source suggesting significant south-ward extension of known Rusty mineralization.
Bulk till samples were collected from regions of mineralization and at select locations across the Property. Samples collected around the Rusty discovery are characterized by greater than 1,000 gold grains contained per sample with delicate or pristine shapes indicating limited down-ice transport and proximity to a bedrock gold source. Abundant gold grains (926) in a sample 400m down-ice from the original Rusty drill discovery may indicate a proximal bedrock gold source suggesting significant south-ward extension of known Rusty mineralization (Figure 1 available at the following address: http://media3.marketwire.com/docs/121114_PPG_Fig-1.pdf). Additional bulk till samples, up to one kilometer down-ice from the Rusty discovery, contain up to 313 visible grains. These down-ice samples still contain pristine gold grains indicating mineralization may extend even further south.
Bulk till samples collected south of the Cobalt discovery returned up to 943 gold grains per sample (Figure 2 available at the following address: http://media3.marketwire.com/docs/121114_PPG_Fig-2.pdf). These samples were collected in an area with a high concentration of mineralized boulders assaying from trace up to 13.9 g/t Au (previously reported). Gold grain shape analyses of samples in this area found a majority of grains were pristine (762 of 943 grains). Previous drilling here in 2008 and 2011 targeted the site of these glacially dispersed mineralized boulders but produced negative results. Drilling in 2013 will be located up-ice to discover the lode source for these anomalous boulders and the gold in the bulk till samples.
"This systematic till sampling and additional gold grain analysis from selected till samples has been successful in allowing us to refine targets at Kiyuk." commented Adrian Fleming, CEO of Prosperity Goldfields. "The indicated extensions to Rusty Zone, the Property's highest ranked target, is a very positive development. This information will help the team to more precisely locate drill holes for the upcoming 2013 program."
The bulk till samples involved collecting 10 kilograms of sample material from C-horizon till. All bulk till samples were submitted to Overburden Drilling Management in Nepean, Ontario for grain analysis. Overburden Drilling Management is not an accredited assay laboratory but is a well-established mineral separation facility. No independent QAQC program was in place to monitor the accuracy of the gold grain counts, although field duplicates were used to monitor data precision.
A drilling program is being planned for Spring 2013. The scope of the program is a work in progress including prioritizing drill targets. Adrian Fleming RPGeo, MAusIMM(CP) is a Qualified Person and is responsible for the technical content of this press release.
Additional information and maps displaying these results can be viewed on the company web site at www.prosperitygoldfields.com
ON BEHALF OF THE BOARD OF PROSPERITY GOLDFIELDS CORP.
Adrian Fleming, CEO and Director
Red Eagle Mining (RD.V) Intercepts 7.5 Metres at 4.24 Grams Gold Per Tonne in Oxides at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce the complete assay results from the Phase Three drill programme, which targeted the shallower oxide mineralisation at the San Ramon gold system, Santa Rosa project located in Colombia. 90% of drill holes in the Phase Three drill programme intercepted significant gold mineralisation. Highlights from the final 21 drill holes (SR-119 to SR-139) include intercepts:
•SR-120 - 15.4 metres at 1.67 g/t Au from 17.0 metres down hole
•SR-133 - 7.5 metres at 4.24 g/t Au from 45.6 metres down hole
•SR-135 - 4.7 metres at 3.12 g/t Au from 72.1 metres down hole
"Our completed Phase Three delineation drilling confirms strong gold mineralisation from surface in the oxidised material at San Ramon," comments Ian Slater, Chief Executive Officer. "With our recent $20 million financing completed we have now commenced drill testing the gold system down dip, where typically higher grades have been intercepted. Three rigs are turning with a fourth being mobilized."
Highlights from the previously released 53 holes (SR-066 to SR-118) from the Phase Three drill programme include intercepts:
•SR-068 - 11.6 metres at 2.74 g/t Au from 46.4 metres down hole
•SR-069 - 11.7 metres at 4.96 g/t Au from 68.4 metres down hole
•SR-071 - 29.2 metres at 0.80 g/t Au from 37.6 metres down hole
•SR-072 - 47.4 metres at 1.34 g/t Au from surface
•SR-073 - 16.0 metres at 1.71 g/t Au from 35.8 metres down hole
•SR-076 - 35.0 metres at 0.58 g/t Au from 5.2 metres down hole
•SR-080 - 38.5 metres at 0.51 g/t Au from 6.2 metres down hole
•SR-083 - 2.6 metres at 18.01 g/t Au from 69.0 metres down hole
•SR-093 - 5.7 metres at 3.78 g/t Au from 2.6 metres down hole
•SR-097 - 6.9 metres at 3.09 g/t Au from 13.7 metres down hole
•SR-108 - 3.4 metres at 8.75 g/t Au from 15.5 metres down hole
•SR-109 - 19.6 metres at 2.32 g/t Au from 9.7 metres down hole
•SR-110 - 28.4 metres at 1.96 g/t Au from surface
•SR-111 - 22.1 metres at 2.17 g/t Au from 13.2 metres down hole
•SR-112 - 23.7 metres at 2.09 g/t Au from 10.0 metres down hole
•SR-113 - 18.3 metres at 1.31 g/t Au from 19.0 metres down hole
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. Phase One and Two drill intercepts from 18,000m averaged 2.1 g/t Au (using a 0.20 g/t Au lower cut and no upper cut) to a vertical depth of approximately 250m with mineralisation remaining open at depth. News flow over the coming months includes:
•Results from the current 17,000 metre Phase Four drill programme;
•NI 43-101 resource estimate (to be released December 2012); and
•Preliminary Economic Assessment (to be released Q1 2013).
Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from Phase Three core drill holes SR-066 to SR-139 (see Figure 1 - Drill Hole Plan and Figure 2 - Long Section). Holes SR-066 to SR-118 have been previously released. 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. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off. Holes SR-66, 106, 107, 114, 115 and 125-127 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle's photostream on flickr.
Table 1 - San Ramon Phase Three Drill Intercepts
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
SR-067
36.0
37.0
1.0
16.80
54.0
56.0
2.0
3.47
112.0
123.0
11.0
0.31
SR-068
46.4
58.0
11.6
2.74
SR-069
68.4
80.1
11.7
4.96
SR-070
0.0
3.0
3.0
0.86
41.0
58.0
17.0
1.02
SR-071
37.6
66.8
29.2
0.80
SR-072
0.0
47.4
47.4
1.34
incl.
43.2
44.0
0.9
20.70
SR-073
0.0
9.6
9.6
1.02
35.8
51.8
16.0
1.71
SR-074
0.0
16.4
16.4
0.54
33.7
42.2
8.5
0.50
SR-075
0.0
24.4
24.4
0.60
35.1
38.2
3.1
0.56
SR-076
5.2
40.2
35.0
0.58
SR-077
0.0
29.0
29.0
0.44
43.0
49.0
6.0
1.07
59.9
63.0
3.2
4.27
SR-078
0.0
39.6
39.6
0.41
48.7
60.2
11.5
0.46
SR-079
0.0
4.9
4.9
0.51
20.2
29.2
9.0
0.85
47.2
48.3
1.1
0.57
53.7
61.4
7.6
1.07
75.4
80.3
4.8
0.25
86.1
96.0
9.9
0.81
101.4
102.4
1.0
0.58
SR-080
6.2
44.7
38.5
0.51
SR-081
3.8
31.5
27.8
0.35
39.5
70.4
30.9
0.36
SR-082
24.9
36.3
11.5
0.49
50.2
63.0
12.8
0.99
SR-083
46.0
52.0
6.0
1.73
69.0
71.6
2.6
18.01
89.3
93.2
3.9
2.38
SR-084
3.0
11.2
8.3
0.51
35.7
37.2
1.5
0.74
SR-085
0.0
16.6
16.6
0.30
31.0
38.0
7.0
0.44
56.7
67.8
11.1
0.97
SR-086
0.0
1.8
1.8
1.00
13.8
28.9
15.1
0.33
SR-087
1.8
5.2
3.4
1.13
16.6
18.0
1.5
1.21
SR-088
4.4
19.8
15.5
0.37
28.8
43.2
14.4
0.75
71.1
73.4
2.3
5.01
SR-089
0.0
24.0
24.0
0.38
43.4
48.8
5.4
0.36
SR-090
0.2
15.4
15.2
0.27
29.8
34.0
4.3
3.06
SR-091
1.6
7.6
6.0
0.58
40.3
44.5
4.3
1.74
SR-092
1.6
6.7
5.1
1.01
26.0
27.9
1.9
5.20
SR-093
2.6
8.3
5.7
3.78
35.5
44.9
9.4
0.39
SR-094
2.0
5.9
4.0
0.22
SR-095
4.6
17.1
12.5
0.50
30.8
36.0
5.2
0.74
SR-096
0.8
16.7
15.9
0.68
SR-097
4.6
5.7
1.1
0.56
13.7
20.6
6.9
3.09
incl.
15.5
16.5
1.0
14.50
SR-098
8.0
9.0
1.0
0.70
SR-099
20.5
21.6
1.1
0.80
36.6
42.8
6.2
0.27
SR-100
3.2
7.9
4.7
0.31
26.6
28.1
1.5
1.86
SR-101
6.1
7.4
1.3
1.06
43.4
48.0
4.6
0.43
53.4
56.4
3.0
1.36
SR-102
6.9
9.4
2.5
0.51
27.0
51.6
24.6
0.31
SR-103
12.6
15.1
2.6
6.07
52.7
61.0
8.3
0.31
SR-104
33.3
42.6
9.3
1.01
SR-105
6.1
12.3
6.2
0.24
25.4
26.4
1.0
1.02
41.5
45.7
4.3
0.73
53.4
67.7
14.3
0.67
SR-108
5.3
9.6
4.3
0.59
15.5
18.9
3.4
8.75
SR-109
9.7
29.3
19.6
2.32
SR-110
0.0
28.4
28.4
1.96
SR-111
13.2
35.3
22.1
2.17
SR-112
10.0
33.7
23.7
2.09
incl.
10.0
11.1
1.2
31.20
SR-113
19.0
37.3
18.3
1.31
incl.
36.3
37.3
1.0
15.70
SR-116
4.9
18.8
14.0
0.61
SR-117
2.1
18.5
16.4
0.49
SR-118
2.4
6.1
3.7
0.31
14.3
17.6
3.3
0.40
23.5
31.5
8.0
0.27
SR-119
19.9
23.0
3.1
3.36
31.6
40.6
9.0
0.28
SR-120
17.1
32.5
15.5
1.67
SR-121
30.0
30.9
0.9
1.13
SR-122
1.5
10.0
8.5
0.57
20.1
24.4
4.3
0.47
SR-123
15.9
19.1
3.2
0.54
33.0
35.3
2.3
0.23
45.3
50.9
5.6
0.24
SR-124
8.1
10.7
2.6
4.23
SR-128
9.1
22.5
13.4
0.37
29.4
41.4
12.1
0.23
SR-129
10.9
25.6
14.7
1.00
SR-130
4.1
5.1
1.0
4.41
10.3
12.3
2.1
0.36
26.3
29.8
3.5
0.31
34.1
35.6
1.5
1.43
38.9
44.4
5.5
0.19
SR-131
22.9
27.2
4.3
0.42
38.1
50.2
12.1
1.55
SR-132
2.2
6.3
4.1
0.65
35.6
38.1
2.6
1.84
SR-133
12.2
13.5
1.3
2.43
45.6
53.1
7.5
4.24
SR-134
19.8
22.8
3.0
0.43
48.8
59.4
10.7
0.68
SR-135
31.4
32.8
1.4
1.05
61.5
62.7
1.2
1.60
72.1
76.9
4.8
3.12
SR-136
19.2
20.2
1.0
5.51
43.5
65.8
22.3
0.35
SR-137
18.0
24.8
6.9
0.53
46.4
47.5
1.1
1.55
SR-138
11.8
12.7
0.9
3.22
27.9
29.1
1.2
2.55
SR-139
16.3
23.3
7.0
0.28
Table 2 - Drill Hole Specifications
Hole
Easting
Northing
Elevation (m)
Azimuth
Dip
EOH (m)
SR-066
857972
1223165
2,498
180
-50
88
SR-067
857972
1223165
2,498
180
-75
127
SR-068
857928
1223151
2,473
180
-50
65
SR-069
857928
1223151
2,473
180
-75
85
SR-070
857870
1223160
2,469
180
-50
64
SR-071
857829
1223168
2,468
180
-50
70
SR-072
857876
1223133
2,476
180
-75
55
SR-073
857876
1223133
2,476
180
-90
52
SR-074
857478
1223121
2,518
0
-60
54
SR-075
857478
1223121
2,518
0
-75
61
SR-076
857764
1223149
2,478
180
-50
67
SR-077
857763
1223146
2,470
180
-70
73
SR-078
857723
1223168
2,473
180
-50
70
SR-079
857723
1223167
2,473
180
-75
104
SR-080
857675
1223175
2,480
180
-50
88
SR-081
857675
1223176
2,480
180
-70
98
SR-082
857627
1223191
2,464
180
-75
98
SR-083
857627
1223191
2,464
180
-50
112
SR-084
857573
1223180
2,465
180
-50
70
SR-085
857573
1223181
2,465
180
-75
96
SR-086
857589
1223141
2,479
10
-65
47
SR-087
857589
1223138
2,479
190
-50
87
SR-088
857507
1223182
2,468
180
-50
79
SR-089
857507
1223182
2,468
180
-70
49
SR-090
857434
1223162
2,475
180
-75
64
SR-091
857434
1223162
2,475
180
-50
52
SR-092
857393
1223159
2,481
180
-50
70
SR-093
857393
1223160
2,481
180
-75
56
SR-094
857344
1223144
2,489
180
-50
61
SR-095
857344
1223144
2,489
180
-70
61
SR-096
857295
1223139
2,491
180
-50
55
SR-097
857295
1223139
2,491
180
-70
53
SR-098
857247
1223146
2,500
180
-50
73
SR-099
857248
1223146
2,500
180
-70
72
SR-100
857214
1223162
2,496
180
-50
63
SR-101
857214
1223162
2,496
180
-80
72
SR-102
857162
1223178
2,485
180
-50
61
SR-103
857162
1223179
2,485
180
-75
76
SR-104
857123
1223204
2,457
180
-50
43
SR-105
857123
1223205
2,458
180
-60
81
SR-106
857123
1223205
2,458
180
-80
55
SR-107
857125
1223239
2,463
180
-50
69
SR-108
857006
1223174
2,485
180
-50
62
SR-109
857006
1223174
2,485
180
-70
64
SR-110
857038
1223178
2,485
180
-55
58
SR-111
857038
1223178
2,485
180
-70
61
SR-112
857084
1223184
2,471
180
-50
46
SR-113
857083
1223185
2,471
180
-70
46
SR-114
856949
1223149
2,505
180
-50
59
SR-115
856949
1223149
2,505
180
-70
27
SR-116
856893
1223173
2,492
180
-50
58
SR-117
856893
1223173
2,492
180
-70
59
SR-118
856851
1223195
2,483
180
-50
58
SR-119
856851
1223196
2,483
180
-70
67
SR-120
856808
1223210
2,473
180
-50
59
SR-121
856808
1223210
2,473
180
-70
71
SR-122
856772
1223220
2,467
180
-50
70
SR-123
856772
1223220
2,467
180
-70
79
SR-124
856718
1223210
2,455
180
-50
55
SR-125
856718
1223210
2,455
180
-70
50
SR-126
856674
1223219
2,449
180
-50
72
SR-127
856674
1223219
2,449
180
-70
53
SR-128
856603
1223206
2,472
180
-50
53
SR-129
856603
1223206
2,472
180
-70
71
SR-130
856554
1223210
2,491
180
-50
66
SR-131
856554
1223211
2,491
180
-70
71
SR-132
856509
1223215
2,514
180
-50
73
SR-133
856509
1223215
2,514
180
-70
56
SR-134
856458
1223228
2,527
180
-50
81
SR-135
856458
1223228
2,527
180
-70
91
SR-136
856406
1223228
2,524
180
-50
73
SR-137
856406
1223228
2,524
180
-70
67
SR-138
856360
1223243
2,491
180
-50
61
SR-139
856360
1223243
2,491
180
-70
61
Quality Control and Assurance (QC/QA)
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. QC/QA 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 scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson 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 Cretaceous 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 in the Mid-Cauca gold belt.
Red Eagle Mining Commences 17,000 Metre Phase Four Drill Programme at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 6, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that an additional 17,000 metre core drill programme, utilising three rigs, recently commenced at the San Ramon gold system, Santa Rosa project located in Colombia. This Phase Four programme will complete infill drilling to 50 metre centres and test the high grade gold system, below the 250 vertical metres from surface currently drilled, to depths of plus 500 metres over the entire 1,800 metre strike length. This phase will also specifically target extensions to the high grade intercepts reported to date:
•SR-042 - 6.0 metres at 31.85 g/t Au from 172 metres vertical depth
•SR-045 - 1.5 metres at 28.26 g/t Au from 144 metres vertical depth and 1.9 metres at 14.36 g/t Au from 168 metres vertical depth (collared approximately 100 metres west of SR-042)
•SR-053 - 7.0 metres at 41.53 g/t Au from 197 metres vertical depth (collared approximately 200 metres west of SR-045)
•SR-060 - 2.0 metres at 30.73 g/t Au from 143 metres vertical depth and 3.5 metres at 29.29 g/t Au from 151 metres vertical depth (collared approximately 180 metres west of SR-053)
"With our recent $20 million financing completed we are looking forward to drill testing the gold system down dip, where typically higher grades have been intercepted," comments Ian Slater, Chief Executive Officer. "We are also currently completing a resource estimate and PEA on the results to date and commencing permitting."
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. Phase One and Two drill intercepts from 18,000m averaged 2.1 g/t Au (using a 0.20 g/t Au lower cut and no upper cut) to a vertical depth of approximately 250m with mineralisation remaining open at depth. News flow over the coming months includes:
•Remaining assays (21 holes, SR-119 to SR-139) from the Phase Three shallow drill programme (to be released November 2012);
•Results from the current 17,000 metre Phase Four drill programme;
•NI 43-101 resource estimate (to be released December 2012); and
•Preliminary Economic Assessment (to be released Q1 2013).
The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson 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 Cretaceous 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 in the Mid-Cauca gold belt.
Prosperity Goldfields Corp. ("Prosperity" or the "Company") (TSX VENTURE:PPG) has arranged a brokered private placement (the "Offering") with a syndicate of agents led by Secutor Capital Management and including Jennings Capital Inc. (collectively, the "Agents"). The Offering will consist of the issuance of up to 15,000,000 flow-through units ("Flow-Through Units") and 2,941,176 units ("Units") on a best-efforts basis at a price of 20 cents per Flow-Through Unit and 17 cents per Unit, for aggregate gross proceeds of up to $3.5 million.
The Company intends to use the net proceeds of the Offering for exploration and drilling activities on the Company's Kiyuk property this winter and for working capital.
Each Flow-Through Unit will consist of one "flow-through share", as defined in subsection 66(15) of the Income Tax Act (Canada) and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Unit will consist of one common share and one-half of one Warrant. Each Warrant will entitle the holder to purchase one common share of the Company (on a non-flow-through basis) at an exercise price of 28 cents until the date which is 18 months following completion of the Offering.
The Company has granted the Agents an option, exercisable at the applicable issue price at any time prior to the closing of the Offering, to purchase that number of additional Flow-Through Units or Units that is equal to 20% of the Flow-Through Units and Units sold pursuant to the Offering, to cover over-allotments, if any.
In connection with the Offering, the Company will pay a cash commission to the Agents in an amount equal to 7 per cent of the gross proceeds of the Offering and issue to the Agents compensation options entitling the Agents to purchase that number of common shares of the Company (on a non-flow-through basis) that is equal to 7 per cent of the number of Flow-Through Units and Units sold pursuant to the Offering, at an exercise price of 20 cents until the date which is 18 months following completion of the Offering.
The Offering is scheduled to close on or about November 15, 2012, and is subject to certain conditions, including approval of the TSX Venture Exchange.
Additional information about Prosperity and its projects can be viewed on Prosperity's website at www.prosperitygoldfields.com.
ON BEHALF OF THE BOARD OF PROSPERITY GOLDFIELDS CORP.
Adrian Fleming, CEO and Director
Red Eagle Mining (RD.V)Acquires an Additional 35,910 Hectares at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 25, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) announces that it has entered into a Purchase Agreement with Bullet Holding Corp. ("Bullet"), a private company at arm's length to Red Eagle Mining, pursuant to which Red Eagle Mining has agreed to acquire certain mineral exploration rights totaling 35,910 hectares adjacent to Red Eagle Mining's Santa Rosa gold project in Colombia. In consideration for the property, Red Eagle Mining has agreed to issue 905,000 common shares to Bullet and grant Bullet a 1.5% net smelter returns royalty over the properties acquired. Closing of the acquisition is subject to the prior approval of the TSX Venture Exchange.
"This acquisition is an important step in accomplishing our objective of consolidating the Santa Rosa gold mining district. Red Eagle Mining now holds approximately 390 km² surrounding the San Ramon gold system in one of the most significant areas of historical gold production in Colombia," comments Ian Slater, Chief Executive Officer. "We are also very pleased to partner with Grupo de Bullet, one of the most experienced and long standing mining groups in Colombia."
Pan American Fertilizer (CNSX: PAF) Confirms a Sale Price of $97.81 USD/ per tonne for the previously announced sales LOI with Paraguay
(via Thenewswire.ca)
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BRITISH COLUMBIA, October 24, 2012 - Pan American Fertilizer Corp., (CNSX: PAF) ("Pan American" or the "Company") is pleased to announce that it has confirmed a sales price of $97.81 USD / per tonne as per the terms of our previously announced ( October 17th, 2012) non-binding letter of intent (the "LOI") with Agro Industrial Campos Nuevos ("Agro Industrial"). Under the terms of the LOI, Pan American will sell Agro Industrial between 30,000 and 50,000 tonnes of calcium sulphate (agricultural gypsum) over a 12 month period at an agreed sales price of $97.81USD / per tonne.
"The establishment of such a strong sales price connected to a large potential sale contract is great news for Pan American and its shareholders. It allows us to further quantify the value of our Argentinean calcium sulphate assets, while also proving that our product will command a premium price in the massive domestic and international market for our product." reported Randy Wright, President and CEO of Pan American.
Repricing of Concurrent Financing
The Company also announces that further to the Company's press release dated September 21, 2012, the terms of the concurrent financing (the "Concurrent Financing") to be completed in connection with a statutory plan of arrangement with Pacific Potash Corporation (the "Transaction") have been revised.
The Concurrent Financing will be completed by way of a private placement of units (each a "Unit") and subscription receipts (each a "Subscription Receipt") at a price of $0.25 per Unit or Subscription Receipt, as applicable, for total aggregate minimum gross proceeds of $2,000,000 and maximum aggregate gross proceeds of $5,000,000. Each Subscription Receipt will be deemed to be exchanged upon certain release conditions being met, without payment of any additional consideration, for one Unit. Each Unit will be comprised of one common share of Pan American (each a "Share") and one common share purchase warrant of Pan American (each a "Warrant"). Each Warrant will entitle the holder to purchase one Share at a price of $0.40 for a period of five years from the closing of the Concurrent Financing. The Company currently intends to list the Warrants for trading on the TSX Venture Exchange. There can be no assurance that such listing will be completed.
The Company has entered into an engagement letter with Jordan Capital Markets Inc. (the "Agent") to act as agent on a commercially reasonable efforts basis, in connection with the offering of a portion of the Concurrent Financing by way of a brokered private placement of Units for minimum gross proceeds of $500,000 and maximum gross proceeds of $1,000,000 (the "Brokered Offering").
The Agent will receive a commission payable in cash, equal to 7% of the gross proceeds of the Units sold pursuant to the Brokered Offering. The Company has also agreed to issue broker warrants ("Broker Warrants") equal to 7% of the Brokered Offering and to pay $15,000 (plus HST) as a corporate finance fee. Each Broker Warrant shall be exercisable for one Share at a price of $0.40 at any time up to 60 months after closing. In addition, the Company will pay the Agent's reasonable expenses in connection with the Brokered Offering.
The securities to be issued in the Concurrent Financing will be exempt from the prospectus and registration requirements of applicable securities laws in Canada. All such securities will be subject to a hold period of four months and one day from the date of closing.
In connection with the Concurrent Financing and the Transaction, Pan American may pay finder's fees in cash, securities or a combination of both, up to the maximum amount permitted by the TSXV or CNSX, as applicable.
Pan American intends to use the proceeds of the Concurrent Financing to fund the costs of the Transaction and to fund the general working capital expenses of the resulting issuer
Kenergy Scientific, Inc. (KNSC) Announces Breakthrough Solar Technology- Notice Of Allowance Received From United States Patent Office
FLEMINGTON, N.J., Oct. 19, 2012 /PRNewswire/ -- Ken Glynn, President and CEO of GreenSmart Stores and Kenergy Scientific, Inc. (KNSC), today reported that a Notice of Allowance has been received in US patent Application serial number 12/384, 822, filed in April, 2009. This is the granddaddy patent application on third generation solar power and represents a breakthrough for both the company and the technology. Ken is the sole inventor and is very pleased that the United States Patent Office has recognized the uniqueness of the technology. First generation solar involves the use of sunlight to heat things- water pipes for hot water, heat sinks for heat storage, etc. Second generation solar is using sunlight to activate photovoltaic cells (solar panels) to generate electricity. Ken is considered the father of third generation solar, that is, the generation of electricity and motor power from sunlight without the need for solar panels or other photovoltaics. The invention relates to reciprocal motion conversion to electricity and/or motive power from controlled sun and shade temperature differentials using liquid transfer phenomena and resulting weight shifting. This patent award will significantly increase the value of Kenergy's patent portfolio.
Ken was awarded the Green Citizen of the year at the Garden State GreenFest at Kean University in 2011, for his inventions in third generation solar and for the creation of the GreenSmart Store concept and he has more than twelve eco-friendly invention patents and pending applications. He is optimistic that other Notices of Allowance will follow this one
Red Eagle Mining (RD.V) Announces $20,000,000 Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce a $20,000,000 financing and two strategic investors. The funds will be raised through a combination of a private placement of common shares and the sale of a 2% net smelter royalty on Red Eagle Mining's Santa Rosa gold project located in Colombia.
Red Eagle Mining has agreed to complete a private placement offering (the "Offering") for gross proceeds of $11,666,667. The Offering will consist of 21,212,121 common shares (the "Shares") at a price of $0.55 per Share. Liberty Metals & Mining Holdings LLC ("LMM"), a subsidiary of Liberty Mutual Insurance, has agreed to purchase 11,424,188 Shares for $6,283,303 and Appian Natural Resources Fund LP ("Appian") has agreed to purchase 5,454,545 Shares for $3,000,000. These investments represent 19.9% and 9.5% respectively of the outstanding shares of Red Eagle Mining upon completion of the Offering. Existing shareholders have agreed to purchase the remainder of the Offering, consisting of 4,333,388 Shares.
Under the terms of the subscription agreement, so long as LMM owns at least 7.5% of the issued and outstanding shares of Red Eagle Mining on a fully diluted basis, LMM shall have the right to nominate one person to the Board of Directors of Red Eagle Mining and shall have the right to participate in any future equity financings in order to maintain LMM's then current equity ownership in Red Eagle Mining. LMM has nominated Christopher Noel Dunn, who will be appointed to the Board of Directors upon closing of the Offering. Mr. Dunn is a Managing Director of Liberty Metals & Mining, Liberty Mutual Group Asset Management Inc. He is also a non-executive director of Pan American Silver Corp., Pretium Resources Inc. and Alderon Iron Ore Corp.
LMM has also agreed to acquire a 2% net smelter royalty (the "Royalty") on Red Eagle Mining's Santa Rosa gold project for a purchase price of $8,333,333. Red Eagle Mining will have the option until December 31, 2013 to require LMM to purchase an additional 1% Royalty for $4,166,666. For a period of two years from the date of first gold production, Red Eagle Mining may repurchase 1% of the Royalty for $8,333,333.
"We are very pleased that LMM and Appian have chosen to make a significant investment in Red Eagle Mining at this important time in the on-going development of the Santa Rosa gold project," comments Ian Slater, Chief Executive Officer. "I would also like to welcome Noel Dunn to the Red Eagle Mining board. Noel brings immense experience in equity and debt mine financing and he is a great addition to the board."
Appian is a private equity fund which invests into mining companies where it can assist in bringing an asset into production. Appian is managed by an experienced team of ex-investment banking professionals, principle investment specialists and a highly experienced operational team, who will be made available to work closely with Red Eagle Mining to develop the Santa Rosa gold project.
Proceeds will be used for the exploration and development of the Santa Rosa gold project, preparation of an initial NI 43-101 compliant resource estimate, preparation of a Preliminary Economic Assessment, completion of final property payments and general working capital as the project continues its development. The Offering and related transactions are subject to the prior approval of the TSX Venture Exchange. After closing of the Offering Red Eagle Mining will have 57,407,980 common shares outstanding. All of the securities issued pursuant to the Offering will be subject to a four month hold period from the closing date. Red Eagle Mining has agreed to pay a cash finder's fee of $139,585 in connection with the Offering of which $116,667 is payable to Knight Capital Americas LLC.
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 Santa Rosa gold project located in Colombia. Santa Rosa is an intrusive hosted structurally-controlled quartz stockwork system within the prolific Cretaceous 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 50km west of AngloGold Ashanti's Gramalote gold deposit (2.5 million ounce M&I resource grading 0.8 g/t Au) and 60km 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 in the Mid-Cauca gold belt.
For further information on Red Eagle Mining please refer to our website www.redeaglemining.com.
Pacific Potash Corp Provides an Update on its Claims in Amazonas Basin
(via Thenewswire.ca)
Vancouver, British Columbia - October 12th , 2012 - Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, "the Company") is pleased to provide an update on its Amazonas Potash Project in Brazil. The Company has an option to acquire an 80% interest in Western Potash Corp. (TSX: WPX) Amazonas Basin claims, as previously announced via press release dated June 13, 2012.
Representatives from the company traveled to the property in late August and conducted a site visit, property tour and compiled historic and new information on the property and surrounding basin from various government and private sources. All information was compiled and analyzed extensively by company officials, management and Qualified Persons as defined by NI 43-101.
The Company used four basic criteria to review and prioritize its extensive land package;
Environmentally sensitive areas, natural reservations, and indigenous lands
Accessibility (including logistically challenged areas, flooded ground, etc...)
Geomorphology
Geological potential
Based upon this review and prioritization, the Company has reduced its claims in the Amazonas Basin from 1,474,208 hectares to 805,834 hectares. A map outlining the updated property outline may be found at the bottom of the news release. The reduction in the size of the property will focus the Company's exploration efforts on the areas with the highest geologic potential, and significantly reduce the annual government taxes/fees required to maintain the property in good standing. The Company has also commenced an NI 43-101 qualifying report on the Amazonas Potash Property. Pacific Potash is also investigating potential commercial offers form local and international strategic partners to earn an interest on a portion of the Property.
Dean Pekeski, P.Geo and Director of Pacific Potash stated 'Our review, prioritization, and reduction in size of the Amazonas Property has allowed us to define three target areas. These areas will be further studied and poriortized, and we will develop approprite potash exploration programs accordingly. The reduction in the size of the block will save the Company significant amounts of government fees. We can now direct these funds to our exploration program. Our goal remains to identifty significant potash resources within our updated claim block."
Randy Wright of Pan American Fertilizer (CNSX: PAF), the Company's merger partner commented "The new tenement package, the large amount of work being conducted by other Potash companies in the immediate area and the indefinite moratorium on new claims being offered by the Brazilian government in the basin bode well for the future exploration and development of Pacific's Amazonas basin potash property." Further information on the proposed merger can be found in the Company's new release dated September 21st 2012.
TO VIEW MAP COPY AND PASTE URL BELOW INTO NEW BROWSER WINDOW
http://thenewswire.ca/client_files/2012-10-11-0.pdf
Qualified Person
Dean Pekeski, P.Geol., a Director for the company and a qualified person for the purposes of NI 43-101, has approved the preparation of the technical information in this news release.
About Pacific Potash Corporation
Pacific Potash Corporation trades on the TSX Venture Exchange under the symbol: PP, as well on the OTCQX under the symbol: PPOTF and on the Frankfurt Stock Exchange under P9P. Pacific Potash is engaged in the exploration and development of the Provost Potash Property and the surrounding potash claims targeting the prolific Prairie Evaporite Formation, which is host to multiple conventional and solution potash mines. The Company also has an option to acquire an 80% interest in Western Potash Corporation's (TSX: WPX) Amazonas Basin claims.
About Pan American
Pan American is a Canadian company dedicated to providing fertilizer to a growing global market. The company is focused on the extraction of a specific type of fertilizer called calcium sulphate (also referred to as "Agricultural Gypsum"). To ensure long term development and increase shareholder value, Pan American currently plans to significantly expand its current operational objectives while expanding its asset base by acquiring additional calcium sulphate and other fertilizer related assets.
When used as a fertilizer and as a soil remediator, calcium sulphate is a soft sulfate mineral composed of calcium sulfate dihydrate which is extremely rich in sulphur and calcium. When dissolved in water, the mineral becomes calcium and sulphate sulphur ions, both of which are required nutrients for plants. Calcium sulphate plays a vital role in establishing and maintaining good chemical balance in soil, water and plants, specifically with healthy root development. Ultimately, calcium sulphate increases overall crop quality and yields
TNR.V - Gold Confirms Down-Dip Mineralization At Shotgun Gold Property In Alaska
Concluding Drill Hole Returns 83 Metres of 0.82 Grams per Tonne Gold in Southwest Zone
VANCOUVER, British Columbia, Oct. 10, 2012 /PRNewswire/ -- TNR Gold Corp. (the "Company") (TSXV: TNR) is pleased to announce assay results from the third and final hole of the 2012 drilling program on the Shotgun gold project in Alaska. Drill hole SR12-58 returned 83 metres averaging 0.82 grams per tonne gold across the full length of the southwest zone within the Shotgun Ridge porphyry system. These results include a higher-grade intercept of 2.03 grams per tonne gold over 18.35 metres at the top intrusive contact and an average grade of 1.14 grams per tonne gold over 46.55 metres within the southwest mineralized zone. Of particular significance is the consistent thickness and grade of the southwest zone encountered in all three of the 2012 drill holes. The northeast zone was not tested as the hole ended in disseminated gold mineralization at 221 metres. Elevated gold grades at the end of hole indicate proximity to the northeast zone, which is also open at depth.
•Drill hole SR12-58 returns mineralized interval of 83 metres averaging 0.82 grams per tonne gold.
•Included within this interval is 18.35m averaging 2.03 grams per tonne gold ("g/t Au").
•Drill hole SR12-58 ended in mineralization at a down hole depth of 221 metres
•The gold mineralization at Shotgun Ridge remains open at depth
•Interpretation of new geophysical results opens up prospectivity of additional targets
2012 Drilling Results
Diamond drill hole SR12-58 was drilled from the same location as SR12-57 with a steeper dip angle. (Table 1 shows the collar locations and orientations of the 2012 drill holes). DDH SR12-58 was designed to test the down dip extent of mineralized zones intersected in previous drill holes. SR12-58 confirmed the mineralization encountered in the southwest zone in all three previous drill holes but did not reach the target depth of the anticipated northwest mineralized zone. The hole ended in mineralization at a depth of 220.98 metres.
Table 1: Location and orientation of the 2012 diamond drill holes and SR06-43 at Shotgun Ridge.
DDH
Easting (NAD27)
Northing (NAD27)
Azimuth
Dip (degrees)
Total Depth (m)
SR06-43
548322
6697139
025
-46
294.13
SR12-56
548288
6697177
025
-45
293.22
SR12-57
548303
6697112
025
-45
300.00
SR12-58
548303
6697112
025
-67
220.98
The mineralization intersected in SR12-58 is similar to the southwest zone encountered in drill holes 06-43, 12-56 and 12-57. Each of these holes has a core-mineralized interval between 46 m and 57 m in length with average grades over one gram gold per tonne (Table 2). There is a correlation between resistivity and chargeability modelled data that suggests these mineralized zones in addition to continuing to greater depth and along strike, are also repeated in a faulting controlled pattern to the northwest and southeast of the mineralization currently defined at Shotgun Ridge.
The Company believes the style of mineralization and thicknesses encountered are significant and the deposit remains open to expansion at depth. Based on a clearly defined mineralization model, interpretation of 3D geophysics and the existence of elevated gold grades at the bottom of SR12-58, the depth extension of the northeast zone is now a high-priority drill target for future exploration programs.
A Model for Exploration and Discovery
Geophysical interpretation supports the idea that mineralization at Shotgun Ridge continues down dip and future exploration will focus on testing these targets. Ground based, 3D resistivity and IP surveys have demonstrated they are able to identify target areas, several of which have not yet been drill tested. Coupled with airborne magnetic surveys, the Company has identified a series of targets that repeat through structural displacement in much the same way as at Donlin Gold project (previously named Donlin Creek).
"The mineralization style observed at Shotgun Ridge bears a strong resemblance to the 40 million ounce deposit at the Donlin Gold project operated by Barrick and NovaGold," stated recently appointed director Greg Johnson, "The similar age and host intrusive rocks suggest that, with continued exploration, there is significant potential to locate larger volumes of mineralization in and around Shotgun Ridge."
"We are continuing to analyse data acquired in 2012, which in conjunction with historic data is contributing to refining an exploration strategy designed to maximize the chances for success in defining bulk-mineable gold deposits within the Shotgun project area." comments John Harrop, VP Exploration.
Continued exploration at the Shotgun project will include regional reconnaissance efforts such as airborne magnetic and electromagnetic surveys that may help to identify other prospective areas and to provide a better understanding of targets in the Shot, King and Winchester areas where gold mineralization is already known to occur. Geochemical and geophysical surveys were highly effective during exploration phases at Donlin Gold and will be expanded at Shotgun in conjunction with additional structural mapping.
"Our first priority is to expand on the mineralization encountered at Shotgun Ridge targeting a multi-million ounce bulk mineable gold deposit. Newly defined geophysical and geochemical targets suggest the potential of identifying additional Donlin Gold style targets," Gary Schellenberg, President and CEO.
Table 2: Significant assay results from the 2012 drilling campaign.
Drill Hole
From
To
Width
Au g/t
SR12-56 (previously reported)
Entire intrusive
51.00
293.20
242.20
1.25
Including (SW-zone)
55.50
104.35
48.85
1.02
Including (Mid-zone)
135.00
159.20
24.20
0.85
Including (NE-zone)
179.00
293.22
114.22
1.84
Containing
186.00
242.00
68.00
2.05
which includes
203.90
226.00
22.10
2.86
And containing
264.30
277.45
13.15
3.12
SR12-57 (previously reported)
Entire intrusive
91.00
300.00
209.00
1.02
including (SW-zone)
91.00
148.00
57.00
1.24
including (NE-zone)
170.45
300.00
128.60
1.04
Containing
220.00
281.40
61.40
1.53
And containing
244.00
276.00
32.00
1.72
SR12-58
SW-Zone
106.00
189.00
83.00
0.82
Containing
106.00
152.55
46.55
1.14
which includes
106.00
124.35
18.35
2.03
Cross section and plan map images for the 2012 drilling are available on the Company's website, http://www.tnrgoldcorp.com
About the Shotgun Gold Project
TNR holds a 100% interest in the Shotgun property located 175 kilometres south of The Donlin Gold deposit within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a world-class, multimillion ounce gold district. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin Gold is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and that of the Donlin Gold project deposit as well as other important intrusion-associated deposits.
Analytical work was conducted by Inspectorate (A Bureau Veritas Group Company) with prep work performed in their Fairbanks Alaska facility. Fire assay with ICP-ES finishing was conducted by Acme Analytical laboratories (A Bureau Veritas Group Company) in Vancouver, Canada. Samples with greater than 10 g/t Au were automatically reanalysed using fire assay with a gravimetric finish. Both of these laboratories are ISO 9000 certified and in addition Acme has ISO 17025 certification. TNR Gold inserts certified reference materials and blanks in a quality control procedure that follow industry current best practices.
John Harrop, PGeo, FGS, a Qualified Person for TNR Gold Corp. as defined by NI 43-101 has reviewed the technical information contained in this report.
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.
On behalf of the board,
Gary Schellenberg
President
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Prosperity Goldfields Discovers Multiple New Gold Targets at Kiyuk Lake, Nunavut
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2012) - Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE:PPG) is pleased to announce the following highlights from the summer exploration program at its Kiyuk Lake project:
•New surface showing identified (Rasmussen) with values up to 6.96 g/t Au
•Three untested targets delineated from grid till sampling with values up to 3.6 ppm Au
•New areas of interest outlined from regional prospecting with values up to 25 g/t Au
The newly identified Rasmussen showing, as shown in Figure 1, is characterized by sericite and silica alteration with pyrrhotite and pyrite mineralization in fragmental felsic volcanic host rocks. Several rock samples were collected in the area including four samples ranging from 1.47 g/t Au to 6.96 g/t Au. The northeast trending zone of mineralization and alteration has been traced for approximately 80m proximal to a contact with interbedded siltstone and limestone. Given the abundance of locally derived boulders of mineralization the Rasmussen showing is drill-ready.
Additional anomalous gold values were obtained from samples of glacially transported boulders at several locations outside of known target areas. Three areas of particular interest include a sample in the southwest corner of the property with a gold value of 25 g/t, samples ranging from 1.25-2.4 g/t Au to the north of Kiyuk Lake and 2.41-2.58 g/t Au northwest of the Rusty discovery.
Figure 1 - Map showing the location of rock samples from the 2012 summer exploration program at Kiyuk Lake is available at the following address: http://media3.marketwire.com/docs/121009-PPG_Figure1.pdf.
In addition to the regional till sampling program completed over the entire property (previous release: September 25th, 2012), the Company conducted grid till sampling over the Rusty and Amundsen zones.
The Rusty grid was completed as an orientation study to determine the size, magnitude, and orientation of the till dispersal train associated with the mineralized zone discovered in 2011 (37.8 m at 4.2 g/t Au; Drill hole RU11-001). Elevated gold values extend southwest from the surface showing for 1 km with values decreasing from 1.8 to 0.072 ppm Au in a down-ice direction (see the attached figure). Bulk till samples from Rusty have yielded gold grain counts up to 1720 grains based on preliminary results. These results confirm Rusty as a high priority target for follow up drilling.
The Amundsen grid covered a 1.8 x 1.8 km area from Amundsen to North Snake. Systematic till sampling has refined the bedrock source area for numerous mineralized boulders in this region of sparse outcrop. Anomalous gold values in till of up to 3.6 ppm were identified within the Amundsen grid, higher values than Rusty. Several ribbon-shaped gold dispersal trains are evident in the data and three new untested target areas have been outlined as shown in Figure 2.
Figure 2 - Map showing gold results from grid till sampling is available at the following address: http://media3.marketwire.com/docs/121009-PPG_Figure2.pdf.
The grid sampling program involved collecting between 1 and 2 kilograms of sample material from C-horizon till. A total of 587 grid samples, including field duplicates were collected. Grid samples were orientated perpendicular to the average ice flow direction. Sample locations were adjusted to avoid low-lying areas where C-horizon till samples were absent or masked beneath glaciofluvial sediments.
All rock and till assay results from the summer program have now been received. From the results of the summer program the Company is excited to advance Rasmussen and new target areas and will continue to develop the Rusty discovery.
A comprehensive QA/QC program is in place to monitor precision and accuracy of assay results. All till samples were submitted with certified reference materials and were sieved to -230 mesh by the Acme Analytical Laboratories preparation lab in Timmins, Ontario. The pulps were transferred to Acme Analytical Laboratories Vancouver, British Columbia for analysis. Pulps were re-mixed after transport to account for gravity settling of Au grains during transport. A 30 g portion was digested in aqua regia acid and analyzed for Au and a suite of 36 elements by ICP-MS. Acme Analytical Laboratories is ISO 9001 accredited. Rock samples were submitted to SGS Laboratories for gold fire assay and multi element ICP analysis. Gold grain counts are being completed by Overburden Drilling Management.
Pacific Potash Corporation’s Merger Partner Announces LOI for the Sale of up to 50,000 Tonnes of Calcium Sulphate to Paraguay
(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA, October 9th, 2012 - Pacific Potash Corp., (TSX-V: PP; OTCQX: PPOTF; FSE: P9P, "Pacific Potash", "The Company") is pleased to announce that Pan American (CNSX: PAF, "Pan American") has entered into a non-binding letter of intent (the "LOI") with Agro Industrial Campos Nuevos S.A. ("Agro Industrial"). Under the terms of the LOI, Pan American will sell Agro Industrial between 30,000 and 50,000 tonnes of Calcium Sulphate (Agricultural Gypsum) over a 12 month period at a mutually agreed price per tonne.
Randy Wright, President and CEO of Pan American reported "This sales LOI is an extremely important milestone for Pan American. It not only represents our first international sales agreement, but also demonstrates the massive potential international market for our product. The testing that Agro did validates the quality of our product and we expect to establish many more strategic sales arrangements with international partners"
"We at Agro Industrial are very pleased with the signing of this LOI with Pan American. We have long been searching for a partner that can provide a high quality product in a professional and timely manner. We feel we have found that partner in Pan American" reported Nivaldo Ouriques, President of Argo Industrial.
Details on the acquisition can be found in the Pan American news release dated October 9th , 2012. The Company and Pan American have signed an Arrangement Agreement in respect of a proposed business combination of the two companies, details of which are set out in the Company's news release dated Septebmer 21st, 2012.
About Pacific Potash Corporation
Pacific Potash Corporation trades on the TSX Venture Exchange under the symbol: PP, as well on the OTCQX under the symbol: PPOTF and on the Frankfurt Stock Exchange under P9P. Pacific Potash is engaged in the exploration and development of the Provost Potash Property and the surrounding potash claims targeting the prolific Prairie Evaporite Formation, which is host to multiple conventional and solution potash mines. The Company also has an option to acquire an 80% interest in Western Potash Corporation's (TSX: WPX) Amazonas Basin claims.
About Pan American
Pan American is a Canadian company dedicated to providing fertilizer to a growing global market. The company is focused on the extraction of a specific type of fertilizer called calcium sulphate (also referred to as "Agricultural Gypsum"). To ensure long term development and increase shareholder value, Pan American currently plans to significantly expand its current operational objectives while expanding its asset base by acquiring additional calcium sulphate and other fertilizer related assets.
When used as a fertilizer and as a soil remediator, calcium sulphate is a soft sulfate mineral composed of calcium sulfate dihydrate which is extremely rich in sulphur and calcium. When dissolved in water, the mineral becomes calcium and sulphate sulphur ions, both of which are required nutrients for plants. Calcium sulphate plays a vital role in establishing and maintaining good chemical balance in soil, water and plants, specifically with healthy root development. Ultimately, calcium sulphate increases overall crop quality and yields. www.PAFertilzer.com.
Came across an itro video
Laser Energetics (OTC: LNGT) Intro Video
NXT (SFD.V) Announces US $1.04 Million Expansion of Survey Contract for Petroleos Mexicanos ("PEMEX")
CALGARY, ALBERTA--(Marketwire - Oct. 4, 2012) - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX VENTURE:SFD) (OTCBB:NSFDF) announces that it has been granted a US $1.04 million expansion of its existing US $4.73 million SFD® aerial survey contract with Petroleos Mexicanos ("PEMEX"), the National Oil Company of Mexico, and the 4th largest exploration & production company in the world.
This brings the value of this current project, which covers large offshore and onshore areas in Mexico, to a combined total of US $5.8 million. SFD® data acquisition operations for this contract expansion are complete. Data interpretation is ongoing with delivery to PEMEX of NXT's final recommendations report, covering the expanded project, scheduled to occur by December, 2012.
"We are pleased that PEMEX has decided to expand this project and are looking forward to an ongoing mutually beneficial relationship with PEMEX for years to come." noted George Liszicasz, NXT's President and CEO.
Unlike other exploration methods, NXT can conduct preliminary data interpretation simultaneously with ongoing data acquisition. This enables clients to very quickly make key decisions regarding the areas identified by SFD® to show high prospectivity and then expand the project by adding new infill flight lines to further delineate these areas. This flexibility to expand and or modify the project virtually "on the go" is a key advantage of the SFD® system versus conventional survey methods.
Compared to traditional seismic surveys, SFD® programs, in general, are dramatically shorter in the permitting and execution phases, giving NXT clients enhanced flexibility. SFD® projects are executed at a fraction of the cost and time of a comparable 2D reconnaissance seismic program, and most importantly, provide our clients essential new information for focusing their exploration.
NXT also advises that it plans to have its operations group depart from Mexico this week and following the completion of scheduled aircraft maintenance, intends to commence a US $2.67 million SFD® survey contract in South Asia.
NXT is a Calgary based company whose proprietary airborne Stress Field Detection ("SFD®") survey system provides a survey method that can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD®survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD®is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc. NXT provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
TNR Gold (TNR.V) Extends Mineralized Zones At Shotgun With 209 Metres Of 1.02 g/t Gold
Watch Video: http://bit.ly/UZWoeT
VANCOUVER, British Columbia, Sept. 27, 2012 /PRNewswire/ -- TNR Gold Corp. (the "Company") is pleased to announce assay results from the second hole of the 2012 drilling program on the Shotgun gold project in Alaska. Drill hole SR12-57 returned 209 metres averaging 1.02 grams per tonne gold across the full length of the targeted porphyry system. These results include several higher-grade intercepts that confirm the Company's model of mineralization where elevated gold values occur in repeating structural features through the Shotgun Ridge area.
•Drill hole SR12-57 returns mineralized interval of 209 metres averaging 1.02 grams per tonne gold.
•Included within this interval is 61.4m averaging 1.53 g/t Au.
•Combined with SR12-56 (containing a 242m interval with 1.25 grams per tonne gold), the gold mineralization model at Shotgun Ridge is confirmed along strike and down dip.
•Drill hole SR12-57 ended in mineralization at a down hole depth of 300 metres (approximately 150m below the topographic surface).
Drilling Results
Diamond drill hole SR12-57 was drilled at the same orientation as SR06-43, approximately 35m to the southwest (SR06-43 was previously reported to contain 210 metres averaging 1.3 g/t Au). SR12-57 was one of three drill holes drilled in 2012 to test continuation of the mineralized zones encountered in 06-43 along strike and to depth. 12-57 is the first drill hole in a fence below 06-43 and together enhances the Company's understanding of the controls on gold mineralization at Shotgun Ridge.
Three zones are identified by more intense brecciation and increased gold grades within the porphyritic intrusive and correlate well between all 2012 drill holes. These new results, combined with those previously released for SR12-56, significantly reinforce confidence in the specific orientation of the higher-grade southwest dipping mineralized zones and provide a basis for future drill targeting. The strongest mineralization encountered in hole SR12-57 is coincident with interpreted geophysical anomalies. The hole, drilled at a 45 degree angle down the side of the ridge, ended in mineralization at a down hole depth of 300m which is approximately 150m below the topographic surface.
From
To
Width
Au g/t
Entire intrusive
91.00
300.00
209.00
1.02
including (SW-zone)
91.00
148.00
57.00
1.24
which includes
91.00
131.00
40.00
1.49
including (NE-zone)
170.45
300.00
128.60
1.04
which includes
220.00
281.40
61.40
1.53
containing
244.00
276.00
32.00
1.72
Cross section and plan map images showing SR12-57 and SR06-43 are available on the Company's website http://www.tnrgoldcorp.com/i/pdf/TNR_Shotgun_MAY2012_Public.pdf or to view the latest summary video of this news release please select the following TNR_VitralNetworkNews
Drill targeting was aided by geophysical surveys conducted in 2011. The IP/Resistivity surveys were successful in identifying the position of important, mineralization controlling structures and contacts. The geophysical surveys were expanded in 2012. The Company believes that the new drill results confirm the orientation of these key structures and the correlation with geophysical anomalies provide a clear targeting method for continued drill programs and future resource delineation.
"We are encouraged by the uniformity of gold grades across the reported intersections and that the averages are not supported by narrow, high grade intervals. The results build on the success of the 2011 geophysical surveys, and establish an exploration method that can locate buried targets at the Shotgun property. This is a key step in being able to apply geophysical results from 2012 to planning for the next season of exploration," comments John Harrop, VP Exploration
"The positive results from this year's drilling have significantly elevated the projects' potential and is a major turning point in the exploration at Shotgun Ridge. A previous interpretation of the mineralization at Shotgun showed limited room for expansion. Confirmation of our new model greatly increases the size potential of Shotgun and opens up a number of new zones that will be tested next season," Gary Schellenberg, President and Executive Chairman."
About the Shotgun Gold Project
TNR holds a 100% interest in the Shotgun property located 175 kilometres south of Donlin Creek within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a world-class, multimillion ounce gold district. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and that of the Donlin Creek gold deposit as well as other important intrusion-associated deposits.
Analytical work was conducted by Inspectorate (A Bureau Veritas Group Company) with prep work performed in their Fairbanks Alaska facility. Fire assay with ICP-ES finishing was conducted by Acme Analytical laboratories (A Bureau Veritas Group Company) in Vancouver, Canada. Samples with greater than 10 g/t Au were automatically reanalysed using fire assay with a gravimetric finish. Both of these laboratories are ISO 9000 certified and in addition Acme has ISO 17025 certification. TNR Gold inserts certified reference materials and blanks in a quality control procedure that follow industry current best practices.
John Harrop, PGeo, FGS, a Qualified Person for TNR Gold Corp. as defined by NI 43-101 has reviewed the technical information contained in this report.
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 recently listed 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
Brazil Resources Inc. Video Completes Acquisition of the Cachoeira Project from Luna Gold Corp. and Reports NI 43-101 Resource Estimate http://ow.ly/e0lZM
Brazil Resources Inc. Completes Acquisition of the Cachoeira Project - video newshttp://ow.ly/dYRF7
Brazil Resources Inc.(BRI.V) Identifies Large Copper-Gold Mineralized Zone at Artulândia Project in Goias State, Central Brazil
VANCOUVER, Sept. 6, 2012 /PRNewswire/ - Brazil Resources Inc. (the "Company" or "Brazil Resources") (TSX-V: BRI) (OTCQX: BRIZF) is pleased to announce that recent rock sampling, geophysical and soil geochemical surveys at its Artulândia project have identified an anomalous copper gold zone of approximately 1,000m by 250m, which is open in all directions. The Artulândia project covers 12,000 acres within the Company´s 247,000 acre Pireneus district and is located in Goias state, one of the most prolific mining districts in Brazil.
Stephen Swatton, President and CEO, stated, "Our geological team believes Artulândia has the potential to be a significant discovery, made with a modest budget in an area that has not had previous mining or exploration activity. Based on preliminary exploration data, similarities are being drawn with Yamana's Chapada Copper-Gold Mine to the north. However, we acknowledge that the Artulândia project is in the early stages of exploration and, therefore, more work, including drilling, needs to be done to fully realize and understand this project."
Highlights from the new results obtained at Artulândia include:
•Target ART-1; Further follow-up work completed on target area ART-1 has confirmed new mineralized outcrops, with increased copper values of up to 0.81%, gold values of up to 2.3 g/t and silver values of up to 344 g/t, plus additional anomalies of lead-zinc. A geophysical survey has identified a main IP anomaly trending along strike for approximately 400m, which coincides with the geochemically defined gold-copper zone identified by previous soil and rock chip sampling. ART-1 is considered a priority, and the next phase of exploration is expected to include diamond drilling of this target. Geochemical sampling indicates that the mineralization extends for an additional 600m to the east of the main IP anomaly (Targets ART-2 and ART-3).
•Target ART-5; A new zone located approximately 750m NE of ART-1 has been discovered comprising gossans trending along strike for approximately 700m. These gossans are similar to those found at target area ART-1. A total of 50 rock geochemical samples have been collected from target area ART-5 and sent to the laboratory to confirm the presence of mineralization.
In its news release dated April 26, 2012, Brazil Resources announced the first results of a geochemical sampling program at Artulândia and identified eight target areas (ART-1 to ART-8) with elevated copper, gold, lead and zinc values surrounding a large intrusive granitoid with rock grab sample results of up to 1.2 g/t gold, 0.7% copper and greater than 2% lead-zinc in separate samples.
Since May 2012, follow-up geochemical sampling and detailed geological mapping programs have been completed on target areas ART-1 and ART- 5. In addition a geophysical IP/Mag ground survey has been completed and a trenching program has been initiated at ART-1. To date, assay results are available for a total of 603 rock grab samples, 1,581 soil samples and 62 stream sediment collected from target areas ART-1 and ART-5.
Based on petrographic and detailed geochemical and geophysical data interpretation, Company geologists believe the geology at Artulândia may be a porphyry copper deposit. Therefore comparisons are being drawn with the Chapada Mine operated by Yamana Gold, which is located approximately 140 km north of the Artulândia project. Chapada produced 135,000 oz of gold and 166 million pounds of copper in 2011 as publicly disclosed by Yamana. Readers should be aware that the comparison to Chapada contained herein is based on preliminary exploration by the Company to date and substantial additional exploration is required to define the extension, continuity and geology of the mineralized zones at Artulândia, which does not currently have any defined resources, and, therefore, the results at Chapada are not necessarily indicative of the potential of the Artulândia project.
The geophysical survey was performed by Fugro Geophysics, and processed by Reconsult Geofísica. The IP-resistivity survey comprised 7.65 line kms, and the magnetics survey comprised 23.35 line kms. The grid lines were oriented north-south and each line was 100 meters apart.
Future Work:
The Company plans to further its exploration efforts on all the remaining targets. A diamond drill program to investigate Target 1, and possibly Targets 2 and 3, is currently under consideration. Targets ART-4, ART-5 and ART-6 have been outlined by the recent geophysical survey and will be investigated by additional rock sampling and mapping. The current geochemical/geophysical results only represent the investigation of two targets (ART-1 and ART-5) of the eight geochemical targets initially identified by the Company.
FIGURES 1 and 2 - Geophysical (IP-Magnetic) Targets ART-1 to ART-6 plotted over Mag Analytical Signal Grid Image (left) and IP anomalies trends over Cu in rock/soil geochemical anomaly (right).
Click here to view Figure 1
Click here to view Figure 2
Target 1 is defined by a 400m long high IP trend, the inversion sections show that this trend could be dipping from west to east, going from a superficial response to a deeper signature. This possibility, if proven correct, could add another 600m to this target, effectively extending Target 1 to the eastern boundary of Target 2 (Figure 2).
Figure 3 - Detailed Geological Map with soil anomalies, selected rock sample results and location of geophysical Targets 1, 2 and 3
Click here to view Figure 3
TABLE 1 - Anomalous Rock Samples Results for Cu-Au-Zn-Pb-Ag at Artulândia Project as of August 31, 2012
Sample
Lithology
Cu (ppm)
Au
(ppb)
Zn (ppm)
Pb
(ppm)
Ag (ppm)
11904
Gossan
8123
513
2512
8047
5
11161
Volcanic
7116
79
781
42000
147
11907
Gossan
6991
2329
6551
> 10000
344
11145
Gossan
6813
129
2152
1907
-1
11144
Gossan
6628
335
2538
1375
18
11141
Gossan
6350
1250
4075
747
13
11848
Gossan
4897
128
1212
1248
15
11834
Gossan
4182
84
697
695
8
11847
Gossan
4126
210
894
1737
198
11829
Gossan
3872
1646
1372
1620
19
11905
Gossan
3728
792
3453
5885
12
11444
Laterite
3623
97
1482
1619
9
11919
Gossan
3458
247
1965
1011
13
11906
Gossan
3421
364
3093
5003
10
11469
Volcanic
3329
31
35300
3900
16
11897
Breccia
3315
768
1194
2287
10
11835
Gossan
3275
36
668
630
-1
3001
Quartz Vein
2946
154
1652
802
-1
11928
Gossan
2914
116
1836
1072
-1
11895
Breccia
2892
219
1239
3219
1
11925
Gossan
2828
198
2751
1018
-1
11828
Gossan
2762
46
828
802
-1
11927
Gossan
2636
170
3547
5321
-1
11933
Gossan
2630
199
1979
967
16
11931
Gossan
2591
176
2324
502
4
11924
Gossan
2460
99
2529
1346
-1
11912
Gossan
2373
262
1843
1367
1
11930
Gossan
2340
295
2059
470
8
11900
Breccia
2332
495
522
1729
6
11923
Gossan
2297
148
1392
1182
-1
11898
Breccia
2274
406
892
1761
5
11914
Gossan
2272
1149
2092
854
-1
11899
Breccia
2261
556
713
1544
4
11929
Gossan
2257
61
1430
1311
-1
11932
Gossan
2152
76
1828
534
5
11911
Gossan
2146
186
1336
805
-1
11910
Gossan
2142
148
1160
829
-1
1191
Laterite
2075
1168
1078
1547
-1
11467
Quartzite
1908
71
1213
4302
6
11934
Gossan
1884
32
2326
411
123
11120
Quartzite
1874
61
4203
553
7
11922
Gossan
1868
109
857
1390
-1
11926
Gossan
1847
122
1895
874
19
11121
Volcanic
1787
138
856
5456
11
11921
Gossan
1774
81
1659
1369
-1
11844
Gossan
1711
32
693
919
-1
11167
Volcanic
1620
49
1233
688
-1
11896
Breccia
1604
316
549
1670
4
11833
Gossan
1568
41
1172
483
-1
About Brazil Resources Inc.
Brazil Resources is a publicly listed mineral exploration company with a focus on the acquisition and development of projects in emerging producing gold districts in Brazil and other parts of South America. Currently, the Company is advancing its Montes Áureos, Trinta and Maua Gold Projects located in the Gurupi Gold Belt in the state of Maranhão in northeastern Brazil, and its Pireneus Gold Project in Goias State, in central Brazil. Brazil Resources is also seeking to acquire and develop additional gold properties within Brazil and other locations in South America.
Note Regarding Scientific and Technical Information
Paulo Pereira, the Company's Vice President of Exploration has supervised the preparation of and reviewed the technical information and verified the data contained in this document. Mr. Pereira holds a Bachelor degree in Geology from Universidade do Amazonas in Brazil, is a qualified person as defined in National Instrument 43-101 and is a member of the Association of Professional Geoscientists of Ontario.
The reconnaissance sampling at the Artulândia project was performed using stream sediment sampling to cover the entire area of the claim block. Streams sediment samples were collected using 10 liters constant volume samples and the collected material was panned in the field for gold color counts. Follow-up sampling was completed on anomalous areas defined by the results of the stream sediment sampling. Soil samples were collected on regular grids (200m x 50m) at 0.30 m depth. The material excavated in each soil sampling location was homogenized and a 2 kg representative sample was collected. Rock samples (hand-specimen size) were collected during geological mapping over the entire area and on target area ART-1 rock samples were collected over regular grid (100m x 25m) and on representative mineralized outcrops.
Brazil Resources operates QA/QC controls of sampling and analytical procedures. For geochemical sampling (stream sediment, soil, rock) duplicates are inserted in the sample batches at a reason of one duplicate for every ten samples. Samples from the Artulândia project are transported by the company staff from the project by road to SGS-Geosol Labs in Goiania, Goias for preparation and pulps are sent to SGS-Geosol Labs in Vespasiano, Minas Gerais, Brazil in secured and sealed sample bags for analysis. Samples are assayed by the lab for gold using a 50 gram fire assay with AAS finish and ICP for 37 elements.
Netco and Marifil (MFM.V) Enter into Purchase Agreement for 100% of Toruel Silver Property
Consideration to include issuance of 19.9% of Netco Shares to Marifil
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2012) - NETCO SILVER INC. (TSX VENTURE:NEI) ("Netco") and MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil") are pleased to announce that they have entered into an assignment and purchase agreement dated September 19, 2012 (the "PurchaseAgreement") whereby Netco has agreed to purchase all of Marifil's 100% interest in the Toruel copper-silver project (the "Toruel Property"), located in the Rio Negro Province of Argentina, and all exploration data related thereto (the "Transaction"). Netco and Marifil believe that the Transaction is in the best interests of their respective shareholders as owning a 100% interest in the Toruel Property will facilitate Netco's ability to finance work programs at the Toruel Property and the ownership interest that Marifil will acquire in Netco, as described below, will enable Marifil's shareholders to benefit from the exploration and development of the Toruel Property by Netco.
Netco and Marifil are currently parties to an option agreement dated March 3, 2011, as amended (the "Option Agreement"), pursuant to which Marifil granted Netco an option to acquire up to a 70% interest in the Toruel Property. Under the terms of the Purchase Agreement, Marifil will assign and sell to Netco all of its interest in the Toruel Property in consideration for:
a.Netco issuing Marifil an aggregate of 3,500,000 share purchase warrants (each, a "Warrant"), with each Warrant entitling Marifil to acquire one common share of Netco (each, a "Share") at a price of $0.10 per Share until the date that is twelve (12) months from the closing of the Transaction (the "Closing") and at a price of $0.15 per Share from the date that is twelve (12) months from the Closing until the date that is twenty-four months from the Closing;
b.Netco issuing to Marifil such number of Shares as will cause Marifil to hold an aggregate of 19.9% of the issued and outstanding Shares at Closing; and
c.the grant of a 3% net smelter returns royalty to Marifil.
Netco has also agreed to assume Marifil's existing property payment obligations to the underlying owners of the Toruel Property upon Closing.
The Transaction is expected to close on or about November 30, 2012. The Closing of the Transaction is subject to a number of conditions, including:
a.the approval of the TSX Venture Exchange and of the underlying owners of the Toruel Property, if applicable;
b.Netco having funds in the minimum amount of $825,000 (the "Closing Funds"), of which $375,000 shall be used to complete the purchase of claims from an underlying owner of the Toruel Property and $450,000 shall be used for a drill program on the Toruel Property;
c.satisfactory completion of all transactions contemplated in the Purchase Agreement; and
d.Marifil and Netco having executed a termination and release confirming the termination of the Option Agreement.
In the event that Netco is unable to provide evidence to Marifil of holding the Closing Funds at the time of the Closing, the Purchase Agreement and the Option Agreement shall be terminated.
About the Toruel Property
The Toruel Property covers 5,736 hectares and is located about 25 kilometers southeast of the village of Los Menucos, Rio Negro Province, Argentina. Netco has completed prospecting and surface sampling on the Toruel Property and has reported assays from 162 surface samples. These rock samples returned assays from 0.0 to 0.714 g/t gold (sample 10041) and channel samples from 0.0 to 0.379 g/t gold, 56.8 g/t silver and over 1% lead over 0.95 meters (sample 10066). Equally important, their work has revealed new vein structures outside of the known Toruel Vein, where past drilling had intersected 6.7 meters of 1,998 g/t silver and 5.34% copper. All laboratory work with respect to the samples was completed by Acme Labs, Santiago, Chile, an ISO 17025 accredited analytical laboratory. Sample preparation used procedure D60, R200-500, with digestion and analysis using method IEX, and precious metal determination by method G6-50.
Technical information in this news release has been reviewed and approved by Andrew Gourlay, P. Geo., President of Netco and a Qualified Person as defined in National Instrument 43-101. This news release has also been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Vice President of Marifil Mines Ltd., under whose direction the exploration program is being carried out. Mr. Hite and Mr. Walters are Qualified Persons as defined by National Instrument 43-101.
For more information, see Netco's technical report on the Toruel Property entitled, "Toruel Project, Rio Negro Province – Argentina", dated effective November 21, 2011 and authored by James F. Ebisch, MSc., which is available under Netco's profile on SEDAR at www.sedar.com.
NXT (SFD.V) Finalizes US $4.73 Million PEMEX Contract, Initiates New Survey in Belize, and Expands Geosciences Advisory Board
CALGARY, ALBERTA--(Marketwire - Sept. 20, 2012) - NXT Energy Solutions Inc. ("NXT" or the "Company") (TSX VENTURE:SFD)(OTCBB:NSFDF) announces that it has now completed formal execution of its US $4.73 million SFD® survey contract (as announced on September 12, 2012) with Petroleos Mexicanos ("PEMEX"), the National Oil Company of Mexico, and the 4th largest oil & gas exploration & production company in the world.
SFD® data acquisition operations, covering large offshore and onshore areas in Mexico and have now been completed. Interpretation of the SFD® data is well underway with preliminary findings in process of being presented. NXT's final recommendations report is scheduled to be delivered to PEMEX by December, 2012.
"We are pleased with how the project has progressed so far and look forward to building a long-term relationship with PEMEX" said George Liszicasz, NXT's President and CEO. "This contract with a premier client shows the growing industry acceptance of our patent pending technology and builds upon our growth strategy to expand SFD® adoption beyond our core area in Latin America."
NXT also advises that it has conducted an SFD® survey on a prospect in Belize for a private oil and gas exploration and production company. The survey aims to independently confirm a seismically identified structural trap and evaluate its reservoir potential. The project has a minimum value of US $450,000, with additional success-based contingent consideration in the form of a royalty and bonus. This project is also expected to be completed and delivered in Q4 2012.
NXT announces that Professor Cleveland Jones has joined its Geosciences Advisory Board. Professor Jones is currently with the National Oil & Gas Institute of Brazil, in Rio de Janeiro and is involved primarily with research of innovative new oil & gas exploration technologies and methodologies, and energy policies. He has consulted to international oil and gas companies worldwide, and is a sought after academic commentator on energy policy issues. Professor Jones graduated in Physics and Economics from Cornell University (Ithaca, NY) and obtained a post-graduate degree in Oil and Gas Engineering, as well as a Masters in Geology, from the State University of Rio de Janeiro. Professor Jones is fluent in English, Portuguese and Spanish.
"We are pleased to have Professor Jones join NXT's existing Geosciences Advisory Board, which has a mandate of expanding awareness and acceptance of the SFD technology in the oil & gas industry", noted George Liszicasz. "Professor Jones will be actively working with NXT management in a technical advisory capacity to help us further expand into Brazil's large potential onshore and offshore exploration markets".
Rocking today !!!
TNR GOLD (TNR.V) On watch today
News - ANNOUNCES 242 METRES AVERAGING 1.25 g/t GOLD AT SHOTGUN http://ow.ly/dGs27
TNR Gold Intersects 242 Metres of 1.25 g/t Gold on New Geophysical Target at Shotgun
VANCOUVER, British Columbia, Sept. 13, 2012 /PRNewswire/ --TNR Gold Corp. ("TNR" or the "Company") (TSXV: TNR) is pleased to announce the assay results from the first hole of the drilling program at the Shotgun gold property in Alaska. Drill hole SR12-56 returned 242 metres averaging 1.25 grams per tonne gold including several higher-grade intercepts. The 30-day exploration program included 814 metres of drilling and three geophysical survey grids.
•Drill hole SR12-56 returns mineralized interval of 242.22 metres averaging 1.25 grams per tonne gold. •Included within this interval is 114.22m averaging 1.84 g/t Au. •Hole ended in mineralization at target depth of 293.22 metres. •Mineralized zones are open at depth and coincident with geophysical anomalies found in 2011. •Assays pending for two more holes.
Drilling Results Diamond drill hole SR12-56 was oriented parallel and approximately 50m northwest of SR06-43 (previously reported containing 210 metres averaging 1.3 g/t Au). Three zones identified by more intense brecciation and increased gold grades correlate well between the two holes. These new results significantly reinforce confidence in the specific orientation of these southwest dipping mineralized higher-grade zones and how to target them with future drilling. In addition to testing for continuation of mineralized zones encountered in SR06-43, the new hole targeted an untested geophysical anomaly identified by the 3D geophysical survey in 2011. The strongest mineralization encountered in hole SR12-56 is coincident with where this geophysical anomaly was intersected. The hole ended in mineralization at target depth of 293.22m.
From
To
Width
Au g/t
Entire intrusive
51.00
293.20
242.20
1.25
Including (SW-zone)
55.50
104.35
48.85
1.02
Including (Mid-zone)
135.00
159.20
24.20
0.85
Including (NE-zone)
179.00
293.22
114.22
1.84
Containing
186.00
242.00
68.00
2.05
which includes
203.90
226.00
22.10
2.86
And containing
264.30
277.45
13.15
3.12
Which includes
1.95
11.2
Cross section and plan map images showing SR12-56 are available on the Company's website, http://www.tnrgoldcorp.com
Click for plan map.
Click for cross section.
Click for 3D image.
Drilling targeting was aided by 2011 geophysical surveys results. Higher grades within the NE-zone in hole 12-56 are associated with a chargeability high feature that suggests the mineralization continues at depth. Preliminary results of the 2012 geophysical survey are currently being interpreted.
"The Company is extremely pleased with these results and how they support our exploration model for identifying bulk minable gold targets at the Shotgun project. As reported previously, the geology logged in the drilling correlated well with previous work and looked very encouraging. The assays in the first hole have started to confirm this" comments John Harrop, VP Exploration.
About the Shotgun Gold Project TNR holds a 100% interest in the Shotgun property located 175 kilometres south of Donlin Creek within the Kuskokwim Gold Belt in southwestern Alaska. This area is emerging as a world-class gold district hosting more than 40 million ounces of aggregated gold resources. The Shotgun property includes a number of prospects, including Shotgun Ridge and nearby Winchester. Donlin is an intrusion-associated system and represents one of the largest undeveloped gold deposits in the world. The Company believes that there are several key similarities between prospects on the Shotgun property and that of the Donlin Creek gold deposit as well as other important intrusion-associated deposits.
John Harrop, PGeo, FGS, a Qualified Person for the Company as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects has reviewed the technical information contained in 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 recently listed subsidiary, International Lithium Corp. (TSXV:ILC.V) ("ILC"), 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. Ganfeng 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 holding 25.5% of ILC's 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 confirms TNR's commitment to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
NXT Secures US $4.73 Million SFD(R) Survey Contract With Petroleos Mexicanos ("PEMEX")
CALGARY, ALBERTA--(Marketwire - Sept. 12, 2012) - NXT Energy Solutions Inc. (TSX VENTURE:SFD)(OTCBB:NSFDF) -
HIGHLIGHTS
• NXT receives initial contract with PEMEX, the National Oil Company of Mexico
• PEMEX project to be completed by Q4, 2012
• NXT is on track for record revenue year
• NXT to commence previously announced South Asia US $2.67 million contract in September
NXT Energy Solutions Inc. ("NXT" or the "Company") is pleased to announce that it has been awarded a contract to conduct a US $4.73 million SFD® survey for Petroleos Mexicanos ("PEMEX"), the National Oil Company of Mexico. PEMEX is the 4th largest Exploration & Production Company in the world, with current production of approximately 2,500,000 barrels per day (boed).
The contract has been formally awarded to NXT, and final documentation is being moved through PEMEX's internal signatory process with most of the signatures received. Therefore, NXT has gone forward with SFD® data acquisition and interpretation operations in Mexico.
PEMEX's award of the contract was based on an extensive period of technical review, commercial review and validation and a test flight of NXT's patent pending technology. The SFD® project covers large offshore and onshore areas. SFD® data acquisition will be completed in September, with delivery of NXT's recommendations in December, 2012.
"We are delighted to have been awarded our first contract and look forward to a long-term relationship with PEMEX" said George Liszicasz, NXT's President and CEO. "Adding this premiere client from an untapped market builds upon our growth strategy to expand SFD® adoption throughout our core area in Latin America. Within a 12 month period we will have conducted survey operations in Colombia, Argentina, Guatemala and now Mexico. We intend to build on this significant new development, and are actively pursuing new client prospects in Brazil, Colombia, Ecuador, Paraguay, Peru and Belize."
NXT intends to mobilize to South Asia to commence flying its previously awarded US $2.67 million survey following completion of the data acquisition phase of the PEMEX project. Both projects are expected to be completed and delivered in Q4 2012, giving NXT a record year in revenue.
As previously announced, NXT will be opening the TSX Exchange by "Ringing the Bell" in Toronto on Friday, September 14, 2012 and is today (September 12) hosting an investor and media conference call at 1:00 PM MST (3:00 PM EST) to discuss our Q2 results, this significant new contract, and other developments.
NXT's management invites all interested parties to participate in this call, by using one of the applicable numbers below:
Conference Code: 776268
Participant access code: 5034838 (followed by the "#" key)
1-877-385-4099 (Toll Free Canada & USA)
613-212-4220 Ottawa
514-395-9913 Montreal
604-899-2339 Vancouver
403-232-0994 Calgary
780-421-1483 Edmonton
416-883-0133 Toronto
NXT is a Calgary based company whose proprietary airborne Stress Field Detection ("SFD®") survey system provides a proprietary survey method that can be used both onshore and offshore to remotely identify potential hydrocarbon traps and reservoirs. The SFD® survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD® is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc. NXT provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration
Looks ke the profit taking is over ! Next pr we could see a nice push
Marifil Mines Ltd. Summer Update: September 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2012) - Marifil Mines Ltd. (TSX VENTURE:MFM) -
Dear Shareholders & Investors,
On behalf of Marifil Mines Ltd.("Marifil" or the "Company"), I am pleased to report on Marifil's activities for the end of summer 2012. During this time, the Company continued to develop and advance its extensive portfolio of projects in Argentina and made a key addition to its team.
The Company announced a consulting services agreement with Dr. Robert J. Rennie to assist in the planned spin-out of its potash, sulfur, and phosphate projects. Dr. Rennie has a PhD. in Soil Microbiology and has over 27-years of experience working with and managing fertilizer companies. For more information on this agreement please see Marifil's May 1, 2012 News Release: http://www.marifilmines.com/s/NewsReleases.asp?ReportID=522352&_Type=News-Releases&_Title=Marifil-Hires-Fertilizer-Executive-Dr.-Robert-Rennie. Following, the Company signed a purchase agreement for the K-5 and K-6 Potash Properties. Marifil plans on spinning these properties into Marifil Fertilizers Ltd., a Capital Pool Company (CPC) or a shell company. This recent purchase now makes us the 2nd largest potash exploration company in Argentina. For more information, please see Marifil's May 8, 2012 News Release: http://www.marifilmines.com/s/NewsReleases.asp?ReportID=523543&_Type=News-Releases&_Title=Marifil-Signs-Purchase-Agreement-For-K-5-and-K-6-Potash-Properties).
Additionally, Marifil along with their JV Partner Netco Silver Inc. (TSX VENTURE:NEI) ('Netco') announced the discovery of two new mineralized vein systems at the Toruel Property. The Toruel Property is located approximately 100 kilometers from one of the world's largest undeveloped silver deposits: Pan American Silver's Navidad Project. For more information on the discovery, please see Marifil's May 31, 2012 News Release: http://www.marifilmines.com/s/NewsReleases.asp?ReportID=528272&_Type=News-Releases&_Title=Partner-Announces-the-Discovery-of-Two-New-Mineralized-Vein-Systems-at-the-.
In June, Marifil resumed operatorship of the San Roque from JV partner NovaGold. The San Roque property contains 111,000 hectares of land and covers a large gold-silver-lead-zinc-indium mineral deposit. 108 holes have been drilled so far, all of with have hit mineralization. Of particular interest is hole 34 which hit 35 m of 2.27 g/t gold from surface down. Currently, NovaGold has earned a 49% interest in the property. Both companies will now work to complete a shareholder's agreement, which will allow Marifil to move forward with further exploration of the discovery. For more information, please see Marifil's June 29, 2012 News Release: http://www.marifilmines.com/s/NewsReleases.asp?ReportID=534943&_Type=News-Release&_Title=Marifil-Resumes-Operatorship-of-San-Roque.
During the past few months, Marifil's geologists have carried out a phosphate exploration program in the Neuquen Basin and a regional exploration program for base and precious metals in Patagonia. Meanwhile, management has vigorously pursued a program of seeking out partners for our various projects and for spinning out our fertilizer minerals into a new company.
The Company is looking forward to a productive fall and continuing to increase shareholder value on our diverse portfolio of properties in Argentina. The market conditions have been difficult for all junior exploration companies but we believe this is starting to turn around. We are confident in our project generator model and will continue to find & acquire quality assets and generate cash flow through strategic partnerships and sales.
Red Eagle Mining Commences Preliminary Economic Assessment and Environmental Baseline Study at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that Mine Development Associates has commenced working on a NI 43-101 compliant resource estimate to be followed by a Preliminary Economic Assessment for the San Ramon gold system, Santa Rosa project, Colombia. The NI 43-101 compliant Technical Report supporting disclosure of the resource estimate is planned for release by the end of 2012, while the Preliminary Economic Assessment is planned for release in the first quarter of 2013.
Red Eagle Mining is also pleased to announce that an Environmental Baseline Study commenced this summer in preparation for the completion of an Environmental Impact Assessment and the permitting process for its planned mining operations at San Ramon. The Baseline Study was awarded to the two Colombian universities which had the most extensive relevant experience - the Universidad de Antioquia and the Universidad Catolica de Santa Rosa. The Baseline Study will continue over the coming twelve months.
The Universidad de Antioquia is a public university located in Medellin, only 70km away. Founded in 1803, it is Colombia's oldest public university and the second largest and most prestigious of Colombia's universities. Research is one of the principal specialties of the University of Antioquia and the considerable natural and social diversity of the region has allowed the university to develop deep expertise in environmental studies and the social sciences. It is recognized as one of the three best Colombian research Universities and has the highest percentage of excellence in research groups according to the National Board of Science and Technology (Colciencias). The Universidad de Antioquia was awarded the air quality, noise, hydrology and water quality modules.
The Universidad Catolica de Santa Rosa is operated by the Diocese of Santa Rosa de Osos, only 15km away. The university has a strong network and knowledge of the community, farmers and industry throughout the region. The university also has a very close relationship with the Mayoralty, City Council and the Community Action Board, which are directly involved in the land use plan of the Santa Rosa region. Universidad Catolica de Santa Rosa was awarded the fauna and flora, geotechnical, soil, landscape, community, public health and leadership modules.
"We are very pleased to be able to take San Ramon to the next stage of development in an orderly timely process," comments Ian Slater, Chief Executive Officer. "Partnering with local universities and utilising their high quality professionalism and experience will enable Red Eagle to develop San Ramon in an environmentally responsible manner acceptable to all stakeholders."
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. Phase One and Two drilling intercepts in the primary (unoxidised) mineralisation averaged 2.1 g/t Au (0.20 g/t Au cut off, uncut) to a vertical depth of over 250m. The mineralisation is open at depth. The Phase Three 5,000m core drill programme is delineating the oxide mineralisation on 50m centres from surface to approximately 50m depth. 48 holes totaling 3,331m have been completed to date. Assays are pending on 37 holes (SR-077 to SR-113).
The scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101.
Aurizon Announces an Updated Mineral Resource Estimate for Niogold's Marban Deposit
Val-d'Or, Quebec - September 7, 2012 - NioGold Mining Corporation (TSX-V:NOX) (OTCQX:NOXGF) ("NioGold") is pleased to announce that Aurizon Mines Ltd. ("Aurizon") has announced an updated mineral resource estimate for the Marban deposit. The deposit is located on NioGold's Marban Block property, in the Malartic gold camp, Abitibi region of Quebec, which is currently under option to Aurizon. Pursuant to the option, the parties have planned a three Phase drill program of which Phases 1 and 2 have been completed, and Phase 3 is in planning.
The updated mineral resource estimate, based on Phase 1 results, was prepared by SGS Canada Inc. - Geostat ("SGS Geostat") under guidelines set by Aurizon's personnel. All information of a scientific or technical nature in this release has been reproduced from Aurizon's news release dated September 7, 2012. NioGold has not at this time independently verified any of the scientific or technical information in Aurizon's news release and reproduced in this release.
Resource Estimate from Phase 1 (August 2010 - August 2011)
The updated mineral resource estimate integrates the results of NioGold's drill programs on the Marban deposit up to the mineral resource estimate prepared by Mine Development Associates ("MDA") on December 1, 2009, and the results of the Phase 1 drill program which was completed last year on August 9, 2011. The updated mineral resource estimate does not:
-incorporate the results of the recently completed Phase 2 drill program, comprised of 34,658 metres distributed in 90 new holes, that investigated the Marban deposit along strike, especially in the Western High Grade zone and the Eastern Down Dip zone
-incorporate the mineral resource estimates for the Norlartic and Kierens deposits, located north-west of the Marban deposit, which were previously reported on by MDA and which remain unchanged (see Table 4).
The Phase 1 drill program comprised a total of 41,270 metres distributed in 146 new holes, drilled between August 30, 2010 and August 9, 2011.
Based on a cut-off grade of 0.35 grams of gold per tonne and a high value capping of 25 grams of gold per tonne, the in-pit mineral resource is estimated at 20,700,000 tonnes at 1.58 grams of gold per tonne or 1,053,000 ounces of gold in the measured and indicated category plus at 3,780,000 tonnes at 1.60 grams of gold per tonne or 194,000 ounces of gold in the inferred category. The resource outside of the pit shell and using a cut-off grade of 2.0 grams of gold per tonne is estimated at 980,000 tonnes at 2.82 grams of gold per tonne or 89,000 ounces of gold in the measured and indicated category plus 800,000 tonnes at 2.68 grams of gold per tonne or 69,000 ounces of gold in the inferred category.
Table 1: Marban Deposit 2012 Mineral Resource Estimate (uncapped results shown for comparison)
-------------------------------------------------------------------
| |Cut-off |Category|Tonnes1|Grade |Gold |Average|
| |Grade | | |(capped)2|(capped)3|Metal |
| |(Au g/t)| | |(g/t Au) |(Ounces) |Loss |
| | | | | | |due |
| | | | | | |to |
| | | | | | |Capping|
|-----------------------------------------------------------------|
|In-pit |0.35 |M+I |20 700 |1.58 |1 053 000|18.8% |
| | | |000 | | | |
| |---------------------------------------------|
| |Inferred|3 780 |1.60 |194 000 |65.9% |
| | |000 | | | |
|-----------------------------------------------------------------|
|Underground|2.0 |M+I |980 000|2.82 |89 000 |16.0% |
| |---------------------------------------------|
| |Inferred|800 000 |2.68 |69 000 |17.9% |
|-----------------------------------------------------------------|
|Total | |M+I |21 670 |1.64 |1 141 000|18.7% |
| | | |000 | | | |
| |---------------------------------------------|
| |Inferred|4 580 |1.79 |263 000 |59.7% |
| | |000 | | | |
-------------------------------------------------------------------
The mineral resource estimate has been calculated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definitions Standards for mineral resources in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Mineral resources update effective date: November 16, 2011.
1: Rounded to nearest 10 thousand.
2: High value capped at 25 g/t Au on assays.
3: Rounded to nearest 1 thousand.
"Following the resource estimate in 2010, our target was to increase the amount of ounces near surface on the Marban deposit to assess if an open pit scenario was possible. The results of this update of the resource estimate are showing that we achieved our goal" said Mike Iverson Niogold's President and CEO.
The in-pit and underground resources have been estimated based on the following parameters:
-Two distinct mining scenarios: open-pit and underground. The open pit mineral resources are reported within an initial Whittle pit shell;
-The base case scenario was performed with a minimum cut-off grade of 0.35 grams of gold per tonne;
-A total of 1,684 holes including 333 historical surface holes for a total of 136,789 metres of surface drilling and 1,205 historical underground holes for a total of 61,256 metres;
-A total of 858 underground channels and chips samples;
-A total of 107,904 assays which are available in the database;
-A capping of 25 grams of gold per tonne was applied to the assays.
-The mineral resources were modeled and estimated using SGS Proprietary software, Genesis 1.0.17;
-mineral resource model was interpreted from 144 transverse sections at intervals of 12.5 metres and from level plans at intervals of 5 metres;
-The interpolation was conducted on composite assays of 2 metres in length;
-The interpolation was done by Ordinary Kriging in two stages: One block model using mineralised envelopes for the high grade mineralisation (>0.5 grams of gold per tonne), and another block model for the lower grade mineralisation located outside the defined mineralised envelopes;
-The block model was defined by blocks of 5 metres long by 5 metres wide by 5 metres thick and covers a strike length of 1,400 metres to a maximum depth of 700 metres below surface;
-An average drill spacing of 25 metres x 25 metres was used for the measured and indicated resources;
-The average relative density used to calculate the tonnage of the Marban deposit was adjusted to 2.77 tonnes/cubic metre;
-The historical Marban production was removed from the mineral resources;
-The Whittle pit optimisation was performed by SGS Geostat using a gold price of US$1,350 per ounce and an exchange rate of 1:1;The simulated pit is 1,400 metres long, 850 metres wide and 350 metres deep. The mineral resources located outside the Marban deposit optimised pit shell is evaluated using an underground ("U/G") mining scenario. The base case cut-off grade for U/G mineral resources for the Marban deposit has been set at 2.0 grams of gold per tonne.
Sensitivity Analysis of the Resources
The mineral resource sensitivity is presented in the next 2 tables with different cut-off grades from 0.35 to 3.0 grams of gold per tonne.
Table 2: Marban Deposit - In-Pit Mineral Resource
-----------------------------------------------------------------
|Cut-off |Category |Tonnes1 |Grade |Gold |Average |
|Grade | | |(capped)2|(capped)3|Metal |
|(Au g/t) | | |(g/t Au) |(Ounces) |Loss |
| | | | | |due |
| | | | | |to Capping|
| |
| |
|---------------------------------------------------------------|
|0.35 |Measured |8 650 000 |1.72 |479 000 |9.1% |
|(Base case)| | | | | |
| |---------------------------------------------------|
| |Indicated|12 050 000|1.48 |574 000 |25.5% |
| |---------------------------------------------------|
| |M+I |20 700 000|1.58 |1 053 000|18.8% |
| |---------------------------------------------------|
| |Inferred |3 780 000 |1.60 |194 000 |65.9% |
|---------------------------------------------------------------|
|0.5 |Measured |8 500 000 |1.75 |477 000 |9.1% |
| |---------------------------------------------------|
| |Indicated|11 990 000|1.49 |573 000 |25.5% |
| |---------------------------------------------------|
| |M+I |20 490 000|1.59 |1 050 000|18.9% |
| |---------------------------------------------------|
| |Inferred |3 780 000 |1.6 |194 000 |65.9% |
|---------------------------------------------------------------|
|1.0 |Measured |6 940 000 |1.96 |437 000 |9.9% |
| |---------------------------------------------------|
| |Indicated|9 360 000 |1.67 |502 000 |28.1% |
| |---------------------------------------------------|
| |M+I |16 300 000|1.79 |938 000 |20.7% |
| |---------------------------------------------------|
| |Inferred |3 090 000 |1.77 |176 000 |67.5% |
-----------------------------------------------------------------
1: Rounded to nearest 10 thousand.
2: High value capped at 25 g/t Au on assays.
3: Rounded to nearest 1 thousand.
Table 3: Marban Deposit - Underground Mineral Resource (Outside the pit shell)
----------------------------------------------------------------
|Cut-off Grade|Category |Tonnes1|Grade |Gold |Average |
|(Au g/t) | | |(capped)2|(capped)3|Metal |
| | | |(g/t Au) |(Ounces) |Loss |
| | | | | |due |
| | | | | |to Capping|
| |
| |
|--------------------------------------------------------------|
|2.0 |Measured |360 000|3.03 |35 000 |12.5% |
|(Base case) | | | | | |
| |------------------------------------------------|
| |Indicated|620 000|2.70 |53 000 |18.5% |
| |------------------------------------------------|
| |M+I |980 000|2.82 |89 000 |16.0% |
| |------------------------------------------------|
| |Inferred |800 000|2.68 |69 000 |17.9% |
|--------------------------------------------------------------|
|2.5 |Measured |220 000|3.55 |25 000 |13.8% |
| |------------------------------------------------|
| |Indicated|290 000|3.26 |30 000 |23.1% |
| |------------------------------------------------|
| |M+I |510 000|3.39 |55 000 |19.1% |
| |------------------------------------------------|
| |Inferred |390 000|3.20 |40 000 |24.5% |
|--------------------------------------------------------------|
|3.0 |Measured |130 000|4.09 |17 000 |15.0% |
| |------------------------------------------------|
| |Indicated|160 000|3.71 |19 000 |26.9% |
| |------------------------------------------------|
| |M+I |290 000|3.88 |36 000 |27.8% |
| |------------------------------------------------|
| |Inferred |190 000|3.73 |22 000 |24.1% |
----------------------------------------------------------------
1: Rounded to nearest 10 thousand.
2: High value capped at 25 g/t Au on assays.
3: Rounded to nearest 1 thousand.
Geology
The Marban mineralized system has a funnel shape corresponding to a 400 to 700 metres wide multi-folded structure in the upper part and a more steeply dipping root at depth, with thicknesses in the range of 100 to 200 metres. Mineralized zones and structures are developed in east-west oriented schistosed basalt altered to carbonate, chlorite and albite. Shear zones dip 45? to 70? to the north and are from 10 to over 70 meters wide. Gold grade typically correlates with an increasing density of quartz veining associated with disseminated pyrite and pyrrhotite. The hanging wall and footwall are composed mainly of ultramafic units.
The historical production from this mine is 1.98 million tonnes at 5.27 grams of gold per tonne for 330,000 ounces produced.
Marban Property Mineral Resources
The Marban deposit currently represents the core of the mineral resources located on the Marban property. The Norlartic and Kierens deposits represent two additional mineral resources, reported on by Mine Development Associates (MDA) December 1, 2009. The project comprises 3 mining lease and 42 claims covering 976 hectares.
The following table provides the details of the total mineral resources for the Marban Block property, as updated by the SGS September 2012 mineral resource estimate on the Marban deposit. Note that MDA's previous estimate on the Marban deposit used a cut-off grade of 2.5 g/t, compared to SGS's use of a cut-off grades of 0.35 g/t and 2.0 g/t.
Table 4: Marban Block property - Mineral Resource Summary
---------------------------------------------------------------------------------------------------------
| | | |September 6, 2012 | | |December 1, 2009 | | |
|-------------------------------------------------------------------------------------------------------|
|Deposit |Cut-off |Category|Tonnes1|Grade|Gold2 | |Cut-off|Tonnes1|Grade|Gold2 | |Gain |
| |Grade | | |(g/t |(Ounces)| |Grade | |(g/t |(Ounces)| |(Ounces)|
| |(Au g/t) | | |Au) | | |(Au | |Au) | | | |
| | | | | | | |g/t) | | | | | |
| |-----------| |-------| |
| | | | | |
|-------------------------------------------------------------------------------------------------------|
|Marban |0.35 |M+I |20 |1.58 |1 053 | | | | | | |1 053 |
| |In-pit | |700 | |000 | | | | | | |000 |
| | | |000 | | | | | | | | | |
| |-----------------------------------------------------------------------------------|
| |Inferred |3 780 |1.6 |194 | | | | | | |194 |
| | |000 | |000 | | | | | | |000 |
| |--------------------------------------------------------------------------------------------|
| |2.0 |M+I |980 |2.82 |89 000 | |2.5 |1 240 |4.55 |181 000 | |(92 |
| |Underground| |000 | | | | |000 | | | |000) |
| |-----------------------------------------------| |---------------------------|
| |Inferred |800 000 |2.68 |69 | |870| |4.08 |114 | |(45 |
| | | | |000 | |000| | |000 | |000)|
|-------------------------------------------------------------------------------------------------------|
|Norlartic4|0.5 / 2.53 |M+I |5 420 |1.82 |316 000 | |0.5 / |5 420 |1.82 |316 000 | | |
| | | |000 | | | |2.53 |000 | | | | |
| |-----------------------------------------------| |---------------------------|
| |Inferred |3 200 |1.44 |148 | |3 | |1.44 |148 | | |
| | |000 | |000 | |200| | |000 | | |
| | | | | | |000| | | | | |
|-------------------------------------------------------------------------------------------------------|
|Kierens4 |0.5 / 2.53 |M+I |1 440 |2.19 |101 000 | |0.5 / |1 440 |2.19 |101 000 | | |
| | | |000 | | | |2.53 |000 | | | | |
| |-----------------------------------------------| |---------------------------|
| |Inferred |1 780 |1.73 |99 | |1 | |1.73 |99 | | |
| | |000 | |000 | |780| | |000 | | |
| | | | | | |000| | | | | |
|-------------------------------------------------------------------------------------------------------|
|Total | |M+I |28 |1.7 |1 559 | | |8 100 |2.3 |599 000 | |960 000 |
| | | |540 | |000 | | |000 | | | | |
| | | |000 | | | | | | | | | |
| |-----------------------------------------------| |---------------------------|
| |Inferred |9 560 |1.66 |510 | |5 | |1.92 |361 | |149 |
| | |000 | |000 | |850| | |000 | |000 |
| | | | | | |000| | | | | |
---------------------------------------------------------------------------------------------------------
The mineral resource estimate has been calculated using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definitions Standards for mineral resources in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Mineral resources update for Marban gold deposit is effective date: November 16, 2011.
Mineral resources update for Norlartic and Kierens deposit is effective date: December 1, 2009.
1: Rounded to nearest 10 thousand.
2: Rounded to nearest 1 thousand.
3: 0.5 g/t Au cut-off on resources from surface to 200 metres vertically and 2.5 g/t Au cut-off below 200 metres.
4: Mineral resource estimate reported by MDA Dec 1, 2009.
Outlook from Phase 2 drilling program
The results of 90 holes and 9 extensions of previous holes of the Phase 2 of the drilling program have successfully confirmed the extension of the different zones of the Marban mineralized system (see the news releases dated March 1, April 26, June 12, and August 15 2012). The objectives of this program on the Marban deposit were to improve the quality of the near surface resources, developing a mineral inventory below a depth of 250 vertical metres and outside the known lateral extension.
An updated mineral resource will be produced in order to integrate the results of the Phase 2 drilling program in the resource estimate.
The preliminary metallurgical testwork at Marban indicates a favourable recovery between 95.4% and 97.6% for the ore cyanidation test (see news release dated April 24, 2012). The Bond ball mill testing indicated the ore fell in the medium soft to medium range of hardness compared to the SGS database (10.1-10.9 kWh/t).
A baseline environmental study has been initiated and being prepared by Golder Associates and should be completed by the end of the year.
A third phase of drilling will be initiated later this month. There is still $9M to be spent in the earn-in option with Aurizon.
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).
Scientific/Technical Info, Qualified Persons and QA/QC
Information of a scientific or technical nature in this news release has been reproduced from Aurizon's news release, which information was prepared by or under the supervision of Ghislain Fournier P.Eng., Technical Services General Manager of Aurizon and Martin Demers P.Geo, Exploration Manager of Aurizon. The current mineral resource estimate on the Marban deposit was completed by Yann Camus Eng., of SGS Canada Inc. - Geostat, an independent Qualified Person under NI 43-101 guidelines, using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on December 11, 2005. The effective date of the estimate is November 16, 2011. NioGold does not, at present, know if, how and to what extent any qualified persons at Aurizon have verified the data underlying the scientific and technical information disclosed in Aurizon's news release and reproduced in this news release. NioGold will attempt to verify the data once Aurizon files its technical report in support of its news release.
Additional Information
A sketch is attached showing the plan and longitudinal view of the Marban Gold deposit with the outline of the in-pit and underground resources. All other information previously released on Marban is also available on NioGold's website at www.niogold.com
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 encompasses six 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, Chairman & CEODale Paruk, Vice-President
Stornoway Executes Mandate Letter With Lead Arrangers for Renard Project Financing
MONTRÉAL, QUEBEC--(Marketwire - Sept. 6, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has entered into a Mandate Letter with seven financial institutions (the "Mandated Lead Arrangers") in connection with a potential senior debt financing for Stornoway's 100% owned Renard Diamond Project. The Mandated Lead Arrangers are Bank of Montreal, Caterpillar Financial, Export Development Canada, Investissement Québec, Nedbank Capital Limited (London Branch), Société Générale (Canada Branch) and The Bank of Nova Scotia. The Mandate Letter establishes the terms under which the Mandated Lead Arrangers have been appointed to arrange senior loans of up to US$475 million. It does not constitute a commitment to underwrite, provide or secure financing, which remains subject to due diligence, the completion of definitive loan documentation, credit and other approvals, and the terms and conditions of the term sheet attached to the Mandate Letter, among other things.
In connection with the Mandate Letter, Bank of Montreal is appointed Administrative Agent and Modeling Bank, Caterpillar Financial is appointed Insurance Agent, Nedbank Capital Limited (London Branch) is appointed Marketing Bank, Société Générale (Canada Branch) is appointed Documentation Agent, and The Bank of Nova Scotia is appointed Technical Agent, Trustee and Account Bank.
Stornoway is pursuing a financing strategy for the Renard Diamond Project based on a combination of senior project debt, equity and financing options tied to future diamond production. The $475 million senior debt financing contemplated by the Mandate Letter is in the context of an overall financing plan that includes provisions for the totality of the project's initial pre-production capital cost, as defined in the November 2011 Feasibility Study, working capital requirements, escalation, financing costs and a pre-arranged contingent cost over-run facility.
Matt Manson, Stornoway's President and CEO commented: "Our objective in financing Renard is to minimize the capital that has to be raised to construct the project, and to minimize the equity portion of that capital. The Mandate Letter announced today is an excellent first step in this direction, and reflects well on the strength of the project and the credentials of Stornoway's operating team. We continue to be greatly assisted by the support of our principal shareholders, in particular DIAQUEM Inc., a subsidiary of Investissement Québec, with whom we entered into a $100 million credit support agreement in April 2011 and who hold a 25% pre-emptive right to subscribe to new equity. With our principal regulatory approvals expected shortly, financing arrangements proceeding and road construction ongoing, Stornoway is well positioned to follow-through on the development of Renard starting next year."
The Mandate Letter contemplates the completion of technical, environmental, social, marketing, insurance, financial and legal due diligence this year, the execution of a commitment letter in Q1 2013, and the completion of definitive documentation in Q2 2013.
Capital Cost Optimization Study
In parallel with its project financing activities, Stornoway has also initiated a study aimed at optimizing the sequencing of capital cost expenditures at Renard. In particular, this study is addressing the potential to initiate underground mining by way of a ramp only, and deferring the development of the shaft until later in the mine life. If successful, this study is expected to result in a substantial saving in the project's initial capital cost while maintaining the overall project description, mine plan and production rate at the expense of a modest operating cost increase. It is expected that this study will be complete by year-end. Its impact on the project's overall debt capacity and initial financing requirements, both of which are subject to change, will be assessed at that time.
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 for Renard that 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 18.0 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 C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Production start-up is scheduled for 2015. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project 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. 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.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Matt Manson, President and Chief Executive Officer
NXT ( SFD.V ) Announces Profitable Q2 and Record 2012 YTD Financial Results and Investor Update Call
NXT Announces Profitable Q2 and Record 2012 YTD Financial Results and Investor Update Call
Calgary, Alberta CANADA, September 04, 2012 /FSC/ - NXT Energy Solutions Inc.(TSX-V:SFD; OTC:NSFDF),("NXT" or the "Company") is pleased to announce its financial and operating results for the three and six month periods ended June 30, 2012. All selected and referenced financial information should be read in conjunction with NXT's consolidated financial statements and management discussion and analysis ("MD&A") as filed on SEDAR at www.sedar.com, on NXT's website at www.nxtenergy.com and on EDGAR at www.sec.gov/edgar.
For the Q2 three month period ended June 30, 2012, NXT had net earnings of $30,660 ($0.00 per share) on revenues of $2,394,863 and for the six months year-to-date 2012, net earnings of $368,588 ($0.01 per share) on revenues of $5,210,183. Q2 is NXT's second consecutive profitable quarter. Q1 and Q2 combined represent a record 6 month financial result. For the comparable 2011 periods, the Company had a Q2 -2011 net loss of $692,510 ($0.02 per share) on revenues of $144,650, and for the six months year-to-date 2011 a net loss of $1,485,227 ($0.04 per share) on revenues of $144,650. Six month results are illustrated in the chart below:
-***-
----------------------------------------------------------------------
Six months ending Six months ending
June 30, 2012 June 30, 2011
----------------------------------------------------------------------
Survey Revenue $ 5,210,183 $ 144,650
----------------------------------------------------------------------
Net Income (loss) 368,588 (1,485,227)
----------------------------------------------------------------------
Basic and diluted earnings 0.01 (0.04)
(loss) per share
----------------------------------------------------------------------
-****-
"Building on our successful Q1-2012, I am pleased to report additional revenues and profit for the Q2-2012 period, thus extending our return to profitability. Profitability is a primary goal for NXT this year," said George Liszicasz, NXT's President & CEO. "We are on track to post record revenues for fiscal 2012".
NXT's Q2 results reflect the completion of SFD(r) surveys in Argentina and Guatemala, with the 2012 year-to-date total also reflecting a high level of Q1 survey activity in Colombia. Conducting surveys in Argentina and Guatemala represent significant accomplishments for NXT, as these are both new step-out markets from our initial focus area of Colombia.
NXT has a current awarded contract backlog of US $2.66 million which relates to a 2011 contract for a survey which continues to be planned for Q3 in South Asia. In addition, pursuant to a 2011 Letter Of Intent, an existing repeat client has proposed conducting an additional US $1.0 million survey on a Colombia exploration block, which NXT would aim to add to other potential new survey activity in Colombia and elsewhere in Latin America.
Kin Communications Inc. ("KIN") of Vancouver, BC, Canada has been engaged to assist in expanding NXT's investor and media relations initiatives, and in particular to communicate NXT's growing business opportunities to a wider audience. KIN is one of Canada's leading full-service investor relations firm specializing in small-to-mid-cap resource ventures. They have a proven track record of generating interest in their clients, building an active shareholder base, and solidifying communications that differentiate clients from their peers. KIN will assist in increasing public awareness by managing NXT's corporate communications, marketing endeavours, and help foster productive, ongoing engagement with shareholders, finance professionals, and media contacts. KIN has worked with several of the TSX's top performers and looks forward to helping NXT advance its unique story.
The agreement with KIN, which is subject to approval by the TSX Venture Exchange, is for a term of up to 15 months (subject to review after 4 months), and includes a base monthly retainer of $7,500 plus the grant of 300,000 stock options. These options are granted in accordance with the terms of NXT's Stock Option Plan, and shall have an exercise price of $1.20 per share, will vest over the 15 month term (20% after each three month period) and shall have a five year term to expiry. In the event the contract is not renewed the unvested portion of the options shall be cancelled upon termination.
NXT also wishes to thank Mrs. Sally Elliott for her expertise and professionalism and outstanding efforts over the last six months in building our investor relations program.
NXT also advises that it will be opening the TSX Exchange by "Ringing the Bell" in Toronto on Friday, September 14, 2012. Prior to that event, NXT will host an investor and media conference call on Wednesday, September 12, 2012 at 1:00 PM MST (3:00 PM EST) to discuss results for the 6 month Q2 period ended June 30, 2012, and an extensive update on all areas of our business.
NXT's management invites all interested parties to participate in this call, by using one of the applicable numbers below:
Conference Code: 776268
Participant access code: 5034838 (followed by the "#" key)
1-877-385-4099 (Toll Free Canada & USA)
613-212-4220 Ottawa
514-395-9913 Montreal
604-899-2339 Vancouver
403-232-0994 Calgary
780-421-1483 Edmonton
416-883-0133 Toronto
NXT is a Calgary based company whose proprietary airborne Stress Field Detection ("SFD(r)") survey system provides a proprietary survey method that can be used both onshore and offshore to remotely identify potential hydrocarbon traps and reservoirs. The SFD(r) survey system enables our clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures and prospect prioritization on areas with the greatest potential. SFD(r) is environmentally friendly and unaffected by ground security issues or difficult terrain, and is the registered trademark of NXT Energy Solutions Inc. NXT provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration.
Red Eagle Mining (RD.V) Intercepts 47.4 Metres Commencing From Surface at 1.34 Grams Gold Per Tonne in Oxides at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 4, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that the initial assay results have been received from the Phase Three oxide core drill programme at the San Ramon gold system located within the Santa Rosa gold project in Colombia. Highlights from the initial holes (SR-066 to SR-076) include intercepts in hole SR-072 of 47.4 metres commencing from surface at 1.34 grams gold per tonne and in hole SR-069 of 11.7 metres at 4.96 grams gold per tonne. These latest results confirm strong gold mineralisation from surface in the oxidised material.
Table 1 - San Ramon Phase Three Drill Intercepts
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
SR-067
36.0
37.0
1.0
16.80
54.0
56.0
2.0
3.47
112.0
123.0
11.0
0.31
SR-068
46.4
58.0
11.6
2.74
SR-069
68.4
80.1
11.7
4.96
SR-070
0.0
3.0
3.0
0.86
41.0
58.0
17.0
1.02
SR-071
37.6
66.8
29.2
0.80
SR-072
0.0
47.4
47.4
1.34
incl.
43.2
44.0
0.9
20.70
SR-073
0.0
9.6
9.6
1.02
35.8
51.8
16.0
1.71
SR-074
0.0
16.4
16.4
0.54
33.7
42.2
8.5
0.50
SR-075
0.0
24.4
24.4
0.60
35.1
38.2
3.1
0.56
SR-076
5.2
40.2
35.0
0.58
"Our ongoing Phase Three oxide delineation drilling and metallurgical testwork results at San Ramon are confirming the open pit conventional heap leach potential of San Ramon," comments Ian Slater, Chief Executive Officer. "The metallurgical programme to date has given heap leach recoveries of 73% to 85% from this material."
The San Ramon structure trends east-west, dips 60°-70° to the north, extends over 1,800m, is up to 60m in width and is mineralised from surface. Phase One and Two drilling intercepts in the primary mineralisation averaged 2.1 g/t Au to a vertical depth of over 250m. The mineralisation continues to be open at depth. The Phase Three 5,000m core drill programme is delineating the oxide mineralisation on 50m centres from surface to the primary mineralisation. 37 holes totaling 2,671m have been completed to date. Assays are pending on 26 holes (SR-077 to SR-102). The work program for the remainder of 2012 includes:
•Preliminary Economic Assessment level metallurgical test work;
•Environmental base line studies;
•NI 43-101 compliant measured and indicated resource report; and
•Preliminary Economic Assessment (to be released in the first half of 2013).
Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from Phase Three core drill holes SR-066 to SR-076 (see Figure 1 - Drill Hole Plan and Figure 2 - Long Section). 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. Internal dilution within intercepts is limited to the inclusion of runs of no more than 7m below cut-off. Hole SR-066 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle's photostream on flickr.
Table 2 - Drill Hole Specifications
Hole
Easting
Northing
Elevation (m)
Azimuth
Dip
EOH (m)
SR-066
857972
1223165
2498
180
-50
88
SR-067
857972
1223165
2498
180
-75
127
SR-068
857928
1223151
2473
180
-50
65
SR-069
857928
1223151
2473
180
-75
85
SR-070
857870
1223160
2469
180
-50
64
SR-071
857829
1223168
2468
180
-50
70
SR-072
857876
1223133
2476
180
-75
55
SR-073
857876
1223133
2476
180
-90
52
SR-074
857478
1223121
2518
0
-60
54
SR-075
857478
1223121
2518
0
-75
61
SR-076
857764
1223149
2478
180
-50
67
Quality Control and Assurance (QC/QA)
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 (<13mm) 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. QC/QA 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 scientific and technical information contained in this news release has been reviewed and approved by Michael Johnson P.Geo., who is a "Qualified Person" as defined under National Instrument 43-101
Stornoway Announces the Successful Completion of the Final Public Hearings for Renard in Mistissini and Chibougamau
Project Permitting on Track for Completion in 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the successful completion of public hearings on the Renard Diamond Project held by the Review Committee ("COMEX") established under the James Bay and Northern Québec Agreement (the "JBNQA"). The COMEX hearings were held in Chibougamau and Mistissini on August 28th and 29th, and are expected to be the final round of public consultation prior to the determination of the project's eligibility to receive its global Certificate of Authorization. The Certificate of Authorization is the principal regulatory approval needed to advance the project to the construction and mining stages, and is expected to be assessed prior to the end of the year.
The Renard Diamond Project falls under the environmental protection regimes of the JBNQA and the Canadian Environmental Assessment Act. The Renard Environmental and Social Impact Assessment ("ESIA") was filed in December 2011 with the Canadian Environmental Assessment Agency and the Québec Ministère du Développement Durable, de l'Environnement et des Parcs. Public hearings on the ESIA, held separately by the federal and Québec regulators, are an important step in the mine permitting process, and are designed to gauge the overall social acceptability of the proposed development. As with the federal consultations held in June, attendance in both communities for the COMEX hearings was considerable, and comments received on the project were overwhelmingly positive.
Since the project was originally discovered, Stornoway and its predecessor companies have demonstrated a commitment to responsible social engagement with the communities most impacted by the proposed development. In March of this year Stornoway entered into an Impacts and Benefits Agreement, the "Mecheshoo Agreement", with the Cree Nation of Mistissini ("CNM") and the Grand Council of the Crees (Eeyou Istchee) / Cree Regional Authority. In July, Stornoway announced a Declaration of Partnership with the communities of Chibougamau and Chapais. Stornoway believes its pro-active approach to community engagement, and the project's strong social acceptability, has been fully appreciated during the mine permitting review process.
The Renard ESIA, as well as the project's Environmental Baseline Study and Restoration Plan, are available in their entirety on Stornoway's website (www.stornowaydiamonds.com/renard/esia).
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 for Renard that 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 18.0 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 C$802 million, with a life of mine operating cost of C$54.71/tonne giving a 68% operating margin over an initial 11 year mine life. Production start-up is scheduled for 2015. Readers are referred to the technical report dated December 29, 2011 in respect of the Renard Diamond Project 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. 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
Plains Creek Provides Update for the Development of the Farim Phosphate Project, Guinea Bissau, West Africa
VANCOUVER, Aug. 28, 2012 /PRNewswire/ - Plains Creek Phosphate Corporation ("Plains Creek" or the "Company") (TSX-V: PCP) is pleased to provide an update on the development of its Farim Phosphate Project located in Guinea Bissau, West Africa.
Preliminary Economic Assessment - Direct Shipping Option
The previously announced Preliminary Economic Assessment ("PEA") for the Direct Shipping Option ("DSO") Project will be filed on SEDAR on or before 15thSeptember 2012.
A presentation has been compiled on the 500,000 tonnes per annum phosphate rock DSO Project and is available on the Company's website - www.plainscreek.com.
Off take Agreements and Strategic Partners
The Company has been active in discussions with potential off-takers for the DSO phosphate rock and the phosphate rock concentrate product. There is a greater preference for the phosphate rock concentrate product from off-takers because of the higher P2O5 content and lower impurity levels (particularly iron and alumina oxides) that result from the beneficiation of the phosphate rock. In addition the phosphate rock would be subject to price discounts due to the lower P2O5 content and impurities compared to the phosphate rock concentrate product.
Plains Creek has also been engaged in discussions with strategic investors who would be prepared to contribute towards the corporate funding of the Company and the project level funding necessary to develop the Farim Phosphate Project.
One Million tonne per Annum Phosphate Rock Concentrate Feasibility Study
Based on the positive results from the PEA DSO and the better off-take demand and prices for the beneficiated phosphate rock concentrate product, the Company has decided to prepare a Feasibility Study for a one million tonne per annum phosphate rock concentrate project. This project combines the advantages of the DSO - namely lower capital investment, time to production, contract mining, higher grade run of mine phosphate, lower stripping ratios and the use of river barges to transport the phosphate rock concentrate product to the Rio Cacheu estuary for transshipment onto ocean going vessels and the better product specifications and prices obtained from beneficiation. This Feasibility Study is slated for completion by 30thSeptember 2012.
Two Million tonne per Annum Phosphate Rock Concentrate Bankable Feasibility Study
The Stage 2 beneficiated two million tonne per annum phosphate rock concentrate project slated to process the balance of the existing phosphate resource will be delayed to allow completion of the above one million tonne per annum phosphate rock concentrate project. This two million tonne per year phosphate rock concentrate project will be completed by 31stOctober 2012.
Summary
The three alternative production scenarios, namely: (1) the DSO product, (2) the 1 million tonne per annum, and (3) the 2 million tonne per annum phosphate rock concentrate product, which have been investigated above will provide the Company with three alternatives for the progressive development of the Farim Phosphate Project, depending on the phosphate market conditions, the economic and political climate in Guinea Bissau and the availability of capital and skilled manpower to develop the Farim Phosphate project.
About Plains Creek Phosphate Corporation:
Plains Creek Phosphate Corporation is a Canadian mining and exploration company focused on advancing the Farim Phosphate Project located in Guinea-Bissau, West Africa. The Farim Project currently comprises a high grade phosphate deposit consisting of one continuous flat lying phosphate bed with a NI 43-101 compliant Mineral Resource estimate that defines a Measured Resource of 64.6 Mt at an average grade of 29.11% P2O5, an Indicated Resource of 28.1 Mt at an average grade of 27.68 % P2O5 and an Inferred Resource of 18.3 Mt at an average grade of 28.66 % P2O5. A two-phased development is planned for the Farim Phosphate Project as an open pit mining operation. Phase One consists of either a Direct Shipping Option Project with an annual phosphate production of 0.5 Mt per annum or a 1 Mt per annum phosphate rock concentrate project and Phase Two which consists of the production of 2 Mt per annum of phosphate rock concentrate and includes a beneficiation plant and associated infrastructure, pipeline and port.
The Company's shares are listed on the TSX Venture Exchange under the trading symbol "PCP". For additional information, please visit us at www.plainscreek.com.
ON BEHALF OF THE BOARD
(Signed) "Carson Phillips"
Carson Phillips
Vice-President, Corporate Development and Director