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Prosperity Goldfields Completes Summer Exploration Program at Kiyuk Lake, Nunavut
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 21, 2012) - Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE:PPG) announces the completion of the summer exploration program on its 100% owned Kiyuk Lake Gold Project, Nunavut (the "Property").
The objectives of the summer program were: to field check a new glacial geology map of the Property; to collect till geochemical samples over the entire 590 sq km Property; to grid till sample priority targets; and to prospect and geologically map known targets and new areas of interest to refine drill targeting.
"This carefully planned summer exploration program by six geologists, four samplers and the supporting team has exceeded our expectations," commented Adrian Fleming, PPG CEO. "More samples were collected than planned, the early semi-quantitative hand-held XRF results are compelling and a much improved understanding of the geology and controls to mineralization has resulted. We eagerly await the full assay results from this recent work."
Highlights
•Three new areas of interest identified by elevated arsenic geochemistry from initial field XRF analysis of property wide till samples.
•Prospecting and mapping has identified two new areas of brecciated and/or altered, pyrrhotite-bearing rocks in the southern part of the property.
Orientation Geochemistry Rusty Zone
A till and soil geochemical and mineralogical orientation study was completed over the Rusty zone to assess the magnitude and extent of surface indications of gold mineralization intersected in all 3 diamond drill holes completed to date. Samples were collected directly over the known mineralization and for over 1 km to the southwest in the glacial dispersal direction. Analysis of the samples by hand-held XRF indicate that pathfinder elements, arsenic and cobalt, are elevated above and 'down-ice' of the known mineralized zone confirming that till sampling is a viable tool for exploration. Additionally, visible gold grains were panned from two till samples, indicating that mineralogical exploration methods will also have application in this area. ICP-MS analysis of till and soil samples for gold and multi-elements is being completed at ACME Analytical Laboratories and results are pending. Additional samples were collected for mobile metal ion (MMI™) analyses at SGS, as well as an assessment of the gold grain content of till at Overburden Drilling Management.
Property Wide & Grid Geochemical Sampling
A total of 539 till samples were collected at 1 km spacing over the entire Property. Arsenic values (by hand-held XRF) of samples near Cobalt, Amundsen, and Rusty zones are elevated, suggesting that the chosen sample spacing was adequate to assess the Property for new mineralized trends. Three new areas with elevated arsenic were identified and preliminary prospecting of these areas has been completed. Gold and multi-element assays of till samples are pending.
Detailed grid till sampling (512 samples) was completed over a large area covering the Amundsen and North Snake zones. Given the lack of rock exposure in these prospective areas, assay results will better define drill targets for a proposed spring 2013 drill program.
To see two maps associated with this release, please visit the following link: http://media3.marketwire.com/docs/ppg821i.pdf.
Prospecting and Geological Mapping
Prospecting efforts focused on characterizing the known mineralized zones, detailed follow-up along trend of known mineralized zones, and regional traverses along structural and lithologic features interpreted from airborne magnetic data. A total of 210 rock samples were collected. Assays are being completed at SGS and results are pending. Mapping traverses were completed across much of the Property with the southern portion of the Property mapped in detail.
Gold mineralization on the Property has been divided into three end members based on surface mapping and review of drill core: brecciated sandstone (Rusty); altered felsic volcaniclastics (Cobalt and Amundsen), and altered polymictic conglomerate (Gold Point). The existence of felsic volcanic rocks in the Kiyuk Basin has not previously been documented. Regardless of host rock type, pyrrhotite appears to be the important sulphide with respect to gold mineralization with pyrite, arsenopyrite and magnetite being of secondary importance. Albite, actinolite, and ferroan calcite are the important alteration minerals associated with gold mineralization, the relative abundance of each varying from zone to zone. These observations are supported by petrographic descriptions completed by Vancouver Petrographics. North and northwest trending faults are evident at the Rusty and Gold Point zones suggesting that these features may represent the conduits the have focused gold mineralization.
Prospecting and mapping during the summer 2012 program has identified two new areas of brecciated and/or altered, pyrrhotite-bearing rocks in the southern part of the property. Whether or not these represent two new mineralized trend is uncertain as assays are pending.
Submission of all rock and till samples to SGS and Acme, respectively, was accompanied by suitable certified reference materials (CRMs), blanks and field duplicates. Use of a hand-held XRF on site included a program of analyzing CRMs, blanks and analytical duplicates on a routine basis to monitor equipment performance and data quality.
Adrian Fleming RPGeo is a Qualified Person and is responsible for the technical content of this press release. Dennis Arne PGeo (BC) is a Qualified Person responsible for geochemical data quality for the project.
ON BEHALF OF THE BOARD OF PROSPERITY GOLDFIELDS CORP.
Adrian Fleming, CEO and Director
Pan American Fertilizer Announces (CNSX: PAF) Letter of Intent with Pacific Potash (TSX-V: PP)
(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA, August 14, 2012 - Pan American Fertilizer Corp., (CNSX: PAF) ("Pan American" or the "Company") is pleased to announce that it has entered into a letter of intent (the "LOI") with Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P) ("Pacific Potash"). The LOI sets out a proposal by Pan American to acquire 100% of the issued and outstanding common shares of Pacific Potash (the "Transaction") which will constitute a "major acquisition" for Pan American under the policies of the Canadian National Stock Exchange (the "CNSX").
Pacific Potash, a company listed on the TSX Venture Exchange (the "TSXV"), is engaged in the exploration and development of the Provost Potash Property and the surrounding potash claims targeting the Prairie Evaporite Formation. Pacific Potash also has an option to acquire up to an 80% interest in Western Potash Corporation's (TSX: WPX) Amazonas Basin claims in Brazil.
Mr. Balbir Johal of Pacific Potash stated "We are very pleased with the proposed transaction as it provides our shareholders with a meaningful ownership in a stronger combined fertilizer-focused company. We believe this Transaction to be mutually beneficial to both parties and strategically positions the new company well for future value creation."
His views were echoed by Mr. Randy Wright, President and CEO of Pan American who stated "Pan American considers the combination of the assets held by Pacific Potash and its subsidiaries to be consistent with Pan American's mission to bring its shareholders quality projects within the fertilizer industry. We look forward to building an exceptional company by expanding and diversifying our interest in the growing fertilizer market, which in turn will result in meaningful value creation for our shareholders"
At closing of the Transaction (the "Closing Date"), Pan American will issue to the shareholders of Pacific Potash, on a pro rata basis, that number of common shares of Pan American such that, prior to the completion of the Concurrent Financing (as defined below) and on an undiluted basis, current shareholders of Pan American will hold 62.5% of the issued and outstanding common shares of Pan American and the former shareholders of Pacific Potash will hold 37.5% of the issued and outstanding common shares of Pan American.
In connection with the Transaction, Pan American intends to complete a non-brokered private placement (the "Concurrent Financing"), by way of subscription receipts (each a "Subscription Receipt") at a price of $0.40 per Subscription Receipt for minimum gross proceeds of $2,000,000 and maximum gross proceeds of $5,000,000. Each Subscription Receipt will be converted into units (the "Units") upon completion of the Transaction at no additional consideration. Each Unit will be comprised of one common share of Pan American and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of Pan American at a price of $0.60 for a period of two years from the Closing Date. If the volume weighted average trading price of Pan American's common shares on the TSXV or CNSX, as applicable, exceeds $1.00 for a period of 20 consecutive trading days, Pan American may, within five days after such an event, provide notice to the Warrant holders of early expiry and thereafter, the Warrants will expire on the date which is 30 days after the date of such notice. The Concurrent Financing will be completed by way of a private placement, in reliance on applicable prospectus exemptions pursuant to National Instrument 45-106. Pan American will pay afinder's fee 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.
It is the intention of Pan American and Pacific Potash to apply for the listing of Pan American's common shares on the TSXV concurrently with the completion of the Transaction.
The completion of the Transaction is subject to a number of conditions, including, but not limited to, the execution of a definitive agreement, completion of satisfactory due diligence, approval of the Transaction by the board of directors and, if applicable, shareholders of each of Pan American and Pacific Potash, the completion of the Concurrent Financing for minimum gross proceeds of $2,000,000, and the approval of the TSXV and the CNSX. There can be no assurance that the Transaction will be completed as proposed, or at all.
Bridge Loan
Pan American is currently in the process of negotiating a loan agreement (the "Loan Agreement") with an arm's length lender (the "Lender"), in the principal amount of CDN$375,000, bearing interest at a rate of 12% per annum, accrued and payable at the end of the term which is expected to be 12 months. Upon the advancement of funds from the Lender to Pan American, Pan American will issue to the Lender 50,000 common shares as partial consideration under the Loan Agreement.
About Pan American Fertilizer Corp.
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.
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.
LVFH Launches Real Vegas Casino in Russia on VK.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2012) -Las Vegas From Home.com Entertainment Inc. (the "Company" or "LVFH") (TSX VENTURE:LVH)(PINKSHEETS:LVFHF)(BERLIN:LVH)(FRANKFURT:LVH) - The Company is pleased to announce the launch of the Russian version of its popular social casino game, Real Vegas Casino, on VK.com. Real Vegas Casino on VK.com can be found at http://www.vk.com/app3053323.
Starting today, players can use the Russian version of Real Vegas Casino and invite their friends and families at VK.com to play the games and share their experiences. VK.com is one of the leading social networks in Europe with more than 100 million active users. The launch is part of the Company's ongoing effort to offer a complete suite of unique wagering games on all major social networks and mobile platforms via the Real Vegas Casino brand. Real Vegas Casino features stunning 1080p High Definition graphics, multilingual interface, an emphasis on social multiplayer game play and a full slate of interactive casino and sports wagering games.
President and CEO Jake Kalpakian states: "We are excited to bring Real Vegas Casino to users of VK.com. Russia is one of the top emerging markets in Europe and we have seen a strong demand for high quality multiplayer casino games among the social network users there. We believe this launch further reinforces our strategies of creating the most engaging social casino product across every major platform and enhances the reach and revenue potential of our platform."
On behalf of the Board of Las Vegas From Home.com Entertainment Inc.
Jake H. Kalpakian, President
Red Eagle Mining (RD.V) Announces Positive Preliminary Metallurgical Results of 93% Gold Recoveries for Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that it has received positive results for its metallurgical testwork on material from the San Ramon gold system in the Santa Rosa gold project in Colombia. Results to date show gold recoveries of 73% to 85% for conventional heap leach of the oxide material and 93% for carbon in leach (CIL) of the primary material.
Oxide samples with grades of 7.4 g/t Au (48 kg) and 2.4 g/t Au (120 kg) produced leach results over six days of between 65% and 86% gold recovery depending on the crush size from 1.00 inch to 0.25 inch (see Tables 1 and 2). The optimum result is likely a 0.5 inch crush size (giving recoveries of between 73% and 85%) which is easily achievable as the material is friable. Reagent consumptions are within the bounds of conventional heap leach operations. The samples were taken from near surface adits and trenches. The second larger sample was taken as the gold grade of the initial sample (news release dated June 19, 2012: http://redeaglemining.com/news/?pg=2&nyy=2012&nid=36) was unexpectedly high.
Table 1 - San Ramon Oxide Leach Results 7.4 g/t Au Sample
Top Size
(inch)
Au Recovery
144 Hours (%)
Ca(OH)Géé
Addition (kg/t)
NaCN
Consumption (kg/t)
1.00
73.2
10.6
0.5
0.50
85.3
11.7
0.6
0.25
86.3
11.5
0.6
Table 2 - San Ramon Oxide Leach Results 2.4 g/t Au Sample
Top Size
(inch)
Au Recovery
144 Hours (%)
Ca(OH)Géé
Addition (kg/t)
NaCN
Consumption (kg/t)
1.00
65.8
9.5
0.4
0.50
72.8
10.3
0.4
0.25
77.7
11.3
0.4
The primary (non-oxidised) sample with a grade of 0.9 g/t (54 kg) showed that over 25% of the gold could be recovered by gravity concentration. The flotation process was able to recover 95.6% of the Au in 12.5% of the mass. Cyanide leaching of the concentrate for 48 hours recovered 97.8% of the Au from the concentrate product. The overall process shows that high intensity cyanide leaching of the flotation concentrate is able to extract 93.5% of the Au. The cyanide and lime consumptions in the concentrate were 4.36 kg/t and 4.92 kg/t respectively. The sample was taken from a recently mined crosscut in fresh rock which exposed the shear.
Table 3 - San Ramon Primary Leach Results
Product
Au (g/t)
Distribution (%)
Pregnant Solution
2.48
93.5
Leach Residue
0.12
2.1
Flotation Concentrate
5.58
95.6
Flotation Tailings
0.04
4.4
"Based on the positive metallurgical results to date Red Eagle has commenced a bulk sampling program for a PEA level gold recovery study, comments Ian Slater, Chief Executive Officer. "These preliminary test results indicate that the processing routes will likely be heap leach for the oxidised material and flotation followed by gravity concentration and CIL for the primary 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 exposed at surface. Drilling intercepts to date average 2.1 g/t Au to a vertical depth of over 250m (open at depth). The mineralisation extends to surface where oxide channel sampling has averaged approximately 1.0 g/t Au to a depth of 50m. The 2012 work program for San Ramon includes:
•Phase two core drill programme (24 holes totaling 5,400m) - complete
•Phase three core drill programme in the near surface oxides on 50m spacing (25 holes totaling 1,922m completed to date out of a 5,000m programme) - commenced in June with all assays pending
•Preliminary metallurgical test work - complete
•PEA level metallurgical test work; and
•NI 43-101 compliant measured and indicated resource.
Environmental base line studies and a Preliminary Economic Assessment (PEA) will commence during 2012 and be released during 2013.
The tests were conducted at the Acme Metallurgical Laboratory in Vancouver, Canada. 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 exploration and management team. Red Eagle Mining is currently developing the San Ramon gold system in the Santa Rosa project 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 (630,000 ounce M&I resource grading 17.8 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.
Avino Silver & Gold Mines Ltd. Enters Into Option Agreement With Endeavour Silver Corp.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) -Avino Silver & Gold Mines Ltd. (TSX VENTURE:ASM)(NYSE Amex:ASM)(NYSE MKT:ASM)(BERLIN:GV6)(FRANKFURT:GV6) ("Avino" or "the Company"), is pleased to announce that it has entered into an option and joint venture agreement with Endeavour Silver Corp. ("Endeavour"), whereby Endeavour was granted the option to acquire up to a 75% interest in the Laberinto Property ("the Property"), Durango State, Mexico, consisting of approximately 91.7 hectares. In order to exercise the option, Endeavour must pay up to US $200,000 in annual installments over 4 years to Avino in option payments, and incur up to US$3 million in exploration work on the Property over the next 4 years.
Upon Endeavour acquiring its 75% interest, a joint venture will be formed, under which if any party does not contribute its proportionate share of costs, its participating interest will be diluted on a pro rata basis according to the contributions of all parties. If any party's participating interest is reduced to 10% or less, then its interest will be automatically converted into a 2.5% net smelter returns royalty.
The El Laberinto property is situated 60 km's NE of Durango, Mexico and 25 km west of Avino's main mine. It occurs in the Sierra La Silla (hills) which form part of a large volcanic caldera which also contains Avino's main holdings. The Sierra La Silla area contains many silver, gold, lead, zinc and copper veins similar to those at Avino which are also situated in the lower volcanic Andesite sequence.
El Laberinto is a small property today and is a remnant of a much larger land package in the area once controlled by Avino.
During 1995 Avino mapped the La Silla area and sampled the principal veins. Avino had assembled the land package in the district in search of another Avino main vein. (Report August 1995)
Avino drove an adit on the Veta Grande ("Big Vein") in late 1995. Values of silver and gold were sub economic. The adit was stopped at approximately 300 meters length before it reached the main shoot described in the 1995 report. Three holes were drilled below the adit, assays are unavailable.
Avino does not consider that the Big Vein has been adequately explored to date. Although the adit showed low values, it didn't reach the principal shoot and was likely too high on the vein structure.
The disclosure of the technical information contained in this news release has been reviewed and approved by Mr. Chris Sampson, P.Eng., and Mr. Jasman Yee, P.Eng., who are Qualified Persons as defined by NI 43-101.
ON BEHALF OF THE BOARD
David Wolfin, President & CEO
Red Eagle Mining (RD.V) Announces Final Phase Two Drilling Results for Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) - Red Eagle Mining Corporation (RD.V)(RDEMF) is pleased to announce that all assay results have now been received from the 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. Highlights from the remaining four holes (SR-062 to SR-065) include intercepts in hole SR-064 of 0.8 metres at 41.50 grams gold per tonne and in hole SR-065 of 23.3 metres at 1.44 grams per tonne gold. These latest results continue to show strong gold mineralisation over good widths. The most significant intercepts from phase two were previously released:
-- SR-042 - 66.9m at 3.06 g/t Au incl. 6.0m at 31.85 g/t Au -- SR-045 - 35.5m at 2.28 g/t Au incl. 1.5m at 28.26 g/t Au and 1.9m at 14.36 g/t Au -- SR-053 - 17.7m at 17.14 g/t Au incl. 7.0m at 41.53 g/t Au -- SR-060 - 11.4m at 16.04 g/t Au incl. 2.0m at 30.73 g/t Au and 3.5m at 29.29 g/t Au
"Our phase two delineation drilling at San Ramon was successfully completed along the entire 1.8km strike and discovered new high grade mineralisation over significant intercepts. Phase two was focused on delineating the primary mineralisation that could potentially be mined in an open pit from approximately 100m to 200m in depth. The average grade of the drilling intercepts from all core drilling to date has increased to 2.1 g/t Au from 1.2 g/t Au," comments Ian Slater, Chief Executive Officer. "We are now looking forward to releasing the results from this summer's phase three delineation drilling program which will focus on the oxide and transitional mineralisation from surface to up to 100m in depth. Together with the existing results this shallow drilling will culminate in an initial NI 43-101 resource report by the end of 2012."
The San Ramon structure trends east-west, dips 60 degrees-70 degrees to the north, extends over 1,800m, is up to 60m in width and is exposed at surface. Drilling intercepts to date average 2.1 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where oxide channel sampling has averaged approximately 1.0 g/t Au and is open at depth. The 2012 work program for San Ramon includes:
-- Phase two core drill program (24 holes totaling 5,400m) - complete -- Phase three core drill program in the near surface oxides on 50m spacing (18 holes totaling 1,221m completed to date out of a 5,000m programme) - commenced in June -- Preliminary metallurgical test work - complete -- Scoping study level metallurgical test work -- Environmental base line studies -- NI 43-101 compliant measured and indicated resource Table 1 - San Ramon Phase Two Drill Intercepts---------------------------------------------------------------------------Hole ID From (m) To (m) Interval (m) Au (g/t)---------------------------------------------------------------------------SR-041 68.4 75.4 7.0 1.96--------------------------------------------------------------------------- incl.
74.9 75.4 0.5 22.10--------------------------------------------------------------------------- 113.0 147.6 34.6 0.63--------------------------------------------------------------------------- incl.
146.5 147.6 1.1 8.35---------------------------------------------------------------------------SR-042 138.7 205.6 66.9 3.06--------------------------------------------------------------------------- incl.
184.0 190.0 6.0 31.85---------------------------------------------------------------------------SR-044 213.9 247.9 34.0 0.71---------------------------------------------------------------------------SR-045 115.6 117.6 2.0 6.87--------------------------------------------------------------------------- 147.0 182.5 35.5 2.28--------------------------------------------------------------------------- incl.
149.9 151.4 1.5 28.26--------------------------------------------------------------------------- incl.
173.9 175.8 1.9 14.36---------------------------------------------------------------------------SR-047 162.0 168.0 6.0 0.44--------------------------------------------------------------------------- 174.0 223.0 49.0 1.08--------------------------------------------------------------------------- incl.
180.0 181.0 1.0 11.70--------------------------------------------------------------------------- incl.
220.0 223.0 3.0 6.10---------------------------------------------------------------------------SR-048 114.8 125.9 11.1 1.77--------------------------------------------------------------------------- incl.
116.8 117.8 1.0 14.40---------------------------------------------------------------------------SR-049 127.0 131.8 4.8 6.14---------------------------------------------------------------------------SR-050 95.2 98.6 3.4 1.21---------------------------------------------------------------------------SR-052 161.6 172.7 11.1 1.34--------------------------------------------------------------------------- incl.
164.6 165.6 1.0 8.09---------------------------------------------------------------------------SR-053 52.5 54.5 2.0 2.37--------------------------------------------------------------------------- 137.6 141.6 4.0 0.67--------------------------------------------------------------------------- 162.8 166.7 3.9 1.00--------------------------------------------------------------------------- 179.2 183.2 4.0 0.63--------------------------------------------------------------------------- 198.3 216.0 17.7 17.14--------------------------------------------------------------------------- incl.
204.0 211.0 7.0 41.53---------------------------------------------------------------------------SR-055 212.7 213.2 0.5 8.31--------------------------------------------------------------------------- 370.5 374.5 4.0 1.22---------------------------------------------------------------------------SR-056 128.5 147.1 18.6 1.52--------------------------------------------------------------------------- incl.
145.1 147.1 2.0 7.61---------------------------------------------------------------------------SR-057 64.2 75.8 11.6 2.87--------------------------------------------------------------------------- 89.4 91.4 2.0 1.77---------------------------------------------------------------------------SR-058 106.7 107.7 1.0 5.91--------------------------------------------------------------------------- 125.1 133.0 7.9 2.21--------------------------------------------------------------------------- incl.
131.1 131.6 0.5 17.80---------------------------------------------------------------------------SR-059 274.9 284.6 9.7 0.79---------------------------------------------------------------------------SR-060 143.3 154.7 11.4 16.04--------------------------------------------------------------------------- incl.
143.3 145.3 2.0 30.73--------------------------------------------------------------------------- incl.
151.2 154.7 3.5 29.29--------------------------------------------------------------------------- 197.3 205.5 8.2 2.29--------------------------------------------------------------------------- incl.
204.5 205.5 1.0 15.10--------------------------------------------------------------------------- 217.5 218.5 1.0 3.43---------------------------------------------------------------------------SR-061 93.0 96.0 3.0 0.88--------------------------------------------------------------------------- 180.0 187.5 7.5 1.75--------------------------------------------------------------------------- incl.
185.1 185.6 0.5 20.70--------------------------------------------------------------------------- 195.5 196.2 0.7 3.70---------------------------------------------------------------------------SR-063 238.2 243.5 5.3 1.48---------------------------------------------------------------------------SR-064 41.8 42.8 1.0 4.69--------------------------------------------------------------------------- 136.7 140.0 3.3 10.66--------------------------------------------------------------------------- incl.
138.2 139.0 0.8 41.50---------------------------------------------------------------------------SR-065 136.3 159.6 23.3 1.44---------------------------------------------------------------------------Table 2 - Drill Hole Specifications---------------------------------------------------------------------------Hole Easting Northing Elevation (m) Azimuth Dip EOH (m)---------------------------------------------------------------------------SR-041 857796 1223267 2445 180 -45 178---------------------------------------------------------------------------SR-042 857796 1223267 2455 180 -70 239---------------------------------------------------------------------------SR-043 856191 1223330 2462 na -90 194---------------------------------------------------------------------------SR-044 857907 1223294 2470 180 -65 290---------------------------------------------------------------------------SR-045A 857694 1223258 2454 180 -75 199---------------------------------------------------------------------------SR-046 856191 1223330 2462 180 -80 162---------------------------------------------------------------------------SR-047 857604 1223297 2450 180 -70 264---------------------------------------------------------------------------SR-048 857918 1223229 2467 180 -45 151---------------------------------------------------------------------------SR-049 856204 1223390 2478 180 -45 148---------------------------------------------------------------------------SR-050 857605 1223231 2464 175 -45 169---------------------------------------------------------------------------SR-051 856204 1223390 2478 180 -75 227---------------------------------------------------------------------------SR-052 856516 1223311 2471 180 -75 209---------------------------------------------------------------------------SR-053 857493 1223275 2473 180 -75 250---------------------------------------------------------------------------SR-054 856804 1223264 2475 180 -45 133---------------------------------------------------------------------------SR-055 857402 1223391 2511 180 -70 404---------------------------------------------------------------------------SR-056 856804 1223264 2475 180 -75 216---------------------------------------------------------------------------SR-057 856583 1223279 2465 180 -45 111---------------------------------------------------------------------------SR-058 856583 1223279 2465 180 -75 194---------------------------------------------------------------------------SR-059 857232 1223325 2486 180 -75 321---------------------------------------------------------------------------SR-060 857313 1223269 2510 180 -90 235---------------------------------------------------------------------------SR-061 856965 1223269 2538 175 -75 214---------------------------------------------------------------------------SR-062 857008 1223437 2507 170 -45 330---------------------------------------------------------------------------SR-063 856909 1223292 2522 185 -75 253---------------------------------------------------------------------------SR-064 856909 1223292 2522 190 -45 170---------------------------------------------------------------------------SR-065 856724 1223287 2463 180 -75 187---------------------------------------------------------------------------
Table 1 summarizes the significant (+0.20 g/t) uncut gold intercepts from all phase two core drill holes (see Figure 1 - Drill Hole Plan http://redeaglemining.com/siteFiles/89/files/maps-lg/Stage1_San_Ramon_Drill_Map_June_2012Large.jpg and Figure 2 - Long Section http://redeaglemining.com/siteFiles/89/files/maps-lg/SR_SE_Sector_Long_Section_Schematic_22June12-Large.jpg). All results have been previously released except for SR-062 to SR-065, which are released herein. 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-043, SR-046, SR-051, SR-054 and SR-062 did not intercept economic mineralisation. For pictures of the drill core see Red Eagle's photostream on Flickr http://www.flickr.com/photos/redeaglemining/sets/.
Quality Control and Assurance (QC/QA)
All drill samples were collected with diamond core drill rigs using approximately one metre sample intervals 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 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. 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 exploration and management team. Red Eagle Mining is currently developing the Santa Rosa gold project 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 (630,000 ounce M&I resource grading 17.8 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.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Pan American Fertilizer (CNSX: PAF) Announces Letter of Intent with Argentinean Distributor Mamasu S.R.L.
(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA, July 30, 2012 - Pan American Fertilizer Corp., (CNSX: PAF) ("Pan American" or the "Company") is pleased to announce that it has entered into a non-binding Letter Of Intent (the "LOI") with Mamasu S.R.L. ("Mamasu"). Under the terms of the LOI, (the "Transaction") Pan American will acquire all of the issued and outstanding share capital of Servicios y Fertilizantes Sudamericanos S.A. ("SFS"), a wholly-owned subsidiary of Mamasu, which will constitute a "major acquisition" for Pan American under the policies of the Canadian National Stock Exchange (the "CNSX"). SFS is a company incorporated under the laws of Argentina and is engaged in the business of distributing and applying fertilizers, with a focus on calcium sulphate (also referred to as "Agricultural Gypsum"), which is Pan American's main product.
Pursuant to the terms of LOI, Pan American will acquire 100% of the issued and outstanding shares of SFS in exchange for Pan American paying a total of USD $3,000,000 in cash and issuing a total of 4,500,000 common shares of Pan American at a deemed price of $1.00 per share for a total purchase price of up to USD $7,000,000 (the "Purchase Price"). The Purchase Price will be paid as follows:
-USD $50,000 upon signing the LOI (which has been paid);
-USD $350,000 upon satisfactory completion of the following:
-due diligence; and
-financial audit of the financial statements of SFS and/or Mamasu by Pan American's auditor;
-USD $650,000 upon signing the definitive agreement (the "Definitive Agreement");
-USD $2,000,000 to be paid as a percentage for each ton of product sold (on the basis of USD $5.00 per ton sold and collected); and
-4,500,000 common shares of the Company to be issued upon achieving the sales and other milestones, at a deemed price of $1.00 per share, which will be finalized on the definitive agreement:
Under the terms of the LOI, upon closing of the Transaction, Pan American will enter into an employment agreement with Sebastian Pivetta, President of Mamasu, to provide ongoing operational and management services to SFS; and pay commissions to SFS's current sales staff based on sales generated by them, to be calculated and payable monthly basis.
The completion of the Transaction is subject to a number of conditions, including but not limited to the execution of the Definitive Agreement, completion of satisfactory due diligence, and approval of the Transaction by the board of directors and shareholders of Pan American and Mamasu, if applicable. There can be no assurance that the Transaction will be completed as proposed, or at all.
"The proposed acquisition of Mamasu's wholly-owned SFS subsidiary is a natural next step for Pan American. With SFS comes a robust, loyal customer base and over 59 years of industry experience. The acquisition of SFS is expected to result in significantly higher profit margins for Pan American, as well as benefitting our overall sales logistics" reported Randy Wright President and CEO of Pan American.
"We at Mamasu view this proposed transaction as the foundation of a long term strategic partnership. We are very impressed with the progress Pan American has made in short span of time and a professional organization like PAF has a very bright future in Argentina. We look forward to a long mutually beneficial partnership and look forward to building on Mamasu's fifty plus years of successful business history in Argentina" reported Sebastian Pivetta, President of Mamasu.
About Pan American Fertilizer Corp.
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
About Mamasu S.R.L.
Mamasu is an Argentine fertilizer distribution and application company specializing in applying fertilizer mixes to Argentine soils. They also supply rentals of farm machinery as well as manufacture agricultural equipment. They have been in business since 1953. www.mamasu.com.ar
On behalf of the board of directors of Pan American Fertilizer Corp.
"Randy Wright"
Randy Wright
President and CEO
FOR MORE INFORMATION, PLEASE CONTACT:
Jeff French
Investor Relations
jfrench@pafertilizer.com
(604)638-3480
Plains Creek receives Preliminary Economic Assessment for Direct Shipping Option Project for Farim Phosphate Project, Guinea Bissau, West Africa
VANCOUVER, July 30, 2012 /PRNewswire/ - Plains Creek Phosphate Corporation ("Plains Creek", the "Company") (TSX-V: PCP) is pleased to announce the results of a Preliminary Economic Assessment ("PEA") for the Direct Shipping Option ("DSO") Project, the first step in the development of the GB Minerals AG Farim Phosphate Project located in Guinea Bissau, West Africa. The PEA was prepared by GBM Minerals Engineering Consultants Limited ("GBMMEC") in conjunction with Golder Associates Limited ("Golder"), GEEEM Consultants and Tropica Environmental, all of whom are independent of the Company.
Summary of the DSO Project PEA
The Farim Phosphate Project consists of a high grade sedimentary phosphate deposit of one continuous phosphate bed, known as the FPA layer, which extends over a known surface area of approximately 40 km². A Measured and Indicated Resource of 32.60 million tonnes ("Mt") of DSO phosphate has been identified within the Farim Phosphate Project for the DSO Project with a P2O5 grade in excess of 30.7 % and an average R2O3 content of 6.01%.
A 25 year mine life is planned for a total of 12.5 Mt of DSO phosphate (500,000 tonnes per annum), at an average grade of 30.7% P2O5 and less than 6% R2O3. Based on the current Measured and Indicated Resources the potential mine life for the DSO Project can be extended to in excess of 50 years at this production rate, based on the model and assumptions contained in the PEA.
The average strip ratio over the 25 year mine plan is 7.4:1 (bank cubic meters waste: tonne phosphate). The average thickness of phosphate deposit is approximately 4 meters over the life of the DSO Project. Average annual waste production is 3.6 Mm3. The mine plan grade has been optimized to remain above 30% P2O5 for each of the 25 years of mine life.
The current financial model assumes the mining of 12.5 million tonnes which is less than 38% of the recently announced Indicated and Measured DSO Resources. There is also potential to improve the Project economics by increasing the production rate and the life of mine, capital and working costs.
The Farim Phosphate Project has been granted a Mining Lease and a Production License by the Guinea-Bissau Government. This is valuable to optimizing the timetable for development and production.
The DSO Project encompasses the following general process flow:
• Contractor mining;
• Removal of overburden by a combination of excavators and trucks;
• Run of Mine("ROM") phosphate removed by excavators and trucks and stockpiled for loading and blending close to a barge loading system located some 1.5 km from the open pit mine;
• A number of barges moored to a floating pontoon will be loaded and taken to a bulk carrier vessel (of 25,000 tonnes capacity) moored to a floating ship loading facility off the Rio Casheu estuary for dispatch to customers and off takers;
• The river transport distance from the planned barge loading site at the mine site to the Rio Cacheu estuary ship loading facility on the Atlantic Ocean is approximately 150 kilometres; and
• ROM phosphate will also be available for supply to the in-country market as a direct application fertilizer.
PRELIMINARY ECONOMIC ASSESSMENT HIGHLIGHTS
All amounts in US dollars
Table 1: Summary of Physical Parameters of the DSO Project
Physical Parameter
Value
Mine Life
25 Years
Construction Period
1 Year
Operation
300 days per year
Total Life of Mine Production
12.5 million tonnes @ 30.7% P2O5 and = 6 % FeAl phosphate
Annual Sales
500,000 tonnes @ 30% P2O5 phosphate
Revenue Guidance Estimate
US$150 per tonne of phosphate FOB
The mine plan and financial outputs are based on a mining cutoff grade of 29% P2O5 that utilizes approximately 38% of the currently identified Direct Shipping Option Measured and Indicated phosphate mineral resources.
Table 2: Summary of DSO Project Costs
Item
Cost (USD)
Operating Costs
Mining
US$ 31.39 per tonne
Power and Electricity
US$ 8.17 per tonne
General & Admin expenses
US$ 5 per tonne
Marine Logistics
US$ 9.12 per tonne
Total
US$ 53.68 per tonne
Capital costs (life of mine)
Pre-production stripping (incl mobilisation)
US$ 19.27 million
Mine, Marine & Infrastructure (incl contingency)
US$ 58.51 million
Sustaining
US$ 64.75 million
Closure
US$ 5 million
Total Life of Mine capital costs
US$ 147.53 million including contingency
Contingencies
25 %
Royalties 2 %
2 %
Capital costs have been further estimated as follows:
Table 3: DSO Project CAPEX Estimate (Area Breakdown)
Area #
Area Name
Total Capital
[M USD]
Contingency
[M USD]
Total Capital
[M USD]
Percent Total
000
Project General
11.60
1.47
13.07
16.8%
100
Mine
21.91
8.03
34.43
44.3 %
200
Marine Logistics
13.93
8.23
24.97
32.1 %
300
Marine Infrastructure
3.70
1.70
5.40
6.8 %
Total
58.44
19.43
77.87
100 %
Capital estimates include mine facilities and infrastructure, mining equipment, dewatering wells, stockpile loader, dyke construction, stockpile area, and ex-pit haul road construction.
Table 4: Cash Flow Analysis
Units
2013
2014
2015
2016
2017
2018
2019
2020-2039
Production
Phosphate '000 dry tonne - Sales
100
400
501
500
500
500
500
9,500
Price Phosphate US$/tonne
150
150
150
150
150
150
150
150
Sales US$ '000
15,000
60,450
75,150
75,000
75,000
75,000
75,000
1,425,000
Cost of Sales
Operating cost US$/tonne
22
58.07
59.39
59.75
57.13
56.93
55.92
52
Total operating cost US$ '000
2,200
23,286
29,754
29,875
28,565
28,465
27,960
494,000
EBITDA US$ '000
12,800
37,164
45,396
45,125
46,435
46,435
47,040
931,000
CAPEX US$ '000
77,780
2,590
2,590
2,590
2,590
2,590
2,590
49,210
Net cash flow before tax and royalties US$ '000
(64,980)
34,574
42,806
42,535
43,845
43,945
44,450
881,790
Considering the DSO Project on a stand-alone basis, the undiscounted pre-tax cash flow totals US$ 1,082 million over the 25 year mine life. Operating cash flow averages US$ 45.36 million per year and simple payback of preproduction capital is achieved after approximately 2 years of operation.
EBITDA as disclosed in the table above is a non-GAAP financial measure and does not have a standardized meaning and is therefore unlikely to be comparable to similar measures presented by other issuers.
The Internal Rate of Return (IRR) is 63%. Pre-tax Net Present Value (NPV) at various discount rates is shown in Table 5.
Table 5: Pre-tax NPV Sensitivity to Discount Rate
Rate
NPV
0 % (Undiscounted)
$ 1,117million
5 %
$ 552 million
10 %
$ 338 million
15 %
$ 179 million
20 %
$ 106. million
25 %
$ 67 million
The economic analysis contained in PEA is based, in part, on Measured and Indicated Resources, and is preliminary in nature. There is no certainty that the resources development, production and economic forecasts on which this PEA is based will be realized.
Mineral Resource Estimates
Summary
The Mineral Resource Estimate for the Farim Phosphate Project was completed by the Qualified Person, Dr. Marcelo Godoy of Golder in Santiago, Chile. Dr. Godoy meets the requirements of a Qualified Person for the purposes of NI 43-101 reporting and is independent from the Company.
The Mineral Resource estimate 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. No recoveries or dilution factors have been considered in this estimate and the estimate is strictly in situ, in accordance with NI 43-101 reporting guidelines for resources.
Resource Estimates
The mineral resources reported in this PEA were estimated 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 are presented in the Table below.
Table 6: Mineral Resource Statement, Farim Phosphate Deposit, 16 May, 2012
Resource
Class
Block
Tonnage
(Mt)
P2O5
(%)
FPA
(m)
Al2O3
(%)
CaO
(%)
Fe2O3
(%)
SiO2
(%)
Over
burden
(m)
S/R
Measured
North
Of
River
64.6
29.11
3.65
2.78
39.44
5.60
11.39
43.40
12.43
Indicated
North
of River
17.7
26.93
3.15
2.62
40.14
5.19
10.64
39.50
13.18
South
Of
River
10.3
28.96
2.61
5.36
36.37
4.59
11.68
29.05
12.11
Sub
total
28.1
27.68
2.95
3.63
38.75
4.97
11.02
35.65
12.79
Measured
+ Indicated
North
of River
82.3
28.64
3.54
2.75
39.59
5.51
11.23
42.56
12.59
South
Of
River
10.3
28.96
2.61
5.36
36.37
4.59
11.68
29.05
12.11
Sub
total
92.6
28.68
3.44
3.04
39.23
5.41
11.28
41.05
12.54
Inferred
North
of River
3.4
27.36
2.75
2.75
39.30
5.21
11.05
42.70
15.81
South
Of
River
14.9
28.96
2.35
6.30
35.78
4.57
11.64
29.45
13.19
Sub
total
18.3
28.66
2.42
5.64
36.43
4.69
11.53
31.90
13.67
Phosphate mineralization is still currently open to the west and poorly drilled to the south of the River Cacheu.
Key Assumptions and Methods
Golder prepared the Resource Estimate by modeling the Farim resource based on a two dimensional (2D) block model with 125 m x 125 m cells and 25 internal discrete nodes covering the extents of the FPA layer. The extents of the FPA layer were estimated based on the presence or absence of the FPA layer in the drill holes.
Exploratory data analysis and variography were carried out and variables were estimated using a three pass strategy, whereby each successive pass had an increased search radius and less restrictive sample selection criteria. This approach ensures all blocks received a value for each variable. Values were assigned using a combination of Ordinary Kriging and Inverse Distance Weighted methods for the following variables: P2O5; Al2O3; CaO; Fe2O3; SiO2; FPA Thickness; and Overburden Thickness.
The stripping ratio was derived from the estimated overburden and FPA thicknesses. Classification was assigned to each block in the model based on a drilling spacing as follows:
• Measured Resource: Areas with drilling coverage of up to 500 m by 500 m and a P2O5 slope of regression greater or equal 0.65;
• Indicated Resource: Areas with drilling coverage of up to 1000 m by 1000 m and a P2O5 slope of regression greater or equal 0.4; and
• Inferred Resource: Areas within the extents of the FPA and not classified as Measured or Indicated.
A corridor following the Rio Cacheu was excluded and set to "unclassified" due to the uncertainty related to the extraction of material in this area. In addition, the resource estimate was divided into blocks corresponding to the location relative to the Rio Cacheu; "north" or "south".
After applying the above criteria and the for the purpose of public reporting the resources where restricted to a minimum FPA thickness of 1.5 m and a stripping ratio no greater than 20:1. By applying these mining restrictions it is considered that the disclosed mineral resource estimates fulfill the requirement of "reasonable prospects for economic extraction". Due to the consistent grade continuity, with grades above 27% P2O5 , a phosphate cut-off grade was not applied to report the Mineral Resource estimates.
Data Verification
Data verification was carried out by Golder and included independent sampling, a core logging check, drill hole collar survey checks and database integrity checks. No material issues were noted. Golder reviewed the quality assurance and quality control (QAQC) procedures reported from previous exploration campaigns. QAQC procedures and data from GB Minerals AG (which is the subsidiary of the Company that holds the title to Farim Phosphate Project) were reviewed by Golder. GB Minerals AG submitted a total of eight field duplicates and six standards samples in a total of 156 samples. No blanks were submitted.
There is no process design involved in the direct shipping of phosphate by sea transportation. During a site visit in May 2011, Golder reviewed the drilling, logging and sampling procedures employed by GB Minerals AG. A laboratory audit of both the sample preparation and assaying facilities was also carried out by Golder.
Data verification for resources was also extensively covered in the previously filed Technical Report of the Company dated February 10, 2011 filed on SEDAR under the Company's profile at www.sedar.com.
Mining
The majority of the annual rainfall over the DSO Project area is concentrated in the period from July through September, and the DSO Project mine plan will carry out mining activities for 10 months out of the year to avoid the inefficiencies of mining during the higher rainfall months. Installed mining equipment capacity has been designed to produce the annual plan phosphate requirements and associated waste stripping within the 10 drier months of the year.
Key design elements of the DSO mining plan are water management and haul road maintenance. All mining areas must be fully dewatered in advance of mining activities. The proximity of the mine to the Rio Cacheu will require the construction of a protection dyke to prevent in-pit flooding.
Contractor mining has been selected, for the excavator / truck mining method for the DSO mining plan based on flexibility, lower initial capital, lower investment risk, grade control, and the ability to blend quality for required product specifications. Contractor mining has been proposed to minimize capital investment and to shorten the period to production which could arise from the availability of mining capital equipment and the shortage of in country manpower skills.
The remote nature of the Project, with limited power supply, precludes the use of electric mining equipment and all mining equipment selected for the DSO Project is diesel mobile equipment.
This mining method uses excavators and trucks to handle 100% of the overburden and DSO phosphate. Waste will be stripped and removed with 11 m3 to 12 m3 bucket front-end loaders or small hydraulic excavators matched with 50 ton haul trucks. The DSO phosphate will be mined with 3 m3 to 4 m3 bucket class backhoes matched with 35 t trucks.
ROM phosphate will be removed by excavators and trucks to a 20,000 tonne ROM pad for storage and blending. The ROM pad is located some 1.5km from the open pit and adjacent to the barge loading facility.
The DSO operation will mine 0.5 Mtpa of phosphate and will require a waste storage facility capable of holding 34 Mm3. The facility will be approximately 25 m high with a footprint of 1000 meters by 1500 meters.
Beneficiation
The ROM phosphate will be mined, blended if necessary and will be directly shipped with limited treatment or processing (if any).
Project Infrastructure and Product
The infrastructure requirements associated with the DSO project include the mine infrastructure, mine camp, offices, workshops, water treatment facilities, power generation and water supply.
River Transport and Loading
Transfer of phosphate from the ROM pad to the feed hopper of the barge loading facility will be by front end loader. The hopper will feed a conveyor system to load 2,700 t non-propelled barges. Sets of barges will then transport with the aid of a pusher tug down the Rio Cacheu to a seagoing vessel.
The barges will be unloaded by the seagoing vessel anchored to a floating ship loading facility beyond the shallow waters (+ 12 meter deep) using clam shell unloaders. Possible mooring points accessible to vessels of capacity up to 25,000t have been identified in the estuary of the Rio Cacheu.
Recommendations
The results of the Preliminary Economic Assessment show that the DSO Project is robust from a technical and economic standpoint at the selected long term phosphate prices, and GBMMEC has recommended that the DSO Project continues to be advanced to the Feasibility Stage and that a production rate of 1 Mt per annum be investigated.
Qualified Persons
Dr. Marcelo Godoy, MAusIMM (CP) of Golder in Santiago, Chile, who is a Qualified Person as defined in NI 43-101, prepared and is responsible for the Mineral Resource Estimate for the Farim Phosphate Project as disclosed in this news release. In addition, the following other Qualified Persons prepared (or supervised and approved the preparation thereof) and are responsible for other parts of the PEA, which are referred to in this news release: Michael Short, FIMMM, C.Eng. of GBMMEC, Ian Jackson, B.Eng, ACSM, C.Eng., MIMMM (CP) of GBMMEC, Richard Elmer, C.Eng., MIMMM (CP) of Golder, and Terry Kremmel, PE (MO and NC), SME (CP) of Golder. All of these Qualified Persons are independent from the Company.
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 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 a Direct Shipping Option Project with an annual phosphate production of 0.5 Mt per annum 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
Cautionary Statement
Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfill such forward-statements and the Company undertakes no obligation to update statements. Such forward looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control. In addition, pursuant to National Instrument 43-101, the Company cautions that mineral resources that are not mineral reserves do not have demonstrated economic viability.
The reader should be cautioned that there are risks that could affect the potential development of the Project's mineral resources, which include: the political instability in Africa and Guinea Bissau in particular, which is where the Project is located; and that additional financing will be required to ultimately develop the Project and the ability to obtain such financing on favorable terms will be affected by prevailing market conditions. A more detailed discussion of such risks are outlined in the Company's Filing Statement dated February 22, 2011 which is filed under the Company's profile on SEDAR at www.sedar.com.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Plains Creek Phosphate Corp.
CanAm (COE) Announces Intent to Exercise Its Option to Acquire an Additional 30% of Birmingham Coal & Coke and Private Placement
CALGARY, ALBERTA--(Marketwire - July 27, 2012) - CanAm Coal Corp. (TSX VENTURE:COE) (OTCQX:COECF) ("CanAm" or the "Company") is pleased to announce that CanAm is exercising its option to acquire an additional 30% ownership interest in its principal U.S. mining operations (the "Transaction") for a purchase price of US$11,505,682. The Transaction will be completed through the purchase of additional equity interests in the capital of Birmingham Coal & Coke Co., Inc and Cahaba Contracting & Reclamation LLC (collectively referred to as "BCC") under an existing option and will be effective as of July 1, 2012.
The Company will fund the acquisition through a non-brokered private placement offering (the "Offering") of a minimum of 12,000 and a maximum of 16,000 units ("Units") at a price of CDN$1,000 (and/or its US dollar equivalent) per Unit for total proceeds of a minimum of CDN$12,000,000 and a maximum of CDN$16,000,000. Each Unit will be comprised of a $1,000 principal amount of 9.5% non-convertible and unsecured debentures ("Debentures"), 1,250 2012 series A common share purchase warrants ("Series A Warrants") and 1,000 2012 series B common share purchase warrants ("Series B Warrants"). The Series A Warrants have an exercise price of CDN$0.20 and a term of four years, and the Series B Warrants have an exercise price of CDN$0.25 and a term of four years.
"The exercise of our 30% option is another significant step for CanAm and brings our goal of 1 million tons of annual production one step closer. With completion of the Transaction, we expect 2012 production to be in the range of 450,000 to 500,000 tons with 2013 production in the range of 750,000 tons with substantially all production contracted to existing customers. The fact that we were able to finance the transaction on reasonable terms in a difficult credit environment speaks to the underlying quality of the BCC asset and the strength of our long term business plan." said Jos De Smedt, President and COO of CanAm. "Increasing our ownership in BCC and further investing in a management team that has a proven track record of safe, reliable and profitable operations makes perfect sense at this time," added Tim Bergen, CEO of CanAm.
Radar USA, a wholly owned subsidiary of the Company, acquired 50% of the outstanding equity interest in BCC in May 2011 (the "Original Transaction"). Pursuant to the Original Transaction, Radar USA was granted an option to acquire the additional 30% interest being acquired in the Transaction and the remaining 20% interest until May 9, 2016. The Vendors of the Transaction, Robert A. Lewis, Thomas A. Lewis and R. Wayne Bass (the "Vendors"), will be paid an aggregate purchase price of US$11,505,682. Upon completion of the Transaction, the Company will own 80% of BCC and the Vendors will own 20%.
The aggregate purchase price will be paid by US$5,505,682 in cash and the issuance of Debentures in the Offering, in an aggregate principal amount of US$6,000,000 together with 7,500,000 Series A Warrants and 6,000,000 Series B Warrants. The exercise of the Series A Warrants and Series B Warrants issued to the Vendors is subject to disinterested shareholder approval which the Company intends to seek at its next annual general meeting.
Each of Robert A. Lewis and Thomas A. Lewis is a director and senior officer of BCC and therefore may be considered to be a non-arm's length party within the meaning of the policies of the TSX Venture Exchange (the "TSXV"). R. Wayne Bass is neither a director nor an officer of BCC and would not be considered to be a non-arm's length party.
Certain directors and officers of the Company are expected to subscribe under the Offering for approximately CDN$2.2 million aggregate principal amount Debentures, an aggregate of 2.8 million Series A Warrants and an aggregate of 2.2 million Series B Warrants.
OTHER INFORMATION
The completion of the Transaction and the Offering is subject to certain conditions including acceptance of the Transaction and the Offering by the TSXV and other conditions customary for transactions similar in nature to the Transaction. There can be no assurance that the Transaction or the Offering will be completed as proposed or at all.
Provided that the conditions to completion of the Transaction and the Offering are completed to CanAm's satisfaction, the Company anticipates that the closing of the Offering and the Transaction will be on or about July 30, 2012.
About CanAm Coal Corp.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies. CanAm's main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA (see the technical report entitled "Limon Lignite Project, Elbert County, Colorado, USA," dated October 26, 2007 and filed on SEDAR on November 2, 2007). Other coal and related opportunities continue to be evaluated on an ongoing basis.
About Birmingham Coal & Coke, Inc.
Incorporated in 1975 by H. Kent Lewis, BCC started as marketer of coal produced from mines located in Alabama to industrial, utility and export markets. Since then, BCC has grown to become a significant Alabama coal producer. Based on a foundation of prudent financial stewardship, safety and strong ethical values, BCC is one of only three coal mining companies operating in Alabama in 1975 that still exists today; the others being Drummond Coal Company and Jim Walter Resources. In May 2011, pursuant to the Original Transaction, CanAm acquired a 50% ownership interest in BCC.
Red Eagle Mining (RD.V) Intercepts 11.4 Metres at 16.04 Grams Gold Per Tonne at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 24, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce additional assay results received from the 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. The additional results show strong gold mineralisation over significant intervals, with the most significant intercept being in hole SR-060 of 11.4 metres at 16.04 grams gold per tonne, including 2.0 metres at 30.73 grams gold per tonne and 3.5 metres at 29.29 grams gold per tonne. Hole SR-060 was collared 180 metres to the west of hole SR-053 which intercepted 7.0 metres at 41.53 grams gold per tonne (news release dated July 9, 2012: http://redeaglemining.com/news/?nid=40) and 480 metres to the west of hole SR-042 which intercepted 6.0 metres at 31.85 grams gold per tonne (news release dated June 13, 2012: ). However, encouragingly, hole SR-060 intercepted high grade mineralisation at a slightly shallower depth (approximately 130-140 metres) which will significantly enhance open pit evaluations.
Table 1 - San Ramon Drill Intercepts
Hole ID
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
SR-056
65.5
66.0
0.5
1.01
128.5
147.1
18.6
1.52
incl.
145.1
147.1
2.0
7.61
SR-057
64.2
75.8
11.6
2.87
89.4
91.4
2.0
1.77
SR-058
106.7
107.7
1.0
5.91
125.1
133.0
7.9
2.21
incl.
131.1
131.6
0.5
17.80
SR-059
274.9
284.6
9.7
0.79
SR-060
143.3
154.7
11.4
16.04
incl.
143.3
145.3
2.0
30.73
incl.
151.2
154.7
3.5
29.29
197.3
205.5
8.2
2.29
incl.
204.5
205.5
1.0
15.10
217.5
218.5
1.0
3.43
SR-061
93.0
96.0
3.0
0.88
180.0
187.5
7.5
1.75
incl.
185.1
185.6
0.5
20.70
195.5
196.2
0.7
3.70
Table 1 summarizes the latest significant (+0.20 g/t) uncut gold intercepts from phase two core drill holes SR-056 to SR-061 (see Figure 1 - Drill Hole Plan: http://redeaglemining.com/siteFiles/89/files/maps-lg/Stage1_San_Ramon_Drill_Map_June_2012Large.jpg and Figure 2 - Long Section: http://redeaglemining.com/siteFiles/89/files/maps-lg/SR_SE_Sector_Long_Section_Schematic_22June12-Large.jpg). 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. For pictures of the drill core see Red Eagle's photostream on flickr (http://www.flickr.com/photos/redeaglemining/sets/). Assays have now been received for 20 holes with assays pending on 4 holes (SR-062 to SR-065) from phase two and 14 holes (SR-066 to SR-079) from phase 3.
"Our phase two drilling at San Ramon continues to deliver outstanding results. The significant increase in grade is encouraging as we move forward to resource and mining (open pit and underground) evaluations," comments Ian Slater, Chief Executive Officer. "Drilling and metallurgical results will be released when received on a regular basis. We are also looking forward to commencing environmental base line studies shortly and completing an initial NI 43-101 resource report by the end of 2012."
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 exposed at surface. Wide-spaced discovery drilling intercepts from phase one averaged approximately 1.2 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where channel sampling has also averaged approximately 1 g/t Au. The 2012 work program for San Ramon includes the phase two core drill program (24 holes totaling 5,400m), a phase three core drill program in the near surface oxides over the entire known gold mineralisation which commenced in June (14 holes totaling 1,035m completed to date out of a 5,000m programme), preparation of a NI 43-101 resource and a preliminary metallurgical test work programme.
Table 2 - Drill Hole Specifications
Hole
Easting
Northing
Elevation
(m)
Azimuth
Dip
EOH
(m)
SR-056
856804
1223264
2475
180
-75
216
SR-057
856583
1223279
2465
180
-45
111
SR-058
856583
1223279
2465
180
-75
194
SR-059
857232
1223325
2486
180
-75
321
SR-060
857313
1223269
2510
180
-90
235
SR-061
856965
1223269
2538
175
-75
214
Quality Control and Assurance (QC/QA)
All drill samples were collected with diamond core drill rigs using approximately one metre sample intervals 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 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. 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 exploration and management team. Red Eagle Mining is currently exploring two gold properties in Colombia, Santa Rosa and Pavo Real. 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 millionounce M&I resource grading 0.8 g/t Au) and 60km east of Continental Gold's Buritica gold deposit (630,000 ounce M&I resource grading 17.8 g/t Au). Pavo Real is an extensive project within the Mid-Cauca gold belt containing both a sedimentary hosted gold system and a 15km long copper/gold/silver skarn formation hosting significant high grade brownfield mines. For further information on Red Eagle Mining please refer to our website www.redeaglemining.com.
Stornoway to Commence Bulk Sampling of Renard 65 Kimberlite
MONTREAL, QUEBEC--(Marketwire - July 23, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it will shortly commence a 5,000 tonne bulk sample program of the Renard 65 Kimberlite pipe, located at Stornoway's 100% owned Renard Diamond Project in north-central Quebec.
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 to an Indicated Mineral Resource and then, if warranted, to a Mineral Reserve. Five thousand tonnes will be acquired from a previously opened trench where the R65 kimberlite is exposed at surface at its northern extent, and will be processed initially at Stornoway's 10 tonne per hour dense media separation plant located at the project site. Final diamond recovery will be conducted at Stornoway's North Vancouver lab facilities. The program is budgeted at C$2.5million, and is scheduled to be completed by the end of the year. Given previously measured grades 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: "The Renard 65 bulk sample program announced today offers the opportunity to add a large tonnage of open pit reserves to the Renard mine plan. Renard 65 is the largest of the project's kimberlites, and although its grade is lower than Renard 2 and 3, its diamond characteristics are similar and it is easily accessible from surface. The cost of developing an open pit at Renard 65 is already included in the Renard Feasibility Study, as a borrow pit for backfill waste required in the underground mine, and as a sump for water management. However, as an Inferred Mineral Resource, ore extracted from this pit is excluded from the Feasibility Study's production schedule. The upgrading of Renard 65's resource classification this year is expected to add value to the project by allowing an immediate expansion of planned processing capacity from 6,000 to 7,000 tonnes per day, and by extending the reserve mine life beyond the current 11 years. Renard has a considerable resource upside potential, and this sampling program will allow us to pursue the project's continued growth as we work towards final project financing."
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.
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.
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 the communities of Chibougamau and Chapais 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. In March 2012 Stornoway entered into the Mecheshoo Agreement with the Cree Nation of Mistissini and the Grand Council of the Crees (Eeyou Itschee) in respect to the Renard Diamond Project, and joined Chibougamau and Chapais in a Declaration of Partnership in July 2012. Readers are referred to the technical report dated December 29, 2011 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
Pan American Fertilizer Announces plans to move forwarded with NI 43-101 Compliant Resource Reserve calculations (CNSX: PAF)
(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA, July 19th, 2012 - Pan American Fertilizer Corp, (CNSX: PAF) ("Pan American" or the "Company") announces that the Company is moving forward with plans for drilling and sampling on its Estela Ceclilia property in Santiago Del Estero, Argentina with a view to establish NI 43-101 compliant resource calculations.
"Pan American's Management understands the importance of defining the size and scope of the mineralized material found on our property. As we've previously announced, we are already extracting and selling our product, so the natural next step is to formally confirm the resource calculation compliant with NI 43-101 methodology, " commented Randy Wright, President and CEO of Pan American.
About Pan American Fertilizer Corp.
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.
On behalf of the board of directors of Pan American Fertilizer Corp.
"Randy Wright"
Randy Wright
President and CEO
FOR MORE INFORMATION, PLEASE CONTACT:
Jeff French
Investor Relations
jfrench@pafertilizer.com
Marban Western High Grade ZoneReturns 7.28 G/T Au Over 7.2 Metres
(via Thenewswire.ca)
Val-d'Or, Quebec - June 12, 2012 - NioGold Mining Corporation (TSX-V:NOX) (OTCQX:NOXGF) ("NioGold") is pleased to report additional results from the Phase Two drilling program conducted under the terms of the earn-in option of Aurizon Mines ("Aurizon") on the Marban Block property, located in the Malartic gold camp, Abitibi region of Quebec. These results are in continuation of the previously very encouraging results of the Phase Two published previously (see news release of March 1st and April 26th).
Results from 22 new drill holes and three (3) extensions of previous holes were obtained on the Marban gold deposit and are included in this release. The drill results are tabled on the following pages.
The new results highlight the presence of wide mineralised intervals, as well as smaller high grade intervals mainly located within the Western High Grade Zone ("WHGZ"), which is located immediately west of the former Marban Mine, from surface down to a depth of 250 metres.
Drilling highlights include:
-The best results from the in-fill drill holes on the WHGZ returned the following:
-5.13 g/t Au over 6.0 m on section 3700 at a vertical depth of 230 m (MB-12-282)
-4.67 g/t Au over 13.0 m on section 3675 at a vertical depth of 140 m (MB-12-284)
-26.10 g/t Au over 1.2 m, 7.28 g/t Au over 7.2 m and 39.50 g/t Au over 1.0 m on section 3650 at a vertical depth of 95 m, 125 m and 130 m respectively (MB-12-297)
-24.60 g/t Au over 1.2 m on section 3575 at a vertical depth of 30 m (MB-12-300)
-45.80 g/t Au over 1.0 m on section 3800 at a vertical depth of 75 m (MB-12-306)
-Shallow high grade intervals were also obtained along the Marban deposit:
-24.20 g/t Au over 0.5 m on section 4350 at a vertical depth of 22 m (MB-12-275)
-39.10 g/t Au over 1.2 m on section 3950 at a vertical depth of 115 m (MB-12-287)
The 25 holes are distributed along a strike of 950 metres along the Marban deposit and they are contributing to improve the quality of the near surface resource.
The Phase Two drilling program started on December 13, 2011 and concluded on May 31st with a total of 34,656 metres distributed in 90 holes and nine (9) extensions of previous holes. An updated mineral resource estimate based on the Phase One drill results, as well as basic technical studies, including metallurgical test work (see news release of April 24th), should be completed by the end of the second quarter, 2012.
Marban deposit drilling
The 2010-2012 drill programs confirmed the geological model interpreted by NioGold and therefore the continuity of the mineralised zones. They were also instrumental in developing the shallow area called the Western High Grade Zone and identification of the Eastern Down Dip Zone which is located below a vertical depth of 250 metres and remains open at depth and laterally.
Aurizon Option
Aurizon can earn up to a 65% interest the Marban Block property under the terms of an option and joint venture agreement dated July 5, 2010, between NioGold and Aurizon. The initial 50% interest can be earned by incurring expenditures of $20 million over three years, completing an updated NI 43-101 compliant mineral resource estimate, and by making a resource payment for 50% of the total gold ounces defined by the mineral resource estimate. NioGold remains the project operator during the initial earn-in period (see news release dated July 6, 2010).
Technical Info, QA/QC and Qualified Persons
Reported intervals are in core lengths but are anticipated to approximate true width, except where structural complexities occur, as the holes were drilled near perpendicular to the principal local structural orientation.
Diamond drill holes were drilled with NQ-size core in order to obtain larger sample volumes of the mineralised zones, except for holes that traversed underground workings which were completed using BQ-size core. The core was sealed delivered by the drilling contractor to NioGold's facilities located at the Norlartic mine site. The core was photographed for reference, logged and mineralised sections were sawed in half. Sample lengths vary between 0.5 to 1.5 metres. Half core samples were bagged, sealed and delivered to ALS Chemex in Val-d'Or, Quebec, an accredited laboratory. The remaining core is stored on site for reference. Samples were assayed by the fire-assay method using an atomic absorption finish on a 50-gram pulp split. A quality assurance and quality control program (QA/QC) was implemented by NioGold and the laboratory to insure the precision and reproducibility of the analytical method and results. The QA/QC program includes the insertion of standards, blanks and field duplicates in the sample batches sent to the laboratory and a systematic re-assaying of samples returning values above 2 g/t Au by the fire-assay method using a gravimetric finish. As well, pulps grading above 0.5 g/t Au are sent to Bourlamaque Assay Laboratories Ltd. in Val-d'Or for check assaying.
The drilling program is conducted under the supervision of Yan Ducharme, M.Sc., P.Geo. (OGQ), the NioGold Vice president of exploration and a Qualified Person as defined by National Instrument 43-101. The news released was prepared by Mr. Ducharme.
Drill results - Marban Deposit
----------------------------------------------------------------------------------
|Hole |Easting|Northing|Azimuth|Dip |Hole |From |To |Length|Grade|Zones|
| | | | | |Length| | | | | |
| | | | | | | | | | | |
| | | (m) | | | | | |(m) | | |
| | (m) | | | | (m) | | | | | |
| | | | | | | | | | | |
| | | | | | | |(m) | | (g/t| |
| | | | | | | | | |Au) | |
| | | | | | |(m) | | | | |
| |
|--------------------------------------------------------------------------------|
|MB-12-274 |4500 |3941 |N180° |-59°|480.0 |57.6 |67.2 |9.6 |0.99 |2 |
|--------------------------------------------------------------------------------|
| | | | | | |211.2|211.7|0.5 |11.10|J |
|--------------------------------------------------------------------------------|
| | | | | | |285.2|290.0|4.8 |4.34 |M |
|--------------------------------------------------------------------------------|
| | | | | | |422.3|424.6|2.3 |4.74 | |
|--------------------------------------------------------------------------------|
|MB-12-275 |4350 |3840 |N180° |-48°|345.0 |29.7 |30.2 |0.5 |24.20|2 |
|--------------------------------------------------------------------------------|
| | | | | | |48.3 |59.3 |11.0 |0.81 |E |
|--------------------------------------------------------------------------------|
|MB-12-278 |4100 |4220 |N180° |-56°|512.0 |35.1 |41.5 |6.4 |0.87 | |
|--------------------------------------------------------------------------------|
| | | | | | |331.1|335.6|4.5 |4.34 |B |
|--------------------------------------------------------------------------------|
| | | | | | |353.0|362.4|9.4 |1.50 |C2 |
|--------------------------------------------------------------------------------|
|MB-12-279 |3950 |4030 |N180° |-45°|314.0 |249.1|257.0|7.9 |0.56 |T |
|--------------------------------------------------------------------------------|
|MB-12-281 |3725 |4320 |N180° |-47°|461.0 |376.2|380.8|4.6 |3.15 |E |
|--------------------------------------------------------------------------------|
|MB-12-282 |3700 |4230 |N180° |-48°|401.0 |112.8|113.7|0.9 |4.57 | |
|--------------------------------------------------------------------------------|
| | | | | | |301.4|307.4|6.0 |5.13 |E |
|--------------------------------------------------------------------------------|
| | | | | |incl |301.4|302.5|1.1 |16.35|E |
|--------------------------------------------------------------------------------|
| | | | | | |313.2|314.4|1.2 |8.55 |D1 |
|--------------------------------------------------------------------------------|
|MB-12-283 |3725 |4185 |N180° |-47°|380.0 |261.7|267.7|6.0 |3.23 |E |
|--------------------------------------------------------------------------------|
| | | | | | |274.5|280.1|5.6 |3.02 |D1 |
|--------------------------------------------------------------------------------|
|MB-12-284 |3675 |4160 |N180° |-47°|332.0 |148.4|149.6|1.2 |5.26 | |
|--------------------------------------------------------------------------------|
| | | | | | |185.6|198.6|13.0 |4.67 |2 |
|--------------------------------------------------------------------------------|
|MB-12-285 |3750 |4100 |N180° |-46°|312.0 |151.4|152.5|1.1 |12.40|2 |
|--------------------------------------------------------------------------------|
| | | | | | |177.5|178.1|0.6 |12.45|Z |
|--------------------------------------------------------------------------------|
| | | | | | |189.4|190.3|0.9 |4.24 | |
|--------------------------------------------------------------------------------|
| | | | | | |226.5|227.5|1.0 |7.69 |E |
|--------------------------------------------------------------------------------|
| | | | | | |263.2|264.7|1.5 |4.82 |A |
|--------------------------------------------------------------------------------|
|MB-12-287 |3950 |4245 |N180° |-45°|485.0 |162.2|163.4|1.2 |39.10| |
|--------------------------------------------------------------------------------|
| | | | | | |231.4|232.5|1.1 |5.58 |2 |
|--------------------------------------------------------------------------------|
| | | | | | |313.9|314.8|0.9 |11.55|E |
|--------------------------------------------------------------------------------|
| | | | | | |381.0|392.0|11.0 |1.75 |A |
|--------------------------------------------------------------------------------|
| | | | | | |416.1|426.3|10.2 |1.79 |T |
|--------------------------------------------------------------------------------|
|MB-12-289 |3850 |4145 |N180° |-45°|390.0 |221.4|222.3|0.9 |5.51 |Z |
|--------------------------------------------------------------------------------|
|MB-12-290 |3850 |4075 |N180° |-45°|332.0 |163.3|164.5|1.2 |14.90|Z |
|--------------------------------------------------------------------------------|
| | | | | | |168.6|170.5|1.9 |8.32 |Z |
|--------------------------------------------------------------------------------|
|MB-12-294 |3550 |4135 |N180° |-51°|270.0 |58.2 |59.4 |1.2 |3.27 | |
|--------------------------------------------------------------------------------|
|MB-12-297 |3650 |4085 |N180° |-52°|294.0 |117.0|118.2|1.2 |26.10| |
|--------------------------------------------------------------------------------|
| | | | | | |151.6|158.8|7.2 |7.28 |2 |
|--------------------------------------------------------------------------------|
| | | | | | |164.0|165.0|1.0 |39.50|Z |
|--------------------------------------------------------------------------------|
| | | | | | |188.8|192.4|3.6 |5.20 |E |
|--------------------------------------------------------------------------------|
|MB-12-298 |3550 |4070 |N180° |-50°|230.0 |63.0 |64.2 |1.2 |6.77 | |
|--------------------------------------------------------------------------------|
|MB-12-300 |3575 |4000 |N180° |-51°|284.0 |34.2 |35.4 |1.2 |24.60|2 |
|--------------------------------------------------------------------------------|
|MB-12-301 |3625 |4000 |N180° |-51°|240.0 |135.0|136.9|1.9 |2.57 |E |
|--------------------------------------------------------------------------------|
|MB-12-302 |3650 |4025 |N180° |-51°|246.0 |153.2|157.5|4.3 |1.19 |E |
|--------------------------------------------------------------------------------|
|MB-12-303 |3650 |3965 |N180° |-50°|207.0 |120.9|122.0|1.1 |6.10 |E |
|--------------------------------------------------------------------------------|
|MB-12-304 |3600 |3895 |N180° |-51°|201.0 |53.8 |65.4 |11.6 |1.25 |E |
|--------------------------------------------------------------------------------|
|MB-12-305 |3675 |4020 |N180° |-47°|252.0 |94.4 |95.6 |1.2 |5.58 |2 |
|--------------------------------------------------------------------------------|
| | | | | | |160.2|162.6|2.4 |5.43 |E |
|--------------------------------------------------------------------------------|
|MB-12-306 |3800 |4035 |N180° |-49°|273.0 |98.7 |99.7 |1.0 |45.80| |
|--------------------------------------------------------------------------------|
|MB-07-016ext|4550 |3844 |N180° |-60°|210.0 |222.0|223.2|1.2 |1.90 | |
|--------------------------------------------------------------------------------|
|MB-08-055ext|4250 |4210 |N180° |-63°|390.0 |437.2|447.9|10.7 |2.04 |C1 |
| | | | | |to | | | | | |
|--------------------------------------------------------------------------------|
| | | | | |571.0 |460.0|461.2|1.2 |6.34 |A |
|--------------------------------------------------------------------------------|
|MB-08-069ext|4050 |4050 |N180° |-63°|224.0 |237.3|245.4|8.1 |1.66 |B |
| | | | | |to | | | | | |
|--------------------------------------------------------------------------------|
| | | | | |371.0 |293.6|294.2|0.6 |6.14 |A |
----------------------------------------------------------------------------------
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 has outlined Indicated resources of 598,000 ounces gold and Inferred resources of 361,000 ounces gold in and around these deposits.
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
miverson@niogold.com dparuk@niogold.com
News - Pan American Fertilizer Announces First Sales (CNSX: PAF)
(via Thenewswire.ca)
VANCOUVER, BRITISH COLUMBIA, July 12th, 2012 - Pan American Fertilizer Corp, (CNSX: PAF) ("Pan American" or the "Company") is pleased to announce the initial shipments of calcium sulphate from its Estela Ceclilia property in Santiago Del Estero, Argentina.
"I am extremely pleased with the rate at which we have brought our operation to a level where we are able to execute a full sales cycle. We are currently shipping product to multiple customers, which we project will continue on a repeat basis. In addition, as part of our strategic sales strategy, we are presently in the process of negotiating long term agreements with several customers and distributors. We are also experiencing a continued growth of our customer base and an increase in market share, which confirms our ability to deliver a high quality product at a competitive price in a timely manner" reported Randy Wright, President and CEO of Pan American.
About Pan American Fertilizer Corp.
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 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 dehydrate 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.
On behalf of the board of directors of Pan American Fertilizer Corp.
"Randy Wright"
Randy Wright
President and CEO
FOR MORE INFORMATION, PLEASE CONTACT:
Jeff French
Investor Relations
jfrench@pafertilizer.com
Evolving Gold (TSX:EVG) (OTCQX:EVOGF) Reports Multiple High Grade Intervals at Its Carlin Project, Nevada Including: 9.1 Meters at 22.0 gpt Gold 2.7 Meters at 33.11 gpt Gold, 3.8 Meters at 29.53 gpt Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2012) -Evolving Gold Corp. (TSX:EVG) (OTCQX:EVOGF) (FRANKFURT:EV7) (the "Company") is pleased to report that diamond drill hole CAR-016.1 intersected several high grade gold zones at its Carlin Project in Nevada, including 9.1 meters at 22.0 gpt (grams per tonne) gold (30.0 feet at 0.64 ounces per ton, opt gold) starting at 908.3 meters down hole. This intersection includes 1.2 meters at 44.0 gpt gold (4.0 feet at 1.28 opt gold). In addition CAR-016.1 intersected 1.2 meters at 15.5 gpt gold (4.0 feet at 0.45 opt gold) starting at 897.9 meters down hole. The entire interval from 897.9 to 917.4 (19.5 meters or 64.0 feet) averages 11.76 gpt gold (0.34 opt gold), including a lower grade interval at 899.2-908.3 meters.
Carlin Drill Map: http://www.evolvinggold.com/properties/carlin/map.html
Other significant intersections are detailed in the table below and include 2.7 meters at 33.11 gpt gold (9.0 feet at 0.97 opt gold), 3.5 meters at 9.73 gpt gold (11.5 feet at 0.28 opt gold), 3.8 meters at 29.53 gpt gold (12.5 feet at 0.86 opt gold), and 0.61 meters at 38.0 gpt gold (2.0 feet at 1.11 opt gold). Drill hole CAR-016.1 was completed to a depth of 1,004.9 meters (3,297 feet).
"We are obviously excited by the high grade results from our drill hole CAR-016.1," stated R. Bruce Duncan, CEO of Evolving Gold. "The multiple high grade gold zones in this drill hole and the thickness of the main high grade intersection are extremely encouraging. These results simply demonstrate what we have believed for a long time. The system we have identified in the south end of the prolific Carlin Gold Trend is a large and powerful Carlin style gold system, capable of producing thick intervals of high grade gold mineralization. In this drill hole we have encountered repeated zones of high grade gold mineralization over a down hole interval of 89 meters, or 292 feet. The full potential of this system is being constantly enhanced with each successive drill hole that is completed."
Drill hole CAR-016.1 is a wedge hole drilled from CAR-016 after that hole was terminated due to ground conditions short of its target depth. CAR-016.1 is a vertical hole, approximately 70 meters southeast of the pad from which two previous holes were drilled, CAR-007 (18.3 meters at 11.70 grams per tonne gold announced February 25, 2010) and CAR-010 (10.1 meters at 11.09 grams per tonne gold announced April 14, 2011), as shown on the attached map. Due to down hole deviation, the high grade intercept in CAR-016.1 is approximately 30 meters east of the intercept reported in CAR-010.
Assays from two additional vertical diamond core holes, CAR-017 and CAR-018, drilled 50 meters southwest and 50 meters northwest from hole CAR-007, respectively, are also reported in this release. Notwithstanding the high grade intersected in CAR-016.1, the Company is pleased with the short intervals of significant gold mineralization encountered in CAR-017 and CAR-018.
Results from holes CAR-007, CAR-010, CAR-016.1, CAR-017 and CAR-018 indicate that the high grade gold system is open to the northeast, east and southeast. The envelope of mineralization appears to be gently dipping, expanding in size, and developing multiple high grade gold horizons to the east, onto a portion of Evolving Gold's large land holding which is as yet undrilled.
CAR-019, approximately 60 meters north of CAR-016.1, is in progress and should be completed within the next 2 weeks. Due to the down hole deviation, this hole is expected to test the target zone approximately 130 meters northeast of the high grade gold intercept in CAR-016.1. Due to the success of CAR-016.1, the Company will consider drilling wedge holes from CAR-016 and CAR-019 to further test this area of high grade gold mineralization.
Hole
From (meters
)
To (meters
)
Length (meters
)
Gold (grams per tonne
)
Length (feet
)
Gold (oz per ton
)
CAR-016.1
870.5
872.0
1.5
8.74
5.0
0.25
876.6
879.3
2.7
33.11
9.0
0.97
897.9
917.4
19.5
11.76
64.0
0.34
including
898.0
899.2
1.2
15.50
4.0
0.45
including
908.3
917.4
9.1
22.00
30.0
0.64
including
909.2
910.4
1.2
44.00
4.0
1.28
935.7
939.2
3.5
9.73
11.5
0.28
948.1
951.9
3.8
29.53
12.5
0.86
957.1
957.7
0.6
38.00
2.0
1.11
CAR-017
630.9
634.0
3.1
0.51
10.2
0.015
CAR-018
698.0
699.5
1.5
1.28
4.9
0.037
715.8
723.9
8.1
1.08
26.6
0.032
including
717.4
719.3
1.9
2.55
6.2
0.074
All drill hole averages are weighted averages, weighting each assay interval according to the core length for that assay interval. All assay intervals are included in the average, with no bottom cut-off. True widths of mineralization in these drill holes, at this stage of exploration, are not precisely known. Gold assays were completed by SGS Canada Inc. in Toronto, using a 30 gram charge, fire assay, with an ICP finish. Overlimit assays were completed with gravimetric finish.
In compliance with National Instrument 43-101, Dr. Quinton Hennigh, Ph.D., P.Geo., is the Qualified Person responsible for the accuracy of this news release.
The Company presently has one core rig drilling on its Carlin property and one mud rotary rig testing a target on its adjacent 100% owned Humboldt project. The Carlin Project is subject to an agreement with various subsidiaries of Newmont Mining Corporation.
About Evolving Gold Corp.
Evolving Gold is focused on exploring its gold properties in and adjacent to the productive Carlin district of northern Nevada, and its gold discovery at Rattlesnake Hills, Wyoming.
For more information about Evolving Gold please visit: www.evolvinggold.com.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
R. Bruce Duncan, President, CEO and Director
Prosperity Goldfields (PPG.V) Commences Its Summer Exploration Program at Kiyuk Lake, Nunavut
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2012) - Prosperity Goldfields Corp. (the "Company" or "Prosperity") (PPG.V) is pleased to announce the commencement on July 15th of an exploration program on its 100% owned Kiyuk Lake Gold Project, Nunavut (the "Property"). The field work will consist of mapping and prospecting, plus sampling of surficial media for geochemistry. This work, described in more detail below, will lead to an improved understanding of the known mineralized zones within the Property area; provide a basis for assessing the Property for other mineralized trends; and prioritize new and existing targets that have not yet been drilled. Overall, this program aims to develop a better Property wide foundation upon which to continue an aggressive drilling program in early Spring 2013.
"The upcoming summer field program will be the first time the new technical team at Prosperity has had an opportunity to see the surface expression of the multiple mineralized gold occurrences at Kiyuk Lake," commented Adrian Fleming, Prosperity CEO. "It is also the first, comprehensive, systematic, property wide geochemical survey since lake sediment sampling by the Canadian Geological Survey in 1976 which ultimately lead to the initial discovery of mineralized boulders on the property. We are eager to see the result of this activity."
Surficial media sampling will be done in three phases: orientation till and soil sampling over known gold zones, regional till sampling across the entire property, and detailed till grid sampling over existing gold discoveries and untested drill targets. The results of the orientation study will provide important geochemical fingerprint(s) over known gold zones and provide a basis for assessing the results of the property wide sampling program. The regional sampling will consist of collecting till samples at sites spaced 1km apart throughout the entire Property. Given the lack of outcrop, this Property-wide coverage is instrumental in focusing prospecting efforts and identifying new mineralized trends within the large land package. These samples will be analyzed in the field using a hand-held XRF for pathfinder elements such as Arsenic, which will allow for prospecting teams to be deployed efficiently. Additionally, surficial materials over other prospects with mineralized boulders will be sampled to help identify the bedrock source.
Mapping and prospecting will focus initially on utilizing new ground magnetic survey results in order to improve our understanding of the lithologic and structural controls on mineralization within the known zones (Rusty, Cobalt, Gold Point, & Amundsen). This will allow for effective placement of future drill holes. Additional prospecting would be based on results of the regional till sampling as well as structural zones of interest interpreted from airborne magnetic data.
The company will not be undertaking field work on its Yukon property this year. Adrian Fleming, RPGeo, is a qualified person and is responsible for the technical content of this press release.
ON BEHALF OF THE BOARD OF PROSPERITY GOLDFIELDS CORP.
Adrian Fleming, CEO and Director
EnviroPacific Services Appoints T5 Corp.(TFIV) Its Preferred Technology Provider
On July 9, 2012, T5 Corp. (OTCBB: TFIV) was appointed as the Preferred Provider of environmental remediation technology to EnviroPacific Services Pty Ltd., one of the leading environmental remediation contractors in Australia. Pursuant to the Preferred Provider Agreement, EnviroPacific will provide T5 the first opportunity to provide T5’s proprietary technology and equipment for projects in Australia. T5 and EnviroPacific have agreed to promote each other’s products and services, and T5 will assist EnviroPacific with technical analysis and support on bids and proposals.
EnviroPacific has been in operation since 2001 and has grown to a staff of more than 70 persons, comprised largely of engineers, scientists and supervisory personnel. EnviroPacific has been awarded high-profile environmental and civil engineering projects in Australia, including remediation of the Hunters Hill Site and the Evans Head Memorial Aerodrome. EnviroPacific has substantial experience using thermal desorption technology, and has purchased and operated equipment designed and manufactured by the T5 management team.
T5 invents, manufactures and operates revolutionary Waste-2-Commodity technologies within the energy industry, focusing on the oil and gas industry. Its technologies transform waste into usable products, protecting the health and living conditions of others.
Patrick Garrett, CEO of T5, commented, “Our management team is very excited to renew our relationship with EnviroPacific. We believe that great opportunities for T5 are immediately available in Australia. T5 and EnviroPacific together bring an unparalleled engineering and technology capability to remediation and recycling projects in Australia. We expect that our joint efforts will result in substantial projects in the near future.”
ABOUT T5 CORP.
T5 Corp. is a technology company providing remediation and recycling services to the oil and gas industry. T5’s management team has more than 100 years of combined experience in remediation projects and has designed, built and operated successful remediation projects throughout the world for more than 15 years. For more information, visit www.t5corp.com.
Red Eagle Mining (RD.V) Intercepts 7.0 Metres at 41.53 Grams Gold Per Tonne at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF), is pleased to announce additional assay results received from the recently completed 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. Assays have now been received for 14 holes with assays pending on 10 holes (SR-056 to SR-065). The additional results show strong gold mineralisation over significant intervals, with the most significant intercept being in hole SR-053 of 7.0 metres at 41.53 grams gold per tonne. Hole SR-053 was collared 300 metres to the west of hole SR-042 which intercepted 6.0 metres at 31.85 grams gold per tonne at a similar depth, reported in the news release dated June 13, 2012.
Table 1 summarizes the latest significant (+0.20 g/t) uncut gold intercepts from phase two core drill holes SR-052 to SR-055 (see Figure 1 - Drill Hole Plan and Figure 2 - Long Section). True widths are estimated to be 70% of the intercepts and vertical depths are estimated to be 90% of the drilled depths reported below. Internal dilution within intercepts is limited to the inclusion of runs of no more than 2m below cut-off. Hole SR-054 did not return economically significant results. For pictures of the drill core see Red Eagle's photostream on flickr.
Table 1 - San Ramon Drill Intercepts
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
SR-052
161.6
172.7
11.1
1.34
incl.
164.6
165.6
1.0
8.09
SR-053
52.5
54.5
2.0
2.37
97.7
98.2
0.5
3.76
137.6
141.6
4.0
0.67
162.8
166.7
3.9
1.00
179.2
183.2
4.0
0.63
188.2
190.2
2.0
0.39
198.3
216.0
17.7
17.14
incl.
204.0
211.0
7.0
41.53
SR-055
212.7
213.2
0.5
8.31
259.0
260.0
1.0
1.42
370.5
374.5
4.0
1.22
"Our phase two drilling at San Ramon continues to deliver outstanding results, significantly increasing the grade and potential scale of the system", comments Ian Slater, Chief Executive Officer. "Assays are pending on another ten holes from phase two, while concurrently phase three oxide drilling is continuing through the summer, culminating in an initial NI 43-101 resource report targeted to be compiled and released by the end of 2012."
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 exposed at surface. Wide-spaced discovery drilling intercepts from phase one averaged approximately 1.2 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where channel sampling has also averaged approximately 1 g/t Au. The 2012 work program for San Ramon includes the phase two core drill program (24 holes totaling 5,400m), a phase three core drill program in the near surface oxides over the entire known gold mineralisation which commenced in June (36 holes totaling an estimated 5,000m), preparation of a NI 43-101 resource and a preliminary metallurgical test work programme.
Table 2 - Drill Hole Specifications
Hole
Easting
Northing
Elevation (m)
Azimuth
Dip
EOH (m)
SR-052
856516
1223311
2471
180
-75
209
SR-053
857493
1223275
2473
180
-75
250
SR-054
856804
1223264
2475
180
-45
133
SR-055
857402
1223391
2511
180
-70
404
Quality Control and Assurance (QC/QA)
All drill samples were collected with diamond core drill rigs using approximately one metre sample intervals 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 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. 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 Signs Partnership Accord With Chibougamau and Chapais
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce that it has executed a Declaration of Partnership (the "Declaration") with the communities of Chibougamau and Chapais in the James Bay Region of Québec. The Declaration is a statement of cooperation between the partners for the responsible development of Stornoway's 100% owned Renard Diamond Project based on the principles of environmental protection, social responsibility and economic efficiency. The Declaration was signed in Chibougamau on July 5th by Mme. Manon Cyr, Mayor of Chibougamau, M. Steve Gamache, Mayor of Chapais, and M. Patrick Godin, Chief Operating Officer of Stornoway.
The Declaration provides for the creation of a Renard Liaison Committee that will address issues of mutual interest such as communication, employment, and the economic diversification of local communities. In particular, the committee will oversee initiatives to attract and retain new residents to the towns of Chibougamau and Chapais.
Matt Manson, Stornoway's President and CEO, stated: "The Declaration of Partnership with Chibougamau and Chapais is a further example of the framework of trust, transparency and cooperation with which we seek to develop Québec's first diamond mine. It follows the execution of the Mecheshoo Agreement with the Crees of the James Bay Region in March, which was established on similar principles. For Stornoway, the Declaration is an expression of the importance we place on Chibougamau and Chapais as commercial centers, and future civic partners, for the successful development of Renard."
Manon Cyr, Mayor of Chibougamau stated: "This accord confirms the common bond of cooperation and respect between our two cities and Stornoway in the development of the Renard Project, which has been in existence for several years now. Today's signing marks the beginning of a new phase, allowing us to plan for the future by strengthening the collaboration between the City of Chibougamau and Stornoway."
For his part, Steve Gamache, Mayor of Chapais stated: "The Declaration of Partnership is part of a new era of economic and social development based on respect, mutual trust and a shared understanding of the issues of each partner. The town of Chapais is extremely proud to work with Stornoway Diamond Corporation on the development of this leading diamond mining project."
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
Las Vegas From Home.com Entertainment (LVH.V) Launches Fast-Fold Poker on Facebook
--------------------------------------------------------------------------------
Launches Fast-Fold Poker on Facebook
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 5, 2012) -Las Vegas From Home.com Entertainment Inc. (the "Company" or "LVFH") (TSX VENTURE:LVH)(PINKSHEETS:LVFHF)(BERLIN:LVH)(FRANKFU RT:LVH) - The Company is pleased to announce the launch of its unique Fast-Fold Poker product on Facebook under the Real Vegas Casino brand.
Fast-Fold Poker is an all new way of playing poker on Facebook and is designed to provide users with the ultimate high-speed poker game experience by reducing the wait time between hands. With Fast-Fold Poker, users can choose to fold the hand at any point during the game, and then be taken to a new table to start a new hand immediately.
Fast-Fold Poker is part of the Company's ongoing effort to offer a complete suite of unique wagering games on all major social networks and mobile platforms via the Real Vegas Casino brand. Real Vegas Casino features stunning 1080p High Definition graphics, multilingual interface, an emphasis on social multiplayer game play and a full slate of interactive casino and sports wagering games.
President and CEO Jake Kalpakian states: "The format of Fast-Fold Poker has already been proven to be very popular among real money poker players and we are proud to bring this game to our customers on Facebook. Our early mover advantage in this specific space should allow us to further grow player database and outcompete other social casino applications."
On behalf of the Board of Las Vegas From Home.com Entertainment Inc.
Jake H. Kalpakian, President
Stornoway Provides Update on Renard Powerline Study
LONGUEUIL, QUEBEC--(Marketwire - July 4, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to report that it has received the results of a feasibility study on a 161kV powerline to supply grid power to the Renard Diamond Project, Stornoway's 100% owned flagship asset located in north-central Québec.
The powerline study was conducted on behalf of Stornoway by Hydro-Québec, the provincially owned utility. Capital cost is estimated at $173.6 million for a 159 kilometer long line between Renard and the Laforge 1 hydro-electric generating station. The December 2011 Renard Project Feasibility Study contemplates on-site power generation using diesel fueled gensets, with a pre-production capital cost of C$802 million and an average operating cost of C$54.71/tonne. A powerline would represent additional capital cost to the project, but a potential saving in operating cost. Based on a Hydro-Québec tariff "L" of $0.0583/kWh, it is estimated that the operating cost savings would be approximately C$9/tonne based on the operating parameters contained within the Feasibility Study.
The Hydro-Québec powerline has been designed to support multiple users, including potential mine development projects located to the south of Renard. Hydro-Québec will require that Stornoway finance the powerline's cost upfront, and have proposed a capital rebate should these other projects be connected in the future. On this basis, Stornoway estimates that the powerline as currently configured will yield only a marginal net economic benefit to the Renard Project over the initial 11 years of Mineral Reserve-based mine life, but will produce a more positive economic return over the longer mine life that would be achieved should the project's total Mineral Resource be developed.
Consequently, Stornoway will not proceed with the powerline proposal as presented by Hydro-Québec, and will pursue the initial development of Renard based on the diesel fueled genset configuration contained within the Renard Feasibility Study. Stornoway will seek to develop a powerline to Renard on a more cost efficient basis as a second phase capital investment following the completion of mine construction, and based upon the future potential development of the project's large Inferred Mineral Resource and exploration upside.
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
Red Eagle Mining Commences Oxide Drilling Program at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 4, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce that following the successful first (see news release dated January 17, 2012: http://redeaglemining.com/news/?pg=1&nyy=2012&nid=17) and, recently completed, second (see news releases dated June 13, 2012: http://redeaglemining.com/news/?pg=1&nyy=2012&nid=35 and June 26, 2012: http://redeaglemining.com/news/?nid=37) phases of drilling at the Santa Rosa gold project in Colombia, a third 5,000m, at least 36 core hole program commenced June 24 on the San Ramon gold system. This phase of drilling will specifically target the oxidised mineralisation which extends to an average of 80m to 100m in depth, including an average of 50m from surface of mineralised saprolite. Saprolite is a chemically weathered rock and represents deep weathering of the bedrock surface. In most outcrops its red color comes from iron compounds. Deeply weathered profiles are widespread on the continental landmasses between latitudes 35°N and 35°S.
Results from surface sampling and trenching, the channel sampling of over 400 adits and past artisanal mining activity indicates that the saprolite contains similar gold mineralisation to that seen in the primary mineralisation. From cross-sections, it appears that the gold mineralisation expands out from the controlling shear structure and "blossoms" at and near the surface (see Figure 1 - Cross Section B-B': http://redeaglemining.com/siteFiles/89/files/maps-lg/CrossSectionSR-041-042-Large.jpg). This drilling program will test the uniformity of the saprolite mineralisation, the depth of the oxide mineralization and the thickness of the transitional zone over the entire 1,800m strike length. Energold Drilling has been selected as the drilling contractor for the program which is expected to be completed by September. The drill holes will be relatively short, with depths ranging from 40m to 150m.
"Drilling of the oxides is targeted to confirm mineralisation from surface and enable us to prepare our initial NI 43-101 resource for San Ramon by the end of the year," comments Ian Slater, Chief Executive Officer.
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.
Started out down over 45% ... Nice bounce back !! we just need to break .035
Started out down over 45% ... Nice bounce back !! we just need to break .035
Has been getting some attention while building momentum over the last week and looks to be moving into position for a possible Breakout at it's current level of .035
Red Eagle Mining Intercepts 35.5 Metres at 2.28 Grams Gold Per Tonne at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2012) -Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF) is pleased to announce additional assay results received from the recently completed 24 hole, 5,400m phase two core drill program at the San Ramon gold system located within the Santa Rosa gold project in Colombia. Assays have now been received for 10 holes with assays pending on 14 holes (SR-052 to SR-065). The additional results show strong gold mineralisation over significant intervals in core drill holes SR-044, SR-045A, SR-047 and SR-048, with the most significant intercept being in hole SR-045A of 35.5 metres at 2.28 grams gold per tonne. This follows an intercept of 66.9 metres at 3.06 grams gold per tonne in hole SR-042 reported in the news release dated June 13, 2012 (http://redeaglemining.com/news/?pg=1&nyy=2012&nid=35), covering assays on the first two holes of phase two.
Table 1 summarizes significant (+0.20 g/t) uncut gold intercepts from phase two core drill holes SR-041 to SR-051 [see Figure 1 (http://redeaglemining.com/siteFiles/89/files/maps-lg/Stage1_San_Ramon_Drill_Map_June_2012Large.jpg) Drill Hole Plan and Figure 2 (http://redeaglemining.com/siteFiles/89/files/maps-lg/SR_SE_Sector_Long_Section_Schematic_22June12-Large.jpg) Long Section] of which the latest assays are for holes SR-043 to SR-051. Internal dilution within intercepts is limited to the inclusion of runs of no more than 6m below cut-off.
Table 1 - San Ramon Drill Intercepts (*previously reported)
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
SR-041*
68.40
75.40
7.00
1.96
incl.
74.90
75.40
0.50
22.10
113.00
147.60
34.60
0.63
incl.
146.50
147.60
1.10
8.35
SR-042*
138.70
205.60
66.90
3.06
incl.
184.00
190.00
6.00
31.85
SR-044
213.90
247.90
34.00
0.71
SR-045A
115.60
117.60
2.00
6.87
147.00
182.50
35.50
2.28
incl.
149.90
151.40
1.50
28.26
incl.
173.90
175.80
1.90
14.36
SR-047
147.00
149.00
2.00
0.52
162.00
168.00
6.00
0.44
174.00
223.00
49.00
1.08
incl.
180.00
181.00
1.00
11.70
incl.
220.00
223.00
3.00
6.10
SR-048
114.80
125.90
11.10
1.77
incl.
116.80
117.80
1.00
14.40
SR-049
127.00
131.80
4.80
6.14
SR-050
88.20
89.20
1.00
1.31
95.20
98.60
3.40
1.21
Holes SR-043, SR-046, SR-049 and SR-051 were drilled to test the western extent of the structure and as expected did not return economically significant results. The exception was hole SR-049, which returned an intercept of 4.8m at 6.14 g/t Au, indicating that the structure may extend along strike to the west, possibly pinching to narrower widths in places but with higher grades, which is encouraging for underground mining evaluation below and outside the potential open pit.
"Our drilling at San Ramon continues to deliver confirmation of a robust mineralised system containing numerous high grade gold intercepts and long intervals," comments Ian Slater, Chief Executive Officer. "Assays are pending on another 14 holes from phase two and phase three drilling is continuing through the summer."
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 exposed at surface. Wide-spaced drilling intercepts from phase one averaged approximately 1.2 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where channel sampling has also averaged approximately 1 g/t Au. The 2012 work program for San Ramon includes the phase two core drill program (24 holes totaling 5,400m), a phase three core drill program in the near surface oxides over the entire known gold mineralisation which has just commenced (36 holes totaling an estimated 5,000m), preparation of a NI 43-101 resource and a preliminary metallurgical test work programme.
Table 3 - Drill Hole Specifications
Hole
Easting
Northing
Elevation (m)
Azimuth
Dip
EOH (m)
SR-041
857796
1223267
2445
180
-45
178
SR-042
857796
1223267
2455
180
-70
239
SR-043
856191
1223330
2462
na
-90
194
SR-044
857907
1223294
2470
180
-65
290
SR-045A
857694
1223258
2454
180
-75
199
SR-046
856191
1223330
2462
180
-80
162
SR-047
857604
1223297
2450
180
-70
264
SR-048
857918
1223229
2467
180
-45
151
SR-049
856204
1223390
2478
180
-45
148
SR-050
857605
1223231
2464
175
-45
169
SR-051
856204
1223390
2478
180
-75
227
Quality Control and Assurance
All drill samples were collected with two diamond drill rigs using approximately one metre sample intervals 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 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. 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 Colombian gold exploration and development company with an experienced exploration and management team. Red Eagle Mining is currently exploring two properties in Colombia, Santa Rosa and Pavo Real. 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 (630,000 ounce M&I resource grading 17.8 g/t Au). Pavo Real is an extensive project within the Mid-Cauca gold belt containing both a sedimentary hosted gold system and a 15km long copper/gold/silver skarn formation hosting significant high grade brownfield mines. For further information on Red Eagle Mining please refer to our website www.redeaglemining.com or contact Ian Slater, Chief Executive Officer.
RED EAGLE MINING ANNOUNCES POSITIVE PRELIMINARY METALLURGICAL RESULTS OF 85% TO 94% GOLD RECOVERIES FOR SANTA ROSA
Vancouver, BC, June 19, 2012 - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF) is pleased to announce that it has received positive results for its initial metallurgical testwork on material from the San Ramon gold system in the Santa Rosa gold project in Colombia. The tests were conducted at the Acme Metallurgical Laboratory in Vancouver, Canada.
The oxide sample with a grade of 7.4 g/t Au produced leach results over six days of between 70% and 86.3% gold recovery depending on the crush size from 2 inches to 0.25 inch (see Table 1). The optimum result is 85.3% Au recovery at a 0.5 inch crush size, which is easily achievable as the material is friable. Reagent consumptions are within the bounds of conventional heap leach operations. The sample was taken from a near surface adit. As the gold grade of this sample was somewhat high, another sample composited from near surface adits and an outcrop across the shear has been submitted for testing with results pending.
The primary (non-oxidised) sample with a grade of 0.9 g/t showed that over 25% of the gold could be recovered by gravity concentration. The sample was taken from a recently mined crosscut in fresh rock which exposed the shear. Further testwork involving bench scale flotation and carbon in leach (CIL) tests is now being conducted.
Additionally, a sample with a grade of 24.3 g/t Au was taken from a vein to test the recovery characteristics of the sulphide material. A 48 hour leach test after grinding to 80% passing 74 microns produced a 94.6% gold recovery (see Table 2). In addition, the laboratory reported that the kinetic results showed that 91% of the gold is recovered within the first 24 hours of leaching. As a consequence of this relatively quick high recovery rate, combined with centrifugal gravity results showing that free-gold may be recovered by gravity prior to cyanide leaching, the overall cyanide leach time and chemical consumption may be reduced.
"Based on the positive metallurgical results to date showing gold recoveries of 85% to 94%, we are commencing a bulk sampling program for a PEA level study", comments Ian Slater, Chief Executive Officer. "These preliminary test results indicate that the processing routes will likely be heap leach for the oxidised material and gravity followed by flotation and CIL for the primary material which will improve recoveries of this higher grade material."
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 Intercepts 6.0 Metres at 31.85 Grams Per Tonne Gold at Santa Rosa
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2012) - Red Eagle Mining Corporation (TSX VENTURE:RD)(OTCQX:RDEMF), is pleased to announce the first and only assay results received to date on the in-progress, phase two drill program at the San Ramon deposit in the Santa Rosa gold project in Colombia. The first results include strong gold mineralization in both core drill holes SR-041 and SR-042, with the most significant intercept being in hole SR-042 which included 6.0 metres at 31.85 grams per tonne gold.
Phase two consists of 24 core drill holes (see Figure 1 - Drill Hole Plan: http://media3.marketwire.com/docs/RD_Fig1.pdf), of which 19 holes totaling 3,995m have been completed to date with assays pending on 17 holes, numbered SR-043 to SR-059. The following table summarizes significant gold intercepts in the first two holes which were drilled from the same pad at inclinations of 45° and 70° and confirm that strong gold mineralization extends to depth (see Figure 2 - Cross Section B-B': http://media3.marketwire.com/docs/RD_Fig2.pdf). True widths are estimated to be close to 90% and 70% of the intercepts and vertical depths are estimated to be close to 70% and 90% of the drilled depths for holes SR-041 and SR-042 respectively, as reported below. All assay results are uncut.
Table 1 - San Ramon Drill Intercepts
Hole ID
From
(m)
To
(m)
Interval
(m)
Au g/t
SR-041
68.40
75.40
7.00
1.96
incl.
74.90
75.40
0.50
22.10
113.00
147.60
34.60
0.63
incl.
146.50
147.60
1.10
8.35
SR-042
138.70
205.60
66.90
3.06
incl.
184.00
190.00
6.00
31.85
"Our drilling at San Ramon continues to deliver high grade intercepts, with today's results of six metres at nearly an ounce per ton of gold confirming the robustness of the deposit," comments Ian Slater, Chief Executive Officer. "Both holes also significantly increased the width of the known gold mineralization and this was just the first two holes back out of sixty being drilled this summer."
San Ramon trends east-west, dips 65-70° to the north, extends over 1,800m, is up to 60m in width and is exposed at surface. Wide-spaced drilling intercepts from phase one averaged approximately 1.2 g/t Au to a vertical depth of over 250m. The mineralisation extends to surface where channel sampling has also averaged approximately 1 g/t Au. The 2012 work program for San Ramon includes the phase two core drill program (24 holes totaling an estimated 5,000m), a phase three core drill program in the near surface oxides over the entire known gold mineralisation which will commence in June (36 holes totaling an estimated 5,000m), preparation of a NI 43-101 resource and a preliminary metallurgical test work program.
Phase One Results
All the remaining assays have now been received from the phase one drilling program. Results from phase one drilling at San Ramon were previously reported (see news release dated January 17, 2012 - http://redeaglemining.com/news/?nid=17). Core drill holes SR-024 to SR-040 were exploratory holes targeting a few of the many currently identified anomalies outside of the San Ramon deposit and, while typically containing thin gold bearing veins, did not return economically significant results. With the exception of holes SR-029 and SR-031 which targeted the Malambo prospect in the Northwest Sector (which contains a large concentration of historic workings). The following table summarizes significant gold intercepts from the two holes drilled in the Malambo prospect to date.
Table 2 - Malambo Drill Intercepts
Hole ID
From
(m)
To
(m)
Interval
(m)
Au g/t
SR-029
140.00
141.00
1.00
6.12
363.00
364.00
1.00
9.66
SR-031
136.50
138.00
1.50
5.18
165.35
166.50
1.15
13.30
A Mobile Metal Ion (MMI) systematic soil sampling program has been completed over the entire Santa Rosa project with assays highlighting multiple gold and copper anomalies in both the Northwest and Central Sectors that have not yet been drill tested. In addition, over 400 historic adits have now been mapped and sampled to date. Active exploratory work continues over the entire project area.
Table 3 - Drill Hole Specifications
Hole
Easting
Northing
Elevation
(m)
Azimuth
Dip
EOH
(m)
SR-024
857403
1223497
2496
0
-45
301
SR-025
854294
1223584
2480
180
-45
301
SR-026
854294
1223584
2480
150
-45
314
SR-027
857403
1223497
2496
180
-45
151
SR-028
854404
1223747
2471
180
-45
325
SR-028A
854404
1223747
2471
180
-45
636
SR-029
852389
1224776
2514
180
-45
401
SR-030
852389
1224776
2514
230
-45
401
SR-031
853006
1224396
2554
220
-45
305
SR-032
859267
1222803
2491
180
-45
129
SR-032A
859267
1222803
2491
180
-45
355
SR-033
856004
1223542
2524
230
-45
300
SR-034
860246
1222491
2490
90
-60
193
SR-035
860246
1222491
2490
180
-45
400
SR-036
856993
1222294
2515
0
-50
321
SR-037
858172
1223205
2448
180
-45
256
SR-038
858177
1223306
2448
0
-45
340
SR-039
857335
1223762
2506
65
-45
131
SR-040
857335
1223762
2506
65
-65
80
SR-041
857796
1223267
2445
180
-45
178
SR-042
857796
1223267
2455
180
-70
239
Quality Control and Assurance
All drill samples were collected with two diamond drill rigs using approximately one metre sample intervals 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 30g charge with an AA finish, or if over 10 g/t Au, were re-assayed and completed with a gravimetric finish. 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 Colombian gold exploration and development company with an experienced exploration and management team. Red Eagle Mining is currently exploring two properties in Colombia, Santa Rosa and Pavo Real. 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 (630,000 ounce M&I resource grading 17.8 g/t Au). Pavo Real is an extensive project within the Mid-Cauca gold belt containing both a sedimentary hosted gold system and a 15km long copper/gold/silver skarn formation hosting significant high grade brownfield mines. For further information on Red Eagle Mining please refer to our website www.redeaglemining.com, or contact Ian Slater, Chief Executive Officer
Stornoway Reports Initial 26.1 Million Carat Mineral Resource Estimate for the Qilalugaq Project, Nunavut
MONTREAL, QUEBEC--(Marketwire - June 12, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the filing on SEDAR of a National Instrument ("NI") 43-101 technical report representing the first Mineral Resource estimate for the Q1-4 kimberlite pipe located at Stornoway's 100% owned Qilalugaq Diamond Project in Nunavut, Canada. The Qilalugaq Diamond Project includes the Qilalugaq kimberlite pipes and the Naujaat system of kimberlite dykes, and has been the focus of ongoing exploration and assessment work by Stornoway since it was optioned and subsequently acquired from BHPB Billiton Diamonds Inc. ("BHPB") in July 2006 and July 2010, respectively.
Highlights of the NI 43-101 technical report include:
•a total Inferred Mineral Resource for the Q1-4 kimberlite pipe of 26.1 million carats from 48.8 million tonnes total content of kimberlite with an average +1 DTC total diamond content of 53.6 carats per hundred tonnes (cpht) extending from surface to a depth of 205m;
•additional resource upside has been identified in the form of a target for further exploration for the Q1-4 kimberlite pipe of between 7.9 to 9.3 million carats from 14.1 to 16.6 million tonnes total content of kimberlite with an average +1 DTC total diamond content of 56.1 cpht, extending from 205m depth to 305m 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 target for further exploration is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Matt Manson, President and CEO, commented: "As we focus on the financing and development of the Renard Diamond Project in Québec, we continue to nurture our pipeline projects that represent the company's future growth potential. The Qilalugaq Project, along with the Aviat Project on the Melville Peninsula of Nunavut, is one of our advanced exploration projects where previous work has delineated a large potential inventory of diamonds, but where we have only limited diamond valuation data. The Q1-4 kimberlite complex at Qilalugaq is large, easily accessible from the hamlet of Repulse Bay, and exposed at surface. We are very pleased to have reported such a large maiden mineral resource estimate at a project that, with the long term positive outlook on diamond prices, is becoming increasing compelling."
Qilalugaq Mineral Resource Estimate
The Qilalugaq Project comprises 114,961 hectares of land located on the Rae Isthmus, which connects the Melville Peninsula to mainland Nunavut. BHPB discovered eight kimberlites at Qilalugaq between 2003 and 2005. Stornoway optioned the property in July of 2006, and discovered an additional eight kimberlites between 2006 and 2010. All kimberlites are diamondiferous, and occur within a 26 x 3 km structurally favourable corridor. In July of 2010, Stornoway increased its ownership in Qilalugaq to 100% by providing BHPB with a 3% royalty interest in the project.
The 12.5 hectare Q1-4 kimberlite, the largest kimberlite pipe in the eastern Canadian Arctic, is situated approximately 8 km from tidewater, and less than 9 km from the hamlet of Repulse Bay. Q1-4 is interpreted as a complex, steep-sided, diatreme to root-zone kimberlite, with a lobate external shape. It is comprised of five phases of kimberlite: A28a, A48a, A48b, A61a and A88a, and has been geologically modeled to a depth of 305m below surface (see image: http://tinyurl.com/bqvtk6j). The pipe shape was defined from drill hole data, country rock and kimberlite outcrop exposures, and magnetic geophysical surveys. Kimberlite geology has been determined using detailed logging of drill core and results of petrographic studies and includes massive volcaniclastic kimberlite classified as "tuffisitic" kimberlitic breccia, lesser coherent "hypabyssal" kimberlite, and varying proportions of country-rock xenoliths.
The mineral resource estimate was authored by Geostrat Consulting Inc. ("Geostrat"), and comprises the integration of kimberlite volumes, density, petrology and diamond content-data obtained from 5,133 m of diamond drilling, 2,714 m of reverse circulation (RC) drilling, 2.9 tonnes of samples submitted for microdiamond analysis, 257.7 tonnes of samples submitted for macrodiamond sampling with 59.2 carats of diamonds (2,054 stones) recovered from RC drilling, 7.5 carats of diamonds (205 stones) recovered from surface trenching and 2.36 carats of diamonds (69 stones) recovered from HQ diameter diamond drilling. These data summarize the results of exploration programs conducted on the Qilalugaq Property by BHPB from 2003 to 2005, and by Stornoway from 2006 to 2012.
The technical report recommends proceeding to the collection of a large tonnage surface sample at Q1-4 to establish a diamond price estimate. Stornoway has submitted an application to the relevant regulatory authorities to allow it to pursue this program of work, subject to an investment decision to proceed.
Qualified Persons for the NI 43-101 Report
Mr. David Farrow, P.Geo. (BC) of GeoStrat is the independent Qualified Person responsible for the preparation of the mineral resource estimate section for the Qilalugaq Diamond Project. Ms. Barbara Kupsch, P.Geo. (AB) of Stornoway, a Qualified Person under NI 43-101, is responsible for the preparation of the remaining sections of the technical report and conducted Stornoway's diamond exploration programs for the Qilalugaq Property. Both of these Qualified Persons have reviewed and approved the contents of this press release.
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. Stornoway's diamond exploration programs are conducted under the direction of Robin Hopkins, P.Geol. (NT/NU), a Qualified Person under NI 43-101.
On behalf of the Board
STORNOWAY DIAMOND CORPORATION
Matt Manson, President and Chief Executive Officer
LVFH: Real Vegas Casino Featured in the New Facebook App Center
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2012) -Las Vegas From Home.com Entertainment Inc. (the "Company" or "LVFH") (TSX VENTURE:LVH) (PINKSHEETS:LVFHF)(BERLIN:LVH)(FRANKFURT:LVH) The Company is pleased to announce that its social gaming platform, Real Vegas Casino, has been featured among the first 600 applications in the newly launched Facebook App Center. Real Vegas Casino can be found at the App Center page: https://www.facebook.com/appcenter/realvegascasino
Real Vegas Casino has recently surpassed 120,000 monthly active users despite very minimal marketing expenditures. It features a stunning 1080p High Definition user interface, an emphasis on social, multiplayer game play and a full slate of interactive casino games, including Blackjack, Roulette, Sportsbook, Texas Hold'em, and Slots. The recent addition of four new languages, Spanish, Traditional Chinese, Simplified Chinese and Russian, further extends its reach on Facebook, as well as foreign social networks where Facebook is either blocked or not as popular.
Real Vegas Casino is currently listed under the "Trending" category of the Casino games in the App Center. According to Facebook, "Trending" category represents apps that are growing rapidly. The newly launched App Center gives users personalized recommendations, and lets user browse the apps their friends use. The App Center only lists high-quality apps, based on feedback from people who use the app.
"We believe the new Facebook App Center will make it easier for users to find high quality applications such as Real Vegas Casino," President and CEO Jake Kalpakian states, "We have seen growing interest in our application from players and industry leaders. The listing in App Center will further increase our market exposure and attract more users to Real Vegas Casino."
For more information on the Company, please visit the Company's website at www.lvfh.com.
On behalf of the Board of Las Vegas From Home.com Entertainment Inc.
Jake H. Kalpakian, President
Stornoway Announces the Successful Completion of Federal Public Consultations for Renard in Mistissini and Chibougamau
MONTREAL, QUEBEC--(Marketwire - June 8, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the recent successful completion of public consultations on the Renard Diamond Project held by the Canadian Environmental Assessment Agency ("CEAA"), the Department of Fishery and Oceans, Environment Canada and Natural Resources Canada. The consultations were held in Chibougamau and Mistissini between June 5th and 7th to solicit public feedback in relation to the ongoing assessment of the Renard Environmental and Social Impact Assessment ("ESIA") by the federal government regulators. The consultations were well attended, and the responses received were overwhelmingly positive.
The Renard Diamond Project falls under the environmental protection regimes of the Canadian Environmental Assessment Act and the James Bay and Northern Québec Agreement (the "JBNQA"). The Renard ESIA was filed with both the CEAA and the Quebec Ministère du Développement Durable, de l'Environnement et des Parcs ("MDDEP") on December 28, 2011. Public consultations on the ESIA, held separately by the federal and Quebec regulators, are an important step in the mine permitting process, and are designed to gauge the overall social acceptability of the proposed development. It is currently expected that public hearings on Renard to be hosted by the Review Committee of the JBNQA ("COMEX") will be scheduled for later in the summer, making the project eligible to receive its Global Certificates of Authorization thereafter.
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).
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 7, 2012) - Marifil Mines Ltd. (MFM.V) ("Marifil" or the "Company") announces that it has granted incentive stock options to purchase an aggregate of 1,360,000 common shares of Marifil to directors, officers and employees of the Company. These options will be exercisable for a period of five years at the price of $0.20 per share.
The granted incentive stock options replace the 1,510,000 options that expired on May 28, 2012 and were exercisable at the price of $0.66 per share.
On behalf of the Board of Directors,
John Hite, President
For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR (Http://www.sedar.com) or at Marifil's Website (Http://www.marifilmines.com).
This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Vice President under whose directions the exploration program is being carried out. Mr. Hite and Mr. Walters are Qualified Persons as defined by National Instrument 43-101.
General Disclaimer
Marifil Mines Ltd., "Marifil", has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
Forward-Looking Statements
This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
VANCOUVER, BRITISH COLUMBIA--(Marketwire -06/07/12)- Edgewater Exploration Ltd. ("Edgewater" or the "Company") (EDW.V)(EDWZF) is pleased to report additional drill results from the on-going in-fill diamond drilling program on the Company's 100% owned Corcoesto Gold Project, Galicia, Northwest Spain.
Edgewater now has five diamond drill rigs conducting a program of infill drilling on the Corcoesto Gold Project. Drilling continues to intersect excellent widths and grades of gold mineralization including DDH12W135 that returned 57.8 metres grading 1.09g/t Au DDH12W129 with 13.6 metres at 2.57g/t Au and DDH12W107 with 18.0 metres of 2.27g/t Au.
Table 1 Corcoesto Highlight of Recent Drill Results
-----------------------------------------------------------------
-----------------------------------------------------------------
Drill From To Length Au
Hole m m (Meters) g/t
-----------------------------------------------------------------
-----------------------------------------------------------------
12W135 295.4 353.2 57.8 1.09
12W135 incl 338.5 352.1 13.6 2.57
12W129 175.8 192.0 16.2 1.77
12W103 189.6 237.0 47.4 1.29
12W158 68.50 87.90 19.4 1.65
12W107 246.4 290.1 43.7 1.05
12W140 214.5 271.8 57.3 0.80
12W107 174.9 192.9 18.0 2.27
12W135 192.4 244.9 52.5 0.71
12W140 302.6 354.2 51.6 0.72
12W112 21.2 23.2 2.0 44.38
12W124 36.0 45.9 9.9 3.00
12W116 145.5 151.6 6.1 4.72
12W109 205.1 212.1 7.0 4.11
12W111 205.4 228.5 23.1 1.18
12W130 54.0 95.0 41.0 0.66
12W105 59.4 82.9 23.5 1.12
12W115 7.3 22.3 15.0 1.74
12W107 128.3 142.8 14.5 1.77
12W137 226.8 237.2 10.4 2.27
-----------------------------------------------------------------
-----------------------------------------------------------------
Notes: 1) All reported intercepts are core lengths and true widths are
estimated at 80 per cent of core lengths
2) Weighted averages calculated using uncut assays.
3) See Table attached for complete results.
Edgewater has now completed 180 drill holes totaling 37,000 metres. This news release is reporting results for a total of 59 previously un-released holes (9086.8 metres).
---------------------------------------------------------------------------
Drill Azi- Sect- Drill Azi- Sect-
hole Length muth Dip Zone ion hole Length muth Dip Zone ion
---------------------------------------------------------------------------
---------------------------------------------------------------------------
12W101 199.10 180 -50 Pozo 3960 12W132 85.20 156 -55 Peton 4650
del de Lobo
Ingles
12W103 310.00 157 -50 Peton 4375 12W133 266.40 158 -50 Peton 4425
de Lobo de Lobo
12W104 97.35 180 -45 Picotos 3775 12W134 130.45 180 -45 Picotos 3700
12W105 185.50 155 -50 Peton 4425 12W135 359.10 156 -60 Peton 4325
de Lobo de Lobo
12W106 155.05 180 -50 Pozo 4010 12W136 339.80 184 -49 Pozo 3835
del del
Ingles Ingles
12W107 344.00 156 -50 Peton 4375 12W137 239.00 156 -50 Peton 4450
de Lobo de Lobo
12W108 115.50 180 -45 Picotos 3750 12W138 69.70 156 -60 Peton 4675
de Lobo
12W109 265.40 155 -50 Peton 4425 12W139 110.10 180 -50 Picotos 4000
de Lobo
12W110 105.00 180 -55 Pozo 3985 12W140 400.00 156 -50 Peton 4300
del de Lobo
Inlgles
12W111 371.30 156 -50 Peton 4375 12W141 80.00 155 -50 Peton 4575
de Lobo de Lobo
12W112 55.00 180 -45 Picotos 3825 12W142 55.35 156 -60 Peton 4700
de Lobo
12W113 80.50 155 -50 Peton 4425 12W143 112.65 180 -42 Picotos 3975
de Lobo
12W114 125.20 180 -45 Picotos 3775 12W144 75.20 156 -50 Peton 4600
de Lobo
12W115 105.30 155 -55 Peton 4425 12W145 60.50 156 -60 Peton 4500
de Lobo de Lobo
12W116 205.10 179 -50 Pozo 3910 12W146 101.40 156 -70 Peton 4600
del de Lobo
Ingles
12W117 56.00 156 -50 Peton 4475 12W147 50.25 154 -59 Peton 4575
de Lobo de Lobo
12W118 90.60 155 -55 Peton 4450 12W148 101.40 156 -50 Peton 4525
de Lobo de Lobo
12W119 86.55 182 -50 Picotos 3825 12W149 70.00 156 -45 Peton 4600
de Lobo
12W120 185.10 156 -50 Peton 4475 12W150 75.60 180 -50 Picotos 4000
de Lobo
12W121 165.30 155 -50 Peton 4450 12W151 350.00 156 -55 Peton 4275
de Lobo de Lobo
12W122 51.40 180 -45 Picotos 3950 12W152 115.10 155 -55 Peton 4525
de Lobo
12W123 140.00 156 -50 Peton 4475 12W153 81.00 156 -45 Peton 4550
de Lobo de Lobo
12W124 125.20 155 -50 Peton 4500 12W154 260.20 180 -55 Pozo 3785
de Lobo del
Ingles
12W125 81.25 180 -45 Picotos 3975 12W155 224.80 157 -48 Peton 4475
de Lobo
12W126 100.60 155 -50 Peton 4475 12W156 59.80 180 -45 Picotos 4050
de Lobo
12W127 106.70 180 -45 Picotos 3950 12W157 110.30 156 -50 Peton 4550
de Lobo
12W128 277.50 182 -53 Pozo 3910 12W158 220.00 156 -52 Peton 4200
del de Lobo
Ingles
12W129 275.20 156 -60 Peton 4325 12W159 115.00 146 -50 Peton 4550
de Lobo de Lobo
12W130 175.40 155 -50 Peton 4425 12W160 91.85 180 -45 Picotos 4025
de Lobo
-------------------------------------
12W131 40.55 156 -55 Peton 4450 Total m 9086.8 59
de Lobo
---------------------------------------------------------
On March 7th, 2012 Edgewater announced that Tetra Tech had been engaged to complete a NI43-101 compliant Feasibility Study on the Corcoesto Gold Project. Initial Feasibility planning meetings as well as site visits by Tetra Tech personnel have now been completed. Additional work on-going in support of the Feasibility Study includes detailed metallurgical testing and geotechnical studies.
Sample preparation and analyses are conducted using industry standard practices. Samples are delivered to Chemex Lab in Seville, Spain and sample analyses completed at independent commercial facilities of ALS Romania for Au and ALS Canada (Vancouver) for As. Both labs have the certificate of ISO/IEC 17025:2005. Sampling and analyses include a rigorous Quality Assurance / Quality Control (QA/QC) program consisting of the insertion of blanks, duplicate samples, and check assays. A review of the QA/QC results shows no significant bias and all results are considered highly reliable.
Mr. Gregory Smith, P.Geo., Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.
About Edgewater Exploration Ltd.
Edgewater is a mineral development and exploration company focused on advancement and development of precious metal properties. Edgewater has an experienced mine building and operating team with a track record of success. The Company is currently developing the Corcoesto Gold Project in northwest Spain, and exploring the Enchi Gold Project in Ghana, West Africa.
On behalf of the board of EDGEWATER EXPLORATION LTD.
George Salamis, President and CEO
Marifil Reports Trenching Results on Cerro Samenta Porphyry Copper Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 29, 2012) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") reports that re-sampling of trenches on its Cerro Samenta porphyry copper project, Salta Province, Argentina confirms the presence of strong copper mineralization. The encouraging results of this sampling are set out in Table 1 below:
TABLE 1
Trench
Length
(meters)
Total
Copper (%)
Soluble
(Oxide)
Copper (%)
B
80.4
Plus 51.0
0.39
0.99
0.23
0.83
C
164.8
1.06
0.94
D
102.7
0.47
0.39
G
15
2.68
2.56
I
52
1.21
1.15
J
6
1.01
0.88
L
20
0.28
0.18
M
22
4.19
4.01
N
65
0.31
0.22
O
10
Plus 18
0.24
0.37
0.17
0.23
P
23
0.90
0.79
The trenches were originally dug by Teck Corp in the 1990s (see Marifil News Release dated November 30, 2011). The sample program was carried out by Petro Gold Servicios Mineros S.R.L., an independent geological services company. The purpose of the sampling program was to verify the presence and extent of oxide soluble copper.
Marifil concludes from the results of this examination that a significant copper oxide deposit may be present and that additional trenching along with shallow rotary drilling is justified. Marifil also believes that copper sulfide mineralization associated with the oxide copper deposits has been insufficiently tested by previous workers, and the property shows good promise for discovery of a porphyry copper deposit.
The Cerro Samenta property lies within a transverse continental scale lineament known as the Archibarca Lineament which localizes a string of porphyry copper prospects and deposits including Escondida situated 120 kilometers to the northwest of Cerro Samenta in Chile.
The project comprises two large and separate intrusive centers, the North Zone and the South Zone. Both zones display porphyry style copper and molybdenum sulfide mineralization within clusterhydrothermally altered quartz monzonite and rhyolitic intrusives. Both of the sulfide systems show strong induced potential (I.P.) geophysical anomalies. The South Zone appears to have been adequately drill tested by previous workers, but the North Zone, the site of the oxide copper trenches, lacks sufficient drilling for testing all the exploration potential.
Jeff Toohey, a qualified person and geologic consultant retained by Marifil to study the porphyry exploration potential of the property, concludes that further work is warranted and recommended with three key drill targets in the North Zone: the untested north-western quadrant of the chargeability anomaly (I.P.); the hydrothermal breccia deposit; and the sources of other occurrences of moderate- to high-grade oxide-Cu mineralization that has been sampled in soils and float and exposed in the sampled trenches to the south of the hydrothermal breccia.
Mr. Richard Walters remarks, "Cerro Samenta lies within a well established structural corridor hosting several porphyry copper deposits. It has easy access, and it's big with plenty of exploration romance. Already, a major copper producer has approached Marifil to engage in joint venture terms discussions
Stornoway Announces Establishment of Head Office in Montreal
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2012) -Stornoway Diamond Corporation (TSX:SWY) is pleased to announce the relocation of its head office to Montréal, Québec from North Vancouver, British Columbia, effective immediately. The relocation reflects Stornoway's focus on the successful development of the 100% owned Renard Diamond Project, which is on track to becoming Québec's first diamond mine.
Matt Manson, President and CEO, commented: "Today's announcement represents another step in Stornoway's continuing evolution. Renard is a major undeveloped diamond asset with a significant potential mine life. As we work to develop it, our center of gravity on an operational, administrative, corporate and financial basis is moving eastwards. It now makes sense to consolidate our head office and operating functions in one location. Initially, we expect minimal relocation of staff associated with this announcement. Our exploration team will continue to operate out of North Vancouver, with a mandate to explore all of Canada. However, Montreal will become our platform for expansion as we build our mining team and corporate support staff. We are proud to be able to contribute to the long-established reputation of Montreal as a head office center for the Canadian mining industry."
Stornoway was continued under the Canada Business Corporations Act in October 2011, and will remain incorporated as a federal entity.
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
NVMN Signs New Agreements on South American Gold & Diamond Mining Venture
MARCELLUS, N.Y.--(BUSINESS WIRE)--
Nova Mining Corp. (NVMN) announced today that the Company has extended the Option Agreement with Natural Resources Recovery Guyana (NRRG) regarding the five diamond, gold and timber harvesting concessions totaling 2,567 hectares (6,000 acres) in Northeastern Guyana, South America. Recent geological reports supplied by NRRG during the Due Diligence have shown a significant presence of diamonds on the concessions. The concessions are located in the Upper Cuyuni Basin - Greenstone Belt, Guyana, between the country’s border with Brazil and Venezuela. All permitting and mining licenses have been secured from the Guyana Mining Commission and verified by a Guyana-based law firm specializing in mineral rights.
Subject to affirming the assertions by NRRG, Nova Mining management believes that acquiring an interest in NRGG’s Guyana concessions could prove to be a very lucrative move for the Company. Under the Agreement, both parties are to negotiate, in good faith, an Investment and Profit Sharing Agreement (IPSA) related to the concessions.
Nova Mining Corp. (NVMN) strongly believes that current market conditions are extremely favorable for diamond prices and sales due to the new significant demand being placed on the existing worldwide diamond supply. New manufacturing methods requiring superior cutting materials, the need for more diamond tipped oil drilling bits and rapidly rising demand in Asia resulted in a staggering price increase of 49% in the first half of 2011, accelerating after two years of 30% annual growth. Due to these steadily increasing market trends, the Company is initially focusing on diamonds, but is also looking to build a mining asset portfolio that contains lithium, copper and gold resources.
More information on Nova Mining Corp can be seen at: http://www.nova-mining.com
Nova Mining Corp. (NVMN) aggressively searches out and acquires the most promising strategic mining resources worldwide. NVMN competes in an industry sector that includes the Harry Winston Diamond Corporation (HWD), the Hecla Mining Company (HL) August Resource Corporation (AZC), and Northrop Grumman (NOC).
About Nova Mining Corp. (NVMN)
Nova Mining Corporation is a Nevada corporation listed on the OTCBB under the trading symbol NVMN. The Company’s is a growth-focused entity that seeks to acquire an international portfolio of strategic mineral mining projects ready for further development. The Company operations philosophy includes securing local partners with strong management abilities and proven records for low production cost and high return on investment. Nova Mining is listed on the NASDAQ OTC exchange under the symbol NVMN.
Nova Mining Corp. (NVMN.OB) announced that the Company has appointed Mr. James Dilger as President. Dr. Duncan Bain, who has been serving as President, will immediately resume his geological business focus as Senior Vice President in Charge of Exploration.
Mr. Dilger has over 30 years’ experience in building businesses, with special expertise in international trade and private investment. Mr. Dilger studied history and economics at the Universidad de las Americas in Mexico and serves as a professor at Ibero Americana University. Mr. Dilger was also the original founder of Texas Invest Direct Oil, which represents independent oil operators seeking working interest partners. Mr. Dilger resides in Houston, Texas, USA and Merida, Yucatan, Mexico.
One of Mr. Dilger’s first priority items will be to establish Nova Mining Corp as a Registered US Federal Contractor in order to implement the Company’s business plan of selling mining product to the massive US military-industrial complex.
Nova Mining Corp. (NVMN) strongly believes that current market conditions are extremely favorable for diamond prices and sales due to the new significant demand being placed on the existing worldwide diamond supply. New manufacturing methods requiring superior cutting materials, the need for more diamond tipped oil drilling bits and rapidly rising demand in Asia resulted in a staggering price increase of 49% in the first half of 2011, accelerating after two years of 30% annual growth. Due to these steadily increasing market trends, the Company is initially focusing on diamonds, but is also looking to build a mining asset portfolio that contains lithium, copper and gold resources.
More information on Nova Mining Corp can be seen at: http://www.nova-mining.com
Nova Mining Corp. (NVMN) aggressively searches out and acquires the most promising strategic mining resources worldwide. NVMN competes in an industry sector that includes the Harry Winston Diamond Corporation (HWD), the Hecla Mining Company (HL) August Resource Corporation (AZC), and Northrop Grumman (NOC).
About Nova Mining Corp. (NVMN.OB)
Prosperity Goldfields Corp.: Spring Drill Program Identifies New Gold Zone At Kiyuk Lake, Nunavut
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2012) - Prosperity Goldfields Corp. (the "Company" or "Prosperity") (TSX VENTURE:PPG) reports that assay results have been received from all twelve holes of the recently completed spring drill program of 2,652 m of drilling on its 100 percent owned Kiyuk Lake gold property (the "Property") located in southern Nunavut.
The last hole of the spring program, KI12-012, (at a new zone named "Amundsen") was sited to test multiple magnetic highs in an area where surface sampling of boulders returned grades ranging from below detection limit to 15 g/t Au with 7 of 14 samples returning greater than 2 g/t Au. The Amundsen hole was abandoned at 212.4 m depth whilst in mineralization, due to a drilling problem. The last part of the hole from 170 m cut a wide variably mineralized zone containing silicified, brecciated and veined conglomerate and siltstone that returned 42.4 m at 0.97 g/t Au including 12 m at 2.3 g/t Au from 170 m (Table 1). The breccia matrix and veins consist primarily of actinolite, chlorite, albite, and calcite, with variable amounts of pyrrhotite and rare biotite. This style of mineralization is similar to that observed at other Kiyuk zones. Further drilling at Amundsen, including deepening Hole KI12-12, is warranted to further assess this new discovery.
Amundsen is now the fourth gold zone at Kiyuk to provide interesting drill results (following Rusty, Cobalt and Gold Point). It is located approximately 1km southwest of the Cobalt gold zone.
In a previous news release dated May 7, 2012, results of the first three holes of the spring 2012 program at the Rusty zone were reported, including 61.5 m at 3.3 g/t Au from 159 m in Hole KI12-003 (Table 1).
The remaining nine holes were drilled at two other known mineralized zones, Gold Point and Cobalt, and two previously undrilled targets, North Snake and Amundsen. Of these, the most encouraging results were from Hole KI12-006 at Gold Point that intersected two mineralized zones which returned 12 m at 2.4 g/t Au from 120 m, and 12 m at 3.9 g/t Au from 163.5 m. Drilling at Cobalt returned encouraging results in Hole KI12-008 including 9 m at 2.05 g/t Au from 57 m and 18 m at 1.36 g/t Au from 73.5 m.
"The spring drill program, which had to be terminated early due to unseasonably warm conditions met our goals of further testing the three drill discoveries made in 2011 and drilling two new targets. The indication of a new discovery at Amundsen is an excellent development. There are now four zones of gold mineralization at Kiyuk which need more evaluation." Comments Adrian Fleming, Prosperity CEO. "Not only did this spring drilling confirm the substantial potential at the Rusty Zone but it has further confirmed that additional exploration needs to be done on other yet to be drill tested targets on the property. We are now planning a summer exploration program which is expected to commence at the beginning of July."
Table 1 summarizes composite assay results from the entire twelve hole 2652 m spring drill program. Table 2 lists the collar coordinate and orientation for each drill hole.
Table 1: Composited assay results from the 12 hole Spring drill program
Hole_ID
Zone
From (m)
Length (m)
Au g/t1
KI12-001
Rusty
20.0
15.0
1.08
Rusty
81.5
23.0
1.49
Rusty
115.0
10.5
3.87
Rusty
128.5
10.5
4.56
Rusty
166.1
8.9
5.10
KI12-002
Rusty
137.0
9.0
5.40
Rusty
156.5
18.0
3.47
Rusty
195.5
7.5
2.82
Rusty
218.0
22.5
1.80
KI12-003
Rusty
19.5
19.5
3.49
Rusty
108.0
10.5
7.17
Rusty
159.0
61.5
3.34
Including2
Rusty
169.5
7.5
3.70
Including2
Rusty
181.5
15.0
6.69
KI12-004
Gold Point
No significant Au mineralization
KI12-005
Gold Point
No significant Au mineralization
KI12-006
Gold Point
120
12
2.43
Gold Point
163.5
12
3.99
KI12-007
North Snake
No significant Au mineralization
KI12-008
Cobalt
57
9
2.05
Cobalt
73.5
18
1.36
KI12-009
Cobalt
68
9
1.00
KI12-010
North Snake
No significant Au mineralization
KI12-011
Cobalt
No significant Au mineralization
KI12-012
Amundsen
170
12
2.33
1 weighted averages calculated using a 0.5 g/t cut off, minimum composite grade of 1.0 g/t, minimum composite length of 6m, and maximum internal dilution length and grade of 3m and 100 ppb respectively.
2 weighted averages for sub intervals calculated using a 1.0 g/t cut off, minimum composite grade of 3.0 g/t, minimum composite length of 6m, and no internal dilution
Table 2: Drill hole collar coordinates
Hole_ID
Easting1
Northing1
Elevation (m)
Azimuth
Dip
Total depth (m)
KI12-001
425904
6700019
332
90
50
233.5
KI12-002
425750
6699846
325
90
-50
273.1
KI12-003
425801
6699873
332
90
-50
291.7
KI12-004
419018
6698290
340
155
-50
203.3
KI12-005
419018
6698290
340
-90
264.2
KI12-006
418948
6698318
339
155
-55
191.1
KI12-007
426100
6701328
313
90
-70
245.97
KI12-008
425919
6703474
320
105
-50
172.28
KI12-009
425919
6703474
320
100
-70
197.21
KI12-010
426029
6701179
308
90
-50
178.92
KI12-011
425908
6703538
325
105
-50
188.29
KI12-012
425582
6702576
331
140
-50
212.45
1 Coordinate System: UTM NAD 83, Zone 14N
The Kiyuk Lake property covers 590 square kilometers and contains at least four other targets requiring further exploration and drilling. The exploration program is being directed by Adrian Fleming, CEO and a Director of Prosperity. Additional technical guidance for the program including specialist expertise in geology, geochemistry and geophysics is being provided by Revelation Geoscience Ltd.
A comprehensive QA/QC program is in place to monitor precision and accuracy of assay results. Drill core samples are being submitted with certified reference materials and were analyzed by SGS Minerals Services, Red Lake, Ontario. The QA/QC data are routinely plotted and assessed against industry standard quality assurance guidelines. Gold analyses are by fire assay using a 30g charge and an atomic absorption spectrometry finish. Over-range assays greater than 10 g/t are re-assayed using a gravimetric finish. SGS Mineral Services is ISO 9001 accredited.
Adrian Fleming RPGeo is a Qualified Person and is responsible for the technical content of this press release. Dennis Arne PGeo (BC) is a Qualified Person responsible for the quality of the data referred to in this press release.
Additional information including maps and cross sections displaying these drill 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
This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Prosperity Goldfields Corp. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Prosperity Goldfields Corp. does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Edgewater Announces Inferred Resource Estimate of 20.6 Mt grading 1.13 g/t Au Containing 749,000 Ounces of Gold at the Enchi Project, Ghana
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2012) - Mr. George Salamis, President and CEO of Edgewater Exploration Ltd. (TSX VENTURE:EDW)(OTCQX:EDWZF) ("Edgewater" or the "Company") is pleased to announce a National Instrument 43-101 Inferred Resource Estimate at the Company's Enchi Gold Project, Ghana. The Inferred Resource Estimated at a cut off grade of 0.7 g/t Au is as follows:
Enchi Gold Project, Ghana
2012 Inferred Mineral Resource Summary
Cutoff
(Au g/t)
Zone
Tonnes
Grade
(Au g/t)
Contained Gold (ounces)
0.70
Boin
9,551,000
1.20
369,600
0.70
Nyam
3,633,000
1.06
123,700
0.70
Sewum
7,443,000
1.07
255,750
Total
20,627,000
1.13
749,000
1.CIM definition standards were followed for the resource estimate.
2.The 2012 resource models used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids.
3.A base cutoff grade of 0.7 g/t Au was used for reporting resources with a capping of gold grades at 18 g/t.
4.A density of 2.45 g/cm3 was applied.
5.Numbers may not add exactly due to rounding.
6.Mineral Resources that are not mineral reserves do not have economic viability.
President and CEO, George Salamis, states; "The initial Inferred Resource Estimate exceeded our expectations and is a significant step in the advancement of the Enchi Project. The current resource is hosted at or near surface, generally to an average vertical depth of only 75 meters and is open in all directions both along strike and to depth. We are extremely encouraged with the potential to expand the resource with further drilling. The resource, which is largely hosted within oxidized saprolitic host rock, trends toward key targets where significant surface gold anomalies and anomalous trench results highlight potential strike extensions of several kilometers in length. As such, we look forward to the potential of significantly expanding these resources in the near future." Mr. Salamis adds, "At a cut-off of 0.3 to 0.5 g/t, which is the norm for near surface oxide resources being reported in other parts of West Africa the resource at Enchi contains over 1 M ounces of near surface gold. That said, our future drilling campaigns will be targeting zones of higher grade mineralization, above our highlighted 0.7 g/t cut-off, both at surface and to depth where we believe better grade material exists."
The Resource Estimate was prepared by independent qualified person Todd McCracken, P. Geo. of Tetra Tech. The mineral resources were estimated using a block model with parent blocks of 10 X 10 X 10 and using ordinary Kriging methods for grade estimation. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. The mineral resource estimate is based on the combination of geological modeling, geostatistics and conventional block modeling using the ordinary kriging method of grade interpolation. The geological model and corresponding sections and plans were generated by Edgewater personnel and then audited by Tetra Tech. The QAQC protocols and corresponding sample preparation and shipment procedures for the Enchi Project have been reviewed by Tetra Tech.
A technical report is being prepared and will be filed in the next 45 days.
The Resource Estimate also evaluated the Enchi Project at a range of cut off grades between 0.2 and 1.5 g/t Au. Results are as follows;
Cut Off
Au g/t
Tonnes
Grade Au g/t
Contained
Gold (ozs)
0.20
94,796,000
0.55
1,678,129
0.30
71,241,000
0.65
1,489,295
0.40
51,633,000
0.76
1,269,739
0.50
37,278,000
0.89
1,063,868
0.60
27,538,000
1.01
892,682
0.70
20,627,000
1.13
749,081
0.80
15,887,000
1.24
635,200
0.90
12,644,000
1.35
546,878
1.00
10,155,000
1.44
470,963
1.10
8,092,000
1.54
401,214
1.20
6,185,000
1.66
330,792
1.30
4,868,000
1.78
278,018
1.40
3,841,000
1.89
233,426
1.50
2,943,000
2.03
191,659
The 2012 Mineral Resource estimate was based on 16,402 metres of diamond and RC drilling in 359 holes as well as data from 3000 metres in 77 surface trenches. The drilling is generally spaced at 25 to 50 metre intervals.
Exploration and drilling are on-going on the Project. The current work program includes line cutting, geological mapping, geochemical sampling and trenching as well as a 10,000 metre drilling program currently underway with one RC drill rig. Drilling is focused on delineating extensions to three known gold targets (Boin, Nyam, and Sewum) and includes drilling along strike and down dip of the currently outlined gold zones. Additional exploration on the Project includes target definition and follow-up on priority areas generated from the airborne geophysical survey completed in 2011.
The Enchi Project is a 51% Edgewater and 49% Kinross Joint Venture (subject to a 10% carried interest held by the Government of Ghana) with the two companies sharing all future exploration and development expenditures pro-rata. Kinross and Edgewater have approved a $3.0 million exploration budget for the first six months of 2012.
The Enchi resource estimate data in this news release was read and approved by Todd McCracken, P.Geo. of Tetra Tech., who is independent of Edgewater and a Qualified Person ("QP") as defined by National Instrument 43-101.
Mr. Gregory Smith, P.Geo, the Vice-President of Exploration of the Company, is the Qualified Person as defined by NI 43-101, and is responsible for the accuracy of the technical data and information contained in this news release.
About Edgewater Exploration Ltd.
Edgewater is a mineral development and exploration company focused on the development of precious metal properties. Edgewater has an experienced mine building and operating team with a track record of success. The Company is currently developing the Corcoesto Gold Project in northwest Spain, and exploring the Enchi Gold Project in Ghana, West Africa.
On behalf of the board of EDGEWATER EXPLORATION LTD.
George Salamis, President and CEO
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release