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Gold Fields eyes Abitibi greenstone belt with C$40m Bear Lake option
A major gold producer - Gold Fields - and a small Canadian junior - Bear Lake - team up in one of the world's major gold belts - the Abitibi greenstones.
Author: Kip Keen
Posted: Tuesday , 10 Apr 2012
HALIFAX, NS (MINEWEB) -
Gold Fields (JSE, NYSE: GFI) helped stoke a fire under Bear Lake Gold (TSX-V: BLG) shares Tuesday morning with news the two had inked a $40-million option agreement on the latter's Larder Lake and Swansea projects in Ontario's gold-rich Abitibi greenstone belt.
Of late Bear Lake has been a thinly traded stock, often with volumes counted in just the hundreds and thousands. But within the first hour of trading on Tuesday morning Bear Lake shares had surged 67 percent higher to C$0.10 on share volume already topping 200,000.
The option agreement is staged over five years and allows Gold Fields, a major gold producer, to earn up to 60-percent of Bear Lake's core Larder Lake properties and 75-percent owned Swansea project, both in the Abitibi.
If Gold Fields spends C$25 million on exploration in the first three years of the agreement it gets a 51 percent stake in the Bear Lake projects and then, after C$15 million more over the next two years, it gets another nine percent.
During the first year of the option agreement, Bear Lake said, Gold Fields also committed to spend C$5 million on exploration.
Finally, another five percent is also the table if Gold Fields goes-ahead on mine development and Bear Lake chooses to source a loan through Gold Fields for its share of construction costs.
Throughout the term of the option and the possible joint venture thereafter Gold Fields is to be project operator, Bear Lake said. A Gold Fields representative in North America, reached by phone Tuesday morning, said the details in the Bear Lake press release were accurate.
For Bear Lake the deal eases pressure to raise money to finance more exploration on the Larder Lake project at a time when sources of junior financing are widely reported to be few and far between. Certainly for a junior whose market capitalization was, until recently, under C$10 million, C$40 million in exploration at someone else's expense is a considerable sum.
As for Gold Fields, the option agreement with Bear Lake gets it into the highly prospective Abitibi greenstone belt - home to numerous deposits that hold or have held more than 10 million ounces gold - and a project that already has significant ounces.
So far Bear Lake has outlined 917,000 ounces gold @ 5.55 g/t gold in inferred resources, with an additional 43,800 ounces @ 4.07 g/t gold in better-defined indicated resources, in two neighbouring deposits. The bulk of resources are from the Bear Lake deposit where gold mineralization stretches over more than a kilometre of vertical extent.
http://www.mineweb.com/mineweb/view/mineweb/en/page66?oid=149096&sn=Detail&pid=102055
Bear Lake and Gold Fields enter into an Option and Joint Venture Agreement to acquire 60% of the Larder Lake Gold Project
April 10, 2012. Bear Lake Gold Ltd. (TSX.V: BLG) (the "Company" or "Bear Lake") is pleased to announce that it has entered into an option and joint venture agreement with Gold Fields Abitibi Corporation, a 100% subsidiary of Gold Fields Limited ("Gold Fields"). Subject to certain conditions, Gold Fields has the option to earn an interest of up to 60% on the Company's 100%-held Bear Lake, Cheminis and Fernland properties and on the 75%-held Swansea property (the "Projects") by sole funding $40 million in exploration and development expenditures on the Projects. The Projects are part of the Company's Larder Lake gold project located in northeastern Ontario.
Gold Fields can earn an initial 51% interest by spending $25 million on the Projects over a period of 36 months, including a firm commitment of $5 million during the first 12 months. Gold Fields can earn an additional 9% interest by spending a further $15 million over a period of 24 months following the initial term. If a development decision is made, Bear Lake will have the option to finance its share of the development costs through a loan arranged by Gold Fields with it receiving an additional 5% interest in the Projects against the payment of a nominal strike price. If the Company arranges its own financing, it will retain a 40% interest in the Projects.
Gold Fields will manage all field work during the option period. A steering committee including two representatives of each of Bear Lake and Gold Fields will be formed to oversee the exploration work and review the work programs during this period. If Gold Fields exercises the option, it will be the operator of the resulting joint venture.
The transaction is subject to Gold Fields completing its due diligence enquiries by May 21, 2012 and Bear Lake obtaining all necessary regulatory approvals including the TSX Venture Exchange approval. If required, the transaction will be submitted for approval at the general and special meeting of Bear Lake shareholders scheduled to be held on May 23, 2012. The board of directors of Bear Lake has unanimously approved the transaction.
About Bear Lake Gold
Bear Lake Gold Ltd. is focused on the exploration and development of the Larder Lake gold project located on the Cadillac-Larder Lake Break in north-eastern Ontario. The Larder Lake project consists of a 100% interest in the Bear Lake, Cheminis, Fernland and Barber Larder properties and a 75% interest in the Swansea property. In 2011, the Company announced the completion of a NI 43-101 compliant mineral resource on the Bear Lake and Cheminis properties. The common shares of the Company trade on the TSX Venture Exchange under the symbol BLG. Additional information about the Company is available on its website, www.bearlakegold.comand on SEDAR at www.sedar.com.
About Gold Fields Limited
Gold Fields is one of the world's largest unhedged producers of gold with attributable, annualized production of 3.5 million ounces per annum from eight operating mines in South Africa, Ghana, Australia and Peru. Gold Fields also has an extensive and diverse growth pipeline with both greenfield and near mine exploration projects at various stages of development. Gold Fields has total attributable Mineral Reserves of 80.6 million ounces and Mineral Resources of 217 million ounces. Gold Fields has a primary listing on the JSE Limited in South Africa and secondary listings on the New York Stock Exchange, NASDAQ Dubai Limited, Euronext and the Swiss Exchange. For more information visit the company's website at www.goldfields.co.za.
Cautionary Statement
This press release contains forward-looking information. In particular, this press release contains statements concerning the intended transaction between Bear Lake and Gold Fields. Forward-looking information is subject to known and unknown risks and uncertainties, and depends on assumptions and other factors, all of which may cause actual results or events to differ materially from those anticipated in such forward-looking information. The terms and conditions of the proposed transaction may change, including based on completion of due diligence by Gold Fields. There can be no assurance that Gold Fields will be satisfied with the results of the due diligence or that Bear Lake will obtained all necessary approvals. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Francois Viens
President and CEO
Bear Lake Gold Ltd.
Tel: 450-677-1009
Fax: 450-677-2601
fviens@bearlakegold.com
http://www.bearlakegold.com/s/NewsReleases.asp?ReportID=517843&_Type=&_Title=Bear-Lake-and-Gold-Fields-enter-into-an-Option-and-Joint-Venture-Agreement-...
Bear Lake Gold Announces Start of Drilling Program at Larder Lake
LONGUEUIL, QUÉBEC--(Marketwire - Sept. 7, 2011) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG) is pleased to announce the commencement of a 15,000 m drilling program at its Larder Lake gold project located on the prolific Cadillac-Larder Lake Break in the mining district of North-Eastern Ontario.
Drilling program
Following the recent completion of a $3,923,750 private placement and the estimation of NI 43-101 compliant mineral resources on the Bear Lake and the Cheminis gold zones of the Larder Lake Project, the Company has designed a 15,000m work program. Approximately 8,000 m is planned to test the extension and better define the Cheminis mineral resource. In addition, some 5,000 m will investigate the extensions of the Bear Lake mineral resource. The recent resource estimate showed that both zones are open on strike and at depth. Finally some 2,000 m of drilling is planned in the Fernland area where hole 13 completed in November 2007, intersected 6.9g/t gold over 13.5m near surface (including 13.1 g/t gold over 6.0m). Additional work is required to evaluate the potential and test the extensions of this mineralized zone.
One diamond drill has already started drilling and a second drill is expected to arrive shortly. A third drill will be mobilized to site when available.
Larder Lake gold project - NI 43-101 Mineral Resource Estimate
As previously announced, the Bear Lake zone resource estimate prepared by P&E Mining Consultants Inc. ("P&E"), an independent geological and mining consulting firm of Brampton Ontario, stands at 3,750,000 tonnes grading 5.67 g/t gold in the Inferred category for a total of 683,600 ounces of gold. The zone remains open on strike and at depth. (See news release dated June 29, 2011.)
The Cheminis zone resource estimate also prepared by P&E outlined Indicated resources of 335,000 tonnes at 4.07 g/t gold for 43,800 ounces of gold and Inferred resources of 1,391,000 tonnes at 5.22 g/t gold for 233,400 ounces of gold. (See news release of April 13, 2011.)
The Table 1 shows the combined resources of the two zones.
Table 1
Larder Lake Project
Combined Mineral Resources – June 2011 (1)
Location Indicated Inferred
Tonnes Grade Ounces Tonnes Grade Ounces
Bear Lake Zone - - - 3,750,000 5.67 683,600
Cheminis Zone 335,000 4.07 43,800 1,391,000 5.22 233,400
TOTAL 335,000 4.07 43,800 5,141,000 5.55 917,000
(1) Resources are reported using a 2.5 g/t gold cutoff and a minimal horizontal thickness of 2.0 m. The gold price used was US$1,207/oz. Process recovery was 95%. Mining costs were $75/ tonne and Processing and G&A costs were $20/tonne. Exchange rate used was $0.95USD = $1.00 CDN. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
QA/QC
The Company has implemented a rigorous QA/QC program independently set up and supervised by P&E. The program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags to Laboratoire Expert, a certified assay laboratory located in Rouyn Noranda, Quebec. Blank samples, blind duplicates and certified standards are also inserted in the sample stream. Samples with gold values higher than 10g Au/t are systematically re-analysed, and samples containing visible gold are also analysed systematically with the metallic screen analysis.
Qualified Persons
The Bear Lake and Cheminis resource estimates were undertaken by Independent Qualified Persons Antoine Yassa, P.Geo., Eugene Puritch, P.Eng. and Tracy Armstrong, P.Geo, of P&E. Mr. Puritch, President of P&E has reviewed and approved the contents of this press release insofar as the Cheminis and Bear Lake mineral resource estimates are concerned.
P&E has completed a technical report for the mineral resource estimates of the two zones in compliance with NI 43-101 and both reports were filed on Sedar.
The other technical information contained in this press release was prepared and approved by Francois Viens, President and CEO of the Company. Mr. Viens is a 'qualified person' within the meaning of that term under NI 43-101.
Forward-Looking Information
This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about the Bear Lake and Cheminis mineral resources and their potential expansion, the Company's plans for future work program to be carried out at Larder Lake, and results and timing of exploration programs.. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control, including risks related to mining exploration and the availability of financing for companies such as the Company. There can be no assurance that outcomes anticipated in the forward looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.
About Bear Lake Gold
Bear Lake Gold Ltd. is engaged in the exploration of gold us mineral properties in North America. Additional information about the Company is available on the Company's website, www.bearlakegold.com and 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.
Contact Information
Francois Viens
President and CEO
Bear Lake Gold Ltd.
450-677-1009
450-677-2601 (FAX)
fviens@bearlakegold.com
http://www.marketwire.com/press-release/bear-lake-gold-announces-start-of-drilling-program-at-larder-lake-tsx-venture-blg-1557977.htm
Roger A. Van Voorhees was appointed as a Director of Shoshone. It was in a news release on 7/28/11. He was a Director and later the CEO of Sterling Silver Mining. I'm guessing he is bringing the investor(s), other board members and experienced management, that is mentioned in the last press release. GLTA
Link for press release Director appointment.
http://www.marketwire.com/press-release/shoshone-silver-gold-announces-appointment-of-new-director-otcqb-shsh-1543541.htm
Big Block trade today on Alpha. 2.2 million shares, why not on the TSX for all to see?
Queenston took a Private Placement in Mistango Resources last week.
The funds are to be used for the Omega Mine exploration currently underway.
Quote from the press release,"The funds will be used by Mistango for general corporate purposes and to assist in financing an exploration program currently under way on the Omega gold property located in McVittie township in Ontario, approximately 25 kilometres east of Kirkland Lake. The property hosts the Omega mine that historically produced (from 1913, 1926 to 1928, 1936 to 1947) approximately 215,000 ounces of gold from approximately 1.45 million tonnes grading 5.4 grams per tonne gold."
I expect we will get another announcement in the next few weeks. From the press release, "The Company will review different options for the continuation of the exploration program at Larder Lake and announce its plans shortly."
To the west of Bear Lake Gold is Queenston (QMI.TO). Last year Agnico Eagle(AEM, NYSE) bought in a large part of Queenston. So the majors are definitely interested in the area.
Might BLG.V take a larger JV partner with deep pockets, maybe merge with Queenston?
Obviously, the initial NI 43-101 was needed on the Bear Lake Gold Zone and Cheminis, and with 917,000 oz. of gold, the projects can move forward. It will be interesting to see what David Fennell has planned in the next few weeks.
Bids are building this morning. Quote from news release, "stands at 3.75 million tonnes grading 5.67 grams per tonne gold in the inferred category for a total of 683.600 ounces of gold" and with Cheminis at "1,391,000 tonnes at 5.22 g/t gold for 233,400 ounces of gold (see news release of April 13, 2011)" Total stand now for Bear Lake Zone and Cheminis, 5,141,000 tonnes at 5.55 g/tonne = 917,000 ounces of Gold.
Bear Lake Gold Announces Initial NI 43-101 Mineral Resource Estimate of the Bear Lake Zone
LONGUEUIL, QUEBEC--(Marketwire - June 29, 2011) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG - News) is pleased to announce the results of an initial mineral resource estimate and an update on the drilling program at the Bear Lake zone of its Larder Lake Project located on the prolific Cadillac-Larder Lake Break in the mining district of North-Eastern Ontario.
The Bear Lake zone resource estimate prepared by P&E Mining Consultants Inc. of Brampton Ontario, an independent geological and mining consulting firm, stands at 3,750,000 tonnes grading 5.67 g/t gold in the Inferred category for a total of 683,600 ounces of gold. The zone remains open on strike and at depth.
Bear Lake Zone - NI 43-101 Mineral Resource Estimate
Following the completion of a 14,074m drilling program on the Bear Lake zone in 2011, the Company contracted P&E Mining Consultants Inc. ("P&E") of Brampton Ontario to complete a NI 43-101 compliant mineral resource estimate on the Bear Lake zone. P&E used the 88 surface drill holes available and conducted a re-sampling program in order to confirm the validity of the data. Assays used in the resource estimate were capped at 75.0 g/t gold and grades were estimated using the inverse distance cubed method. The resource model domains covered a 400m strike length to a depth of 1.3km from surface.
Inferred resources estimated by P&E are: 3,750,000 tonnes at 5.67 g/t gold for 683,600 ounces of gold. (1,2,3,4) Resources are reported using a 2.5 g/t gold cutoff and a minimal horizontal thickness of 2.0 m.
The Bear Lake mineralized zone is located approximately 2 km east of the Cheminis zone where a recent mineral resource estimate outlined Indicated resources of 335,000 tonnes at 4.07 g/t gold for 43,800 ounces of gold and Inferred resources of 1,391,000 tonnes at 5.22 g/t gold for 233,400 ounces of gold (see news release of April 13, 2011).
Both zones remain open on strike and at depth and additional exploration is required to assess the additional potential of both zones. In addition other targets remain unexplored, including the Fernland zone where hole #13, completed in November 2007, intersected 13.1 g/t gold over 6.0m near surface. This exploration potential combined with the growth potential of the Bear Lake and the Cheminis resources enhance the significance of the Larder Lake project located in a mining area that benefits from all the infrastructures readily available at close proximity.
Bear Lake zone - Drilling update
The last two holes were completed in May 2011 and hole 87A intersected 3.7 g/t gold over 1.0 m in the flow mineralization between 927.6 and 928.6. Hole 88 was abandoned due to technical problems. A complete results table is available on the Company's website. The diamond drilling program is now completed and drills have been demobilized from site. The Company will review different options for the continuation of the exploration program at Larder Lake and announce its plans shortly.
http://finance.yahoo.com/news/Bear-Lake-Gold-Announces-ccn-3588299856.html?x=0&.v=1
Wow, I haven't been in this one for a while. In too early, lost patience and sold. Quit following and took it off my favorites as well. Never understood why it wasn't recognized. Congrats to all who are in.
Bear Lake Gold: Drilling Update at the Larder Lake Project and NI 43-101 Resource Estimate at Cheminis
LONGUEUIL, QUEBEC--(Marketwire - April 13, 2011) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG) provides an update on the drilling program at the Bear Lake zone of its Larder Lake Project located on the prolific Cadillac-Larder Lake Break in the mining district of north-eastern Ontario. Drilling continues with two drills on the Bear Lake zone and the Company expects that a National Instrument 43-101 resource estimation of the Bear Lake zone will be prepared when the drilling program is completed
The Company also announces an NI 43-101 compliant resource estimate dated March 31, 2011 The Cheminis resource estimate prepared by P&E Mining Consultants Inc. of Brampton Ontario, an independent geological and mining consulting firm, stands at 335,000 tonnes grading at 4.07 g/t gold in the Indicated category for a total of 43,800 ounces of gold. In addition 1,391,000 tonnes grading at 5.22 g/t gold are estimated in the Inferred category for a total of 233,400 ounces of gold.
Bear Lake zone drilling update
Hole 81AW2 intersected 5.83 g/t gold over 2.0m in the carbonate zone at a depth of 1,000m from surface, confirming the presence of gold mineralization and alteration envelope. The highlights table shows the results from the recently drilled holes. A complete results table is available on the Company website.
Table – Highlights (1)
Hole no. From To Length
(m) (2 ) Au
(g/t ) Comment Zone
BLG-10-81AW2 1204.0 1206.0 2.0 5.83 Carb. Bear Lake
including 1205.0 1206.0 1.0 9.48 Carb.
1227.3 1228.9 1.0 1.39 Carb.
1351.2 1352.4 1.2 NSA(3 ) Flow
BLG-10-82 1289.0 1290.0 1.0 2.66 Carb. Bear Lake
BLG-10-83W5 1027.8 1028.9 1.1 2.89 Carb. Bear Lake
BLG-11-85W 1179.0 1180.0 1.0 2.99 Carb. Bear Lake
BLG-11-86W2 788.4 790.4 2.0 2.35 Flow Bear Lake
795.5 799.0 3.5 1.47 Flow
(1) Complete assay results are available on the Company's website. Hole 84 was abandoned due to technical problems.
(2) It is not possible to determine true widths at this time. All widths of intercepts reported are core length.
(3) No significant assay
Two diamond drills are currently active on the Larder Lake property targeting the upper part of the Bear Lake zone (100% owned by the Company) at depths between 400m and 1,200m from surface. This work is being undertaken as part of a 15,000m exploration program (of which approximately13,500 m has been drilled so far) designed to define and expand the mineralized lenses and to complete a NI 43-101 compliant mineral resource estimate for the Bear Lake zone.
The drilling continues to intersect gold mineralization within the targeted statigraphy at the Bear Lake zone and successfully confirm the extent of the favorable mineralized alteration zones and the presence of gold within the altered zones. Drill results to date confirm the presence of high grade mineralized lenses intercalated with lower grade mineralization, both in the carbonate mineralization and the flow mineralization. Post-mineralization faulting is also suspected to have locally displaced the mineralization.
Additional drilling is required to define the limits of the potential higher grade areas and investigate the possibility that additional higher grade areas might be found along strike and at depth, where the mineralization and alteration typically associated with the gold is still present.
Two maps are available at this address:
http://media3.marketwire.com/docs/bearlake_map_0413.pdf
Cheminis Resource Estimate
The Cheminis mineralized zone is located some 2 Km west of the Bear Lake zone. While actively working on the evaluation of the Bear Lake zone, the Company contracted P&E Mining Consultants Inc of Brampton Ontario to verify the validity of the historic drilling data and complete an NI 43-101 compliant mineral resource estimate on the Cheminis zone. P&E used the 791 historic surface and underground drill holes available and conducted a re-sampling program in order to confirm the validity of the historic data. Assays used in the resource were capped at 7 to 20 g/t gold and grades were estimated using the inverse distance cubed method. The resource model domains covered a 600m strike length and a 900m down dip extension.
Resources are reported using a 2.5 g/t gold cutoff and a minimal true thickness of 2.0 m.
Indicated resources are: 335,000 tonnes at 4.07 g/t gold for 43,800 ounces of gold 1,2,3,4
Inferred resources are: 1,391,000 tonnes at 5.22 g/t gold for 233,400 ounces of gold 1,2,3,4
Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
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 gold price used in this estimate was the March 31, 2011 two year trailing average of US$1,158/oz. Process recovery was 95%. Mining costs were $75/ tonne and Processing and G&A costs were $20/tonne. Exchange rate used was $0.95USD = $1.00 CDN.
The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
The actual resources are only estimated below the old workings and potential resources remain available within and on the extensions of the old mined areas. The resources are estimated down to a vertical depth of approximately 1,000m and remain open on strike and at depth. Additional drilling will be required to infill and expand the Inferred resources.
P&E Mining Consultants is completing an NI 43-101 compliant technical report to be filed on SEDAR within 45 days.
Swansea Update
The drilling in the Swansea area, undertaken under an option agreement with Odyssey Resources Limited, was completed by mid-December and the three drills have been demobilized. A total of 19 holes with a projected total of 9,343m were completed for the program. Results failed to identify significant mineralization and consequently Odyssey decided not to exercise their option. The presence of gold and the alteration system identified with the drilling are typical of the area and additional investigation may be warranted in the future. The Company owns a 75% interest in Swansea and Newstrike Resources Ltd owns a 25% interest.
QA/QC
The Company has implemented a rigorous QA/QC program independently set up and supervised by P&E Mining Consultants Inc. of Brampton, Ontario. The program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags to Laboratoire Expert, a certified assay laboratory located in Rouyn Noranda, Quebec. Blank samples, blind duplicates and certified standards are also inserted in the sample stream. Samples with gold values higher than 10g Au/t are systematically re-analysed, and samples containing visible gold are also analysed systematically with the metallic screen analysis.
Qualified Persons
The Cheminis resource estimate was undertaken by Independent Qualified Persons Antoine Yassa, P.Geo. , Eugene Puritch, P.Eng. and Tracy Armstrong, P.Geo, of P&E Mining Consultants Inc. Mr. Puritch, President of P&E has reviewed and approved the contents of this press release insofar as the Cheminis mineral resource estimate is concerned.
The technical information contained in this press release was prepared and approved by Francois Viens, President and CEO of the Company. Mr. Viens is a 'qualified person' within the meaning of that term under NI 43-101.
Forward-Looking Information
This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about the Cheminis resources and its potential expansion, the Company's plans for the work program to be carried out at Larder Lake, results and timing of exploration programs and plans to complete a resource estimate. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control, including risks related to mining exploration and the availability of financing for companies such as the Company. There can be no assurance that outcomes anticipated in the forward looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.
About Bear Lake Gold
Bear Lake Gold Ltd. is engaged in the exploration of gold and precious mineral properties in North America. Additional information about the Company is available on the Company's website, www.bearlakegold.com and 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.
For more information, please contact
Bear Lake Gold Ltd.
Francois Viens
President and CEO
450-677-1009
450-677-2601 (FAX)
fviens@bearlakegold.com
Six drills have been turning since mid November. We should start getting drill results soon. Haywood is back on the bid. I've added to my position on this little pullback.
What The Silver Vigilantes Understand That You Probably Don't
http://www.silverbearcafe.com/private/12.10/vigilantes.html
What The Silver Vigilantes Understand That You Probably Don't
http://www.silverbearcafe.com/private/12.10/vigilantes.html
Gonna rocket now. The last one of NIA's picks I was in was Canadian Zinc(CZN.TO). GLTA
I spoke with Francois Viens(CEO) last week. We should start seeing drill results after the new year. He wouldn't release results during the holidays anyways, due to thin markets, he made a good point, "who is around to see them?".
He is expecting to have a 43-101 resource estimate on part of the Bear Lake Gold Zone in the 1st qtr of 2011, at the end of the current drill program.
I confirmed with Mr. Viens that Cheminis has a little over 400,000 oz of gold in the historical category.
He is confident that between Bear Lake, Cheminis, Swansea, Barber Larder, and Fernland, there will be multi-million ounces of gold proven.
The current drilling at Swansea is further exploration of SW87-04 completed by Eldor Resources in 1987, which intersected 0.30 opt Au (10.3 gpt Au) over 6.1 m in “quartz flooded fuchsitic tuff”. The intersection occurs at a vertical depth of 300 m within the same volcanic horizon that hosted the Omega deposit located 2.5 km to the east.
If all goes as planned, I believe BLG.V(BLGFF.PK) will suprise to the upside in 2011. GLTA
This Oil and Nat Gas play is starting to wake up again, in here for a swing trade. GLTA
CME Group Increasing Margins For Silver, Copper, Platinum Futures
16 December 2010, 4:36 p.m.
By Kitco News
http://www.kitco.com/
(Kitco News) - CME Group announced Thursday that margin requirements are being hiked for silver, copper and palladium futures, effective after the close of business on Friday.
CME Group, which owns the New York Mercantile Exchange and its Comex division, also announced margin changes for a number of other markets, including Treasury note and bond futures, federal-funds futures and natural-gas index swap futures.
The changes were made as a part of “normal review of market volatility to ensure adequate collateral coverage,” CME Group said.
For speculators in the main Comex silver futures contract, the “initial” margin was increased to $10,463 from $9,788. The margin for hedgers and the “maintenance” margin for speculative accounts were upped to $7,750 from $7,250.
In Comex copper, the initial speculative margin was upped to $6,413 from $5,400. The margin for hedgers and the maintenance margin for speculators were hiked to $4,750 from $4,000.
For the main Nymex palladium contract, the initial margin for speculators was upped to $5,500 from $4,950. Both the maintenance margin for speculators and the margin for hedgers was raised to $5,000 from $4,500.
Margins also rose for the miNY silver and palladium futures, plus E-mini copper and silver futures.
A link for the announcement on margin changes is below:
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv10-507.pdf
By Allen Sykora of Kitco News; asykora@kitco.com
http://www.kitco.com/reports/KitcoNews20101216ASKN.html
CME Group Increasing Margins For Silver, Copper, Platinum Futures
16 December 2010, 4:36 p.m.
By Kitco News
http://www.kitco.com/
(Kitco News) - CME Group announced Thursday that margin requirements are being hiked for silver, copper and palladium futures, effective after the close of business on Friday.
CME Group, which owns the New York Mercantile Exchange and its Comex division, also announced margin changes for a number of other markets, including Treasury note and bond futures, federal-funds futures and natural-gas index swap futures.
The changes were made as a part of “normal review of market volatility to ensure adequate collateral coverage,” CME Group said.
For speculators in the main Comex silver futures contract, the “initial” margin was increased to $10,463 from $9,788. The margin for hedgers and the “maintenance” margin for speculative accounts were upped to $7,750 from $7,250.
In Comex copper, the initial speculative margin was upped to $6,413 from $5,400. The margin for hedgers and the maintenance margin for speculators were hiked to $4,750 from $4,000.
For the main Nymex palladium contract, the initial margin for speculators was upped to $5,500 from $4,950. Both the maintenance margin for speculators and the margin for hedgers was raised to $5,000 from $4,500.
Margins also rose for the miNY silver and palladium futures, plus E-mini copper and silver futures.
A link for the announcement on margin changes is below:
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv10-507.pdf
By Allen Sykora of Kitco News; asykora@kitco.com
http://www.kitco.com/reports/KitcoNews20101216ASKN.html
CME Group Increasing Margins For Silver, Copper, Platinum Futures
16 December 2010, 4:36 p.m.
By Kitco News
http://www.kitco.com/
(Kitco News) - CME Group announced Thursday that margin requirements are being hiked for silver, copper and palladium futures, effective after the close of business on Friday.
CME Group, which owns the New York Mercantile Exchange and its Comex division, also announced margin changes for a number of other markets, including Treasury note and bond futures, federal-funds futures and natural-gas index swap futures.
The changes were made as a part of “normal review of market volatility to ensure adequate collateral coverage,” CME Group said.
For speculators in the main Comex silver futures contract, the “initial” margin was increased to $10,463 from $9,788. The margin for hedgers and the “maintenance” margin for speculative accounts were upped to $7,750 from $7,250.
In Comex copper, the initial speculative margin was upped to $6,413 from $5,400. The margin for hedgers and the maintenance margin for speculators were hiked to $4,750 from $4,000.
For the main Nymex palladium contract, the initial margin for speculators was upped to $5,500 from $4,950. Both the maintenance margin for speculators and the margin for hedgers was raised to $5,000 from $4,500.
Margins also rose for the miNY silver and palladium futures, plus E-mini copper and silver futures.
A link for the announcement on margin changes is below:
http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv10-507.pdf
By Allen Sykora of Kitco News; asykora@kitco.com
http://www.kitco.com/reports/KitcoNews20101216ASKN.html
You're right about a no-brainer, accumulate and sit tight. glta
This area of the Larder Lake break is heating up. BLG's neighbor to the west, (Queenston, QMI.TO)just completed a $35 million dollar PP with mining giant Agnico Eagle. BLG's neighbor to the east, Armistice(AZ.TO) just announced an $11 million dollar loan with Sprott to bring it's mine to production.
Bear Lake Gold updates the Larder Lake Project - Six diamond drills at work, Termination of the Hope Bay option
Longueuil, Québec: November 19, 2010. Bear Lake Gold Ltd. (the “Company”) (TSX.V: BLG) announces that the pace of drilling at its Larder Lake Project located in Ontario has been increased. Three drills are currently active testing its Bear Lake gold zone. Three more drills are working on the Swansea area of the property where Odyssey Resources Limited recently entered an option to earn a 25% interest. Separately, the Company also announces the termination of its option to acquire a 75% interest in certain claims at the Hope Bay project in Nunavut.
Larder Lake Update
Six diamond drills are now active on the Larder Lake property. Three drills are targeting the upper part of the Bear Lake zone (100% owned by the Company) at depths between 400m and 1,200m from surface as part of a 15,000m exploration program with the objective of defining and expanding the higher grade mineralized lenses and, should results warrant, completing a NI 43-101 compliant resource estimate once there is sufficient density of drilling in the Bear Lake zone.
In addition, three diamond drills are working in the Swansea area located at the western end of the Larder Lake property. The 7,000m drill program is being carried out by the Company under the recently announced option agreement where Odyssey Resources Limited can gain a 25% interest in the Swansea group of 28 claims (see map) by funding $1.1 million in exploration work before March 31, 2011. Bear Lake currently holds a 75% interest in the Swansea claims and Newstrike Resources Ltd. holds the remaining 25%.
Hope Bay Update
Under an option agreement, the Company was required to spend an additional $2 million by October 31, 2010 to earn a 75% interest in a specified group of claims in Hope Bay, Nunavut. In completing its financing earlier in the year, the Company had decided to prioritize and focus its exploration activities on the advanced Larder Lake exploration project strategically located in Ontario, closer to all the required infrastructures including a paved road and power line. Despite its best efforts to negotiate an extension to the option agreement from Hope Bay Mining Ltd, a wholly owned subsidiary of Newmont Mining Corporation, over the last few months, the Company was not able to obtain an extension; therefore the Hope Bay option has been terminated.
Forward-Looking Information
This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about the Company’s plans for the work program to be carried out at Larder Lake and plans to complete a resource estimate. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company’s control, including risks related to mining exploration and the availability of financing for companies such as the Company. There can be no assurance that outcomes anticipated in the forward looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.
About Bear Lake Gold
Bear Lake Gold Ltd. is engaged in the exploration of gold and precious mineral properties in North America. Additional information about the Company is available on the Company’s website, www.bearlakegold.com and on SEDAR at www.sedar.ca.
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.
For further information please contact:
Francois Viens
President and CEO
Bear Lake Gold Ltd.
Tel: 450-677-1009
Fax: 450-677-2601
fviens@bearlakegold.com
Pinetree Capital buying here again.
Nov 10/10 Nov 08/10 Pinetree Capital Ltd. Indirect Ownership Common Shares 10 - Acquisition in the public market 195,000 $0.328
Nov 10/10 Nov 08/10 Inwentash, Sheldon Control or Direction Common Shares 10 - Acquisition in the public market 195,000 $0.328
http://www.canadianinsider.com/coReport/allTransactions.php?ticker=blg
Queenston Announces $20 Million Financing
TORONTO, ONTARIO--(Marketwire - Nov. 8, 2010) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI) ("the Company" or "Queenston") announced today that it has entered into an agreement with Primary Capital Inc., as lead agent and including Dundee Securities Corporation, Cormark Securities Inc., GMP Securities L.P., and Macquarie Capital Markets Canada Ltd (collectively, the "Agents") in connection with the offering of 3 million "flow-through shares" of Queenston at a price of $6.70 per share for gross proceeds of $20,100,000. The financing is on a private placement guaranteed basis and represents a 20% premium to the VWAP (volume-weighted average price) of the Company over the last 5 trading days. The Flow-Through shares will be offered by way of private placement to accredited investors in the Province of Ontario.
The proceeds from the financing will increase the Company's working capital to approximately $90 million and will be used to continue with its high level exploration - development gold projects located in Kirkland Lake, Ontario. The private placement is scheduled to close on or about November 24, 2010 and is subject to regulatory approval including approval by the Toronto Stock Exchange.
Queenston is a Canadian mineral exploration and development company with a primary focus on its holdings in the historic Kirkland Lake gold camp. The Company has recently entered into a strategic alliance with Agnico-Eagle Mines Limited with a strategy is to advance its' key, 100% owned gold projects (Upper Beaver, Upper Canada, McBean, Anoki and Bidgood) at the Kirkland East project towards feasibility and ultimately production.
Queenston's Cautionary Note Regarding NI 43-101 and Forward Looking Statements
Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Company on SEDAR at www.sedar.com.
For more information, please contact
Queenston Mining Inc.
Charles E. Page, P. Geo.
President and CEO
(416) 364-0001 (ext. 224)
or
Queenston Mining Inc.
Hugh D. Harbinson
Chairman
(416) 364-0001 (ext. 225)
or
Queenston Mining Inc.
Andreas Curkovic
Investor Relations
(416) 577-9927
Info@queenston.ca
www.queenston.ca
http://www.marketwire.com/press-release/Queenston-Announces-20-Million-Financing-TSX-QMI-1348913.htm
Bear Lake Gold Reports High Grade Drill Results at Larder Lake Hole BLG-10-79 Intersects 12.03 g Au/t Over 3.0 Meters - Third Diamond Drill to Arrive Shortly
LONGUEUIL, QUEBEC--(Marketwire - Nov. 4, 2010) - Bear Lake Gold Ltd. (the "Company") (TSX VENTURE:BLG) is pleased to announce additional drill results from the 2010 drill program at its 100% owned Larder Lake project, in Ontario. Hole 79 intersected 6.7 g/t gold over 6.8m including 12.0 g/t gold over 3.0m in carbonate-type mineralization at a depth of approximately 685 meters. The following table highlights the results of the hole. The attached longitudinal sections show the location of the drill holes.
Table – Highlights (1)
Hole From To Core Length Au (g/t) Zone
(2)
BLG-10-79 736.5 738.0 1.5 5.96 Carbonate Zone
747.2 748.5 1.3 13.85 Carbonate Zone
754.5 761.3 6.8 6.73 Carbonate Zone
including 757.0 760.0 3.0 12.03 Carbonate Zone
786.0 790.0 4.0 1.07 Altered Ultramafics
(1) Complete assay results are available on the Company's website.
(2) It is not possible to determine true widths at this time. All widths of intercepts reported are core length.
The high grade intersection in hole 79 within the carbonate zone is located at a depth of 685 meters from surface, and approximately 30 meters down dip of hole 44W2 which intercepted 5.1 g/t Au over 3.5m (see long. section). This intercept confirms the down dip extension of one of the higher grade lenses in the carbonate zone. Two more holes are in progress to test both mineralized horizons at depths between 750m and 900m from surface.
Longitudinal Section Carbonate-type Mineralization: http://www.bearlakegold.com/i/maps/LarderLake_Long_Nov10_Carb.jpg
Longitudinal Section Flow-type Mineralization: http://www.bearlakegold.com/i/maps/LarderLake_Long_Nov10_Flow.jpg
2010 Work Program
Following the completion of a $3.76 million financing, the Company initiated a drilling program at Larder Lake in July 2010. Two drills are currently working on site. A third diamond drill rig is being mobilized to accelerate the pace of the program and should start working shortly. The current program consists of approximately 15,000 meters of diamond drilling focused mostly on the Bear Lake zone. Four (4) holes have been completed so far, totaling 2,800 m of drilling. The campaign mainly targets the upper part of the Bear Lake zone, at depths between 400m and 1,200 m from surface, with the objective of defining and expanding the higher grade mineralized lenses, including both the carbonate and flow-type mineralized horizons. The Company plans to complete a NI43-101 compliant resource estimate as soon as the density of drilling in the Bear Lake zone is sufficient to support resource estimation.
The Larder Lake properties extend over 13km straddling the prolific Cadillac-Larder Lake fault zone, host of the historic Kerr Addison mine (with an estimated 11million ounces of gold produced), which is located some 4km to the east of the Bear Lake Zone. Easily accessible, the project is close to major infrastructures including a paved road and power line.
QA/QC
The Company has implemented a rigorous QA/QC program independently set up and supervised by P&E Mining Consultants Inc. of Brampton, Ontario. The program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags to Laboratoire Expert, a certified assay laboratory located in Rouyn Noranda, Quebec. Blank samples, blind duplicates and certified standards are also inserted in the sample stream. Samples with gold values higher than 10g Au/t are systematically re-analysed, and samples containing visible gold are also analysed systematically with the metallic screen analysis.
Qualified Person
The 2010 work program is directed by Francois Viens, P. Eng., President and CEO of the Company. The technical information contained in this press release was prepared and approved by Francois Viens, President and CEO of the Company. Mr. Viens is a 'qualified person' within the meaning of that term under NI 43-101.
Forward-Looking Information
This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about the Company's plans for the work program to be carried out at Larder Lake and plans to complete a resource estimate. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control, including risks related to mining exploration and the availability of financing for companies such as the Company. There can be no assurance that outcomes anticipated in the forward looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.
About Bear Lake Gold
Bear Lake Gold Ltd. is engaged in the exploration of gold and precious mineral properties in North America. Additional information about the Company is available on the Company's website at www.bearlakegold.com and 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.
For more information, please contact
Bear Lake Gold Ltd.
Francois Viens
President and CEO
450-677-1009
450-677-2601 (FAX)
fviens@bearlakegold.com
http://www.marketwire.com/press-release/Bear-Lake-Gold-Reports-High-Grade-Drill-Results-Larder-Lake-Hole-BLG-10-79-Intersects-TSX-VENTURE-BLG-1347040.htm
JP Morgan and HSBC Face RICO Charges in Silver Futures Class Action Lawsuit
Banks alleged to have used naked short-selling to rig market
NEW YORK, Nov. 3, 2010 /PRNewswire/ -- JP Morgan Chase & Co. (NYSE: JPM) and HSBC Securities Inc. (NYSE: HBC) face charges of manipulating the market for silver futures and options in violation of federal commodities and racketeering laws, according to a new lawsuit filed Tuesday in the U.S. District Court for the Southern District of New York.
(Logo: http://photos.prnewswire.com/prnh/20080317/AQM144LOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20080317/AQM144LOGO)
The suit – which alleges violation of the Commodity Exchange Act and the Racketeering Influenced and Corrupt Organizations (RICO) Act – alleges that the two banks colluded to manipulate the market for silver futures starting in the first half of 2008 by amassing huge short positions in silver futures contracts they had no intent to fill, but did so to force silver prices down to their benefit.
The suit was filed on behalf of Carl Loeb, an independent investor in silver futures and options, by Seattle-based Hagens Berman Sobol Shapiro LLP, a class-action and complex litigation firm.
"The practice of naked short selling has long been a serious issue on Wall Street," said Steve Berman, co-counsel and managing partner at Hagens Berman. "What we know about the scope and intent of JP Morgan and HSBC's actions in this short-selling scheme dwarfs any other similar attempt to manipulate a commodities market."
According to the complaint, JP Morgan amassed a sizeable short position in silver futures and options in part through its March 2008 acquisition of investment bank Bear Stearns. By August 2008, JP Morgan and London-based HSBC controlled more than 85 percent of the commercial net short position in silver futures contracts.
The suit alleges that, starting in early 2008, the two banks began manipulating the silver futures market by accumulating unusually large "short" positions and then secretly coordinating enormous sales of silver futures contracts on the Commodity Exchange, which is known as "COMEX" and is part of the New York Mercantile Exchange.
According to the lawsuit, JP Morgan and HSBC used a variety of methods to coordinate their manipulation of the market for silver futures contracts, signaling when to flood the COMEX market with short positions, which caused the price of silver futures and options contracts to crash.
The suit describes two "crash" events that were set in motion by JP Morgan and HSBC, one in March 2008, and the other in February 2010, after defendants had amassed large short positions. In the wake of both events, the suit alleges, COMEX silver futures prices collapsed.
"We believe that JP Morgan and HSBC's scheme was carefully conceived and coordinated to maximize their profits at the expense of innocent investors who believed that they were trading in a market free from manipulation," Berman said.
The complaint also contains allegations that in September 2008, the U.S. Commodity Futures Trading Commission launched an investigation that would eventually consider allegations made by a London-based independent metals trader named Andrew Maguire that the silver futures market was being manipulated.
The complaint alleges that Maguire disclosed to the CFTC on Feb. 3, 2010 that he received a signal from the two banks of their intent to drive down the prices of silver futures two days later, on Feb. 5, 2010. Maguire's information was correct and the price of silver dropped dramatically between Feb. 3, 2010 and Feb. 5, 2010.
In addition, the lawsuit states that both JP Morgan and HSBC still maintain highly concentrated holdings in short positions in silver futures and options, giving both banks the ability to continue manipulating the price of silver.
Plaintiffs' attorneys have asked the court to certify the case as a class action and enjoin JP Morgan and HSBC from continuing their alleged conspiracy and manipulation of the silver futures and options contracts market.
Attorneys also ask the court to award damages and attorneys' fees to the class.
Seattle-based Hagens Berman Sobol Shapiro LLP represents whistleblowers, investors and consumers in complex litigation. The firm has offices in Boston, Chicago, Colorado Springs, Los Angeles, Phoenix, San Francisco and Washington, D.C. Founded in 1993, HBSS continues to successfully fight for investor rights in large, complex litigation. More about the firm and its successes can be found at www.hbsslaw.com.
Media Contact: Mark Firmani, Firmani + Associates Inc., 206.443.9357 or mark@firmani.com.
SOURCE Hagens Berman Sobol Shapiro LLP
http://www.prnewswire.com/news-releases/hagens-berman-sobol-shapiro-jp-morgan-and-hsbc-face-rico-charges-in-silver-futures-class-action-lawsuit-106624128.html
JP Morgan and HSBC Face RICO Charges in Silver Futures Class Action Lawsuit
Banks alleged to have used naked short-selling to rig market
NEW YORK, Nov. 3, 2010 /PRNewswire/ -- JP Morgan Chase & Co. (NYSE: JPM) and HSBC Securities Inc. (NYSE: HBC) face charges of manipulating the market for silver futures and options in violation of federal commodities and racketeering laws, according to a new lawsuit filed Tuesday in the U.S. District Court for the Southern District of New York.
(Logo: http://photos.prnewswire.com/prnh/20080317/AQM144LOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20080317/AQM144LOGO)
The suit – which alleges violation of the Commodity Exchange Act and the Racketeering Influenced and Corrupt Organizations (RICO) Act – alleges that the two banks colluded to manipulate the market for silver futures starting in the first half of 2008 by amassing huge short positions in silver futures contracts they had no intent to fill, but did so to force silver prices down to their benefit.
The suit was filed on behalf of Carl Loeb, an independent investor in silver futures and options, by Seattle-based Hagens Berman Sobol Shapiro LLP, a class-action and complex litigation firm.
"The practice of naked short selling has long been a serious issue on Wall Street," said Steve Berman, co-counsel and managing partner at Hagens Berman. "What we know about the scope and intent of JP Morgan and HSBC's actions in this short-selling scheme dwarfs any other similar attempt to manipulate a commodities market."
According to the complaint, JP Morgan amassed a sizeable short position in silver futures and options in part through its March 2008 acquisition of investment bank Bear Stearns. By August 2008, JP Morgan and London-based HSBC controlled more than 85 percent of the commercial net short position in silver futures contracts.
The suit alleges that, starting in early 2008, the two banks began manipulating the silver futures market by accumulating unusually large "short" positions and then secretly coordinating enormous sales of silver futures contracts on the Commodity Exchange, which is known as "COMEX" and is part of the New York Mercantile Exchange.
According to the lawsuit, JP Morgan and HSBC used a variety of methods to coordinate their manipulation of the market for silver futures contracts, signaling when to flood the COMEX market with short positions, which caused the price of silver futures and options contracts to crash.
The suit describes two "crash" events that were set in motion by JP Morgan and HSBC, one in March 2008, and the other in February 2010, after defendants had amassed large short positions. In the wake of both events, the suit alleges, COMEX silver futures prices collapsed.
"We believe that JP Morgan and HSBC's scheme was carefully conceived and coordinated to maximize their profits at the expense of innocent investors who believed that they were trading in a market free from manipulation," Berman said.
The complaint also contains allegations that in September 2008, the U.S. Commodity Futures Trading Commission launched an investigation that would eventually consider allegations made by a London-based independent metals trader named Andrew Maguire that the silver futures market was being manipulated.
The complaint alleges that Maguire disclosed to the CFTC on Feb. 3, 2010 that he received a signal from the two banks of their intent to drive down the prices of silver futures two days later, on Feb. 5, 2010. Maguire's information was correct and the price of silver dropped dramatically between Feb. 3, 2010 and Feb. 5, 2010.
In addition, the lawsuit states that both JP Morgan and HSBC still maintain highly concentrated holdings in short positions in silver futures and options, giving both banks the ability to continue manipulating the price of silver.
Plaintiffs' attorneys have asked the court to certify the case as a class action and enjoin JP Morgan and HSBC from continuing their alleged conspiracy and manipulation of the silver futures and options contracts market.
Attorneys also ask the court to award damages and attorneys' fees to the class.
Seattle-based Hagens Berman Sobol Shapiro LLP represents whistleblowers, investors and consumers in complex litigation. The firm has offices in Boston, Chicago, Colorado Springs, Los Angeles, Phoenix, San Francisco and Washington, D.C. Founded in 1993, HBSS continues to successfully fight for investor rights in large, complex litigation. More about the firm and its successes can be found at www.hbsslaw.com.
Media Contact: Mark Firmani, Firmani + Associates Inc., 206.443.9357 or mark@firmani.com.
SOURCE Hagens Berman Sobol Shapiro LLP
http://www.prnewswire.com/news-releases/hagens-berman-sobol-shapiro-jp-morgan-and-hsbc-face-rico-charges-in-silver-futures-class-action-lawsuit-106624128.html
Fed to purchase $850-$900 Billion in Treasuries through June 2011.
Fed Statment link.
http://www.federalreserve.gov/newsevents/press/monetary/monetary20101103a1.pdf
Bear Lake Gold's neighbor, Queenston(QMI.TO), just announced a major financing with Agnico-Eagle Mines Limited ("Agnico-Eagle") for $35. million. Should draw some attention to the area.
http://www.bearlakegold.com/i/maps/Bear_Lake_claim_%20updated_09-15-10.jpg
Queenston Announces Strategic Investment by Agnico-Eagle Mines Limited
TORONTO, ONTARIO--(Marketwire - Oct. 28, 2010) - QUEENSTON MINING INC. (TSX:QMI)(FRANKFURT:QMI)(STUTTGART:QMI)("Queenston" or "the Company") is pleased to announce that Agnico-Eagle Mines Limited ("Agnico-Eagle") today entered into a Subscription Agreement with the Company to make a strategic investment of C$35 million dollars in Queenston by way of a non-brokered private placement of units. Both Boards have approved the transaction.
Under the terms of the Subscription Agreement Agnico-Eagle will purchase a total of 6,603,774 Units at C$5.30 per Unit for proceeds to Queenston of C$35 Million in cash. Each Unit consists of one common share and one half of a share purchase warrant of Queenston. Each whole share purchase warrant entitles the holder to purchase one common share of Queenston at $6.45 for a period of 36 months. The transaction is expected to close on November 1, 2010 and is subject to completion of definitive documentation and other customary closing conditions including regulatory approval. As a result of the private placement Agnico-Eagle will own 8.83% of Queenston's issued and outstanding shares and 11.47% on a fully diluted basis. In addition to the private placement Queenston and Agnico-Eagle will enter into a Technical Services Agreement that will provide Queenston access to Agnico-Eagle's geological and engineering mining team.
Queenston's principal assets are located in the historic Kirkland Lake gold Camp in northeastern Ontario. The camp has produced 40 million ounces of gold and Queenston maintains the largest land holdings in the district with approximately 20,000 hectares (200 km²). Queenston's primary focus is to return to producer status through the advanced exploration and development of five-100% owned gold deposits (Upper Beaver, Upper Canada, Anoki, McBean and Bidgood) to provide feed for a central milling facility to be built in Gauthier Twp.
Sean Boyd, Vice Chairman and CEO of Agnico-Eagle commented, "This strategic investment is a strong indication of the quality and potential of Queenston's properties in the Kirkland Lake camp. This investment provides us exposure to a world class gold camp and is consistent with our strategy of investing in promising gold development opportunities. We look forward to using our exploration and mine development skills to assist Queenston in enhancing its gold resources and advancing their projects towards feasibility."
Charles Page, President and CEO of Queenston said, "We are very pleased with this investment from Agnico-Eagle, a company which has proven expertise in the development of both underground and open-pit mines. Proceeds from the private placement combined with the assistance of the Agnico-Eagle team provide Queenston the opportunity to advance our projects towards the development stage."
Upon completion of this investment Queenston's cash position will be approximately $70 million. The Company has 14 drills operating in the Kirkland Lake camp focussed on mineral resource definition, advanced exploration and grass roots exploration.
Forward Looking Statements
Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Company's expectations and projections. A more detailed discussion of the risks is available in the "Annual Information Form" filed by the Company on SEDAR at www.sedar.com.
For more information, please contact
Queenston Mining Inc.
Charles E. Page, P. Geo.
President and CEO
(416) 364-0001 (ext. 224)
or
Queenston Mining Inc.
Hugh D. Harbinson
Chairman
(416) 364-0001 (ext. 225)
or
Queenston Mining Inc.
Andreas Curkovic
Investor Relations
(416) 577-9927
Info@queenston.ca
www.queenston.ca
http://www.marketwire.com/press-release/Queenston-Announces-Strategic-Investment-by-Agnico-Eagle-Mines-Limited-TSX-QMI-1343380.htm
Retiring CFTC judge's allegations should concern small investors
4:43 PM PDT, October 26, 2010 By Michael Hiltzik
Judge George Painter's contention that a colleague had vowed never to rule in an investor's favor appears to be borne out by the record. Yet a court case over guardianship of the ailing Painter is being used to dismiss his words.
Cards on the table: When George H. Painter says the game is rigged against the small investor in Washington, I have reason to take him at his word.
Even when his word comes wrapped up like a bombshell.
Painter, 83, detonated that bombshell recently in the course of announcing his retirement as an administrative law judge for the Commodity Futures Trading Commission, effective in January. In a public notice, he accused his lone colleague on the CFTC bench, Bruce Levine, of having made a vow nearly 20 years ago never to rule in a complainant's — that is, an investor's — favor.
"A review of his rulings," Painter stated, "will confirm that he has fulfilled his vow."
He asked the CFTC, which regulates the commodity futures markets, to bring in a new judge instead of transferring his pending cases to Levine. The two judges rule on allegations of fraud or other misdeeds brought by investors against futures brokers and traders.
Strong words, but not entirely out of character for Painter. And they've stirred up a fairly ugly cloud of dust, involving claims and counterclaims about Painter's physical and mental health, traded between his wife and other members of his family in a Maryland court. Whether the court case would have reached the newspapers if not for Painter's attention-grabbing resignation is hard to say. But it's now being used to dismiss his attack on Levine as the words of someone who's not all there.
I first encountered Judge Painter nearly three decades ago, when he issued a number of stern rulings involving a Newport Beach investment operator I had been writing about.
The investment firm, Monex International, had been hawking illegal futures contracts, he ruled. In one case, he found that Monex had ignored a customer's repeated pleas to cash out her deteriorating stake, and awarded her $20,000 in reparations.
When I reached Painter again last week, he didn't seemed to have changed much. "It's gone to hell," he said, referring to the standing of the investor at the CFTC. "But it's always been that way, hasn't it? We're not prosecuting the bad guys." For the record: He sounded perfectly lucid.
Under normal circumstances, Painter's view might be taken to heart by the bureaucratic establishment in Washington. It was regulatory agencies' failures to look out for consumers that helped win enactment of a new consumer protection agency this year. Furthermore, the CFTC has long had the character of a place where regulations go to die — although, to be fair, that's not entirely the fault of its commissioners.
In 1998, during the Clinton administration, then-CFTC Chairwoman Brooksley Born urged Congress to place over-the-counter derivatives, then a $100-trillion business, under the agency's control. She was rudely slapped down by her fellow financial regulators, who said things were fine. That was before derivatives helped bring down Enron Corp. in 2001 and the world financial system in 2008.
One of Born's predecessors as CFTC chair was Wendy Gramm, wife of former Sen. Phil Gramm (R-Texas), who pushed through key financial deregulatory legislation while he was senator.
After leaving the CFTC, Wendy Gramm joined the Enron board. She was still there when the company went under. The CFTC chair to whom Judge Levine supposedly made his pledge, according to Painter, was Wendy Gramm. (I couldn't reach her or Levine for their comments on Painter's remarks.)
Returning to the case involving Judge Painter's health, his wife of eight years, Elizabeth Ritter, has petitioned to be made his legal guardian. Ritter, a CFTC attorney, says Painter was diagnosed with Alzheimer's disease in February and transferred to a residential treatment center in June.
She says Painter's son, Douglas, and other relatives improperly removed him from the center, got him a lawyer to file for divorce, and have kept him on the move cross-country to keep him isolated and disoriented.
Douglas Painter, a Los Angeles attorney, contends that Ritter overmedicated his father in preparation for the Alzheimer's tests and tried to isolate him from his friends and family, and that no one else has reported seeing the symptoms in his father that Ritter reports.
"Elizabeth just wants what's best for him to protect his well-being and his dignity," her lawyer, Kim Viti Fiorentino, told me. Judge Painter's lawyer, Jean Galloway Ball, responded: "He's in full control of his affairs, and if he needs assistance he can make his own choices."
It's fair to say that, whatever one thinks of the allegations about Judge Painter's treatment, the litigation process alone is Dickensian, and one can only hope that the judicial system works its way through the competing claims quickly and puts an end to it.
But it shouldn't distract the CFTC from facing up to Painter's assertions about Levine. I did a cursory search of both judges' rulings in reparations cases, in which investors seek to recoup losses due to alleged fraud, going back to 2007.
In that period, Painter found for investors at least five times, and Levine once (in that case he cut the investor's $114,000 claim to $52,000). Both also dismissed a lot of claims. The most recent ruling I could find from Painter was a closely reasoned 21-page decision dated Feb. 26, about the time Ritter says he was first diagnosed with Alzheimer's and well after she says he first exhibited severe behavioral problems, including alcoholism.
It would be hard for the commission to claim it has been unaware of serious issues with Levine's work. My search found three cases in which it overturned dismissals by Levine, sometimes with harsh words for his performance.
In 2007, for instance, the CFTC concluded that Levine committed "procedural errors" and "severely prejudiced" an investor in his $74,000 complaint against a futures broker. The commission awarded the investor more than $32,000.
In another case, the commission overruled Levine's dismissal of an investor's complaint twice before finally transferring the matter to Painter. He awarded the investor, a 75-year-old retiree, $47,627.
In a third case, the CFTC bounced a dismissal back to Levine with instructions to waive the procedural rule that prompted his dismissal. Levine dismissed it again, throwing in for good measure harsh words about the commission's performance.
In 2000, the Wall Street Journal — in a piece Painter appended to his resignation notice — found that during his eight years at the commission, Levine had never found for an investor except in a few cases involving defunct commodities firms.
He still has that reputation. Steven Berk, an investor protection attorney in Washington, says, "It's an open secret among my brethren that if you get Levine, he's not going to rule for the investor."
It's possible that Levine's record is fairer than it looks or that his dismissals were the product of sound legal reasoning, not bias.
But if the CFTC has been harboring in its bosom a judge with a pronounced hostility to the consumer all these years, how sad is it that it took another judge's parting blast to wake it up?
Michael Hiltzik's column appears Sundays and Wednesdays. Reach him at mhiltzik@latimes.com, read past columns at latimes.com/hiltzik, check out facebook.com/hiltzik and follow @latimeshiltzik on Twitter.
Copyright © 2010, Los Angeles Times
http://www.latimes.com/business/la-fi-hiltzik-20101026,0,180301.column
Bear Lake Gold Announces Option on the Swansea Property
LONGUEUIL, QUEBEC--(Marketwire - Oct. 25, 2010) - Bear Lake Gold Ltd. (TSX VENTURE:BLG) ("Bear Lake" or the "Company") is pleased to announce that the Company, Newstrike Resources Ltd. (TSXV: NR) ("Newstrike") and Odyssey Resources Limited (TSXV: ODX) ("Odyssey") have entered into an option agreement dated October 22, 2010 (the "Option") under which Odyssey may acquire a 25% interest in the Swansea property in Northeastern Ontario (the "Property") by spending $1.1 million on the Property.
Bear Lake and Newstrike respectively own an interest of 75% and 25% in the Property. Pursuant to the Option, Odyssey is entitled, subject to the terms and conditions of the Option, to acquire 18.75% from Bear Lake and 6.25% from Newstrike for a total of 25%. Bear Lake will be the operator of the exploration program on the Property and a drilling program should start in early November.
The Property consists of 28 leased claims located in McVittie Township in Northeastern Ontario and covers a total of 417 hectares. The Property is located 1.5 km north of the town of Larder Lake. The Swansea claims straddle the Larder-Cadillac break for some 3.6 km along strike. The break was the host of numerous gold deposits including the historic Kerr Addison mine located 11 km to the east. The Larder-Cadillac break is a wide corridor (up to 5 km) of steeply dipping and highly deformed Temiskaming sediments intercalated with ultramafic volcanic horizons. The deformation is strongest in the volcanic where strong silicification and carbonate alteration is present locally. Gold mineralization is generally associated with the strongly altered volcanic horizons.
The exercise of the Option and acquisition of the 25% interest in the Property by Odyssey is subject to Odyssey having expended aggregate expenditures of $1.1 million on the Property by March 31, 2010. Approval of the TSX Venture Exchange will be required before Odyssey can exercise the Option as a result of David Fennell and Alain Krushnisky being respectively Executive Chairman and Chief Financial Officer of Odyssey and Bear Lake.
François Viens is the Qualified Person under NI 43-101 who has reviewed the technical disclosure with respect to the Swansea Property contained in this press release. François Viens is President and CEO of Bear Lake.
Forward Looking Information
This press release contains forward-looking information. In particular, this press release contains statements concerning the commencement of an exploration program on the Swansea Property. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Forward-looking information is subject to known and unknown risks and uncertainties, and depends on assumptions and other factors, all of which may cause actual results or events to differ materially from those anticipated in such forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
For more information, please contact
Bear Lake Gold Ltd.
Francois Viens
President and CEO
450-677-2172
450-677-2601 (FAX)
www.bearlakegold.com
http://www.marketwire.com/press-release/Bear-Lake-Gold-Announces-Option-on-the-Swansea-Property-TSX-VENTURE-BLG-1340338.htm
Bear Lake Gold Appoints Executive Chair and Grants Options
October 19, 2010 - Longueuil, Quebec: The Board of Directors of Bear Lake Gold Ltd. (TSXV: BLG) (the “Company”) is pleased to announce that its Chairman, David Fennell, will assume the role and duties of Executive Chairman of the Company. In addition to the normal duties of Chairman, the Executive Chairman will lead the assessment of potential strategic initiatives to create and enhance value for shareholders. In consultation with François Viens, the Company’s President and CEO, he will ensure that action plans and policies are in place to meet the Company’s objectives.
The Company also announces that, subject to regulatory approval, it has approved the grant of an aggregate of 5,250,000 stock options to directors, officers, employees and consultants of the Company. Of the total, 1,630,000 options are subject to the achievement of certain performance objectives and vest only if the 20-day volume weighted average price of the Company’s common shares on the TSXV is $0.90 per share or above; and 700,000 are subject to the achievement of certain defined performance objectives. The balance of 3,620,000 options vest over a two-year period. The options have a five-year term and are exercisable at a price of $0.30, the closing price of the Company’s stock on October 15, 2010.
"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."
For further information, please contact:
Francois Viens
President and CEO
Tel: 450-677-2172
Fax: 450-677-2601
Website: www.bearlakegold.com
Haywood back on the bid. Buying any shares offered at these levels the last few days.
Bear Lake adds drill rig at Larder, extends warrants
2010-10-05 08:41 ET - News Release
Mr. Francois Viens reports
BEAR LAKE GOLD ADDS SECOND DRILL AT LARDER LAKE AND EXTENDS EXPIRY OF WARRANTS
Bear Lake Gold Ltd. has mobilized a second drill rig to accelerate the pace of its previously announced in Stockwatch on July 14, 2010, program of diamond drilling, consisting of approximately 15,000 metres focused mostly on the Bear Lake zone, at its Larder Lake project in Ontario.
The Company is also pleased to announce that it has received the consent of the TSX Venture Exchange to the extension of the term of 2,991,495 share purchase warrants issued on October 23, 2008 (the "2008 Warrants") as part of a brokered private placement of its securities. The 2008 Warrants are now exercisable for an extended term expiring on October 23, 2011. The exercise price of $0.40 is unchanged.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aBLG-1766217&symbol=BLG®ion=C
I know the feeling, I bought 4 of the 2011 Canadian Wolf, "Wildlife series" for my brother-in-law for Christmas. He's Canadian and a wolf lover. After I got them I decided 2 for him, 2 for me. Maybe by Christmas a shirt would be a better idea.
US Mint Raises Bullion 2010 American Silver Eagle Prices
September 30, 2010 by Tarek Saab ·
The United States Mint has officially raised their wholesale pricing above spot on American Silver Eagles to all authorized dealers from $1.50 to $2.00, an increase of a whopping 33%.
This news comes on the heels of a significant silver spot price rally over the last month to a new thirty year record over $22 per ounce. The impact of this news is significant and has already affected dealer pricing across the country within hours, as prices on Silver American Eagles have jumped over $0.50/oz industry wide.
The year 2010 will go down as a record year for Silver Eagle sales, as the United States Mint has already sold more than 25 million coins year-to-date. See chart below:
2010 Silver Eagle Sales
January 3,592,500
February 2,050,000
March 3,381,000
April 2,507,500
May 3,636,500
June 3,001,000
July 2,981,000
August 2,451,000
September 1,880,000
Total 25,480,500
This development comes only two days after the US Mint announced it had sold out of 2010 gold American Buffalo and would cease production for the remainder of the year.
The impact of this rise in premiums will undoubtedly affect the prices of generic silver rounds as well. We will monitor these developments closely, as the rush into silver impacts pricing and availability.
Tarek Saab is a former finalist on NBC's "The Apprentice" with Donald Trump. He is an international speaker, syndicated author, entrepreneur, and a managing partner at Trusted Bullion.
http://www.silvercoinstoday.com/us-mint-raises-bullion-2010-american-silver-eagle-prices/102912/