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Bank of America customers can buy Resolute Mining in custodial, investment or trust accounts. Their computer has been set up for it.
Ghana, Mali: good politico-economic regimes for mining, in Fraser survey
The latest survey of governments by the Fraser Institute, on how favorable the laws, cultures and business climates are for mining, give fairly good scores to Ghana and Mali (just below Africa's best, Botswana, and substantially above South Africa). The worlds best regime is Manitoba, Canada. The world's worst worst regime is Zimbabwe.
See the whole survey at:
http://www.fraserinstitute.ca/admin/books/files/Mining06rv2.pdf
The big news was the severe declines in Mongolia and Chile. (Glad I stayed out of Oyu Tolgoi.....)
Cluff Gold (CLF in London): Sierra Leone, Burkina & Cote d'Ivoire activity
BAOMAHUN PROMISE
Cluff Gold anticipates “good year” after increased loss
2007 should see Cluff Gold transfer from being a developer to a producer as two gold mining operations come on stream and another moves into the pre-feasibility stage.
From: Mineweb
Author: Rodrick Mukumbira
Posted: Monday , 02 Apr 2007
WINDHOEK -
Pan-African mining company Cluff Gold PLC anticipates an exciting year in which its projects will transform from development to production, while adding further value to its exploration programmes, in the face of widened pre-tax losses for fiscal 2006.
The company reported a pre-tax loss of £1.9 million for the year to December 31, up from a restated loss of £1.4 million for the same period in 2005, which it attributed to increased spending on its Baomahun exploration programme in Sierra Leone and higher administrative expenses.
Its administrative expenses rose to £1.95 million from £1.45 million in the comparative year.
The company said it spent US$5 million on the Baomahun exploration programme, a joint venture with Winston Mines Limited, to complete earn-in of 60 percent interest in the licence area.
In its preliminary results for fiscal 2006, Cluff Gold said the gold resource increased by over 70 percent to 880,000 ounces at the project, and also rose at the Angovia Gold Project in Cote d'Ivoire, bringing the total attributable gold resources to over 1.4 million ounces.
"With as much as 70 percent of the defined mineralised zone at Baomahun yet to be drilled it is clear that this project shows good promise," said the company. "The company expects to provide a revised mineral resource estimate before June and it is our intention to continue to drill throughout the year."
Last week Cluff Gold announced the latest assay and metallurgical results from the project, which it said show "real potential as a substantial gold resource".
It said that it intersected gold ranging from 1.45 - 5.01 grams per tonne from the project and that it has identified a new zone linking its central and eastern zones.
Cluff Gold added that the results suggested that conventional low-cost gold recovery processes would be suitable at Baomahun, and added that the pre-feasibility study would begin later this year and be completed in the fourth quarter of 2007.
The company has also said that development decisions have been made with regards to bringing into production the deposits at Kalsaka in Burkina Faso and at Angovia in Cote d'Ivoire, both of which will use the heap leaching.
"We plan to have Angovia in production by the last quarter of this year, building up to an anticipated annualised production rate of 40,000 ounces. Kalsaka is expected to produce from the second quarter of 2008 building up to an annualised production rate of 60,000 ounces," said JG Cluff, Chairman and Chief Executive, in a statement.
It also plans to drill at the Karbasso gold project in Mali, where prospects, it says, have been boosted by being in the proximity of the five million ounce Syama Mine and Etruscan's Finkola project, which recently reported "superlative grades".
Cluff Gold has projects in the UK, Burkina Faso, Sierra Leone, Cote d'Ivoire, Ghana, Zimbabwe, Mali, Congo and Madagascar, while mainly involved in the acquisition, exploration and development of gold deposits in West Africa.
Great Quest (GQ.V) new money, new ore
April 11, 2007
Great Quest Closes Two Private Placements and Updates Drilling
VANCOUVER, BC - Willis W. Osborne, President of Great Quest Metals Ltd. (TSXV: GQ; Frankfurt: GQM), is pleased to announce the completion of two private placements and an 869-metre extension to the strike length of gold mineralization on the Djambaye 2 gold zone in the Kenieba concession, western Mali, West Africa.
On February 5, 2007, Great Quest announced a private placement of 1,300,000 units at $0.60 per unit for total proceeds of $780,000. Each unit consists of one share and one half of a transferable share purchase warrant with each full warrant entitling the holder to purchase one additional share of Great Quest's capital stock at $0.75 for one year.
On February 12, 2007, Great Quest announced a second private placement of 833,332 units at $0.60 per unit for total proceeds of $500,000. This private placement has identical terms as the February 5th private placement, except that finder's fees and broker's warrants were included as part of the February 5th financing only. The February 12th private placement was completed with Macquarie Bank Limited and closed on March 8, 2007. The four-month hold period on the shares will expire on July 9, 2007.
The February 5th private placement was completed on April 3, 2007, with 738,667 units placed for total proceeds of $443,200. Finder's fees of $25,984 and broker's warrants of 43,307 were paid. The four-month hold period on the shares will expire on August 4, 2007.
A total of 18 diamond drill holes have been completed on the Djambaye 2 gold zone so far this year, and results from six of them are expected this week. Great Quest also reports that recent work on the Djambaye 2 has resulted in an 869-metre extension to the strike length of gold mineralization on the surface, which brings the total known strike length to 4,000 metres. The combined strike length of the known gold mineralization in two parallel zones, the Djambaye 1 and Djambaye 2, is now 7,477 metres.
ON BEHALF OF THE BOARD OF DIRECTORS OF GREAT QUEST METALS LTD.
"Willis W. Osborne"
Willis W. Osborne, President
For additional information please contact:
Investor Relations:
Great Quest Metals Ltd.
George Butterworth: 604-689-2882
Toll Free: 877-325-3838
Ascenta Capital Partners Inc.
Jamie Mathers: 604-684-4743, ext 236
Toll Free: 866-684-4209
The TSX Venture Exchange has neither approved nor disapproved the information enclosed in this release. The statements that are not historical facts and are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from the targeted results.
Action in Birim Goldfields (BGI.TO) stock
Birim's stock price has about doubled in the last few months, and four recent high-volume days have yielded big price surges. Something seems to be going on. There were a few public announcements, including mention of "drill hole BCC047 intersected 13 meters at 6.84 g/t gold (including 1m at 77.56 g/t gold) and BCC020 intersected 10 meters at 4.79 g/t gold." at Chert Ridge within Birim's huge Bui concession in Ghana, and they have expanded into Burkina Faso, which is sort of up the road from them.
Between the hig-volume surge days there has been low-volume dawdling. Looks like spurts of "accumulation" by someone.
I have some from years ago, bought below and above the current price.
Avnel's problem has been low trading-volume hence poor liquidity. Days go by with few or no trades. If you decide to sell even a small holding, who knows whether there would be ANY buyers at near the "market" price? A person wanting to get out could take a terrible hit.
However, the price went down to even-more-tempting levels lately.
Consider also the Avnel warrant if you're Canadian. It could outperform the stock if things look up for Avnel.
Randgold (GOLD) reserves rocket
from Business Report: http://www.busrep.co.za/index.php?fSectionId=&fArticleId=3756273
March 29, 2007
Johannesburg - London and Nasdaq listed gold miner Randgold Resources' latest resource and reserve declaration shows that the company discovered more than a million new reserve and resource ounces during the past year.
Main contributor to the increase was the company's Loulo project, where resources rose from 9.93 million ounces to 11.35 million ounces and reserves from 5.59 million ounces to 6.80 million over the last year.
Most of this increase was attributable to the Gara deposit, where the underground reserve was almost trebled through drilling. The recently identified Faraba satellite target has contributed a new inferred resource of 570 000 ounces.
At the attributable level, measured, indicated and inferred resources rose from 11.67 million ounces at the end of 2005 to 12.55 million, while proven and probable reserves increased from 5.42 million ounces to 6.29 million, net of depletion of some 400 000 ounces by mining through the year.
Since the year-end, ongoing diamond drilling at Gara, up to 400 metres south of the current wireframe, has confirmed the presence of additional high grade gold mineralisation associated with a blind anti-formal fold closure of the host quartz tourmaline unit, according to the company.
"Drilling continues to further define the dimensions of this high grade payshoot, which is open at depth and along strike. Once modelling has been completed, the Gara underground mining schedule and design will be reviewed.
Underground development is due to start at Gara in 2009 while the Yalea underground mine will produce its first ore later this year. The Gara and Yalea open-pit mines have been in operation since the last quarter of 2005," Randgold said.
Chief executive Mark Bristow said the sustained growth in the company's resource and reserve base showed the success of Randgold Resources' strategy of creating value through discovery and development.
"Loulo was originally conceived as an open-pit operation with a relatively short life but through continued exploration we have already built it into a truly world class project with a production profile that extends beyond 15 years. And as the latest drilling results from Gara indicate, there is still a considerable potential for growth at this project," he said.
"Like our other mine Morila, Loulo is the product of our own exploration efforts. Because we maintained our investment in exploration through the trough in the gold price cycle, we have been able to build production in time to benefit from the current high price.
"The underground mines being developed at Loulo, the tangible upside there and our other projects such as the feasibility-stage Tongon give our continued growth prospects real substance," Bristow said. - I-Net Bridge
High River (HRG.TO) 2006 Operations/results/profit
[Note: this includes the statement: "Corporate- The Board of Directors believes that the Company's share price does not reflect the true value of the Company's individual assets and mandated the Strategic Review Committee to evaluate alternatives to unlock shareholder value." Unless there are inherent problems I don't see, I'd have to agree that the stock price
should be doing better than it is. I don't have any. FL]
MARCH 29, 2007 - 20:44 ET
High River Gold Reports 2006 Year-End Results
TORONTO, ONTARIO--(CCNMatthews - March 29, 2007) -
(All currency figures are in Canadian dollars unless otherwise noted)
High River Gold Mines Ltd. ("High River" or the "Company") (TSX:HRG) today reported its financial results and operational highlights for the year ended December 31, 2006. The Consolidated Financial Statements and related Notes along with the Management's Discussion and Analysis have been filed with SEDAR (www.sedar.com) and can be viewed on the Company's website at www.hrg.ca.
HIGHLIGHTS FOR 2006
Financial Results
- Net income for 2006 was $31.0 million, or $0.13 per share, compared to a loss of $1.0 million ($0.01 per share) in 2005.
- Attributable gold production of 129,828 ounces was achieved for the year at a direct mining cost of US $333 per ounce for a total cash cost of US $381 per ounce (including a 6% government royalty).
- Cash flow from operations before working capital changes increased 38% to $21.2 million.
Operations
- Construction of the Taparko-Bouroum Gold Mine in Burkina Faso, West Africa:
- substantial progress was made during 2006 and the first gold pour is on target for May/June 2007.
- Construction of the Berezitovy Gold Mine in the Amur region of Russia:
- construction significantly advanced during the year, with the first gold pour scheduled for August/September 2007.
- Bissa Advanced Gold Exploration Project:
- the NI 43-101 gold resource estimate increased to:
Measured 81,980 ounces
Indicated 580,270 ounces
Inferred 679,470 ounces
- A new drill programme (US $10 million over 5 quarters) began in November 2006 to test 12 new drill target areas and further explore the high-grade "IO zone".
- Acquired the world-class Prognoz Silver Project:
- High River's 84.9%-owned Russian subsidiary, OJSC Buryatzoloto, acquired a 50% interest in and operatorship of the high-grade, world-class Prognoz Silver Project in the
- first half of 2006 (historic, non NI 43-101 compliant Russian classified reserves and resources of 194 million ounces grading 830 g/t silver).
- Reserves and Resources:
- Attributable reserves and resources doubled from 3 to 6 million gold and gold equivalent ounces.
- Achieved financing requirements for project construction and exploration expenditures through the exercise of warrants, additional project debt financing and a small convertible debenture.
- Signed a strategic alliance agreement with Goldrush Resources Inc., which provided High River with back-in and operatorship rights - increasing the Company's exposure to high potential grassroots exploration discoveries in Burkina Faso.
- Acquired a high potential, past producing exploration property package, adjacent to the Berezitovy mine site.
Corporate
- The Board of Directors believes that the Company's share price does not reflect the true value of the Company's individual assets and mandated the Strategic Review Committee to evaluate alternatives to unlock shareholder value.
GUIDANCE FOR 2007
- Production: High River's mines plan to produce, on a 100% basis(i), a total of 239,400 ounces of gold in 2007 as follows:
- Irokinda: 76,300 ounces
- Zun Holba: 69,100 ounces
- Taparko-Bouroum: 62,000 ounces
- Berezitovy: 32,000 ounces
(i)High River's interest: Irokinda and Zun Holba Mines - 85%, Taparko-Bouroum Mine - 90%, Berezitovy Mine - 99%
- Operating Costs: Direct mining costs for 2007 are expected to average US $324 per ounce. This cost figure includes the costs from the post-completion initial start-up phase at the Taparko-Bouroum and Berezitovy mines which are forecast to decline once full production levels are attained in 2008.
HIGHLIGHTS FOR THE FOURTH QUARTER 2006
Financial and Operating Results
- Net loss for Q4/06 was $2.2 million ($ .01per share)
- Attributable gold production was 45,818 ounces at a direct mining cost of US $354 per ounce, and a total cash cost of US $406 per ounce
- Cash flow from operations before working capital changes equaled $7.2 million
DISCUSSION OF FINANCIAL RESULTS
Selected Financial Results
--------------------------
($ thousands)
------------------------------------------------------------
2006 2005
------------------------------------------------------------
------------------------------------------------------------
Total Revenue $ 105,917 $ 83,828
------------------------------------------------------------
Net income (loss) 31,045 (1,044)
------------------------------------------------------------
Net income (loss) per share
------------------------------------------------------------
- Basic and Diluted 0.13 (0.01)
------------------------------------------------------------
Total Assets 517,432 304,198
------------------------------------------------------------
Total Long-term Financial Liabilities 137,895 8,316
------------------------------------------------------------
------------------------------------------------------------
Revenues from gold sales in 2006 were $103.3 million, up significantly from 2005 revenues of $82.2 million. The increase was due to higher realized gold prices partially offset by fewer ounces sold and the weakening of the US dollar against the Canadian dollar.
The Company realized a consolidated net income of $31.0 million, or $0.13 per share, in 2006 compared to a net loss of $1.0 million ($0.01 per share) in 2005. The increase was predominantly due to the recognition during the third quarter of a non-cash gain of $32.9 million on the transfer of High River's interest in the New Britannia Mine to a third party. Going forward, earnings will benefit from the elimination of non-cash interest expense, associated with the New Britannia Mine, of approximately $2 million per year.
Total assets increased from 2005 to 2006 as the Company invested in its two development projects coming into production in 2007, Taparko-Bouroum Mine and Berezitovy Mine, and acquired a 50% interest in the Prognoz Silver Project for US $30 million.
Total long-term financial liabilities increased from 2005 as a result of obtaining debt financing to advance the development projects.
OVERVIEW OF OPERATIONS
Operating Mines
Zun Holba Mine (Buryatia, Russia)
The underground Zun Holba Mine, owned and operated by High River's 85%-owned subsidiary, OJSC Buryatzoloto, produced 70,107 ounces of gold in 2006, virtually unchanged from the previous year, as the mill processed 245,655 tonnes of ore at an average head grade of 9.3 g/t. Direct mining costs increased to approximately US $352 per ounce (total cash cost of US $391 per ounce) compared to direct mining costs of approximately US $285 per ounce (total cash cost of US $305 per ounce) in 2005. The increase was largely due to higher costs related to deeper underground workings, material inflation, a new incentive plan to retain skilled personnel, and a strengthening rouble.
Irokinda Mine (Buryatia, Russia)
Production levels at Buryatzoloto's other underground mine, Irokinda, declined slightly during 2006 to 80,066 ounces from 83,280, due to a 6.7% decrease in tonnes milled (to 280,097 tonnes) related to lower mine output.
In 2006, direct mining costs increased to approximately US $269 per ounce (total cash cost of US $305 per ounce) compared to direct mining costs of approximately US $216 per ounce (total cash cost of US $241 per ounce) in 2005. The rise in operating costs was mainly the result of higher wage and materials costs and a stronger rouble.
Mines under Construction
Taparko-Bouroum Mine (Burkina Faso)
Construction at Taparko-Bouroum advanced substantially during 2006, and the mine is on target for a gold pour in May/June 2007. Major accomplishments during the year included: virtual completion of engineering design, pre-stripping of the 3/5 and G/T pits and actual mining and stockpiling of ore, erection of all six CIL tanks, mill building and components, completion of the tailings pad, and construction of the mine reservoir and water pipeline.
During May and June, the project will be undergoing preproduction activities with the mill running, circuit testing and gold production. It is expected that commercial production will be declared in July 2007 upon achievement of the following criteria:
1. Major project capital expenditures will be substantially completed to the extent of at least 85% of planned expenditures
2. Completion of a reasonable testing period of continuous operation of the facilities of not less than 30 days
3. A level of gold production of at least 60% of a planned monthly capacity of 8,900 ounces achieved over a continuous 30 day period
4. A significant portion of monthly expenditures are directed to operating activities, and
5. The gold produced must be in a saleable form.
Berezitovy Mine (Amur Oblast, Russia)
The Berezitovy Mine construction project also saw significant progress during 2006, with the first gold pour scheduled for August/September 2007. Notable accomplishments during the year included: completion of engineering for all major components, the start of pre-stripping and some minor stockpiling of ore, erection of the mill building and installation of the SAG and ball mills, erection of four of the six leach tanks, completion of approximately half of the phase 1 tailings pad, and installation of the jaw crusher and the front end of the ore feeder system. It is expected that commercial production will be declared in October 2007 upon achievement of the same criteria as detailed for the Taparko-Bouroum Gold Project except, that the gold production target of at least 60% will be measured against a planned monthly capacity of 10,000 ounces.
Advanced Exploration Projects
Bissa Gold Project
The Bissa Project consists of 1,000 square kilometres of exploration permits in Burkina Faso. During 2006, High River established a new, increased NI 43-101 resource (Measured: 81,980 ounces, Indicated: 580,270 ounces, Inferred: 679,470 ounces) over just 6 kilometres of the anomalous 30 kilometres of strike, on High River's property, of the regional structural trend called the Sabce Deformation Corridor.
Recently completed surface exploration, together with past exploration work, identified 12 target areas for drilling. In November 2006, High River began a US $10 million drill programme, budgeted at US $2 million per quarter. This programme's initial objective is to expand the National Instrument 43-101 resource estimate to over 2 million ounces of gold. This will be accomplished by drill testing the 12 target areas, as well as in-fill drilling on the high-grade IO zone.
Prognoz World-Class Silver Project
Early in 2006, Buryatzoloto acquired a 50% interest in, and operatorship of, the world-class Prognoz Silver Project. Prognoz has historic Russian classified (non NI 43-101 compliant and must not be relied upon) reserves and resources containing 194 million ounces grading 830 g/t on average (see September 25, 2006 news release), making it one of the largest and highest grade, undeveloped silver projects in the world. The historical reserves and resources calculation was based on extensive past work over the period 1987 to 2000 by the Russian State Exploration Company (17,805 metres of diamond drilling and 17,756 metres of trenching). The reserves and resources were based on data from only two of the more than 30 veins known to exist on the property, the Glavnoye Vein (4.1 kilometres long and open along strike) and the Boloto Vein (2.4 kilometres long and open along strike).
During 2006, a US$ 6 million exploration programme consisted of 85 diamond drill holes totaling 13,613 metres, and 744 metres of trenching. To date, results for 54 of these drill holes were received and released. They generally showed: high silver grades across mineable widths, grades and widths generally consistent with historical values over the strike length tested, and vertical and horizontal continuity of mineralization within the Glavnoye vein along the approximately 2.5 kilometre strike length tested. A new US $13 million drill programme, which will ultimately utilize 5 drill rigs, began in January 2007. The objective of this programme is to:
- Establish NI 43-101 resources
- Expand the total resource
- Extract and metallurgically test a 10 tonne bulk sample
- Begin a scoping study
About High River
High River is currently constructing two open-pit gold mines which are on schedule to commence production in 2007, the Taparko-Bouroum Project in Burkina Faso (May/June) and the Berezitovy Project in Russia (August/September). Annual gold production from Taparko-Bouroum is planned at 100,000 ounces in year one increasing to over 140,000 ounces in the third year of operation, and annual production from Berezitovy will average more than 100,000 ounces. Combined with gold production from High River's 85%-owned Russian subsidiary, OJSC Buryatzoloto, High River's attributable gold production is expected to exceed 200,000 ounces in 2007, and 350,000 ounces in 2008. In addition, the Company has two advanced exploration projects, the Bissa Gold Project in Burkina Faso and the world-class Prognoz Silver Project in Russia. These projects are expected to significantly add to the Company's production profile in the future.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected. Risk and uncertainties about the Company's business are more fully discussed in the Management's Discussion and Analysis published in the Company's Annual Report and in the Annual Information Form.
High River Gold Mines Ltd.
CONSOLIDATED BALANCE SHEETS
As at December 31
(Thousands of Canadian dollars)
2006 2005
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Assets
Current Assets
Cash and cash equivalents $ 35,616 $ 8,524
Restricted cash 73 2,087
Accounts receivable 11,055 4,587
Inventory 20,223 13,688
Other assets 1,231 980
--------------------------------------------------------------------------
68,198 29,866
Investments 9,854 5,950
Property, plant and equipment 71,110 71,584
Exploration properties and deferred exploration 107,825 61,292
Development properties 259,846 134,202
Other assets 599 1,304
--------------------------------------------------------------------------
Total Assets $ 517,432 $ 304,198
--------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $ 24,207 $ 13,163
Loans and interest payable 27,396 23,532
--------------------------------------------------------------------------
51,603 36,695
Loans and interest payable 137,895 8,316
Reclamation 1,506 1,378
Venture obligation - 31,422
Future income taxes 17,776 10,966
--------------------------------------------------------------------------
208,780 88,777
Non-controlling interest 16,341 14,955
--------------------------------------------------------------------------
Total Liabilities 225,121 103,732
--------------------------------------------------------------------------
Shareholders' Equity
Share capital 338,371 276,575
Warrants 6,294 11,827
Contributed surplus 11,363 7,721
Debenture conversion option 538 -
Cumulative translation adjustment (22,693) (23,050)
Deficit (41,562) (72,607)
--------------------------------------------------------------------------
292,311 200,466
--------------------------------------------------------------------------
Total Liabilities and Shareholders' Equity $ 517,432 $ 304,198
--------------------------------------------------------------------------
--------------------------------------------------------------------------
High River Gold Mines Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the years ended December 31
(Thousands of Canadian dollars except per share figures)
2006 2005
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Revenue
Gold $ 103,255 $ 82,156
Other 2,662 1,672
--------------------------------------------------------------------------
105,917 83,828
--------------------------------------------------------------------------
Expenditures
Mining costs 67,833 56,957
Amortization and depletion 14,444 11,154
Exploration 4,183 3,832
Administrative costs 6,367 3,975
Financing costs 1,743 1,767
--------------------------------------------------------------------------
94,570 77,685
--------------------------------------------------------------------------
Income before the under noted 11,347 6,143
Financing costs on venture obligation (1,518) (1,541)
Settlement of venture obligation 32,940 -
Stock option benefit expense (3,388) (1,378)
Debenture accretion (47) -
Loss on disposal of assets (259) (352)
Gain on sale of investments - 539
Write down of carrying value (568) (231)
Non-controlling interest in earnings of subsidiary (1,685) (841)
--------------------------------------------------------------------------
36,822 2,339
Income tax expense 5,777 3,383
--------------------------------------------------------------------------
Net income (loss) for the year $ 31,045 $ (1,044)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net income (loss) per share - basic $ 0.13 $ (0.01)
- diluted $ 0.13 $ (0.01)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ONSOLIDATED STATEMENTS OF DEFICIT
For the years ended December 31
(Thousands of Canadian dollars)
2006 2005
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Deficit - Beginning of year $ (72,607) $ (71,563)
Net income (loss) for the year 31,045 (1,044)
--------------------------------------------------------------------------
Deficit - End of year $ (41,562) $ (72,607)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
High River Gold Mines Ltd.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31
(Thousands of Canadian dollars)
2006 2005
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Cash provided by (used in):
Operating Activities
Net income (loss) for the year $ 31,045 $ (1,044)
Non-cash items:
Non-controlling interest in earnings of subsidiary 1,685 841
Financing cost on venture obligation 1,518 1,541
Settlement of venture obligation (32,940) -
Reclamation 124 -
Amortization and depletion 15,152 11,275
Debenture accretion 47 -
Loss on disposal of assets 259 352
Gain on sale of investments - (539)
Stock option benefit expense 3,388 1,378
Future income taxes 239 1,289
Write down of carrying value and other 649 261
--------------------------------------------------------------------------
Subtotal 21,166 15,354
Change in non-cash working capital (15,187) (7,146)
--------------------------------------------------------------------------
Total operating 5,979 8,208
--------------------------------------------------------------------------
Investing Activities
Property, plant and equipment (15,089) (10,233)
Proceeds on disposal 366 779
Exploration properties and deferred exploration (5,698) (10,976)
Development properties (116,279) (64,202)
Purchase of subsidiary net of cash acquired - (480)
Investment in joint venture (26,214) -
Decrease (increase) in investments - 338
Allocation of restricted cash 2,016 (790)
Decrease in other long-term assets (265) (2,549)
--------------------------------------------------------------------------
Total investing (161,163) (88,113)
--------------------------------------------------------------------------
Financing Activities
Dividends paid by subsidiary to non-controlling
interest (6) (65)
Loans received 152,955 18,028
Loans and interest paid (24,868) (1,574)
Issuance of common shares 54,133 32,045
--------------------------------------------------------------------------
Total financing 182,214 48,434
--------------------------------------------------------------------------
Effect of exchange rate changes on cash held
in foreign currencies 62 (714)
--------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents
during the year 27,092 (32,185)
Cash and cash equivalents - Beginning of year 8,524 40,709
--------------------------------------------------------------------------
Cash and cash equivalents - End of year $ 35,616 $ 8,524
--------------------------------------------------------------------------
--------------------------------------------------------------------------
CONTACT INFORMATION
High River Gold Mines Ltd.
Dan Hrushewsky
(416) 947-1440
(416) 360-0010 (FAX)
Email: info@hrg.ca
Website: www.hrg.ca
Merrex Gold (MXI.V) Results. Incl. 6 meters 9.49g/t gold in Mali
MARCH 30, 2007 - 09:15 ET
Merrex Gold Intersects 9.49 g/t Au / 6 m in RAB Drilling and Extends Mineralized Siribaya Structure to 7 km
HALIFAX, NOVA SCOTIA--(CCNMatthews - March 30, 2007) - Merrex Gold Inc. ("Merrex") (TSX VENTURE:MXI) is pleased to announce that additional significant results from RAB drilling on its Siribaya Gold Project in West Mali have now outlined a Major Gold Mineralized System at least seven kilometres long and still open at both ends and at depth. (See Map 1)
To view a map of the Siribaya Gold Project, please click on the link below: http://www.ccnmatthews.com/docs/siribaya.pdf
Assay highlights include:
- 2.74 g/t Au / 36m
- 4.04 g/t Au / 18m
- 4.78 g/t Au / 12m
- 9.49 g/t Au / 6m
- 11.55 g/t Au / 4m
- 23.24 g/t Au / 2m
"These latest drill results from our Siribaya Gold Project are exceptional" stated Merrex Gold President and CEO Greg Isenor, P. Geo. "We are incredibly pleased with these numbers. We can confirm that we have several high-priority diamond drill targets and we plan to proceed with diamond drilling as soon as possible."
The RAB program at the Siribaya Gold Project is now complete with a total of approximately 31,000 metres drilled. Merrex has confirmed a substantial mineralized structure measuring 7 kilometres long, up to one kilometre wide, with a confirmed depth extension of at least 30 metres, and still open to the north, south and at depth. Numerous RAB holes ended in excellent grade mineralization and four longitudinal lines through the anomalies, also with excellent gold grades, provide further evidence of the continuity of the mineralization in a north-south trend. Significant assay results are listed in the assay summary table as follows:
ASSAY SUMMARY TABLE
------------------------------------------------------------
RAB Line # Hole ID From (m) To (m) Length (m) Au (g/t)
------------------------------------------------------------
------------------------------------------------------------
12 R-SR-07-102 30 32 2 1.67
------------------------------------------------------------
17 R-SR-07-176 34 42 8 1.56
------------------------------------------------------------
Incl. 38 40 2 3.65
------------------------------------------------------------
18 R-SR-07-199 38 40 2 4.77
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20 R-SR-07-221 50 52 2 1.85
------------------------------------------------------------
R-SR-07-228 8 10 2 1.25
------------------------------------------------------------
R-SR-07-229 0 2 2 1.29
------------------------------------------------------------
R-SR-07-229 10 16 6 1.13
------------------------------------------------------------
PRL4 R-SR-07-334 14 24 10 1.18
------------------------------------------------------------
Incl. 20 22 2 2.44
------------------------------------------------------------
R-SR-07-335 18 22 4 3.00
------------------------------------------------------------
Incl. 18 20 2 5.01
------------------------------------------------------------
PRL5 R-SR-07-289 20 26 6 1.62
------------------------------------------------------------
Incl. 24 26 2 3.29
------------------------------------------------------------
LR01 R-TY-07-370 0 2 2 1.20
------------------------------------------------------------
R-TY-07-370 6 28 22 1.32
------------------------------------------------------------
Incl. 6 14 8 1.76
------------------------------------------------------------
Incl. 22 28 6 1.41
------------------------------------------------------------
R-TY-06-371 0 8 8 2.19
------------------------------------------------------------
R-TY-07-371 16 30 14 4.51
------------------------------------------------------------
Incl. 18 30 12 4.96
------------------------------------------------------------
Incl. 20 22 2 9.53
------------------------------------------------------------
R-TY-07-372 0 8 8 1.20
------------------------------------------------------------
R-TY-07-372 12 32 20 2.39
------------------------------------------------------------
Incl. 18 22 4 6.01
------------------------------------------------------------
Incl. 28 32 4 3.37
------------------------------------------------------------
LR01 R-TY-07-373 0 32 32 2.30
------------------------------------------------------------
Incl. 8 12 4 6.01
------------------------------------------------------------
Incl. 22 24 2 4.00
------------------------------------------------------------
R-TY-07-374 12 18 6 1.28
------------------------------------------------------------
R-TY-07-374 26 40 14 2.35
------------------------------------------------------------
Incl. 28 34 6 3.88
------------------------------------------------------------
R-TY-07-376 32 40 8 3.66
------------------------------------------------------------
Incl. 32 36 4 6.84
------------------------------------------------------------
Incl. 34 36 2 12.92
------------------------------------------------------------
R-TY-07-381 12 16 4 1.35
------------------------------------------------------------
R-TY-07-382 20 22 2 1.42
------------------------------------------------------------
R-TY-07-384 12 16 4 3.67
------------------------------------------------------------
R-TY-07-384 28 32 4 1.31
------------------------------------------------------------
R-TY-07-385 0 36 36 2.74
------------------------------------------------------------
Incl. 10 28 18 4.04
------------------------------------------------------------
Incl. 10 16 6 5.15
------------------------------------------------------------
LR02 R-SR-07-250 2 14 12 1.99
------------------------------------------------------------
Incl. 6 9 6 3.19
------------------------------------------------------------
LR02 R-SR-07-251 0 14 14 1.58
------------------------------------------------------------
Incl. 10 12 2 3.65
------------------------------------------------------------
R-SR-07-252 6 22 16 1.74
------------------------------------------------------------
Incl. 8 18 10 2.37
------------------------------------------------------------
Incl. 8 10 2 4.65
------------------------------------------------------------
LR04 R-SR-07-266 8 12 4 3.44
------------------------------------------------------------
R-SR-07-272 10 22 12 4.78
------------------------------------------------------------
Incl. 14 18 4 11.55
------------------------------------------------------------
R-SR-07-274 18 24 6 9.49
------------------------------------------------------------
Incl. 18 20 2 23.24
------------------------------------------------------------
A complete list of assay results will be posted at www.merrexgold.com.
Merrex owns a large land position in the prolific West Mali gold producing area. Together with strategic partner Touba Mining, Merrex has acquired five mineral permits covering over 750 square kilometres with the West Mali Gold Belt, a region which currently produces in excess of 1.5 million ounces of gold per year from such well-known large gold deposits as the Sadiola, Loulo and Tabakoto mines. The Merrex permits cover highly prospective land with significant geological structures, associated geochemically anomalous gold zones, extensive orpailleur alluvial gold workings and artisinal underground workings. In addition, Merrex is in various stages of negotiations to acquire additional mineral permits in the area which, when completed, would result in a contiguous land position of approximately 1,000 square kilometres, all within the prolific West Mali Gold Belt.
Samples are collected at the exit of the drill cyclone with plastic buckets resulting in 30-35 kg of material. The cyclone is blown clean by the drill operator between samples. Each sample is split with a high capacity splitter until a two to three kg sample for assay and a duplicate are obtained, and both samples are bagged and numbered. The excess material is poured as heaps of cuttings on the ground in a systematic down-hole line for logging by a geologist. Control samples are inserted at approximately every 25 samples, and a duplicate sample and a blank sample are alternatively intercalated in the sampling sequence. The samples are then transported by truck to the exploration camp in Berekegni (less than four km) under the direction and supervision of the named Qualified Person. The secured samples are packed in rice bags and shipped directly by truck or plane to Bamako with a sample shipment control form. Samples are recorded upon receipt at the ALS Chemix ABILAB Laboratory and then assayed for gold by method of "fire assay" form a pulverized fraction of 50g and with a limit detection of 5ppb.
The program is being carried out under the supervision of Jean-Marc Gagnon, Eng.,MBA, the qualified person responsible for the verification and accuracy of these results.
Merrex Gold is a mineral resource exploration company focused on exploration for gold in West Mali, Africa, zinc in Cape Breton, Nova Scotia, nickel in West Voisey's Bay, Labrador, and gold in Red Lake, Ontario, with a solid organization of people and projects to enable continued aggressive exploration, discovery, and growth.
Merrex Gold Inc. invites the public to visit its website at www.merrexgold.com or to email us at info@merrexgold.com to be added to the Company's email list for press releases and updates.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. 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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.
CONTACT INFORMATION
Merrex Gold Inc.
Greg Isenor
President & CEO
(902) 832-5555
or
Merrex Gold Inc.
Diane Webber
Senior Geologist/Investor Relations
(902) 832-5555
(902) 832-2223 (FAX)
Email: info@merrexgold.com
Website: www.merrexgold.com
Compare Resolute's chart (au:RSG) with Etruscan's (ca:EET) on Bigcharts below:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=au%3Arsg&sid=0&o_symb=au%3Ar....
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ca%3Aeet&sid=0&o_symb=ca%3Ae....
On Bigcharts, they can be put on the same chart using the "Advanced Chart" button.
Resolute rose a few months before Etruscan did (both Finkolo-bonanza-related, I presume), but Etruscan has held its price advance whereas Resolute has drifted down almost to the pre-discovery level.
What do you think of the tiny-volume American version, RMGGF? Is that possible to buy through an ordinary Canadian broker?
http://www.pinksheets.com/quote/chart.jsp?symbol=RMGGF
How should Americans buy Resolute Mining? (RSG on Sydney ASX, RSGGF on Pink Sheets)
Should an American investor go for the Australian original stock of Resolute Mining (RSG on Sydney ASX), or buy the ADR (American Depository Receipt)??? on the Pink Sheets. The latter has had very low volume; see:
http://www.pinksheets.com/quote/chart.jsp?symbol=RMGGF
I've never bought an Australia-traded stock before. I don't know whether my broker can handle it. Is it a tax or commission hassle?
Aside from Ghana, Resolute seems to own the lion's share of Etruscan's bonanza hit at Finkolo in Mali.
Oh? I thought the decline was just due to ONA (Moroccan Royal family controlled) taking profits on their former Semafo stake so they can load up on Searchgold. I haven't sold any of my Semafo, and was gratified by the recent (1/2...) recovery. I have Searchgold too (which has more than recovered), so maybe the King and I think alike on these matters.
I didn't see Semafo's reports on Samira Hill in Niger as being "misleading" as to their percent, any more than Etruscan's were. Neither company keeps it secret.
NEW: La Mancha Resources(LMA.T) in Côte d'Ivoire's Ity Mine (that's Ivory Coast) and various exploration properties. Work Stoppage/Strike at Ity.
Operations suspended by work stoppage at Ity gold mine
TSX - LMA
MONTREAL, March 8 /CNW/ - On Wednesday, March 7, 2007, the mine employees of Société des Mines d'Ity (thereafter referred to as "SMI" or the "Ity mine") entered into a work stoppage forcing all operations at the Ity mine to be suspended. SMI is jointly owned by La Mancha Resources Inc. (TSX:LMA, thereafter "La Mancha" or the "Company") and SODEMI, an Ivorian government agency co-investing in local mining opportunities. La Mancha and SODEMI respectively hold interests of 51% and 49% in the Ity mine.
The interruption of the operations has been orderly and without incident. SMI's management rapidly resumed communication with the union representatives and discussions to find a rapid solution to the work stoppage are already underway. Normal operations of the mine will resume as soon as a "back-to-work" agreement can be concluded.
Further details will be released and communicated as they become available. The Ity mine commenced operations in 1991 and is located in western Côte d'Ivoire, approximately 700 km from Abidjan. La Mancha's attributable gold nproduction expected from the Ity mine in 2007 is 21,400 ounces, which would represent 28% of La Mancha's total attributable yearly production.
ABOUT LA MANCHA RESOURCES Inc.:
La Mancha Resources Inc. is an international gold producer based in Canada with operations, development projects and exploration activities in Africa, Australia and in Argentina. La Mancha's shares trade on the Toronto (TSX) under the symbol "LMA". For more information on the company, you may visit the web at www.lamancharesources.com.
%SEDAR: 00013309E
For further information: La Mancha Resources INC., Martin Amyot, Vice
President Corporate Development, Tel: (514) 987-5115, E-mail:
info@lamancharesources.com, Web: www.lamancharesources.com
Mining Firms Defend Their Operations In Ghana
02-Mar-07 GhanaNewsToday
Some mining companies in the country have responded to criticisms that they do not put in place adequate measures to compensate the iinhabitants on whose lands they conduct their mining operations.
Several mining firms have come under intense attack recently for what some inhabitants say is a blatant abuse of lands and resources without proper measures to compensate the towns and villages involved.
Some of the communities have complained about deprivation of resources and other assets due to the activities of mining companies.
In an interview with GHANANEWSTODAY, External Affairs Director at Newmont Ghana Limited, Dr Chris Anderson says unless society stops using the products mining generates, the mining phenomena will not stop.
He said the historical perspective to mining is what is causing current agitations as to the viability of the discipline, insisting that mining in Ghana currently is regulated in a way that is devoid of destruction to lands and resources.
He added that most of the mining firms in the country conduct their operations in a more responsible way.
Audio File Available
Source: Ghananewstoday.com
Resolute(RSG.ASX)/Etruscan(EET.TO) hit more "bonanza" gold grades in Mali
Finkolo Gold Project continues to deliver Bonanza Grades for Etruscan in Mali South
HALIFAX, March 7 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported on further drill results received from the Finkolo Gold Project in Mali, West Africa which continue to confirm grade and continuity along the the 1.7 kilometer long Tabakoroni Zone. The reverse circulation drill holes are all located within the main Tabakoroni Zone, and several holes have intersected "bonanza" grades, up to 241 g/t gold. Highlights include:
- 5 meters of 65.4 g/t gold (including 1 meter of 241.0 g/t gold)
- 3 meters of 61.0 g/t gold (including 1 meter of 178.8 g/t gold)
- 6 meters of 14.3 g/t gold (including 1 meter of 61.9 g/t gold)
- 9 meters of 11.2 g/t gold (including 2 meters of 46.6 g/t gold)
- 4 meters of 14.0 g/t gold (including 1 meter of 39.7 g/t gold)
- 5 meters of 7.5 g/t gold (including 1 meter of 31.4 g/t gold)
- 6 meters of 8.6 g/t gold (including 2 meters of 21.9 g/t gold)
The Finkolo Permit is contiguous with the Syama Permit of Resolute Mining Limited ("Resolute") which hosts the 6.4 million ounce Syama gold mine. Resolute is the Project Manager of the Finkolo Joint Venture and has now completed 5,827 meters of reverse circulation drilling on behalf of the joint venture in this most recent campaign which began in November 2006. These latest results continue to confirm continuity of mineralization in the main Tabakoroni Zone which has a strike length of 1.7 kilometers. The results will be incorporated into a new resource model in support of expansion of the resource potential at Finkolo. The zone has been tested along strike to the north and south using an air core drill rig and assays are pending.
Additional drilling will be required to test the potential of the deposit at depth using diamond drills. Certain reverse circulation holes that ended in mineralization must be deepened with diamond drill core. For example, hole TAC-137 which intersected the highest grade intercept to date with 2 meters of 982.3 grams per tonne gold, also had a deeper intersection of 42 meters at 4.3 grams per tonne gold that ended in mineralization at a downhole depth of
102 meters. A combination RC/diamond drill rig is being mobilized to Finkolo and is anticipated to be at site in 4-6 weeks time.
Resolute has recently notified Etruscan that it has expended the necessary funds to earn an additional 10% interest in the project, which would bring their total interest in the project to 60%. Resolute had already earned a 50% interest by expending US$2,000,000 and had elected to earn an additional 10% by expending a further US$1,000,000. These additional earn-in expenditures are currently being audited in accordance with the joint venture agreement. Under the terms of the joint venture agreement Resolute must fund all costs of the joint venture until production of a feasibility and Etruscan will reimburse Resolute from 50% of its share of future project cash flow.
Significant drill intercepts from the latest round of drilling are presented in Table 1 below:
TABLE 1 - Recent Drill Results Tabakoroni Zone
-------------------------------------------------------------------------
Intercept(m) Intercept Grade
-------------------------------------------------------------------------
Width
Hole From To (m) (g/t)
-------------------------------------------------------------------------
TAC-139 49 52 3 7.8
-------------------------------------------------------------------------
including 51 52 1 15.5
-------------------------------------------------------------------------
TAC-144 30 35 5 65.4
-------------------------------------------------------------------------
including 32 33 1 241.0
-------------------------------------------------------------------------
TAC-150 89 94 5 4.0
-------------------------------------------------------------------------
including 90 91 1 8.0
-------------------------------------------------------------------------
TAC-151 68 73 5 7.5
-------------------------------------------------------------------------
including 69 70 1 31.4
-------------------------------------------------------------------------
TAC-152 78 86 8 3.8
-------------------------------------------------------------------------
including 84 86 2 8.7
-------------------------------------------------------------------------
TAC-153 67 73 6 8.6
-------------------------------------------------------------------------
including 68 70 2 21.9
-------------------------------------------------------------------------
TAC-161 0 22 22 1.7
-------------------------------------------------------------------------
including 0 1 1 4.4
-------------------------------------------------------------------------
TAC-162 30 32 2 23.9
-------------------------------------------------------------------------
TAC-163 9 10 1 31.2
-------------------------------------------------------------------------
TAC-164 81 88 7 4.6
-------------------------------------------------------------------------
including 81 83 2 10.3
-------------------------------------------------------------------------
TAC-165 63 72 9 11.2
-------------------------------------------------------------------------
including 63 65 2 46.6
-------------------------------------------------------------------------
TAC-170 81 89 8 5.6
-------------------------------------------------------------------------
including 84 85 1 18.6
-------------------------------------------------------------------------
TAC-171 79 94 15 3.2
-------------------------------------------------------------------------
including 82 83 1 8.5
-------------------------------------------------------------------------
TAC-172 82 86 4 14.0
-------------------------------------------------------------------------
including 82 83 1 39.7
-------------------------------------------------------------------------
TAC-173 117 126 9 3.0
-------------------------------------------------------------------------
including 120 121 1 4.7
-------------------------------------------------------------------------
TAC-174 9 22 13 5.5
-------------------------------------------------------------------------
including 15 19 4 9.6
-------------------------------------------------------------------------
and 44 47 3 5.5
-------------------------------------------------------------------------
including 45 46 1 12.5
-------------------------------------------------------------------------
and 81 98 17 3.6
-------------------------------------------------------------------------
including 93 94 1 39.0
-------------------------------------------------------------------------
TAC-175 27 30 3 61.0
-------------------------------------------------------------------------
including 27 28 1 178.8
-------------------------------------------------------------------------
TAC-181 83 89 6 4.4
-------------------------------------------------------------------------
including 85 86 1 11.5
-------------------------------------------------------------------------
All assays numbers are reported as un-cut and all intercepts are reported as drill width and are not to be interpreted as true widths
Previously reported highlights (Etruscan press releases May 30, 2006, March 15, 2006, January 23, 2006 and January 17, 2007) from Finkolo include:
- 10 meters of 201.1 g /t gold (including 2 meters of 982.3 g/t gold)
- 42 meters of 4.3 g /t gold (hole ended in mineralization)
- 8 meters of 27.3 g/t gold (including 2 meters of 93.6 g/t gold)
- 4 meters of 10.4 g/t gold (including 2 meters of 19.7 g/t gold from
the Porphyry Zone)
- 23 meters at 7.9 g/t gold (including 2 meters of 39.8 g/t gold)
- 15 meters at 7.6 g/t gold (including 2 meters of 45.0 g/t gold)
- 16 meters at 4.2 g/t gold
- 14 meters at 6.2 g/t gold (including 3 meters of 21.9 g/t gold)
- 12 meters at 7.8 g/t gold (including 2 meters of 26.7 g/t gold)
- 14 meters of 67.9 g/t gold (including 2 meters of 465.2 g/t gold)
- 7 meters of 15.0 g/t gold (including 2 meters of 43.3 g/t gold)
- 5 meters of 16.8 g/t gold (including 1 meter of 73.8 g/t gold)
All gold analyses were performed by Analabs Laboratories at Morila, Mali using standard screen metallics assay procedures. K. Kirk Woodman P.Geo., Etruscan's Chief Project Geologist, is the Qualified Person overseeing Etruscan's exploration programs in West Africa.
Etruscan Resources Inc. is a diversified Canadian junior mining company focused on acquiring dominant land positions in district scale gold and diamond belts within Africa. Etruscan has an aggressive exploration strategy and now holds strategic land positions in a number of gold belts covering over 10,000 km2 in five countries in West Africa. The Company also holds a dominant land position in the Ventersdorp alluvial diamond district in South Africa.
The common shares of Etruscan are traded on The TSX Exchange under the symbol "EET". More extensive information on Etruscan can be found on its home page at http://www.etruscan.com.
This press release may contain certain forward-looking statements [...omitted]
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
For further information: from Etruscan contact: Richard Gordon, Investor Relations, rgordon@etruscan.com, (877) 465-3674, Fax (902) 832-6702; Tony Hayes, thayes@etruscan.com, (866) 638-3338, Fax (905) 468-8407
Semafo (SMF.TO) getting whacked on huge volume today.
Goldfields (GOLD) and Orezone (OZN.TO) US$11.4 million feasibility study for Essakane in Burkina Faso.
Press Release March 5, 2007:
Gold Fields approves US$11.4M Full Feasibility Study
Orezone Resources Inc. (OZN:TSX, AMEX) is pleased to announce that it has been informed by Gold Fields Limited that it has commenced the Full Feasibility Study (“FFS”) at Essakane Project in Burkina Faso with a budget of US$11.4M. Orezone and Gold Fields each own a 50% interest in the project however, Gold Fields can earn an additional 10% by completing a Bankable Feasibility Study (under rules of NI43-101 Bankable Feasibility is now referred to as Full Feasibility) . The study is expected to be completed during the third quarter this year. GRD Minproc has been awarded the FFS study with various parts subcontracted to Knight Piesold and RePlan.
Orezone was also advised that the total recoverable resources have been calculated to include some 25,000m of infill core drilling as well as coarse gold assay factors from a recent rapid cyanide leach (“RCL”) re-assay program. The resource update has been calculated by Gold Fields in collaboration with the independent consultant and is subject to final review. Gold Fields is also working with consultants Knight Piesold, as part of the FFS, to confirm final surface mine slope angles to calculate at least one pit shell model using a $650 gold price (total resources contained within a surface mine using a gold price of $650).
The RCL re-assay program announced last year continues with an additional 35,000 samples from previously drilled holes from the periphery of the deposit. The majority of the RCL re-assay results to date (some 10,000 samples) are from the core of the deposit. The results have been slow in coming due to laboratory bottle necks and re-adjusting of the sample protocols. The final suite of samples to be re-assayed are to confirm that the positive variations of results found in the core of the deposit match those of the periphery. Based on current lab turnaround, completion of the re-assay program is expected in April or May. At such time final surface mine reserves and resources will be calculated again for the FFS using appropriate economic and physical parameters and by incorporating all final re-assay results and coarse gold factors.
In parallel to the study, Orezone and Gold Fields have been formalizing an Operating Agreement including a Master Mining Service Agreement (MMSA) as well as converting their Joint venture Option Agreement into a Members Agreement (corporate structure agreement). All agreements are based on the basic terms of the original Option Agreement but with greater detail. Completion of the documents is expected before the end of the first quarter.
Orezone is an emerging gold producer that has an exploration permit for Essakane, the largest gold deposit in Burkina Faso, West Africa where partner Gold Fields Limited is earning a 60 per cent interest by completing a Full feasibility study. Orezone also has a pipeline of promising projects, all located in politically stable areas of West Africa which is one of the world’s fastest growing gold producing regions. Orezone’s mission is to create wealth by discovering and developing the earth’s resources in an efficient and responsible manner.
For further information please contact:
Ron Little
President & CEO
rlittle@orezone.com
Niel Marotta
Vice President Corporate Development
nmarotta@orezone.com
Phone (613) 241-3699 Toll Free (888) 673-0663
FORWARD-LOOKING STATEMENTS: [omitted]
Semafo's (SMF.T) Gold Reserves Increase 10% (at US$550/oz price)
[Three mines now, one each in Guinea, Niger and Burkina Faso]
SEMAFO TSX-SMF
FOR IMMEDIATE RELEASE
SEMAFO GOLD RESERVES AND RESOURCES INCREASE BY 10% TO 4.4 M OUNCES
Montreal, Quebec, March 5, 2007. – SEMAFO (TSX – SMF) announced today that its total mineral reserves and resources as at December 31, 2006 total 4.4 million ounces. Using a gold price of US$550 per ounce, Semafo’s total proven and probable mineral reserves stand at 22,5 M tonnes at 2.83 g/t Au representing 2 042 800 ounces compared to 1,973,300 ounces from 22.4 M tonnes at 2.74 g/t reported as at December 31, 2005. In addition. the measured and indicated mineral resources increased by 343,000 ounces to stand at 47.3 M tonnes at 1.56 g/t Au representing 2 377 400 ounces of gold . Overall mineral reserves and resources total 69.8 M tonnes at 1.97 g/t Au containing 4 420 300 ounces of gold. This represents a 10% increase over year-end 2005.
Highlights (Refer to table1: Reserves and Resources Summary as of December 31, 2006)
• Kiniero gold mine, Guinea
Proven and probable mineral reserves total 3,169,000 tonnes at 4.28 g/t Au containing 436,000 ounces of gold. This represents a 22% increase in total ounces compared to 357,100 ounces as at December 31, 2005. Measured and indicated mineral resources increased by 4% to 8,841,800 tonnes at 2.67 g/t Au containing 758,800 ounces of gold compared to 733,300 ounces in total mineral resources at the end of year 2005.
• Samira Hill gold mine, Niger
Proven and probable mineral reserves total 10,120,100 tonnes at 2.16 g/t Au containing 703,900 ounces of gold. This represents a 5% decrease in total ounces compared to the 739,000 ounces declared at the end of year 2005. Measured and indicated mineral resources increased by 16% to 33,781,400 tonnes at a grade of 1.21 g/t Au containing 1,316,900 ounces of gold compared to 1,133,300 ounces at the end of 2005.
• Mana Gold Project, Burkina Faso
Proven and probable mineral reserves for the Mana project currently under construction total 9,196,700 million tonnes
of ore containing 902,900 ounces of gold, at an average grade of 3.06 g/t Au. This represents a 3% increase of total ounces compared to the 877,200 ounces at the end of 2005. Additionally, the total mineral resources from both the Wona and Nyafe deposits increased by 133,100 ounces or 80% totalling 4,660,500 tonnes at an average grade of 2.01 g/t Au containing 301,700 ounces of gold. While a number of mineralized targets are currently being drilled, the results are limited strictly to the Nyafe and Wona deposits.
All calculations from the three properties were conducted with the support of the Datamine mining software, using geologically-controlled block modelling and estimation of the grades by ordinary kriging.
Table 1-Reserves and Resources Summary as at December 31, 2006
Measured Mineral Resources
tonnes 2,564,900 14,082,400 2,087,100 18,734,400
grade (g/t Au) 2.62 1.23 1.99 1.51
ounces (thousands)(4) 216.1 555.7 133.7 905.5
Indicated Mineral Resources
tonnes 6,276,900 19,699,000 2,573,400 28 549 300
grade (g/t Au) 2.69 1.19 2.03 1.60
ounces (thousands)(4) 542.7 761.2 168.0 1,471.9
Total Mineral Resources
tonnes 8,841,800 33,781,400 4,660,500 47,283,700
grade (g/t Au) 2.67 1.21 2.01 1.56
ounces (thousands )(4) 758.8 1,316.9 301.7 2,377.4
Total Mineral Reserves and Resources
tonnes 12,010,800 43,901,500 13,857,200 69,769,500
grade (g/t Au) 3.09 1.43 2.71 1.97
(thousands of ounces) (4) 1,194.8 2,020.8 1,204.6 4,420.2
Inferred Mineral Resources
tonnes 1,520,500 14,073,300 6,676,700 22 270 500
grade (g/t Au) 3.26 1.03 2.07 1.49
ounces (thousands) (4) 159.4 466.3 444.8 1,070.5
(1) Mineral reserves are reported as in-situ, without consideration for metallurgical and mining recoveries.
(2) Mineral reserves and resources at Kiniero, Samira-Libiri and Mana at US$550/ounce;
(3) Mineral reserves and resources at Samira-Libiri represent 100% of SML’s total resources
(4) Rounding of numbers to the nearest hundred of tonnes may introduce slight differences in the figures representing the ounces contained.
Mines & Projects
Kiniero Mine
(2)
Samira-Libiri
Mine (2-3)
Mana (2)-
Wona+Nyafe Total
Guinea Niger Burkina Faso
Proven Mineral Reserves (1)
tonnes 1,513,900 8,820,000 8,151,200 18 485 100
grade (g/t Au) 4.04 2.13 3.10 2.71
ounces (thousands)(4) 196.4 605.1 812.8 1,614.3
Probable Mineral Reserves (1)
tonnes 1,655,100 1,300,100 1,045,500 4 000 700
grade (g/t Au) 4.50 2.36 2.68 3.33
ounces (thousands)(4) 239.6 98.8 90.1 428.5
Total Mineral Reserves (1)
tonnes 3,169,000 10,120,100 9,196,700 22 485 800
grade (g/t Au) 4,28 2.16 3.06 2.83
ounces (thousands)(4) 436.0 703.9 902.9 2,042.8
Semafo is committed to pursue aggressive exploration programs on its properties spending US$10M in 2007 to rapidly expand its reserve and resource base. The mineral reserves and mineral resources estimations reported above are documented in conformity with Canadian National Instrument 43-101. The estimations are based on technical reports that will be filed on SEDAR. Michel Cormier, geological engineer, Semafo’s Qualified Person was assisted by Michel Crevier, geologist and Director of geology to supervise the preparation of the technical reports on Kiniero, Samira and Mana. Each has reviewed this press release for accuracy and confirmed that the information relating to mineral reserves and mineral resources outlines above derived from technical reports prepared for Semafo by experienced mining geologists under their technical supervision.
The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol “SMF”.
FORWARD-LOOKING STATEMENTS [omitted]
Semafo is a mining company whose mission is to explore, develop and mine major gold deposits in West Africa. Semafo currently operates the Kiniero mine in Guinea, the Samira Hill mine in Niger and the Mana project, under construction, in Burkina Faso
For more information contact :
MONTREAL:
Benoit La Salle,
President & CEO
Tel : (514) 744-4408
E-Mail : blasalle@semafo.com
MONTREAL
Michel Cormier
Geological Engineer, Qualified Person
Tel: (514) 744-4408
E-mail: mcormier@semafo.com
RENMARK :
Tina Cameron
Tel : (514) 939-3989
E-Mail :
tcameron@renmarkfinancial.com
More extensive information on Semafo can be found on our home page at http://www.semafo.com
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS RELEASE
General Metals (GNLM on OTCBB) near Bibiani, Ghana
General Metals Reaches Definitive Agreement Terms to Acquire 150 Sq. Km. Nyhinahin Mining Concession near Bibiani, Ghana, West Africa.
Tuesday February 27, 8:08 am ET
RENO, Nev.--(BUSINESS WIRE)--General Metals Corporation (OTCBB:GNLM - News). The Company is pleased to report it has reached an agreement to acquire a 100% interest in Mikite Gold Resources ("Mikite"), a Ghanaian corporation with exclusive exploration rights to the Nyinahin Mining Concession near Bibiani, Ghana. The Mineral rights are for gold, diamonds and base metals.
The 150 square kilometer Nyinahin mining concession is located between two geological gold belts, the Bibiani Belt to the west and the Asankrangwa to the east. The property shares borders with several major mining companies, including Newmont Mining, Napoli Gold and Dunkwa Continental Goldfields. The district is home to the famous Ashanti Goldfields-Obuasi Mines and is one of the most active exploratory areas in the world. Newmont Mining, alone, plans to spend three billion dollars exploring for gold and developing gold mines in Ghana. (See www.newmont.com).
A preliminary survey by Geodita Resources LTD, Ghana, indicates that the Nyinahin Concession has significant potential for lode gold mineralization and for recovery of alluvial gold. There are 3 major anomalous zones: Owusbukurom anomaly in the center Ntoboroso anomaly in the southeast and the Krakyekurom anomaly in the southwest. There are 4 known mineralized trends: Baaneekurom-Nyinahin, Ntoboroso, Owusukurom-Adupiri and Krakyekurom-Adupiri. The reconnaissance has also shown several abandoned surface mines that are yet to be investigated due to time and budget constraints of the current owners.
The terms of acquisition will require General Metals to issue 1,000,000 restricted common shares with 1,000,000 share purchase warrants attached, priced @ $0.26 for a period of 2 years in satisfaction of full and complete payment for 100% interest in the above concession. Closing is scheduled on or before March 15, 2007. General Metals plans to take over operations as soon as possible and has budgeted $260,000US for exploration over the next 2 years based upon geologists' recommendations. The owners have expressed their interest in exercising the warrants to provide funding for the exploration campaign, but are not required to do so by the agreement.
Steve Parent, General Metals President and CEO comments: "We have been studying concessions in Ghana for nearly a year now and have elected to start operations in the Nyinahin Concession. This acquisition gives us an operational Ghanian corporation and a group of interested shareholders familiar with the area to assist in the development. This infrastructure will enable us to aggressively seek to acquire additional mining properties here as they become available. We are currently reviewing a fully permitted gold mine that may be available on favorable terms that is in the Confidentiality stage at this time. Having Newmont as a neighbor gives us added confidence as well."
About General Metals: We currently control 100% of The Independence claims which are completely surrounded by Newmont Mining's Phoenix Mine www.newmont.com and is a 240-acre island with legal access. From 1983 - 1997 there were several exploration campaigns conducted by Noranda, Teck Exploration, Northern Dynasty and Great Basin Minerals which resulted in about 80 reverse circulation and core drill holes being drilled and reported. The 1997 Carrington Report, the 1997 Akright Report, the 2006 Carew Report and the 2005 Frost and Larsen findings are available for review in their entirety at the Company's office in Reno, Nevada. An Executive Summary is available on the Company's website www.generalmetalscorporation.com.
The Company has an initial exploration budget for the Independence Mine of $1,350,000 which will be expended for geology, geophysics, phase 1 drilling and early permitting.
Targeted recovery: 235,000 oz. of gold and 2.5 million oz. of silver.
Notice Regarding Forward Looking Statements:[omitted]
Etruscan (EET.TO) Year End Report
See: http://www.kitco.com/pr/1139/article_02282007145604.pdf
Haber Inc. (HABE) doubled, to US$0.14 from US$0.07 in a month. It has some Ghana gold properties, inluding alluvial placers, as a sideline to its main gold-processing and general chemical separation businesses.
http://www.haberscience.com/ (HABE on the Pink Sheets)
Central African Gold (CAG in London) enters Zimbabwe
[Covered here because they bought AngloGold Ashanti's major Bibiani Mine in Ghana. Great faith in Mugabe's keeping his word. FL]
From http://www.miningmx.com/gold_silver/638496.htm
CAG buys Zimbabwe gold mines
Allan Seccombe
Posted: Mon, 26 Feb 2007
[miningmx.com] -- AIM-TRADED Central African Gold (CAG) will acquire two operational Zimbabwean greenstone gold mining companies for $6.2m in cash and shares to add to its gold project in Ghana, lifting the group’s gold output to 80,000 oz this year, CEO Greg Hunter said on Monday.
The Zimbabwean project could produce more than 100,000 oz within five years for an injection of cash of some $30m into the five opencast and underground mines and four metallurgical plants, Hunter told Miningmx in a telephonic interview.
CAG is buying an 85% stake in Falcon Gold, the Zimbabwe-listed gold company, and all of the unlisted Olympus Gold Mines for a $4.5m in cash and an issuance of nine million new shares.
CAG shares climbed four percent to 12.75 pence. It hit a high of 13 pence, a level last seen in early September last year.
Hunter conceded Zimbabwe is a difficult place in which to operate but CAG is positive it can make a success of its mines. Zimbabwe has world-beating inflation. It recorded an annual rate of 1,593% in January. It has an uncertain political environment.
"we won’t have any problems"
“We’ve got enough comfort that as long as we, as an external investor, deliver and live up to our end of the bargain we won’t have any problems in terms of ownership and security of tenure,” Hunter said.
The inflation rate was a concern, but the foreign exchange the operations earned shielded them to a degree, he said.
Another positive factor is the proximity to resources and materials in South Africa, which can be easily trucked to the mines. Other countries in Africa are logistically difficult operating environments.
The war-ravaged countries of Democratic Republic of Congo and Angolafor example have little to nothing in the way of roads, power and other infrastructure. The skills bases there are small.
“The whole logic for doing the acquisition is based on a technical view. We are very upbeat about the geology and that you can get your hands on good people and there is good infrastructure at a time when the gold market is booming and Africa is looking attractive,” Hunter said.
“It’s a good option on an untapped gold region and you can get in at reasonable prices,” he said.
The two cash-starved Zimbabwean companies produced 21,031 oz in the year to end-September. The JORC compliant reserves stand at 632,000 oz and there are estimated resources of 2.5m oz.
“We don’t think it’s unrealistic in this first year to ratchet production up by 30% to 40% with a fairly nominal injection of working capital in the order of a few million dollars,” Hunter said.
“If we really want to push it hard to the 100,000 oz number over the next three to five years, probably closer to five years, then it will take substantial money of about $30m odd,” he said.
Hunter declined to give a figure for cash costs, saying the fluctuation of the Zimbabwe dollar and the inflation rate made such a figure unreliable.
“To give a true reflection of those cash costs we will convert to US dollar functional currency accounts so we can get our heads around exactly what those numbers are,” Hunter said. “The mines do make money. They do better than breakeven.”
At Bibiani, which it acquired from AngloGold Ashanti in December 2006 for $40m, CAG intends producing 50,000 oz of gold in 2007 – 40,000 oz of which will come from tailings retreatment.
CAG will lift Bibiani’s output to 80,000 oz and 110,000 oz over the following two years as it develops underground operations. CAG aims to produce 150,000 oz/year from Bibiani over a 10-year life.
CAG intends bringing the Olympus assets into Falcon to have a single listed entity, which will serve as a platform to meeting the government’s yet-to-be-finalised requirements for indigenous ownership.
CAG will also introduce an employee share ownership scheme and has committed to spending capital on infrastructure to build up empowerment credits.
The government has been talking of 51% indigenous ownership, but it appears as though companies can claw back some of that ownership by committing to social spending and employee ownership for example.
Nice (I have some) but...Searchgold's up 24% today.
NEW: Pinnacle Resources, Inc. (PNRR on OTCBB, PIN in Franfurt) in Ghana
Pinnacle Resources, Inc. is a new (the project, possibly not the company) gold explorer/licenser in Ghana, as well as having some other projects like Vanadium in South Africa. It has been added to the board header.
Quoting from http://www.pnrr.net/ghana_proj.html we learn:
"GHANA GOLD PROJECT
In November 2003 Pinnacle acquired 100% of the outstanding stock of Orovi Ghana Ltd., a Ghanaian company that is the owner of a 49 square-kilometer concession located on the prolific Ashanti Gold Belt in Ghana, West Africa.
The concession has been optioned to Golden Star Resources Ltd. that is presently drilling the property. The Pinnacle concession is adjacent to Golden Star-owned property on which gold resources are indicated. Preliminary geological survey and drilling results indicate that the gold mineralization extends onto the Pinnacle property.
Ghana has recently been in the news as the hot spot of exploration activity by a number of major international gold mining companies. Pinnacle's management believes that this latest acquisition was timely and has great potential."
The site has an automated expository map of southern Ghana.
(It doesn't work, on my computer.) It's quoted at US$0.05/share on almost no volume for many days.
Action: Searchgold (RSG.V) up 22.85% today on volume.
Central African Gold boosts resources at Ghanaian gold project
(from Creamer Media's Mining Weekly)
Gold-mining and -exploration company Central African Gold (CAG), which completed the first phase of its re-evaluation the main Bibiani mine ore body, in Ghana, said on Wednesday that the measured and indicated gold resources had been increased to 925 000 oz gold contained in 22 871 000 tons grading 1,26 g/t.
The initial measured and indicated gold resources is 733 000 oz gold contained in 20 533 000 tons grading 1,11g/t.
Proven and probable gold reserves increased from 260 000 oz gold contained in 4 220 000 tons grading 1,92 g/t to 299 000 oz gold contained in 4 357 000 tons grading 2,13 g/t Au.
The underground measured and indicated resources have increased from 359 000 oz gold contained in 2 556 000 tons grading 4,37 g/t to 546 000 oz contained in 4 288 000 tons grading 3,96 g/t.
In addition, the underground reserves have increased from 161 000 oz gold contained in 1 243 000 tons grading 4,02 g/t to 214 000 oz Au contained in 1 748 000 tons grading 3,81 g/t.
CE Greg Hunter said that the ongoing reserve and resource base enhancement and positive outcome of a mine planning and scheduling process continued to confirm the company's rationale for the acquisition of the Bibiani mine.
“We are confident and excited by the opportunity to rapidly turn on production by the third quarter of 2007. We have drilled over 3 000 m of an approximately 15 000 m surface drilling programme and we expect to commence underground drilling in the second quarter of this year.”
CAG said that it expected to achieve gold production at the Bibiani mine from tailings at a yearly rate of 40 000 oz in 2007. Production from underground development was planned to start in the third quarter and underground stoping production was expected to reach a yearly rate of 110 000 oz in the third quarter of 2008.
The first phase of the programme primarily involved the complete remodelling of the main Bibiani mine ore body from the available raw data.
The main Bibiani mine ore body was mined by conventional mining methods down to 24 level (720 m below surface) from the early 1900s to the late 1960s. During this time it was recorded that about two-million ounces were recovered from seven-million tons of extracted material at a reported recovered grade of 9 g/t gold.
The same ore body was further mined by open pit methods by Ashanti Gold Corporation and latterly AngloGold Ashanti through the period 1997 to 2005. During this time the Bibiani mine main pit was developed from surface to a depth of 150 m over a strike length of about 800 m yielding 1,66-million ounces from about 15 million tons of ore.
==============================
Randgold (GOLD) bullish on Ivory Coast [I agree. FL]
(from Business Report, South Africa
http://www.busrep.co.za/index.php?fSectionId=563&fArticleId=3671498 )
February 8, 2007
By Evan Pickworth
Mark Bristow, chief executive of London-listed Randgold Resources, says that the company is "very bullish" on the Ivory Coast and is "aggressively picking up ground in that country".
"The Ivory Coast has good infrastructure, administration and a sophisticated civil service. We are very bullish on the country and are aggressively picking up ground there," said Bristow, speaking at a breakfast meeting during the Mining Indaba 2007.
Bristow also said that Burkina Faso could be "the next big address", although he said the Kiaka Target was a bit "skinny" on the grade and that he would like to see "half a gram more".
As to other exploration potential going forward he added that Tanzania was "challenging", but said that the country hadn't really been explored and Randgold was hence hunting new deposits in neglected terrains.
Bristow said that Mali West Loulo Permit "had potential to yield additional multi-million ounce deposits".
"This is lining up to be something very significant," he stated.
Randgold said earlier that it had so far failed in its search for a mineable ore body in the vicinity of its rapidly depleting Morila mine in Mali.
"The next Morila remains elusive at the moment," Bristow said. "The discovery of a world class orebody takes a lot of perseverance, tenacity and creative thinking."
The Morila mine is a high margin gold mine based in Mali, it is jointly owned by Randgold Resources (40 percent) and AngloGold Ashanti (ANG) (40 percent), one of the top three gold producers in the world. - I-Net Bridge
Price rises in several W. African golds
There have been a lot of substantial price recoveries and rises, since October, in several West African gold stocks, while gold itself has been only in a "consolidating triangle" price pattern.
Delta Exploration DEV.V tripled
Eldorado Gold ELD.TO up 50%
Sanu SNU.V up 150%
African Gold Group AGG.V up 33%
AMI Resources AMU.V up 150%
Birim BGI.TO up 50%
Golden Star GSS, GSC.TO up 45%
Keegan KGN.V up 130%
Moydow MOY.TO up 50%
PMI PMI.V up 130%
Red Back RBI.TO up 30%
Goldcrest GCL.V doubled
Solomon Resources SRB.V doubled
Crew Development CRU.TO up 40%
Navasota NAV.V doubled
Greencastle VGN.V up 50%
Oromin OLE.V up 90%
Rio Narcea RNG.TO up 40%
Gryphon Minerals GRY.ASX up 40%
Mincor MCR.ASX up 115%
Perseus Mining PRU.ASX up 25%
Resolute RSG.ASX up 25%
Others have languished a few have gone down. Particularly bad (down) now are:
Nevsun NSU.V hasn't kept up with rival Sanu
Semafo SMF.TO still affected by ONA (Moroccan Royal family?) sale
Cassidy CDY.V back down near C$0.50.
Channel Res. CHU.V down from its run up
Robex RBX.V still in the dumps
Clearly, though, something positive is afoot with most junior African golds. This broad uptrend isn't just random or a coincidence.
Have Mexican or Canadian juniors done similarly well since June?
FL
Equigold NL (EQI on Sydney ASX) results in Cote d'Ivoire
See: http://www.kitco.com/pr/2162/article_02062007174507.pdf
It has a map of the deposit.
Yeah, Oromin (OLE.V) was up 22.86% yesterday on volume. Action in Oromin....
Red Back has already been discussed several times on the "Gold Exploration in West Africa" InvestorsHub board.
See: http://www.investorshub.com/boards/board.asp?board_id=1588
Red Back has several gold exploration concessions and licenses other than just the operating Chirano mine property in Ghana. In northwest Ghana it has a joint deal with obscure Australian some-time gold explorer Takoradi Resources, Ltd. (TKG on Sydney ASX). Recently Red Back sold or licensed its gold property in far north Ghana on the Burkina Faso border to Orezone if I remember correctly. The property touches Orezone's gold property across the border in Burkina Faso.
In one mineral survey of the whole country of Guinea-Bissau, Red Back's Farim phosphate deposit was deemed the ONLY worthwhile mineral asset in that generally ill-favored country. A deal to sell it to some Arabs for about $10 million US fell through a few years ago.
New "Red Back Mining" discussion board on InvestorsHub
see: http://www.investorshub.com/boards/board.asp?board_id=8241.
So far, there are no messages on the board, but there is an informative board header. Red Back Mining has several gold properties in Ghana (including the operating Chirano gold mine) and the yet-undeveloped Farim phosphate deposit in northern Guinea-Bissau (inherited from its reverse merger with a Canadian company Champion, doneto get onto the Toronto Stock Exchange).
Platinum miner Lonmin has 94% of AfriOre shares
JOHANNESBURG (Reuters) - The world's third biggest platinum producer, Lonmin Plc, said on Monday shareholders of takeover target AfriOre had tendered 94 percent of shares to its offer, which has been extended.
Lonmin said last month it had agreed to buy small Canadian miner AfriOre for $7.62 per share, valuing the deal at about $429.4 million.
Lonmin, which has most of its operations in South Africa but has its main listing in London, said it had extended the AfriOre offer until February 8 to allow more shareholders to tender shares. It had been due to close on Friday.
AfriOre's primary asset is a 74 percent stake in the Akanani platinum deposit in the northern limb of South Africa's Bushveld complex.
Akanani has reported inferred resources of 33.7 million ounces of platinum group metals (PGMs), and Lonmin plans to build a mine that could yield 500,000 ounces of PGMs per year and that would cost $600-$700 million to build.
Lonmin shares in London closed on Friday at 2,929 pence.
Action in Birim (BGI.T): up 20% today on volume.
Haber (HABE) process extracts Ghana gold
Haber, Inc. Successfully Recovers Gold Using Environmentally Friendly Gold Process in Its U.S. Processing Facility
Haber Gold Process Recovers Gold From Ghanaian Ore in Under Three Hours
ARLINGTON, Mass.--(BUSINESS WIRE)--Haber, Inc, (OTC: HABE - News), a Massachusetts-based company with proprietary technology for the environmentally friendly processing of electronic scrap (e-scrap) and precious metal bearing ores, announced today that it is has made a successful first run in its Massachusetts-based gold processing facility using Ghanaian ore and its environmentally friendly extraction and recovery system known as the Haber Gold Process (HGP).
The first bulk run consisted of 70 pounds of Ghanaian concentrate that was processed in a Haber mobile unit, designed to be used in remote areas. The process consisted of loading the mobile unit with the gold concentrate, adding HGP lixiviant, rotating the drum for a approximately three hours, then vertically articulating the drum and decanting by gravity. This was followed by pumping the pregnant gold solution into an open vessel. The tailing was then rinsed, decanted and pumped to the vessel. HGP recovery solution was then added and stirred for approximately two minutes, which immediately precipitated fine particles of gold metal. The solution was then passed through a filter where the gold metal was deposited on the filter pad.
The gold produced by the HGP process weighed approximately one-quarter ounce. Its purity is currently being determined and assays are being performed on the concentrate, before and after processing, to determine the recovery efficiency. As the company announced previously, the facility's analytical laboratory is in the process of being completed. In the meantime, analytical testing will be done by outside laboratories, with results expected within several weeks. The company is confident that the test data will show the efficiency of recovery to be in the high 90 percent range, based on previous testing done in Ghana, where 99 percent efficiency was achieved on similar ore.
The mobile unit performed well and the operational information derived from the testing confirmed all of the chemical parameters established through previously conducted laboratory work.
"The positive results we acheived using concentrate from Ghanaian small-scale miners reinforces our confidence that Haber has the technology to implement the Strategic Abatement of Mercury and Poverty (STAMP) program we developed to eliminate the use of mercury by artisinal miners while alleviating the extreme poverty faced by these miners," said Albert B. Conti, president and COO of Haber. The company believes that STAMP can have a positive impact on the lives of millions of small-scale miners globally who, by using mercury to extract gold, make a subsistence living but pollute the environment and negatively affect their health and the health of their families.
The company will continue to thoroughly test the Ghanaian ore until it exhausts the balance of the ore on hand (approximately 300 pounds). Various types of e-scrap will then be processed for gold using the Haber E-Scrap Process (HESP) system. The company presently has approximately 2,500 pounds of e-scrap in house and intends to perform initial bulk tests on a variety of e-scrap and ore types to maximize the data collected on all processes. Optimization of the process chemistry will follow when Haber's analytical laboratory is fully functional.
"This first run couldn't have been more successful," said Conti. "HGP performed beautifully on the Ghanaian concentrate. Although the gold initially produced in this facility will be modest, it's important for us to walk through the entire process a number of times and climb the learning curve in a deliberative way. We are anxious to go through initial runs with all the gold-bearing materials that we have in inventory, including ores and e-scrap, to uncover any problems that may exist with the various processes developed by the company."
Haber expects that larger capacity processing equipment will be arriving on site in late December, and after it is installed gold production will grow commensurately. This facility is a proving ground for all Haber's hydrometallurgical extraction and recovery technology. The goal is to develop scalable process equipment designs in this facility with the aim of starting a low risk, high-volume production facility within the United States. This current facility is not designed for high-volume production, but it will produce gold on every run it completes. Revenues from the sale of the accumulated gold will begin as soon as practicable. As the company previously announced, Albert Conti will be traveling to Ghana this month to continue discussions on the STAMP program.
It should be noted that there is no guarantee that Haber's projections and opinions will ultimately prove successful.
About Haber, Inc.
Haber, Inc. is a high technology process development company with proprietary technologies in extractive metallurgy and electrochemical separations. These technologies include the company's Haber Gold Process (HGP), a chemical system discovered by Norman Haber, the chairman of the company, for the hydrometallurgical extraction of gold from its ores. The Haber Gold Process is both non-toxic and more efficient than conventional solvents such as cyanide. This technology accelerates the gold extraction rate and may increase gold recovery from its ores by a substantial factor. The company's Electromolecular Propulsion (EMP) technology is an electrochemical process that enables the electrically controlled movement or positioning of a variety of different molecules. It is distinguished from the techniques of electrophoresis and chromatography by its wide variety of potential applications and the greater speed and control of the results. For more information, call Peter R. D'Angelo (781) 643-2727, or visit the company's website at http://www.habercorp.com.
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions. These statements are subject to uncertainties and risks including, but not limited to, economic conditions, the impact of competition and pricing, government regulation, and other risks. All forward-looking statements made by or on behalf of the Company are qualified. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact:
Haber, Inc.
Peter R. D'Angelo
781-643-2727
-----------------------------------------------------------------------------
Source: Haber
Searchgold's (RSG.V) warrants were exercised
JANUARY 11, 2007 - 09:10 ET
SearchGold's Warrants Exercised 100%
MONTREAL, QUEBEC--(CCNMatthews - Jan. 11, 2007) - SearchGold Resources Inc. (TSX VENTURE:RSG)(FSE:S1O) today announced the 100% exercise of warrants expiring January 9th 2007. The warrants were exercised throughout 2006 and $2.0 million was added to the balance of SearchGold's treasury principally in the third and fourth quarters of 2006. These funds are being partly utilized for the on-going drill programs.
SearchGold would like to thank all the shareholders who participated in the initial financing and for their continued support demonstrated through the exercise of these warrants.
As a result of these exercises, SearchGold now has 116,340,171 shares issued and outstanding, 129,065,171 shares on a fully-diluted basis, including 5,400,000 warrants and 7,325,000 options.
About SearchGold Resources Inc.
SearchGold Resources is a Canadian based mining exploration company whose primary mission is to target, explore and develop gold and diamond deposits in Africa and in Canada. The Company is aggressively pursuing the development of its gold projects with three drill programs currently in progress (see press release dated December 20th 2006).
In 2006, SearchGold implemented an expansion strategy targeting new high profile projects to maximize the exposure of its shareholders to new discoveries while providing risk protection through the continued development of its advanced projects.
This strategy will guide the Company's development in 2007 as this new year will see increased activity on the new blue-sky properties and the advanced projects as well as some potential acquisitions.
If you would like to receive press releases via e-mail please contact: info@searchgold.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
SearchGold Resources Inc.
Philippe Giaro
President & CEO
32-473-52-30-29
Email: phgiaro@skynet.be
or
SearchGold Resources Inc.
Denis Tremblay
Vice-President
(514) 866-4224
Email: info@searchgold.ca
Website: www.searchgold.ca
or
CHF Investor Relations
Cathy Hume
CEO
(416) 868-1079 x231
Email: cathy@chfir.com
or
CHF Investor Relations
Alison Tullis
Account Manager
(416) 868-1079 x233
Email: alison@chfir.com
-----------------------------------------------
Mano River (MNO.V) feasibility in Liberia
Mano River Resources says FSE for New Liberty gold project shows robust economics
Source: Edited Press Release
• The Feasibility Study for the open pit phase of the New Liberty Gold Project shows robust economics at current gold prices.
• Internal Rate of Return of 72% at $600 gold and assuming 70% debt financing at 6% over 5 years
• Projected 99,000 oz gold production in year one of operation, and averaging 84,000 oz/year over the first five years
• Start-up anticipated commencing H1, 2008, depending on permitting and financing
• Highly favourable metallurgy assists in keeping processing costs down
• Studies to be initiated on underground exploitation of the remaining resource aimed at extending mine life
Mano River Resources announced Wednesday the results of the Feasibility Study over its New Liberty Gold Project in western Liberia.
The Study was undertaken by independent consultants MDM Engineering Pty Ltd of Johannesburg, South Africa, together with Lower Quartile Solutions Pty Ltd of Perth, Australia. The tailings dam design was carried out by Golder Associates.
Subject to arranging production financing and obtaining required permits, production is anticipated to commence during the first half of 2008, the company said.
The New Liberty Project is located some 100km north west of Monrovia, the capital of Liberia, and is held as to 100% by Mano, subject to a 10% free carried interest and a 3% production royalty, both held by the government.
In October 2006, Mano announced that, as a result of the 2005/06 drilling campaign, the estimated gold resource at New Liberty had been increased to 1.4 million ounces (13.533 million tonnes of measured and indicated resources grading 3.18 g/t).
The proven and probable reserve figures should be considered in the context of this Feasibility Study having focused on the open-pittable gold mineralisation only, Mano said.
Studies will commence shortly on the scope for extending the life of the operation through underground exploitation of as much as possible of the balance of the measured and indicated resource, not economically recoverable in the open pits.
Dr Tom Elder, Mano's President and CEO, said: "The deposit displays simple geology, good grinding characteristics (i.e. the ore is relatively soft) and excellent metallurgy, resulting in high overall metal recovery of 93%.
Once the open pit phase of operation is completed, underground mining, probably via ramp access, of as much as possible of the balance of the resource should offer the scope to extend the life of the operation beyond the present 8 years.
"Studies of this potential are about to commence. In addition, within truckable distance, there are prospects such as Weaju which may have the potential to provide further feed to the New Liberty plant."
The base case for the Feasibility Study involves open pit contract mining from three pits, Larjor, Kinjor and Marvoe, over an initial estimated mine life of eight years. The average stripping ratio is 11.5 to 1.
Because the deposit exhibits very simple metallurgy and therefore does not require special treatment, processing will be via a gravity circuit, recovering almost half of the gold, followed by conventional Carbon-in-Leach (CIL) treatment, the company said.
The plant has a design capacity of 600,000 tonnes per annum. Metallurgical testwork indicates gold recovery of the order of 93%.
The initial Capital Cost of $59 million includes the sum of $4.7 million in pre-production operating expenditure, while operating costs average $35 per tonne of ore.
On the basis of anticipated 70% debt financing and a gold price of $600 per ounce, the post tax and royalty Internal Rate of Return (IRR) of the project is 72%. The breakeven gold price (at which the IRR is zero) for this base case is $452.
Mining will be by conventional open pit, on a contract basis. Bids are presently being considered from a short list of mining contractors.
Because of the straightforward metallurgy of the gold mineralisation, the processing plant comprises a conventional crushing and ball mill circuit with a split stream from the cyclone underflow delivering the coarse gold fraction to a centrifugal concentrator, with the concentrate being upgraded on a shaking table and then to direct smelt. The balance of the plant comprises a conventional CIL circuit, with tailings being deposited in a valley fill tailings facility situated less than one kilometre from the plant complex.
The metallurgical testing has demonstrated lower than average consumptions of cyanide and lime, and also low ball consumption due to the low abrasion index, all factors positively affecting operating costs.
The area is one of high rainfall, averaging +/-3 metres per annum, and the tailings dam and Marvoe Creek diversion are being designed for a 50 year flood event. Due to the lack of a power grid in Liberia, a Heavy Fuel Oil power plant has been included in the design and capital cost estimate.
The Company continues to investigate the possibility of mini-hydroelectric power for the mine.
Several commercial banks, primarily based in South Africa, have expressed an interest in participating in the debt portion of the financing of the project, the company said.
In addition, approaches have been received from both the International Finance Corporation (IFC, a member of the World Bank Group) in Washington DC and the African Development Bank (AfDB) based in Tunisia.
Term sheets for loan financing will be requested from the Banks following circulation to them of the Feasibility Study.
The 70% debt Base Case uses a 6% interest rate, judged to be the weighted average projected rate for multi-lateral and gold loans. At the same time, the equity portion of the financing required for the project will be addressed, possibly through corporate transactions.
The geology of the deposit is simple, with a well-defined steeply dipping zone of relatively high-grade gold mineralisation hosted by metamorphosed ultrabasic rocks.
Additional preliminary studies are to be initiated on an enhanced model of New Liberty involving initial open pit exploitation followed by underground mining, the latter probably commencing in year 5 of the operation to allow for the necessary deeper exploration drilling for stope definition.
The Company anticipates that the life of the mine can potentially be considerably extended, by underground mining, subject to proving up additional mineral reserves.
In addition, gold prospects such as Weaju, situated within the 1,000km2 Bea Mineral Development Agreement licence at a truckable distance from New Liberty, will be investigated as potential sources of supply of additional feed for the central plant at New Liberty.
Goldcrest (GCL.V) adds lands in Burkina Faso
Goldcrest Resources Ltd.
PRESS RELEASE
Goldcrest Resources Adds to its Land Package in Burkina Faso, West Africa with the Acquisition of the Titao Sud Concession
Toronto, ON – December 22, 2006 - Goldcrest Resources Ltd. (“Goldcrest” or “the Company”), (GCL : TSX.V) is pleased to announce that it has been granted the Titao Sud concession, through its wholly-owned subsidiary Wentworth Resources Pty Ltd. The 230 square kilometre Titao Sud concession is located in north central Burkina Faso, approximately 120km north-northwest of the capital city of Ouagadougou. The property occurs within the northernmost part of the Goren Greenstone belt, known for its abundant gold occurrences and intensive artisanal gold exploitations. “With the addition of the Titao Sud concession, Goldcrest Resources now has strategic, prospective land packages throughout the country and holds a significant profile in the
emerging mineral exploration and mining industry of Burkina Faso,” says Kevin Bullock, President & CEO of Goldcrest Resources Ltd. “The acquisition of the Titao Sud permit confirms Goldcrest’s commitment to Burkina Faso’s mineral potential.”
The property has been previously investigated by, amongst others, Geonova Exploration and Incanore Gold Mines Ltd. and includes regional and detailed soil geochemical surveys, induced polarization and magnetic geophysical surveys, pitting and trenching. Some of this data has been acquired by the Company through the Ministry of Energy, Quarrying and Mining, of Burkina Faso, and is currently being reviewed. The property hosts several artisanal gold working sites, including the Silboanga, the Dougouri and the Dougouri South diggings. At the Silboanga artisanal pits, there is indication that the area is underlain by gabbro-diorite invaded by abundant quartz veins. Erratic sampling of this vein material returned values in excess of 2g/t Au, while the soil geochemical survey outlined an anomalous gold zone over 600m in a NNE direction, which has not been subject to any
further testing.
The Dougouri and Dougouri South areas are underlain by sediments and mafic volcanics, affected by a North-South oriented shear zone in which a feldspathic porphyry has been emplaced as well as abundant quartz veins. Samples of kaolinized material from the artisanal workings collected and assayed by previous searchers have yielded 1.04 and 1.18g/t Au.
Under the guidelines of National Instrument 43-101, the qualified person for the Titao Sud project is Mr. Guy Franceschi, Exploration Manager for West Africa. Mr. Franceschi is a
member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
Goldcrest Resources Ltd. is a mineral exploration company focused on growing shareholder value through the advancement of its Youanmi project in Western Australia and its Gaoua copper-gold and Kampti gold projects in Burkina Faso. The Youanmi project has complete infrastructure including a carbon in pulp (“CIP”) processing plant, a biological leach plant and a mine village on site. The Youanmi property has previously produced over 667,000 ounces of gold. New NI 43-101 estimates identify measured and indicated resources of 432,249 ounces of gold (5,449,249 tonnes @ 2.47 g/t Au) and inferred resources of 519,190 ounces of
gold (2,785,546 tonnes @ 5.80 g/t Au), and are described in the technical report prepared by Ravensgate Minerals Industry Consultants of Perth, Australia available on SEDAR (www.sedar.com).
For further information please contact:
Kevin Bullock, P.Eng., Ann Gibbs
President & CEO Investor Relations
Goldcrest Resources Ltd. Goldcrest Resources Ltd.
kbullock@goldcrestresources.com agibbs@goldcrestresources.com
Ph: 416 867 2299 Fax: 416 867 2298 Ph: 416 488 0778
Corporate Website: www.goldcrestresources.com
Jumping Josephine! 31.19 g/t gold for 7 meters!
Astral Reports 7 Metres of 31.19 g/t Gold From Jumping Josephine
TSX Venture Exchange: AST
Frankfurt Stock Exchange: WKN Number A0JDX3
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