Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Action in AMI today; doubled in 2 days on some volume. EOM
NEW: Central African Gold PLC, bought Bibiani mine from AngloGold-Ashanti, and exploration licenses in Ghana
-----------------
Update re Acquisition of Bibiani gold mine and related assets and licences in Ghana
30 November 2006
Central African Gold Plc, an AIM listed gold mining and exploration company, is pleased to announce an update on its acquisition of the Bibiani gold mine and related assets and liabilities, including prospecting licences in Ghana from AngloGold Ashanti Limited (”AGA”) and the placing of additional shares (”the Placing”). The Acquisition is part of the Company’s growth strategy aimed at rapidly building CAG into a significant African gold producer with extensive world class exploration and production assets.
As announced on 29 September 2006, CAG conditionally agreed to acquire the Bibiani gold mine and the 19.3 sq km Bibiani North Prospecting Licence (“PL”) in Ghana from AGA for a cash consideration of US$40 million of which US$4 million is contingent on extension of the PL, by the Ghanaian Government (“the Proposed Transaction”). Following a review by the Directors in conjunction with their professional advisers, consultation with AGA and taking into account general market conditions, the proposed transaction has now been amended.
The aggregate cash consideration to be paid to AGA remains unchanged. However, AGA has agreed, subject to fulfilment of the conditions of the Acquisition, to subscribe for $3 million of Ordinary Shares in the Company, at a price set at the volume weighted average trading price of the Ordinary Shares in the 20 trading days preceding the closing of the Proposed Transaction (“AGA Price”) as part of the Placing. As a sign of its ongoing commitment, AGA has agreed to be locked-in for the 12 months following closing of the Proposed Transaction in respect of these Ordinary Shares.
Following the above mentioned review, the Company has decided to raise a reduced amount of £16.1 million (US$30.6 million) by the issue of an estimated 179,192,896 Placing Shares, comprising 161,642,570 Ordinary Shares at a Placing Price of 9 pence per Ordinary Share and an estimated 17,550,326 to AGA at the AGA Price. The money raised, together with existing cash balances, will provide the necessary funds to pay the purchase price of the acquisition, develop the Bibiani gold mine, and meet the general working capital requirements. It is expected that Admission of the Placing Shares and readmission of the existing Ordinary Shares will take place on the day of Completion, which is expected to occur on or around 12 December 2006, subject to satisfaction of the conditions precedent.
Furthermore, the Company in conjunction with AGA, has successfully secured Ghanaian Minerals Commission approval for the transaction and has secured, or is confident of securing, further satisfactory outcomes or waivers shortly in relation to other outstanding regulatory approvals in Ghana.
A Supplementary Admission Document (872KB) reflecting the above mentioned changes will today be circulated to shareholders.
Additionally, the Company has received credit committee approval from a leading South African banking group to provide debt financing of up to US$15 million (subject to the satisfaction of certain standard conditions precedent). If concluded, this additional financing will enable the Company to access further funds to optimise future development of Bibiani as an alternative to further equity issues at the current share price.
CAG’s CEO, Greg Hunter, commented, “With the support of our spread of new and existing shareholders as well as management, the Company is on track to deliver on the definitive timetable now firmly in place. This will see CAG rapidly becoming a gold producer with a solid foothold in Ghana that is complementary to our exploration portfolio in Mali.”
As stipulated in the Admission Document, pursuant to the AIM Rules, the Proposed Transaction will constitute a reverse takeover and is subject to Shareholder approval. The Extraordinary General Meeting, which was adjourned on 23 October 2006, has been reconvened to be held at 9.15a.m. on 11 December 2006 on the third floor, Aldermary House, 10-15 Queen Street, London EC4N 1TX.
Terms used in this announcement and not otherwise defined herein shall have the meanings given to such terms in the Admission Document dated 28 September 2006 and Supplementary Admission Document dated 30 November 2006. Copies of these will be available during normal business hours on any business day free of charge to the public at the registered office of the Company at Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ for a period of one month from the date of completion of the Proposed Transaction and on the Company's website at www.centralafricangold.com.
Further Information
The Bibiani gold mine is situated in the Sefwi-Bibiani Greenstone Belt, one of the most prospective belts in Ghana and its acquisition will provide the Company with immediate production and revenue generation. As of 29 August 2006 the mine had Proved and Probable Reserves of 4,220,000 tonnes at 1.92g/t Au for 260,000 ounces, Measured and Indicated Resources of 20,533,000 tonnes at 1.11g/t Au for 733,000 ounces and total Inferred Resources of 4,600,000 tonnes at 4.2g/t Au for 624,000 ounces of contained gold (JORC Compliant).
CAG aims to re-establish hard rock mining operations and develop new mining opportunities on the Mining Lease and Prospecting Licence, with the intention to increase production at Bibiani following re-commencement of an underground production programme in the second half of 2007. Importantly, a well maintained 2.7 million tonnes per annum processing facility is on site (built 8 years ago at a cost of circa US$50m).
The Company’s objective is to establish a leading mid-tier operating gold company, with an initial target of 200,000 ounces of annualised low-cost gold production and 7.5 million ounces of resource by the end of 2008. Licences in Mali and Botswana provide exploration targets in geologically attractive gold regions and exploration in these areas is ongoing.
For further information please contact or visit www.centralafricangold.com or contact:
Greg Hunter
Central African Gold Plc
Tel: +27 (0)82 882 4222
Hugo de Salis
St Brides Media & Finance Ltd
Tel: +44 (0)20 7242 4477
Simon Raggett
Strand Partners Limited
Tel: +44 (0)20 7409 3494
AMI (AMU.V) issuing new stock and warrants
AMI Resources, Inc.
NEWS RELEASE
TSX.V - AMU
December 11, 2006
NON-BROKERED PRIVATE PLACEMENT
Vancouver, B.C. – The Company wishes to announce that it has agreed to a non brokered private placement to issue up to 11 million units at the price of $0.20 per Unit for maximum gross proceeds of $2,200,000. Hereinafter referred to as the” Offering”.
The Units under this Offering will comprise one (1) common share and one (1) share purchase warrant. Each share purchase warrant will entitle the holder to purchase an additional common share of the Company at a price of $0.40 per share for a period of two (2) years from the date of closing. If after four months and one day following the closing and until the expiry date of the warrants, the closing price of the Company’s shares exceeds $0.75 for 20 consecutive days, the Company will be able to accelerate the expiry date of the Warrants to the date that is 30 days after the notice of the new expiry date is provided to the holders of the Warrants.
A finder’s fee in connection with this Offering will be paid to PowerOne Capital Markets Limited for all Unit subscriptions referred by PowerOne. The finder’s fee will consist of an 8 % cash commission and a Finders Warrant equal to 10% of the number of referred Units. Each Finders Warrant will be exercisable into a Unit on the same terms as the Units under this Offering for a period two (2) years from the date of closing.
All shares issued pursuant to the Offering will be subject to a four (4) month hold period from the date of closing. Proceeds from the private placement will be used primarily for further exploration on the Company’s mineral properties in Ghana, West Africa and for general working capital.
Upon completion of the Offering, Damien Reynolds will be appointed to the Board of the Company, along with one other mutually acceptable nominee. Mr. Reynolds is Chairman & C.E.O. of Longview Capital and also holds positions in several other publicly traded companies.
On behalf of the Board of Directors,
“Dustin Elford”
Dustin A. Elford
Chief Financial Officer
Suite 888-609 West Hastings Street, Vancouver, B.C., Canada V6B 4W4
Telephone: 604 669-2901 F 604 669-8922 Toll Free 1 888 669-2901 E ami@mininggroup.com www.amiresources.com
Red Back "at the expense of the people"
Ghana: Chirano Gold Mines Ltd Hunts for Gold At the Expense of the People
[Note: Chirano is a subsidiary of Red Back (RBI.TO). FL]
Public Agenda (Accra)
December 4, 2006
Posted to the web December 5, 2006
Selorm Amevor
Accra
A tour of communities within the catchment area of Chirano Gold Mines Limited in the Bibiani-Anwhiaso-Bekwai District in the Western Region by Public Agenda has revealed that the operation of the mines is having negative effects on the people in the area contrary to some newspaper reports that life was cosy.
The boreholes that were provided for communities such as Kwawkrom (the resettlement area) and Surano pour out water that can best be described as 'muddy' water due to the colour and also the odour that comes out of the water.
But because they have no alternative source of drinking water they use the polluted water coming from these boreholes for cooking, drinking, bathing and other domestic uses.
Okyeame Yaw Biri of Surano told Public Agenda that the company promised to construct five boreholes for the community but four years on, they have only constructed one borehole for the community, which has a population of over 3,000.
A visit to the community's only River (Suru) which used to provide drinking water for the people revealed that the mining company had blocked the water source by making it a restricted area for the people in the community.
Also the company has used part of the waterway for disposing waste products such as trunks of trees, branches, and sawn dusts and this makes it impossible for water to flow freely, instead the water flows into nearby farms causing stagnation which destroys most of the cocoa trees.
The visit also revealed that most of the promises made by the mining company were yet to be fulfilled. Residents told the Public Agenda that the company upon arrival in the community promised them a recreational centre, electricity, tarred roads, good and safe drinking water, market, adequate compensation and very decent houses would be provided as resettlement package.
Public Agenda can confirm that the affected communities apart from the Chirano village which enjoys electricity provided by the government , other towns within the company's jurisdiction namely, Akoti-Etweibo, Surano, Akaaso, Kwawkrom, the resettlement area have no electricity, although the company has electric poles that passes through these villages and supplies light for their mining activity.
During the erection of the electric poles many cocoa trees were destroyed in these communities. Narrating an incidence, Kofi Amu a cocoa farmer at Surano said his cocoa trees were destroyed without his knowledge and when he requested for compensation he was arrested and detained by the police at Wiawso.
One of the chiefs of Chirano, Nana Kwaku Kyem said the people refused to move to the resettlement area because the buildings were not fit for human habitation, since they did not have enough space.
The Assemblyman for Chirano Gabriel Nketia said the company promised the schools in the community a scholarship scheme for the first two brilliant children that excel in the Basic Education Certificate Examination (BECE), but the company has so far failed fulfilled this obligation although they have been submitting names of students to the company every academic year.
Gabriel Nketia said the company has refused to employ the people in the area and even when they are employed it is on casual basis of a period between four to six months.
A spokesman for the people of Akoti-Etwiebo community, Nicholas Benie said on the 6th of June this year while the villagers embarked on a peaceful demonstration against corporate and state injustice, the mining company brought in a combined team of the military and police from Wiawso who brutally beat and stripped the women naked.
Investigations by the Public Agenda revealed that many of the farmers were still visiting their farms near the mining area, despite the health risks involved.
Later at a durbar organised by the chiefs and people of the community they disclosed that they were visiting their farms because the mining company had refused to pay their compensation after taking over their farms.
The Programmes Officer of Third World Network, Mr Abdulai Dramani at the durbar educated the people in the affected communities on their rights and responsibilities as citizens and the channels they could use for their grievances to be heard by government.
He assured the people that his organization was going to do its best to ensure that the mining company fulfills its social responsibilities to the communities.
In an interview with the Omanhene of Chirano Traditional Area, Okogyeman Kwaku Gyamprah III, he said he had reported the plight of his people to the company, but was yet to receive a formal reply from them.
Red Back (RBI.TO) underground recoveries, Akwaaba, Ghana
Red Back Reports Positive Results From Preliminary Akwaaba Metallurgical Testwork
VANCOUVER, BRITISH COLUMBIA, Dec 4, 2006 (CCNMatthews via COMTEX) -- Red Back Mining Inc. (the "Company" or "Red Back") (CA:RBI) is pleased to announce results from a first round of metallurgical test work on samples from the Akwaaba high grade underground mineralisation (Indicated Resource of 3.197Mt grading 6.56g/t for 674,000oz, Inferred Resource 0.78Mt grading 8.8g/t for 221,000oz. See press release November 16th 2006).
Results of the testwork are set out below.
---------------------------------------------------
Sample Number Head grade Au g/t % Total Recovery
---------------------------------------------------
HS 14324 6.44 92.3
---------------------------------------------------
HS 14325 6.65 92.5
---------------------------------------------------
HS 14326 24.85 91.5
---------------------------------------------------
HS 14327 6.65 89.5
---------------------------------------------------
HS 14328 8.95 93.4
---------------------------------------------------
HS 14329 12.90 88.8
---------------------------------------------------
HS 14330 80.23 93.7
---------------------------------------------------
Composite samples of quarter core (NQ) were submitted to AMMTEC Ltd, of Perth, Western Australia representing the full suite of geological ore types taken at depths throughout the Resource.
The average recovery for the samples was 91.7%. Cyanide consumption was low, averaging 0.3kg/t with the ore exhibiting fast leach kinetics and the majority of leaching occurring within the first 6 hours.
Leach testwork indicates similar good performance to the current operating ore bodies at the company's Chirano Gold Mine indicating that no plant modifications would be required to treat the Akwaaba ore.
Commenting on the metallurgical results, Richard Clark, President and CEO of the Company stated, "The development of a high grade underground mine at Akwaaba will significantly impact the Chirano operation. These results confirm that the Akwaaba ore will blend easily with ore from the other Chirano deposits and that no plant modifications will be required. Red Back is now working to complete a scoping study on Akwaaba to define the optimal development route in the first quarter 2007. This study will immediately be followed by a full feasibility study".
The technical contents of this release have been reviewed by Hugh Stuart, BSc., MSc, a Qualified Person pursuant to NI-43101. Mr. Stuart is the VP - Exploration of the Company and a Member of the Australasian Institute of Mining and Metallurgy. This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.
On behalf of the Board of Directors
Richard P. Clark, President
SOURCE: Red Back Mining Inc.
Red Back Mining Inc. Sophia Shane (604) 689-7842 Website: www.redbackmining.com
Copyright (C) 2006 CCNMatthews. All rights reserved.
End of Story
Searchgold (RSG.V) starts serious drilling in Gabon
Press Release Source: SearchGold Resources Inc.
SearchGold Starts its Drilling Campaign and Resumes its Soil Geochemical Surveys on its Bakoudou-Magnima Gold Project in Gabon
Friday December 1, 9:15 am ET
MONTREAL, QUEBEC--(MARKET WIRE)--Dec 1, 2006 -- SearchGold Resources Inc. (TSX VENTURE:RSG.V - News)(FSE: S1O) announced today the start-up of the drilling campaign on its Bakoudou-Magnima Gold Project in Gabon.
Drilling on Bakoudou
The campaign was started on November 8th 2006 and consists in core drilling targeting the eastern part and immediate northern extension of Zone A. Systematic RAB drilling will be initiated shortly on the recently defined and yet untested 1.9 km portion representing 80% of the Bakoudou anomaly (see press release of November 15th 2006).
Soil geochemistry on Magnima / Moyabi anomaly
The Moyabi gold anomaly, located 10 km north-east of Zone A, was defined over approximately 3 km in length during the recent stream geochemistry campaign (see press release of October 25th 2006).
Associated with a north-north-west trending structural corridor, this anomaly is similar to that of Bakoudou's gold corridor. Follow-up work is now in progress on Moyabi and consists in line cutting and soil geochemistry with the objective to bring this new area to the drill ready stage as soon as possible.
Given the presence of structural elements at the regional level displaying similarities with Bakoudou's Zone A, the project in being developed on two simultaneous fronts :
1. Preparation of the various elements relating to Zone A's feasibility study ;
2. Definition of satellite bodies around Bakoudou.
The recently initiated program is perfectly suited for the targeting of these two objectives.
In July 2005, SearchGold signed a strategic $4,200,000 joint venture agreement on the Bakoudou-Magnima Gold Project with Managem, a successful, established African-based mining company (www.managem-ona.com). Through its subsidiaries, Managem operates six mines in Morocco and was also involved in the development of two gold mines in West Africa, the Kiniero mine in Guinea and the recently commissioned Samira Hill mine in Niger.
The Bakoudou-Magnima Gold Project comprises the Magnima prospecting authorization with a 2,294 km2 surface area and the Bakoudou exploitation permit with a surface area of 24 km2. Zone A, SearchGold's first advanced target located on the Bakoudou permit, sits at the southern extremity of a 2.5 km northwest trending gold bearing corridor.
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. SearchGold is aggressively pursuing the development of its gold projects with three drill programs to be initiated before the end of 2006.
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:
SearchGold Resources Inc.
Philippe Giaro
President & CEO
32-473-52-30-29
Email: phgiaro@skynet.be
SearchGold Resources Inc.
Denis Tremblay
Vice-President
514-866-4224
Email: info@searchgold.ca
Website: http://www.searchgold.ca
CHF Investor Relations
Cathy Hume
CEO
416-868-1079 x231
Email: cathy@chfir.com
CHF Investor Relations
Alison Tullis
Associate Account Manager
416-868-1079 x233
Email: alison@chfir.com
Good rule?: "If it quadruples, sell half."
Not many stocks do better than quadruple in a short time (say, one year). Gold only quadrupled even in its 1970's heyday.
At least with this rule you double your money, with the other half of the stock left for playtime.
I know that such "rules" are arbitrary and not tailored to the person or the stock, hence inherently bogus. (The true rule being "Sell when you have something better to do with the proceeds." -- such as cash if you thing the stock's going down.)
Otherwise, is this a good rule? (I don't have a downside sell rule to take your losses; maybe "sell when it first goes below your notion of its normal volatility range"?)
My rule suggests selling half of Nuinsco (NWI.TO) stock now since it just quadrupled. (Disclosure: I don't have or want any.)
FL
Haber (HABE) gets new gold concessions in Ghana
Haber, Inc. Acquires Large-Scale Gold Concession and Option on Second Concession in Ghana's Gold Prolific Western and Brong Ahafo Regions
Tuesday October 31, 8:30 am ET
Acquisition Increases Haber's Concession Holdings in Ghana to 1,150 Square Kilometers
ARLINGTON, Mass., Oct. 31 /PRNewswire-FirstCall/ -- Haber, Inc. (OTC: HABE - News), a Massachusetts-based company with proprietary technology for the environmentally friendly processing of precious metal bearing ores, announced today that its wholly owned Ghanaian subsidiary, Haber Mining Ghana Ltd., has acquired a concession with reconnaissance licensing rights covering an area of 561 square kilometers from Uprightness, Ltd. of Ghana, and has entered into an option to purchase a concession with reconnaissance licensing rights covering an area of 300 square kilometers from Eternity, Ltd. of Ghana.
The Ghana concessions are located in an active exploration and mining area, surrounded by properties operated by major gold mining companies, including Newmont Mining Corporation, Anglogold Ashanti Ltd., Gold Fields Ltd, Red Back Mining Co. and Birim Goldfields Inc.
Albert B. Conti, Haber's president and COO, said, "The purchase of the 'Uprightness' concession and option to purchase 'Eternity' represents the Company's continuing strategic plan of acquiring high-prospect gold-bearing properties for its own inventory. This transaction provides Haber with major concession holdings and presence in Ghana and increases significantly its long-term opportunities and profit potential. The 'Uprightness' acquisition increases Haber's concession holdings in Ghana to 1,150 square kilometers and, if the 'Eternity' option is exercised, the holdings will increase to more than 1,450 square kilometers."
"This acquisition decision was deemed warranted based on the favorable results obtained from the reconnaissance report on Haber's 'Good Ground' concession and the close proximity of the 'Uprightness' concession to 'Good Ground'. Furthermore, the concession has a strategic location near discovery sites where proven gold reserves have been found by major mining companies, a factor highly favorable to its prospects. We shall continue, in the future, to take advantage of significant special situation opportunities which present high potential value to our shareholders," said Conti.
The Company has received a combination of private equity and loan financing to complete this purchase and to provide the necessary capital for the gold processing facility currently under construction in the United States.
"Development of any of these concessions allows the Company greater potential for long-term value and will significantly increase partnering and business opportunities and, we believe, lead to higher profits from properties contained in our asset portfolio, all of which we expect will enhance shareholder value. Prospecting activities shall be accomplished by partnering with, or otherwise using the services of, full-service mining companies," said Conti.
Conti continued, "Although there is no guarantee that any of our concessions will yield proven gold reserves, we are encouraged by our 'Good Ground' reconnaissance results and the strong activity and successes of major mining companies, who have already reported discovering more than 15 million of ounces of gold in this general area.
Haber's "Uprightness" concession is located in the Bibiani Anhwaiso-Bekwai Wiaawso and Atwima Districts of Western Region. The northern boundary of the concession is approximately 70 kilometers WSW of Kumasi, the Ashanti regional capital, whereas the southern end of the concession is approximately 140 kilometers NNE of the port city of Takoradi, the Western Regional capital. It is also approximately 250 kilometers WNW of Ghana's capital city of Accra.
The "Eternity" concession under option is comprised of two separate blocks. The northern block is located about 75 kilometers north-northwest of Kumasi and lies in the Tano District of the Brong Ahafo Region. The southern block is located about 65 kilometers northwest of Kumasi and lies within the Ahafo-Ano South and Ahafo-Ano North districts. More information about the location of these concessions may be found on the Company's Web site at http://www.habercorp.com
The Company reports that Albert Conti will be traveling to Ghana in November to meet with the Minister of Mines, the Minerals Commission, government agencies, academics, labor union representatives, media representatives and mining property stakeholders to pursue issues relating to the Company's STAMP (Strategic Abatement of Mercury and Poverty) program, as well as exploration and reconnaissance issues on the Company's large-scale mining concessions.
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 Albert B. Conti (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:
Albert B. Conti
Haber, Inc.
781-643-2727
Source: Haber, Inc.
Randgold (GOLD) underground mining in Mali at Yalea
New Mali underground gold mine adds value for Randgold
By: Tessa Kruger
Posted: '18-OCT-06 20:00' GMT © Mineweb 1997-2006
JOHANNESBURG (Mineweb.com) --Randgold Resources’ new Yalea underground mine in Mali will significantly reduce production costs at the company’s major Loulo project when production comes on stream at the end of 2007.
Chief executive Mark Bristow said after a sod turning ceremony at the mine with the local minister of mines, energy and water, Hamed Semega, this underground extension of the open pit mines at Loulo contains gold deposits of higher grades than found in Loulo’s open pit mines.
“The Yalea development has very high grades in some places. The higher grade found in this deposit will increase the grade feed to the Loulo plant, bringing the production cost per ounce down. The project’s cost profile will be reduced over the next five years,” said Bristow.
Randgold Resources has been focusing on growing its reserve base by developing reserves below its open pit operationss at Loulo. The company has already increased its resources from approximately 2 million to nearly 10 million ounces of gold by the beginning of this year.
The Yalea development extends the Loulo project’s life beyond 2020, giving the company the opportunity to further capitalise on its capital investment of approximately $150m in the Loulo project. The project involved the building of large infrastructure around the existing open cast mines.
Yalea will take four years to reach full production, lifting the project’s production from 250 000 ounces per year to in excess of 400 000 ounces per year. The underground mine is currently only 650m deep, but potential still exists to go deeper, said Bristow.
The Loulo project is expanding on the back of the shrinkage of the Marila operation that has got three very good years ahead of it, but will fall in production from 2012.
Loulo is systematically being transformed into a four-mine complex as a second underground mine – Loulo 0 – is currently at the final planning stage. Recently renamed to Gara, the planned mine is currently being redesigned and available resources will be updated this quarter.
Loulo and Morila are the main projects of Randgold Resources, while the company holds a “swathe of gold prospecting licences” in six African countries.
“We make all our own discoveries and are very keen on creating new opportunities,” Bristow said.
Gold Coast Resources quintupled in last 6 days (GSRS on the Pink Sheets). It went from one cent to over five cents per share (American money).
Unusual speculation. It has an existing shaft and mine at Tarkwa, Ghana. The stock has been illiquid.
Ghana Gov't to remove artisanal miners ("galamseys") from mining concessions
[ Note: This is the rare case of a "forward-looking statements" warning being non-trivial. FL ]
TSX: GSC AMEX: GSS
NEWS RELEASE
GOLDEN STAR REPORTS GOVERNMENT INTERVENTION TO REMOVE ILLEGAL MINERS FROM ITS CONCESSIONS IN GHANA
Denver, Colorado, October 31, 2006:
Golden Star Resources Ltd. (AMEX: GSS; TSX: GSC) today announced that the Government of Ghana, through its Ministry of National Security, has initiated a country-wide operation to remove illegal miners from legal mineral concessions in Ghana. These illegal mining operations are widespread and include the concessions of Newmont, Gold Fields and AngloGold Ashanti in Ghana as well as our concessions at Bogoso/Prestea, Wassa and Hwini-Butre and Benso.
The action follows a long period of sensitization and education by the Government, which included the introduction of improved mechanisms for these miners to apply for small-scale mining permits in their own right, to mine on areas not already held by mining companies. Government also conducted a public campaign to educate the illegal miners and the community on the short-term and long-term dangers of the illegal mining activities.
Peter Bradford, President and Chief Executive Officer of Golden Star, stated “Illegal miners are not governed by rules and regulation, use mercury to recover the gold and are not accountable for the environmental degradation or reclamation. The recent damage to the Bondaye shaft on our Prestea property underscores the adverse effect that illegal mining can have on the health and safety of our employees, the local community and the illegal miners themselves.”
“We are therefore appreciative of the Government efforts to protect our mining properties allowing their orderly exploration and development. Our mining and exploration activities in Ghana provide direct employment to over 3,000 people in Ghana as well as indirect employment to many more. In addition to the employment, our mining activities fund a community development trust and a long-term initiative to create a sustainable oil palm project in the catchment area around our mines. Although we have no control over the timing or extent of the exercise, we understand that it has been carefully
planned by the agencies involved, with the goal of removing the illegal miners as peacefully as possible. We are confident that the longer-term benefits resulting from enforcement of Ghana’s laws in the mining sector will be important for Ghana and its people.”
COMPANY PROFILE
Golden Star holds a 90 percent equity interest in the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, the Company has a majority interest in the currently inactive Prestea Underground Golden Star Resources Ltd.'s mine in Ghana, as well as gold exploration interests elsewhere in West Africa and in the Guiana Shield of South America.
Golden Star has approximately 207.8 million common shares outstanding.
Statements Regarding Forward-Looking Information:
Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the efforts of the Government of Ghana to remove illegal miners from mining concessions of Golden Star and others and the benefits expected from enforcement of Ghana’s laws in the mining sector. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially including the possible failure of the Ghana government to succeed in its efforts to remove illegal miners from Golden Star’s concessions or unexpected consequences of that removal including but not limited to actions by groups or individuals leading to the injury of our personnel, damage to ourequipment and the temporary cessation of our mining and/or processing operations. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of these and other factors in our Form 10-K for 2005.
For further information, please contact:
GOLDEN STAR RESOURCES LTD. +1-800-553-8436
Peter Bradford, President and CEO
Bruce Higson-Smith, Vice President Corporate Development
Anne Hite, Investor Relations Manager
Blonder Tongue Laboratories,
Inc. (Amex: BDR)
Fun Names portfolio?
How well would a "fun names" stock portfolio do? If the portfolio beats its "benchmarks" (whatever those would be) for, say, six months, that's reason enough to start a mutual fund based on that theory, these days. Right?
Some Candidates:
Crazy Woman Creek Bancorporation CRZY otc
Hoodoo Hydrocarbons Ltd. ??
Moneta Porcupine ME.t
Yahoo! (Alas there is no more of the once very successful Yoo Hoo Beverages stock. There is Yoho Resources YO.t. Another co. with an exclamation point: All in West! Capital Corporation ALW.P.t)
Hi Ho Silver HIHO.cnq
Golden Chalice Resources GCR.v
Mosquito Consolidated Gold Mines Ltd. MSQ.v
Little Squaw Gold Mining Co. LITS.otcbb
Golden Goliath Resources GNG.v
Moonshot Capital Corp. CVX.v
Orphan Boy Resources ORS.v
Rocky Old Man Energy Inc. RO.v
Slam Exploration SXL.v
Muskox Minerals Corp. MSK.v
Bio Angel 1 Corp.
Dolly Varden Resources DLV.v
Flukong Enterprise Ltd. FLG.v
Kingfisher Mines, Ltd. (Wildcat Resources)
Sons of Gwalia (SOGAY on Pinksheets) - Australia
Mountain Boy Minerals MTB.v
Walking Bear Resources, Inc.
Zappa Resources ZPA.v
Beartooth Platinum BTP.v
Addenda capital AHX.t
Liquor Barn Income fund LIV.UN.t
Glass Earth Ltd. GEL.v
Mad Catz Interactive, Inc. MCZ.t
War Eagle Mining Company Inc. WAR.v
Verb Exchange Inc. VEI.v
Ursa Major Minerals UMU.v
Monster Copper Corp. MNS.v
Hmm, I must have missed a decimal point or something -- oops.
Hig River (HRG.TO) drilling in Burkina Faso; various reports
High River Gold to Drill Twelve Major Target Areas at Bissa
TORONTO, ONTARIO--(CCNMatthews - Sept. 14, 2006) - High River Gold Mines Ltd. ("High River", or the "Company")(TSX:HRG) is pleased to report that its ongoing surface exploration programme on its 1,000 square kilometre Bissa Group Permits has:
(a) further defined and expanded:
- six target areas along the Sabce Deformation Corridor,
- five existing exploration target areas first identified by the Joint
Venture operated by Randgold Resources Ltd. ("Randgold") in the
late 1990's (see High River press release dated November 10, 2005)
(b) identified a new drill target area.
A US $10 million drilling programme, budgeted at US $2 million per quarter, will start in the fourth quarter of 2006 to follow up on these exciting prospects shown on the attached map.
The recent surface exploration work by High River on the Bissa Group Permits consisted of geological mapping, soil sampling, rock-chip sampling, and ground geophysical surveys. The planned systematic drilling programme will explore the twelve major target areas with the initial objective of expanding the 43-101 resource on Bissa Group Permits to over 2 million ounces of gold from the current 1.3 million ounces (662,250 ounces measured and indicated and 679,470 ounces inferred). This initial resource was based on drilling carried out over only a six kilometre section (the Bissa Resource Area) of the anomalous 30 kilometre-long Sabce Deformation Corridor.
The Bissa Group Permits are located in Burkina Faso on the northeast edge of the Boromo greenstone belt, part of the prolific Birimian greenstone belts of the West African craton. The Birimian greenstone belts currently host several world-class mines (e.g. Obuasi, Sadiola, etc.) and mines under construction, including High River's Taparko-Bouroum Mine.
The following summarizes results of the recently completed surface exploration work on eight of these target areas:
1. Extension of Bissa Resource Area
2. Lelsego
3. Wemstenga
A systematic 100 metre by 100 metre soil sampling programme over a strike length of 15 kilometres was completed on the regional Sabce shear zone beginning at a distance of 15 kilometres southwest of the Bissa Resource Area and contiguous with the previous soil sampling. Gold-in-soil anomalies, along with historic rock sampling by Jilbey Gold Exploration Limited ("Jilbey"), have defined six target areas. The two major targets, Lelsego and Wemstenga (significant orpaillage site), both 1.2 kilometres long, are currently being surveyed by gradient array induced polarization ("IP") and ground magnetics. The survey will also cover the southwest extension of Zone 51 and Zone 52 and the Guibare orpaillage site.
The Lelsego target area is 30 kilometres southwest and along strike of the Bissa Hill deposit. Previous work by Randgold included trenching (best results of 1.6 metres grading 21.1 g/t gold and 0.5 metregrading 12.6 g/t gold) and rotary air blast ("RAB") drilling (best results of 6.0 metres grading 5.6 g/t gold and 12.0 metres grading 2.2 g/t gold). Geological mapping at 1:2500 and rock chip sampling were completed by Jilbey in 2004 to 2005 over a 900 metre strike length with 27 rock samples grading between 1.0 and 15.8 g/t gold. High River's soil sampling programme defined a 1.3 kilometre gold soil anomaly around and along the 900 metre long area of orpaillage workings and anomalous rock samples.
High River completed a 100 metre by 100 metre soil sampling programme to the northeast of the Bissa Hill deposit covering an area of 2 kilometres by 4 kilometres. The programme outlined two soil anomalies; one was 900 metres by 200 metres, while the other was 1.2 kilometres by 0.8 kilometres.
The 2006/2007 drilling programme along the Sabce shear zone will focus on testing new targets to the southwest of the known resource area and will also include deeper drilling at the high-grade Bissa Hill South Extension and the Bissa Hill deposits, both of which form part of the current gold resource.
4. Bouly
The Bouly target is located approximately ten kilometres southeast of the Bissa Hill deposit. The Company completed geological mapping at a scale of 1:5000, rock chip sampling and a soil sampling programme on a 100 metre by 100 metre grid over an area of 9 square kilometres. The soil sampling defined a 100 ppb gold anomaly measuring 2 kilometres by 1.5 kilometres. Of 150 rock chip samples collected, 34 samples returned gold values exceeding 0.5 g/t of which 14 samples assayed greater than 1 g/t to a maximum value of 12.3 g/t. Mineralization is associated with narrow quartz-pyrite-chalcopyrite veinlets and disseminated pyrite-chalcopyrite in mafic metavolcanics and felsic to intermediate lapilli tuffs. Most of the mineralized rock chip samples are from very small outcrops over an area of 700 metres by 700 metres in the northeastern part of the soil anomaly. The area to the southwest is covered with alluvials and remains prospective.
The soil anomalies have potentially defined four, northeast trending, subparallel mineralized trends. Previous drilling by Randgold tested only one of these northeast trends defining a low-grade gold envelope of 700 metres by 200 metres. Higher grade gold mineralization within this envelope was encountered in RAB hole LIR-857, which returned 21 metres averaging 3.95 g/t gold. Core hole NT04-001, drilled by Jilbey approximately 5 metres down dip from the mineralized intercept, returned 30.6 metres averaging 2.5 g/t gold. It included two high-grade gold intercepts of 16.7 g/t over 1 metre and 14.1 g/t over 1 metre.
Up to 1,000 metres of reverse circulation ("RC") drilling is planned to follow up Jilbey's intersection following ground geophysical surveying this fall. Approximately 1.6 kilometres southwest of NT-04-001, compilation work indicates that RAB hole LIR-893 intersected 21 metres averaging 1.1 g/t. The intercept was not followed up down-dip and remains open along strike. A total of 2,000 metres of RAB drilling is also planned to the southwest to test the gold mineralization intersected in RAB hole LIR-893, and to the southeast where gold and copper soil anomalies have been untested and where eight rock samples returned greater than 1.0 g/t gold to a maximum of 12.3 g/t gold.
5. Kogkundi (New Target Area)
This newly identified target is located two kilometres west of Bouly. Geological mapping and rock chip sampling has defined three parallel, north northeast trending mineralized structures extending for approximately 1.6 kilometres. Twelve of 78 rock chip samples exceeded 1 g/t gold to a maximum of 6.7 g/t gold. The Company is planning a 2,000 metre programme of RAB drilling.
6. Liliga
The Liliga target is located approximately ten kilometres south southeast of the Bissa Hill deposit on the Liliga deformation corridor. Soil sampling and geological mapping at a scale of 1:5000 was completed over an area of five square kilometres. The soil sampling programme defined a 100 ppb gold anomaly, trending northeasterly, over a distance of two kilometres. This anomaly remains open to the northeast where it is covered by a veneer of alluvium.
In the known area of mineralization, Jilbey's trench 818N (235 metres) returned 4.06 g/t over 31.8 metres and 1.43 g/t over 12 metres in the East Zone and 13.04 g/t over 11.5 metres in the West Zone. Jilbey's RC hole BLR-001 testing the East Zone had returned an intercept of 2.20 g/t over 10 metres. New trenching by High River returned the following: Trench 900N (160 metres), excavated 80 metres northeast of trench 818N, testing the East Zone, returned three intervals of 5.1 g/t over 1.8 metres, 2.2 g/t over 3 metres and 8.5 g/t over 2 metres, Trench 920N (90 metres), excavated 100 metres northeast from Trench 818N West Zone, intersected 1.6 g/t over 4 metres.
High River has identified the presence of metasedimentary rocks on the Liliga target, suggesting some similarities with the geology at Bissa. High River relogged the core from ten diamond holes (LDH-1 to 10) drilled by Randgold, which confirmed the association of the gold mineralization with sulphides and silicification. The integration of the historical and recent/current work is underway. The Company is planning to extend the ground geophysical surveys beyond the one square kilometre area already covered by Jilbey in 2005, before starting a systematic RC drilling programme over the Liliga target.
7. Gougre
The Gougre area is located twelve kilometres south southwest of the Bissa Hill deposit. High River has recently completed a 100 metre by 100 metre soil sampling survey and geological mapping at 1:1000 over the Gougre target area. The 100 ppb gold-in-soil anomaly of 600 metres by 200 metres corresponds to the outcropping mineralization. Gold mineralization observed on surface outcrops is mostly associated with (1) deformation and quartz veinlets parallel to the east northeast trending shear zone in altered mafic metavolcanics, (2) quartz vein stockworks oriented northwest associated with silica-pyrite alteration in massive mafic metavolcanics, and (3) pervasive silica-pyrite alteration in an easterly trending porphyry dyke.
Compilation of the historical work together with High River's recent surface exploration work is currently underway.
8. Rofo-Lessa
The Rofo-Lessa area is located 13 kilometres east southeast of the Bissa Hill deposit. The Company completed geological mapping at a scale of 1:5000. Jilbey had completed rock chip sampling and a 100 metre by 100 metre soil sampling survey over an area of 26.6 square kilometres. The soil sampling defined a north northeast trending 100 ppb gold anomaly measuring 7 kilometres by 2 kilometres. The rock chip sampling, totaling 2,469 samples, returned 67 samples exceeding 1 g/t gold to a maximum of 210 g/t gold.
At Rofo, Randgold had completed two diamond drill holes testing a flat quartz vein. Hole RDH-2 intersected high-grade gold mineralization near surface, returning 40.4 g/t over 2.0 metres. Today, the site is being worked by orpailleurs. The workings cover an area of 100 metres by 100 metres and are exposing abundant quartz veining with values of up to 44.0 g/t gold, and sheared metasediments with values of up to 16.0 g/t gold. The Company plans detailed geological mapping at 1:1000 with a systematic sampling programme of the workings.
The Company is currently conducting a 153 kilometre ground magnetic and gradient IP survey over the anomalous Rofo-Lessa target area to provide a better understanding of the structural controls of the gold mineralization.
Driffield Cameron, Vice President Exploration of High River, is the Qualified Person as defined under NI 43-101 and has reviewed the technical information contained in this release. Analytical work is carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali.
About High River
High River is currently constructing two open-pit gold mines which are scheduled to commence production in the first half of 2007, the Taparko-Bouroum Project in Burkina Faso and the Berezitovy Project in Russia. 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, with annual production from Berezitovy averaging more than 100,000 ounces. Combined with gold production from High River's 85%-owned Russian subsidiary, OJSC Buryatzoloto, High River's attributable annualized gold production rate is expected to exceed 325,000 ounces by mid-2007, establishing the Company as a mid-tier gold producer.
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.
A map of the High River Bissa Permits is available on CCNMatthews' website at http://www.ccnmatthews.com/docs/hrb0914.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
High River Gold Mines Ltd.
Dan Hrushewsky
Vice President Investor Relations
(416) 947-1440
(416) 360-0010 (FAX)
info@hrg.ca
www.hrg.ca
©2005 High River Gold Mines Ltd. All Rights Reserved.
ouch - Iamgold (IAG,IMG.TO) down 12.79% today; Greencastle UP 17.39% today; Etruscan (EET.TO) doing nicely, Axmin (AXM.V) superbly (up 1900% this year). I don't have any of these except Iamgold, which is presumably dipping because of its announced acquisition of Cambior.
Riverstone (RVS.V) results in Burkina Faso
See:
http://www.kitco.com/pr/1267/article_09122006142923.pdf
Axmin (AXM.V) has climbed, during 2006, times 20 so far. I had none, having hesitated. I was thinking "Central African Republic" when I should have been thinking: "Mali". There have been some really big gold discoveries in Mali in the last year.
Adamus To Fast Track Drill-Out Of New High Grade Ghana Gold Project
2006-09-08 01:07 ET - News Release Adelaide, Australia, Sept 8, 2006 - (ACN Newswire) - A new high grade gold project acquired in Ghana by Australian explorer, Adamus Resources Limited (ASX: ADU)(PNK: ARLTF), is to be given significant drill priority by the Company.
This would be in addition to current resource definition and infill drilling on its flagship Ghana gold project, Southern Ashanti.
Addressing the Paydirt Media 2006 Africa Downunder Conference in Perth today, Adamus Managing Director, Mr Hamish Halliday, announced that the new Anwia South project had been assigned priority status within a new 25,000 metre drill program to commence shortly across the Company's Ghana gold projects.
"While privately owned and drilled for the past 10 years prior to our acquisition this year, Anwia South's historic intercepts are exceptional and this project has significant upside for Adamus," Mr Halliday said.
"We have fast-tracked a major drilling program on it, having since acquisition, proved up the original drill hole data and located a second gold lode.
"The Anwia South drilling will push beyond the depth of the historic holes, which only went to 80 metres but reported intercepts such as 6m@148 g/t au at 48m including 2m @ 438 g/t au from 52m and 5m @ 71.7 g/t au from 72m.
"In addition, there is considerable free gold within the deposit, and initial testing has recorded very high recovery rates of around 94%, so we see strong exploration upside on intensive drilling of the several prospects throughout Anwia South's acreage."
Adamus is already fast-tracking a Bankable Feasibility Study on the nearby Southern Ashanti gold project and expects to complete this Study by the first quarter of next year.
Southern Ashanti has a resource base of 22 million tonnes grading 2.1 g/t for 1.5 million ounces of contained gold.
About ADAMUS RESOURCES LIMITED:
Gold exploration - Southern Ashanti Gold Project.
About Africa DownUnder Conference:
The Africa DownUnder Conference, now in it's fourth year, is expected to be a blockbuster. Up to 400 delegates are expected at the two-day event. An impressive line-up of presenters have been invited and several African countries will have official representation. At least 50 corporate booths have been allocated, reflecting a diversity of commodity and geographical location which has made this "boutique" conference the enormously successful event that it is. Second only to South Africa's Indaba in Cape Town, Africa DownUnder has become a core resources event for Australian's either doing business or planning to work on the the African continent. Apart from the corporate show-and-tell presentations, key-note addresses will be made by top-ranking government officials from South Africa, Zambia, Botswana, Equatorial Guinea, Mali, Eritrea and Libya.
Contact:
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
No idea. huesos asked, about Birim (BGI.T):"As kind of a general guess, what would you say Birim has proven to date measured in ounces? Not necessarily 43-101 compliant."
I haven't looked. You'd have to add up all the various sites in and to the north of the Bui concession, including the galamsey workings maybe, plus their new property farther South that they got from Semafo and the other one ...? I assume that the Bui part would include an estimate for the Brohani Hills SW of Banda.
Most of these are nice bankable finds at current Au prices, but I'm waiting for what might be found in future at the margins of the igneous intrusions, or other new hits.
A bit more: Searchgold (RSG.V): up 34% today.
Axmin (AXM.V) Mali good hits: 11.8g/t30m, 7.5g/t41m, 25.3g/t15m
AXMIN Inc.: Drilling Continues to Intersect High Grades at Kofi Sw Zone C, Kofi Project, Mali
Last Update: 9:33 AM ET Sep 5, 2006
TORONTO, ONTARIO, Sep 05, 2006 (MARKET WIRE via COMTEX) -- AXMIN Inc. (CA:AXM: news, chart, profile) is pleased to provide an update on the ongoing drill program on the Kofi Project in the Loulo area of western Mali, where infill and extension drilling continues to define near surface high grade intercepts, such as 11.8 g/t Au over 30 metres, 7.5 g/t Au over 41 metres, 2.4 g/t Au over 45 metres and 25.3 g/t Au over 15 metres. True widths of the intersections are estimated to be up to 25 metres. In addition, a new zone of mineralisation has been recognised approximately 150 metres to the south with a strike length of some 240 metres, and currently estimated true widths of up to 15 metres. New intercepts include 14.7 g/t Au over 15 metres, 3.9 g/t Au over 20 metres and 4.6 g/t Au over 10.5 metres.
The 2,700 metre reverse circulation ("RC") drill program at Kofi SW Zone C commenced in July following transfer of the drill rig from the Kofi South prospect located about 8 kms to the east with the onset of the wet season. Significant new drill results have recently been reported (press releases June 27, 06 and August 08, 06) from the Kofi South prospect. Drilling is ongoing with a plan to expand the number of rigs available through the remainder of 2006. The focus being both along strike from known resources and discoveries, and also to depth where warranted by higher grades.
The program at Kofi SW Zone C was designed to both identify new mineralisation in the immediate vicinity and to upgrade the existing inferred resources at Zone C (1.03 Mt grading 5.0 g/t Au, 160,000 contained ounces) to indicated status. The previously announced combined resources at Kofi SW Zones B and C comprise: indicated resource of 45,000 ounces grading 3.2 g/t Au and inferred resource of 245,000 ounces grading 3.8 g/t Au (press release September 27, 2005). Drilling has targeted depths suitable for open pit mining.
Chief Executive Officer, Dr Jonathan Forster comments "We are delighted with the results from the infill and extension programs, with impressive near surface widths and grades continuing to be identified and providing increased confidence in the earlier geological models. In conjunction with the new zone to the south, which also exhibits good grades, there is excellent potential to increase resources at Zone C. Indeed, the results that are emerging from across the Kofi Project continue to impress. Given the recent discovery at Kofi South, the existing resources at Zone B, and the untested mineralisation at Kofi SS, the potential to establish sufficient resources to support a stand alone gold mill remains first rate. In addition there are a substantial number of large soil targets that remain untested."
This program at Zone C has entailed infill drilling on fences typically 40 metres apart within the known envelope of gold mineralisation, from geochemistry and prior drilling to vertical depths of about 100 metres. The new zone of gold mineralisation identified immediately to the south of Zone C has also been drilled on fences of 40 metres separation but so far to vertical depths of about 60 metres. In this new zone drilling and trenching has identified a north-northwest trending gold mineralised structure that dips steeply to the east and has an average true width of about 15 metres and weighted average grade to date, from borehole intercepts, of 4.6 g/t Au. Additional targets based on soil geochemistry and reconnaissance drilling are already identified further to the north along the same structure that contains Zone C and will be tested during the ongoing drill program.
Drilling in the main area at Kofi SW Zone C indicates that mineralisation occurs within at least 3 lenses that roll in the vertical section, with true widths of each estimated at up to 25 metres. The lenses occur within a 75 metre wide corridor over nearly 300 metres strike length.
Below is a table of the RC drill holes from this program:
Hole No. Total Azi- Inter- Grade
Depth North East muth Declin. From To val (g/t
(m) Co-ord Co-ord (deg) (deg) (m) (m) (m) Au)
------------------------------------------------------------------------
KWCC0511(2) 110 1457000 242307 270 -55 0 30.0 30.0 11.8
and 50.0 55.0 5.0 9.3
KWCC0512(2) 20 1457000 242242 270 -50 0 5.0 5.0 0.5
KWCC0513(2) 40 1457003 242265 270 -55 0 15.0 15.0 4.4
KWCC0514 80 1457030 242350 270 -55 NSI
KWCC0515(2) 100 1457110 242256 90 -50 45.0 50.0 5.0 3.3
KWCC0516 120 1457110 242228 90 -55 NSI
KWCC0517(2) 90 1457145 242250 90 -55 15.0 36.0 21.0 2.9
incl 20.0 35.0 15.0 3.7
and 55.0 57.0 2.0 9.5
KWCC0518(2) 90 1457145 242360 270 -55 25.0 40.0 15.0 1.2
and 72.0 73.0 1.0 1.3
KWCC0519(2) 90 1457180 242228 90 -55 52.0 54.0 2.0 1.9
and 59.0 60.0 1.0 1.4
and 76.0 79.0 3.0 1.8
KWCC0520(2) 90 1457210 242325 270 -50 5.0 22.0 17.0 3.7
incl 5.0 7.0 2.0 21.1
and 45.0 90.0 45.0 2.4
incl 86.0 89.0 3.0 9.5
KWCC0521 100 1457210 242355 270 -55 52.0 53.0 1.0 5.6
and 59.0 100.0 (3)41.0 7.5
incl 80.0 100.0 20.0 10.6
KWCC0522(2) 40 1457240 242315 270 -50 0 10.0 10.0 0.8
KWCC0523 100 1457280 242357 270 -55 NSI
KWCC0524 70 1457240 242400 270 -55 NSI
KWCC0525(2) 130 1457110 242192 90 -55 35.0 60.0 25.0 1.5
and 95.0 100.0 5.0 6.9
KWCC0526 50 1457065 242299 270 -50 14.0 15.0 1.0 5.6
and 26.0 34.0 8.0 2.8
and 46.0 50.0 (3)4.0 2.2
KWCC0527 48 1457065 242301 270 -70 1.0 2.0 1.0 1.0
and 9.0 10.0 1.0 3.8
KWCC0528(2) 56 1457065 242303 90 -50 10.0 20.0 10.0 8.7
incl 10.0 15.0 5.0 16.4
and 36.0 45.0 9.0 2.0
incl 36.0 39.0 3.0 3.8
KWCC0529(2) 57 1457000 242337 270 -55 50.0 56.0 6.0 0.7
KWCC0530(2) 80 1457020 242302 270 -65 0.0 15.0 15.0 25.3
incl 5.0 10.0 5.0 69.0
KWCC0531 84 1456970 242212 90 -55 69.0 70.0 1.0 2.3
and 79.0 80.0 2.0 1.1
KWCC0532 130 1457145 242214 90 -55 NSI
South Extension
KWCC0500 60 1456620 242377 270 -55 15.0 30.0 15.0 14.7
KWCC0502 60 1456660 242377 270 -55 35.0 45.0 10.0 1.5
KWCC0503 90 1456660 242415 270 -60 65.0 70.0 5.0 4.1
KWCC0504 100 1456700 242375 270 -60 40.0 55.0 15.0 1.0
KWCC0506 60 1456780 242333 270 -55 25.0 30.0 5.0 0.8
KWCC0508 60 1456820 242320 270 -55 55.0 60.0 5.0 1.1
KWCC0510 100 1456860 242352 270 -60 60.0 80.0 20.0 3.9
KWCD0134(1) 241 1456661 242359 270 -55 16.7 25.7 9.0 14.9
KWCC0135 91 1456660 242397 270 -55 57.0 62.0 5.0 1.3
KWCD0141 40 1456703 242357 270 -55 27.0 37.5 10.5 4.6
KWCD0142 101 1456739 242337 270 -55 12.0 26.0 14.0 2.0
(1) Core drilling previously announced October 13, 2005
(2) 5 m composites resampled on 1 m intervals - results pending
(3) Hole ended in gold mineralisation
NSI No significant intercept
Grade calculations are based on a 0.5 g/t Au lower cut off to define the mineralised structure, with no upper cut. Analytical work is being carried out at the independent Abilab Laboratories Ltd. in Bamako, Mali. The drill samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. Assay of individual one metre samples in mineralised zones is in progress.
This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.
AXMIN is a mineral exploration company with a strong focus on gold in highly prospective properties across central and west Africa. For more information regarding AXMIN visit our website at www.axmininc.com .
Safe Harbour Statement
Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, may constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the United States Private Securities Litigation Reform Act of 1995) in countries where AXMIN is conducting business and/or investor relations. Forward-looking statements, include, but are not limited to those with respect to the price of gold, the estimation of mineral reserves and resources, the realization of mineral reserves estimates, the timing and amount of estimated future success of exploration activities, AXMIN's hedging practices, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risk, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variation, including negative variation, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, possible variations in grade and ore densities or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining government approvals or financing or in completion of development or construction activities. Although AXMIN has attempted to identify important factors that could cause actual actions, events or cause actions events or results not to be anticipated, estimated or intended, there can be no assurance that forward looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, the company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Contacts: AXMIN Inc. Jon Forster Chief Executive Officer +44 (0)1233 665600 (UK) +44 (0)1233 643728 (UK) (FAX) AXMIN Inc. Judith Webster Manager - Investor Relations +1 (416) 368-0993 (Canada) ir@axmininc.com
SOURCE: Axmin Inc.
mailto:ir@axmininc.com Copyright 2006 Market Wire, All rights reserved. End of Story
Birim (BGI.TO) Bui:Chert: 2.23g gold/ton 10 meters
[ To see map and diagrams, go to:
http://www.birimgoldfields.com/s/NewsReleases.asp?ReportID=148953&_Type=News-Releases&_Title...
or else:
http://www.kitco.com/pr/1639/article_08312006130855.do.." target="_blank">http://www.kitco.com/pr/frame/index_prec.html?http://www.kitco.com/pr/1639/article_08312006130855.do....
FL ]
BIRIM GOLDFIELDS INC.
1155 University St., Suite 812
Montreal, Quebec, Canada H3B 3A7
For immediate distribution
POSITIVE DRILL INTERSECTION AT CHERT RIDGE TARGET AREA
Scout Drilling Intersects 10 meters at 2.23 g/t gold
Montreal, Canada, August 31, 2006, – Birim Goldfields Inc. (BGI: TSX) (“Birim” or “the Company”) is pleased to announce that it has intersected 10 meters at 2.23 g/t gold mineralization in a scout drill hole at the Chert Ridge Target Area on the Cluster Property in the Bui area of Ghana.
Birim recently completed several selective scout reverse-circulation (RC) and diamond drilling programs over a number of prospective targets located along the Bui Belt, Ghana. Drill hole BCC004, was drilled in the south-central portion of the Chert Ridge Prospect, to investigate highly altered outcrop. The RC drilling proved to be highly successful, returning an intersection of 10 meters at 2.23 g/t gold (see map). BCC004 was collared 45 meters to the northwest of a historic RC drill hole DKR_02, drilled by Santa Fe in 1996, which intersected 6 meters at 2.13 g/t gold. Indicative mineralization (9 meters at 0.9 g/t gold) was intersected by Santa Fe in a surface trench TR3300, which is 70 meters to the northeast of the new drill intercept. The Santa Fe trench and RC drill samples were analysed by 50g fire assay at Inchcape Testing Services (Ghana) Ltd in Obuasi, Ghana. The intersected structure appears to be dipping steeply to the southeast and is open in all directions.
The Chert Ridge Prospect is a 9-kilometer long northeast trending contact zone of sheared and folded phyllitic metasediments and metavolcanics. A 30-meter wide mineralized corridor, highlighted for over 6 kilometers by a +50ppb gold-in-soil anomaly, 3 kilometers of which grades at +100ppb gold, is situated along the contact of the metavolcanic package, and is defined by intense silica, chlorite, iron, carbonate and sericite alteration together with pyrite. Sheeted felsic dykes intrude along the full length of the discretely mineralized soil trend. A complex “crush” zone and highly silicified chert-quartz vein assemblage define the trend of the mineralized zone and is responsible for positive relief along the zone. Chert Ridge is situated on a regional structural lineament that is readily traceable for over 50 kilometers to the southwest and a further 20 kilometers to the northeast. The Chert Ridge Prospect represents an exciting drill target due to its spatial coincidence with a major crustal structure and the intensity of the hydrothermal alteration in the sheared corridor. In addition, the shear is located near the contact of a metavolcanic and metasedimentary package that has yet to be sufficiently tested by drilling.
Birim has recently completed an Induced Polarisation (IP) geophysical survey on Chert Ridge and is awaiting the final results. Preliminary interpretations are encouraging in that a number of conductors and chargeable resistors are present along the trend of the soil anomaly and warrant follow-up work. The IP survey has provided an excellent picture of the geological setting of the Prospect and this data will potentially present new drill targets and assist in follow-up drilling. In addition, detailed mapping and selective rock sampling have been carried out to define structural trap sites for the mineralization. Rock sampling has been carried out along the full length of the 9-kilometer strike of the zone.
A follow-up drill program has been planned to further define the strike extent of the mineralization within 200 meters to the northeast and southwest of the current intersection.
All current samples were analyzed by 50g fire assay with an AAS finish at Transworld Laboratory, located in Tarkwa, Ghana. International certified standard reference materials were inserted into the sample sequence along with blank and duplicate samples. Mr. Beau Nicholls of RSG Global Pty Ltd, a Qualified Person under NI 43-101 standards, has verified the current drilling, sampling and assay data reported in this release.
New Drill Intersection at Chert Ridge on the Cluster Property, Ghana
Bit of action in Searchgold (RSG.V). Etruscan (EET.TO) holding.
Ah ye of waning faith. Think, it'll be a much bigger tax loss if it goes down more!
I own Birim (BGI.TO) for the huge (and auriferous) Bui concession. Looking for the Big Hit. If Bui hits the jackpot, so do I. If not, I expect it (BGI) to drift, rising occasionally with the gold price. But the latter is not the reason to own it, for me; I could buy GLD for that.
Of course some of you buy after the announcement of a big hit, rather than before.
Today, a little Glamis made up for a lot of Birim...
Semafo's (SMF.TO) own "Owner Miner Fleet" at Kineiro, Guinea
SEMAFO TSX-SMF
Semafo’s Kiniero Owner Miner Fleet on Schedule
Montreal, Quebec, August 23, 2006. – SEMAFO (TSX – SMF) announced today that mining fleet purchased has been delivered to the Kiniero area on time as Semafo finalizes preparations to become owner miner. Heavy equipment has arrived at the mine with the remainder of the fleet scheduled to arrive in the coming week. The fleet which comprises three bulldozers, ten haul trucks, two excavators and a grader will enable Semafo to commence owner miner operations.
Owner mining activities are scheduled to start in early September. As previously announced in our March 30th 2006 press release, the mining fleet was acquired in order to assure higher availability, increased productivity and reduce operating costs. The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol “SMF”.
FORWARD-LOOKING STATEMENTS
This press release contains « forward-looking statements », including, but not limited to, the statements regarding the Company’s expectations as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mine operating costs, fixed assets expenses, mineral reserve estimates and to the company’s perspectives. Forward-looking statements express, as at the date of this press release, our estimates, forecasts, projections, expectations and beliefs as to future events or results. Forward-looking statements are reasonable, but involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of
precious metals, mining industry risks, uncertainty as to calculation of mineral reserves, risks related to the grade of reserves, risks related to hedging strategies, risks of delays in construction and requirements of additional financing.
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 is developing the Mana project in Burkina Faso
For more information contact :
SEMAFO:
Benoit La Salle,
President & CEO
Tel : (514) 744-4408
Fax: (514) 744-2291
E-Mail : blasalle@semafo.com
SEMAFO:
Michel Cormier
Qualified Person
Tel: (514) 744-4408
Fax : (514) 744-2291
E-mail: mcormier@semafo.com
RENMARK :
Tina Cameron
Tel : (514) 939-3989
Fax: (514) 939-3717
E-Mail : tcameron@renmarkfinancial.com
More extensive information on Semafo can be found on our home page at http://www.semafo.com
Burkina Faso accident, deaths, at old Poura mine
Burkina Faso
Posted: Fri, 18 Aug 2006
[miningmx.com] -- Dozens of illegal gold panners are trapped in a collaped disused mineshaft in Burkina Faso, Reuters reported on Friday.
Three people were killed and six escaped from the mine in Poura dstrict. Rescue workers are trying to save another 46 people believed to be still underground.
The mine at Poura, 160 km (100 miles) southwest of the capital Ouagadougou, is the country's biggest but was closed in 1999. Despite security measures to keep them out, gold panners have continued to excavate in treacherous conditions, the newswire reported.
Risks and rewards as Newmont (NEM) goes for Ghana gold
Mon Aug 14, 2006 1:08 AM EDT254
By Orla Ryan
AHAFO, Ghana (Reuters) - Joseph Arthur is a regular sight at the gates of the new Ahafo mine in Ghana.
"I need a job to support my family," he says, standing in the drizzle. The mine's owners don't like people turning up at the gates, but the 30-year-old electrician is sure he will eventually succeed in getting work.
"I believe in God. One day, one day, it will be my time."
Ahafo mine is run by Newmont Mining Corp. (NEM.N: Quote), the world's No. 2 gold producer by output. It is the company's first major venture in Africa, a source of hope for people like Arthur in the deprived Brong Ahafo area, but also a cause for concern for some environmentalists and social activists.
Newmont is spending $1 billion on two mines in Ghana in the single biggest mining investment in Africa's second biggest gold producer after South Africa.
While people like Arthur hope the mines will provide employment, and the government looks forward to extra tax revenues, activists have raised fears about the environmental impact and question the benefit to Ghana of a project that has already displaced thousands of people.
To build the Ahafo mine, Newmont has resettled or compensated 800 households -- an estimated 4,000 people -- at a cost of $15.3 million. Another $13.4 million was paid out in compensation for lost crops.
A mature cocoa tree, for example, fetched 63,000 cedis or $7 in compensation.
"The farmer may think this is huge money ... (but) that cannot restore (the lost) livelihood, it worsens poverty," said Daniel Owusu Koranteng, an activist at Wassa Association of Communities Affected by Mining.
"(Displacement) translates into a loss of livelihoods for a huge number of people ... If you are linking mining and development, people must be better off," he added.
Newmont, which has some 18 million ounces of reserves in Ghana, says it worked with farmers to agree a fair rate of compensation and the rates exceed standard government payouts.
ADAPTING TO CHANGE
The company poured its first gold in Ghana in July but for some in Brong Ahafo, the mine has not lived up to expectations.
Building the mine employed 3,000 people but it runs with just 800 staff. Newmont says it is working with non-governmental organizations to help the displaced to open businesses, and is cooperating with chiefs to find new land for farmers.
"If you look at development in any country, there is always trade-offs," Newmont Chief Executive Officer Wayne Murdy told Reuters in a recent interview. "For people to say the costs are greater than the benefits, I would question their motives.
"The real question of dealing with poverty is you have to develop commercial activity ... The project can be a catalyst for other commercial activity in Ghana, which is long term and will be very helpful to people," he said.
But for some, adapting to changes now poses a problem.
Kobby Yeboah, resettled in the town of Ola with his mother and brother, said some people he knew had already spent the compensation.
"The house is nicer ... We feel better here, but it is not moving in terms of working. When we were at the farm, we were working with our parents. When we moved to this place, we had no farm. We are just roaming about, we don't have money over here," he said.
ENVIRONMENT FEARS
The mine has also angered environmentalists.
The project secured a $125 million loan from the World Bank's private-sector arm, the International Finance Corp (IFC), even though some board members opposed the loan because of concern about the environmental impact and resettlement of families.
A U.S. Environmental Protection Agency (USEPA) report submitted to the IFC raised several concerns.
It warned of risks to birds from exposure to cyanide in the tailings pond, of the generation of acid and metals which could spill into the local water supply and the inadequate monitoring of environmental risks at the site.
Newmont said it would monitor the areas raised by the USEPA report, but added its environmental assessment at Ahafo was "consistent with the laws of Ghana, IFC requirements and Newmont's policies and standards."
The broader question raised by the Newmont investment is the age-old one of how much resource-rich countries really benefit from valuable commodities -- an important issue in Africa where many people living atop mineral reserves remain poor, or worse, see the riches that should bring wealth trigger war.
Newmont, which hopes to produce 500,000 ounces a year at Ahafo from 2007, expects to pay over $300 million in taxes and royalties over the life of the mine to the government, district assemblies and local traditional authorities.
But for some this is simply too little.
"They will pay royalties," Wassa activist Owusu Koranteng said. "Compared to the money they make, it is not enough."
© Reuters 2006. All Rights Reserved.
African Gold Group (AGG.V) reports on Ghana results
http://www.africangoldgroup.com/s/NewsReleases.asp?ReportID=146717&_Type=News
NEW IN CONGO: Simberi Gold (SAU.T)
See:
http://www.simberigold.com/
currently missing from Board header.
Midland Minerals (MEX.V) finds gold in Ghanaian sediments
PRESS RELEASE
FOR IMMEDIATE RELEASE August 2nd, 2006
MIDLANDS MINERALS CORPORATION ANNOUNCES GOLD UP TO 1950ppb
FROM STREAM SEDIMENT SAMPLES ON KANIAGO PROPERTY IN
GHANA
TSX-VN: “MEX”
TORONTO CANADA, August 2nd, 2006: Kim Harris, Chief Executive Officer, Midlands Minerals Corporation (“Midlands” or the “Company”) is pleased to announce results as high as 1950ppb from stream sediment sampling undertaken in April 2006 from work done on the Kaniago gold concession in Ghana. Kaniago covers approximately 47.5sq. kilometres, and is located on the Asankrangwa Gold Belt of Ghana. It is about 38 kilometres northwest of AngloGold Ashanti’s Obuasi Mine with over 32 million ounces of gold resources and reserves and 33 kilometres southeast of AngloGold’s Bibiani mine with approximately 1.6 million ounces in resources and reserves. Kaniago is contiguous to Amansie Resolute Mining’s Abore Mine to the north, Resolute Mining’s Obotan Open Pit Mine to the south, and Dunkwa Continental Goldfields to the east.
To view the location map please click the following link:
www.midlandsminerals.com/press_releases/images/kaniago_boundary_map.pdf
The work program was designed and supervised by Marc Boisvert, P.Eng. The exploration programme commenced on the 19th of April 2006 and involved Active Stream Sediment Sampling and Reconnaissance Geological Mapping. A total of 121 samples comprising 116 stream sediments, including 15 duplicates and 5 grab samples, were collected.
Encouraging gold value results include 650 ppb and 1230 ppb, to a peak of 1950 ppb. Results of the stream survey have highlighted areas of gold mineralization where further geochemical soil sampling is planned. A quartz vein believed to be along the mafic dyke at Kaniago village returned a gold value of 190 ppb on analysis. Preliminary mapping indicates the concession is underlain by Birimian metasediments intruded by hornblende-rich granite belonging to the Dixcove suite. Mafic dykes are reported to cut across the concession through the village of Kaniago and another further east of the concession.
Forward-looking statements ... [ omitted here ] ...
The TSX-V has in no way passed upon the merits of this news release and has neither approved nor disapproved the contents of this press release.
For further information, please contact:
Kim Harris, CEO
1210 Sheppard Avenue East, Suite 302
Toronto, Ontario M2K 1E3
Canada
CEO Direct Line: +1 (416) 447-6882
Tel: +1 (416) 492-6992
Fax: +1 (416) 492-6993
E-Mail: info@midlandsminerals.com Website: www.midlandsminerals.com
Adamus drills 10.8 g/t Au over 7.9 m at Anwia South
2006-08-03 09:58 ET - News Release
Mr. Hamish Halliday reports
DRILLING CONFIRMS HIGH GRADE AT ANWIA SOUTH INCLUDING - 7.9M @ 10.8G/T GOLD
Adamus Resources Ltd. is providing the results from the company's first drill program at the newly acquired Anwia South project. The 16-hole diamond core program targeted the Atom prospect, located only three kilometres from the company's Anwia deposit. Drilling intersected consistent, near-surface, high-grade gold mineralization, including 2.4 metres at 14.3 grams per tonne (g/t) gold, 7.9 metres at 10.8 g/t gold and 3.1 metres at 12.7 g/t gold.
The drilling results validate historical data and confirm the consistent nature of the mineralized lodes, which have been defined over a strike of 350 metres and remain open both along strike and downdip. Adamus's drilling to date has only targeted shallow mineralization with all intersections reported below, occurring within 55 metres of surface.
Atom exploration drilling -- intersections containing greater than five grams per metres:
Hole ID From (m) To (m) Interval (m) Gold grade (g/t)
ASRCD002 55 57 2 7.35
and 81 83 2 9.47
ASRCD006 32.4 33.7 1.3 4.76
ASRCD007 47.6 50.3 2.7 9.08
ASRCD008 59.6 62 2.4 14.3
including 59.6 60.2 0.6 39.5
ASDD009 75 78 3 2.30
and 83.6 84.2 0.6 8.10
ASRCD011 35 37.7 2.7 9.02
ASRCD012 31.9 39.8 7.9 10.8
including 39 39.8 0.8 80.5
ASRCD013 30.7 33.8 3.1 12.7
including 30.7 31.8 1.1 34.3
ASRCD015 54.7 62.2 7.5 3.35
ASDD016 57.9 58.6 0.7 33.3
With such positive results from Adamus's first drill program, the company is confident the Anwia South project has the potential to add significant, high-grade resource ounces to the fast-growing Southern Ashanti gold project, which already has a gold resource base of 15 million tonnes at 2.2 g/t for one million ounces (measured and indicated) and 7.7 million tonnes at two grams per tonne for 490,000 ounces (inferred).
Anwia South -- project highlights:
The property consists of 80 square kilometres of underexplored tenure, bordering both the southern and western boundaries of Adamus's Anwia deposit.
Historical drilling at the Atom prospect intersected high-grade, near-surface gold mineralization extending over a significant strike length, including intersections of six metres at 148 g/t gold, five metres at 71.7 g/t gold and 14 metres at 10.1 g/t gold.
Both historic and recent work completed by Adamus suggests gold mineralization at Atom is free milling in nature with cyanide leach tests on RC (reverse circulation) chips returning approximately a gold recovery of 95 per cent.
In addition to the Atom prospect, Anwia South contains a multitude of large-scale soil anomalies (up to 3,000-metre strike) that are considered high-priority drill targets.
Follow-up exploration at Anwia South over the coming months will include diamond core drilling at the Atom prospect, targeting extensions to mineralization both along strike and downdip, and infill soils and trenching, targeting several large anomalies located to the east of Atom.
Detailed information on all aspects of the company's exploration activities can be found on Adamus's comprehensive website.
Information in this announcement pertaining to exploration results was compiled by Hamish Halliday, a director of Adamus, who is a member of the Australasian Institute of Mining and Metallurgy, and a qualified person under Canadian National Instrument 43-101 -- standards of disclosure for mineral projects. Mr. Halliday has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the activity which he is undertaking to qualify as a competent person as defined in the JORC code. Mr. Halliday consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears.
Information in this announcement pertaining to mineral resources was compiled by Gary Brabham, a director of Adamus, who is a member of the Australasian Institute of Mining and Metallurgy, and a member of the Australian Institute of Geoscientists. He has more than five years of experience in estimation of recoverable resources in gold deposits. He qualifies as a qualified person under Canadian National Instrument 43-101 -- standards of disclosure for mineral projects. Mr. Brabham has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to the activity which he is undertaking to qualify as a competent person as defined in the JORC code. Mr. Brabham consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears. For full details on the key assumptions, parameters and methods used to estimate the mineral resource, please refer to the resource upgrade news release in Stockwatch on Feb. 6, 2006, the material change report dated Feb. 9, 2006, and the technical report dated March 24, 2006, all of which were filed on SEDAR.
We seek Safe Harbor.
Adamus Gold reports on Ghana activities
2006-07-31 08:47 ET - News Release
Mr. Hamish Halliday reports
ADAMUS RESOURCES FOURTH QUARTER ACTIVITIES AND CASH FLOW REPORT
Adamus Resources Ltd. has released its activities and cash flow report for the quarter ended June 30, 2006. Full copies of the reports are available on the company's website or on SEDAR.
Highlights:
* exploration and resource definition drilling accelerate at the Southern Ashanti gold project with three drill rigs at site targeting multiple prospects throughout both the Salman and Anwia domains;
* completion of the Anwia South acquisition, a highly prospective mineralized system, with the potential to quickly deliver high-grade resource ounces to the company's already substantial gold resource base of 15 million tonnes at 2.2 grams per tonne for one million ounces gold (measured and indicated) and 7.7 million tonnes at two g/t for 490,000 ounces gold (inferred) at the Southern Ashanti gold project;
* infill drill program ahead of schedule with over 14,000 metres of drilling completed since the commencement of feasibility study in March this year; and
* Adamus fully financed through feasibility, following the company's recent $13-million capital raising.
Introduction
The June quarter saw the company move into full feasibility on the Southern Ashanti gold project, following the appointment of both Lycopodium Engineering Pty. Ltd. and Knight Piesold Pty. Ltd. as independent engineers and the arrival of additional drill rigs to complete the infill drilling, metallurgical drilling as well as maintaining the company's aggressive exploration program. The feasibility study is well under way and scheduled for completion in the first quarter of 2007.
The completion of the recent capital raising and the company's resulting cash position have afforded Adamus the opportunity to maintain an aggressive exploration program concurrent with the feasibility study. Currently the company has allocated up to $5-million for exploration during 2006, with the focus on defining additional resource ounces by targeting numerous high-quality prospects throughout both the Salman and Anwia domains.
The company has also recently completed the Anwia South acquisition which has delivered the company numerous new and exciting opportunities. These include access to over 80 square kilometres of under-explored tenure, high-grade mineralization located less than three kilometres from the Anwia deposit, the potential to quickly define high-grade resource ounces and access to a multitude of large untested soil anomalies. Adamus has already completed the first drill program at one of the Anwia South prospects known as Atom, with results of the drilling to be announced to shareholders as soon as possible.
Project review
Southern Ashanti gold project
The Southern Ashanti gold project is located in southern Ghana, West Africa, approximately 300 kilometres west of Ghana's capital city Accra. The project consists of a contiguous block of granted tenure covering in excess of 500 square kilometres, accessible via 50 kilometres of all-weather roads from the major port city of Takoradi.
The Southern Ashanti gold project is situated on the southern extension of the Ashanti gold belt, host to over of 60 million ounces of gold. The tenements themselves lie just 40 kilometres south of the world-class deposits of Bogosu (3.3 million ounces) and Prestea (10.7 million ounces). The company's project area hosts both the Salman and Anwia deposits, containing a combined resource base of 15 million tonnes at 2.2 g/t for one million ounces gold (measured and indicated) and 7.7 million tonnes at two g/t for 490,000 ounces gold (inferred).
TABLE 1
SUMMARY OF SOUTHERN ASHANTI GOLD PROJECT RESOURCE ESTIMATE
(at 1.0 g/t Au COG)
Deposit Category Tonnage Grade Au Contained
(Mt) (g/t) ounces Au
Combined Salman and Anwia Measured 8.3 2.4 630,000
Combined Salman and Anwia Indicated 6.4 2.0 400,000
Total Southern Ashanti
gold project Measured and
indicated 15.0 2.2 1,000,000
Combined Salman and Anwia Inferred 7.7 2.0 490,000
Note: For full details on the key assumptions, parameters and methods used to estimate the mineral resource, please refer to the resource upgrade as reported in Stockwatch Feb. 9, 2006, the material change report dated Feb. 9, 2006, and the technical report as reported March 24, 2006, all of which were filed on SEDAR.
The company commenced a full feasibility study into the development of the Southern Ashanti gold project in March, 2006, following the results of a detailed scoping study that suggested the project could generate net free cash flow numbers approximating $200-million (Australian), at current spot gold prices (see Table 2 for full details).
TABLE 2
SCOPING STUDY OUTCOMES
(resource ounces reporting to $500 (U.S.) pit design)
In pit resources Ore (tonnes) Grade g/t Au Au oz
Measured and indicated (*) 7,200,000 2.60 600,000
Inferred (*) 760,000 3.15 80,000
Net free cash flow (after cap-ex, pretax,
exchange rate -- $1 (U.S.) equals 74 Australian cents)
Gold price US$ $500 $525 $600 $625 $650
Net free cash flow (millions) (xx) A$125 A$145 A$166 A$186 A$206
Internal rate of return (IRR) (xx) 39% 44% 49% 54% 59%
Notes:
(*) Resource ounces are based on the resource estimate prepared by Gary Brabham who is the technical director of Adamus. Gary Brabham is a member of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists, and has more than five years experience in estimation of recoverable resources in gold deposits. He qualifies as a qualified person under Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects -- and as a competent person under the JORC code. The resource complies with both JORC and CIM codes for the estimation of mineral resources. Full details on the key assumptions, parameters and methods used to estimate the current mineral resources are set out in the resource upgrade announcement as reported in Stockwatch Feb. 6, the material change report dated Feb. 9, 2006, and the technical report announcement dated March 24, 2006, all of which were filed on SEDAR.
(xx) Net free cash flow and IRR based on ounces reporting to $500 (U.S.) pit design
The above evaluations are preliminary in nature and remain subject to completion of a feasibility study.
The numbers shown may not reflect actual performance.
Aspects of the feasibility study focused on in the June quarter, included infill/resource definition drilling, metallurgical studies, environmental assessment and preliminary plant/infrastructure engineering.
Exploration focused on both due diligence drilling and first pass diamond drilling at the Anwia South project.
Salman deposit
The continuing focus for the company at the Salman deposit has been to drill test an extensive mineralized system known as the Salman trend, which extends over at least 8.5 kilometres of strike. Previous drilling completed by Adamus has already identified broad, consistent zones of gold mineralization throughout the Salman trend.
By February, 2006, the company had completed a total of 60,000 metres of RC and diamond core drilling at the Southern Ashanti gold project. The majority of the drilling had been focused on the Salman deposit where approximately 560,000 ounces in measured and indicated resources and 340,000 in inferred resources, have been defined. Ninety per cent of resource ounces exist within 100 metres of surface and extend over a combined strike length of six kilometres.
TABLE 3
SUMMARY OF RESOURCE ESTIMATE FOR THE SALMAN DEPOSIT
(at 1.0 g/t Au COG -- February, 2006)
Category Tonnage Grade Au Contained
(Mt) (g/t) ounces Au
Measured 3.8 2.2 270,000
Indicated 4.6 2.0 290,000
Measured and indicated 8.4 2.1 560,000
Inferred 5.2 2.0 340,000
Note: For full details on the key assumptions, parameters and methods used to estimate the mineral resource, please refer to the resource upgrade as reported in Stockwatch Feb. 6, 2006, the material change report dated Feb. 9, 2006, and the technical report announcement dated March 24, 2006, all of which were filed on SEDAR.
The June quarter saw the commencement of a 20,000-metre infill drill program targeting existing resources hosted within the Salman trend. The program has progressed quickly with approximately 14,000 metres already completed, with the majority of the deposits on the Salman trend drilled to 25-metre spacings. Two hundred twenty-eight of the planned 324 RC holes have now been completed with only the Salman North area still to be drilled.
The June quarter also saw the commencement of an extensive metallurgical program involving both RC and diamond core drilling. The RC drilling has been completed and selected samples are currently being processed at Ammtec Laboratories. The PQ diamond core drill program is still in progress and currently scheduled for completion in late August.
Both Knight Piesold and Lycopodium, the company's independent engineering firms, completed site visits and selected location sites for the plant, tailings dams and waste dumps in preparation for the final infrastructural design.
Anwia deposit
The Anwia deposit, purchased from Semafo Mining in early 2004, is located approximately nine kilometres west of the Salman deposit. The surface expression of the deposit consists of extensive, shallow-dipping quartz veining, extending over several hundred metres of strike. Previous explorers completed a number of exploration programs involving both RC and diamond core drilling, which intersected multiple zones of gold mineralization within the top 150 metres. Following Adamus's first resource estimate for the Anwia deposit in July, 2004, the company focused its efforts on extending mineralization at depth and building a more detailed geological model for the deposit. A series of focused RC and diamond core drill programs over the past two years has seen the resource base for the deposit increase significantly.
TABLE 4
SUMMARY OF RESOURCE ESTIMATE FOR THE ANWIA DEPOSIT
(at 1.0 g/t Au COG -- February, 2006)
Category Tonnage Grade Au Contained
(Mt) (g/t) ounces Au
Measured 4.5 2.5 360,000
Indicated 1.8 2.0 110,000
Measured and indicated 6.3 2.4 470,000
Inferred 2.4 2.0 150,000
Note: For full details on the key assumptions, parameters and methods used to estimate the mineral resource, please refer to the resource upgrade as reported in Stockwatch Feb. 6, 2006, the material change report dated Feb. 9, 2006, and the technical report announcement dated March 24, 2006, all of which were filed on SEDAR.
Activities during the June Quarter focused on the completion of a structural assessment of the Anwia deposit, designed to assist the company in future target generation looking for both extensions to existing zones and potential repeats of mineralization. The June quarter also saw the commencement of an RC and PQ diamond core program to provide samples for metallurgical testwork.
Anwia South project
The Anwia South project, the company's most recent strategic acquisition, is located immediately adjacent to the Anwia deposit. The project extends over approximately 80 square kilometres of tenure and hosts numerous prospects and untested drill targets. The most advanced prospect is known as Atom, where previous drilling has defined a modestly dipping quartz lode extending over a minimum of 350 metres of strike, open at depth and grading up to six metres at 148 g/t in RC drilling.
During the June quarter, the company commenced a diamond core drilling program designed to substantiate historic work and further define the mineralized lode. Early indications from the drilling suggest the lode is relatively consistent and predictable in nature, providing further encouragement that the Atom prospect has the potential to deliver significant high-grade resource ounces.
In addition to the advanced Atom prospect, several regional prospects have also been identified and are currently the subject of a first pass exploration involving soil sampling, geological mapping and trenching.
The high-grade nature of mineralization at Anwia South and its close proximity to existing resources provide the company with an excellent opportunity to add significant value to the overall Southern Ashanti gold project.
CONSOLIDATED CASH FLOWS
(in thousands of Australian dollars)
Three months
ended Year ended
June 30, June 30,
2006 2006
Cash flows related to operating activities
Payments for:
a) exploration and evaluation $(1,730) $(4,548)
b) administration (376) (1,177)
Interest and other items of a similar
nature received 71 210
Interest and other costs of finance paid (5) (17)
Other (60) (384)
------- -------
Net operating cash flows (2,100) (5,916)
------- -------
Cash flows related to investing activities
Payment for purchases of:
a) equity investments - (1,203)
b) other fixed assets (6) (11)
------- -------
Net investing cash flows (6) (1,214)
------- -------
Cash flows related to financing activities
Proceeds from issues of shares, options etc. 13,000 17,176
Other -- costs of capital raising (427) (427)
------- -------
Net financing cash flows 12,573 16,749
------- -------
Net increase (decrease) in cash held 10,467 9,619
Cash at beginning of quarter/year to date 3,741 4,589
------- -------
Cash at end of quarter $14,208 $14,208
======= =======
All aspects of the company's activities including technical developments, investor information and company profile are available on its comprehensive website. Shareholders and interested parties are invited to forward their e-mail addresses, allowing future announcements to be communicated more directly.
Information in this announcement pertaining to exploration results was compiled by Hamish Halliday, a director of Adamus, who is a member of the Australasian Institute of Mining and Metallurgy and a qualified person under Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Halliday has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the JORC code. Mr. Halliday consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.
Information in this announcement pertaining to mineral resources was compiled by Mr. Brabham, a director of Adamus, who is a member of the Australasian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists, and has more than five years experience in estimation of recoverable resources in gold deposits. He qualifies as a qualified person under Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Brabham has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the JORC code. Mr. Brabham consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears.
The scoping study was undertaken by JMG Projects Pty. Ltd. It should be noted that the scoping study is categorized as a preliminary assessment under Canadian National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and is preliminary in nature because it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the results of the scoping study will be realized in the future.
We seek Safe Harbor.
I don't know. To buy shares of Glencar, traded in London as GEX, I went through an old "custodian account" that I still had left at one of the big banks. Their broker got it for me; the commission seemed high.
Presumably, big Canadian and US brokers can buy London stocks.
I might be interested in Cluff Gold too, mainly for Baohomun, if I can see a way to to rest easy owning something in Liberia or Sierra Leone. I still won't buy any Mano River, given a seemingly servile attitude towards Charles Taylor that I intuited. (Everything in business is character, both Junius and J. Pierpont Morgan claimed. I should have thought of that more while contemplating the enterprises of a family in S. Africa.)
Thanks! NEW: Central Asia, African Eagle, Tropical Mines
Thanks, tackler, that's some good new ones for this board. Please check the board header to see if it's accurate now. This is the first NIGERIAN (in Nigeria, as opposed to NIGERIEN, in Niger) gold explorer that we have, other than the mysterious, untraded Don King (the boxing and other things promoter/operator) International Development Co.
See: http://www.cagl.com.au/documents/40.JuneQuarterlyReport28-7-06.pdf
FL
===========================================
Central Asia Gold Ltd. http://www.cagl.com.au ---CGX (CGX in Sydney) --- Nigeria
African Eagle Gold Ltd. http://www.africaneagle.co.uk/ (AFE on London AIM) Nigeria
Apparently an unlisted Nigerian company:
Tropical Mines Ltd. (Nigeria)
Cluff Gold (CLG in London): Algy Cluff's Remarks
Cluff fully funded and ready to go
By: Gareth Tredway
Posted: '26-JUL-06 22:00' GMT © Mineweb 1997-2006
JOHANNESBURG (Mineweb.com) -- Juniors are really scouts for the large mining companies with little chance of a long-term future, declared one of Africa’s most successful mining tycoons Algy Cluff yesterday, as he unveiled targets for his latest gold mine in the West Africa.
For about forty years, Cluff has been involved in mining ventures, with amazing success.
His claims to fame included the discovery of the Freda Rebecca mine in Zimbabwe and Geita in Tanzania, currently a star performer amongst AngloGold Ashanti’s assets. He also went on to list Cluff Mining in 2000, which has since changed to Ridge Mining, a platinum explorer on South Africa’s Bushveld Complex, host of the large majority of the world’s platinum.
Cluff says there are fewer opportunities available than there were 10-15 years ago and that takeovers are commonplace. “The depressing fact is that the junior mining companies really are scouts for the big companies, unfortunately they are not paid by the big companies to be scouts. Very few have metamorphosed from being juniors into substantial companies because most of them get mugged on the way.”
Cluff’s most recent mining venture, is less than a year away from its first gold, only two years after his company Cluff Gold was formed.
In an interview with Mineweb, Cluff said it could take as little as six months to bring the Angovia project in the DRC online as it is a brownfields operation with an existing plant.
The company is aiming for 300,000 ounces of annualized production by 2008, and Cluff reckons that by the end of next year its two mines should be producing about 100,000 ounces a year.
Funding is not a problem after the company successfully raised £15.4 million in March through US based, BMO Nesbitt Burns. Cluff says Angovia has a capital cost of about $11 million. “So we do not need to go to the banks and wear our trousers out at the knees,” he adds.
RMB, a South African bank, is already conducting due diligence for possible project finance on the company’s Burkina Faso project. Cluff says he expects some answers by September. Some sort of hedging will probably be required on production using this funding method.
According to Cluff, a much larger project is the Baomahun project in Sierra Leone. “It is evolving into a very interesting ore body by international reference,” He said.
Cluff describes West Africa as one of the best places to do business, although he does still have an attraction for Tanzania. “What you have to try and do is find a part of the world that not only has good geology which is obviously one’s real imperative, but that also has governments that not only have need for investment but also have want for an investment.”
“Those sorts of criteria apply in very few parts of the world nowadays; they certainly do not apply in China or Russia or in many other parts of the world I can name.”
Recent Birim Goldfields drilling within Bui concession, Ghana
JULY 27, 2006 - 09:54 ET
Drilling Program Extended to Include the Next Four Priority Targets on Birim's Bui Properties
MONTREAL, CANADA--(CCNMatthews - July 27, 2006) - Birim Goldfields Inc. (TSX:BGI) ("Birim" or "the Company") is pleased to announce that scout and follow-up drilling has been extended to include the next four priority targets; Brohani, Tesilima, Tombe and Chenchu Mountain on its properties on the Bui Belt in central Ghana. This will include an additional 1,650 meters of combined reverse circulation and diamond drilling. Drilling on the initial 3 priority prospects, Chert Ridge, Akrobi and Badu, is currently being completed. Samples have been submitted for assay to Transworld Laboratories in Tarkwa, Ghana for processing.
The Brohani and Tesilima prospects are associated with Tarkwaian conglomerate lithologies, similar to those that host the deposits at Gold Fields' Tarkwa Mine and Anglogold Ashanti's Iduapriem Mine in SW Ghana. The Tombe and Chenchu Mountain prospects are associated with extensive regional shear zones in Birimian lithologies, similar to those that host many of the world class deposits in West Africa.
The Brohani Prospect, located on the Brohani License, is a 10 km long gold-in-soil anomaly at the greater than 400 ppb level which is centered on a prominent ridge associated with gold-bearing conglomerate units, similar to those encountered at Tarkwa. A first pass shallow reverse circulation drilling program was carried out by Birim in 2003, exploiting easy access afforded by three saddles that cross the Brohani ridge. Encouraging results returned in this program included: 12m @ 0.41 g/t, 8m @ 0.30 g/t, 4m @ 2.80 g/t, 8m @ 0.33 g/t and 4m @ 1.47 g/t (see press release dated Sept. 15th, 2003). Strategically sited diamond drill holes have now been planned to assess Brohani's potential for delivering the equivalent of a large tonnage, low grade, heap-leachable deposit.
The Tesilima Prospect located on the Banda Nkwanta License affords a similar conglomerate-hosted target as at Brohani that will be tested in the current program.
The Tombe Prospect on the Chenchu License exhibits the characteristics of being associated with a very significant mineralizing system as evidenced by a 16km gold-in-soil anomaly stretched along a NE to NNE trending regional structure. Previous drilling over the central drill fence in the core of the anomaly returned an average grade of approximately 0.4g/t over 300 meters, including intersections of 3.2m @ 15.6 g/t, 4m @ 4.5 g/t and 4m @ 6.3 g/t. Subsequent drilling to the north of this section (Tombe North) returned intersections of up to 17m @ 4.47g/t and 17m @ 9.67g/t, which potentially represent plunging higher grade shoots (see press releases dated Nov. 3rd, 2003 and January 13th, 2004). The geometry and extent of these higher-grade shoots will be the focus of the oriented core diamond drilling carried out on this target area.
All previous work associated with drill programs at Brohani and Tombe referred to here were supervised, directed and reported by Richard Hyde (BSc, MAIG), of RSG Global, a qualified person under National Instrument 43-101. All assays were carried out at Transworld Laboratories in Tarkwa, Ghana.
Birim Goldfields Inc. is a royalty-based exploration company focused on West Africa and trades on the Toronto Stock Exchange under the symbol BGI.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
CONTACT INFORMATION
Birim Goldfields Inc.
Denis Simoneau
CEO
(514) 393-8611
1 (800) 721-8611
info@birim.com
or
Birim Goldfields Inc.
Farah Alibhai
Investor Relations
(604) 731-7340
farah@birim.com
www.birim.com
Semafo (SMF.TO) borrowed US$20 million, doled out warrants
[ I'll be intereted to see if these warrants are traded. FL ]
SEMAFO INC. ANNOUNCES CLOSING OF A US$20,000,000 DEBT FINANCING
Montreal, Quebec, July 25, 2006. – Semafo Inc. (SMF: TSX) today announced closing of an entirely un-hedged US$20,000,000 5-year term loan facility bearing interest at a fixed annual rate of 8.5%. The loan has been placed with Natexis Banques Populaires, a leading Paris based financial institution. The proceeds of the loan will be used for general corporate purposes such as the construction of the Mana mine and the acquisition of mining equipment.
As part of the transaction, Semafo issued to Natexis 800,000 warrants with a strike price of CDN$2.25 and a five year term. Each warrant entitles the holder thereof to subscribe to one common share.
“Completion of this un-hedged financing demonstrates the confidence of the capital markets in the company’s ability to implement its business plan” said Benoit La Salle, President & CEO.
The common shares of Semafo are traded on The Toronto Stock Exchange under the symbol “SMF”.
FORWARD-LOOKING STATEMENTS
This press release contains « forward-looking statements »
[ omitted ]
Uh, that's grams, not troy ounces, per ton.
FL
Merrex Gold (MXI.V) found 35m@3.21oz in Mali trenching
See:
http://www.merrexgold.com/Portals/12/060725-MaliTrenching.pdf
Merrex stock has been performing very well recently- it and EET have done the best just lately. It basically ignored the gold decline since mid May and kept rising. Maps are in the PDF file.
Also note that Merrex is now on the Venture Exchange.
FL