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Thanks, the cork, that's an interesting overview.
The final link didn't show the described list of companies; I wanted to check to see if this board is missing any that are active in West Africa. FL
Merrex (MXI.V) Results in Mali
HALIFAX, NOVA SCOTIA--(Marketwire - 08/18/10) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex") (TSX-V:MXI - News) announces that Line RC-L-3 (28+80 N) located 1500 metres north of the Zone 1A NI 43-101 Resource at the Siribaya Gold Project in West Mali has intersected the interpreted northern extension of Zone 1A and returned the best intersections to date from the 2010 Reverse Circulation ("RC") drill program.
Highlights
- Best intersections to date
- Two major intersections in Hole TYC 10- 033 (1.77 g/t Au over 24 m and 1.59 g/t Au over 16 m)
- A major intersection of 1.58 g/t Au over 13.0 m in Hole TYC 10-34
- 51.4 g/t Au over 1.0 m in Hole TYC10-035 (initial assay was constrained to greater than 10 g/t Au over 1 m)
- Zone 1A interpreted in Line RC-L-3 1.5 kilometres north of Zone 1A NI 43-101 Resource
- 0.90 g/t Au over 13.0 m in Hole TYC 10-32; interpreted new zone
- Assay results for holes testing the area of the Zone 1B substructure still pending
Assay Highlights
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Table of Assays Highlights RC-L-3 (28+80N)
(see map attached)
-------------------------------------------------------------------------
Hole Depth (in metres) Assay
-------------------------------------------------------------------------
TYC10 - 032 10.0 - 23.0 0.90 g/t Au over 13.0 m
13.0 - 15.0 Incl. 1.81 g/t Au over 2.0 m
-------------------------------------------------------------------------
TYC10 - 033 16.0 - 40.0 1.77 g/t Au over 24.0 m
17.0 - 27.0 Incl. 2.64 g/t Au over 10.0 m
35.0 - 40.0 Incl. 1.98 g/t Au over 5.0 m
45.0 - 61.0 1.59 g/t Au over 16.0 m
52.0 - 53.0 Incl. 5.80 g/t Au over 1.0 m
-------------------------------------------------------------------------
TYC10 - 034 36.0 - 49.0 1.58 g/t Au over 13.0 m
36.0 - 40.0 Incl. 3.13 g/t Au over 4.0 m
(hole stopped in mineralization)
-------------------------------------------------------------------------
TYC10 - 035 23.0 - 24.0 51.4 g/t Au over 1.0 m
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Note: Assay table intersections are drill intersection lengths, not true
widths.
Commentary
"Without doubt RC-L-3 of our reconnaissance Reverse Circulation (RC) drill program has returned the best drill results thus far from the 2010 RC drill program," said Gregory Isenor, President and CEO of Merrex. "With only assays from the eastern portion of the line including across the 1A substructure, Line RC-L-3 (see attached map), an east-west fence of drill holes located approximately 1500 metres north of the Zone 1A NI 43-101 resource area, has yielded very impressive intersections in four adjacent drill holes drilled on 50 metre spacing.
To view the Siribaya Project 2010 Drill Results map, please visit the following link: http://file.marketwire.com/release/MerrexDrillResultsMap.pdf.
Where RC-L-3 crosses the Siribaya 1A substructure, holes TYC-10-32, 33, 34 and 35 all intersected significant mineralization. As supported by geochemistry, magnetic structures and IP the drill holes are on strike with the Zone 1A NI 43-101 resource area 1500 metres to south and with the interpreted Zone 1A extension encountered in RC-L-2 500 metres to the north. Holes TYC-10-32, 33, 34 and 35 are interpreted as being part of the northern extension of Zone 1A and provide strong evidence of the continuity of mineralization over at least two kilometres (2,000 metres) within the Zone 1A substructure.
Three other noteworthy points: Hole #34 was stopped at 49 metres but ended in mineralization; Hole #33 contains two long intervals of 24 and 16 metres but if the cut-off grade is reduced from 0.5 to 0.4 grams then the two intervals can be combined into a single interval grading 1.49 g/t Au over 49 metres; and lastly, Hole #35, which initially assayed at greater than 10 g/t over 1 metre, returned 51.4 g/t Au over 1.0 metre in the second assay (first assay was by fire assay pre-concentration and atomic absorption finish and was constrained to 10 grams Au upper limit, second assay by fire assay was not limited).
Based on these new drill results and the other available geological data I am confident that additional drilling will establish the continuity of the Zone 1A substructure gold mineralization over at least the two kilometres from RC-L-2 to RC-L-6, the location of the Zone 1A NI43-101 resource.
Lastly, just to the west of Hole TYC-10-32, Hole #30 intersected an interpreted new zone of mineralization. While it is premature to draw too many conclusions based on limited data, the mineralization in Hole TYC-10-32 may connect to any or all of the mineralized intersections in Holes SRC10-33, 36A and 36 in RC-L-2 500 metres to the north. Additional drilling will be required."
RC-L-3 (28+80N) 1500 metres north of Zone 1A
RC-L-3 is located approximately 1500 metres north of the Zone 1A NI 43-101 Resource area. The drill holes were oriented at 270 degrees with a dip of -50 degrees and were drilled to approximately 100 metres target depth at 50 metre spacing and are interpreted as intersecting the northern extension of Zone 1A, and an additional new gold zone.
Zone 1A Extension
Four holes, TYC-10-32, 33, 34 and 35, are interpreted as having intersected the northern extension of the Zone 1A NI 43-101 Resource. These four holes are on strike with the Zone 1A NI43-101 resource 1500 metres to the south and the Zone 1A interpreted drill holes 500 metres to the north in RC-L-2. (see table of assays below)
Interpreted New Gold Zone
Hole TYC-10-30 intersected an interpreted new zone of mineralization which may connect to any or all of the mineralized intersections in Holes SRC10-33, 36A and 36 in RC-L-2 500 metres to the north. Additional drilling will be required.
Zone 1B Substructure
Assay results from RC-L-3 for the area of the Zone 1B substructure are still pending.
The 2010 RC Drill Program
Working in concert with IAMGOLD Corporation ("IAMGOLD"), Merrex has initiated a 14,500 metres RC reconnaissance drill program. Although some of the RC drilling results could be used in a future resource estimate, this program was not intended to expand the NI 43-10 resource estimate; rather it was designed to explore new areas of the Siribaya Mega-structure and begin defining the potential magnitude of the mineralised areas within the Siribaya Mega-structure. The RC results will also aid identification of future diamond drill target areas.
Six drill fences, 500 metres apart, consisting of drill holes oriented at 270 degrees with a dip of -50 degrees to approximately 100 metres target depth at 50 metre spacing, have been placed east-west across the entire width of the 1A and 1B substructures. The first drill fence, RC-L-1, (43+80N) is approximately 250 metres north of the Zone 1B NI 34-101 Resource area; the remaining five drill fences are to the south of Zone 1B starting 40 metres south of the Zone 1B NI 43-101Resource area and thereafter at approximately 500 metres step-outs. The southern-most drill fence will reach the old Berekegni artisanal underground gold workings on the 1B substructure and the major RAB anomaly at Zone 1A.
Drilling has been suspended during the rainy season.
RC drilling is by BLY Mali SA, the Malian division of Boart Longyear Canada of North Bay, Ontario.
Mechanized auger drilling to test gold anomalies outside of the Siribaya Mega-structure at Zone Bambadinka and on the Babara and Kofia Permits has begun.
Table of Assays
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Table of Assays RC-L-3 (28+80N)
--------------------------------------------------------------------------
Hole Depth (in metres) Assay
--------------------------------------------------------------------------
TYC10 - 030 30.0 - 32.0 0.57 g/t Au over 2.0 m
--------------------------------------------------------------------------
TYC10 - 032 6.0 - 8.0 0.65 g/t Au over 2.0 m
10.0 - 23.0 0.90 g/t Au over 13.0 m
13.0 - 15.0 Incl. 1.81 g/t Au over 2.0 m
27.0 - 31.0 0.75 g/t Au over 4.0 m
38.0 - 39.0 0.91 g/t Au over 1.0 m
43.0 - 46.0 0.76 g/t Au over 3.0 m
45.0 - 46.0 Incl. 1.57 g/t Au over 1.0 m
53.0 - 55.0 1.61 g/t Au over 2.0 m
57.0 - 59.0 0.56 g/t Au over 2.0 m
71.0 - 72.0 0.72 g/t Au over 1.0 m
--------------------------------------------------------------------------
TYC10 - 033 12.0 - 13.0 1.81 g/t Au over 1.0 m
16.0 - 40.0 1.77 g/t Au over 24.0 m
17.0 - 27.0 Incl. 2.64 g/t Au over 10.0 m
35.0 - 40.0 Incl. 1.98 g/t Au over 5.0 m
45.0 - 61.0 1.59 g/t Au over 16.0 m
52.0 - 53.0 Incl. 5.80 g/t Au over 1.0 m
78.0 - 80.0 0.82 g/t Au over 2.0 m
--------------------------------------------------------------------------
TYC10 - 034 15.0 - 17.0 0.60 g/t Au over 2.0 m
36.0 - 49.0 1.58 g/t Au over 13.0 m
36.0 - 40.0 Incl. 3.13 g/t Au over 4.0 m
--------------------------------------------------------------------------
TYC10 - 035 23.0 - 24.0 greater than 10 g/t Au over 1.0 m on
first assay; 51.4 g/t Au over 1.0 m
on second assay
60.0 - 61.0 1.41 g/t Au over 1.0 m
--------------------------------------------------------------------------
--------------------------------------------------------------------------
About the Siribaya Gold Project
Merrex controls 100% of the Siribaya Gold Project comprising over 840 square kilometres of contiguous exploration permits in West Mali including the Siribaya Mega-structure. The Siribaya Mega-structure has a CIM compliant NI43-101 resource estimate of 4,015,000 tonnes grading 2.39 g/t Indicated (308,200 oz Au) and 946,000 tonnes grading 2.29 g/t Inferred (69,500 oz Au). The NI43-101 resource is open to the north, south and at depth.
Within the Siribaya Mega-structure there are at least two distinct substructures; the 500 metre wide by 10.5 kilometre long 1B substructure and the twin 500 metre wide x 9.5 kilometre long 1A sub-structure. The Siribaya Mega-structure has yielded ore-grade drill intercepts in a number of selected targets along its entire length.
In December, 2008 Merrex closed an Option Agreement with IAMGOLD pursuant to which IAMGOLD may incur up to CDN$10.5 million in exploration expenditures over 4 years, to earn a 50% interest in the Siribaya Gold Project, of which approximately $5.5 million has been spent to date. The current exploration program will satisfy IAMGOLD's 2010 exploration obligation. Merrex is currently the Project Operator; IAMGOLD will become Project Operator at the conclusion of the 2010 exploration program estimated for sometime during the summer months. The operator transition process is underway.
Since 2005 over CDN$13,500,000 has been spent on exploration at Siribaya.
Gregory P. Isenor, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.
Merrex is a Mali focused gold exploration company with experienced management, a solid exploration team, a prominent gold-producer as a partner and an expanding gold resource ... a winning combination offering investors an extraordinary opportunity.
Please visit our website at www.merrexgold.com for the most recent corporate presentation.
On Behalf of the Board
Gregory Isenor, P.Geo., President & CEO
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Merrex Gold Inc.
1550 Bedford Highway Suite 802,
Sun Tower Bedford, NS B4A 1E6
(902) 832-5555
(902) 832-2223 (FAX)
info@merrexgold.com
Renmark Financial Communications Inc.
Jason Roy
(514) 939-3989 or (416) 644-2020
jroy@renmarkfinancial.com
Renmark Financial Communications Inc.
Barbara Komorowski
(514) 939-3989 or (416) 644-2020
bkomorowski@renmarkfinancial.com
www.renmarkfinancial.com
Volta (VTR.TO) hits Gold in Nassara, Burkina Faso
Volta Hits More Gold at its Nassara Gold Prospect in Southwestern Burkina Faso
-Intersections of 9 meters @ 11.5 g/t gold, 5 meters @ 6.5 g/t gold and 19 meters @ 2.22 g/t gold-
See: http://www.voltaresources.com/s/NewsReleases.asp?ReportID=414259&_Type=News-Releases&_Title=Volta-Hits-More-Gold-at-its-Nassara-Gold-Prospect-in-Southwestern-Burkina-F...
Toronto, ON - August 12th, 2010 - Volta Resources Inc. ("Volta" or the "Company") (TSX: VTR) announces the results from its drilling program recently completed at the Nassara prospect, on its 100% owned Danyoro permit, in southwestern Burkina Faso, West Africa.
The drilling program, comprising 35 drill holes (3,515 metres), targeted a 2.2 kilometer portion of a 10 kilometer long northwest trending shear zone associated with gold in bedrock (see News Release of 16 June, 2010). The program has identified three northwesterly plunging ore shoots, each with a strike length between 400 and 600m. The gold mineralization occurs in quartz veining hosted along the sheared contact between volcanic flows and graphitic schists (See Figure #1). The ore shoots dip 45-60° to the southwest. The highlights from the drilling program include:
* NRC6 : 11.0 m @ 2.18 g/t gold, from 38.0 m
* NRC7 : 8.0 m @ 2.10 g/t gold, from 32.0 m
* NRC14: 5.0 m @ 6.50 g/t gold, from 47.0 m
* NRC17 : 13.0 m @ 0.96 g/t gold, from 32.0 m
* NRC26 : 19.0 m @ 2.22 g/t gold, from 2.0 m
* NRC31 : 9.0 m @ 11.15 g/t gold, from 51.0 m
Kevin Bullock, Volta's CEO, said, "These results amply confirm our decision to target the shear zone identified in the first phase of trenching and drilling. We are encouraged by the grades, the solid widths and by the presence of mineralization starting near surface. Nassara is a key project within Volta's growth strategy. By exploring Nassara, Volta seeks to have another robust gold project in Burkina Faso that will provide additional strategic options as we continue to advance our Kiaka Project towards a development decision."
ACTION: African Gold Group (AGG.V) up 34.9% today.
The Kinross (KGC) Buying Red Back (RBI.TO) Deal
[It's strange, to me, the way this and other articles emphasize Red Back's Tasiast property in Mauritania over its important Chirano and related properties in Ghana. FL]
Kinross Prepares to Nearly Double its Market Cap with a Massive Merger (KGC)
By: InvestorGuide Staff, dated August 20th, 2010
http://www.investorguide.com/article/6675/kinross-prepares-to-nearly-double-its-market-cap-with-a-massive-merger-kgc/
Kinross Gold (KGC), based in Ontario, is one of world’s top ten mining companies, primarily focused on gold exploration and mining. Recently it made headlines with a massive acquisition spree in the middle of a market-wide gold rush. Its share price has dropped due to concerns regarding these mergers while the price of gold has steadily risen, which has frustrated investors. However, is Kinross looking years ahead down the road by building up its available reserves and nearly doubling its market capitalization, or has it truly bitten off more than it can chew, by diluting shares and investing in politically unstable regions?
[Daily Chart omitted here; see http://www.investorguide.com/article/6675/kinross-prepares-to-nearly-double-its-market-cap-with-a-massive-merger-kgc/]
Kinross produces two million ounces of gold annually, with a smaller division focused on silver and copper mining. It is a widely spread international organization with nine mines in five countries – the United States, Brazil, Chile, Russia and China. The company has reserves of 56 million ounces of gold, 82 million ounces of silver, and 3.8 billion pounds of copper. The net profit margin in the most recent quarter have increased to 19.27%, up from 17.45% the previous year, and the operating margin has increased to 31.65%, up from 27.54%. The widespread belief that the US dollar will depreciate has sent gold to speculative highs, most recently at $1,234 per ounce.
There is also speculation that due to diminishing supply and increasing demand that the gold industry will quickly consolidate through mergers and acquisitions, and that Kinross, with a current market capitalization of 10.9 billion, will be a likely takeover target for GoldCorp (GG: Charts, News, Offers), valued at 31.43 billion, or Barrick Gold (ABX: Charts, News, Offers), at 44.8 billion.
There is also the looming belief that China will fuel another gold rush next year as a buffer against stagflation and to stabilize its own currency. China’s investments in oil and gold have already drawn long lines in the African and Middle Eastern sands, and in general the local governments have been much friendlier towards them than their North American counterparts.
Kinross’ expansionist plans may start bearing fruit just in time for gold to reach new highs next year. Kinross recently acquisitions include Chile-based Minera Santa Rosa SCM, Canadian junior exploratory miner Underworld Resources, Russian miner Northern Gold and a 60% stake in Teck Cominco Limited, a Vancouver-based consolidated mining company with operations in Canada, Mexico and Peru.
The latest, largest and most controversial of Kinross’ acquisitions is its proposed $7.1 billion friendly takeover of Red Back Mining, which has two young gold mines in West Africa. Kinross needs Red Back’s flagship Tasiast Mine to produce 20 million ounces of gold in order to be profitable. J.P. Morgan analyst John Bridges believes that not only is 20 million achievable, but that Kinross could find as much as 25 million ounces in the Tasiast area.
While this acquisition is sure to profit Kinross in the long run, in the near term future many pundits believe that there will be indigestion due to political instability in West Africa, and share dilution to finance this massive venture. Kinross only has a market cap of 10.9 billion, which means absorbing Red Back would nearly double its size overnight. Since the company doesn’t have cash reserves of 7 billion, it would need to issue new common shares in order to finance the proposed all stock buyout of Red Back, which would in turn mean more shares and diluted value. Critics have pointed out that due to Kinross’ long line of acquisitions, it is already using discounted stock in an all-stock buyout, which seems desperate and impatient. Kinross investors have not reacted kindly to this news, drilling the stock to 52-week lows.
Kinross and Red Back have called for a special shareholders meeting on September 15 to vote on the proposed takeover, although it is widely expected to pass.
In the metals industry, the best defense may be a good offense. However, investors have viewed Kinross’ recent shopping spree as overreaching and desperate, hinging on the hope that gold prices will continue to rise into 2011-2012. Technically, Kinross is not particularly undervalued with a trailing P/E of 25.5 and a forward P/E of 19.48. Its PEG of 2.46 suggests share dilution and devaluation down the road. The calculated support and resistance of 15.11 and 16.74, respectively, show a narrow trading range that suggest the stock could go nowhere in the near term. However, the long term chart shows that the current 52-week low price under $16 could be a good long-term entry point to build a position in Kinross, especially as several analysts have maintained their price targets of $21-$25. In addition, BHP’s recent bid for Potash of Saskatchewan has boosted the Canadian commodities market and the Canadian dollar. These could both benefit Kinross in the near term and pull the stock off its lows.
========================================
Cluff Gold (CGF.TO;London:CLF) 150Koz gold in Sierra Leone
Cluff sees extra 150 000 oz/y from Sierra Leone by 2013
By: Chanel de Bruyn
29th June 2010
JOHANNESBURG (miningweekly.com) – TSX- and Aim-listed Cluff Gold expects a new Sierra Leone gold mine to boost its output by 150 000 oz/y by 2013, chairperson and CEO Algy Cluff reported on Tuesday.
In a statement following the company’s annual general meeting, he noted that the company was forecast to produce just over 100 000 oz of gold from its West African operations this year, but was aiming to boost this to 250 000 oz/y by 2013.
Cluff’s two producing mines, Kalsaka, in Burkina Faso, and Angovia, in Côte d'Ivoire, were both profitable and had allowed the company to turn its attention to drilling programmes to extend the reserves at both mines.
Further, Cluff noted that the company’s Baomahun project, in Sierra Leone, was at an important stage.
Details of a scoping study would soon be available and the company would now start on a full bankable feasibility study at the project, which would be completed by the second quarter of next year.
“This study will focus on many issues such as environmental studies and an analysis of the practicality of using hydroelectric power in addition to heavy fuel oil, thereby rendering the project as green as possible, while (assuming a favourable conclusion) significantly adding to the cash flow through lower power costs,” said Cluff.
Development costs for the project were expected to reach $200-million and the company was assessing the most appropriate way to obtain this financing.
Edited by: Mariaan Webb
Avnel Gold Mining (AVK.TO) Q1 Net Loss Narrows
6/29/2010 6:15 PM ET
(RTTNews) - Avnel Gold Mining Ltd. (AVK.TO: News ) reported a net loss of C$2.40 million or C$0.03 per share for the first quarter, compared to a net loss of C$3.1 million or C$0.04 per share in the year-ago quarter.
Total Revenue decreased to C$3.6 million from C$6.5 million in the prior year quarter. Gold sales declined to 3,203 ounces from 6,895 ounces sold in the first quarter of 2009.
Average sales price increased from C$939 per ounce in the first quarter of 2009 to C$1,116 per ounce in the first quarter of 2010.
ALSO: Avnel Gold Mining Announces Private Placement
Iamgold Corp. opens West African mine
By The Associated Press
Tuesday, June 29, 2010
Iamgold Corp. opens West African mine
Canadian gold mining company Iamgold Corp. said Tuesday it has opened its Essakane mine in Burkina Faso six months ahead of its original target.
Iamgold said it began processing ore last week. The mine is one of West Africa's largest undeveloped gold reserves. It is expected to produce more than 500,000 ounces of gold from startup to the end of 2011.
Iamgold owns 90 percent of the Essakane mine. The government of Burkina Faso owns the remaining 10 percent.
Toronto-based Iamgold took over the Essakane mine in 2009 when it acquired fellow Canadian gold mining company Orezone Resources Inc. The company said it has spent $443 million preparing the mine for production, including the relocation of 12,000 people. The project is the largest foreign investment to date in Burkina Faso, the company said.
Volta (VTR.TO) Gold Resources in Burkina Faso
Volta Announces Maiden NI 43-101 Compliant Resource for its Kiaka Gold Project
Symbol Price Change
VTR.TO 1.30 0.00
Press Release Source: Volta Resources Inc. On Tuesday June 29, 2010, 11:49 am EDT
Indicated Resources of 41.25Mt (at) 1.04 g/t Au for 1,384,000 Ounces of Gold and Inferred Resources of 15.90Mt (at) 0.90 g/t Au for 480,000 Ounces of Gold
TSX: VTR
TORONTO, June 29 /CNW/ - Volta Resources Inc. ("Volta" or the "Company") (TSX: VTR - News) announces a maiden NI43-101 compliant resource estimate for its Kiaka Gold Project, located approximately 120 kilometres southeast of Ouagadougou, the capital city of Burkina Faso. The resource estimation has been undertaken by independent consultants, SRK Consulting (UK) Ltd. based in Cardiff, United Kingdom. The resource estimate is based on more than 25,000 metres of drilling including 147 holes drilled by Volta and previous owner Randgold Resources Limited. The drilling was completed on schedule and the results have led to a robust maiden resource with demonstrable upside.
The resource estimation is based on the drill results from the central area at Kiaka and includes the KMZ and parts of the KHZ and KFZ zones. The volume modeled and included in the resource estimate by SRK extends for just over 1 kilometre along strike and down to a maximum vertical depth of 230 metres below surface. SRK concurs with Volta's technical team that higher grade "mineralized bands" ranging between 5 metres and 20 metres wide extend with good continuity for 100 metres to 400 metres along strike and 50 metres to 200 metres down dip. These "mineralized bands" are hosted within a lower grade "halo mineralization" within a structural corridor that is 100 metres to 200 metres wide (see Figure 1 and Figure 2). SRK has elected to define resources from the "mineralized bands" at a cut-off grade of 1.0 g/t gold and the "halo mineralization" at a cut-off grade of 0.6 g/t gold. The table below provides a summary of the estimate of Indicated Resources and Inferred Resources at these cut-off grades.
-------------------------------------------------------------------------
SRK Mineral Resource Statement, Kiaka Gold Project 29th June 2010
-------------------------------------------------------------------------
Au Metal Metal
Type Category Tonnes (Kt) (g/t) Au (Kg) Au (Koz)
Mineralized Indicated 16,990 1.42 24,060 773
Bands Inferred 4,510 1.40 6,200 200
Halo Indicated 24,260 0.78 18,990 611
Mineraliz- Inferred 11,400 0.80 8,800 280
ation
Combined Indicated 41,250 1.04 43,100 1,384
Total Inferred 15,900 0.90 15,000 480
-------------------------------------------------------------------------
Notes
-----
- Mineralized Bands based on a cut-off grade of 1.0 Au (g/t) within
mineralized wireframe
- Halo Mineralization based on a grade bracket of 0.6 - 1.0 Au (g/t)
within mineralized wireframe
- Mineral Resources are not mineral reserves and thus do not have
demonstrated economic viability
Kevin Bullock, Volta's CEO, said, "We are proud to release this maiden
resource estimate that has met our very aggressive timeline, that establishes
an initial total amount of gold ounces at the upper end of our original gold
resource goal, and that demonstrates significant future potential. This
resource estimate amply confirms Kiaka's status as one of West Africa's major
emerging gold projects. We intend to maintain our aggressive pace with another
major drill campaign and a scoping study this year, leading towards a
pre-feasibility program, as part of our commitment to advance Kiaka on the
production path as quickly as possible."
The estimate is based on a combination of diamond core and RC chip samples which were fire assayed for gold by ALS in Ouagadougou. Field rejects from the mineralized intersections of the RRL RC drillholes have been re-sampled and included in Volta's assay database; comprehensive QAQC has demonstrated that sample preparation and laboratory performance for both drilling campaigns provided assays which are fit for the purpose of this estimate.
The grade estimation domains comprise the wide KMZ corridor and flanking KHZ and KFZ structures that were wireframed using an approximate 0.3 g/t shell. A block model was then generated using block dimensions of 20 metres x 20 metres x 5 metres, into which up to 40 x 1 metre composite samples per block were used for estimation employing an ordinary kriging routine with a variably oriented search ellipse, following the undulating mineralized bands identified. The resultant block grade distribution reflects the curvilinear banding which both Volta and SRK consider to be an important feature of the deposit.
SRK has considered sampling density and distance from samples in order to classify the Mineral Resource according to the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves (December 2005) as required by National Instrument 43-101. Further, SRK has used reasonable costs for the region, process recoveries based on RRL sighter tests and a long term upside gold price of US$ 1040/oz to determine that the current resource and its potential depth extensions have sufficiently high grade, width and proximity to surface to have reasonable prospects for economic extraction by open pit. Based on the current economic parameters applied within Whittle, the open-pit bottoms out on the deepest Inferred Resources, which are currently only defined to the 50 metre RL (or 230 metres below surface), (see Figure 2). Additional drilling below the current Inferred Resource limit could add to the resources.
The following Table shows the sensitivity of SRK's block model within the Whittle open pit, at a range of cut-off grades from 0.0g/t to 1.4g/t.
-------------------------------------------------------------------------
Grade - Tonnage Table, Kiaka Deposit 29th June 2010
-------------------------------------------------------------------------
Indicated Inferred
Cut- Au Metal Metal Au Metal Metal
off Tonnes Grade Au Au Tonnes Grade Au Au
g/t Kt g/t Kg K oz Kt g/t Kg K oz
-------------------------------------------------------------------------
1.40 6,220 1.86 11,550 371 1,320 1.90 2,500 80
1.20 10,100 1.64 16,550 532 2,370 1.60 3,900 120
1.00 16,990 1.42 24,060 773 4,510 1.40 6,200 200
0.80 27,480 1.22 33,440 1,075 9,020 1.10 10,200 330
0.60 41,250 1.04 43,100 1,384 15,900 0.90 15,000 480
0.40 54,090 0.92 49,540 1,593 26,070 0.80 20,000 640
0.20 60,580 0.85 51,630 1,660 33,280 0.70 22,200 720
0.00 61,540 0.84 51,750 1,664 37,350 0.60 22,700 730
-------------------------------------------------------------------------
SRK states that, and Volta concurs, there is considerable potential to
find additional resources in the Central Area at Kiaka. These could be derived
from:
- at depth beneath the main mineralized strike interval identified so
far,
- along strike to the south where scout drilling has encountered
encouraging mineralization,
- along strike to the north where faulting may have offset the
mineralization to the east of the current drilling coverage; and
- Within the current mineralized wireframes where more material is
present at lower-grade which could add low grade ounces to the
deposit should more favourable costs than currently assumed be
defined.
In addition, drilling currently underway in the south area (approximately
400 metres to the south of the current resource) is pursuing a target that has
similar geological and geophysical characteristics to the central area. Volta
plans to continue exploration at Kiaka including more than 20,000 metres of
additional drilling in the second half of this year. Volta also plans to
commence a scoping study this year which will lead into a pre-feasibility
program.
Volta carries out a rigorous QAQC procedure on its sampling and assaying. The RC portions of the drill holes were sampled at 1-metre intervals. Dry samples were riffle-split to provide 2 kilogram samples sent to the laboratory. Wet samples were dried in the field, then riffle-split in the same way. The cored portion of the drill holes were sampled at one metre intervals and cut in half using a diamond saw. Half-core is archived at the core storage facility on site while the other half was sent to the laboratory. Certified standards were inserted every 15 samples, field duplicates (in the RC portions) about every 20 and blanks about every 30 samples.
Pursuant to National Instrument 43-101, the qualified persons responsible for the technical data provided in this press release are Mr. Martin Pittuck, a Principal Resource Geologist and Mr. Ben Parsons, a Senior Resource Geologist; both full time employees of SRK Consulting (UK) Ltd. Mr. Pittuck is a Member of the IOM3 and Mr. Parsons is a member of the AusIMM. Mr. Pittuck has reviewed and approved the contents of this news release.
Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is currently fast-tracking its flagship Kiaka Gold Project, located in Burkina Faso, towards a development decision.
Forward Looking Information Caution:
This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral resources, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations 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 are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management of Volta believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
To view Figure 1 and Figure 2 of the Kiaka Gold Project, please visit: http://files.newswire.ca/407/Volta_29062010.doc
For further information
please refer to our website www.voltaresources.com or contact: Kevin Bullock, P.Eng., President & CEO, Tel: (647) 388-1842, Fax: (416) 867-2298, Email: kbullock@voltaresources.com
Andreas Curkovic, Investor Relations, 416-577-9927
West Africa-focused gold explorers Gryphon and Shield to merge
By: Esmarie Swanepoel
30th June 2010
PERTH (miningweekly.com) – Perth-based explorer Gryphon Minerals has made an all-share off-market takeover offer for fellow-listed Shield Mining, in a move the companies hope will create a create a “truly West African gold company”.
Gryphon, which owns a 1,1-million ounce project in Burkina Faso, is offering one of its own shares, for every three shares held in Shield, which explores for gold in Mauritania.
Gryphon was also offering to acquire Shield’s 21,3-million, A$0,20 options on the basis of one ordinary share in Gryphon, for every 11 options held.
Based on the closing price of Gryphon shares on June 28, the share offer valued Shield at A$0,27 a share, which was a 35,8% premium to Shield’s closing price on the same day.
The offer was also a 55,8% premium on the volume weighted average price of Shield shares over a three-month period.
In a combined statement, the two companies said on Wednesday that the acquisition would offer Gryphon a portfolio of prospective exploration assets in Mauritania, as well as drill ready targets at the Tijirit and Saboussiri projects.
Shield shareholders, in turn, would be offered a stronger financial base from which to explore the Mauritania tenements, as well as an investment in a substantially larger West Africa-focused company, with a combined tenement holding of about 3 600 km2.
The transaction would also expose Shield shareholders to an investment in Gryphon’s 1,1-million ounce Banfora gold project, in Burkina Faso.
“This acquisition delivers a potential pipeline of new opportunities in another West African country, and fits with our strategy to build an important gold company in the region,” said Gryphon MD Steve Parsons.
Shield MD David Netherway added that the combination of the two companies made “excellent sense” in starting to create a "truly West African gold company”.
Shield directors have now unanimously recommended that shareholders accept the Gryphon offer, in the absence of a superior proposal. The directors, who currently hold a combined 11,4% of the company, noted that they intended to accept the offer.
Gryphon has entered into pre-bid acceptance agreements with Shield shareholders, representing 19,9% of the Shield shares on issue. These shareholders have contractually submitted to accepting the share offer, subject to no superior competing offer being received.
The all share offer was conditional upon a minimum acceptance of at least 90%.
Edited by: Mariaan Webb
Ghanaian gold production up 3%
Ghana Q1 gold output up 3 pct, revenues surge: govt
Wed Jun 23, 2010 5:18pm GMT
ACCRA (Reuters) - Gold output in Africa's second biggest producer, Ghana, hit 696,172 ounces during the first quarter of 2010, up 3 percent over the same quarter a year ago, the Chamber of Mines said in a press release on Wednesday.
Revenues from gold during the quarter surged 25 percent over last year to hit $782.8 million, according to the release.
© Thomson Reuters 2010 All rights reserved
Bassari (Sydney:BSR): More gold in Senegal
Friday, June 11, 2010
Bassari Resources extends gold zone at Makabingui Prospect
Bassari Resources (ASX: BSR) has reported that drilling at its new West African gold discovery in Senegal, the Makabingui Prospect, is progressing well with definition of a coherent higher grade lode system in the eastern part of the prospect area.
Results for hole RCS088 on line 99600N include 7 metres at 4.7 g/t Au from 74 metres, confirming the strike extent of Zone 1 exceeds 600 metres.
The program to date confirms a large gold mineralised system over an area of some 800 x 1,400 metres (not closed off and open at depth).
Six well defined zones of gold mineralisation have been outlined by initial RAB and wide spaced (200 metre lines) RC drilling.
The zones range in size from some 5 metres width and 300 metres strike to over 125 metres width and 800 metres strike. To date Bassari has drilled infill lines at 100 metre spacing on the most eastern zone (Zone 1).
This geological setting is considered conducive to a large tonneage gold and possibly gold/copper deposit.
Bassari said it is reviewing all options to accelerate drilling at Makabingui with additional drill rig options becoming available more recently.
Volta (VTR.TO) gets $3m+ from IFC/Randgold Warrants
Volta Receives Proceeds of $3,291,928 from the Exercise of Warrants Held By International Finance Corporation (Member of the World Bank Group) and Randgold Resources
TSX: VTR
TORONTO, June 11 /CNW/ - Volta Resources Inc. ("Volta" or the "Company") (TSX: VTR) announces that it has received the proceeds from the acceleration of certain warrants held by International Finance Corporation ("IFC") (a member of the World Bank Group), and Randgold Resources ("Randgold"), as per the terms of a previous financing agreement (See Volta press release dated March 22, 2010). On May 12th, 2010, the 15 day volume weighted average ("VWAP") of Volta's common stock surpassed $1.55 per share, triggering the acceleration of the warrants. IFC and Randgold elected to exercise their 2,702,702 warrants, and 493,345 respectively, at the agreed exercise price of $1.03 per warrant thereby generating gross proceeds of $3,291,928 to the Company.
Kevin Bullock, Volta's CEO, said, "We are happy to see this additional vote of confidence. Volta is well funded to aggressively explore Kiaka where we will be issuing a maiden NI 43-101 resource statement prior to the end of this month."
On March 22, 2010 IFC invested C$4 million to acquire 5,405,405 million Volta units ("Units") at a price of C$0.74 per Unit. Each Unit consisted of one common share of the Company and one half of a share purchase warrant. Each full share purchase warrant was exercisable into one common share of the Company at an exercise price of C$1.03 at any time up to March 23, 2015 (the "warrant exercise period"). The expiry date of the warrants would be accelerated if at any time during the warrant exercise period, the 15-day VWAP of Volta's shares exceeded C$1.55.
Pursuant to an agreement for the purchase and sale of the Kiaka License between Randgold and the Company announced November 13, 2009, Randgold had the right to participate pro-rata in all preemptive and non pre-emptive equity issues made by the Company, provided at the time of such issue Randgold held a minimum of 15 per cent of the total issued and outstanding shares in the capital of the Company (the "Pre-Emptive Right"). Randgold exercised this right on March 29, 2010 and invested C$730,151 to acquire 986,691 Volta units under the same terms as the IFC investment.
Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is currently fast-tracking its flagship Kiaka Gold Project, located in Burkina Faso, towards a development decision.
Forward Looking Information Caution:
This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations 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 are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Volta to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, risks related to the integration of acquisitions; risks related to joint venture operations; actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management and officers of Volta believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Volta Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
%SEDAR: 00026749E
Child deaths in Nigeria due to gold mining, lead, mercury etc.
See:
http://af.reuters.com/article/nigeriaNews/idAFLDE65722320100609?rpc=401&feedType=RSS&feedName=nigeriaNews&rpc=401
Gold revenues leave Ghana untaxed
See the article at: http://www.afrol.com/articles/36192
Gold revenues leave Ghana untaxed
===========================
PICTURE: AngloGold Ashanti's own runway
AngloGold Ashanti has its own runway in connections with its gold mine, transporting minerals directly out of the country
© DanWatch/afrol News
===========================
afrol News, 25 May - A new study demonstrates how multi-national companies generate great revenues from Ghana's rich gold resources without leaving sums worth mentioning in the country. International tax havens make it possible to dupe Ghanaian coffers.
Today, the report "Golden Profits on Ghana's Expense – An example of incoherence in EU policy" was presented by the two Danish NGOs DanWatch and Concord in Copenhagen. As part of an effort to reveal how tax evasion and capital flight from developing countries is outnumbering development aid by a factor of one to ten, the report is a case study of how Ghana sees little revenues from its immense gold riches.
Ghana is a major mining country, and exports of minerals and metals in 2007 made up 43 percent of Ghana's total export revenue. Bauxite, manganese, diamonds and gold are all extracted in Ghana. In 2007, Ghana produced 83.6 tonnes of gold.
But, less than ten percent of Ghana's total tax revenue came from the mining industry and mining operations only contribute an estimated five percent to the Ghanaian GDP, according to the Ghana Minerals Commission.
Further, according to Steve Manteaw, one of Ghana's leading experts on national mining operations, studies had shown that these operations also have a negative effect on the environment that equals between four and ten percent of the country's GDP. "Thus, taking the mining operations' environmental consequences into perspective, the economic effect upon Ghana's GDP is in fact negative," the report says.
Among the reasons for the low economic impact of Ghana's massive mining industry is that, like in most African countries, mining corporations are offered significant tax advantages. "They are exempted from duties, for example on fuel and the import of machines, they pay a lower tax percentage, and they can reduce their tax base through special deductions," the report says, adding that "through aggressive tax planning, these corporations further diminish their tax payments."
African countries typically collect between 30 and 35 percent in corporate taxes from the mining industry. Ghana only collects 25 percent of the mining corporations' profits in corporate taxes. "However, many corporations manipulate their profits in Ghana so they appear lower than they really are, sometimes even making them so low that they are exempted from paying any corporation tax at all," the report says.
According to DanWatch and Concord Denmark, this can easily be done by the way multi-national companies are allowed to make their balances. "Corporations can move their profits to countries with low or even no taxation," the report says. "The most commonly used method for moving profits is transfer mispricing."
Ghana is among the ten low-income countries in the world that loses most of its
Ghanaian mining town Tarkwa
Tarkwa is one of Ghana's numerous mining cities, with approximately 40,000 inhabitants
© DanWatch/afrol News
entitled taxation as a consequence of price fixing, according to a calculation made by Christian Aid in 2009. "Since 2007, Ghana has thus lost approximately 36 million euros," according to the report.
In Ghana, the alleged transfer mispricing and fixed low local revenues also influence royalties of the value of extracted minerals, the other main state revenue from mining companies. Ghana calculates the royalty rate to a minimum of three percent, which is raised accordingly with the company's profits up to a maximum of six percent.
Low profits on paper will thus also ensure lower royalty payments, the report holds. The loss in royalty revenues could amount to hundreds of million of euros during the last decade, mining analysts have calculated.
According to DanWatch and Concord Denmark, there is little Ghanaian authorities can make to secure their fair share of the profit gathered by multi-national mining companies on their soil. "The current international tax regulation framework makes it impossible to estimate whether the corporations are paying a fair amount of tax to the developing countries, because they are only obliged to produce an annual report which covers the entire corporation group."
The two NGOs, joined by a large number of organisations calling for fair trade, are demanding international reforms that would oblige all multi-nationals to produce detailed country-by-country reporting balances. This increased transparency would enable governments and NGOs to better evaluate corporate tax contributions and transfers from mother to daughter companies over international borders.
The report also attacks the European Union over its double standards regarding taxation. Many of the world's leading tax havens are on European soil and the EU, in protection of its multi-nationals, has done little to halt this development.
Money lost to tax evasion by African countries, indirectly plunged back to the European and North American economy, is calculated to be ten times more than money spent on development aid for Africa. According to new research, in the period 1970 to 2008, Africa lost US$ 854 billion in cumulative capital flight. From 2000 to 2008, illicit outflows from Africa accelerated by 25 percent coinciding with a boom in mineral prices.
In addition to country-by-country reporting for multi-nationals, the report calls for sanctions against tax havens in Europe and beyond. Further, Ghana and other developing countries should be assisted in capacity building to help them collect their rightful taxes.
By staff writer afrol
ACTION: Diamond Fields (DFI.TO) up 96.3% today
Perseus (PRU.T) new find in Cote d'Ivoire
Thursday, June 03, 2010
Persus Mining discovers new gold prospect at Tengrela Project
company news image
Perseus Mining (ASX,TSX:PRU), a gold explorer focused on West Africa, has reported the discovery of a new gold prospect at the company’s Tengrela Project in Ivory Coast.
The company said first pass RC drilling at the Kanakono prospect located 10km south of the Sissingue gold deposit has returned significant results.
The RC drilling was following up anomalous RAB drilling results dating back to January 2006 which included intercepts of 4m at 42.6g/t Au and 25m at 3.2g/t Au.
Results included hole KRC041 - 2m at 13.3g/t Au and hole KRC042 - 16m at 15.2 g/t Au.
Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana.
Perseus said it is too early to estimate the true width of intercepted mineralisation in KRC041 and KRC042 at Kanakono but the apparent (on section) true width of intercepts is about 60% of the intercept width.
Mark Calderwood, managing director, said “having completed the current phase of resource drilling at Sissingue we are now starting to assess the other Tengrela prospects previously identified by soil sampling and RAB drilling.”
“It is encouraging to get these latest results only 10 kms from the proposed Sissingue plant site – this has the potential to further enhance the Sissingue project economics.”
“We will have two RC rigs testing at least four other high priority targets over the next few months on the 876sq km Tengrela licences,” he added.
African Aura (AUR.V) in Cameroon
African Aura to complete Cameroon gold study in 2011
JOHANNESBURG (miningweekly.com) – West Africa-focused African Aura Mining plans to deliver a definitive feasibility study for its New Liberty gold project, in Cameroon, during the first half of next year.
The TSX Venture Exchange and Aim-listed company told shareholders in a statement on Tuesday that it would start with a 4 000-m resource definition drilling programme at satellite prospects near New Liberty during this year.
These prospects, including the Silver Hills, Weaju and Ndablama prospects, were expected to provide further near-surface ounces that could be trucked to the New Liberty project.
Further, a resource drilling programme at the company’s Knout iron-ore project, in Cameroon, would start during the second quarter of this year
African Aura would also now start with drilling for a prefeasibility study at its 38,5%-owned Putu iron-ore project, in Liberia, which it was planning to have completed by 2012.
A definitive feasibility study would be delivered about 18 months thereafter, it stated.
In April, African Aura undertook a £11,3-million capital raising to ensure that its gold and iron-ore projects in Cameroon and Liberia were fully funded over the next year.
“The outlook for the company is very promising, despite the difficult trading conditions in the financial markets. The company is now well positioned in its chosen commodities, gold and iron-ore, to pursue strategies that will maximise the value of the company,” president and CEO Luis da Silva commented.
Edited by: Mariaan Webb
Mali wants new pro-investor mining code - minister
By: Reuters
1st June 2010
BAMAKO - Mali wants to introduce a new mining code in October as the West African gold producer attempts to encourage more investment in its minerals sector, its mines minister said on Tuesday.
Africa's third biggest gold producer wants to take advantage of high metals prices by developing mining, which recently overtook cotton as the country's biggest export earner.
Firms which own permits but are not digging may lose their rights under the proposed new code.
"When an operator is active (or) in the process of conducting research, the renewal can be done without altering the title," Mines Minister Abou Bakar Traore said on national radio.
"On the contrary, a company which has has title but is not working underground, when it comes to renewal the title will be split and later cancelled."
Last month, a mines ministry official said Mali would become Africa's newest iron ore producer in September, when Indian-owned firm Sahara Mining expects to start digging the steelmaking mineral.
Despite a call from the African Development Bank last week for African countries to raise taxes on mining firms, Mali suggested it may look to cut taxes.
"Another aspect is taxation ... it is thought that we are the country that levies the most on mining operations," Traore said.
South Africa's Gold Fields said last month it plans to open a new mine in Mali, the Komana project, in the coming three years.
As well as Gold Fields, other firms working in Mali include Anglogold Ashanti and Randgold Resources.
The new mining code will be presented to government by the end of June, and voted upon in the national assembly's October session, Traore said.
Edited by: Reuters
Gold Fields (GFI) finds 1.25million oz in Mali
Gold Fields (GFI) finds 1.25 mln oz gold in Komana: Mali
Fri May 28, 2010 12:57pm GMT
BAMAKO (Reuters) - South African miner Gold Fields has found at least 1.25 million ounces of gold in its Komana prospect, an official at Mali's mines ministry told Reuters on Friday.
"The reports received from the company and assessments and monitoring carried out by the National Office of Geology and Mining, prove that there is significant potential of at least 1.25 million ounces, or about 38 tons of gold," Lassana Goita, head of geology at the mines ministry, said.
A Gold Fields official said studies of the Komana property were ongoing and that additional reserves details were likely by the end of the year.
"Our early indications are 1.25 million ounces, but we are still early on in the process," said Sven Lunsche.
Gold Fields, the world's No. 4 gold producer, has said it hopes the Komana project will help it boost its West African output to 1 million ounces per year by 2015, from 800,000 currently.
"We are confident that the whole district of which Komana is a part is a potentially very prosperous gold reserve," Lunsche said.
Mali relies on gold for about 70 percent of its export revenues.
© Thomson Reuters 2010 All rights reserved
Ghana says mining royalty hike has been applied
Wed May 26, 2010 8:22am EDT
ACCRA, May 26 (Reuters) - Gold-producing Ghana has followed through on plans to increase royalties payable to the government by its mining sector, a top official said on Wednesday.
Basic Materials
"The royalty is now five percent as of March 19 this year," Joyce Aryee, Chief Executive of the Ghana Chamber of Mines, told Reuters on the sidelines of a conferene in Accra. The levy earlier stood at three percent.
Aryee said the royalty hike does not immediately apply to AngloGold Ashanti (ANGJ.J) and U.S.-based Newmont (NEM.N). AngloGold said in in November that it had a stability agreement with the previous government, excusing it from any changes.
Bassari (Sydney:BSR) Hits 16m@14.2gram/ton gold in Senegal
Thursday, May 27, 2010
Bassari Resources hits 'outstanding' grade gold at Makabingui prospect
company news image
Bassari Resources (ASX: BSR) has reported an outstanding drill result from its Makabingui Prospect in Senegal, West Africa, in drill hole RCS-083 where visible gold was previously reported over 1 metre from 49 metres depth in sedimentary rocks on 20th May 2010.
Assay results indicate a mineralised intersection of 16 metres @ 14.2g/t Au from 48 metres including 1 metre at 85.6 g/t Au from 50 metres.
This intersection is located on line 99,700N which confirms at least 500 metres strike for the higher grade Zone 1 section of the Makabingui Prospect. This zone remains open to the south and also to the north and at depth.
Bassari has confirmed it is in advanced discussions to engage the services of a second RC drill rig to ramp up resource definition at its Makabingui Prospect.
The Makabingui Prospect is focused on a 2 kilometre by 1 kilometre diorite porphyry intrusive body where reconnaissance drilling to date has demonstrated a very extensive series of shallow east dipping zones of gold mineralisation.
The company said this mineralisation is associated with quartz veins and stockworks with silica, sericite, biotite and carbonate alteration.
Jozsef Patarica, managing director and chief executive officer, said recent drilling confirms that the mineralisation extends beyond the boundaries of the porphyry into the adjoining sedimentary rocks.
"Given the large area of the mineralised system, drilling to date has prioritised the higher grade mineralisation known as Zone 1," he added.
With the advent of a second drill rig Bassari will expand resource definition drilling of the broader system.
The RC drill is currently drilling on line 99,500N, 200 metres south of the RCS 083 intersection.
Randgold (GOLD) Sells 1/4 of its Volta (VTR.TO)
Randgold Resources Sells 5.0 Mln Common Shares In Volta Resources At C$1.59/Share On May 12
5/19/2010 5:03 AM ET
(RTTNews) - Randgold Resources (GOLD: News , RRS.L) said it sold 5 million common shares in Volta Resources Inc. (VTR.TO: News ) at a price of C$1.59 per common share on Wednesday 12 May 2010. The total proceeds payable to Randgold were C$7.95 million, or US$7.80 million. The cash proceeds received will be used for general corporate purposes.
Randgold acquired 20 million common shares in Volta as part of the consideration received for the sale of the Kiaka project in Burkina Faso to Volta, completed on 20 November 2009. Randgold continues to hold 15.99 million common shares in Volta.
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by RTT Staff Writer
Iamgold (IAG) eyes 'significant' upside at Essakane
By: Liezel Hill
20th May 2010
TORONTO (miningweekly.com) – Canadian gold producer Iamgold believes there is a lot of potential to grow the reserves at its new Essakane project, in Burkina Faso, interim CEO Peter Jones said on Wednesday.
Iamgold said a couple of weeks ago that it plans to begin production next month at Essakane, which is between four and six weeks before the last start-up target, and a whole five to six months ahead of the original schedule when Iamgold took control.
Construction is now 94% completed, and the company is confident the ramp-up to commercial production can be achieved quickly and smoothly.
The $443-million mine is expected to produce 500 000 oz of gold from start-up until the end of 2011 and cash costs are forecast at an average of $400/oz to $410/oz a year over the life-of-mine.
“But the Essakane story does not end there,” Jones said at the company's annual shareholders meeting in Toronto.
“Early drilling results confirm it. We believe the upside is significant and there are many more years of profitable reserves yet to find at Essakane.”
The project currently has 3,9-million ounces of probable gold reserves, 4,3-million ounces (including reserves) of measured and indicates resources and 1,9-million ounces in the inferred category.
Iamgold took control of the Essake project last year by buying junior Orezone Resources.
The Toronto-based miner already produces gold from mines in Suriname, Canada, Botswana, Mali and Ghana, and has forecast output of between 940 000 oz and one-million ounces of gold this year.
It also operates a niobium mine, Niobec, in Quebec, and will complete two expansion projects at the operation during the third quarter of this year, Jones said.
The firm has been working on a mill expansion, as well as a paste-backfill plant at Niobec, and both will ramp up in the final quarter of 2010.
After Essakane, Iamgold's next greenfield project is its Westwood asset, also in Quebec.
The company is also studying a project to develop the large deep sulphide resource at the Sadiola mine, which it owns with AngloGold Ashanti.
While AngloGold is the operator of Sadiola, Iamgold has taken the lead on the deep-sulphide project.
A feasibility study and construction decision is expected by year-end, Jones confirmed.
The Sadiola deep-sulphide project will likely start contributing production in mid-2012, followed by output from Westwood in early 2013.
Perseus Mining encounters high grade gold under South Botiksi Extension pit
Perseus Mining (ASX/TSX: PRU) has updated exploration activities at the company’s Central Ashanti Gold Project (CAGP) in Ghana with high grade gold mineralisation encountered.
Drilling along the Botiksi shear zone particularly below the shallow South Botiksi Extension (SBE) pit, previously mined prior to 2001, intercepted gold.
Drill holes NBRC009 and NBRC011 are located in the 1.5km long previously undrilled portion of the shear zone between the SBE and the Nkonya North pits.
Highlights include: 12m @ 6.3 g/t Au from 76m; 22m @ 4.8 g/t Au from 72m; and 24m @ 5.0 from 66m.
Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana. The true width of intercepts from the current program at the SBE deposit is about 80% of the intercept width.
Mark Calderwood, managing director, commented “the SBE pit was one of 25 shallow pits that were mined on the CAGP mining leases between 1994 and 2001. Perseus has drill tested below 15 pits, leaving a further 10 pits to be tested.”
“In the last two years drilling at CAGP has essentially been focused on infilling and extending the existing resources – the move of one rig to exploration areas has returned early results.”
“We are aiming to complete the next significant resource upgrade for the CAGP in Q3 this year,” said Calderwood.
Semafo (SMF.TO) Q1 profit up 55%, new high
Tue May 11, 2010 2:33pm EDT
Semafo Inc.
SMF.TO
$7.13
+0.74+11.58%
2:15pm CDT
* Q1 earnings $0.06/basic shr vs $0.04/basic shr yr ago
* Production up 13 pct
* Shares touch life-time high of C$7
May 11 (Reuters) - Canadian gold miner Semafo Inc (SMF.TO) reported a 55 percent increase in quarterly profit, helped by increased gold production and a higher average realized gold price, and maintained its 2010 production forecast.
For the first quarter, the company posted a net income of $13.8 million, or 6 cents per basic share, compared with $8.9 million, or 4 cents per basic share a year ago.
Gold production rose 13 percent to 65,8000 ounces for the three month period ended March 31, and sales rose 29 percent to $63.6 million. The company -- with gold mines in Burkina Faso and Guinea -- maintained its prior forecast, expecting to produce 235,000 to 260,000 ounces of gold in 2010.
Shares of the company, which bought a new mining fleet for its Samira Hill mine in Niger, were up 9 percent at C$6.96 Tuesday on the Toronto Stock Exchange. They touched a new life-time high of C$7.00 earlier in the trade. (Reporting by Isheeta Sanghi in Bangalore; Editing by Prem Udayabhanu) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))
Oops: Volta on Toronto Exch, not Venture (VTR.TO)
Volta(VTR.V)'s best yet: 134m@2.16g/t; 10m@7.43g/t in Burkina Faso
Volta Reports Best Results to Date at Its Kiaka Gold Project - Intersects 134 Meters at 2.16 g/t Gold, Including 10.0 Meters at 7.43 g/t Gold
See:
http://finance.yahoo.com/news/Volta-Reports-Best-Results-to-cnw-110554258.html?x=0&.v=1
The price of VTR has risen eleven-fold in eight months.
Volta hits wide Intercepts in Burkina, like 125m
See:
http://www.kitco.com/pr/frame/index_prec.html?http://www.kitco.com/pr/2522/article_04152010091038.pdf
Volta Reports More Wide Gold Intercepts at its Kiaka Gold Project in Burkina Faso Including 120.5m @ 0.94g/t Au and
62.24m @ 2.25g/t Au Including 19m @ 4.62g/t Au
Toronto, ON – April 14, 2010 - Volta Resources Inc. ("Volta" or the "Company") (TSX: VTR) announces the drill results from the next completed section at its Kiaka Gold Project, located approximately 120 kilometres southeast of Ouagadougou, the capital city of Burkina Faso. To date, 88 holes (~13,810meters) have been completed of a program comprising more than 150 holes (>22,000 meters). So far results have been received for 67 holes, with this news release covering the latest 6 holes, which are all located on Section 5450N. Randgold hole KDH16 is also located on this section. The highlights from this section include:
• KKRC30 : 93.00m @ 0.70g/t Au, including 4.0m @ 3.89g/t Au
• KRD50 : 34.00m @ 1.56g/t Au AND
• KRD50 : 10.72m @ 1.60g/t Au (hole stopped in mineralization)
• KRD51 : 62.24m @ 2.25g/t Au, including 9m @ 3.67g/t Au and 19m @ 4.62g/t Au
• KRD52 : 120.50m @ 0.94g/t Au, including 14m @ 2.22g/t Au and 8m @ 2.28g/t Au
• KDH16* : 159.00m @ 0.87g/t Au, including 11m @ 1.60g/t Au and 32m @ 1.57g/t Au AND
• KDH16* : 22.00m @ 0.92g/t Au, including 14m @ 1.21g/t Au
* Previously drilled by Randgold
Kevin Bullock, Volta's CEO, said, "These additional exceptional results not only further validate Randgold’s historical results, they also further support our emerging new model of Kiaka that is outlining a new understanding of the mineralization. In particular, we continue to enhance the interpretation of discrete higher grade zones within the broad mineralized lower grade envelope that can be traced from hole to hole and from section to section. Kiaka is an ideal project in that as we drill more we are discovering more nuances that suggest more robust structures than those originally interpreted.”
In order to appreciate the extent and geometry of the mineralization on the 5450N section, the results for the intersections for these holes are highlighted in Table 1 below and on the section in Figure 2. Analyses of the Volta samples were undertaken by fire assay on a 50g charge at ALS Chemex Laboratories in Ouagadougou. Volta's sampling and assay procedures included QA/QC elements that employed the inclusion of certified standards and blanks.
Table 1: Highlights of gold intersections from Section 5450N
Hole ID From To Interval Grade Comment
m m m g/t Au
KKRC28 13.00 16.00 3.00 1.05 Volta
KKRC29 16.00 31.00 15.00 0.52 Volta
KKRC30 0.00 93.00 93.00 0.70 Volta
Including 19.00 25.00 6.00 1.38
Including 36.00 40.00 4.00 3.89
Including 47.00 62.00 15.00 0.98
* * * ETC.
Under the guidelines of National Instrument 43-101, the qualified person for the Kiaka Gold Project is Mr. Guy Franceschi, Vice President, Exploration for Volta. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
Volta is a mineral exploration company primarily focused on becoming a leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso. For further information, please refer to our website www.voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (647) 388-1842
Fax: (416) 867-2298
Email: kbullock@voltaresources.com
Forward Looking Information Caution:
This press release presents “forward-looking statements” [etc.]
A good thing about Volta's find is that it's basically at the surface and over 400 feet deep of gold ore sitting there for the taking. If there's no worthless overlayer, the whole pit might be nicely auriferous.
But I wonder, why did big Randgold sell it to little Volta? Were they "wrong" about it?
AMI extends a license in Ghana
See:
http://www.kitco.com/pr/1120/article_12162009123214.pdf
NEW: Tres-Or Resources (TSX.V) Ghana placer gold
# 620 – 475 Howe Street, Vancouver BC V6C 2B3 Canada
(T) 604.688-8700 (F) 604.688-8884 www.tres-or.com
December 16, 2009 TRS: TSX.V
NEWS RELEASE
TRES-OR (GHANA) LIMITED INCREASES SHARE OF GOLD SALES AT AGUDEE
Tres-Or Resources Ltd. (the “Company”) is pleased to announce that its wholly-owned subsidiary Tres-Or (Ghana) Limited (“Tres-Or Ghana”) has increased its percentage share in the proceeds from the sale of any gold mined at the Agudee Gold Project in Ghana, West Africa. In April 2009 Tres-Or Ghana entered into a profit sharing agreement (the “Agreement”) with a private Ghanaian company whereby the two parties (the “Parties”) will collaborate in providing mining and related services to gold mining projects in Ghana and share in the profits derived therefrom on a 50/50 basis (see news release dated April 6, 2009).
Initial joint efforts by the Parties has focused on the development and production of gold in connection with the Agudee Gold Project a group of concessions registered under the Small Scale Mining Act and held by a local syndicate of companies located in the Atwina Mpanua District of the Ashanti Region in central Ghana. As consideration for providing turnkey mining and project development and administration services at the Agudee Project the Parties will collectively now be entitled to 85% of the proceeds from the sale of any gold mined, to be split 50/50 between the Parties.
Under the terms of the Agreement, Tres-Or Ghana has met the requirements to fund the mining costs in stages needed to place the Agudee Project into commercial production. The fabrication and assembly of the floating, alluvial gold recovery plant is complete and operational on the Agudee project site. Gold bearing gravels are processed and concentrated on the floating plant and final gold recovery from the concentrate produced at the plant is processed using gravity feed systems for the mineral table circuit. No chemicals or mercury is used in the gold recovery process. Laura Lee Duffett, P.Geo., President and CEO of the Company is the qualified person by the standards of National Instrument 43-101 overseeing the project and is responsible for the scientific and technical information in this news release.
On behalf of the Board of Directors,
“Laura Lee Duffett”
President and CEO
Contact: Brian Biles, Corporate: Ph: 604-688-8700
Email: info@tres-or.com Website: www.tres-or.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
About Tres-Or Resources Ltd.: Tres-Or Resources Ltd. (TSX Venture: TRS) is a Canadian resource exploration company developing gold production in the Ashanti region, Ghana, West Africa and exploring diamond and precious metals discoveries in Canada. The experienced team has proven success in exploration through to discovery and mine development. Gold production will fund diamond and precious metals discoveries in Ontario and Quebec and gold projects in Ghana.
Additional information related to the Company is available at: www.tres-or.com
=========================================
Yeah! Volta (VTR.V) up over 80% TODAY. I been a long time a'waitin'.
Semafo (SMF.TO) nice continuity results in Burkina Faso
SEMAFO Reports Mana Diamond Drilling Results - In-fill Drilling Results Confirm Continuity of Wona Deep Zone
Dec, 10, 2009 11:24 AM - Canada Newswire
SEMAFO TSX-SMF
MONTREAL, Dec. 10 /CNW Telbec/ - SEMAFO (TSX: SMF) today announced the most recent drilling results from its Mana Mine in Burkina Faso. The results continue to accentuate the robust nature of a significant high-grade lode located just below the bottom of the northern end of the Wona Main pit.
The Company's 2009 exploration program at Mana began in April and remains in progress. As at November 30, 2009, holes WDC80 through WDC172, totalling 34,722 meters of drilling have been completed with assay results having been received up to hole WDC164.
The current drilling program confirms the NE at-depth high-grade extension of the Wona zone. Initial reference to this potential mineralization was made in SEMAFO's press releases dated March 24, 2008, with further updates released throughout 2008 and 2009.
Recent drilling results validate the continuity of mineralized zones at-depth as reported in SEMAFO's press release dated October 29, 2009, with some up-side. The high grade results of Hole WDC147 add to the evolving model and demonstrate, once again, that the Wona deep zone connects to the bottom of the northern end of the Wona main pit.
Drill hole WDC159 on Section 18100N validates the mineralization identified by hole WDC130 (refer to press release dated October 13, 2009). Hole WDC159 crossed the Wona mineralized zone as did hole WDC130, and while results demonstrate a low grade, the thickness is significant. Hole WDC159 also crossed the new zone identified in the second intersect of hole WDC130, although mineralization was predominated by dykes and complex structures at this location. Drilling is ongoing over these targets.
The following table presents the drill results including the main mineralized intersections and high-grade values.
<<
DDH Intersections At-Depth
Wona Deep
-------------------------------------------------------------------------
DDH No. Section From To Au / Length*
-------------------------------------------------------------------------
WDC142(xx) 16650 482 500.4 1.67 g/t / 18.4 m
-------------------------------------------------------------------------
WDC142(xx) 16650 511.5 535 2.57 g/t / 23.5 m
-------------------------------------------------------------------------
WDC143(xx) 17400 332.8 370.3 2.54 g/t / 37.5 m
-------------------------------------------------------------------------
WDC147 16550 162 186 3.90 g/t / 24 m
-------------------------------------------------------------------------
WDC148 16875 196 236.7 3.78 g/t / 40.7 m
-------------------------------------------------------------------------
WDC149 16975 266 326.5 3.61 g/t / 60.5 m
-------------------------------------------------------------------------
WDC150 16550 264.6 271.4 3.59 g/t / 6.80 m
-------------------------------------------------------------------------
WDC151 16925 308 358.6 3.02 g/t / 50.6 m
-------------------------------------------------------------------------
WDC152 16975 207 211 2.16 g/t / 4 m
-------------------------------------------------------------------------
WDC153 17025 300.4 314.6 2.81 g/t / 14.2 m
-------------------------------------------------------------------------
WDC153 17025 335.2 349.5 3.07 g/t / 14.3 m
-------------------------------------------------------------------------
WDC154 16825 232 282.6 3.08 g/t / 50.6 m
-------------------------------------------------------------------------
WDC155 16925 264 284 3.23 g/t / 20 m
-------------------------------------------------------------------------
WDC155 16925 292 303 2.68 g/t / 11 m
-------------------------------------------------------------------------
WDC156 16600 Assays are pending
-------------------------------------------------------------------------
WDC157 16825 172 194.6 4.19 g/t / 22.6 m
-------------------------------------------------------------------------
WDC158 16925 201 216 3.41 g/t / 15 m
-------------------------------------------------------------------------
WDC159 18100 10 34 1.15 g/t / 24 m
-------------------------------------------------------------------------
WDC160 16825 Assays are pending
-------------------------------------------------------------------------
WDC161 16850 543.3 546.3 2.71 g/t / 3 m
-------------------------------------------------------------------------
WDC162 16875 156 181 3.20 g/t / 25 m
-------------------------------------------------------------------------
WDC163 16900 315 344 2.45 g/t / 29 m
-------------------------------------------------------------------------
WDC164 16925 137.6 169.4 2.80 g/t / 31.8 m
-------------------------------------------------------------------------
* All lengths are measured along the hole axis; additional information
is required to determine true widths.
(xx) Drill hole was reported in previous press release with assays
pending.
This press release contains a map, click here to view full document:
http://files.newswire.ca/357/Semafo-Mana.doc
>>
The drill holes described above are presented on the attached longitudinal section displaying contoured grade-thickness product. The longitudinal schematic shows the mineralization trend along with previously reported drill holes.
The drilling programs were designed and managed locally by Dofinta Bondé, Mana Mineral's Exploration Chief Geologist and Donald Trudel, experienced mine and exploration professional geologist, and guided and supervised under the direction of Michel Crevier, P.Geo MScA, Geology Manager and SEMAFO's Qualified Person who has reviewed this press release for accuracy and compliance with National Instrument 43-101.
All individual samples represent approximately one-meter in length of core which was sawn in half. Half of the core is kept on site for reference and its counterpart is sent for preparation and gold assaying at the ALS Chemex laboratories in Ouagadougou, Burkina Faso. Each sample is fire-assayed for gold content on a 50-gram sub-sample at the same ALS Chemex laboratories. In addition to ALS Chemex's own QA/QC (Quality Assurance/Quality Control) program, an internal QA/QC program is in place throughout the sampling program, using blind duplicates, blanks and recognized industry standards.
About SEMAFO
SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Company currently operates three gold mines in Burkina Faso, Niger and Guinea. SEMAFO is committed to evolve in a conscientious manner to become a major player in its geographical area of interest, while maintaining principles and strengthening relationships to increase shareholder value.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. Forward-looking statements include words such as "continue", "accentuate", "remains", "in progress", "evolving", "trend", "evolve", "become", "maintaining", "strengthening", "increase" and other similar expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include our ability to continue or complete our 2009 exploration program at Mana, the ability of drill hole WDC159 on Section 18100N to further validate the mineralization identified by hole WDC130, fluctuation in the price of gold, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays and other risks described in the Company's documents filed with Canadian securities regulatory authorities. Although the Company is of the opinion that these forward-looking statements are based on reasonable assumptions, such assumptions may prove to be incorrect. Accordingly, readers should not place undue reliance on forward-looking statements. Readers can find further information with respect to risks in the Company's 2008 Annual MD&A, as updated in the 2009 First Quarter MD&A, 2009 Second Quarter MD&A and 2009 Third Quarter MD&A, and other filings with Canadian securities regulatory authorities available at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.
Newmont (NEM) weighs another mine in Ghana.
The Denver Post
Posted: 12/10/2009 01:00:00 AM MST
Greenwood Village-based Newmont Mining Corp., the largest U.S gold producer, will decide whether to develop a second mine in Ghana by mid-2010, according to Jeff Huspeni, regional senior vice president for Africa.
The estimated cost of developing the site at Akyem, in Ghana's eastern region, is between $700 million and $1 billion, he said at a conference Wednesday in the Ghanaian capital, Accra. The Akyem gold mine has proven and probable reserves of 7.66 million ounces of ore, according to Newmont's website.
Cluff (CLF.T) hikes Sierra Leone gold to 1.1 million oz
Cluff Gold has raised its mineral resource at the very promising Baomahun gold project in Sierra Leone to over the 1 million ounce bracket and plans scoping study for completion Q1 2010
Author: Proactive Investors
Posted: Thursday , 22 Oct 2009
LONDON (PROACTIVE INVESTORS) -
West African focused gold deposit developer Cluff Gold (AIM & TSX: CLF) reported a 40% increase in total mineral resources at its flagship Baomahun gold project in Sierra Leone after an extensive drilling campaign with investigation into possible mineralisation extensions set to be launched shortly.
The resources update followed an 11-hole, 7,000-metre drilling campaign, aimed at testing the underground potential of the mine. As a result, the inferred minerals resources increased to 9.2 million tonnes grading 3.2 g/t (grammes per tonne) or 957,000 oz (ounces) from 500,000 oz of gold, while the total measured and indicated resource now stands at 12 million tonnes grading 2.9 g/t for a total 1,103,000 ounces of gold.
A scoping study into the combined open pit/underground scenario is expected to be completed in the first quarter of 2010.
"The recent drilling has added over 600,000 ounces to our total mineral resource base at grades and widths that are conducive to our plans to establish a combined open pit and underground operation at Baomahun. We look forward to completing the scoping study early next year, which will be based on this larger resource, and will address the potential of a combined open pit and underground operation with a much longer mine life," said Cluff's Technical Director Douglas Chikohora.
Cluff plans to launch a follow-up work programme to investigate potential extensions of the mineralisation including DDH301 (10 metres at 10.5 g/t) in the Central Zone and DDH298 (9 metres at 5.97 g/t) in the Eastern Zone.
The overall exploration costs have so far amounted to US$9 per oz discovered to date.
Published courtesy of Proactive Investors - www.practiveinvestors.co.uk
Midlands Minerals (MEX.V) to survey in Ghana
TSX-V: MEX NOVEMBER 30, 2009
MIDLANDS EXTENDS SOIL SURVEY ON PRASO
TO BORDER WITH NEWMONT MINING – GHANA
• Praso North survey to be extended to the Newmont border
• Results to provide drill ready targets on Praso North
TORONTO, CANADA: Monday, November 30th, 2009: Midlands Minerals Corporation (“Midlands” or the “Company”) is pleased to announce that in preparation for drilling, a follow-up MMI soil survey will commence on Praso North on December 1, 2009. This survey will cover the northeastern part of Kwahu Praso, covering an area right up to the border with NewmontMining’s Nkokoo property which is contiguous to Praso North.
Please click link below to view map:
http://www.midlandsminerals.com/press_releases/images/Nov25SianPrasoMap.jpg
Sian currently has an indicated gold resource of 2.6 million tonnes grading at 2.3 g/t and an inferred resource of 2.7 million tonnes grading at 2.4 g/t, and has significant exploration upside potential. The Company’s objective is to demonstrate the potential size of the Sian deposit by drilling on the contiguous Kwahu Praso property to the south, and to the north of the Sian deposit. The MMI soil survey will be on a grid with line spacing at 400 metres and sampling stations at 40 metre intervals. The lines will be placed between a previous soil grid which was done at 400 metres with sampling stations at 50 metre intervals. A tighter MMI infill soil survey will follow on Praso North, and that will be done at 100 metre line spacing with sampling stations at 20 metre intervals.
A total of 1,550 MMI samples will be collected and sent to SGS Laboratories in Toronto for MMI analysis. The Company will use the same MMI field and assay procedures as those used on earlier MMI surveys on Praso North.
“This tight grid should give us a large number of samples, and it should also give us drill ready targets and clusters of high ratio MMI gold sites,” said Pierre Lalande, P.Geo and Midlands’ Senior Geologist.
The objective of the infill program is to further define the mineralized trend while at the same time extending the tighter grid eastward to the border with Newmont Mining.
The technical information in this news release has been reviewed by Pierre Lalande, P.Geo, who is a Qualified Person under National Instrument 43-101.
2 ABOUT MIDLANDS MINERALS
Midlands is a growth oriented and value based gold exploration company operating in Ghana and Tanzania, two stable countries with a history of gold mining. Midlands’ top priority project is the fully permitted Sian gold project in Ghana. The Sian property contains Esaase and Ampeha, two previously producing open pit mines with a resource with significant growth potential. Midlands’
contiguous Kwahu Praso project, which was once part of Sian, contains extensions of the Esaase and Ampeha trends. Sian and Praso are just 30 kilometres northeast of Newmont Mining’s +8.7 million ounce Akyem gold deposit. Midlands also holds highly prospective licences for gold and diamonds in the Lake Victoria Goldfields in Tanzania.
The Company has a highly qualified management and technical team with broad African
experience and extensive experience in the countries in which the Company operates. For more information on the Company, please visit Midlands’ website at www.midlandsminerals.com.
On behalf of the Board
Kim Harris
President and Chief Executive Officer
For further information, please contact:
Kim Harris, President and CEO CEO Direct Line: + 1 416 447 6882
Midlands Minerals Corporation
1210 Sheppard Avenue East, Suite 302 Tel: + 1 416 492 6992
Toronto, Canada M2K 1E3 Fax: + 1 416 492 6993
E-Mail: info@midlandsminerals.com Website: www.midlandsminerals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. Certain statements contained in this news release constitute forward-looking statements. Such forwardlookingstatements involve a number of known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from actual results and achievements expressed or implied by such forward-looking statements. Forward looking
statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. No assurance can be given that any of the anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
The Company adds a cautionary statement to the effect that the potential quantity and grades referred to in this press release are conceptual in nature. There has been sufficient exploration to evaluate a mineral resource. However, the Company is uncertain if further exploration will result in a mineral reserve. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward-looking statements while considering the risks inherent in the business of mineral exploration. For more information, investors should review the Company’s filings that are available at www.sedar.com.
==============================
NEW: Burey Gold (Sydney:BYR) in Guinea
Burey Gold is an explorer, traded on Sydney ASX, that has low-grade but shallow Mansounia gold exploration property in Guinea, near a Semafo (SMF.T) mine. Also some uranium interest.
See: http://www.bureygold.com/
Newmont(NEM): Big Ghana royalty hike would be "severe"
Wed Nov 18, 2009 12:14pm EST
DAKAR, Nov 18 (Reuters) - U.S.-based international gold miner Newmont (NEM.N) said on Wednesday that a big hike in royalty rates in Ghana could "severely reduce returns on investment."
Ghana's finance minister in a speech to parliament on Wednesday said the West African nation would double minimum mineral royalties to 6 percent and engage the mining industry on dividend payments, tax exemptions and the fiscal regime.
"Of course, we are willing to discuss with the Government any changes it may propose to the royalty rate or other aspects of our operations in Ghana," a company spokesman said.
"However, a substantial increase in the royalty rate would severely reduce returns on investment if it does not also take into account rising production costs, especially energy and electric power." (Editing by Anthony Barker)
Sierra Leone passes mining bill, hikes royalties
Reuters | Wed, 18 Nov 2009 10:53
[miningmx.com] -- Sierra Leone's parliament has passed a new mining act that raises royalties and increases community benefits despite the opposition walking out, a senior minister said late on Tuesday.
The new Mines and Minerals Act 2009 will hike diamond and gold royalties, give the government the right to take a stake in big mining projects and require companies to contribute to local community funds.
The bill aims to remedy the effects of years of mismanagement, corruption and a 1991-2002 civil war that have hamstrung the West African nation's mining potential, leaving it among the world's poorest countries despite vast resources.
Passage came on the eve of the Sierra Leone Trade and Investment Forum in London, which the country hopes will attract a raft of interest in an economy still emerging from civil war.
"We got the bill through parliament," Minister of Minerals and Presidential Affairs Alpha Kanu told Reuters by telephone. "There was a lot of opposition because of a procedural issue but everyone liked the bill itself."
Members of the opposition Sierra Leone People's Party (SLPP) walked out one by one and did not return, citing a procedural complaint that the gazette had been published only once.
Kanu had to re-introduce the bill, which passed with 58 members, beyond the required quorum of 33, thanks to the support of traditional paramount chiefs and sympathetic members of the People's Movement for Democratic Change.
"This act means a lot. We now can control our environment, there's a new provision for the health and safety of our workers and every company will contribute to community development funds," Kanu added.
Sierra Leone's gem-fueled civil war killed some 50,000 people and left infrastructure and farmlands in ruins, pushing out many large foreign companies that had sought to develop the country's vast minerals deposits. Companies that remained sought favourable terms for their operations.
HIKES IN ROYALTIES
The law hikes royalty rates to 6.5 percent on diamonds from 5 percent, and to 5 percent on gold and other precious metals from 4 percent.
Companies must now spend 0.1 percent of annual gross revenues on community initiatives, and new entrants would work under a new non-exclusive "reconnaissance" licence, which will replace the "prospecting" licence and is renewable only once.
"We found out that over the years people were negotiating their own agreements outside the mining act," Trade and Industry Minister David Carew told Reuters by telephone earlier.
"As a result there were various qualities of agreement inconsistent with our policy, negotiated at a time when the country was vulnerable," he added.
The two ministers said private Israeli-owned Koidu Holdings, which mines the country's deepest kimberlite diamond pipe and previously enjoyed a "special agreement," had already accepted the standards set by the new act.
Officials are now reviewing the country's deal with Sierra Rutile, owned by AIM-listed Titanium Resources Group, which mines the world's third largest deposit of rutile, used in paint pigment and toothpaste, Carew added.
Former British prime minister Tony Blair, who sent in troops to stabilise the country during the war, will attend the Sierra Leone Trade and Investment Forum in London, also backed by billionaire George Soros.
In recent years Sierra Leone has become one of Africa's top reformers, keen to become investor-friendly and rising seven places to 30 over the past two years in the widely-viewed Ibrahim Index of African Governance.