Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Gold Coast Mining Corp. Proposes Name Change
TORONTO, Nov. 17, 2009 (GLOBE NEWSWIRE) -- Gold Coast Mining Corp. (Pink Sheets:GCMG) announced today that they intend to request an amendment to the Company's Certificate of Incorporation to change the name to Strategic Mining Group.
Since the appointment of Mr. Gary Cripps as President, several exploration opportunities are under review which will reflect and identify with a new direction for the company and include additional international projects.
CONTACT: Gold Coast Mining Corp.
Jan Moir
705-361-3533
janm@investorvalue.com
The Wheat and the Chaff are really separating now, with US$1,000-plus/oz gold. While many West African gold stocks are doubling and quadrupling now (especially small producing juniors like Red Back and Semafo), others like Crew Gold, SearchGold and Cassidy are the pits.
(Randgold Resources, which hasn't been "junior" for a long time, is doing mighty fine.)
Avnel price has risen in theory, but it's so illiquid that the "price" may be far from what one could get in a real sale.
Yeah, Moydow stock doubled again.
ACTION in Greencastle Resources (VGN.V), Niger gold exploration
Stock doubled in last few days.
Pelangio (PX.V) getting remaining Obuasi property in Ghana
Fri Oct 30, 2009
Pelangio Exploration Makes Option Payments On The Obuasi Property
view PDF
TORONTO, Ontario (October 30, 2009) -- Pelangio Exploration Inc. (PX:TSX-V) ("Pelangio" or the "Company") is pleased to announce that it has made the first payments totaling six million common shares and US$750,000 pursuant to its options to acquire the remaining 49% of its three concessions totaling 290 km2 in Obuasi, Ghana (the "Obuasi Property"). The Company currently holds a 51% interest in the Obuasi Property and, following today's payments, may acquire the remainder by making further payments totaling US$1,500,000 (US$750,000 on or before June 19, 2010 and US$750,000 on or before June 19, 2011).
About Pelangio
Pelangio is a gold exploration company active in two of the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's primary goal is to discover Obuasi Mine-style gold ore shoots on its 290 km2 property located on strike and adjacent to AngloGold Ashanti's Obuasi Mine, which has produced 30 M oz of gold since 1897 and holds current reserves and resources of 37 M oz (9.7 M oz reserve in a global resource comprising: 24.5 M oz measured and indicated; 12.5 M oz inferred -- as further described in AngloGold Ashanti's Mineral Resource and Ore Reserve Report 2008).
For additional information, please visit our website at www.pelangio.com or contact:
Ingrid Hibbard, President & CEO or
Brendan Cahill, Vice President Corporate Development
Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NEW: Medoro Resources (MRS.V) Mali, Signature Metals (SBL:Sydney) Ghana
Also Avion Resources changed to Avion Gold
Added to header:
Mali
Avion Gold Corp. http://www.aviongoldcorp.com/ --- AVR
Medoro Resources, Ltd. http://www.medororesources.com/ --- MRS
Ghana
Signature Metals, Ltd. http://www.signaturemetals.com.au/ (SBL in Sydney) Ghana
Newmont (NEM) looks to Ghana, Peru for next new gold mines
Reuters -- Thu Oct 29, 2009 2:24pm EDT
* Newmont sees Ghana, Peru mines as priorities
* Australia's Boddington close to commercial production
By Steve James
NEW YORK, Oct 29 (Reuters) - Now that its Boddington mine in Australia is close to producing gold commercially, Newmont Mining Corp (NEM.N) sees projects in Ghana and Peru as leading priorities to develop, Chief Executive Officer Richard O'Brien said on Thursday.
"I tell you that Akyem and Conga obviously are the two that rank at the very top for us," he told Wall Street analysts during a discussion of Newmont's third-quarter results.
"I think both of them provide nice economic returns for the company, even at lower gold prices," O'Brien said when asked to rank the company's exploration projects.
Akyem, in Ghana, has been subject to a thorough environmental impact study, public consultation and independent review over the last five years and is now in the permitting process with the Accra government.
Conga, a gold/copper project, is located near Newmont's existing Yanacocha gold mine in the Peruvian Andes.
"I think we're generating community support because of the good practices we've had in both of those districts," O'Brien said.
"So I think both of those projects rate right up at the top for us and I would say it's really a race for us to get the necessary approvals to begin development of those projects."
Last month, O'Brien told Reuters that Newmont, the world's second-largest gold producer, was focused on developing projects that would still be profitable if the price of the metal fell below current highs over $1,000 per ounce.
Indeed, the company said its doubling of third-quarter profit resulted from not only high gold prices but also a big reduction in mining costs.
Boddington, in Western Australia, just produced its first gold and Newmont is ramping-up operations toward full commercial production in the fourth quarter.
Another gold project Newmont is looking at is Hope Bay in northern Canada, said Guy Lansdown, a vice present for discovery and development .
"We continue to evaluate our options," he said. "Now that we've got ourselves well established in the area with infrastructure, we will continue to explore," he said of the resource with an estimated 4 million to 9 million ounces.
The company is also looking at 18 projects in Nevada where it could potentially add 7 million ounces of new reserves.
"Some of the bigger projects that are out there are Gold Quarry, West Wall, which we're drilling as we speak," said Lansdown.
"Turf is a very exciting one...Immigrant is another one of the bigger ones and then there are a number of expansions to and new underground operations and pits.
"What's exciting for us is the opportunity to bring them into production in the near term."
(Reporting by Steve James, editing by Dave Zimmerman)
© Thomson Reuters 2009 All rights reserved
African Gold Stocks Rock
Note: The table formatting is messed up below. See original page with map at
http://www.mineweb.co.za/mineweb/view/mineweb/en/page54?oid=91234&sn=Detail
Note: Medoro, Avion and Signature, listed below as being West African, have not been on the page header.
Beyond Moto - African gold stocks rock
On the wild side, a glance at hot spots among 80 listed mining stocks active in African gold exploration, development and production.
Author: Barry Sergeant
Posted: Monday , 26 Oct 2009
JOHANNESBURG -
Moto Goldmines disappeared from stock market listings this week, following its friendly takeover by a joint venture involving AngloGold Ashanti and Randgold Resources, the target being more than 20m ounces of gold that have been outlined at the Moto project in the far north east Democratic Republic of the Congo. The transaction has further intensified investor interest in listed gold stocks active on the continent as a whole; at least 80 names can be identified.
A good number of these stocks currently rank as the world's most in-demand gold stocks, as indicated by the table that follows this article.
While gold mining in South Africa has been very much a formal activity for well over a century, various kinds of gold mining activity have for many centuries characterised gold belts located in parts of Africa. New "discoveries" are indeed rediscoveries; relative to the gold belts available, very little modern exploration has taken place. In the DRC, as an instance, the semi-continuous Kilo Moto greenstone belt is currently under exploration by Moto Goldmines, AngloGold Ashanti (separately, to the south) and Mwana Africa.
London-listed Mwana recently announced an initial resource of 452,000 ounces of gold outlined on the Zani-Kodo trend within the Kilo Moto gold district. The general Kilo Moto location is remote, and the new Moto JV partners will be budgeting good amounts of money for basic infrastructure, and rehabilitation of one or more of a number of run-down hydropower facilities.
History shows, however, that these are old hats, albeit good ones. The semi-continuous Kilo Moto greenstone belt was exploited primarily in the 1950s and 1960s by Belgian charter companies, producing more than 3m ounces of a total recorded 11m ounces of gold production from hard-rock mines in the Kilo Moto belt. The mining was mainly focused on surface operations, a mixture of alluvials and shallow oxide pits.
The concessions are like small countries. To the south of Zani-Kodo lies what's currently known as Mongbwalu, where the 10,000 km2 kilometer concession 40 (AngloGold Ashanti, 86.22% and OKIMO (a DRC parastatal), 13.78%) is being extensively explored by AngloGold Ashanti. Mwana Africa, in a 80:20 JV formed with OKIMO, holds gold mining rights over 1,610 km2 in Orientale Province.
The Moto Goldmines project, 570km north east of the city of Kisangani and 150km west of the Ugandan border town of Arua, covers an aggregate lease area of some 1,841 km2. Activities to date have primarily focused on just 35 km2 surrounding the old Durba gold mine, where a monumental resource of 25.7m ounces of gold has been outlined.
Some considerable distance to the south, Banro holds gold concessions in the Kivu provinces, stretching west of Lake Kivu. Mine build at Twangiza, nearest deposit to Bukavu, is underway. Annual production from the first phase plant is anticipated at between 80,000 and 110,000 ounces of gold a year. London-based Mark Smith of GMP Securities Europe fancies the Banro story: "We have tracked the evolution of Banro in terms of the development of the gold projects and the share price performance.
"The share price chart appears to have mirrored the classic ‘resource value curve', from exploration discovery through to resource expansion and project development. We believe Banro is entering the fourth phase in the mining project life cycle, given recent development land marks.
"First, in June 2009 Banro raised C$100m to commence the development of the Twangiza oxide gold project. Second, in August 2009 Banro purchased a refurbished 1.0m tons a year CIP plant from Australia and plans to expand the plant to 1.3Mtpa.Third, in August 2009 the DRC government ratified Banro's four mining licences and agreed on the fiscal terms for the 25 year exploitation permits. Four, in September 2009 Banro appointed Standard Chartered as the debt advisor to raise the project debt for Twangiza".
EAST-TO-CENTRAL AFRICAN GOLD BELTS
Tanzania:
Resources
1. AngloGold Ashanti - Geita
12.86Moz
2. Barrick - Bulyanhulu
13.65Moz
3. Barrick - Tulawaka
0.17Moz
4. Barrick - North Mara
4.22Moz
5. Barrick - Buzwagi
4.17Moz
6. Iamgold - Buck Reef
1.0Moz
7. Resolute - Golden Pride
1.40Moz
DRC:
1. Moto Goldmines JV
22.52Moz
2. AngloGold Ashanti - Mongbwalu
2.94Moz
3. Mwana Africa - Zani-Kodo
0.452Moz
4. Banro - Twangiza-Namoya belt
11.18Moz
In its initial phase, Banro is to opt for diesel rather than hydroelectric power; capital expenditure is anticipated at around US$145m. Further phases, and capital outlays, could see output at the multi million ounce Twangiza property increase to 300,000 ounces a year. There is gold all over the place: there is evidence of considerable artisanal activity on parts of Banro's considerable concessions.
With at least 80 listed gold stocks active in African gold, there is lots of competition to attract investor interest. Some of these stocks are out of the top draw, such as Barrick, the world's biggest gold miner by output and market value. There are other Tier I global gold miners with operations on the continent, in the form of AngloGold Ashanti, as mentioned, Gold Fields, Harmony, and Newmont, which has concentrated on West Africa, just as Barrick has on East Africa.
Further down the pecking order, there are a dozen or so African gold stocks that attract what may loosely be described as interest from professional investment analysts.
AFRICA GOLD STOCKS
DRAWING ANALYST INTEREST
Ampella Mining
Banro
Azumah Resources
Moto Goldmines
Resolute Mining
Etruscan Resources
Crew Gold
Adamus Resources
Keegan Resources
Perseus Mining
Gryphon Minerals
Cluff Gold
Semafo
Golden Star
Nevsun Resources
Centamin Egypt
Red Back
Randgold Resources
Of these, however, about half a dozen can be classified as attracting "detailed interest", and would typically include Randgold Resources, Red Back, Centamin Egypt, Resolute Mining, Mineral Deposits, Nevsun Resources, Perseus Mining, and Adamus Resources. Some of the smaller stocks are also moving onto analytical radar screens; London's Fairfax recently published a report on Ampella Mining which has assembled concessions over a monumental 110km strike length of concessions in Burkina Faso. There is powerful evidence that Ampella is on its way to establishing a multi-million ounce resource.
Specialist (non-South African) African gold names - which may also be active outside the continent - with a market value of US$500m or more include Randgold Resources, Red Back, Semafo, Golden Star, Perseus Mining (nearly), Mineral Deposits, Centamin Egypt, Great Basin, and CGA Mining (nearly).
Stocks that have notched up price increases of more than 1,000% since the deep troughs seen for equities of all kinds during the closing months of 2008 include Medoro Resources, African Aura (a recent merger that took in Mano River Resources), African Gold Group, Keegan Resources, PMI Gold, Pelangio, Ampella Mining, African Queen, Sunridge Gold, New Dawn (a handy measure of investor perceptions of the goings-on in Zimbabwe), KIG Mining, and, of course, that stock up there orbiting earth with the satellites, La Mancha Resources.
Selected gold stocks active in Africa
Stock
From
From
Value
price
high*
low*
USD bn
South Africa & beyond
AngloGold Ashanti
USD 43.43
-6.7%
224.8%
15.724
Gold Fields
ZAR 106.16
-15.1%
99.4%
10.048
Harmony
ZAR 83.66
-37.0%
35.0%
4.786
South Africa focus
Simmer & Jack
ZAR 1.89
-47.1%
28.6%
0.310
First Uranium
CAD 2.90
-63.8%
168.5%
0.459
DRDGold
ZAR 5.16
-46.0%
80.4%
0.263
Wits Gold
ZAR 87.00
0.0%
299.0%
0.326
Gold One
AUD 0.33
-66.3%
230.0%
0.246
Central Rand
ZAR 2.00
-75.0%
5.3%
0.066
Pan African
GBP 0.08
-5.8%
333.3%
0.188
Pamodzi Gold
Suspended
Mintails
AUD 0.04
-51.1%
109.5%
0.038
West Wits Mining
AUD 0.12
-20.7%
296.6%
0.013
Global & Africa
Barrick
USD 37.93
-9.9%
119.6%
37.279
Newmont
USD 45.52
-8.7%
115.0%
21.837
Iamgold
USD 13.95
-12.0%
528.4%
5.128
West Africa
Goldstone Resources
GBP 0.02
-43.5%
400.0%
0.004
Avnel Gold
CAD 0.13
-56.9%
525.0%
0.010
Medoro Resources
CAD 0.68
-27.7%
2166.7%
0.125
African Aura
CAD 1.30
-7.1%
1525.0%
0.049
Randgold Resources
USD 72.97
-5.2%
227.5%
6.051
Red Back
CAD 13.34
-5.4%
306.7%
2.921
African Gold Group
CAD 0.41
-2.4%
1266.7%
0.025
Semafo
CAD 3.38
-4.0%
350.7%
0.804
Golden Star
USD 3.52
-7.4%
780.0%
0.791
Resolute Mining
AUD 0.82
-4.7%
123.3%
0.288
Nevsun Resources
CAD 3.20
-10.9%
814.3%
0.390
Perseus Mining
AUD 1.73
-1.1%
769.3%
0.485
Etruscan Resources
CAD 0.57
-14.9%
225.7%
0.086
Cluff Gold
GBP 0.77
-4.0%
653.7%
0.149
Mineral Deposits
AUD 1.01
-2.9%
260.7%
0.526
Keegan Resources
USD 4.78
-7.0%
1226.7%
0.136
Searchgold Resources
CAD 0.03
-40.0%
200.0%
0.004
Gryphon Minerals
AUD 0.54
-2.7%
815.3%
0.088
Shield Mining
AUD 0.14
-26.3%
677.8%
0.009
Adamus Resources
AUD 0.44
-17.0%
340.0%
0.116
Orezone
CAD 0.65
-13.3%
150.0%
0.033
Axmin
CAD 0.15
-14.3%
400.0%
0.043
PMI Gold
CAD 0.15
0.0%
1400.0%
0.017
Azumah Resources
AUD 0.25
-19.4%
525.0%
0.036
Pelangio
CAD 0.50
-23.8%
1880.0%
0.050
Ampella Mining
AUD 0.59
-10.6%
1272.1%
0.070
Castle Minerals
AUD 0.26
-5.6%
183.3%
0.015
Volta Resources
CAD 0.39
-17.9%
680.0%
0.020
North Atlantic Resources
CAD 0.07
-65.0%
250.0%
0.002
Avion Resources
CAD 0.31
-32.6%
785.7%
0.062
Signature Metals
AUD 0.04
-32.7%
825.0%
0.024
Channel Resources
CAD 0.09
-35.7%
800.0%
0.005
Riverstone Resources
CAD 0.23
-41.8%
318.2%
0.011
Pan African
Africa West
CAD 0.06
-38.9%
120.0%
0.002
Pan African
GBP 0.08
-5.8%
333.3%
0.188
Goldplat
GBP 0.13
-5.6%
52.2%
0.023
African Queen
CAD 0.72
0.0%
1100.0%
0.026
Central African
Suspended
Caledonia
CAD 0.07
-46.2%
180.0%
0.033
Mwana Africa
GBP 0.15
-15.9%
480.0%
0.095
Midlands Minerals
CAD 0.21
-25.0%
180.0%
0.011
Africa, other
Shanta Gold
GBP 0.08
-9.6%
560.0%
0.014
Banro
CAD 2.61
-22.6%
226.3%
0.263
Moto Goldmines
Just taken over
Sunridge Gold
CAD 0.70
-17.6%
1066.7%
0.041
Luiri Gold
CAD 0.20
-13.0%
700.0%
0.012
Helio Resource
CAD 0.60
-34.1%
300.0%
0.037
Tanzanian Royalty
CAD 3.35
-48.5%
68.3%
0.286
Centamin Egypt
CAD 2.03
-1.9%
372.1%
1.957
Obtala
GBP 0.20
-48.0%
77.3%
0.062
GMA Resources
GBP 0.04
-28.6%
288.9%
0.031
New Dawn
CAD 1.15
-37.8%
2200.0%
0.032
Kasbah Resources
AUD 0.07
-1.4%
180.0%
0.011
African Consolidated
GBP 0.14
-22.5%
205.6%
0.063
KIG Mining
EUR 0.20
-80.8%
1453.8%
0.015
Lake Victoria Mining
USD 1.25
-16.1%
267.6%
0.036
Red Rock
GBP 0.02
-34.4%
320.0%
0.012
Also in Africa
MDN
CAD 0.67
-21.2%
59.5%
0.061
Douglas Lake
USD 0.33
-52.2%
175.0%
0.024
Great Basin
CAD 1.75
-26.5%
92.3%
0.554
Gold Wheaton
CAD 0.30
-23.1%
87.5%
0.398
High River
CAD 0.40
-16.7%
900.0%
0.247
Crew Gold
CAD 0.34
-78.8%
3.0%
0.035
Oromin
CAD 1.01
-29.4%
162.3%
0.091
Vatukoula Gold
GBP 0.02
-14.3%
194.1%
0.067
La Mancha Resources
CAD 1.77
-13.2%
4325.0%
0.239
Avocet Mining
GBP 0.82
-10.7%
70.3%
0.261
CGA Mining
AUD 1.95
-9.3%
143.8%
0.486
Chalice Gold
AUD 0.44
-2.2%
528.6%
0.056
NGEx Resources
CAD 0.63
-23.2%
270.6%
0.080
Mainly copper
First Quantum
CAD 75.57
-2.9%
492.7%
5.628
African Eagle
GBP 0.05
-60.0%
344.4%
0.024
* 12 month
Source: market & company data, compiled by Barry Sergeant
Cluff Gold (CLUF in London;CGF.TO) Ivory Coast producing
LOOKING FOR 100,000 OUNCES ANNUALISED GOLD PRODUCTION
Cluff Gold shares rise on Ivory Coast plant announcement
The group announced it has successfully commissioned its Angovia gold mine
Posted: Tuesday , 27 Oct 2009
(Reuters) -
West Africa-focused gold miner Cluff Gold Plc (CLUF.L) said it successfully commissioned its Angovia gold mine located 40 kilometres north-west of Yamoussoukro, Ivory Coast.
The commissioning of the Angovia gold mine comes three months after the commissioning of its Kalsaka gold mine, about 150 kilometres north-west of Ouagadougou, Burkina Faso, the company said in a statement.
Cluff Gold expects its aggregate target of annualised gold production of 100,000 ounces for Angovia and Kalsaka to be achievable in the last quarter ending Dec. 31.
The company had last week raised its total mineral resources estimates at it Baomahun gold project in Sierra Leone, sending its shares to a 52-week high.
Shares of Cluff Gold were up 1.3% at 77.42 pence at 0833 GMT on Tuesday on the London Stock Exchange. (Reporting by Shivani Singh in Bangalore; Editing by Vinu Pilakkott)
© Thomson Reuters 2009 All rights reserved
Youth for Action Ghana Condemns Newmont Cyanide Spillage
PeaceFMOnLine Date: 28-Oct-2009
The Youth for Action Ghana (YAG), youth activist group dedicated to the promotion of human rights, protection of the environment and inculcation of patriotism, has condemned Newmont Ahafo Mine for the recent cyanide spillage.
Newmont Ghana Gold Limited (NGGL) Ahafo Mine spilled cyanide at its processing plant on 8 October 2009 and was identified by people living in the nearby communities on Saturday 10 October 2009 through the number of dead fishes they saw floating in their local stream.
A statement Mr James Kwabena Bomfeh Jr., Executive Director of YAG, signed said since the cyanide spillage occurred NGGL 'has hyped up its propaganda machinery and put up stories (in the media) to convince the people of Ghana that the spillage was a small incident with no negative effects except that it killed two fishes and sometimes six fishes depending on which official of the Company is speaking'.
It said YAG was concerned that 'Newmont has not learnt lessons from its experiences in terms of the legal suits, conflicts and environmental damages associated with chemical pollution of the environment by the Company's operations in Peru, US and Indonesia'.
It said: 'In 2001, the Cajamarca Provincial Council in Peru had a $3 million settlement with Newmont Yanacocha Mine in a court case filed against Newmont by the Mayor of Cajamarca for the mercury spill by the company in June 2000, which affected the health of many peasants,' the statement said.
YAG said 'in addition, Newmont paid $10 million to treat people affected by the mercury spillage and for cleaning up the mercury spill. In Indonesia, Newmont dumps mine waste into the Sea in a creek known as Buyat Bay. Residents in the area claimed that the waste that Newmont dumped into the sea had contaminated local fish stocks and the pollution had made the local people sick. The Indonesian government filed a suit of US$ 133.6 million against Newmont and the case ended in Newmont paying US $30 million for a 10-year period in an out of court settlement .
'In February 2009, Newmont paid $ 4 million as a settlement of a 5-year old class action suit launched against Newmont Mining Corporation on the allegation that Newmont sent massive amounts of toxic water into the city of Grass Valley's sewage treatment plant. The Company will also spend $2 million to build another water treatment plant for the city,' the statement said.
YAG said; 'Newmont has realized that Ghana does not have strong laws that can hold the Company to pay for environmental damages so it has resorted to deception and lies to destroy the seriousness of the cyanide spillage. Ghana cannot continue in the fight against exploitation, corruption and diversionary gimmicks without very strong laws in the extractive industry especially as we look forward to drilling our oil soon'.
The statement said 'Newmont cannot escape blame because it has been established that the cyanide spillage was caused by Newmont's negligence. Youth for Action Ghana condemns the cyanide spillage by Newmont Ahafo mine and expresses disgust about the cheap lies being told to the people of Ghana.
YAG called on the Government not to allow Newmont Ahafo Mine to get away with the cyanide spillage and urged it to establish full scale investigations into the cyanide spillage and then apply appropriate punishment against the Company if found guilty.
NEW: Avocet (AVM in London) bought Wega Mining
In June 2009, Avocet acquired Wega Mining ASA (Wega Mining), and through this transaction, gained a 90% interest in the Inata gold project, located approximately 220 kilometers north of Ouagadougou, the capital of Burkina Faso in West Africa. Inata is under construction. The Wega Mining group holds 27 exploration licenses in Burkina Faso, Mali and Guinea.
Three new Sydney-traded W.African explorers:
Ampella Mining (ASX:AMX) http://www.ampella.com.au Burkina Faso
Bassari Resources (ASX:BSR) http://www.bassari.com.au/ Senegal
Blackthorn Resources (ASX:BTR) http://www.blackthornresources.com.au/ Burkina Faso
Added them to header.
West Africa beckons as Aussies go for gold
Source: The Sydney Morning Herald, October 25, 2009 .
Australia's gold producers will soon be digging more from mines overseas than they do at home. Barry FitzGerald tracks the latest gold rush trends.
Some time in the next couple of years, goldminers who call Australia home will be producing more gold from operations overseas than they do here.
The historical shift is partly explained by the concentration of ownership of Australian mines in the hands of non-ASX listed gold groups such as Canada's Barrick and South Africa's Gold Fields, but the main factor is the explosion in new overseas mine developments by Australian gold producers.
Peter Rudd, a mining analyst at Balnave Capital Group and long-time gold sector watcher, estimates that by 2011 the total gold production effort by ASX-listed companies will be bigger overseas than at home.
Papua New Guinea has long figured strongly for Lihir. It is also home to Newcrest's newest overseas push, the company already being active in Indonesia. Another Melbourne group, OceanaGold, is the biggest producer in New Zealand and wants to add copper/gold in the Philippines. The exodus list goes on.
''The trend will gather pace as established mines here work through their operational life, leaving fewer and fewer mines because of falling discovery rates,'' Rudd said.
''The overseas experience is different. Many highly prospective areas have barely been touched by the geologist's pick, let alone the latest in exploration techniques. Being geologically younger also helps, as there's less weathered overburden to contend with - as is often the case in Australia.''
While there is a diverse and growing spread of overseas gold operations by ASX-listed companies, there is also a favourite destination emerging. And it may come as a surprise to local investors who traditionally like to keep their dollars in first world countries, far away from the civil wars, abject poverty and political corruption that has long characterised the new hot spot for gold - West Africa.
According to the United Nations definition, West Africa covers 16 countries covering some 5 million square kilometres. They are Benin, Burkina Faso, Cape Verde, Ivory Coast, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone and Togo.
But when it comes to gold, the focus in West Africa is on countries that have large tracts of greenstone belts, the same sort of rocks that host most of the gold mined in Australia's golden state, Western Australia.
That cuts the field back to Ghana, Mali, Guinea, Ivory Coast, Burkina Faso, Senegal, Mauritania and Niger.
ASX-listed companies are well represented in all of them - plus a few of the others not so well known for their gold potential - and they also have aggressive development and expansion plans for the region. Which might be just as well given Australian gold output - by ASX listed companies or not - has been in decline at a rate of 3.2 per cent a year since 1997.
Analysts at the Canadian institutional investment dealer, Clarus Securities, say West Africa is an emerging giant in global gold supply.
''West Africa is the fastest-growing gold producing region in the world with mine production growing at a compound annual rate of 4 per cent over the past nine years compared to total global mine supply, which actually declined by 1 per cent over the same period,'' Clarus said in a recent research note.
Current gold production from the region is about 5.9 million ounces a year. Output is forecast to surge by 43 per cent to more than 8 million ounces over the next three years. Australia produced 7.16 million ounces in the year to June 2009, according to Surbiton Associates
Clarus believed production from West Africa would increase as exploration success in less-surveyed countries such as Ivory Coast, Burkina Faso, Mali, Guinea and Senegal was converted into producing mines.
''We estimate that in two years the West African region will produce more gold than South Africa, standing only second to China,'' Clarus said.
That means the region will be vying for the position with total Australian-based production. According to Surbiton, Australia is equal third in the global rankings with South Africa but could displace the US in second position thanks to the recent commissioning of the $3.5 billion Boddington mine in Western Australia.
Importantly for investors, sovereign risk in West Africa is not as big an issue as it once was. Clarus said that with 14 of the 16 countries having democratically elected governments, the number of conflicts in the region was at a 10-year low. Ghana and Senegal have been shining examples, Clarus suggested.
Because of the reduced risk, Clarus believed the current steep discount in the valuation of West African gold assets compared with the global average was no longer warranted.
A mining analyst at BGF Equities, Warwick Grigor, recently hosted an investor tour of Australian gold explorers/developers in the West African nations of Ghana and Burkina Faso. On his return he explained why Australian gold producers/explorers were pushing offshore to West Africa and elsewhere.
''Why chase tired West Australian brownfield projects when Ghana and Burkina Faso offer so much more?
''Given the dismal failure of brownfield gold producers to deliver satisfactory results in Australia - in fact most have gone broke in recent years - we see lower-risk investors buying shares in the companies covered (Adamus, Ampella, Azumah, Gryphon and Perseus),'' Grigor said.
More to the point was Grigor's assessment that West Africa had plenty of potential for the discovery of 1 to 3 million ounce projects, something that recent history suggests is increasingly difficult to achieve in Australia.
Present Australian producers in West Africa are Lihir at Bonikro in Ivory Coast (160,000 ounces a year), Mineral Deposits at Sabodala in Senegal (160,000 ounces), and Resolute Mining at the restarted Syama mine in Mali (planned rate of 250,000 ounces a year).
Lihir has said it wants to increase its West African footprint, with Grigor picking Perseus as the obvious target. Perseus is on its way to becoming a 230,000 ounce-a-year producer from its first project in West Africa, the 5 million ounce Ayanfuri project in Ghana.
Mineral Deposits is also the subject of continual takeover speculation, with its Sabodala treatment plant shaping up as the central operation for new discoveries made by the company and others in the region.
Then comes the long list of potential developments in West Africa expected to flow from the presence of Australian explorers/developers.
ACTION in Moydow (MOY.TO);bad action in Riverstone
Moydow Gold just doubled on volume in last 3 days.
African Aura (AAZ.V or AUR.V?) in Liberia
African Aura Mining Inc. - 10,000 metre drill programme commences at New Liberty Gold Deposit
TSX-V: AUR
AIM: AAAM
TORONTO, Oct. 19 /CNW/ - African Aura Mining Inc. ("African Aura" or the "Company") the TSX Venture Exchange ("TSX-V") and AIM listed exploration to production company focused on gold and iron ore in sub-Saharan Africa, announce the commencement of a two rig, 10,000m confirmation diamond drilling programme at the Company's New Liberty Gold Deposit in western Liberia.
Highlights
- 10,000m drill programme commenced for updated bankable feasibility
study ('BFS') planned to be completed by the end of 2010
- 1.4 Million ounce (NI 43-101 13.533Mt measured and indicated resource
at 3.18 g/t gold) with potential to expand the resource base further
- Drill results from depths in excess of 200m include 23m grading
4.95 g/t and 26m grading 5.04 g/t
- BFS targeting 100,000oz annual gold production within existing
Class 'A' 25 year Mining Licence
- Drill programme due to complete during December 2009 with assay
results to follow Q1 2010
The 10,000m drilling programme at New Liberty is designed to confirm the resource morphology to 300m depth and will contribute to an updated bankable feasibility study for an open pit and/or underground gold mine scenario targeting 100,000oz annual production. As previously announced, drilling undertaken below 200 meters intersected highly encouraging grades including 23m grading 4.95 g/t Au and 26m grading 5.04 g/t Au. The best drill intersect from New Liberty is currently 8.45 g/t Au over 37m from 55m depth in the Larjor Zone.
Luis da Silva, President & CEO African Aura commented:
"We are currently focussed on fast-tracking the development of the New Liberty gold project through to production. We are extremely pleased with the progress we have had to date and, in addition to the current confirmation drilling at New Liberty, we will also be looking to significantly expand the resource base on the Bea Mountain mining licence through an aggressive exploration campaign focused on a number of high priority targets elsewhere in the licence. These include Weaju and Gondoja, where best intersects from previous first pass drilling by African Aura were 27.7 g/t over 6m and 3.9 g/t over 30m, respectively. The targets are in close proximity to New Liberty and potentially within trucking distance, which could allow the Company to capitalise on considerable operational and cost cutting synergies going forward."
"As a result of the Merger between Mano River Resources and African Aura Resources, the Company has enhanced its portfolio of gold assets with the addition of the Batouri gold project in Cameroon. Batouri adds another potentially significant gold deposit to the Africa Aura portfolio and has also allowed for diversification into another highly prospective gold mining area. We remain confident that the Company will continue to enjoy success with our gold assets, as we look to strengthen our position as a emerging gold producer in West Africa in the mid-term."
The 1.4 Million ounce New Liberty gold deposit is a classic shear-zone hosted Archaean age 'greenstone' gold deposit, which has geological parallels with gold deposits found in world class gold provinces such as the Victoria goldfields of Tanzania, the Kilo Moto region of north east DRC, the Guyana shield of Venezuela and Ontario in Canada. The Archaean geology of west Africa, as found in western Liberia, is one of very few Archaean gold provinces globally that remains to be significantly explored and we consider that it has the potential to host numerous new open pit and underground gold mines.
About African Aura Mining Inc.
African Aura is an established African exploration and development company with a primary listing on the TSX-V (AUR) and a secondary listing on London's AIM (AAAM). African Aura is focused on the development of world-class iron ore and gold deposits in highly prospective, under explored countries of sub-Saharan Africa. The Company has a highly motivated and experienced team with a record of discovering mines and taking projects through development and into production in African.
African Aura's assets include the New Liberty gold deposit and the Putu iron ore project, both in Liberia. Putu is being explored and operated by the Company's Joint Venture partner, Severstal Resources (the mining division of OAO Severstal). Severstal Resources is one of the largest mining companies in Russia with EBITDA in 2008 of US$859 million. The Company also has a 59% interest in diamond producer Stellar Diamonds Ltd. A pioneer in Africa, African Aura has attracted some excellent strategic partners and shareholders always with the objective of preserving or enhancing shareholder value. For further information on the Company you are invited to visit its website at www.african-aura.com, or SEDAR's website at www.sedar.com, or contact one of the following:
Qualified Person
African Aura's Qualified Person responsible for preparing this release is Dr. Tom Elder, who holds a BSc and Doctorate in Geology from the University of Durham in the UK, is a Fellow and former Member of Council of the Institution of Mining and Metallurgy, and a Fellow of the Geological Society.
Quality Control and Sample Preparation
African Aura has a rigorous Quality Control Program (QCP) inserting a minimum 5% of standards, blanks and duplicates into the sample stream. The Company employs independently owned and managed OMAC Laboratories for all its assay requirements, including the preparation of pulps to 90% -100 micron at their in-country preparation facilities in Liberia, followed by XRF at their main laboratory in Loughrea, Ireland.
OMAC is accredited to ISO 17025 by INAB (Irish National Accreditation Board) which is a member of ILAC (International Laboratory Accreditation Cooperation), and is a signatory to the ILAC Mutual Recognition Arrangement. OMAC operates an internal QA/QC check assay programme using in-house standards, reagent blanks and duplicates.
Forward-looking Statements
This press release includes certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the future plans and objectives of African Aura, are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward-looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements speak only as of the date hereof and, except as may be required by applicable law, African Aura disclaim any obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accept
responsibility for the adequacy or accuracy of this release.
For further information: African Aura Mining Inc.: Luis da Silva, President & CEO, Tel: +44 (0) 20 7299 4212; Evolution Securities Limited: Simon Edwards, Chris Sim, Neil Elliot, Tel: +44 (0) 20 7071 4300; Pelham Public Relations: Charles Vivian, James MacFarlane, Tel: +44 (0) 20 7337 1500
Action in Volta stock: more than doubled on volume; VTR.V went up, from below C$0.20/share to over C$0.40/share in two days. I have no idea why it's suddenly moving. I have some, derived from my former Birim Gold shares before the merger.
Volta Resources (VTR.V) now in Mali too
See:
http://www.voltaresources.com/s/NewsReleases.asp?ReportID=363835&_Type=News-Releases&_Title=Volta-is-Granted-the-Massabougou-Permit-in-Mali
Merrex (MXI.V) finds new new gold in Mali
MERREX GOLD INC.
NEWS RELEASE
September 16, 2009 Trading Symbol: TSX-V: MXI
_____________________________________________________________
Merrex Completes Siribaya Airborne Survey
____________________________________________________________
HALIFAX, NOVA SCOTIA -- ( Marketwire – September 16, 2009 ) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX Venture:MXI) announces:
AIRBORNE GEOPHYSICAL SURVEY DATA COLLECTION COMPLETED
Merrex announces that the data collection portion of the airborne magnetic survey of its Siribaya Gold Project in west Mali has been completed. The detailed airborne magnetic/radiometric geophysical program covered the entirety of the over 700 square kilometres land package of the Siribaya Gold Project.
The airborne survey conducted by Xcalibur Airborne Geophysics of South Africa was completed at 22,785 line-kilometres with 50 metre flight line spacing. Using the known resource at Area 55 of Zone 1B as a control, the airborne geophysical survey data will be used to identify extensions of known structures, assist future drill target selection around Siribaya’s Zone 1B NI 43-101 resource area and aid prioritization of satellite target areas which were identified by prior surface and termite mound geochemical surveys and RAB drilling. The data will be sent to Paterson, Grant & Watson Limited of Toronto for quality control and further enhancements. The enhanced data will be analyzed by Merrex and IAMGOLD technical personnel and further announcements will be made after the analysis is complete.
Merrex controls 100% of the Siribaya Gold Project which comprises over 700 square kilometres of exploration permits in West Mali, with additional permits pending. IAMGOLD has an option to acquire a 50% interest in the Siribaya Gold Project by incurring up to CDN$10.5 million in exploration expenditures over 4 years to earn a 50% interest in the Siribaya Gold Project, of which $3.0 million is being spent on the 2009 exploration program.
The 2009 exploration program for the Siribaya Gold Project is managed jointly by a Merrex and IAMGOLD Corporation technical committee. Merrex is the program Operator.
Merrex’s principal projects are its Siribaya Gold Project in Mali (West Africa), an advanced exploration project with an initial NI 43-101 resource estimate and the Jubilee Zinc Deposit in Cape Breton, Nova Scotia, also with a NI 43-101 resource estimate.
Merrex Gold is a mineral resource exploration company focusing on gold exploration in West Mali, western Turkey and in the Red Lake area of Ontario and zinc exploration in Cape Breton, Nova Scotia. Merrex has a solid organization of people and projects enabling aggressive exploration, discovery and growth.
802 – 1550 Bedford Highway Telephone: 902.832.5555
Bedford, NS B4A 1E6 Fax: 902.832.2223
MERREX GOLD INC.
802 – 1550 Bedford Highway Telephone: 902.832.5555
Bedford, NS B4A 1E6 Fax: 902.832.2223
Please visit our website at www.merrexgold.com for the most recent presentation.
FOR FURTHER INFORMATION PLEASE CONTACT: Greg Isenor President & CEO (902) 832-5555
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.
Semafo (SMF.TO): more gold under Burkina Faso pit
SEMAFO Diamond Drilling Program Successfully Expands Wona Mineralisation At-Depth
SEMAFO TSX-SMF
MONTREAL, Sept. 14 /CNW Telbec/ - SEMAFO (TSX: SMF) today announced its most recent drilling results which demonstrate a significant high-grade lode just below the bottom of the Wona North pit at the Mana Mine in Burkina Faso.
The Company's 2009 exploration program at Mana began in April. As at August 31, a total of 18,342 meters of drilling have been completed; drill holes WDC 80 up to WDC 129, which remains in progress. Meanwhile, assays results have been received up to hole WDC 116.
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 release dated March 24, 2008, while further updates were released on June 17, June 30, and August 8, 2008 as well as those published February 25, March 2, June 30 and August 10, 2009.
Recent drilling results not only support the presence of significant mineralized zones at-depth, but some holes significantly extend the lateral and depth of the mineralized zones. Hole WDC 106 extends the main recognized lode at-depth, while holes WDC 102 and WDC 104 confirm the continuity of the strong mineralization from the Wona main pit on-surface towards its known 25-degree plunge. Mining studies are currently planned in order to determine the optimal mining approach to this portion of the deposit. Holes WDC 105 and WDC 108 suggest the presence of a second parallel lode below and to the south. Also of importance is hole WDC 115 which supports the interpreted re-swelling of the main ore-shoot along the plunge, past an apparent pinch in the mineralization. The presence of higher grade internal intervals within the section offers optimism to add significant mineralization at-depth. Hole WDC 115 is the deepest hole drilled to date along the plunge direction. Follow up drilling is scheduled over the most promising areas for expansion.
Detailed geological descriptions of the diamond drill core have highlighted a strongly sericitized and carbonatized host rock associated with the mineralization. Moreover, a spatial relationship was recognized between the silicified mineralized zones and intrusive dykes of various compositions. The anisotropy caused by these intrusives is believed to have channeled the mineralizing fluids. Significant intensity of fracturing could have been generated by the difference in competency between the intrusive dykes and the host rocks.
The following table presents the drill results including the main mineralized intersections and high-grade values.
-------------------------------------------------------------------------
DDH Intersections At-Depth Wona NE Extension
-------------------------------------------------------------------------
Hole No. Section From To Au / Length*
-------------------------------------------------------------------------
WDC100 16900 445.3 446.3 1.6 g/t / 1 m
-------------------------------------------------------------------------
WDC102 16700 271.4 292.7 3.3 g/t / 21.3 m
-------------------------------------------------------------------------
Including 271.4 276.4 4.5 g/t / 5 m
-------------------------------------------------------------------------
WDC103 16950 326.3 365 3.7 g/t / 38.7 m
-------------------------------------------------------------------------
WDC104 16650 124.7 142.7 2.7 g/t / 18 m
-------------------------------------------------------------------------
Including 124.7 133.7 3.8 g/t / 9 m
-------------------------------------------------------------------------
WDC105 16600 335.1 339.4 2.9 g/t / 4.3 m
-------------------------------------------------------------------------
WDC106 16950 380.9 393 3.3 g/t / 12.1 m
-------------------------------------------------------------------------
WDC107 17100 629.6 633.6 4.3 g/t /4 m
-------------------------------------------------------------------------
WDC108 16500 338.3 353.7 3.1 g/t / 15.4 m
-------------------------------------------------------------------------
Including 338.3 343.8 3.7 g/t / 5.5 m
-------------------------------------------------------------------------
WDC109 17050 217.8 231 2 g/t / 13.2 m
-------------------------------------------------------------------------
DDH Intersections At-Depth Wona NE Extension
-------------------------------------------------------------------------
WDC112 17250 273.3 275.5 2.8 g/t / 2.2 m
-------------------------------------------------------------------------
WDC113 17700 350.5 352.5 2.6 g/t / 2 m
-------------------------------------------------------------------------
WDC114 17250 315 321.2 3.1 g/t / 6.2 m
-------------------------------------------------------------------------
WDC114 17250 324.2 333 2.8 g/t / 8.8 m
-------------------------------------------------------------------------
WDC115 17400 541.7 570.1 1.7 g/t / 28.4 m
-------------------------------------------------------------------------
WDC116 17000 483.8 486.6 2.6 g/t / 2.8 m
-------------------------------------------------------------------------
* All lengths are measured along the hole axis; additional information
is required to determine true widths.
Notes WDC 101 Hole not completed; to be redone
WDC 110 Hole interrupted due to strong deviation; to be redone
as WDC130
WDC 111 Drilling rod broke in hole; to be redone as WDC127
The drill holes described above are presented on the attached longitudinal section (http://files.newswire.ca/357/section.doc) displaying contoured grade-thickness product. The longitudinal schematic shows the mineralization trend along with previously reported drill holes and upcoming targets to be tested.
The drilling programs were designed and managed locally by Dofinta Bondé, Mana Mineral's Exploration Chief Geologist, supported by 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 quality control and quality assurance program is in place throughout the sampling program, using blind duplicates, blanks and recognized industry standards.
Mana has a total of 908,600 ounces of gold mineral reserves, 1,021,400 ounces of measured and indicated resources and 508,200 ounces of inferred resources as at December 31, 2008.
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 "support", "planned", "suggest", "optimism", "believed", "could", "trend", "upcoming", "targets", "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 (i) 2009 exploration program, (ii) mining studies to determine the optimal mining approach to the stated portion of the deposit, (iii) scheduled follow up drilling over the most promising areas for expansion, mining industry risks, uncertainty as to calculation of mineral reserves and resources 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 Annual Information Form 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.
For further information: SEMAFO: Benoit La Salle, President & CEO, (514) 744-4408, Toll-Free: 1 (888) 744-4408, blasalle@semafo.com; Jean-Paul Blais, Communications, (514) 744-4408, Toll-Free: 1 (888) 744-4408, jpblais@semafo.com
Perseus surges as Lihir takeover talk intensifies
BARRY FITZGERALD
September 8, 2009
THE market has decided that Lihir Gold has Perseus Mining in its takeover sights as part of Lihir's plan to become a million-ounce-a-year gold producer from multiple mines in West Africa.
Perseus shares rose 17.5¢, or 19 per cent, to $1.09 yesterday, valuing the company at $340 million. A 30 per cent premium in a takeover bid would push Perseus' value to $444 million.
Lihir has not said it is targeting Perseus, but from the market's viewpoint it did the next best thing by outlining its West African growth ambitions in an investor briefing on Friday.
Lihir is a 1 to 1.2 million-ounce-a-year producer from its mine on Lihir Island in Papua New Guinea, Mount Rawdon in Queensland and the new Bonikro mine in Ivory Coast, West Africa.
Bonikro and Mount Rawdon were acquired last year through the $1 billion takeover of Equigold. Bonikro's planned output is an average of 120,000 ounces of gold annually, with Lihir telling analysts it wanted to grow its West African production base to close to a million ounces a year by 2018.
That growth would come from an expansion at Bonikro, opportunities created by the group's aggressive exploration program across West Africa and from two unidentified merger and acquisition opportunities.
Analysts said Perseus ticked all of Lihir's ''strategic assessment criteria'' covering the scale of operations, the mine life, the location and the cost.
Lihir said acquisitions would have to be producers of more than 200,000 ounces of gold annually. Perseus plans to be producing 220,000 ounces a year from its Ayanfuri mine when it is developed in 2011. The mine life of the 5.2 million-ounce deposit is also the 10 years-plus that Lihir wants.
Ayanfuri is in Ghana, the most stable of the West African nations, ticking another box for Lihir. Perseus would also deliver Lihir the proposed 100,000-ounces-a-year Tengrela gold project in Ivory Coast, providing the ''operational synergies'' Lihir wants from any acquisition.
Perseus fits Lihir's suggested cost for its proposed bolt-on acquisitions in West Africa of $US200 million ($A235 million) to $US700 million.
A first port of call for Lihir in any pursuit of Perseus would be Macquarie Bank. Macquarie owns 13 per cent of the stock. Melbourne fund manager Acorn is the next biggest with 7 per cent.
Adamus (ADU.V, ADU on ASX) closer to gold production in Ghana
Adamus moves step closer to first gold production in Ghana
By: Creamer Media Reporter
4th September 2009
JOHANNESBURG (miningweekly.com) - Construction of the two-million ton a year processing plant at Australian exploration company Adamus Resources' Salman deposit, in Ghana, would start at the end of the year, with the first gold pour scheduled for the end of 2010.
Adamus MD Mark Bojanjac told delegates at the Paydirt 2009 Africa DownUnder Conference, in Perth, on Friday, that the company had placed an order for a semi-autogenous grinding mill for the $85-million to $90-million deposit, which was situated within the Southern Ashanti gold project.
He said that the impact of the global financial crisis on the resources sector meant that the mill could be delivered in half the time and at a cost reduction of 20%.
"We are anticipating mill delivery within 45 to 50 weeks, half of the around 100 weeks we had to work around in preliminary planning last year," he noted.
Adamus had initially planned for a 20-month commissioning period, but said that this could now be done in a "significantly shorter timeframe", as there was currently a pool of talent available for mining that was not there 12 months ago.
The final tender submissions for the construction of the plant were due within two weeks, said Bojanjic.
Salman had an expanding mineral resource base of 2,1-million ounces with forward exploration drilling targeting in excess of five-million ounces to expand on the mine's initial ten-year life-of-mine schedule.
Cash costs in the first two years of mining and processing have been estimated at $370/oz, rising to $425/oz over the life-of-mine, as easily accessible higher-grade resources are exhausted.
Adamus was targeting further deeper drilling as the current resource estimates had been based on mineralisation at less than 150-m depth but with the ore body open at depth.
Edited by: Creamer Media Reporter
New: Africa West Minerals (AFW.V) in Liberia
See: http://www.africawestminerals.com/
Two large gold exploration properties in Liberia. Also, tailings recovery in East Africa.
Pan African out of Ghana and Central African Republic
Pan African Resources Halts Exploration Work in Africa
03 September 2009
Gold miner Pan African Resources has halted exploration work in Ghana and the Central African Republic (CAR) in order to focus on its platinum project.
The termination of the CAR and Ghana projects will incur a £5m impairment charge.
Pan African CEO Jan Nelson said the company's strategy has diverted from exploration to focus on production and near-production properties, miningmx.com reports.
"The results from the first phase of drilling on the projects in Ghana and the CAR have not met the company’s criteria to continue with further exploration activity. As a result exploration activity has been terminated, leading to an impairment charge of £5m," Nelson said.
The company post-tax profit of £8m for the year ended June 2009, up from a profit of £7.6m a year earlier, the news service reports.
Pelangio (PX.V) finds some gold in grabs
============================
Thu Sep 3, 2009
Pelangio Exploration Identifies Significant New Gold Showings on the Obuasi Main Mine Trend
TORONTO, Ontario, (September 3, 2009) - Pelangio Exploration Inc. (PX:TSX-V) ("Pelangio" or the "Company") is pleased to announce its 2009 prospecting and surveying results to date and to provide an update on the Company's Obuasi property (the "Obuasi Property") in Ghana:
* New gold showings from grab samples grading up to 6.6 g/t
* New MMI anomalies measuring up to 100m x 1000m
* 2009 VTEM survey extends Main Obuasi Mine Trend by 7kms
* Preliminary 7,000m drill program planned for fourth quarter
Prospecting and Surveying Results Identify New Gold Showings
The Company has identified six new gold showings, with the best grab samples grading 2.1 g/t to 6.6 g/t, from outcrops on the extension of the Obuasi Main Mine Trend. The showings are located in the eastern portion of the Obuasi Property bordering AngloGold Ashanti's Obuasi Mine. The Company has also identified two new MMI (mobile metal ion) anomalies in the Mount Kate area of the Obuasi Main Mine Trend, measuring 1000 metres by 100 metres and 500 metres by 200 metres, respectively. These new gold showings and MMI anomalies are indicated in the following link:
http://www.pelangio.com/i/pdf/2009-09-03_NRF1.pdf
"Finding gold occurrences on surface within five kilometres of a mine with more than 24 million ounces in measured and indicated resources is very promising," commented Warren Bates, Senior Vice President Exploration of Pelangio. "We continue to find gold by prospecting in areas indicated by our geophysical and geochemical surveying, which bodes well for the 7,000 metre drill program we plan to commence early in the fourth quarter and for our future drill programs."
The gold-bearing grab samples were found by prospecting near conductor axes established during the 2007 VTEM helicopter-borne electromagnetic survey. Similarly, the new MMI anomalies were sampled on grids derived from the 2007 VTEM survey and magnetic data.
Encouraging Results From 2009 VTEM Aerial Survey
Pelangio is also pleased to announce that the results and analysis of the Company's 2009 VTEM aerial survey (announced April 7, 2009) have confirmed that the Obuasi Main Mine Trend extends a further seven kilometres through the Obuasi Property.
"Today's VTEM results confirm that the structures running from the Obuasi Mine onto our property cross almost 50% more of our property than was previously recognized," commented Mr. Bates. "Most significantly, our previous drilling has confirmed that these structures are gold-bearing."
The following link provides a map of the latest VTEM survey:
http://www.pelangio.com/i/pdf/2009-09-03_NRF2.pdf
The Company has now confirmed that the Obuasi Main Mine Trend traverses a minimum of approximately 15 kilometres of the Obuasi Property from the southwest to the northeast. It has not yet been determined whether the granitic intrusion delineated by the survey pre-dates or post-dates gold mineralization in the region, which determination could increase the known extent of the Trend through the Obuasi Property.
Pelangio has also been working throughout the summer with SRK Consulting (Canada) Inc. and Condor Consulting Inc. on a detailed structural analysis of geophysical surveying conducted to date. The resulting interpretation accords closely with the results of the Company's prospecting and geochemical surveying and defines numerous priority drill targets on the Obuasi Main Mine Trend, as well as elsewhere on the Obuasi Property.
The following link provides an image that collates certain results from Pelangio's prospecting, drilling, geophysical and geochemical surveying and structural analysis:
http://www.pelangio.com/i/pdf/2009-09-03_NRF3.pdf
The ore at the Obuasi Mine is contained within a series of shallow-plunging shoots, which plunge and trend towards Pelangio's Obuasi Property (see Pelangio's website at www.pelangio.com for an animation of the local geology). The shoots are hosted in conductive sheared argillites, which are visible in VTEM surveys such as those completed by Pelangio in 2007 and 2009. The Company has used the results of these surveys as a structural mapping tool to locate areas of the Obuasi Property with higher potential for gold mineralization. The Company's goal is to locate Obuasi Mine-style shoots within the Obuasi Property's boundaries.
Pelangio currently has bids from nine drill contractors and expects to commence a preliminary 7,000 metre drill program early in the fourth quarter focusing on the portion of the Obuasi Main Mine Trend closest to the Obuasi Mine.
Quality Assurance/Quality Control and Qualified Person
All prospecting grab samples were collected in the field by contractors working for Pelangio under the supervision of Chris Pegg, P.Geo. The locations of grab samples were provided by Garmin GPS Map60CX GPS receivers carried by geologists in the field. Grab samples vary in size from 1 to 4 kg. A representative of each grab was stored for reference - generally about one quarter of the mass of the sample and stored in a secure location at the Pelangio compound in Brofoyedru, Ghana. The other portion was shipped in sealed bags and stored at the site until it was shipped to Transworld Laboratories in Tarkwa, Ghana. The samples were dried and crushed by Transworld and a 150-gram pulp was prepared from the coarse crushed material. Routine gold analysis was conducted by Transworld, using a 50-gram charge and fire assaying with atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream at the rate of one per every 30 samples. In addition, Transworld inserted one preparation blank and certified reference material for every 20 samples and one duplicate analysis every 20 samples.
The exploration program at the Obuasi Property is managed by Mr. Chris Pegg, P. Geo., a Qualified Person within the meaning of National Instrument 43-101. Mr. Pegg has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information.
About Pelangio
Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. The Company's main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.
For additional information, please visit our website at www.pelangio.com or contact:
Ingrid Hibbard, President & CEO or
Warren Bates, Senior Vice President Exploration
Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
Forward Looking Statements
Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words 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 statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions. Forward-looking statements and information include statements regarding our exploration plans and exploration results with respect to our Obuasi property, and are subject to forward-looking risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks include gold price volatility, changes in equity markets, political developments in Ghana, increases in costs, exchange rate fluctuations and other risks involved in the gold exploration industry. See our annual and quarterly financial statements and management's discussion and analysis for additional information on risks and uncertainties relating to the forward-looking statement and information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
==========================================
Merrex (MXI.V) enlarges good zone in Mali
Merrex 2009 Drilling Triples Strike Length of Area 55 at Siribaya
____________________________________________________________
HALIFAX, NOVA SCOTIA -- ( Marketwire – September 3, 2009) - Gregory Isenor, P.Geo., President and CEO of Merrex Gold Inc. ("Merrex")(TSX VENTURE:MXI) announces assay results from the 2009 diamond drill program at its 100% owned Siribaya Gold Project in West Mali. The 2009 program of only 17 holes had many very significant gold intersections and tripled the strike length of the continuously mineralized zone at Area 55 at Zone 1B from 300 metres to approximately 900 metres. The mineralization is still open to the north, south and at depth. Prior to the 2009 drill program, the mineralized zone of Area 55 along a 300 metre strike length drilled to a vertical depth of approx 250 metres had a NI 43-101 resource estimate of 123,000 ounces Au Indicated (2,120,000 tonnes grading 1.81 g/t) and 319,000 ounces Au Inferred (5,700,000 tonnes grading 1.74 g/t).
Drill Results - Assay Highlights
Assay Highlights
Hole Assay
SR-DD-09-81 5.30 g/t over 10 m
including 17.85 g/t over 1 m
SR-DD-09-82 2.75 g/t over 7.5 m
SR-DD-09-83 5.81 g/t over 12 m
including 17.90 g/t over 1 m
SR-DD-09-83 2.28 g/t over 17.5 m
SR-DD-09-85 3.85 g/t over 9 m
SR-DD-09-85 5.37 g/t over 16 m
including 25.50 g/t over 1 m
SR-DD-09-85 2.61 g/t over 9 m
SR-DD-09-88 3.14 g/t over 23 m
including 4.41 g/t over 14 m
including 15.08 g/t over 2 m
SR-DD-09-89 2.18 g/t over 15 m
including 4.53 g/t over 5 m
SR-DD-09-89 3.52 g/t over 10.5 m
including 11.39 g/t over 2.25 m
SR-DD-09-93 3.69 g/t over 10.5 m
SR-DD-09-93 2.56 g/t over 6 m
SR-DD-09-93 2.42 g/t over 9 m
SR-DD-09-94 1.57 g/t over 9 m
SR-DD-09-95 4.75 g/t over 12 m
SR-DD-09-96 2.64 g/t over 8.5 m
SR-DD-09-96 1.27 g/t over 12 m
SR-DD-09-96 8.45 g/t over 3 m
including 21.10 g/t over 1 m
SR-DD-09-96 3.33 g/t over 21 m
SR-DD-09-96 2.18 g/t over 12 m
Notes regarding Assay Highlights and Detailed Assay Tables:
a) all intersection lengths are core lengths, not true widths,
b) only intersections of one metre and longer with average gold grade of 1.0 g/t and higher are included,
c) intersections grading less than 1.0 g/t were excluded
See attached map of Zone 1B for highlights.
Commentary
“Working in concert with IAMGOLD Corporation, Merrex has substantially completed its 2009 diamond drill program at Siribaya,” said Gregory Isenor, President and CEO of Merrex Gold. “The 2009 program, which focused on Zone 1B south of Area 55, has convincingly demonstrated the high-grade potential of Zone 1B. We are especially pleased with the apparent width and high grades of the intersections and the large numbers of intersections in the drill holes. For example, hole #85 contains 15 mineralized intervals totalling 73.5 metres over a 237 metre hole length with one intersection of 5.37 g/t over 16 metres including 25.5 g/t over 1 metre, and hole #96 contains 13 mineralized intervals totalling 73 metres over a 236 metre hole length including one intersection of 8.45 g/t over 3 metres including 21.1 g/t over 1 metre. These holes with long sections of mineralization illustrate the excellent open pit potential. While considerable additional interpretation is required, early interpretation indicates that the continuity of mineralization within Zone 1B has been tripled from 300 metres to approximately 900 metres along strike and, because Zone 1B remains open to the north, south and at depth, there remains excellent opportunity for continued expansion of the gold resource. We believe we can confidently state that the two objectives of the program, i.e. increasing the economic potential of Zone 1B and improving our understanding of the geometry of the structure, have been accomplished. Our exploration team is continuing with the detailed interpretation and planning for the next drill program.”
About the Siribaya Gold Project
Merrex controls 100% of the Siribaya Gold Project which comprises over 700 square kilometres of exploration permits in West Mali, with additional permits pending. Prior to the 2009 drill program, a gold deposit with an initial NI 43-101 resource estimate of 123,000 ounces Au Indicated (2,120,000 tonnes grading 1.81 g/t) and a further 319,000 ounces Au Inferred (5,700,000 tonnes grading 1.74 g/t) had been established (ACA Howe, January 31, 2009, see press release Feb 10, 2009). That initial estimate was based upon approximately 300 metres of strike length within Zone 1B which remained open along strike and at depth. The Siribaya Structure, which is approximately 10 kilometres long, has yielded ore-grade drill intercepts at numerous locations along the entire length.
From 2005 to the end of 2008 Merrex invested over $8,000,000 in exploration at Siribaya. On December 19, 2008 Merrex closed an Option Agreement with IAMGOLD Corporation 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 $3.0 million is being spent on the 2009 exploration program.
2009 Program Details
The 2009 diamond drill program comprised 17 holes totalling 4,707 metres to target depths of 200 – 250 metres. Drilling was focused on the Siribaya Structure, primarily in the region south of Zone 1B’s Area 55 (with one fence of three holes drilled to the north of Area 55) filling in a gap of approximately 500 metres along strike between fences drilled in prior programs in the north of Zone 1B at Area 55 and holes drilled at the very south of Zone 1B.
Holes SR-DD-09-80 to 92, which were drilled with a West azimuth and a dip angle of 55 degrees, were designed to establish the continuity of gold mineralization and increase the known resource within the central part of Zone 1B and to test the North and South extension of the Zone. Holes SR-DD-09-81, 82, 83, 85, and 88 returned strong gold intersections in the central part of the Zone and Hole SR-DD-09-89 cut two good intersections on South extension of the Zone (see Detailed Assay Table below).
Holes SR-DD-09-93 to 96, which were drilled with an East azimuth and dip angles of 50 to 60 degrees, were designed as scissor holes to test the geometrical interpretation of Zone 1B on drill sections of previous campaigns. Numerous strong intersections have also been cut in these holes (see Detailed Assay Table below).
Quality Assurance/Quality Control
HQ size drill core samples were detail logged, sampled in one metre lengths down the entire hole with half core retained, and the samples shipped for gold analysis. Analysis of half core samples was carried out by ALS Chemex ABILAB Laboratory in Bamako and Merrex’s independent Quality Control and Quality Assurance protocols for drill core included blank samples, check samples and duplicate samples. The program is being carried out under the supervision of Jean-Marc Gagnon, P. Eng., MBA, the qualified person as defined under National Instrument 43-101 responsible for the technical information presented in this news release. Drilling was carried out by BLY Mali SA, the African division of Boart Longyear Canada, of North Bay, Ontario.
Management
The 2009 exploration program is managed jointly by a Merrex and IAMGOLD technical management committee with Merrex as the operator. Project director is Jean-Marc Gagnon P.Eng., MBA, and chief geologist is Christian Plouffe, M.Sc. Both Mr. Gagnon and Mr. Plouffe have extensive experience and exploration successes in West Africa.
Detailed Assay Table
The Detailed Assay Table is a comprehensive list of the significant gold intersections returned by assay results. Intersections of one metre and longer with an average gold grade of 1.00 g/t and higher were considered as significant.
Hole SR-DD-09-80
25.0 m - 27.0 m 1.39 g/t over 2.0 m
40.0 m - 42.0 m 1.37 g/t over 2.0 m
43.5 m - 47.0 m 2.04 g/t over 3.5 m
61.0 m - 64.0 m 2.70 g/t over 3.0 m
101.0 m - 102.0 m 10.10 g/t over 1.0 m
Hole SR-DD-09-81
284.0 m - 294.0 m 5.30 g/t over 10.0 m
incl. 286.0 m - 287.0 m 17.85 g/t over 1.0 m
296.0 m - 299.0 m 5.24 g/t over 3.0 m
Hole SR-DD-09-82
6.0 m - 9.0 m 5.43 g/t over 3.0 m
21.0 m - 28.5 m 2.75 g/t over 7.5 m
Hole SR-DD-09-83
125.0 m - 126.0 m 1.89 g/t over 1.0 m
147.0 m - 159.0 m 5.81 g/t over 12.0 m
incl. 152.0 m - 153.0 m 17.90 g/t over 1.0 m
247.5 m - 265.0 m 2.28 g/t over 17.5 m
266.0 m - 269.0 m 1.67 g/t over 3.0 m
Hole SR-DD-09-84
73.0 m - 77.0 m 2.69 g/t over 4.0 m
154.5 m - 157.5 m 1.68 g/t over 3.0 m
Hole SR-DD-09-85
41.0 m - 42.0 m 1.18 g/t over 1.0 m
75.0 m - 79.0 m 2.53 g/t over 4.0 m
81.0 m - 87.0 m 2.15 g/t over 6.0 m
111.0 m - 120.0 m 3.85 g/t over 9.0 m
124.0 m - 125.0 m 1.38 g/t over 1.0 m
126.0 m - 133.0 m 1.87 g/t over 7.0 m
136.0 m - 141.0 m 1.32 g/t over 5.0 m
144.0 m - 147.0 m 1.06 g/t over 3.0 m
148.0 m - 164.0 m 5.37 g/t over 16.0 m
incl. 152.0 m - 153.0 m 25.50 g/t over 1.0 m
169.0 m - 170.0 m 4.49 g/t over 1.0 m
201.0 m - 203.0 m 1.75 g/t over 2.0 m
205.0 m - 214.0 m 2.61 g/t over 9.0 m
217.5 m - 222.0 m 2.50 g/t over 4.5 m
226.0 m - 230.0 m 3.72 g/t over 4.0 m
234.0 m - 237.0 m 3.46 g/t over 3.0 m
Hole SR-DD-09-86
112.0 m - 114.0 m 1.43 g/t over 2.0 m
Hole SR-DD-09-87
124.0 m - 125.0 m 2.84 g/t over 1.0 m
Hole SR-DD-09-88
56.0 m - 57.0 m 1.23 g/t over 1.0 m
59.0 m - 60.0 m 1.22 g/t over 1.0 m
111.0 m - 119.0 m 0.74 g/t over 8.0 m
176.0 m - 199.0 m 3.14 g/t over 23.0 m
incl. 176.0 m - 190.0 m 4.41 g/t over 14.0 m
incl. 179.0 m - 181.0 m 15.08 g/t over 2.0 m
Hole SR-DD-09-89
24.0 m - 25.0 m 1.58 g/t over 1.0 m
85.0 m - 87.0 m 1.51 g/t over 2.0 m
91.0 m - 93.0 m 1.20 g/t over 2.0 m
120.0 m - 121.0 m 1.53 g/t over 1.0 m
150.0 m - 165.0 m 2.18 g/t over 15.0 m
incl. 154.0 m - 159.0 m 4.53 g/t over 5.0 m
177.0 m - 187.5 m 3.52 g/t over 10.5 m
incl. 177.0 m - 179.25 m 11.39 g/t over 2.25 m
Hole SR-DD-09-90
220.5 m - 222.0 m 1.06 g/t over 1.5 m
234.0 m - 235.0 m 1.07 g/t over 1.0 m
Hole SR-DD-09-91
84.0 m - 89.0 m 1.27 g/t over 5.0 m
Hole SR-DD-09-92
No significant value
Hole SR-DD-09-93
145.5 m - 156.0 m 3.69 g/t over 10.5 m
158.0 m - 159.0 m 1.18 g/t over 1.0 m
182.5 m - 188.5 m 2.56 g/t over 6.0 m
195.0 m - 204.0 m 2.42 g/t over 9.0 m
225.0 m - 226.5 m 3.35 g/t over 1.5 m
Hole SR-DD-09-94
16.5 m - 18.0 m 2.25 g/t over 1.5 m
78.0 m - 87.0 m 1.57 g/t over 9.0 m
106.0 m - 107.0 m 1.01 g/t over 1.0 m
108.0 m - 112.5 m 1.28 g/t over 4.5 m
130.0 m - 131.0 m 1.84 g/t over 1.0 m
Hole SR-DD-09-95
177.0 m - 178.5 m 1.34 g/t over 1.5 m
190.0 m - 202.0 m 4.75 g/t over 12.0 m
207.0 m - 211.0 m 2.21 g/t over 4.0 m
Hole SR-DD-09-96
1.5 m - 10.0 m 2.64 g/t over 8.5 m
57.0 m - 58.5 m 2.02 g/t over 1.5 m
95.0 m - 96.0 m 1.07 g/t over 1.0 m
107.0 m - 119.0 m 1.27 g/t over 12.0 m
135.0 m - 141.0 m 1.41 g/t over 6.0 m
145.0 m - 148.0 m 8.45 g/t over 3.0 m
incl. 146.0 m - 147.0 m 21.10 g/t over 1.0 m
152.0 m - 173.0 m 3.33 g/t over 21.0 m
175.0 m - 176.0 m 1.06 g/t over 1.0 m
178.0 m - 179.0 m 1.29 g/t over 1.0 m
199.0 m - 202.0 m 1.18 g/t over 3.0 m
207.0 m - 219.0 m 2.18 g/t over 12.0 m
231.0 m - 233.0 m 1.16 g/t over 2.0 m
235.0 m - 236.0 m 1.00 g/t over 1.0 m
Please visit our website at www.merrexgold.com for full details of the exploration history of the Siribaya Gold Project including tables of all assay results from prior drill programs.
Merrex owns a 100% interest in a large land position in the prolific West Mali Gold Belt from which in excess of 1.5 million ounces of gold are produced annually from such well-known large gold deposits as the Sadiola and Loulo mines. Together with strategic partner Touba Mining, Merrex acquired five mineral permits covering over 700 square kilometres and has permit applications in progress for an additional approximately 200 square kilometres, all within the prolific West Mali Gold Belt. The Merrex permits cover highly prospective land with significant geological structures with associated geochemically anomalous gold zones including the Siribaya Gold Project with an initial NI 43-101 resource estimate. Merrex’s exploration partner is IAMGOLD Corporation which has an option to acquire 50% interest in the Siribaya Gold Project and the surrounding land package.
Merrex’s principal projects are its Siribaya Gold Project in Mali (West Africa), an advanced exploration project with a NI 43-101 resource estimate and the Jubilee Zinc Deposit in Cape Breton, Nova Scotia, also with a NI 43-101 resource estimate.
Merrex has a solid organization of people and projects enabling aggressive exploration, discovery and growth.
FOR FURTHER INFORMATION PLEASE CONTACT:
Greg Isenor
President & CEO
(902) 832-5555
Or visit our website at www.merrexgold.com
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.
Glencar shares doubled overnight. [I have some.]
Glencar sold to Gold Fields (GFI) [for pittance? mere 105% premium. Not so good given Glencar's true BONANZA find.]
Jul 29, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
South Africa-based Gold Fields Limited, through its wholly-owned subsidiary Gold Fields Metals BV, has reached an agreement to acquire the remaining 90.90% stake in Ireland-based Glencar Mining plc through a tender offer. Both Gold Fields and Glencar Mining are metal exploration companies.
Under the terms of the offer, Glencar Mining shareholders will be entitled to receive, for each Glencar Mining share, GBP0.09 in cash upon acceptance of the offer. The offer price represents a premium of 105% to the closing price of a Glencar Mining share on July 23, 2009 and a premium of 116% to the average closing price of a Glencar Mining share for the three month period beginning on April 23, 2009 and ending on July 23, 2009.
Based on the offer price, the transaction is valued at approximately GBP24.69 million ($40.52 million).
Gold Fields, through its wholly-owned subsidiary Gold Fields Netherlands B.V., currently hold 27,413,197 shares, representing a 9.10% stake, in Glencar Mining.
As part of the transaction, Glencar Mining Directors, who are also shareholders, have irrevocably undertaken to accept the offer in respect of their own beneficial holdings, amounting to, in aggregate 6,911,583 Glencar Mining shares, which represent approximately 2.3% of the issued share capital of Glencar Mining.
Pursuant to the transaction, Gold Fields intends to delist Glencar Mining from the Irish Stock Exchange.
Canaccord Adams Limited, Linklaters LLP, and Brunswick Group are acting as financial, legal, and public relations advisors to Gold field, respectively. Davy Corporate Finance Limited is acting as financial advisor to Glencar Mining on this transaction.
The transaction is expected to close in late September 2009.
Deal Value (US$ Million) 40.52
Deal Type Acquisition
Sub-Category Majority Acquisition
Deal Status Announced: 2009-07-24
Deal Participants
Target (Company) Glencar Mining plc
Acquirer (Company) Gold Fields Limited
Deal Rationale
The combination with Glencar Mining is consistent with Gold Fields' existing exploration focus and strategy and would expand its geographical presence thereby consolidating its regional presence in Mali.
Bid Premium ($ per share) 105
% Acquisition 90.9%
(c) 2001-2007 Datamonitor. All rights reserved.
General Metals (GNMT.OB) Leaving Africa
General Metals (GNMT.OB) Announces Finalization of the Sale of Its Ghana Mining Interest
Press Release
Source: General Metals Corporation
On Wednesday July 29, 2009, 7:38 am EDT
RENO, NV--(Marketwire - 07/29/09) - General Metals (OTC.BB:GNMT - News) is pleased to announce that it has entered into an agreement with Sunergy, Inc (OTC.BB:SNEY - News) for the final terms for the sale of the Nyinahin Mining Concession to Sunergy. Pursuant to the agreement with General Metals, as amended, the outstanding consideration payable by Sunergy consisted of $237,500, which was due on April 30, 2009. In full and final satisfaction of all amounts, General Metals has agreed to accept 2,000,000 restricted shares of common stock of Sunergy. The result is that Sunergy will have provided a total share and cash consideration of $1,012,500 for the acquisition of the Concession, given the amounts previously provided.
Nyinahin Mining Concession, located in Ghana, is comprised of the Nyinahin Mineral Licence LVB 8936/05 and Land Registry No. 1535/2005, and subsequently converted into a Prospecting License (LVB 3857/08).
The 150 square kilometre Nyinahin Mining Concession is located between two geological gold belts, the Bibiani Belt to the west and the Asankrangwa to the east. The property shares borders with several major mining companies, including Newmont Mining, Napoli Gold and Dunkwa Continental Goldfields.
Company President and CEO Steve Parent commented: "We stand to benefit substantially from the development efforts of Sunergy on the Nyinahin mining concession and their activities in Ghana, both from our common share ownership and our 5% retained net smelter royalty on all products recovered from gold, silver, diamonds and base metals. More importantly, we have been able to remain focused on the development of our Independence Project in Nevada which is advancing rapidly towards near term production."
A detailed description of the Company's permitting activities leading to production is available at www.gnmtlive.com.
About General Metals Corporation: General Metals Corporation is an aggressive junior minerals exploration and development company, based in Reno, Nevada. The Company is actively exploring its 100% controlled Independence property strategically located in the prolific and highly prospective Battle Mountain Mining District, Nevada. Permitting and Engineering for heap leach production is underway at the Independence Mine. The Company recently entered into an agreement to sell its 150 sq. km. mining concession for gold, diamonds and base metals in Ghana, West Africa for $1,000,000 in cash and stock and retains a royalty.
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Nyinahin Mining Concession and Sunergy's ability to make any required payments in regards to the to the Nyinahin Mining Concession as they become due.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Contact:
Contact Info: Joseph B. Guerrero
President
Sunergy Inc.
8711 E. Paraiso Dr., Scottsdale, AZ 85255
Phone: 602.740.1132
scottsdaleinvestments@yahoo.com
Etruscan (EET.TO) Ups Gold Estimates at Mali Gold Project
29 July 2009
Canadian company Etruscan Resources has updated its resource estimate at Tabakoroni Gold Deposit on the Finkolo permit in Mali, revealing an increase of over half since last year.
The mine has a measured and indicated resource at 610,000oz and an inferred resource of 220,000oz. The updated estimate represents a 60% increase on the measured and indicated resource reported in January 2008.
The updated resource is now about 6.83 million tonnes of measured and indicated resource at 2.78 g/t gold and a further 3.13 million tonnes of inferred resource at 2.18 g/t gold, Etruscan said.
Etruscan previously reported 382,000oz in the measured and indicated category and 364,000oz in the inferred category.
The Finkolo permit is 60% owned and operated by Resolute Mining.
High River Gold Mines' messy saga
By Peter Koven, Financial PostJuly 28, 2009
Russian metals giant OAO Severstal is closing in on a takeover of Canada’s High River Gold Mines Ltd., but a core group of shareholders continue to oppose the merger and show no signs of relenting.
It all comes to a head at midnight August 10th, when Severstal’s newly sweetened offer expires.
“I have to say this is our final offer,” Nikolai Zelensky, head of Severstal’s gold business, said in an interview Tuesday.
High River’s messy saga began last fall, when the Toronto-based company ran into a liquidity crisis in the middle of the market meltdown. After an overhaul of the board, High River was bailed out through a pair of private placements with Severstal, which assumed a 57% control stake.
Severstal was not done. It then made a friendly all-cash offer for the whole company in June, valued at 22¢ a share. That was well above the 4¢ that the stock bottomed out at last year, but a fraction of its value prior to the liquidity problems.
A group of large shareholders, including Sprott Asset Management and funds from Russia, complained that the offer was too low for a company that could produce 300,000 ounces of gold this year from mines in Russia and West Africa.
Severstal responded by raising its bid yesterday to 30¢ a share, valuing High River at about $195-million.
But those investors continue to oppose the merger, and believe they have the necessary shares to block Severstal from taking enough stock to close the deal.
“This company could cash flow close to $100-million this year. So [Severstal] is bidding two times cash flow, which seems inordinately low when you look at what everybody else trades at,” Eric Sprott said in an interview.
He acknowledged that the company has debt issues, but said those are “easily resolvable” today. He even offered to convert his High River debt holdings into shares, but the company said no.
Chris Charlwood, a retail investor who mobilized people with more than 62 million shares to oppose the offer, said the average minimum price his group would accept is $1.44 a share.
“I don’t think [the sweetened offer] is going to make much difference in terms of how many people will tender,” he said.
Since taking control of High River, Severstal has made some personnel changes at the mines and improved performance. But Mr. Zelensky said that the only way to make the necessary wholesale changes is to take the company private.
“The fact of the matter is that the cash flow from these mines has not been enough to service the debt facilities and generate enough capital to make improvements to the assets,” he said. “The low-hanging fruit has been fixed. We now have to make investments that are difficult to do with this balance sheet.”
He expressed confidence that Severstal’s offer will succeed once investors see that it is above analyst target prices and is the best way to fix the company’s operational and financial woes.
HIGH RIVER GOLD MINES LTD.
Ticker HRG/TSX
Close 30¢, up 2¢
Vol. 5,188,063
Avg. 6-month vol. 1,950,160
© Copyright (c) National Post
Randgold Resources Beefs Up
Brendan Ryan | Tue, 28 Jul 2009 18:26
[miningmx.com] -- THE realisation that the Gounkoto project in Mali could be a viable gold mine led to the decision by Randgold Resources to raise funds through an offer of five million shares.
That’s according to CEO Mark Bristow, who has traditionally kept equity raisings by the group to a minimum. Randgold Resources last raised funds in this way some two-and-a-half years ago.
Bristow said: “We now have a monster growth pipeline. We were already running with two new projects, Massawa and Tongon, which we could handle financially, but adding Gounkoto was a tipping point.
“Under normal conditions we could easily handle it through borrowing the money – for example we developed Morila using 100% debt - but these are not normal times.
“The credit market is wrecked. Right now, bank debt is super expensive and the banks tie you up with all kinds of conditions.
“Discussions with our shareholders revealed they had cash to invest and were keen to get the returns available instead of the banks.”
Bristow added that, depending on gold market performance, the additional funds may not be needed and in that case could be returned to shareholders in one way or another.
“Or we could use the money to fund developments at Moto if that deal is finalised, or to pay for another expansion project should we find one.
“My peers have been raising money to fix their balance sheets. There’s nothing wrong with Randgold Resources’ balance sheet. We had $220m in cash and cash equivalents at the end of June.
“What this fund raising does is add boiler plating to our balance sheet just in case it’s needed.”
Despite good results for the June quarter and an upbeat view on growth forecasts, the Randgold Resources share price pulled back sharply on Tuesday falling more than 8%.
Gold shares were down across the board but AngloGold Ashanti fell only 4.5% while Gold Fields was down 1.5%.
Bristow said at a conference call on Tuesday: “Some investors claim our shares are overvalued, but if you look at our growth pipeline and track record we are always unwinding that value.
“Randgold Resources’ production has shown a growing trend over the past few years, while overall world gold production has been on a declining trend.”
Uh, Moto going to Randgold (GOLD), not Red Back (RBI.TO), evidently, despite Red Back's agreement.
or else not... Moto is being acquired by Randgold Resources (GOLD) despite agreement with Red Back, it now seems.
Solomon Resources (SRB.V) reverse split 1 for 10, also some unaccountable (by me) trading volume. See:
http://www.solomonresources.ca/index.php?option=com_content&task=category§ionid=4&id=27&Itemid=70
Does this constitute "action" in the stock?
Resolute Mining (Sydney:RSG) Pours First Gold in Mali
Western Australia Business News
http://www.wabusinessnews.com.au
Resolute Mining achieves first gold pour
15-June-09 by Rebecca Lawson
Shares in Perth-based Resolute Mining have risen after the company produced first gold at its redeveloped Syama mine in Mali.
Resolute's share price rose four cents to touch a high of 77c before easing to 76c at 11:38 AEST.
Chief executive Peter Sullivan welcomed the production milestone as a watershed for the Syama gold mine and Resolute.
"This removes what was perceived as one of the major risks in the redevelopment of Syama.
"Resolute now looks forward to building on this world-class production and exploration base in one of Africa's premier gold provinces, which complements our existing substantial gold operations in Tanzania and Australia."
Syama is expected to produce an average of 250,000 ounces of gold annually.
The first gold pour follows a $25 million capital raising completed last month.
The announcement is below:
Resolute Mining Limited is pleased to announce that it has produced first gold from the sulphide ore processing circuit at its Syama Gold Mine in Mali.
This represents a landmark milestone in the development of the Syama Gold Mine as it demonstrates the technical viability of the Syama processing facility.
The leaching of calcine and recovery of gold was the final step in establishing that the feasibility testwork results can be repeated at the plant scale.
Since commissioning commenced the roaster run time and throughput rates have steadily increased with the consistent production of a calcine suitable for leaching. Preliminary metallurgical reconciliations indicate that over 85% of gold in the calcine is being recovered.
Commissioning progress since April has been steady and satisfactory and the plant is expected to remain in commissioning mode until the end of the month.
Resolute Chief Executive Officer Peter Sullivan welcomed the production milestone as a watershed for the Syama Gold Mine and Resolute.
"This removes what was perceived as one of the major risks in the redevelopment of Syama."
"Few projects can match Syama's world-class combination of long life resources globally significant production and terrific potential for rapid expansion and resource growth.
"Resolute now looks forward to building on this world-class production and exploration base in one of Africa's premier gold provinces, which complements our existing substantial gold operations in Tanzania and Australia."
At full capacity, Syama is forecast to produce an average of 250,000 ounces of gold per annum over the life of the mine.
This will make Syama the fourth largest gold mine in Mali, which is already Africa's third largest gold producing nation after South Africa and Ghana.
It will also consolidate Resolute's status as one of Australia's leading ASX-listed gold miners on both a production and resource ounce basis.
Resolute holds an 80% interest in the Syama Gold Mine, with the remaining interest held by the Government of Mali.
Good. Appleton (AEX.V) added to board header.
Red Back (RBI.TO) acquiring Moto (MGL.TO), Congo (DRC)
----- mining-technology.com ---- 2 June 2009 ----------
Red Back to Acquire Moto Goldmines
Canada’s Red Back Mining will acquire Toronto-based Moto Goldmines for C$513m.
Under the agreement, each outstanding common share of Moto will be exchanged for 0.45 of a common share of Red Back, at C$10.45 per share.
The acquisition combines Red Back’s two gold mines — Chirano Mine in Ghana and Tasiast Mine in Mauritania — and Moto's 70% stake in the Moto gold project in the Democratic Republic of Congo.
On completing the transaction, Moto will become a wholly-owned subsidiary of Red Back.
The commissioning of Moto Gold Mine will bring more than one million ounces of gold per annum and is set to provide cash operating benefits.
By staff writer
Red Back (RBI.TO) acquiring Moto (MGL.TO), Congo (DRC)
----- mining-technology.com ---- 2 June 2009 ----------
Red Back to Acquire Moto Goldmines
Canada’s Red Back Mining will acquire Toronto-based Moto Goldmines for C$513m.
Under the agreement, each outstanding common share of Moto will be exchanged for 0.45 of a common share of Red Back, at C$10.45 per share.
The acquisition combines Red Back’s two gold mines — Chirano Mine in Ghana and Tasiast Mine in Mauritania — and Moto's 70% stake in the Moto gold project in the Democratic Republic of Congo.
On completing the transaction, Moto will become a wholly-owned subsidiary of Red Back.
The commissioning of Moto Gold Mine will bring more than one million ounces of gold per annum and is set to provide cash operating benefits.
By staff writer
Mali sees 2009 gold output down 13 pct at 46 tonnes
Mon Mar 16, 2009 5:50pm GMT
By Tiemoko Diallo
BAMAKO (Reuters) - Mali, sub-Saharan Africa's fourth-biggest gold producer, expects its gold output to fall 13 percent this year to 46 tonnes, a mines ministry forecast showed on Monday.
Gold output in 2008 was 52.87 tonnes, down from 56.75 tonnes in 2007, as mines approached the end of their productive lives, according to ministry data seen by Reuters.
"The closer we get to the end of the mines' productive lives the greater the drop in output," Lassana Guindo, head of the ministry's mines division, told Reuters.
"The nature of the ore changes, its value diminishes, the mining work becomes more complex, costs rise and production shrinks," he said.
At current spot prices of around $920 per ounce, 46 tonnes of gold would be worth almost $1.5 billion.
Gold is one of the few assets to benefit from the global financial crisis, as many investors view the precious metal as a safe store of value in contrast to falling share prices. Analysts expect prices to rise above $1,000 per ounce in the near future.
Mali ranks fourth among sub-Saharan gold miners, after South Africa, Ghana and Tanzania.
Gold is Mali's leading export, ahead of cotton and livestock. Many people in the poor, landlocked West African country depend on the mineral reserves for their livelihoods.
Last year, the West African country said it was creating a special account for its gold revenues in a drive towards increased transparency.
Firms with operations in Mali include the world's number three gold miner AngloGold Ashanti and Randgold Resources.
Though some established mines were becoming less profitable, Guindo said high gold prices could make previously uneconomic mines realistic prospects again.
"Some deposits which were deemed economically non-viable are now a possibility," he said.
Following are the details of the mines ministry's forecasts for gold production in 2009 and actual production in 2008, in tonnes. Companies that hold stakes in each mine appear in brackets:
[missing]
Semafo (SMF.T) resources triple at Mana property, Burkina Faso
See
http://www.kitco.com/pr/1170/article_03232009155916.pdf