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Target Resources (TGTR.L) placer in Sierra Leone
From the previous item:
"...Earlier this month London-listed Target Resources (TGTR.L) said it was cutting its losses and suspending diamond mining in Sierra Leone, but would start alluvial gold production along the Teye River, east of the capital Freetown."...
So, ... someone should add it to the group header. (I can't, from the computer I'm on now.)
Sierra Leone diamond miners are going for gold
Diamond mining in Sierra Leone is following the global economic trend with miners turning to gold.
Author: Alexander Woollcombe
Posted: Friday , 20 Mar 2009
FREETOWN (REUTERS) -
Diamond mining in Sierra Leone, for years a symbol of the worst form of exploitation of Africa's natural resources, is following a global economic trend with miners turning to gold.
Gold prices have risen as investors look to shelter from crashing financial markets in its safe glow, while cash-strapped consumers are shunning diamonds, a shift being felt from London jewellery boutiques and Antwerp dealing rooms to Africa's mines.
"The impact of these changes is very serious," said Edward Sandy, Deputy Director at the Ministry of Mines. "Investors are turning their backs on diamonds. We have issued hardly any licenses for exporting diamonds this year."
What the country loses in revenue from diamonds, a cornerstone of its economy, it hopes to gain in gold.
"Already in 2009 we have issued 10 licenses for gold, which is a large increase on last year, and we expect to issue more. Gold mining has always been a small industry in Sierra Leone but hopefully now it will grow," he told Reuters this week.
Earlier this month London-listed Target Resources (TGTR.L) said it was cutting its losses and suspending diamond mining in Sierra Leone, but would start alluvial gold production along the Teye River, east of the capital Freetown. [nBNG412988]
Diamond prices have fallen 7 percent already this year according to PolishedPrices, an independent news and price list provider <DIAMONDS/PP>.
By contrast, spot bullion <XAU=> traded above $960 per ounce on Friday, up 10 percent from the start of 2009, and analysts expect it to rise to $1,000 per ounce in the near future.
"For years people have said 'there's gold in them there hills' but no-one's ever looked too hard," said an American businessman in Freetown.
"Gold prices are soaring, the equipment's not being used for diamonds any more, investors are looking for some place to put their money and there's a gold buzz," he said.
DIAMONDS AREN'T FOREVER
Still, not every diamond digger has been able to make the switch to gold. In regions where diamond miners are major employers, local economies are suffering as jobs are cut.
"We've laid off all of our day labourers. I used to employ 20 men. Overall employment is down by more than 80 percent," said Chief Shaka Sandi, chairman of the Sierra Leone Indigenous Miners' Movement.
"There are empty houses around the town now. Everyone has gone back to the villages to farm, but it's impossible to make a living from farming. There's no credit to enable us to grow enough to have a decent business," he said.
"Mining is a tough life but at least the salary helped people here to make a living."
During the former British colony's 1991-2002 civil war, diamonds mined there helped finance rebels who murdered and raped civilians, frequently hacking off lips, ears and limbs.
Since the war ended, resources firms have stepped up efforts to find and dig bauxite and titanium ore rutile, as well as gold and diamonds, in a country ranked bottom of the United Nations' Human Development Index. (Writing by Daniel Magnowski; Editing by James Jukwey)
© Thomson Reuters 2009 All rights reserved
Ghana urged to revoke Newmont/Adamus's Forest Reserve permits
Mar 13, 2009 (BBC Monitoring via COMTEX) --
GHANA. The National Coalition on Mining (NCOM) has urged the Environmental Protection Agency (EPA) to withdraw permits issued to Newmont and Adamus Resources Ltd, both mining companies, to conduct surface mining in the Ajenua Bepo Forest Reserve [ ].
At a press conference in Accra yesterday[12 March], the legal adviser to NCOM, Ms Millicent Gyan-Badu, said mining in that forest would cause irreparable damage to the forest, including native tree populations, life forms and soil structure, all of which would have adverse consequences on social, economic and scientific development.
Adamus (ADU.V, Sydney:ADU) dilutes for debt
Adamus Resources Limited - Issue Shares for Debt
<<
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
>>
PERTH, Western Australia, Feb. 27 /CNW/ - Adamus Resources Limited (the "Company") (ASX and TSXV: ADU) announces that, further to its news release of February 17, 2009, the Company has issued 100,000 shares at an issue price of A$0.30 per share to settle an outstanding creditor balance of A$30,000. The shares are subject to an escrow period ending August 27, 2009.
In accordance with the requirements of section 708A(5)(e) of the Corporations Act 2001 (Commonwealth of Australia), under which this notice is given, the Company confirms that:
1. the Company issued the Shares without disclosure to investors under Part 6D.2 of the Corporations Act;
2. as at the date of this notice:
a) the Company has complied with the provisions of Chapter 2M of the Corporations Act as they apply to the Company;
b) the Company has complied with section 674 of the Corporations Act; and
c) there is no information of the kind that would be required to be disclosed to the ASX under sub-section 713(5) of the Corporations Act if a prospectus were to be issued in reliance upon section 713 of that Act in relation to an offer of the Company's securities.
Detailed information on all aspects of the Company's exploration activities can be found on Adamus' comprehensive website www.adamusresources.com.au.
Kind regards
ADAMUS RESOURCES LIMITED
(signed)
Ian Cunningham
--------------
COMPANY SECRETARY
The TSXV does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this release.
Pan African ditches Ghana
[So, I removed it from the board header. No longer in West Africa, though it has some Central African Republic properties. FL]
Allan Seccombe
Posted: Thu, 26 Feb 2009
[miningmx.com] -- Junior gold producer and exploration group Pan African Resources incurred a £1.3m impairment after walking away from exploration plays in Ghana, and is pouring money into a prospect in Mozambique to bulk up resources to make a project there viable.
JSE-listed Pan African, which is 55% owned by diversified South African miner Metorex, produced 51,186 oz in its interim period at a total cash cost of $451/oz, a 12% improvement from the same period a year earlier.
"Tons milled were slightly down on plan and an unsustainable, exceptionally high grade was achieved. Recovered grade is expected to be more in line with the historic average going forward," the company said.
Operating profit rose 114% to £8.5m, more than doubling from a year earlier. Headline earnings were up 202% at £3.9m. The received gold price increased to $824/oz from $721.
Manica in Mozambique has long been touted as the next mining project for Pan African, but there is a long way to go yet and it's not certain there will be a mine there.
Pan African will spend £1m on a 10-month programme to "consolidate" more oxide ore near Manica to render the project viable. A decision will be made at the end of that period.
"Preliminary work completed on the pre-feasibility study indicates that the project is extremely sensitive to capital expenditure and requires additional ore to be mined in the first two years to address this issue," it said.
Pan African's work there has bulked up the resources to 2.57 million oz contained in nearly 34 million tonnes at a grade of 2.36 grams/tonne.
Drilling results in Ghana have proved disappointing and coupled with the difficult global economic environment, Pan African will not follow its rights to the Kyereboso and U&N prospects there. It is in talks to sell the Akrokerri project there too, aiming to hold a free carry in the prospect.
"The termination of these projects results in a £1.3 million impairment on the balance sheet."
Pan African has increased its stake in two prospects in the Central African Republic because its partner has not stumped up any money towards exploration there. The exact figure will be released at a later date.
"Future planned expenditure in the CAR has declined for the next six months to £173,600 on both projects (Bogoin and Dekoa) as a result of the nature of exploration work being carried out," the company said.
=================================================================
Cluff Gold now trading in Toronto as CGF
Cluff Gold begins Trading on the Toronto Stock Exchange
LONDON, England, Feb. 17 /CNW/ - Cluff Gold (TSX:CGF; AIM:CLF) is pleased to announce that the Toronto Stock Exchange ("TSX") has granted approval for the listing of 96,851,331 ordinary shares of 1p each in the Company ("Ordinary Shares") to begin trading under the symbol "CGF" effective immediately.
Cluff Gold's Ordinary Shares will continue to be quoted and traded on AIM and trading on the TSX is intended to enhance investor choice, improve liquidity for shareholders and provide greater access to investors.
Cluff Gold's principal listing document as well as the technical reports prepared by SRK Consulting (UK) Ltd for the Angovia Gold Mine in Côte d'Ivoire, the Kalsaka Gold Mine in Burkina Faso and the Baomahun Gold Project in Sierra Leone can be found on www.sedar.com or www.cluffgold.com.
About Cluff Gold plc
Cluff Gold is focused on the identification, acquisition and development of gold deposits in West Africa that are amenable to open-pit mining and low cost production techniques. The Company has assembled a portfolio of mineral
interests at various stages of development in Côte d'Ivoire, Burkina Faso, Sierra Leone, Mali and Ghana. Cluff Gold progressed from being an explorer to a producer in Q1, 2008 and is expected to produce 100,000 ounces of gold on an
annualised basis from 2009 from its Angovia Gold Mine in Côte d'Ivoire and from its Kalsaka Gold Mine in Burkina Faso. Cluff Gold is incorporated and registered as company number 04822520 in England and Wales, under the Companies Act 1985 of England and Wales, as amended.
This press release includes "forward-looking statements". [... 0mitted]
For further information: JG Cluff, Chairman, Cluff Gold plc, +44 (0) 207 340 9790; David Youngman/Katy Mitchell, WH Ireland Limited, +44 (0) 161 832 2174; Joanna Longo, Investor Relations (Canada), The Equicom Group, (416) 815-0700 ext 233, jlongo@equicomgroup.com; Simon Robinson, Investor Relations
(U.K.), Farm Street Communications Ltd, +44 (0) 207 099 2212,
simon.robinson@farmstreetmedia.com
=======================================
Volta(VTR.T): a million oz gold, almost a billion copper
VOLTA ANNOUNCES NI 43-101 RESOURCE ESTIMATE AT GAOUA 724,880,000 LBS OF COPPER AND 1,072,900 OUNCES OF GOLD INFERRED
Toronto, ON – February 5, 2009 - Volta Resources Inc. ("Volta" or the "Company") (TSX:VTR) has completed a NI 43-101 compliant resource estimate at its Gaoua copper-gold porphyry project in southern Burkina Faso, West Africa. At a 0.45% copper equivalent cut-off grade, the Dienemera and Gongondy deposits host an initial Inferred Resource of 82,600,000 tonnes grading 0.40% copper and 0.40 g/t gold for a total of 724,880,000 lbs of copper and 1,072,900 ounces of gold.
The mineral resource estimate was prepared by SRK Consulting (UK) Ltd. based on over 26,661 metres of diamond drilling in 92 holes and 1,305 metres in 15 reverse circulation holes (“RC”). The mineral resource estimate follows the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definitions standards for mineral resources and reserves, and has been completed in accordance with the standards of disclosure for mineral projects as defined by National Instrument 43-101.
“We are extremely pleased with the initial resource defined at Dienemera and Gongondy.” says Kevin Bullock, Volta’s President and CEO. “We are confident that the geological models derived from the diamond drilling carried out to date are robust, providing a solid basis for understanding the nature, geometry and orientation of the mineralization. The potential for additional resources are strong as both deposits remain open at depth and along strike.”
A breakdown of the tonnage and grade, at various cut-offs, for the two deposits are presented below. Cut-off Grade Tonnage Copper Gold Copper Equivalent DEPOSIT >(CuEQ %) (tonnes) % lbs g/t Oz % lbs DIENEMERA 0.60 9,200,000 0.64 129,632,000 0.25 74,600 0.79 160,276,000 0.50 18,100,000 0.54 214,510,000 0.22 128,600 0.67 267,421,000 0.45 23,000,000 0.50 255,075,000 0.21 155,300 0.63 319,009,000 0.40 27,800,000 0.47 372,802,000 0.20 237,700 0.59 364,424,000 0.30 41,700,000 0.41 372,802,000 0.18 237,700 0.51 470,687,000 0.20 57,400,000 0.35 440,704,000 0.15 284,700 0.44 557,769,000 GONGONDY 0.60 27,200,000 0.43 257,279,000 0.62 541,300 0.80 479,946,000 0.50 45,800,000 0.38 387,793,000 0.52 768,200 0.70 703,936,000 0.45 59,600,000 0.36 469,805,000 0.48 917,600 0.65 847,236,000 0.40 78,300,000 0.33 568,793,000 0.44 1,102,200 0.59 1,022,283,000 0.30 125,900,000 0.28 766,547,000 0.37 1,506,400 0.50 1,386,266,000 0.20 170,400,000 0.24 893,974,000 0.33 1,793,000 0.43 1,631,641,000 TOTAL 0.60 36,400,000 0.48 386,911,000 0.53 616,000 0.80 640,222,000 0.50 63,900,000 0.43 602,303,000 0.44 896,800 0.69 971,357,000 0.45 82,600,000 0.40 724,880,000 0.40 1,072,900 0.64 1,166,245,000 0.40 106,100,000 0.37 858,921,000 0.38 1,282,500 0.59 1,386,707,000 0.30 167,600,000 0.31 1,139,349,000 0.32 1,744,100 0.50 1,856,953,000 0.20 227,800,000 0.27 1,334,678,000 0.28 2,077,700 0.43 2,189,410,000 Figures have been rounded
SRK have constrained the resource in optimized open pits based on reasonable technical and economic parameters which they consider to have reasonable prospects for eventual economic extraction. The table above summarises the in-situ Mineral Resource stated at a 0.45% Copper Equivalent (CuEQ) cut-off grade within the defined mineralisation models. CuEQ has been calculated from assumed revenues of US$3,000/t copper and US$700/oz gold with metallurgical recovery assumed to be 85% and 70% respectively. Gold grade has been multiplied by 0.6 and added to the copper grade to provide a CuEQ grade. The cut-off grade further assumes typical costs of US$2/t for mining and US$10/t for processing and general administration costs.
The NI 43-101 technical report will be posted on the company’s website as well as SEDAR within 45 days
The 687.5 km2 Gaoua project area includes a 35 kilometer long anomalous porphyry trend, clearly defined during a high definition airborne geophysical survey completed late last year and it is along this trend that the Dienemera and Gongondy deposits reside (See Figure #1). The deposits outcrop approximately 7 kilometres apart and exhibit similar distinctive geophysical signatures. Similar signatures along the corridor indicate that potential exists for additional deposits that are under transported cover between Gongondy and Dienemera and along the greater 35 kilometer strike extent. There is therefore potential to extend the current resources and significantly enhance the overall potential of the Gaoua copper-gold project. Based on these findings, Volta will shortly commence detailed geochemical auger drilling between the Dienemera and Gongondy deposits where regolith, comprising transported laterite and alluvium, may have masked the geochemical response produced by traditional soil sampling programs. Volta will also continue to explore the western side of the post-mineralized gabbro at the Gongondy deposit with further RC drilling.
Under the guidelines of National Instrument 43-101, the qualified person for the Gaoua copper-gold project is Mr. Guy Franceschi, Vice President, Exploration for the Company. Mr. Franceschi is a member of the European Federation of Geologists and has reviewed and approved the contents of this news release.
Volta is a mineral exploration company focused on becoming the leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso. The Company currently has $5.5 million in cash and marketable securities with a quoted market value of approximately $3.0 million for a total of $8.5 million. There are 53.2 million common shares issued and outstanding
For further information, please refer to our website www.Voltaresources.com or contact: Kevin Bullock, P.Eng., President & CEO Tel: (416) 867-2299 Fax: (416) 867-2298 Email: kbullock@voltaresources.com Investor Relations: Vancouver Farah Alibhai Tel: (604) 731-7340
Email: falibhai@voltaresources.com
FINALLY IMPROVING. These West African gold explorers and miners have recovered substantially during the last month or two from their recent (low) lows, after long declines earlier.
QUINTUPLED: Riverstone
QUADRUPLED: Avnel, Axmin, Channel Res, PMI, Pelangio.
TRIPLED: Centurion, Delta, ElDorado, Iamgold, Sanu.
DOUBLED: AGG, AMI, Cassidy, Great Quest, Gold Fields, Golden Star, Goldrush, High River, Navasota, North Atlantic, Randgold, Red Back, Robex, Searchgold, Semafo, Solomon
Naturally, some have been moving on very low volume.
Compared with the rest of the stock market, these mostly beaten-down stocks have done very well just recently. It may be because the gold price has partially recovered towards its high in US dollars, but maybe more becsuse, in euros, it recently hit an all time high at over 700 euros/oz.
A few of mine, like Red Back and Randgold, have been doing pretty well for much longer. The prices of others, like Axmin, SearchGold and Volta, had really collapsed.
===============
Mineral Deposits (MDM.T, ASX:MDL) to produce in Senegal
Thursday, January 29, 2009
Mineral Deposits ramping up to gold production at Sabodala in Senegal
Mineral Deposits (ASX:MDL/TSX:MDM) has announced the construction of the new two million tonne pe annum carbon-in-leach (CIL) treatment plant at Sabodala in Senegal, west Africa is complete
MDL is pleased to announce that the primary crushing circuit commenced crushing of ore on Tuesday, 27 January 2009 as the first stage of production ramp-up. At present, there is in excess of 600,000 tonnes of predominantly oxide ore containing over 45,000 ounces of gold on the run-of-mine (ROM) pad directly adjacent to the main crushing circuit.
Commissioning of plant equipment is well advanced and on schedule for the first gold pour planned for March 2009. In addition to the above, water systems are 80% commissioned through the plant and the low pressure air system is complete. The SAG and ball mill interlock testing is 100% complete. All nine CIL tank agitators have been run successfully and CIL tanks are being hydraulically tested, prior to leach commissioning.
The power station is providing commissioning power. Within the 30MW power station, there are six engines of which each unit has an operational rating of 5MW. To date, four of the 5MW units have been commissioned. The final unit is likely to be available within a week.
Under normal conditions, Sabodala will require three operating units to provide sufficient power to operate at the nominal throughput of two million tonnes per annum. The plant has been designed to allow for significant capacity increases if required.
Mineral Deposits (ASX:MDL/TSX:MDM)
is a mineral resources company with two mining projects under development in Senegal, as well as a portfolio of quality exploration projects. It is listed on the Australian Securities Exchange and Toronto Stock Exchange.
MDL is building a substantial open pit mining operation at the Sabodala Gold Project. The major engineering program is nearing completion with construction at 87% complete, as at October 2008.
At the Grande Côte Mineral Sands Project, the mining concession was granted in November 2007 and construction planning and detailed engineering has predominantly been completed. Long lead time equipment items, such as the dredge pump, have been fabricated ready for installation in 2009.
Iamgold: 997,000 oz gold in 2008; forecasts and summary
IAMGOLD Announces 2008 Gold Production of 997,000 Ounces and Provides Outlook for 2009
Last update: 8:49 a.m. EST Jan. 29, 2009
TORONTO, 29 JAN 2009: (MARKET WIRE via COMTEX) -- IAMGOLD Corporation (IAG, TSX: IMG, BOTSWANA: IAMGOLD) is pleased to provide an update of 2008 operational performance and provide guidance for 2009 production, costs, development and exploration.
All dollar amounts in this press release are expressed in US dollars, unless otherwise indicated. This press release contains unaudited numbers for the year ended December 31, 2008.
HIGHLIGHTS
2008
- Gold production in 2008 reached 997,000 ounces of gold, a 3% increase over 2007 and exceeding original guidance by 8%
- Attributable gold production at the Rosebel Mine increased 20% over 2007 to 315,000 ounces
- Cash costs(1) for 2008 are expected to be below the most recent guidance range of $480 to $490 per ounce of gold and closer to our original guidance of $455 to $470 per ounce, despite a significant increase in input costs for much of the year
- Based on preliminary assessment, IAMGOLD expects to record an impairment charge in the range of $90 to $125 million, on an after-tax basis, related primarily to its Buckreef project in Tanzania
2009
- Production for 2009 is forecast to total 880,000 ounces of gold at an average cash cost(1) of $470 to $480 per ounce based on an $800 per ounce gold price and $65 per barrel oil price
- Niobium production from the Niobec mine is forecast at 4,400 tonnes with operating margin levels projected in the $17-$19/kg(1) range, with firm sales contracts for roughly 75% of 2009 production
- Capital expenditures of $216 million (or approximately $435 million including Essakane(2)) and greenfields exploration expenditures of $34 million are planned for 2009
- (2)Acquisition of Orezone Resources Inc. ("Orezone") and its Essakane project is scheduled for completion by end of February with the Orezone shareholder vote planned for February 18th
Joseph Conway, IAMGOLD's President and CEO reports, "We had an exceptional year at our operations, with gold production of almost one million ounces, exceeding our initial guidance by about 8%. We are particularly proud of our success with the many cost reduction measures at our majority-owned operations."
2008 Preliminary Operating Results
IAMGOLD's 2008 gold production reached 997,000 ounces which exceeds the revised 2008 guidance of 950,000 ounces by 5% and original guidance by 8%. IAMGOLD operations performed very well in 2008 with increased throughput being the main contributor to exceeding expectations. Gold production in the fourth quarter of 2008 was 255,000 ounces. Average cash costs(1) for 2008 were closer to our original January 2008 estimates of $455 to $470 per ounce. Higher prices for consumables, particularly fuel, were offset by higher production.
On a preliminary, unaudited basis, IAMGOLD expects to record an asset and goodwill impairment charge of $90 to $125 million on an after-tax basis. The impairment relates primarily to the Buckreef project in Tanzania.
Since the acquisition of Buckreef in mid-2006, IAMGOLD has invested $15 million in exploration and development on the property, completing over 100,000 metres of drilling. This work has not materially increased the resource base and preliminary metallurgical testwork indicates only low to moderate recoveries could be expected from heap leaching. As a result, estimated capital costs for mine development are significantly higher than anticipated. As previously noted, the majority of the $90 to $125 million impairment charge relates to the Buckreef project.
Mine Production - Actual 2008 & 2009 Forecast
--------------------------------------------------------------------------
2008 Actual Production 2009 Forecast Production
(attributable oz gold) (attributable oz gold)
--------------------------------------------------------------------------
Suriname - Rosebel 315,000 325,000
--------------------------------------------------------------------------
Ghana - Tarkwa 119,000 136,000
--------------------------------------------------------------------------
Ghana - Damang 37,000 40,000
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Mali - Sadiola 172,000 132,000
--------------------------------------------------------------------------
Mali - Yatela 66,000 88,000
--------------------------------------------------------------------------
Botswana - Mupane 101,000 80,000
--------------------------------------------------------------------------
Canada - Doyon Division 118,000 79,000
--------------------------------------------------------------------------
Canada - Sleeping Giant 69,000 0
--------------------------------------------------------------------------
TOTAL 997,000 880,000
--------------------------------------------------------------------------
--------------------------------------------------------------------------
2008 Actual Production 2009 Forecast Production
(tonnes Niobium) (tonnes Niobium)
--------------------------------------------------------------------------
Canada - Niobec 4,396 4,400
--------------------------------------------------------------------------
2009 Outlook
In 2009, IAMGOLD expects to produce 880,000 ounces of gold at a cash cost(1) of $470 to $480 per ounce. The 2009 production level reflects the completion of mining at Sleeping Giant in Q3 2008, the closure of the Doyon mine by mid-year 2009, and lower grades at Sadiola and Mupane, partly offset by throughput increases at Rosebel and Tarkwa, and a grade increase at Yatela. Niobium production at Niobec is forecast to be comparable to 2008 levels.
Assumptions used in the 2009 forecasts include $800 per ounce gold, $65 per barrel oil and a Canadian/US dollar exchange rate of 1.15. As part of IAMGOLD's focus on controlling costs, pricing for approximately 50% of the fuel required for 2009 at IAMGOLD operations (excluding Tarkwa and Damang) has been capped at an average price of $61.50 per barrel through the use of call options. Currency contracts covering approximately 50% of IAMGOLD's exposure to the Canadian dollar have been put in place to reduce exposure to fluctuations in the Canadian dollar.
2009 Expenditures & Project Updates
Capital expenditures are expected to total $216 million in 2009 or $435 million including the acquisition of Orezone and its Essakane gold project in Burkina Faso. The major planned capital expenditures by project are as follows:
-----------------------------------------------------------------------
----
Development Projects 2009 Forecast Capital 2010 Forecast Capital
Expenditures (millions) Expenditures (millions)
---------------------------------------------------------------------------
Westwood $81 $86
---------------------------------------------------------------------------
Quimsacocha $14 To Be Determined
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Pending Acquisition 2009 Forecast Capital 2010 Forecast Capital
Expenditures (millions) Expenditures (millions)
---------------------------------------------------------------------------
Essakane(2) $219 $131
---------------------------------------------------------------------------
(2) completion of the acquisition of Essakane is subject to, among other
things approval by the shareholders of Orezone
------------------------------------------------
Mining Operations 2009 Forecast Capital
Expenditures (millions)
------------------------------------------------
Rosebel $55
------------------------------------------------
Niobec $56
------------------------------------------------
Others combined $10
------------------------------------------------
Pending Acquisition
Essakane Project, Burkina Faso
On December 11, 2008, IAMGOLD announced a transaction with Orezone which, upon completion of a plan of arrangement, will result in the acquisition of the Essakane gold project in Burkina Faso, West Africa. Completion of the transaction is expected in late February, subject to the approval by Orezone shareholders at a special meeting to be held on February 18 and final court approval.
Orezone commenced construction in September 2008 on the 4 million ounce Essakane gold project that will contribute average gold production of 315,000 ounces per year over a minimum nine-year mine life. Production is anticipated in Q3 2010, with initial annual production as high as 375,000 ounces due to higher grade, near surface, soft rock zones. Capital expenditures of $219 million are planned by IAMGOLD for Essakane for 2009 with major components including mill equipment and construction, mining equipment, pre-stripping, and the construction of water management structures.
IAMGOLD is in the process of securing a $220 million project debt facility with a group of lenders familiar with the project.
Development Stage Projects
Westwood Project, Quebec
An updated Preliminary Assessment Study for Westwood was announced January 2009 demonstrating potential for production commencing 2013 at 200,000 ounces per year over the first 13 years, with average cash costs(1) of $290 per ounce. The raise boring, exploration shaft, and ramp that commenced in 2008 will continue in 2009. Capital expenditures of $81 million for 2009 include: costs to commence shaft sinking with a target of 500 metres for 2009, construction of the headframe, completion of a ventilation shaft, significant lateral development work, and furthering development of the exploration ramp. The plan includes 41,000 metres of infill drilling to upgrade resources to a higher confidence level. A further 32,000 metres of exploration drilling will test both down dip and along strike on the three major mineralized corridors at Westwood.
Quimsacocha, Ecuador
The recent approval of Ecuador's new Mining Law by the legislative assembly is another significant step towards the final signing of the Mining Law by President Correa, which is expected shortly. Companies will also need to sign individual exploitation contracts with the Ministry of Mines and Petroleum (MMP). This process is expected to be concurrent with the development of mining and environmental regulations in support of the Mining Law. Upon signing a satisfactory exploitation contract, IAMGOLD will proceed with the remaining studies and a final feasibility study for Quimsacocha is expected to take about 12 months to complete at a cost of $14 million.
Camp Caiman, French Guiana
The new mining framework expected by the end of 2008 has not yet been announced by the French authorities. This new framework is to focus on responsible mining with further, specific consideration of the bio-diversity of French Guiana. IAMGOLD has had successful discussions with many of the stakeholders and has proposed an alternative, lower-impact Project Harmonie development plan. Until the framework is announced, IAMGOLD is not able to confirm the likelihood that a new application for a mining permit will be granted. Sufficient funds have been allocated to maintain the property and infrastructure pending a government decision.
Operations
Rosebel Mine, Suriname
At Rosebel, IAMGOLD's flagship operation, attributable gold production in 2008 of 315,000 ounces represents a 20% increase over 2007. The increase reflects improvements in throughput, cut-off grade optimization and recovery. In 2009, attributable production is anticipated at 325,000 ounces, a further 3% increase reflecting the successful increase in throughput at the mine, offset somewhat by lower grades.
Capital expenditures of $55 million are planned for Rosebel in 2009. Major components include a $14 million near-mine exploration program consisting of 90,000 metres of drilling, $8.2 million to complete the mill expansion in Q1, and $10.4 million for additional mine equipment for expansion and as part of the on-going equipment replacement schedule. The 90,000-metre near-mine drill program is designed to upgrade additional resources to reserves and pursue targets along the favourable geological horizon that extends a considerable distance along both limbs of the syncline.
The cash cost(1) at Rosebel is expected to decline in 2009 due to IAMGOLD's acquisition in Q4 2008 of an 84.5% equity interest in Euro Ressources SA ("EURO"), which holds a participation royalty in Rosebel. This acquisition effectively reduces Rosebel's cash cost(1) by about $45 per ounce at current gold prices. This allows for a lower cut-off grade to be applied to the calculation of reserves, which is expected to increase Rosebel reserves by approximately one year's production but result in a slightly lower overall grade.
Niobec Mine, Quebec:
The Niobec mine contributes approximately 7.5% of the world's annual production of niobium, a key component in specialty high strength steels. Notwithstanding the fall in steel demand, IAMGOLD's realized price for niobium remained strong in Q4. Firm sales agreements for approximately 75% of IAMGOLD's projected 2009 niobium production have been signed and a further 15% has been allocated on an options basis to specific customers, all at prices similar to Q4 2008. Niobec is a long life, high margin operation that contributes solid cash flow to advance IAMGOLD's growth strategy.
In 2009, production is expected at approximately the same levels as 2008. The shaft deepening project that commenced in 2007 will be completed in March 2009 and will provide access to mine three lower levels.
In 2009, capital expenditures at Niobec of $56 million will facilitate significant increases in production, reserves and resources. Most significantly, $30 million is allocated in 2009 (plus $9 million in 2010) for a mill expansion to be completed in Q3 2010 that will allow a production increase of up to 25%. This project includes a new water pumping station with increased capacity to service the expanded mill. After positive results from a study in 2008, a $9 million plan ($3 million in 2010) was approved for construction by mid-2010 of a paste backfill plant and underground piping network that will have the effect of doubling the resources and mine life at Niobec. Other capital projects at Niobec relate to the continued underground development and expansion to reach future stopes in the lower mine areas ($7.2 million). A program of 8,400 metres of exploration drilling over two years is testing for extensions of the orebody, which remains open at depth.
Exploration Activities
IAMGOLD plans greenfields exploration expenditures for 2009 of $34 million, of which $2.5 million is expected to be capitalized. This compares with approximately $35 million spent in 2008. IAMGOLD's exploration is focused in a few key areas, namely West Africa, the Guyana Shield of South America, and in the Andes and Brazil regions of South America. A portion of the exploration funds is earmarked to take advantage of the opportunities resulting from current market conditions.
Financial Position
IAMGOLD continues to maintain a strong cash position and positive cash flow from operations. In addition, IAMGOLD has held approximately 170,000 ounces of gold bullion. In anticipation of the acquisition of Orezone and the construction of the Essakane mine, a portion of the gold position is being sold and an estimated $220 million project debt facility is to be completed. Funds will be drawn from the facility as required which is not expected to be until the latter part of 2009.
Joseph Conway, President and CEO comments "We now have a number of quality development stage projects in the pipeline towards production. Westwood in Quebec will be advanced significantly in 2009 after continued positive results and we anticipate that Quimsacocha will be able to move forward towards feasibility with the recent positive steps on Ecuador's new Mining Law. In addition, our pending acquisition of the Essakane project in West Africa provides another large scale project and is expected to be in production by the latter half of 2010."
ABOUT IAMGOLD
IAMGOLD is a leading mid-tier gold mining company producing almost one million ounces from 7 mines on 3 continents. IAMGOLD is focused on growth with a target to reach 1.8 million ounces gold production by 2012. IAMGOLD is uniquely positioned, with a strong financial base, together with the management and operations expertise to execute on our aggressive growth objectives. IAMGOLD is focused in West Africa, the Guiana Shield of South America and in Quebec with a pipeline of development and exploration projects. IAMGOLD continues to assess accretive acquisition opportunities with a strategic fit. IAMGOLD is listed on the Toronto Stock Exchange ("IMG"), the New York Stock Exchange ("IAG") and the Botswana Stock Exchange.
Footnote: (1) CASH COSTS
Cost and operating margin are non-GAAP measures. Please refer to the Supplemental information attached to the Company's MD&A filed on sedar for additional details.
Forward Looking Statement
[omitting the obvious]
Please note:
This entire press release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through Marketwire's website at www.marketwire.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov. Si vous desirez obtenir la version francaise de ce communique, veuillez consulter le http://www.iamgold.com/fr/accueil.html.
Contacts:
IAMGOLD Corporation
Joseph F. Conway
President & CEO
(416) 360-4712 or Toll-Free: 1-888-IMG-9999
IAMGOLD Corporation
Elaine Ellingham
Senior VP, Investor Relations
(416) 360-4743 or Toll-Free: 1-888-IMG-9999
Email: info@iamgold.com
Website: www.iamgold.com
Volta (VTR.V) (formerly Birim & Goldcrest) without Freeport-McMoran
GAOUA COPPER-GOLD PROJECT NO LONGER SUBJECT
TO FREEPORT EARN-IN
Toronto– 2 JAN 2009 - Volta Resources Inc. ("Volta" or the "Company") (TSX:VTR) reports that Freeport-McMoRan Exploration Corporation (“FMEC”) has provided notice that FMEC has elected not to proceed with exploration expenditures and payments related to an earn-in agreement on Volta’s Gaoua copper-gold porphyry project located in southern Burkina Faso. FMEC has not earned an interest in the project and does not retain any back-in rights to the Gaoua project.
Over 23,000 metres of drilling has been carried out over the last two years on the Gongondy and Dienemera deposits within the Gaoua properties. Based on the positive drill assay results Volta has commissioned SRK Consulting (UK) to undertake an independent National Instrument 43-101 compliant resource estimate for the Gongondy and Dienemera deposits at the Gaoua project. This resource estimate is scheduled to be completed during the current quarter. Volta is planning additional drilling to extend the mineralization on the aforementioned deposits, as well as tractor-mounted power auger drilling to pursue targets under transported regolith cover identified along the 35 kilometer long porphyry corridor within the Gaoua properties.
Volta is a mineral exploration company focused on becoming the leader in the identification, acquisition and exploration of gold properties in West Africa. The Company is committed to West African exploration and is Canadian-based with its head office in Toronto, Ontario and operations offices in Accra, Ghana and Ouagadougou, Burkina Faso. The Company currently has 53.2 million common shares issued and over $8.0 million in cash and marketable securities.
For further information, please refer to our website www.Voltaresources.com or contact:
Kevin Bullock, P.Eng., President & CEO
Tel: (416) 867-2299
Fax: (416) 867-2298
Email: kbullock@voltaresources.com
Investor Relations: Vancouver
Farah Alibhai
Tel: (604) 731-7340
Email: falibhai@voltaresources.com
Semafo (SMF.T) pouring 220,000-240,000 Oz gold in 2009
MONTREAL, Jan. 29 (CNW Telbec/)- SEMAFO (TSX: SMF) today provided a summary of its 2008 key operating highlights as well as the Company's production outlook for 2009:
- Gold production for 2008 totaled 195,500 ounces, establishing a production record and exceeding SEMAFO's guidance of between 165,000 and 185,000 ounces of gold.
- Average cash operating cost for 2008 is expected to be approximately $465 per ounce, which is in line with management's forecast and represents an improvement of 7% over 2007.
- SEMAFO's 2009 annual production plan is established at between 220,000 and 240,000 ounces of gold, an increase of approximately 18% over 2008.
- Average cash operating cost for 2009 is estimated to be between $435 and $475 per ounce.(1)
- Capital expenditures for 2009 are expected to be $13 million; including $4 million for the first phase of the Mana expansion project.
Footnote: (1) The average cash operating cost is based on material assumptions calculated as at December 31, 2008 and based on the following: an oil price of $0.90 per liter, $1.19 Canadian to the US Dollar, and $1.30 US dollar to one Euro, continued stable production at all three
mines.
"SEMAFO is looking forward to another strong year in 2009," said Benoit
La Salle, SEMAFO's President and CEO, "We intend to build upon our 2008
achievements, where we delivered record production and completed the smooth,
successful start-up of our new Mana mine. In 2008, our goal was to increase
gold production by 60% through steady quarterly growth. Not only did we
deliver on this promise, but we surpassed our objective, achieving an increase
of 84% over our 2007 production."
"We expect continued stable production at all three mines in 2009, with
the Mana mine to account for 55% of our total production" said Benoit
Desormeaux, SEMAFO's Executive Vice-President and COO. "In 2009, as part of
our expansion project at Mana, the purchase of additional mining equipment and
minor facility modifications will augment plant capacity to 6,000 tonnes per
day for saprolite ore. The delivery of mining equipment is expected at Mana in
the second quarter of 2009, while increased capacity at the plant is expected
be operational in the fourth quarter of 2009."
The Company closed out 9,000 ounces of gold sales contracts at a cost of
$4,525,000 using a portion of the December 2008 financing proceeds. The
Company is scheduled to retire all 22,100 outstanding gold sales contracts by
June 30, 2009. Currently, 7,100 ounces of these gold sales contracts remain
uncovered.
"SEMAFO remains committed to the effective management of its assets"
reiterated Mr. La Salle, "We will continue to focus on the diligent
administration of our finances in order to maximize liquidity and cash flow.
We are committed to increasing shareholder value through the delivery of solid
results all of which is a result of the strength and dedication of our
operational and management teams.
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.
FORWARD-LOOKING STATEMENTS
[omitting the obvious...]
For further information: SEMAFO: Benoit La Salle, President & CEO, (514)
744-4408, blasalle@semafo.com; Sofia St Laurent, Communications, (514)
744-4408, sstlaurent@semafo.com
"OLE on TSX..." I've forgotten how to generate the charts page. Several changes are needed, by now.
Correction: Not quite ALL of Orezone (OZN)...
[Iamgold (IAG) is effectively buying Orezone's main asset, the Essakane mine, with Iamgold shares but Orezone's other exploration properties are apparently to be spun off to pre-merger Orezone shareholders. See below.]
Orezone Closes Private Placement
Orezone Resources Inc. (OZN:TSX, AMEX) announces that is has closed its previously announced financing whereby IAMGOLD Corporation (IMG: TSX, IAG: NYSE) has purchased 71.4 million common shares of Orezone, on a private placement basis, at a price of Cdn$0.28 per share for total proceeds of approximately Cdn$20 million. IAMGOLD now holds approximately 16.6% of the outstanding common shares of Orezone. Orezone will use $10 million of the proceeds to continue development of the Essakane project and $10 million will be used to fund a new exploration company that will hold the non Essakane assets of Orezone and is being “spun out” to Orezone shareholders pursuant to the previously announced business combination between Orezone and IAMGOLD.IAMGOLD
Orezone also announces that it has called a special meeting of shareholders, to be held on February 18, 2009 in Toronto, to consider and if thought fit to approve, the business combination under which Orezone shareholders will receive 0.08 common shares of IAMGOLD plus a pro rata share of the new exploration company for each Orezone share held. A notice of the special meeting and accompanying management information circular and other materials are expected to be mailed on or about January 21, 2009. The transaction is expected to close by the end of February 2009.
Orezone is an explorer and emerging gold producer that owns Essakane and Bomboré, the two largest gold deposits in Burkina Faso, West Africa. Orezone also has a pipeline of developing projects, all located in politically stable areas of West Africa, one of the world’s fastest growing gold-producing regions. Orezone’s mission is to create wealth by discovering and developing the earth’s resources in an efficient and responsible manner.
For further information please contact Orezone at (613) 241-3699 or Toll Free: (888) 673-0663
Ron Little, CEO, rlittle@orezone.com
Janet Eastman, Manager IR, jeastman@orezone.com
[legal tedium re forward-looking & inferred etc., omitted here]
Lihir (LIHR, LGL.TO) pours gold in Cote d'Ivoire
7 October 2008 - LGL’s Bonikro operation pours first gold
Lihir Gold Limited (LGL) has commenced gold production at its Bonikro operation in Ivory Coast, with the first gold pour completed overnight (Monday 6 October).
LGL Managing Director Arthur Hood said the start of gold production at Bonikro was a significant milestone for the LGL group.
“Bonikro’s successful transition to a producing gold mine heralds a new era for LGL as a globally diversified producer,” he said. “We are confident this development represents the beginning of a long and highly productive presence for LGL in Ivory Coast.”
Commissioning of the processing facilities at Bonikro began on 22 August, with 24 hour operations commencing on September 15. Throughput is now running around the nameplate capacity of 2.4 million tonnes per year for oxide ore, with gold grades and plant recovery rates in line with expectations. Bonikro gold production in 2008 is expected to be approximately 50,000 ounces. In future years, annual gold production is expected to average 120,000 ounces, with the mine life currently estimated at 8 years.
LGL also holds extensive exploration acreage in the highly prospective Birimian greenstone belt in Ivory Coast, and positive exploration results within close proximity to Bonikro are expected to lead to an extension in the life of the operation.
Construction of the open pit gold mine and process plant at Bonikro commenced in May 2007 with oxide ore stockpiled for processing since mining operations began in October 2007. While the capital cost is yet to be finalised it is estimated to be in line with guidance at around A$103 million compared to the original estimate of A$97million, an outstanding outcome in the current construction environment.
LGL expects to provide further details of Bonikro’s progress in the Third Quarter Production Report in October 2008.
For further information contact:
Joe Dowling
GM Corporate Affairs
07 3318 3308
Joel Forwood
Investor Relations Manager
07 3318 3331
Semafo (SMF.TO) annual gold production up 84%
See:
http://www.semafo.com/press_releases_details.php?id=215
Record Gold Production of 195 500 ounces for 2008, 84% Higher than 2007
Montreal, Quebec, January 8, 2009 - Semafo inc. – SEMAFO (TSX: SMF) today announced that its gold production totaled 195,500 ounces in 2008, thereby establishing a production record, and exceeding the annual budget of guidelines between 165,000 to 185,000 ounces, and the 2007 production of 106,400 ounces. The increase over 2007, is primarily due to the successful start of the Mana Mine in April 2008.
“Semafo’s fourth quarter production total of 57,000 ounces set yet another record for the company, and represents a 3% increase over the last quarter. The Mana mine continues to make a strong contribution to our overall gold production results. We are pleased with the total production of 2008,” said Benoit Desormeaux, Executive Vice- President and COO. “We have very strong results and a new annual production record for the company; once again, a testimony to the strength and determination of our operating teams.”
“We are extremely pleased with the start up of the Mana Mine, which has allowed us to capture the benefits of a strong gold price environment. We are focused on maximizing the financial performance of each operating mines, and increasing shareholder value through organic growth and accretive acquisitions,” said Benoit La Salle, President and CEO.
Production numbers are preliminary and may be subject to final adjustment.
About SEMAFO
Semafo is a Canadian-based mining company with gold production and exploration activities located 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 values and strengthening relationships to increase shareholder value.
For more information contact:
MONTREAL:
Benoit La Salle,
President and CEO
Tel: (514) 744-4408
Fax: (514) 744-2291
E-mail: blasalle@semafo.com
Sofia St Laurent
Tel.: (514) 744-4408
Fax: (514) 744-2291
E-Mail: sstlaurent@semafo.com
More extensive information on Semafo can be found on our home page at http://www.semafo.com
==========================================
Oromin(OLE:V) finds 3 new gold deposits, good intersections
Oromin Explorations Ltd.
TSX: OLE
OTC Bulletin Board: OLEPF
Jan 12, 2009 20:15 ET
Oromin Explorations Ltd.: 2008 Drill Program Identifies Additional Gold Deposits at Sabodala-Currently Six Deposits Discovered by Oromin
2009 Prefeasibility and Advanced Exploration Drilling Program Now Underway
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2009) - Oromin Explorations Ltd. (TSX:OLE)(OTCBB:OLEPF) -
Highlights
- Three newly discovered gold deposits (Kerekounda, Niakafiri, Maki Medina) compliment three previous Oromin gold deposit discoveries (Masato, Golouma West, Golouma South)
- Resource update for all drilling to end of 2008 to be completed in January 2009, including 375 drill holes completed since initial resource calculations
- Prefeasibility study begins in January 2009
- Latest drilling results include:
-- 25 metres of 8.86 g/t gold in DH-312 at Masato
-- 14 metres of 4.53 g/t gold in RC-432 at Masato
-- 5 metres of 15.01 g/t gold and 9 metres of 5.26 g/t gold in DH-316 at Golouma South
-- 18 metres of 3.41 g/t gold in DH-371 at Golouma West
-- 9 metres of 15.51 g/t gold in DH-376 at Kerekounda
-- 6 metres of 35.41 g/t gold in DH-390 at Kerekounda
-- 4 metres of 5.24 g/t gold and 24 metres of 1.40 g/t gold in DH-369 at Niakafiri
-- 7 metres of 6.09 g/t gold and 55 metres of 1.52 g/t gold in RC-494 at Niakafiri
-- 13 metres of 2.51 g/t gold in DH-394 at Maki Medina
-- 3 metres of 6.50 g/t gold and 11 metres of 2.30 g/t gold in DH-395 at Maki Medina
Oromin Explorations Ltd. ("Oromin"), on behalf of the Oromin Joint Venture Group ("OJVG"), is pleased to announce additional results from the ongoing step-out and in-fill drilling program at its Sabodala Exploration Concession in eastern Senegal. Oromin's 2008 drilling program has focussed on resource definition and delineation at several of its numerous gold zones and gold deposits, including the Masato, Golouma West and Golouma South gold deposits from which the Project's initial NI 43-101 resource calculation was calculated, based on drilling results from 555 drill holes completed to the end of May 2008. Subsequent to that initial calculation, 375 additional drill holes have now been completed.
Oromin is planning an update to its Sabodala Project resource to include all drilling results to the end of December 2008 which should be completed by late January 2009. In addition to further drilling at all three previously established gold deposits, (Masato, Golouma West and Golouma South), Oromin has most recently focussed on drilling programs at Maki Medina, Kerekounda and Niakafiri Southeast. Based both on prior results and on current results reported here, each of these three targets has now been upgraded to deposit status; accordingly, their initial resources will now be included in the Project's overall total. Furthermore, preliminary drilling has also been undertaken at the Sekoto, Cloverleaf and Korolo gold zones, presently the next tier of priority targets leading into 2009. Results from the property-wide exploration program continue to support Oromin's original conceptual model of multiple gold deposits within the Sabodala Exploration Concession as a key component in the rapidly developing mineral district of eastern Senegal.
MASATO DEPOSIT
The greatest distribution of drilling since Oromin's initial resource calculation has been directed at the Masato Deposit (initial inferred resource estimate of 16.6 million tonnes grading 1.25 g/t gold for 670,000 ounces of contained gold). Drilling since the resource estimate has focussed on both in-fill and extensive step-out drilling along trend as well as both up-dip and down-dip of previous drilling. The Masato Deposit; multiple, sub-parallel mineralized horizons within a broad alteration zone, has been successfully drilled for over 2.0 kilometres of strike extent and to depths exceeding 200 metres and remains open both laterally and vertically.
Significant recently received results are shown in the following table:
-------------------------------------------------------------------------- Grid Azimuth/ From - To Interval GoldDrill Hole Co-ordinate Dip (m) (m) (g/t)--------------------------------------------------------------------------DH-306 58993N/4517E 110/-65 80-98 18 1.35 incl.94-98 4 2.90--------------------------------------------------------------------------DH-310 59616N/4588E 110/-50 12-17 5 1.95 22-27 5 4.21 incl.23-24 1 15.98 33-53 20 1.69 incl.37-42 5 4.15 64-69 5 2.36--------------------------------------------------------------------------DH-311 59785N/4722E 110/-50 26-44 18 1.38 incl.35-43 8 2.57--------------------------------------------------------------------------DH-312 59659N/4447E 110/-80 180-205 25 8.86 incl.183-195 12 17.26 incl.189-190 1 124.5--------------------------------------------------------------------------DH-315 59669N/4671E 110/-50 0-29 29 1.20 incl.25-28 3 3.16--------------------------------------------------------------------------DH-317 59745N/4460E 110/-77 189-199 10 1.35 incl.192-197 5 2.38 247-248 1 78.81--------------------------------------------------------------------------DH-334 59279N/4523E 110/-55 0-5 5 5.00 56-86 30 1.67 incl.64-73 9 3.95--------------------------------------------------------------------------DH-335 59786N/4498E 110/-60 114-123 9 5.70 incl.118-119 1 18.38--------------------------------------------------------------------------DH-340 59790N/4491E 110/-70 196-219 23 1.96 incl.205-218 13 3.02--------------------------------------------------------------------------DH-341 59791N/4490E 110/-80 51-62 11 2.88 incl.59-62 3 5.48--------------------------------------------------------------------------DH-383 59100N/4570E 110/-50 0-14 14 1.80 incl.6-14 8 2.55--------------------------------------------------------------------------RC-395 59507N/4582E 110/-50 0-16 16 2.19 incl.5-12 7 3.20 29-46 17 2.44 incl.34-39 5 6.44--------------------------------------------------------------------------RC-424 59577N/4568E 110/-70 141-154 13 2.50 incl.143-147 4 6.07--------------------------------------------------------------------------RC-426 59575N/4568E 110/-50 0-14 14 3.13 incl.9-12 3 8.38 24-49 25 1.08 incl.24-29 5 1.90--------------------------------------------------------------------------RC-428 59487N/4469E 110/-50 76-81 5 1.62 114-135 21 2.10 incl.125-134 9 3.97 155-172 17 1.35--------------------------------------------------------------------------RC-429 59410N/4454E 110/-75 137-164 27 1.64 incl.144-148 4 3.05--------------------------------------------------------------------------RC-430 59289N/4496E 110/-65 29-38 9 2.71 49-53 4 2.56 102-115 13 1.99 incl.112-115 3 5.89 121-129 8 3.49 incl.121-125 4 6.50--------------------------------------------------------------------------RC-432 59200N/4545E 110/-50 17-22 5 2.00 72-86 14 4.53 incl.77-83 6 8.45--------------------------------------------------------------------------RC-467 60301N/4818E 115/-50 86-114 28 1.38 incl.96-107 11 2.97--------------------------------------------------------------------------RC-469 59285N/4584E 110/-60 0-22 22 2.78 incl.0-5 5 7.30--------------------------------------------------------------------------RC-507 59015N/4570E 110/-65 27-35 8 1.40 39-56 17 1.84 incl.39-45 6 3.12--------------------------------------------------------------------------
Mineralized intervals are based on 1-metre composite samples utilizing a0.5 g/t gold cut-off level with a maximum internal dilution of 2 metres. Nocutting of gold assays has been employed for reported intervals. Theattitude of mineralized intervals varies and reported mineralizedintersections may not represent true widths.
GOLOUMA SOUTH DEPOSIT
A small number of new drill holes were recently completed at the Golouma South Deposit (initial inferred resource estimate of 1.8 million tonnes grading 3.61 g/t gold for 210,000 contained ounces of gold) and have successfully intersected mineralization at depth beyond previous drilling. Results include:
-------------------------------------------------------------------------- Grid Azimuth/ From - To Interval GoldDrill Hole Co-ordinate Dip (m) (m) (g/t)--------------------------------------------------------------------------DH-316 53116N/5033E 110/-70 199-204 5 15.01 incl.202-203 1 46.30 211-220 9 5.26 incl.216-219 3 9.60--------------------------------------------------------------------------DH-324 53138N/5045E 110/-60 170-174 4 3.56 231-233 2 85.10--------------------------------------------------------------------------DH-330 53138N/5045E 110/-75 190-199 10 2.84 incl.194-199 5 3.69--------------------------------------------------------------------------
Mineralized intervals are based on 1-metre composite samples utilizing a0.5 g/t gold cut-off level with a maximum internal dilution of 2 metres. Nocutting of gold assays has been employed for reported intervals. Theattitude of mineralized intervals varies and reported mineralizedintersections may not represent true widths.
GOLOUMA WEST DEPOSIT
One recent hole of significance has been completed at the Golouma West Deposit (initial inferred resource estimate of 6.7 million tonnes grading 2.38 g/t gold for 520,000 contained ounces of gold), testing for the down-dip, down-plunge extension to mineralization associated with the West Limb of the Golouma West Deposit. This drill hole, DH-371, returned an 18-metre interval grading 3.41 g/t gold from a downhole depth of 369 metres. Within this wide interval, a 7-metre portion graded 5.83 g/t gold. Considerable expansion potential remains to be tested here where the potential for underground mining beneath the planned Golouma West open pit will be evaluated.
KEREKOUNDA DEPOSIT
Results received to-date at Kerekounda have delineated a continuous shear-hosted vein system over a minimum strike extent of nearly 250 metres and to a minimum down-dip extent of approximately 200 metres. Previously announced results included 52.61 g/t gold over 9 metres in DH-360, 48.68 g/t gold over 4 metres in DH-367 and 25.34 g/t gold over 7 metres in RC-463.
The following table outlines the significant drilling results recently received from Kerekounda:
-------------------------------------------------------------------------- Grid Azimuth/ From - To Interval GoldDrill Hole Co-ordinate Dip (m) (m) (g/t)--------------------------------------------------------------------------DH-376 54601N/5520E 060/-45 46-55 9 15.51--------------------------------------------------------------------------DH-378 54601N/5520E 060/-65 35-42 7 12.87--------------------------------------------------------------------------DH-390 54583N/5439E 060/-60 139-145 6 35.41 incl.140-141 1 52.23 and 143-144 1 157.4--------------------------------------------------------------------------RC-484 54687N/5349E 060/-65 164-176 12 4.45 incl.168-169 1 15.98 and 175-176 1 25.96--------------------------------------------------------------------------
Mineralized intervals are based on 1-metre composite samples utilizing a0.5 g/t gold cut-off level with a maximum internal dilution of 2 metres. Nocutting of gold assays has been employed for reported intervals. Theattitude of mineralized intervals varies and reported mineralizedintersections may not represent true widths.
Oromin management is encouraged by this early-stage drilling success at Kerekounda. Based on the present geometry, continuity of the mineralized intersections and the high-grade nature of the results received to-date, Oromin considers this as an early-stage underground mining opportunity that will enhance and compliment the previously announced preliminary resources at their Masato, Golouma West and Golouma South gold deposits. The Kerekounda discovery is located 1.5 kilometres north of the Golouma South deposit.
NIAKAFIRI DEPOSIT
Oromin's Niakafiri Deposit is a direct extension of neighbouring Mineral Deposits Limited's Niakafiri Deposit which has been reported to contain approximately 540,000 ounces of gold. Oromin's portion of this gold deposit has been partially tested by grid-based drilling along a 500-metre strike extent to-date. Oromin believes that the Niakafiri Deposit lies within an approximate 8 kilometre structural trend that crosses both Oromin's and MDL's land holdings, with Oromin's Masato Deposit representing the northern portion and the Niakafiri Deposit representing the southern portion. Drilling results received to-date suggest gold mineralization at Niakafiri is very similar to that observed at the Masato Deposit: multiple, sub-parallel strike and depth, and extensive, mineralized horizons within a broad structurally controlled alteration zone.
Significant results received to-date at Niakafiri are shown in the following table:
-------------------------------------------------------------------------- Grid Azimuth/ From - To Interval GoldDrill Hole Co-ordinate Dip (m) (m) (g/t)--------------------------------------------------------------------------DH-359 55857N/3217E 105/-50 48-59 11 1.46 incl.57-59 2 3.96--------------------------------------------------------------------------DH-369 55747N/3146E 105/-50 81-85 4 5.24 106-130 24 1.40 incl.112-118 6 2.79--------------------------------------------------------------------------DH-374 55699N/3174E 105/-50 2-15 13 1.74 incl.10-14 4 4.29 20-26 6 2.02 42-45 3 2.01--------------------------------------------------------------------------DH-377 55807N/3110E 105/-50 154-162 8 2.07--------------------------------------------------------------------------DH-381 55674N/3120E 105/-50 80-85 5 1.80--------------------------------------------------------------------------DH-388 55876N/3143E 105/-50 169-177 8 1.79 incl.170-171 1 8.06--------------------------------------------------------------------------DH-408 55516N/3115E 105/-50 105-114 9 1.92 incl.105-107 2 3.64--------------------------------------------------------------------------RC-399 55777N/3194E 105/-50 16-45 29 1.15 incl.17-22 5 2.44 30-34 4 2.27--------------------------------------------------------------------------RC-471 55785N/3158E 105/-50 5-19 14 1.29 incl.6-10 4 2.63 118-136 18 1.68 incl.118-125 7 3.43--------------------------------------------------------------------------RC-473 55845N/3255E 105/-50 2-39 37 2.28 incl.17-25 8 6.37--------------------------------------------------------------------------RC-474 55758N/3108E 105/-50 160-182 22 1.28 incl.169-181 12 1.70 incl.176-181 5 2.33--------------------------------------------------------------------------RC-476 55711N/3136E 105/-50 119-129 10 1.36 incl.124-128 4 2.34--------------------------------------------------------------------------RC-488 55621N/3159E 105/-50 68-77 9 2.05--------------------------------------------------------------------------RC-490 55765N/3154E 105/-50 7-35 28 1.39 incl.20-23 3 2.96 106-118 12 1.26 incl.117-118 1 7.54 207-215 8 2.67--------------------------------------------------------------------------RC-494 55594N/3125E 105/-50 32-39 7 6.09 171-176 5 1.44 189-197 8 1.35 210-265+ 55+ 1.52 incl.256-265+ 9+ 3.84--------------------------------------------------------------------------
Mineralized intervals are based on 1-metre composite samples utilizing a0.5 g/t gold cut-off level with a maximum internal dilution of 2 metres.The attitude of mineralized intervals varies and reported mineralizedintersections may not represent true widths.
MAKI MEDINA DEPOSIT
The Maki Medina Deposit is coincident with a gold-in-soil geochemical anomaly covering approximately 1.2 kilometres in strike extent of which the central 900 metres has been partially tested by wide spaced initial drilling. Maki Medina is located 2.0 kilometres south westerly from the Niakafiri Deposit and may represent a southward extension of the same regional structural control hosting Oromin's Masato and Niakafiri Deposits.
Significant results from recent wide-spaced drilling at Maki Medina are shown in the following table:
-------------------------------------------------------------------------- Grid Azimuth/ From - To Interval GoldDrill Hole Co-ordinate Dip (m) (m) (g/t)--------------------------------------------------------------------------DH-394 53717N/1985E 110/-50 105-118 13 2.51 incl.106-112 6 3.92--------------------------------------------------------------------------DH-395 53727N/1956E 110/-50 52-55 3 6.50 136-147 11 2.30 incl.139-142 3 3.87--------------------------------------------------------------------------DH-402 54025N/2050E 110/-50 53-61 8 1.65 incl.56-58 2 4.37--------------------------------------------------------------------------RC-437 53323N/1846E 110/-50 16-25 9 1.23 incl.16-18 2 2.87--------------------------------------------------------------------------RC-443 53850N/2071E 110/-50 33-43 10 1.85 incl.38-42 4 3.16--------------------------------------------------------------------------RC-444 53778N/2047E 110/-50 44-56 12 1.35 incl.46-51 5 2.24--------------------------------------------------------------------------RC-446 53907N/2040E 110/-50 72-77 5 1.49--------------------------------------------------------------------------RC-448 54064N/2061E 110/-50 19-22 3 1.49 44-55 11 1.46--------------------------------------------------------------------------RC-449 54139N/2088E 110/-50 59-64 5 1.75--------------------------------------------------------------------------RC-452 53529N/1918E 110/-50 147-154 7 1.68--------------------------------------------------------------------------
Mineralized intervals are based on 1-metre composite samples utilizing a0.5 g/t gold cut-off level with a maximum internal dilution of 2 metres.The attitude of mineralized intervals varies and reported mineralizedintersections may not represent true widths.
Oromin's geological and sub-contracted drilling crews have initiated remobilization to Sabodala to begin the 2009 advanced exploration program and Prefeasibility Study.
Doug Turnbull, P. Geo., a "qualified person" for the purposes of National Instrument 43-101, has verified the data disclosed in this news release. William Bond, P. Geo., also a "qualified person" for the purposes of National Instrument 43-101, has supervised geologic field procedures. TSL Laboratories in Saskatoon carried out all assaying under industry-standard QA/QC procedures.
To find out more about Oromin Explorations Ltd., visit www.oromin.com. Please refer to the maps which set out the Sabodala deposits and zones under "investor info/articles and reports" on the website, and our previous news releases, for additional project information.
On behalf of the Board of Directors of OROMIN EXPLORATIONS LTD.
Chet Idziszek, President
Cautionary Statement
[obvious tedium omitted]
For more information, please contact
Oromin Explorations Ltd.
David Scott
Investor Relations
(604) 331-8772 or Toll Free: 1-877-529-8475
(604) 331-8773 (FAX)
Email: dscott@mine-tech.com
Website: www.oromin.com
Alas, on BQI, I achieved only about 1/3 of that hope, then lost that. I failed to sell BQI (at or near the top) ... like to buy, don't like to sell things. I still have BQI at a loss, waiting for the Saskatch oil(tar) boom...
That's a nice picture of the "Golden Rectangle" -- made of an infinite number of different-sized squares. It's sides are in the "golden proportion" allegedly used in the design of the Parthenon and other famous old things. Unlike stock prices, it actually does have something to do with Fibonacci numbers.
Red Back Production up 76%, 53% in 2009
Red Back Mining Inc.
Red Back 2008 Production 76% Above 2007, 2009 Production to Grow by a Further 53%
TSX: RBI
Jan 13, 2009 13:01 ETRed Back 2008 Production 76% Above 2007, 2009 Production to Grow by a Further 53%
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2009) - Red Back Mining Inc. (TSX:RBI) (the "Company" or "Red Back") is pleased to provide the following update on the Company's 2008 production and anticipated 2009 production.
In 2008 Red Back achieved record gold production. The Chirano Gold Mine in Ghana produced 120,793 oz and the Tasiast Gold Mine in Mauritania, in its first full year of operations, produced 140,054 oz, for a Company total of 260,847 oz. This represents an increase of 76% over 2007 production of 148,008 oz.
Cash operating costs are still being calculated, however are expected to be in line or better than the forecast of $450 per oz set out in the September 2008 quarterly report.
For 2009, the Company is forecasting production of 170,000 oz at Chirano and 230,000 oz at Tasiast for a Company total of 400,000 oz, a 53% increase over 2008 levels. Cash operating costs at Chirano are expected to be in the range of $480 per oz whilst Tasiast will produce at a cost of approximately $320 per oz. The Company average cash operating cost for 2009 is therefore anticipated to be approximately $385 per oz.
Commenting, Richard Clark, President and CEO of the Company stated:
"Management and the Board of Directors of Red Back are very pleased with the Company's performance in 2008. Results are substantially in line with our forecasts to the market and confirm our expectations for both Chirano and Tasiast going into 2009. We remain on track to achieve production levels of 400,000 oz in 2009 growing to approximately 500,000 oz in 2010."
About Red Back
Red Back Mining Inc. is an unhedged African focused gold producer. It owns and operates the Chirano Gold Mine in Ghana (90% interest) and the Tasiast Gold Mine in Mauritania (100% owned). Major plant expansions at both Chirano and Tasiast are advanced. An aggressive exploration program aimed at increasing the Company's resource and reserve base at both Chirano and Tasiast is continuing.
FORWARD-LOOKING INFORMATION
[obvious tedium omitted]
On behalf of the Board of Directors:
Richard P. Clark, President
For more information, please contact
Red Back Mining Inc.
Simon Jackson
VP-Corporate Development
(604) 689-7842
or
Red Back Mining Inc.
Sophia Shane
Investor Relations
(604) 689-7842
(604) 689-5452 (FAX)
Website: www.redbackmining.com
Perseus cuts processing cost in Ghana
Australian explorer lowers Ghana gold project’s capital cost
Miningweekly:
Last Updated: Tuesday, 13 January 2009, 6:33 GMT Previous Page
ASX-listed Perseus Mining capital cost estimates of its Ayanfuri gold project, in Ghana, fell by 23% with the introduction of heap-leach production into the project’s feasibility projections, the gold explorer said on Monday.
The new coarse grind flotation process route would result in material reductions to power, grinding media, cyanide, and other consumable costs, reducing the overall processing cost by an estimated 34%, excluding heap leach.
Perseus MD Mark Calderwood stated that the substantial reduction in processing costs would likely increase the Ayanfur project’s potential life-of-mine, by expanding pit sizes when the next optimisation was run.
“This would be complemented by a review of mining costs in light of the significant reduction in fuel costs, the increasingly competitive contract mining industry, and more favourable terms from new equipment suppliers.”
An average gold production of 206 000 oz/y was expected for the first eight years of full production, including 493 000 oz in the first two years. A processing rate of about 4,5-million tons a year was also expected for the flotation carbon-in-leach (CIL), and up to 1,4-million tons a year for the heap-leach.
About 4,9-million tons of oxide and oxide-transition material would be treated through the company’s existing uninstalled heap-leach plant, and the 76% recovery rate achieved from the previous heap-leach mining operation had been assumed.
A new mining schedule would also allow for heap leaching to start nine months before completion of the main processing plant. Calderwood estimated that by the time the heap leaching started, cumulative capital expenditure of $60-million would have been incurred, increasing to about $134-million before the flotation-CIL circuit was commissioned.
Gold resources at the Ayanfuri project have been estimated at 3,9-million ounces.
Credit: Esmarie Swanepoel
Source: Miningweekly.com
Iamgold (IAG) buying all of Orezone (OZN)
Press Release Source: IAMGOLD Corporation
IAMGOLD Expands Presence in West Africa and Announces Appointment of Senior Vice President, African Operations
Thursday January 8, 2009, 11:04 am EST
Yahoo! Buzz Print Related:IAMGOLD Corp.
TORONTO, ONTARIO--(MARKET WIRE)--Jan 8, 2009 -- IAMGOLD Corporation ("IAMGOLD") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce the appointment of Brian Chandler as Senior Vice President, African Operations. Brian will lead the expansion of IAMGOLD's presence on the African continent, in the role of Managing Director, IAMGOLD Africa.
Related Quotes
Symbol Price Change
IAG 5.78 +0.05
{"s" : "iag","k" : "c10,l10,p20,t10","o" : "","j" : ""} Brian is a professional engineer with 25 years' experience in many aspects of the mining industry, working in both underground and open pit mining operations and development projects in Canada, Ireland and Africa. He has been a consultant to IAMGOLD over the past 8 months and was instrumental in the operational improvements at our Mupane gold mine in Botswana, where costs were significantly reduced this year through efficiencies; cash operating costs of US$408/oz for the nine months ended September 30, 2008 compared with US$572/oz a year earlier.
Brian will be establishing an IAMGOLD Corporate Office in Africa, initially in Dakar, from which he will be responsible for IAMGOLD's African operations and for building relationships with joint venture partners, governments and local communities. Brian will also take the lead in driving IAMGOLD's growth strategy in West Africa, one of IAMGOLD's key focus areas.
IAMGOLD currently has interests in two gold mines in Mali, two in Ghana and one in Botswana. In 2008, about half of IAMGOLD's global gold production was from these African operations.
Moving forward, IAMGOLD will further its position as a leading gold player in West Africa upon completion of the recently announced transaction with Orezone Resources Inc. ("Orezone"). Under the proposed transaction, IAMGOLD would acquire, via a plan of arrangement, all of the outstanding common shares of Orezone Resources Inc. in a supported, all-share transaction (the "Transaction"). Completion of the Transaction is expected in late February, subject to, among other things, the approval by the shareholders of Orezone at a special meeting of shareholders of Orezone, and final court approval.
On completion, IAMGOLD would own a 90% interest in the fully permitted, 4 million ounce Essakane gold project, located in Burkina Faso, West Africa, with the Burkina Faso Government holding the remaining 10%. Construction commenced in September of 2008 for a mine that will contribute average gold production of over 300,000 ounces per year over a minimum nine-year mine life. Full production is anticipated in late 2010. IAMGOLD's newly appointed Managing Director, IAMGOLD Africa, Brian Chandler will play a leading role in the integration and construction of the Essakane gold project.
"We are pleased to have an experienced mining executive join us to further establish our presence in West Africa. Brian further expands our executive team and has the mining expertise and experience to deliver on our aggressive growth objectives in Africa," commented Joseph Conway, IAMGOLD's President & CEO.
ABOUT IAMGOLD
IAMGOLD is a leading mid-tier gold mining company producing almost one million ounces from 7 mines on 3 continents. IAMGOLD is focused on growth with a target to reach 1.8 million ounces gold production by 2012. IAMGOLD is uniquely positioned, with a strong financial base, together with the management and operations expertise to execute on our aggressive growth objectives. IAMGOLD is focused in West Africa, the Guiana Shield of South America and in Quebec, Canada with a pipeline of development and exploration projects. IAMGOLD continues to assess accretive acquisition opportunities with a strategic fit. IAMGOLD is listed on the Toronto Stock Exchange ("IMG"), the New York Stock Exchange ("IAG") and the Botswana Stock Exchange.
Please note:
This entire press release may be accessed via fax, e-mail, IAMGOLD's website at http://www.iamgold.com/ and through Marketwire's website at http://www.marketwire.com/. All material information on IAMGOLD can be found at http://www.sedar.com/ or at http://www.sec.gov/.
Si vous desirez obtenir la version francaise de ce communique, veuillez consulter le http://www.iamgold.com/fr/accueil.html.
Contact:
Contacts:
IAMGOLD Corporation
Elaine Ellingham
SVP, Investor Relations & Communications
(416) 360-4712 or Toll Free: 1-888-IMG-9999
(416) 360-4750 (FAX)
Email: info@iamgold.com
Website: http://www.iamgold.com
Avnel (AVK.TO) resumes gold production at Kalana, Mali
from Commodity Online
Avnel Gold Mining resumes production in Mali
2009-01-10 20:00:00
NEW DELHI:
Avnel Gold Mining has reported that production has resumed at its Kalana mine in Mali following mechanical problems.
The fault that halted production at the mine’s number two shaft has now been fixed and the gold mining firm has restarted the mill on its property having suspended operations in December 2008 in order to mend the winder gearbox.
Covering 387 km sq, the Kalana property is home to the Kalana mine, which produced around 80,000 ounces of gold between 1985 and 1991 and was re-commissioned by Avnel in 2003, with production starting the following year.
Listed on the Toronto Stock Exchange under the ticker AVK, Avnel Gold Mining owns and operates the Kalana exploration permit in Mali through its 80 per cent-owned Somika subsidiary.
Keegan (KGN.TO) updates on its Ghana properties
http://www.keeganresources.com/s/NewsReleases.asp?ReportID=331554&_Type=&_Title=KEEGAN-PROVIDES-PROJECT-UPDATES-FOR-GHANIAN-GOLD-PROJECTS
Etruscan's Youga Gold Mine production exceeds 21,000 ounces in Q4
HALIFAX, Dec. 4 /CNW/ - Etruscan Resources Inc. (EET.TSX) reported today that its Youga Gold Mine located in Burkina Faso, West Africa poured 7,136 ounces of gold for the month of November finishing its 4th quarter with 21,165 ounces poured. The average forecast monthly gold production over life of mine
is 6,700 ounces per month. The operation has been steadily improving and has now reached design throughput with the last two months of production exceeding 7,000 ounces per month.
The Youga Gold Mine has poured in excess of 39,200 ounces during the period March 1 - November 30, 2008 and commenced commercial production in July 2008. The production statistics to the end of November are as follows:
<<
-------------------------------------------------------------------------
2nd 3rd 4th
Quarter Quarter Quarter
-------------------------------------------------------------------------
(March- (June- September October November(*) Total(*)
May) August)
-------------------------------------------------------------------------
Tonnes
Milled 164,500 183,851 74,054 82,120 82,484 238,658
-------------------------------------------------------------------------
Head
Grade
(g/t) 1.59 2.43 3.51 3.17 2.98 3.21
-------------------------------------------------------------------------
Gold
Poured
(oz) 6,229 11,823 6,572 7,457 7,136 21,165
-------------------------------------------------------------------------
(*)Note: Production numbers are preliminary and are subject to final
adjustment
>>
During the 4th Quarter Etruscan sold 18,970 ounces of gold realizing gross revenues of US$ 13.9 million. The costs for the quarter are yet to be finalized, but there is a clear trend of declining unit costs as gold output
increases.
The Youga Gold Mine currently comprises open pit mining from five pits with the ore being processed though a conventional CIL/gravity plant having a design capacity of one million tonnes per annum. Mineable reserves are 6.6 million tonnes with an average grade of 2.7 grams per tonne containing 580,000
ounces of gold. The project benefits from a year-round water supply from a nearby major river system (the White Volta) and access to grid power supplied via the northern grid of the Volta River Authority in Ghana is forecast for the first quarter 2009. The current diesel powered generator system will then
act as a back-up power plant to ensure constant power to the site. The Youga facility has been designed for maximum operating availability and in particular, the mill drive system was supplied new with a second new drive train (motor and gearbox) being stocked as a spare.
Robert Harris, P.Eng., Vice President of Operations of Etruscan, is the Qualified Person overseeing production and development in West Africa and South Africa and has reviewed and approved this press release.
About Etruscan Resources Inc.
Etruscan Resources Inc. is a gold focused Canadian junior mining company
with dominant land positions in district scale gold belts covering more than
13,000 square kilometers in West Africa. Its principal mine development
projects include the Youga Gold Project in Burkina Faso (latest press release
dated December 1, 2008), the Agbaou Gold Project in Côte d'Ivoire (latest
press release dated February 21, 2008), and the Finkolo Gold Project in Mali
(latest press release dated July 2, 2008). Advanced and early stage
exploration projects are on-going in Burkina Faso, Mali, Côte d'Ivoire, Ghana
(see press release dated June 10, 2008) and Namibia (see press release dated
October 24, 2008). See press release dated May 6, 2008 for a comprehensive
update of explorations projects. Etruscan also has a 52.1% interest in
Etruscan Diamonds Limited which has a dominant land position in the
Ventersdorp Diamond District located in South Africa (latest press release
dated September 11, 2008). The common shares of Etruscan are traded on The TSX
Exchange under the symbol "EET". More extensive information on Etruscan can be
found on its home page at http://www.etruscan.com
This press release may contain certain forward-looking statements which
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward-looking
statements may include statements regarding exploration results and budgets,
mineral reserve and resource estimates, work programs, capital expenditures,
mine operating costs, production targets and timetables, future commercial
production, strategic plans, market price of precious metals or other
statements that are not statements of fact. Although the Company believes the
expectations reflected in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to have been correct.
Various factors that may affect future results include, but are not limited
to: fluctuations in market prices of precious metals; foreign currency
exchange fluctuations; risks relating to mining exploration and development
including reserve estimation and costs and timing of commercial production;
requirements for additional financing; political and regulatory risks, and
other risks and uncertainties described in the Company's annual information
form filed with the Canadian Securities regulators on SEDAR (www.sedar.com).
Accordingly, readers should not place undue reliance on forward-looking
statements.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
RELEASE
For further information: Etruscan: Richard Gordon, Investor Relations,
(877) 465-3674, Fax (902) 832-6702, rgordon@etruscan.com
Semafo Announces Record Gold Production for November
Montreal, Quebec, December 4, 2008 – SEMAFO (TSX: SMF) reported today that the Company produced a record 21,000 ounces of gold during the month of November, 2008. The Mana mine produced a record 11,000 ounces of gold during the month, representing a 10% increase over the previous month. Production from the Samira Hill and Kiniero mines totaled 6,400 and 3,600 ounces of gold respectively.
“The Mana mine continues to make a strong contribution to our overall gold production results,” said Benoit Desormeaux, Executive Vice-President and COO. “These strong results are an ongoing demonstration of our operating team’s ability to deliver production results that not only meet but exceed expectation, and will contribute to what we anticipate to be another solid quarter.”
Management recently increased its 2008 annual production guidance to between 185,000 to 195,000 ounces of gold.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding expectations of the Company as to the market price of gold, strategic plans, future commercial production, production targets, timetables, mining operating expenses, capital expenditures, and mineral reserve and resource estimates. Forward-looking statements involve known and unknown risks and uncertainties and accordingly, actual results and future events could differ materially from those anticipated in such statements. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, fluctuations in the market price of precious metals, mining industry risks, uncertainty as to calculation of mineral reserves and resources, risks related to hedging strategies, risks of delays in construction, requirements of additional financing and other risks described in the Company’s documents filed from time to time with Canadian securities regulatory authorities. Although the Company is of the opinion that these forward-looking statements are based on reasonable assumptions, those 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 Annual Information Form of the Company and other filings of the Company 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.
About SEMAFO
Semafo is a Canadian-based mining company with gold production and exploration activities located 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 values and strengthening relationships to increase shareholder value.
For more information contact:
MONTREAL:
Benoit La Salle,
President and CEO
Tel: (514) 744-4408
Fax: (514) 744-2291
E-mail: blasalle@semafo.com
RENMARK:
Maurice Dagenais
Tel.: (514) 939-3989
Fax: (514) 939-3717
E-Mail: mdagenais@renmarkfinancial.com
More extensive information on Semafo can be found on our home page at http://www.semafo.com
Robex (RBX.V) doubled today, C$0.02 to C$0.04.
Thanks -- Sierra Gold Corp. added to board header:
Sierra Gold (SGCP on the Pink Sheets) http://www.sierragoldcorp.com/ Sierra Leone
Axmin (AXM.V) increases Komahun, Sierra Leone gold
AXMIN Inc.: Komahun Project, Sierra Leone Resource Update Significant Increase in Grade and Ounces
Thursday September 18, 7:30 am ET
TORONTO, ONTARIO--(MARKET WIRE)--Sep 18, 2008 -- AXMIN Inc. (CDNX:AXM.V - News) is pleased to report significant increase in mineral resource ounces and grade at the Komahun Gold Project, Nimini Hills JV, Sierra Leone. In addition for the first time the mineral resource estimate includes an Indicated Mineral Resource of 370,000 tonnes grading 9.1 g/t Au (110,000 ounces) and an Inferred Mineral Resource of 3.1 million tonnes grading 4.3 g/t Au (435,000 ounces). This compares to the previous Inferred Mineral Resource estimate of 4.9 million tonnes grading 2.5 g/t Au (392,000 ounces) (press release October 5, 2006).
Mario Caron, President and Chief Executive Officer comments "The increase in both global resources and in particular the grade at Komahun will have a significant impact on the potential for future development as an underground mining project. Development should also be facilitated by mineralised widths which mostly range from 2.5 to 7 metres and the steep surface topography which can be beneficial for easy access by adit and decline. AXMIN has initiated a third party scoping study that will investigate production levels in the range of 60,000 to 80,000 ounces per annum and in addition will help to guide the next round of exploration."
The mineral resource estimate has utilized all drilling to date totaling 168 core holes, for a total of 22,370 metres. The bulk of the resource lies within the central 300 metres strike length of the Komahun structure where modeling has been taken to depths of up to 400 metres from surface. To view the Geology and Collar Plan of the Komahun Project, please visit the following link: http://media3.marketwire.com/docs/axminb.jpg.
In this central zone, the mineralisation occurs within three sub-vertical structures with modeled widths ranging from 1.5 to 12 metres, but typically within the range of 2.5 to 7 metres and is open at depth. Gold is associated with quartz-sulphide veins and disseminated sulphides within a 50 metre wide, northeast-southwest trending shear zone located predominantly in Archaean age amphibolites, banded ironstones and talc schists. Correlation of the sub-vertical lithologies is facilitated by the thin banded ironstone units that form well defined markers. Mineralisation is sub-parallel to lithology and consists of predominantly unweathered sulphide material. Preliminary metallurgical testwork on the sulphide mineralisation suggests that recovery levels in excess of 90% may be achievable (see press release August 27, 2007).
The in situ mineral resource estimate at a plus 1.8 g/t Au cut off was undertaken by independent consultant, SRK Consulting (UK) Ltd ("SRK"), using robust three dimensional interpretations with grade interpolation carried out using Ordinary Kriging. The cut off grade reflects modeling parameters suitable for underground mining. The estimates have been prepared under the guidelines of National Instrument 43-101 and accompanying documents 43-101.F1 and 43-101.CP.
---------------------------------------------------------------------------
Category Tonnes Grade Contained Gold
(million) (g/t Au) (oz)
---------------------------------------------------------------------------
Indicated Mineral Resource 0.37 9.1 110,000
---------------------------------------------------------------------------
Inferred Mineral Resource 3.10 4.3 435,000
---------------------------------------------------------------------------
The Komahun Gold Project lies within the Nimini Hills licences which are held under a joint venture agreement with AFCAN Barbados Limited, a subsidiary of Eldorado Gold Corporation (Toronto:ELD.TO - News)(ASX:EGO.AX - News). Under the terms of the joint venture, Eldorado has elected not to participate in ongoing exploration expenditures. As a consequence AXMIN may increase its level of ownership in the project from 60% to 80% by completing a bankable feasibility study.
This press release has been reviewed by an in-house qualified person, Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom; Independent SRK consultant Mr. Martin Pittuck, MSc, C,Eng, MIMMM, Principal Resource Geologist is a Qualified Person under the National Instrument 43-101, and is responsible for the Komahun Gold Project mineral resource estimate.
About AXMIN
AXMIN is a Canadian exploration and development company with a strong focus on central and west Africa. AXMIN's goal is to rapidly move its Passendro Gold Project in the Central African Republic towards production. AXMIN is positioned to grow in value as it develops its project pipeline in parallel pursuing new opportunities to increase its asset base. For more information regarding AXMIN visit our website at www.axmininc.com.
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, are forward-looking statements that involve various risks and uncertainties. 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. Important factors that could cause actual results to differ materially from AXMIN's expectations are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities. AXMIN disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
AXMIN Inc.
Mario Caron
President & CEO
(416) 368-0993 ext 223
AXMIN Inc.
Judy Webster
Manager Investor Relations
(416) 368-0993 ext 221
Email: ir@axmininc.com
Website: http://www.axmininc.com
Source: Axmin Inc.
SearchGold (RSG.V) gets 3rd Burkina field; now 636Km2
SearchGold Resources Inc.
TSX VENTURE: RSG FRANKFURT: S10
Sep 17, 2008 09:20 ET
SearchGold Acquires Third Gold Permit in Burkina Faso; Controls Total of 636 Km2 in the Country
MONTREAL, QUEBEC--(Marketwire - Sept. 17, 2008) - SearchGold Resources Inc. (TSX VENTURE:RSG) (FRANKFURT:S1O) is pleased to announce the acquisition of a third exploration permit for gold in Burkina Faso in West Africa. With this new permit known as Zitenga II, SearchGold now controls 636 km2 in Burkina Faso, a country very prospective for gold characterized by the presence of birimian greenstone belts recognized for their auriferous potential.
SearchGold President and CEO Philippe Giaro stated, "This acquisition confirms SearchGold's intention to increase its presence in West Africa, through strengthening the development of exploration activities. The new property provides the Company with access to favourable rock sequences and will be developed in parallel with the advancement of the Bakoudou gold project in Gabon, a partnership between Managem and SearchGold."
Directly accessible by road, Zitenga II's surface area is 184 km2, located approximately 40 km northeast of Ouagadougou, Burkina Faso's capital (see attached figure 1: http://media3.marketwire.com/docs/rsg_fig1.pdf .
This third permit, obtained through direct application to the Ministry of Mines of Burkina Faso provides SearchGold 100% interest here; interests in the Dou and Taouremba properties are likewise 100%.
SearchGold's Zitenga II permit is located at the eastern extremity of a gold rich sequence host to the Kalsaka deposit, owned by Cluff Gold and with a NI 43-101 compliant proven and probable reserves of 0.3 Moz Au : 5.1 Mt @ 2.00 g/t Au; measured resources of 0.3 Moz Au : 6.2 Mt @ 1.70 g/t Au; indicated resources of 0.3 Moz Au : 5.9 Mt @ 1.5 g/t Au (see attached figure 2: http://media3.marketwire.com/docs/rsg_fig2.pdf .
West Africa, and specifically Burkina Faso, is recognized for its gold potential. High River Gold Mines Ltd., for example, commenced production from the Taparko gold deposit in July 2007 (proven and probable reserves of 1.4 Moz Au: 15.4 Mt @ 2.90 g/t Au). Three more recently outlined gold deposits are Etruscan Resources Inc.'s Youga deposit; Semafo Inc.'s Mana deposit and Wega Mining Inc.'s Inata deposit. Furthermore, other historically renowned regions such as the Poura mine (previously government operated before closing in 1999), produced over 800,000 ounces of gold, confirming the country's potential.
A recent property visit to Zitenga II confirmed that the property straddles the volcanic-granite contact (see attached figure 3: http://media3.marketwire.com/docs/rsg_fig3.pdf . Several geochemistry stream samples have returned anomalous values and all potential structures will be systematically investigated.
Detailed geological maps of the Company's previously acquired Dou and Taouremba permits (see news release dated June 26, 2008) are shown in figure 4: http://media3.marketwire.com/docs/rsg_fig4.pdf .
About SearchGold Resources Inc.
SearchGold Resources is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Africa. The expansion strategy executed in 2006 has set the stage for the Company's development in 2007 through increased activity on the advanced projects, a new acquisition and the segmentation of its activities to unlock value for its shareholders. SearchGold's diamond assets were re-organized along with Mano River Resources Inc., to create an integrated diamond company called Stellar Diamonds Limited of which SearchGold holds 2.7 million shares. SearchGold's Canadian gold assets were also re-organized through the creation of Golden Share Mining Corporation (GSH-TSXV), a dynamic junior exploration company focused on gold exploration in Canada. In 2008, SearchGold has been advancing its gold projects primarily in Gabon and adding exploration assets in Burkina Faso. Shares of SearchGold Resources Inc. are listed for trading on the TSX Venture Exchange as "RSG"; and the Frankfurt Stock Exchange as "S1O".
If you would like to receive press releases via e-mail please contact: info@searchgold.ca.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
SearchGold Resources Inc.
Philippe Giaro
President & CEO
32-473-52-30-29
phgiaro@skynet.be
or
SearchGold Resources Inc.
Denis Tremblay
Vice-President
514-866-4224
info@searchgold.ca
http://www.searchgold.ca
or
CHF Investor Relations
Alison Tullis
Senior Account Manager
416-868-1079 x233
alison@chfir.com
Volta Resources (VLR.V) now, no more Birim or Goldcrest
Thanks, Tackler. I put African Aura into this board's header under "traded in Canada, active in other or multiple countries". (You could do this too since you're also an "assistant" like me.)
African Aura has only been trading publicly on the Venture Exchange for just over a month. Volume low.
Castle Minerals (CDT in Sydney) find in Ghana
See: http://www.minebox.com/story.asp?articleId=11218
Gold discovery at Akoko North, Ghana (MineBox)
Castle Minerals project locations [map]
Castle Minerals Ltd is has announced that first pass drilling at Akoko North has intersected significant open ended shallow gold mineralisation over 1,000m of strike. Castle Minerals Ltd is a gold exploration Company with seven project areas covering more than 2,000km² in Ghana, West Africa.
Five, 200m spaced drill fences were completed with significant gold mineralisation intersected on all lines. The mineralised zone is open in all directions.
Intercepts of note include:
2m @ 2.66g/t gold from 15m (ANRC 04)
17m @ 2.29g/t gold from 5m (ANRC 06)
18m @ 2.17g/t gold from 3m (ANRC 07)
10m @ 1.11g/t gold from 42m (ANRC 07)
11m @ 6.65g/t gold from 50m (ANRC 08)
10m @ 1.50g/t gold from 40m (ANRC 13)*
20m @ 0.80g/t gold from 30m (ANRC 18)*
Castle Managing Director Mike Ivey said “these results are very promising; consecutive intercepts at 200m line spacing suggests a large gold system may exist.
The near surface results have obvious economic potential whilst the deeper intercept in hole ANRC 08 (11m @ 6.65 g/t) is from a sulphide zone that provides promise of high grade primary gold mineralisation.
This is the first drill program at Akoko North and as well as following up these results we have numerous other targets that require testing.”
Mineralisation is hosted by lateritized to strongly altered fresh basalts and andesites with variable amounts of quartz veining, silicification and pyrite. A program of infill drilling is being prepared.
The 20 hole reverse circulation drilling program was designed to test a well defined 1.5km long (+250ppb gold) gold in soil anomaly and represents the first ever drilling in this area.
The northern half of this anomaly contains numerous historic prospecting pits and shafts over a +600m x 75m area. The area has excellent access being 600m west of an all weather gravel road and 25km south of the large mining town of Tarkwa.
The Akoko North prospect is situated on a low ridge. Minor subsistence farming is carried out but the nearest village is at Esaaman approximately 8km to the southeast.
The Akoko Project consists of one granted Prospecting Licence located in the Ashanti gold belt ~10 km east of Adamus Resources’ Salman gold project. Adamus has reported a resource of 1.97 Moz for their combined Salman/Anwia resource.
- 04 May 2008
Randgold Resources (GOLD) maximizing Morila mine in Mali
Randgold Resources focuses on maximising Morila
Tuesday , 22 Apr 2008
Randgold Resources, which earlier this year assumed operational responsibility for the Morila joint venture, is committed to ensuring that the balance of the gold mine's life is fully exploited for the benefit of all stakeholders, chief executive Mark Bristow told members of the media at a briefing in the Mali capital today.
The company is currently completing a thorough evaluation of all aspects of the operation and this will form the basis of a plan designed to optimise Morila's remaining resources over the rest of its life. The mine has five years of life left on its current reserves, but exploration aimed at extending the resource base is continuing.
Bristow noted that since it was commissioned in 2000, Morila has produced almost 5 million ounces of gold and delivered more than a billion US dollars in cash profits. It has made a significant contribution to the Malian economy, not only in dividends, taxes and royalties paid to the state, but also in terms of job creation, skills development, local procurement and community upliftment initiatives.
"Although it is now past its prime, Morila is still a prolific gold and profit generator, which is forecast to produce approximately 1.4 million ounces of gold over the balance of its currently foreseeable life," Bristow said.
"The challenge is threefold: to ensure through careful and attentive management that Morila meets its commercial targets; to find further ounces which could lead to extending the mine's life, if possible; and to prepare for the mine's eventual closure with due regard for all stakeholder and community concerns."
Randgold Resources enquiries:
Chief ExecutiveGeneral Manager MaliInvestor & Media Relations
Dr Mark BristowMahamadou SamakeKathy du Plessis
+223 675 0122+223 675 6136+44 20 7557 7738
+44 788 071 1386Email: randgoldresources@dpapr.com
Website: www.randgoldresources.com
DISCLAIMER: Statements made in this document with respect to Randgold Resources' current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Randgold Resources. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Randgold Resources cautions you that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore you should not place undue reliance on them. The potential risks and uncertainties include, among others, risks associated with: fluctuations in the market price of gold, gold production at Morila and Loulo, the development of Loulo and estimates of resources, reserves and mine life. For a discussion on such risk factors refer to the annual report on Form 20-F for the year ended 31 December 2006 which was filed with the United States Securities and Exchange Commission (the 'SEC') on 25 June 2007. Randgold Resources sees no obligation to update information in this release. Cautionary note to US investors; the 'SEC' permits companies, in their filings with the 'SEC', to disclose only proven and probable ore reserves. We use certain terms in this release, such as "resources", that the 'SEC' does not recognise and strictly prohibits us from including in our filings with the 'SEC'. Investors are cautioned not to assume that all or any parts of our resources will ever be converted into reserves which qualify as 'proven and probable reserves' for the purposes of the SEC's Industry Guide number 7.
http://www.randgoldresources.com
Mining Co.s not doing enough for host countries
From IRIN NEWS
SEE: http://www.irinnews.org/Report.aspx?ReportId=77820
DAKAR, 18 April 2008 (IRIN) - Mali and Ghana are Africa’s second and third largest gold-producing countries, but with most of the income leaving the country they remain entrenched in poverty.??To counter this, the Economic Community of West African States (ECOWAS) and Oxfam America have launched a new mining code to put in place region-wide social, environmental and business practice standards across the gold-mining industry. ??Gold is mined in a number of West African states, including Mali, Ghana, Burkina Faso, Nigeria, Senegal and Côte d’Ivoire.??The mining code, launched in Dakar on 17 April and to be ratified by parliaments in 2009, aims to put in place transparent financial practices, impose strict environmental standards, and make sure more of the revenue from the industry ends up in the hands of governments and communities.??“The benefits of the gold-mining industry are not currently felt by populations... mines can even introduce conflict to countries. This code will… try to recoup more revenue from gold-mining to help the producers themselves,” Mamadou Makhtan Gueye, director of the ECOWAS Commission, told journalists at a press conference.??West African gold-producing countries recoup on average just 5 percent of mining revenues, according to Mamadou Bitteye, Oxfam’s regional director, which amounts to just 1 percent of national annual budgets. ??National mining codes were weakened in many countries in the 1990s when the World Bank pushed governments to deregulate, making companies less accountable, according to Bitteye. ??“Isn’t it astonishing that Ghana and Mali, which are among the world’s six top producers, are respectively 135th and 173rd out of 177 countries on the [UN] human development index? There are big profits to be made in this industry but these countries are not benefiting from them,” said Bitteye. ??“A race to the bottom”??According to Gueye, countries in the region have not been working together to support each other’s standards, but are fighting to lower them in a bid to attract foreign investors. ??“In Ghana we were seeing a race to the bottom in terms of mining codes,” Daniel Owusu-Koranteng, a community activist from the gold-producing area of Wassa, 35km from Bogoso in Ghana, told IRIN. ??Bitteye said: “Through this code we hope to institute common law so that one country cannot accept an offer that is rejected by another.”??While the details of the code are currently being worked out, penalties that may be introduced include calling upon investors to post bonds when they open a site so that those who fail to rehabilitate the land after mining it will not get their money back. Other standards will focus on minimum wage requirements, ensuring children are not exploited in mines, and reporting of all financial gains.??Civil society involvement??Oxfam’s Bitteye wants to give communities a bigger voice in the process and strengthen their ability to scrutinise financial flows. ??But many civil society members are already doing this. Owusu-Koranteng heads up a lobbying group, WACAM, which he helped set up in the 1990s when foreign mining companies started moving into his village and negotiating land deals with village chiefs, leaving peasants landless and unable to argue on their own behalf. ??“We realised we needed to build up our lobbying and monitoring capacity if we were going to fight them”, he told IRIN. “We hope this code will take our struggle further, by encoding our rights into law.” ??Balancing act??While advocates of the code do not foresee too many obstacles from West African governments in passing it, mining companies are likely to put up a fight. Financing the regulations may fall into industry hands. ??“We need to balance between the need to create revenue and help development in these countries, and meeting investors’ interests,” said Helene Cissé, the code’s legal adviser. ??Despite a potential struggle, many activists IRIN spoke to were confident the code will be endorsed. Joana Manu, from Dumase, a village in Western Ghana, told IRIN: ‘’So many people who actually work in this industry want to see change… companies will have no choice but to listen.”
Axmin (AXM.V) hits good intersections in Sierra Leone
See: http://www.axmininc.com/DesktopDefault.aspx?tabid=268
Drilling continues to intersect high grades at Komahun project, Nimini Hills, Sierra Leone
Toronto, Ontario – Apr 16, 08, AXMIN Inc. (AXM-TSX Venture) is pleased to report that the results from its November 2007 campaign continues to show high grade intersections in the Main Zone of the Komahun Prospect in addition to extending mineralisation in two zones 300 and 900 metres south of the Komahun Prospect, Nimini Hills joint venture, Sierra Leone. The results in this press release are from the late 2007 drilling program and are a continuation of the results announced in February 29, 2008. Results include:
· Main Zone – infill drilling intersected 13.3 g/t Au over 15.5 metres, 12.3 g/t over 3 metres and 23.4 g/t over 1.5 metres,
· South Extension Zone I – initial drilling intersected 6.7 g/t Au over 6 metres,
· South Extension Zone II – initial drilling intersected 12.1 g/t Au over 4.5 metres.
President and Chief Executive Officer Mario Caron comments "These latest results highlight that the Main Zone has excellent continuity of gold mineralisation, both along strike and to depth and that within this 350 metre long structure strong grades over broad widths are a common feature. Moreover, initial drilling to the south of Komahun suggests that the gold bearing structures continue. Taken together, we believe that the Komahun Project has excellent potential for fast tracking towards scoping engineering studies."
Main Zone
The latest holes were designed to test the main structure down dip and along strike. Holes NWKD 138 and 140 demonstrate the down dip continuity of strong gold mineralisation, with hole NWKD 140 intersecting mineralisation about 40 metres below that recognised in NWKD 100 which intersected 21 metres at 8.2 g/t Au (press release October 22nd 2007). Holes NWKD 132 and 133 indicate that the structure is weakening to the southwest, but remains open to the northeast and at depth.
Hole Fence North Co-ord East Co-ord Declin (deg) From (m)To (m)
[TABLE OMITTED HERE]
Intercept lengths are core lengths
All holes were drilled at Azimuth 320 degree
South Extension Zones I & II
Three exploration drill holes were completed at the end of the 2007 program to further test the strike and depth potential of Zones I & II located 300 and 900 metres respectively from the southwest end of the Main Zone. At Zone I the 2007 drilling results extended this north-south sub vertical structure to about 160 metre strike and to a depth of 70 metres. Results from earlier drilling at Zone I included 3.0 g/t Au over 11.8 metres and 13.9 g/t Au over 4.5 metres (see press release August 27, 2008). The 2008 program will test the zone over 300 metres strike and to vertical depths of about 150 metres.
At Zone II, located further 600 metres south of Zone I and conceivably on the same structure, a single reconnaissance drill fence was completed at the end of 2007. This fence targeted the central part of a 400 metre long soil anomaly (threshold 100 ppb Au). The 2008 program will test this well mineralised structure to some 200 metres vertical depth.
[TABLE OMITTED HERE]
2008 Drill Program
In addition to the results reported in this release the 2008 drill campaign which began in February has to date completed 11 core holes (3,100 metres) out of the planned 5,000 metres. Of this, 7 holes (approx 2,200 metres) have tested the Main Zone with maximum vertical depths of up to 350 metres and 4 holes (approx 900 metres) have tested the South Extensions to vertical depths of 150-200 metres. Assay results are pending for the 2008 program.
The Komahun Prospect lies within the Nimini Hills Gold Project which is held under a joint venture agreement with AFCAN Barbados Limited, a subsidiary of Eldorado Gold Corporation (ELD-TSX; EGO-ASX). Under the terms of the joint venture, Eldorado has elected not to participate in ongoing exploration expenditures. As a consequence AXMIN may increase its level of ownership in the project from 60% to 80% by completing a bankable feasibility study.
Grade calculations are based on a 0.5 g/t Au lower cut off to define the mineralised structure, with no upper cut. Analytical work is being carried out at the independent OMAC Laboratories Ltd. in the Republic of Ireland. The drill samples are subject to a full sample preparation followed by a 50 gram fire assay with an AA finish. Blanks, standards and duplicates are being used to monitor laboratory performance during the analysis. This press release has been reviewed by in-house qualified person Dr. Jonathan Forster, Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom.
About AXMIN
AXMIN, a gold exploration company, offers dynamic growth with a track record of finding and developing mines in Africa. AXMIN is one of only a few companies of comparable or even larger size that has such a potential to develop multiple gold mines in west and central Africa. For more information regarding AXMIN visit our website at www.axmininc.com.
For additional information please contact AXMIN Inc.:
Mario Caron
President & CEO
Direct T: 416 304 6608
Judy Webster
Manager Investor Relations
T: 416 368 0993
ir@axmininc.com
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of AXMIN, are forward-looking statements that involve various risks and uncertainties. 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. Important factors that could cause actual results to differ materially from AXMIN’s expectations are disclosed under the heading "Risk Factors" and elsewhere in AXMIN documents filed from time-to-time with the TSX Venture and other regulatory authorities.
African Gold Group (AGG.V) finds 9m@25.8g/t in Mali
See: http://www.agoracom.com/ir/AfricanGold/messages/790205
TORONTO, ONTARIO--(Marketwire - April 9, 2008) - African Gold Group, Inc., ("AGG" or the "Company") (TSX VENTURE:AGG) is pleased to report the assay results for 71 reverse circulation ("RC") step-out drill holes, drilled on 9 lines covering a total of 5.5 kilometers of strike length at Kobada, Mali. These holes were drilled on a N30 degrees E orientation and are hypothesized to represent the potential strike extension, to the north and south of "Zone 1".??STEP-OUT RC DRILL HIGHLIGHTS??- KBRC7-5: 9 meters grading 25.8 g Au/t, including 1 meter of 228 g Au/t??- KBRC7-6: 14 meters grading 3.66 g Au/t, including 9 meters of 4.61 g Au/t??- KBRC7-8: 18 meters grading 1.78 g Au/t, including 7 meters of 3.59 g Au/t (ended in mineralization).??- KBRC7-15: 22 meters grading 1.48 g Au/t, including 10 meters of 1.98 g Au/t??RESULTS AND ANALYSIS??For coherence, the results from the 71 RC drill holes have been organized according to the section the hole was drilled on as opposed to numerical order and are depicted in Table 1 below. All of the RC holes were drilled to a depth of approximately 90 meters (down the hole) at an angle of -55 degrees and an azimuth of 290 degrees. Please see the attached map for the collar locations and the respective section the holes were drilled on.??To view the map, please visit the following link: http://media3.marketwire.com/docs/kobadamap.pdf.??The ALS Chemex Laboratory in Bamako is used as the analytical facility for the Kobada Project. Reverse circulation (RC) samples were dried and crushed in their totality. A 500 gram split of the crushed sample, nominally at 3 mm was then pulverized to approximately 90% passing 75 µm (200 mesh). The coarse material was retained as crusher reject and stored in its original numbered sample bag. Approximately 200 grams of the pulp was retained in a sample packet. A 50 gram sample from the packet was analysed for gold by conventional fire assay with an instrumental AAS finish.
[Link to Assay Table]
?"We are most encouraged that this program of reconnaissance reverse circulation drilling, on a 400 meter to 800 meter sectional spacing, has identified gold mineralization over 5.5 km of strike length at Kobada, Mali. In particular, we note the very strong degree of gold mineralization intercepted on section L 1200 S. It is reasonable, at this point in time, to perceive this zone of mineralization as the potential extension of "Zone 1". Furthermore, we note the presence of strong mineralization 800 meters to the north of L 1200 S on section L 400 S but will refrain from any conjecture regarding the spatial relationship of this mineralization, at this point in time. The purpose of this program was to intercept extensions or repetitions of Kobada's productive structure to the north and south of "Zone 1" in as cost-effective a manner as possible. We are of the opinion that we have succeeded in demonstrating the pervasive and extensive nature of gold mineralization at Kobada and remain confident that we will build significantly on the recently announced Mineral Resources Estimate for "Zone 1", which represents approximately 10% of the 12 km anomalous Kobada Trend, states AGG Chairman, Ben Adoo, C. Eng.??In a press release dated April 02, 2008, the Company released the initial 43-101 Mineral Resources estimate for Kobada, Mali, which was completed by Watts, Griffis and McOuat Limited of Toronto ("WGM"), a well respected international consulting firm which has filled the role of AGG's independent consultant since December, 2007. WGM estimates that "Zone 1" of the Kobada deposit, representing approximately 10% of the overall Kobada geochemical trend contains an Inferred Mineral Resource, as presently outlined, of between 450,000 ounces of gold and 740,000 ounces of gold as follows:
[SEE TABLE IN ORIGINAL]
?This news release has been reviewed and approved by Al Workman, P.Geo. (Ontario), Vice-President of Watts, Griffis and McOuat Limited. The geotechnical portion of this press release has been reviewed and approved by AGG Chairman, Ben Adoo, C. Eng., a Qualified Person.??CORPORATE UPDATE??African Gold Group, Inc. is pleased to announce that Mr. Jaimie MacPherson has been appointed Chief Financial Officer of the Company, subject to regulatory approval. Mr. MacPherson is a Chartered Accountant and is the former Chief Financial Officer of a private equity group located in Hamilton, Bermuda. Upon his return to Canada, he was an audit manager at Moore Stephens Cooper Molyneux, where he specialized in audits of Canadian junior public mining companies. Mr. MacPherson will be responsible for the accounting, financial management and corporate compliance of the Company.??African Gold Group, Inc., based in Toronto, Canada, is engaged in the identification, acquisition and exploration of prospective gold projects that are situated along significant gold trends within West Africa. To date, the Company controls a total of twelve gold concessions that are consolidated in five distinct standalone exploration projects, of which three projects are located in Ghana and the remaining two are located in Mali, West Africa.
For all African Gold Group investor relations needs, investors are asked to visit the African Gold IR Hub at http://www.agoracom.com/IR/africangold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to agg@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
?On Behalf of the Board: ?Michael A. J. Nikiforuk, President, Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
African Gold Group, Inc.?Michael A. J. Nikiforuk?(416) 572-2225?Email: info@africangoldgroup.com?Website: www.africangoldgroup.com
RED BACK (RBI.TO) NEW RESOURCES/RESERVES, AKWAABA UP 80%
RED BACK ANNOUNCES NEW CHIRANO RESOURCES AND
RESERVES – AKWAABA RESERVES INCREASE 80%
April 9, 2008 - Red Back Mining Inc. (TSX:RBI) (the "Company" or "Red Back") is pleased to announce that its independent consultants Hellman and Schofield and AMC Consultants of Perth, Western Australia have recently updated the Mineral Resource and Ore Reserve estimates at the Company's Chirano Gold Mine, Ghana, West Africa.
The new Resource/Reserve update is based upon an infill drill program carried out in 2007 around the existing surface deposits at Chirano and at depth at Akwaaba Deeps, where Red Back is developing an underground operation. Since April 2007, open pit resources at Chirano have increased by 10%. At Akwaaba Deeps, Indicated Resources have increased by 50% and Reserves by 80%. The following tables show the new Chirano Open Pit and Underground Resources as at 31 December 2007:
Open Pit Resource Estimate
at a1.0 g/t gold cut-off
Resource Category Tonnes
(Mt) Au (g/t) Ounces (Moz)
Measured 20.8 1.92 1.29
Indicated 13.0 1.73 0.72
Stockpiles 1.2 1.07 0.04
Total Meas+Ind 35.0 1.83 2.05
Inferred 6.2 1.70 0.35
Underground Resource Estimate
at a 2.5g/t cut-off
Resource Category Tonnes
(Mt) Au (g/t) Ounces (Moz)
Indicated 5.86 6.09 1.15
Inferred 0.68 4.07 0.09
Notes:
1. Open pit Mineral Resources are reported above a 1g/t cut off inclusive of ROM/low grade stockpiles. Gold grades for the reported open pit resource have been determined using Multiple Indicator Kriging (MIK) based on block dimensions of 12.5m (east) x 25m (north) x 6m (elevation) and using a selective mining unit of 2m (east) by 5m (north) by 2.5m (elevation). Gold estimation and model blocks were constrained within geologically derived wireframes. Due to the homogenous nature of the data no top cut has been applied to the resource data prior to estimation. It is observed that higher values in the dataset have little influence on the grade of the deposit.
2. Underground Mineral Resources are reported above a 2.5g/t cut off and below the 2212mRL which is the base of the proposed Akwaaba open pit. Gold grades for the reported underground resource model have been determined using Ordinary Kriging (OK) with grades interpolated into parent blocks with dimensions of 5m (east) by 25m (north) by 10m (elevation). Gold estimation and model blocks were constrained within geologically derived wireframes.
The Chirano Open Pit Reserves as at December 31, 2007 are:
Chirano Open Pit Reserve Estimate
($700/0z)
Reserve Category Tonnes
(Mt) Au (g/t) Ounces (Moz)
Proven 19.0 1.7 0.90
Probable 4.6 1.4 0.20
Stockpiles 1.2 1.1 0.04
Total 24.8 1.4 1.14
The Akwaaba Underground Ore Reserves are based on a Sub Level Open Stoping (SLOS) mining analysis and have increased by 80% since April 2007. The actual mining method which will be employed at Akwaaba Deeps is Sub Level Caving (SLC). Engineering work is ongoing to further restate the Akwaaba Deeps Underground Reserve based upon SLC, with an updated restatement expected by the end of the Second Quarter. It is anticipated that the final Reserve number is forecast to be approximately 1 Million ounces.
The SLOS Ore Reserve estimate for Akwaaba Deeps as at 31 December 2007 is:
Akwaaba Deeps Underground Reserve Estimate (SLOS)
($700/0z)
Reserve Category Tonnes
(Mt) Au (g/t) Ounces (Mozs)
Probable 4.10 5.9 0.77
Notes
1. Variable cut-off grades were used to estimate the Open Pit inventories and form the Ore Reserve depending on material type and location with an average breakeven cut-off grade in the range of 0.60 g/t and 0.65 g/t.
2. The Underground Ore Reserve is based on Sub Level Open Stope design and comprises development and production (stope) ore. Development ore includes only the Indicated Resources that are intersected by the development headings. Production ore includes only the Indicated Resources and the defined dilution material in stopes, where the Inferred Resources comprised 5% or less of the total stope tonnes.
3. The reserve estimates are based upon a gold price of US$700/oz.
Ongoing drilling at Chirano is now focused on testing and defining high grade mineralization below the existing surface deposits (11) and following up on numerous geophysical targets generated by a comprehensive survey carried out in 2007. As well, during the Second Quarter, drilling will commence on a series of deep holes aimed at testing the depth extension of Akwaaba Deeps up to 300m below the current resource. Commenting on the updated Mineral Resource and Ore Reserve figures, Richard Clark, President and CEO of the Company, stated, "Open Pit reserves at Chirano have held steady in an atmosphere of increasing costs. With new surface discoveries in 2008 we expect this trend to continue. Employing a conservative mining methodology, Reserves at Akwaaba Deeps have increased by 80%. We are confident that the completion of the Sub Level Caving design will see Reserves exceed 1 Million ounces. The potential for additional high grade mineralization at depth at Chirano is considered to be excellent and drilling in 2008 will test this potential. We look forward to reporting further resource and reserve upgrades at Chirano in 2008."
About Red Back
Red Back Mining Inc. is an unhedged African focused gold producer. It owns and operates the Chirano Gold Mine in Ghana (90% interest) and the Tasiast Gold Mine in Mauritania (100% owned). Major plant expansions at both Chirano and Tasiast have been commenced. At Chirano, the Company is expanding its current operations through development of the Akwaaba Deeps underground mine. Red Back is continuing an aggressive exploration program to increase its resource and reserve base at both projects. The independent Resource estimate reported herein was undertaken by Nic Johnson (Member of the Australian Institute of Geoscientists) of Hellman and Schofield Pty. Ltd with more than five years experience in the use of geostatistics for estimation of recoverable resources in gold deposits. For the purpose of reporting under National Instrument 43-101 Mr. Johnson is regarded as a Qualified Person.
The independent Ore Reserve estimate reported herein was undertaken under the supervision of Patrick Smith (Member of the Australasian Institute of Mining and Metallurgy), Principal Mining Engineer of AMC Consultants Pty Ltd with more than five years experience in Ore Reserve estimation. For the purpose of reporting under National Instrument 43-101 Patrick Smith is regarded as a Qualified Person.
The technical contents of this release have been reviewed by Hugh Stuart, BSc., MSc, a Qualified Person pursuant to NI-43101. Mr. Stuart is the VP - Exploration of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Samples are prepared and analyzed by fire assay using a 50 gram charge at the Analabs facility in Bibiani, Ghana in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted. Selected samples from this lab are check assayed each month at other Analabs laboratories worldwide. This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.
On Behalf of the Board of Directors:
Richard P. Clark, President
For further information, please contact Red Back at 604 689 7842:
Simon Jackson, VP – Corporate Development
Sophia Shane, Investor Relations
Red Back Mining Inc
2101 - 885 West Georgia Street, Vancouver, BC Canada V6C 3E8
Tel: (604) 689 7842 Fax: (604) 689-5452 www. redbackmining.com
Lihir Gold Ltd (LGL)
Lihir Gold (LGL Sydney) and West African interests
Greg Canavan Greg Canavan is head of Australasian research at Fat Prophets. | April 2 2008 | The Sydney Morning Herald & The Age (subscribe)
What's new?
On Easter Thursday, Lihir Gold announced a merger with mid-tier gold producer Equigold. The timing was less than perfect. In New York trade the previous evening, the US dollar gold price had plunged $60 an ounce. Needless to say, investors were left wondering about the prescience of the deal. Lihir's share price dropped more than 10 per cent on the day.
Looking at the deal from the perspective of a gold price bull, the strategic rationale makes sense. Lihir mines a world-class ore body at Lihir Island off the coast of PNG but is not held in the same esteem as other "world class" gold majors in terms of valuation.
This is because one-mine operations are inherently risky, as is gold mining in general.
Following the late 2006 merger with Ballarat Gold, the Equigold acquisition provides Lihir with further geographic and production diversification. Equigold has one producing mine at Mt Rawdon in Queensland and an emerging mine in West Africa, in the Ivory Coast. This low-cost mine is due to contribute about 120,000 ounces of production from June this year.
The Ivory Coast isn't exactly a bastion of political stability, so no doubt many investors are perplexed that Lihir is trading geographical diversification for higher political risk. It's a fair point.
On the positive side Equigold has been operating successfully in the country since 1996, the first Western company to do so.
Lihir's rationale is that West Africa is where the big gold deposits are and all the majors are starting to move into the region. Which brings us to the main reason for Lihir's interest in Equigold.
The outlook
Factoring in the production from Equigold's Queensland and West African operations doesn't really justify the high price Lihir has paid for the company. The real upside will come from exploration potential.
Equigold has secured considerable exploration licences from its time on the ground in the Ivory Coast.
So the initial project has the capacity for rapid expansion and, in the longer term, the establishment of more mines is possible.
Elsewhere, Lihir's Ballarat mine is due to begin production at the end of the year at 200,000 ounces a year, with production at the PNG namesake mine also picking up from next year. Of course, the gold price is a major factor in the company's outlook and on this front we remain firmly bullish. Gold's correction after reaching the symbolic $US1000 an ounce was just that, a correction, and we expect new highs to be reached again this year.
Price
In line with the rising gold price, Lihir's stock has trended higher over the past four years. Volatility has increased recently as the investment climate has become increasingly uncertain. Following the Equigold acquisition Lihir should consolidate between $3.50 and $4.20 before eventually moving higher.
Worth buying?
We believe the "new" Lihir will increasingly show up on the radars of international investors looking to take part in the ongoing gold bull market. By the end of the year the company will have four operating mines, an expanding production profile and exploration upside.
If management can deliver on the growth strategy, much higher prices can be anticipated in the years ahead. As a part of a diversified gold portfolio, Lihir is a worthy inclusion.
Birim (BGI.V), Goldcrest (GCL.V) merging into Volta Resources, Inc.
Birim Gold, with Ghana and Burkina Faso properties, and Goldcrest, with Burkina Faso properties, plan to "amalgamate" into a resulting company: Volta Resources, Inc.
(Birim also has a net smelter return deal with Golden Star (GSS) from the sale in 2003 of the Dunkwa proprty in central Ghana.)
The proposed share ratios are: 1 share of Volta for every 3 shares of Goldcrest, and 1 share of Volta for every 2.6 shares of Birim.