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Red Back (RBI.TO) to expand Tasiast Mine in Mauritania
Red Back Announces Major Expansion Plans for Tasiast Gold Mine in Mauritania
VANCOUVER, BRITISH COLUMBIA, Dec 3, 2007 (Marketwire via COMTEX) -- Red Back Mining Inc. (the "Company" or "Red Back") is pleased to provide an update on its 100% owned Tasiast Gold Mine in Mauritania.
Red Back successfully completed the purchase of Tasiast on August 2, 2007. Commissioning of the Tasiast plant is continuing with commercial production on track for January, 2008. The plant is currently operating on a batch basis awaiting the installation of new crushers. The new crushers have been ordered, are on route to site, and will be installed in December, 2007.
Since the Company took ownership of Tasiast, 148,000 tonnes of ore have been batch treated at a head grade of 4.44g/t and 96% recovery, resulting in production of 20,138 ounces of gold. It is anticipated that approximately 23,000 ounces will be produced by year end. Going forward, budgeted production at Tasiast for 2008 is 100,000 to 110,000 ounces.
Based on positive results from the ongoing resource conversion drill program, the Board of Directors of Red Back recently approved an expansion of the Tasiast plant from 1 million tonnes per annum (mtpa) to approximately 1.8 mtpa. Orders have now been placed for long lead time items, including a second ball mill and related equipment. This equipment is scheduled to arrive at site in the third quarter of 2008. Upon completion, expanded operations at Tasiast are expected to produce +180,000 ounces per annum. Combined with the approved expansion at the Chirano Mine in Ghana (news release dated November 21, 2007), Red Back's production will grow to +400,000 ounces of gold per annum in 2010.
Exploration at Tasiast is currently focussed on an 18,000m RC drill program aimed at infill and extension of the main Piment Zone. This program will be complete in February, 2008 and a new resource estimate will be reported. The Company expects to release the updated resource estimate by the end of the first quarter, 2008.
Red Back Mining Inc. is an unhedged African focused gold producer. It owns and operates the Chirano Gold Mine in Ghana and the Tasiast Gold Mine in Mauritania. At Chirano, the Company is expanding its current operations through development of newly discovered high grade underground resources. At Tasiast, gold production has commenced with commercial production anticipated in the first quarter of 2008. In addition, Red Back is continuing an aggressive exploration program to increase its resource and reserve base at both projects.
The technical contents of this release have been reviewed and verified by Hugh Stuart, BSc., MSc, a Qualified Person pursuant to NI 43-101. Mr. Stuart is the VP - Exploration of the Company and a Member of the Australasian Institute of Mining and Metallurgy.
This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.
On Behalf of the Board of Directors:
Richard P. Clark, President
SOURCE: Red Back Mining Inc.
Red Back Mining Inc.
Sophia Shane
(604) 689-7842
Website: www.redbackmining.com
Copyright (C) 2007 Marketwire. All rights reserved.
Keegan (KGN.V) raises $13.5M for work in Ghana
Wed Nov 28, 2007
KEEGAN RESOURCES COMPLETES $13.5 MILLION FINANCING
----------------------------------------------
November 28, 2007 -- Keegan Resources Inc. announces that further to its news release of November 5, 2007, it has now completed the previously announced private placement of 3,300,000 units of the Company at a price of $4.10 per Unit for gross proceeds of $13,530,000. The financing was underwritten by Dundee Securities Corp. and Cormark Securities Inc who exercised their 10% over-allotment right. Each unit consists of one common share and one half of one share purchase warrant. Each whole warrant is exercisable at $5.25 per Share for an eighteen month period expiring May 27, 2009, subject to accelerated expiry if the shares close over $6.00 for any 20 consecutive days. All securities issued pursuant to this private placement have a hold period until March 28, 2008.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of registration or an applicable exemption from the registration requirements.
Proceeds will be used to further delineate resources on the Keegan's Esaase Gold Project in Ghana where a resource estimate of 1.43 million ounces of gold (Au) in an inferred category and 0.24 million ounces in an indicated category at an average grade of 1.4 g/t Au applying a 0.6 g/t Au cut-off was announced on October 15, 2007. A total of 151 holes drilled at collar spacing ranging from 25m by 40m to 40m by 80m were used to establish the resource. Additional noteworthy drill intercepts were announced November 1 and 15, 2007.
Daniel McCoy, President, CEO and Director, commented "We are very pleased with the reception this offering received; these funds will accelerate extensive exploration programs on both of the company's properties in Ghana and particularly the ongoing resource delineation program at the Esaase Gold Project."
On Behalf of the Board
Dan McCoy, Ph.D. President & CEO
For more information please visit the company website at: www.keeganresources.com or contact investor relations at: 604-683-8193 or info@keeganresources.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
No regulatory authority has approved or disapproved the information contained in this news release.
Forward Looking Statements
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address completion of financings, resource potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Keegan believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include capital market conditions, commodities market prices, exploitation and exploration successes, lack of continuity of mineralization, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Keegan, Investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission or the Company's home jurisdiction filings at www.sedar.com.
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File: http://www.keeganresources.com/i/News/NR_Nov28_07.pdf
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SearchGold (RSG.V)/Update on Mandiana, Guinea
SearchGold/Update on Mandiana, Guinea : Geological Characterization of N'Diambaye Mineralized Shear and New Gold Anomaly at Fadaninda
MONTREAL, QUEBEC--(Marketwire - Nov. 28, 2007) - SearchGold Resources Inc. (TSX VENTURE:RSG)(FRANKFURT:S1O) has the pleasure to announce exploration results of the most recent surveys on its Mandiana Gold Project in Guinea, West Africa.
The recent work pursued two objectives :
1. Detailed surface work on N'Diambaye
2. Finalization of property wide termite mound survey and detailed follow-up
A detailed update of this work is given in the present release as well as an overview of the program presently in progress on the property. Please refer to the two figures shown here: http://www.ccnmatthews.com/docs/Mandiana.JPG and http://www.ccnmatthews.com/docs/NDiambaye.JPG for the localization of the recent work.
Surface work on N'Diambaye
SearchGold announced in April 2007 the discovery, by reverse circulation drilling, of the N'Diambaye North-South zone, a north-south trending mineralized structure recognized over 400m and containing high grade intersections up to 12.23 g/t Au over 22m from 50 to 72m (hole NDI-02).
A 1/2000 detailed geological map was executed to cover the N'Diambaye North-South zone and its northern extension. Two principal lithologies were mapped : A volcaniclastic unit consisting in a quartz-crystal tuff and feldspathic fine tuffs and a sedimentary unit comprising detrital terrigeneous rocks such as arkoses, sandstones, siltstones and phyllites.
Trenching work resulted in the identification of the northern extension of the N'Diambaye North-South zone in the volcanoclastic package. As explained in a press release dated April 16 2007, no outcrop had been observed directly above the gold bearing structure at the level of the mineralized drill holes. Moreover, the lateritic profile being too thick in this area, no trenching could be executed directly on the surface projection of the mineralized intercept of hole NDI-02. Seven trenches totaling 545m have therefore been executed on the northern extension where an important outcrop zone is present.
A 15m wide silicified shear zone returned an anomalous value of 100 ppb Au approximately 850m north of hole NDI-02. This shear zone is interpreted as the northern extension of the N'Diambaye North-South zone. Two sub-parallel shear zones 5m in width yielded intercepts of 190 ppb Au over 2m and 1914 ppb Au over 1m in the first case and 260 ppb Au over 2m and 1860 ppb Au over 1m in the second. (Note : 1000 ppb Au equals 1 g/t Au).
Gold mineralization appears to be hosted by north-south trending, west dipping shear zones located in fold hinge zones in an environment of volcaniclastic rocks in contact with the birimian turbiditic sedimentary sequences.
Termite mound surveys
The regional geochemical termite mount sampling of the entire Mandiana property was completed and resulted in the identification of 10 new targets. Their detail follow-up lead to the discovery of the Fadaninda gold anomaly; a strong geochemical anomaly located in the southern part of the property. It shows an orientation of 330 degrees, an approximate length of 500m and a width of up to 75m. This anomaly is defined at the +50 ppb Au level, shows an average grade of 190 ppb with a peak at 1960 ppb. It follows the direction of numerous ancient artisan gold pits. It is hosted in a geological context similar to N'Diambaye with the observed lithology being quartz crystal tuffs. Results of the check sampling of the area confirmed this anomaly as well as its extension northward.
Work in progress
In order to follow-up on this recent surface work and in preparation for the next phase, SearchGold has contracted terratec Geophysical Services to conduct a compilation of geophysical airborne data over the Mandiana area and, more specifically, to execute ground geophysics on N'Diambaye and Fadaninda. On these two targets Gradient Array will be performed while HIRIP profiles will be executed in addition on N'Diambaye. Both types of surveys are based on the principles of induced polarization and have been successfully applied by terratec on other gold targets in the birimian shield. Mobilization of the instruments and the crew is under way and the line preparation work by the SearchGold team in the field is nearly completed.
Sample analysis / QA/QC
Trenches are sampled under the supervision of a senior geologist and 2 kg samples are collected by grooving on a trench wall, ideally at 50cm from trench bottom (adjusted to sample the saprolite) at 1.00m interval according to the lithology without exceeding 1.30m or to be less than 0.30m. In the case of termite mound samples, a 1kg sample is collected form each mound, homogenized on site and shipped to the laboratory.
A rigorous QA/QC program involves the random inclusion of standards, duplicates and blanks at the sample collection stage. The samples are shipped to the Abilab laboratory in Ougadougou, Burkina Faso, for analysis by bottle roll cyanidation on pulverized material. The sample preparation and analytical procedure involves pulverizing the entire sample followed by quartering to obtain a representative 1kg sample in the case of trench samples and 500g sample in the case of termite mound samples. All samples undergo bottle roll cyanidation for 24 hours. In cases where bottle roll cyanidation yields assays greater than 2 g/t Au, a fire assay is executed on the pulp tailings and the head grade recalculated.
A duplicate of every 20th sample is sent to the SGS laboratory in Siguiri, Guinea, for control of the assaying procedure by a second laboratory.
The program is carried out under the supervision of Mr. Moussa Keita, Ph.D, P.Geol. in collaboration with Mr. Pierre Lalande, P. Geol. and former IAMGold Chief Geologist who has been involved with gold projects in tropical terrains in the Birimian rocks of West Africa over at least two decades. Philippe Giaro, P.Geol., President and CEO of SearchGold Resources Inc. and Qualified Person for SearchGold, has reviewed and approved the content of this release.
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 are being reorganized through the creation of Golden Share Mining Corporation which recently filed a preliminary prospectus for an initial public offering. SearchGold intends to distribute a dividend to its shareholders as part of the Golden Share transaction.
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
32-473-52-29
phgiaro@skynet.be
or
SearchGold Resources Inc.
Denis Tremblay
Vice-President
514-866-4224
info@searchgold.ca
www.searchgold.ca
or
CHF Investor Relations
Alison Tullis
Account Manager
416-868-1079 x233
alison@chfir.com
==================================
I think Ivory Coast may be the most prospective country. FL
Randgold (GOLD,RRS-London) Issues Stock for Ivory Coast Mine
UPDATE 1-Randgold raises equity, avoids gold price fix on debt
By Eric Onstad
JOHANNESBURG, Nov 28 (Reuters) - Africa's Randgold Resources Plc chose equity to fund a new mine in Ivory Coast because shareholders refused to fix gold prices in order to qualify for banks' debt financing, its chief said on Wednesday.
Randgold said late on Tuesday it planned to issue 6 million shares mainly to pay for development of its Tongon mine project.
"Our shareholders have definitely given us the message that they don't want hedging in our company," Chief Executive Mark Bristow told Reuters.
"All of our shareholders were unanimous that they would prefer to support the company themselves than see substantial amount of debt put in with hedging requirements."
Banks that granted loans to finance the firm's current two producing mines in Mali required some hedging, selling gold in advance at fixed prices, to guarantee revenues.
Due to previous hedging at lower prices, Randgold sold its gold for $604 per ounce during the nine months to end September, 9 percent less than the average market price.
The firm did not plan, however, to cancel current hedging commitments since the money could be spent better on prospecting for more gold, Bristow added in an interview.
It would cost around $75 million to cancel the current hedges, based on prices at the end of September, but this represents around three years of exploration costs.
"That's much better money spent in the view of our board and management, but it's always a debate."
STRONG BALANCE SHEET
The company already has around $100 million of net cash on its balance sheet, but this has already been earmarked for the underground expansion of the Loulo mine, due to cost just under $200 million over five years, Bristow said.
A final feasibility study is underway for Tongon, which is due to cost $267 million in capital over its 10-year life.
"We should be in a position early next year to start placing orders for long-lead-time items. We also have to put some basic infrastruture into the operation just ahead of the rains."
The mine is due launch output in late 2010 and produce an average of 245,000 ounces per year at a total cash cost of $359 per ounce.
The gold price was trading just under $800 per ounce on Wednesday afternoon, after touching a 28-year high of $845.40 per ounce on Nov. 7, up 34 percent since the start of the year.
Randgold's statement about its offering said some of the money might be used for other purposes, such as acquisitions, but Bristow said there were no immediate plans for takeovers.
"Not right now. We're always looking at stuff but the primary reason is the Tongon development and really it's just putting a line under the capital risk."
The global offering consists of 6 million shares and an over-allotment option of 900,000 additional shares, which together equal about 10 percent of current issued share capital.
HSBC Bank Plc is sole global co-ordinator and joint bookrunner while Citigroup Global Markets Ltd is joint bookrunner.
Randgold shares fell 3.4 percent to 1,743 pence by 1247 GMT compared to a 0.7 percent rise in the UK mining index. The shares touched a record 1,974 pence on Friday, a gain of 65 percent since the start of the year. (Editing by Louise Ireland)
=============================================
Sanu (SNU.V) drilling in Burkina Faso
See: http://www.sanuresources.com/s/NewsReleases.asp?ReportID=274146&_Type=News-Releases&_Title=Sanu-Announces-Drill-Program-in-Burkina-Faso
Midlands (MEX.V) finds more gold (23m@2.5g/t) in Ghana
See: http://www.kitco.com/pr/1267/article_11272007084959.pdf
Red Back (RBI.TO) Finding A Lot of Gold at Chirano in Ghana in development drilling
See the latest:
http://www.kitco.com/pr/1267/article_11272007144911.pdf
Orezone (OZN) buys Burkina Faso stake for $200M+12.2%
Gold Fields Sells 60% Stake in Essakane Project for US$200 Million and Acquires 12.2% Interest in Orezone Resources Inc.
JOHANNESBURG, South Africa, November 27 /PRNewswire-FirstCall/ -- Gold Fields Limited ("Gold Fields") is pleased to announce the successful closing of the transaction announced on 10 October 2007, as a result of which Gold Fields sold its 60% stake in the Essakane Project located in Burkina Faso, West Africa to its partner in the project, Orezone Resources Inc. ("Orezone") , for a minimum total consideration of US$200 million.
Orezone paid Gold Fields US$150 million in cash and issued 41,666,667 common shares having an aggregate subscription price of US$50 million to its wholly-owned subsidiary Gold Fields Essakane (BVI) Limited ("Gold Fields Essakane"). Following the acquisition, Gold Fields owns 41,666,667 common shares of Orezone, representing 12.2% of Orezone's issued and outstanding common shares. Gold Fields acquired the common shares of Orezone for investment purposes and has no present intention of acquiring ownership of, or control over, additional securities of Orezone.
The Essakane Project is a late stage development project located in Burkina Faso, West Africa. A bankable feasibility study was recently completed which envisioned a surface mine/CIL operation processing an average of 5,400,000 tonnes per annum. The project has an indicated and inferred resource of 3.8 million ounces of gold at a 1.0 g/t cutoff and a contained reserve of 2.65 million ounces. The project will take 18 months to construct at a total capital cost of US$346 million, and first gold is expected to be poured by early 2010. Once operational, the mine will produce an average of 292,000 ounces of gold per annum.
Orezone is an explorer and emerging gold producer with a pipeline of advanced and grassroots projects in politically stable areas of West Africa. West Africa is one of the world's fastest growing gold producing regions.
Gold Fields Limited is one of the world's largest unhedged producers of gold with attributable production of 4.0 million ounces per annum, mineral reserves of 94 million ounces and mineral resources of 252 million ounces. The Group employs some 47,000 permanent employees across its operations and is listed on the JSE Limited South Africa (primary listing), the New York Stock Exchange (NYSE) and the Dubai International Financial Exchange (DIFX).
Gold Fields Limited
PMI Gold (PMV.V) Gears for Gold Production in Ghana
from huliq.com
With the ink barely dry on its latest African acquisition, PMI Gold Corp. (TSX.V: PMV) is now looking for the big money that will get its gold properties into production.
PMI Gold president Douglas MacQuarrie says he’s currently trying to raise $53 million to see the new Kubi property, as well as the Obotan site, up and running within two years.
The properties, in the lucrative Golden Triangle in the West African nation of Ghana, have both been mined profitably in the past by industry giants from open pits.
PMI Gold finalized its deal for Kubi with a subsidiary of Canada’s Nevsun Resources Ltd. just last month, issuing 9,000,000 common shares to Nevsun to give that company an 11.6% stake in PMI Gold.
AngloGold Ashanti had worked the Kubi property on option from Nevsun from 1999 to 2005, taking out 500,000 tonnes of 3.65g/t Au for nearly 59,000 ounces of gold.
According to an NI 43-101 report completed in August, Kubi contains an indicated resource of 5.13 million tonnes, grading 3.66 g/t Au for 604,085 ounces of gold, and an inferred resource of 5.38 million tonnes, grading 1.88 g/t Au for 315,079 ounces of gold.
Kubi, covering 19.16 square kilometers in the Ashanti Gold Belt, is just 20 km south of AngloGold Ashanti’s Obuasi mine, in operation for 110 years.
Kubi is also 46 km southeast of PMI Gold’s Obotan property, lying in the Asankrangwa Gold Belt. PMI Gold picked up the property in Nov. 2006, after Resolute Mining of Perth, Australia shut its open-pit operation in 2003 when the price of gold fell below US$320 per ounce.
A total of 730,000 ounces of gold had been produced at Obotan, with 590,000 ounces of an approximate grade of 2.2g/t gold from the Nrkan pit, and a further cumulative 140,000 ounces from the Adubiaso and Abore pits.
“Kubi is closer to production than Obotan as it already has a mining lease,” MacQuarrie wrote in an e-mail from Europe, where he is attending trade shows. “Obotan is a prospecting license which needs to be upgraded to a mining lease.”
“Also at Kubi,” he went on, “the mineralization is at a higher confidence level - in the NI 43-101-indicated category.”
PMI Gold doesn’t yet have in independent resource calculation for Obotan, MacQuarrie wrote, but in-house estimates look good. “Quite frankly, we are so positive that we have ore bodies at both Kubi and Obotan, we will commence the development work as soon as we have the funds.”
“We are now in the market to raise $3 million in equity and $50 million in convertible debt or project financing to put both of them in production over the next 2 years.”
PMI Gold is planning small-scale underground mining to get at the ore still left from the open-pit work. AngloGold Ashanti trucked its Kubi ore to Obuasi for processing, and PMI Gold is looking to do something similar.
“Given that the Obotan orebody is the larger - and part of a 70 km string of concessions we control where we hope to make many more discoveries - it makes sense to locate (the processing plant) there and truck the high grade Kubi ore to Obotan,” MacQuarrie wrote.
As well, the Supuma Shelter Belt Forest Reserve covers 45% of the Kubi concession, so off-site processing, along with underground mining outside the reserve, will let the company by-pass any reserve development controversy.
Highlights of the final assay results released in August from an eight-hole, 2,539-metre drill program completed on Obotan include 44.5 m. of 2.61 g/t gold in hole NK07-001, which tested the down dip extension of the Nkran pit ore body 330 meters below the base of the previously mined pit. Another intercept graded 8.91 g/t gold over 2.7 m, collared 170 m to the south of the southern end of the pit.
Ghana is Africa's second largest gold producer, recently attracting US$1.5 billion in committed foreign investment. The bulk of the country’s 90 million ounces of gold production has come from the Ashanti and Bibiani Gold Belts.
Interest in the lesser-known Asankrangwa Gold Belt perked up about a dozen years ago after the first modern airborne magnetic survey over southwest Ghana picked out major deformation zones and cross structures that were spatially related both to Ashanti’s Obuasi mine and to the historical gold mines and showings that define the belt.
PMI Gold, working in the country since 2003, now controls a 70-kilometre length of the Asankrangwa Gold Belt in 12 concessions/options totaling 484 sq km, and a mining lease and two concessions/options totaling 214 sq km on the Ashanti Gold Belt.
“We have a lot on our plate at the moment,” MacQuarrie acknowledged. But that doesn’t mean he’d pass up another good buy.
“I have a saying – that when I am no longer interested in new acquisitions, then it’s time for me to retire. And I am not ready for that.”
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed. - By Anne Fletcher
Mining Firms 'Polluting Africa' - on BBC
http://news.bbc.co.uk/2/hi/africa/7103114.stm
Newmont wants in on Ghana Stock Exchange action too!
[ See previous comment on the "sentimental" listing of AngloGold Ashanti stock on the Ghana Stock Exchange. The GSE is at http://www.gse.com.gh/ FL ]
Newmont to list soon on the Ghana Stock Exchange
Accra Daily Mail --- | Posted: Tuesday, November 20, 2007
Newmont Ghana Gold Limited (NGGL) says it will soon make an appearance on the Ghana Stock Exchange (GSE) where it hopes to open up for Ghanaians and local institutions to be part of the company.
He did not state an exact date, but gave the clearest impression yet that Newmont will list on the local bourse soon, where it hopes to spread its presence and share its gains with Ghanaians and strategic investors who so wish.
Briefing journalists at a media interaction over the weekend, Dr Chris Anderson, External Affairs Manager, Africa in an answer to a question if Newmont would consider listing on the GSE, said it was one of the initial points raised by Wayne Murdy, Newmont’s Chief Executive to President Agyekum Kufuor on one of his visits to the country.
He explained that it was something that was being examined and that at the appropriate time the company would make its position known.
He said the fact that documents on the company’s history and requirements for listing would not be cumbersome since; the GSE currently accepts documentations from a known established market. Newmont is the world’s biggest mining company is listed on the New York Stock Exchange and operates mines in Peru, Australia, Denver and Ahafo and Akyem in Ghana.
He was optimistic about the fortunes of the GSE and commended it for the significant achievements chalked over the years. The GSE, in its fourteenth year, is one of the most active and high performers in the sub-region.
Dr Anderson said Newmont believes in a long and endearing presence in Ghana and the West African sub-region, hence the company is conducting a major exploration exercises in a number of known mining area in Ghana, including the Northern and Ashanti Regions, stressing that, “we also have sights in the West African sub-region, where we think Guinea and Mali offer a major attractions.”
Industry players when contacted welcomed the idea saying, it would introduce a whole new dimension to the GSE, boosting market capitalization beyond the current limit of 11, 908.35 million Ghana Cedis.
Dr Anderson said Newmont has this year invested 600 million dollars in the Ahafo project and expects to invest an additional investment of over 600 million dollars, saying the company is on target to produce 425,000 to 450,000 ounces of gold this year.
He noted that the company which started pouring its first gold in July last year, has paid 2.3 million for the third quarter of this year representing a 61 per cent increase over the figure for the same period in 2006 and had since 18 July 2006 to September 30, 2007 paid 8.6 million to the government in the form of royalties.
On operating cost impacts, Dr Anderson said they were closely tracking increases in the gold price on the world market.
Dr Anderson said work is progressing steadily on its Akyem project saying 130 million has been spent on investment, “with an additional 700 million plus needed to develop the Akyem project as currently envisaged.”
He explained that the Akyem Environmental Impact study submitted to the Environmental Protection Agency in 205 has been withdrawn for revision in September 2006 due to project economics and certain EPA observations relating to pit backfill at closure, proximity of project to local communities, and the importance of land and farming. “Studies are also in progress to address enhanced social and environmental baseline studies to address outstanding issues such as water and social impact assessment.” He said the company has built an efficient communications channels and engaging its stakeholders to ensure a smooth and equal understanding of the issues both within and outside the company.
“We are looking forward to leaving a legacy of a high standard for building, operating and closing mines in Ghana, while contributing to the development of strong local communities where we operate,” Dr Anderson said.
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Things going well for Red Back (RBI.TO)
See: http://www.kitco.com/pr/1267/article_11212007080042.pdf
Huh? Columbia River (CRVV) moving? Why? African Gold Group?
Columbia River Resources (CRVV) is an obscure company trading on the Pink Sheets that rarely has any volume and trades for penny prices. It is somehow entwined with African Gold Group (AGG.V) in its Ghana gold properties. I never could figure out their deal back when I was interested, but I think I remember that CRVV owned the actual Ghanaian gold concession. After a long period of no trading, suddenly CRVV has risen with some volume, more than quintupling its (low) "price" per share. Meanwhile, AGG.V stock has been declining. I'm curious to know what's going on, and if there's any "snooker play" of CRVV stock in anticipation of something.
Cassidy (CDY.V) increases Kouroussa, Guinea ind.res. 38%
Cassidy Gold Corp. #635 – 235 First Avenue Kamloops, BC, Canada, V2C 3J4 November 8, 2007 TSXV – CDY
Indicated Resources Increase 38% at Cassidy Gold’s Kouroussa Project
Cassidy Gold Corp. (the “Company”) is pleased to announce updated resource figures for its 100% owned Kouroussa Gold Project in Guinea, West Africa. Indicated resources have increased to 466,000 ounces of gold contained in 6,736,000 tonnes grading 2.2 g/t Au in addition to an Inferred Resource of 477,000 ounces of gold contained in 8,772,000 tonnes grading 1.7 g/t Au. Indicated and Inferred ounces have increased 38% and 31%, respectively, over the September 2006 resource update. Most of the gold resources reported lie within 150 metres of the surface. Table 1 summarizes the Indicated and Inferred resources at Kouroussa estimated using a 0.7 g/t Au cut-off grade and a 3-metre minimum horizontal thickness.
Table 1 Total Indicated and Inferred Resource, Kouroussa Project (0.7 g/t Au cut-off)
RESOURCE AREA INDICATED RESOURCE INFERRED RESOURCE
Tonnage Au g/t Au oz Tonnage Au g/t Au oz
Koekoe Trend 3,432,000 2.7 300,000 6,156,000 1.8 362,000
Kinkine Trend 2,353,000 1.8 136,000 843,000 1.4 39,000
Sodyanfe Trend 950,000 1.0 31,000 1,773,000 1.3 75,000
TOTALS 6,736,000 2.2 466,000 8,772,000 1.7 477,000
DEPOSITS INDICATED RESOURCE INFERRED RESOURCE
Tonnage Au g/t Au oz Tonnage Au g/t Au oz
Sanu Filanan 1,840,000 3.2 187,000 3,750,000 2.0 242,000
KD-1 712,000 1.9 45,000 1,226,000 1.5 58,000
JJ 446,000 3.0 44,000 334,000 1.9 20,000
Sanu Folo 181,000 2.6 15,000 497,000 1.6 25,000
Sanu Filanan North 253,000 1.1 9,000 349,000 1.5 17,000
Koekoe Trend 3,432,000 2.7 300,000 6,156,000 1.8 362,000
DEPOSITS INDICATED RESOURCE INFERRED RESOURCE
Tonnage Au g/t Au oz Tonnage Au g/t Au oz
Kinkine 2,353,000 1.8 136,000 843,000 1.4 39,000
Kinkine Trend 2,353,000 1.8 136,000 843,000 1.4 39,000
DEPOSITS INDICATED RESOURCE INFERRED RESOURCE
Tonnage Au g/t Au oz Tonnage Au g/t Au oz
Junction 658,000 1.1 22,000 1,377,000 1.1 49,000
Bag Farm 292,000 0.9 9,000 151,000 1.5 7,000
X Vein 245,000 2.4 19,000
Sodyanfe Trend 950,000 1.0 31,000 1,773,000 1.3 75,000
Cassidy Gold Corp. #635 – 235 First Avenue Kamloops, BC, Canada, V2C 3J4 November 8, 2007 TSXV – CDY
Indicated Resources Increase 38% at Cassidy Gold’s Kouroussa Project
Cassidy Gold Corp. (the “Company”) is pleased to announce updated resource figures for its 100% owned Kouroussa Gold Project in Guinea, West Africa. Indicated resources have increased to 466,000 ounces of gold contained in 6,736,000 tonnes grading 2.2 g/t Au in addition to an Inferred Resource of 477,000 ounces of gold contained in 8,772,000 tonnes grading 1.7 g/t Au. Indicated and Inferred ounces have increased 38% and 31%, respectively, over the September 2006 resource update. Most of the gold resources reported lie within 150 metres of the surface. Table 1 summarizes the Indicated and Inferred resources at Kouroussa estimated using a 0.7 g/t Au cut-off grade and a 3-metre minimum horizontal thickness.
Table 1 Total Indicated and Inferred Resource, Kouroussa Project (0.7 g/t Au cut-off)
RESOURCE AREA INDICATED RESOURCE INFERRED RESOURCE
Tonnage Au g/t Au oz Tonnage Au g/t Au oz
Koekoe Trend 3,432,000 2.7 300,000 6,156,000 1.8 362,000
Kinkine Trend 2,353,000 1.8 136,000 843,000 1.4 39,000
Sodyanfe Trend 950,000 1.0 31,000 1,773,000 1.3 75,000
TOTALS 6,736,000 2.2 466,000 8,772,000 1.7 477,000
[/PRE]
The Koekoe Trend hosts an Indicated resource of 300,000 ounces of gold in 3,432,000 tonnes grading 2.7 g/t Au and an Inferred resource of 362,000 ounces of gold in 6,156,000 tonnes grading 1.8 g/t Au. Within the Koekoe area, the Sanu Filanan deposit increased its total resources to 187,000 Indicated ounces and 242,000 Inferred ounces. The largest increases were noted in KD-1, where the Indicated resource grew 150% to 45,000 ounces and the Inferred resource grew 145% to 58,000 ounces. At JJ, the Indicated resource grew over 50% to 44,000 ounces and at Sanu Folo the Inferred resource grew 31% to 25,000 ounces. A new deposit, the Sanu Filanan North contributed 9,000 ounces of Indicated resource and 17,000 ounces of Inferred resource (see Table 2). All 5 deposits have significant potential to increase with additional resource drilling.
Table 2 Indicated and Inferred Resources, Koekoe Trend (0.7 g/t Au cut-off)
[PRE]
DEPOSITS INDICATED RESOURCE INFERRED RESOURCE
Tonnage Au g/t Au oz Tonnage Au g/t Au oz
Sanu Filanan 1,840,000 3.2 187,000 3,750,000 2.0 242,000
KD-1 712,000 1.9 45,000 1,226,000 1.5 58,000
JJ 446,000 3.0 44,000 334,000 1.9 20,000
Sanu Folo 181,000 2.6 15,000 497,000 1.6 25,000
Sanu Filanan North 253,000 1.1 9,000 349,000 1.5 17,000
Koekoe Trend 3,432,000 2.7 300,000 6,156,000 1.8 362,000
[/PRE]
Kinkine, located 4 kilometres north of Koekoe, saw an increase of almost 53% in contained Indicated ounces and an 11% increase in Inferred ounces as a result of targeted resource drilling in 2007 (see Table 3). As expected, the average grade decreased between 5% and 7% as the drilling focussed on the slightly lower grade margins of the deposit. As is the case at Koekoe, most of the mineralization is hosted within a gabbro plug emplaced along a regional northeast trending fault, the Kinkine Fault. Planned regional exploration will target this fault zone.
Table 3 Indicated and Inferred Resources, Kinkine Trend (0.7 g/t Au cut-off)
[PRE]
DEPOSITS INDICATED RESOURCE INFERRED RESOURCE
Tonnage Au g/t Au oz Tonnage Au g/t Au oz
Kinkine 2,353,000 1.8 136,000 843,000 1.4 39,000
Kinkine Trend 2,353,000 1.8 136,000 843,000 1.4 39,000
[/PRE]
On the Sodyanfe Trend, 2 kilometres west of Koekoe, resource drilling stepped southwest along the Junction zone extension increasing the Indicated and Inferred resources by 47% and 53%, respectively (see Table 4). Mineralization is open to the northeast, southwest toward Bag Farm, and down dip. Unlike Koekoe and Kinkine, Sodyanfe is largely hosted in mudstones along the eastern flank of a series of mafic volcanic rocks known as the Niandan Chain. The north-trending X Vein is hosted within pillowed flows. Further exploration will focus on targets further to the northeast, between Junction and Bag Farm, and southwest of Bag Farm. More work remains to be done along the eastern flank of the Niandan volcanics.
Table 4 Indicated and Inferred Resources, Sodyanfe Trend (0.7 g/t Au cut-off)
[PRE]
DEPOSITS INDICATED RESOURCE INFERRED RESOURCE
Tonnage Au g/t Au oz Tonnage Au g/t Au oz
Junction 658,000 1.1 22,000 1,377,000 1.1 49,000
Bag Farm 292,000 0.9 9,000 151,000 1.5 7,000
X Vein 245,000 2.4 19,000
Sodyanfe Trend 950,000 1.0 31,000 1,773,000 1.3 75,000
[/PRE]
Coffey Mining, following the completion of a merger with RSG Global Consulting, has validated and interpreted the data, constructed wire frames, completed 3-dimensional block models, and estimated resources for each of the mineralized zones using an Ordinary Krige technique. Resource estimates were prepared and reported in accordance with Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects and the classifications adopted by CIM Council in December 2005. Metallurgical testwork completed by SGS Lakefield Research in February 2007, confirmed excellent recoveries from composite samples collected from the Koekoe Trend and the Kinkine Trend. One oxide and one sulphide sample from each deposit area underwent a series of tests with the four samples averaging 96.8% recovery by whole ore cyanidation, 60.8% by gravity methods, and 97.7% by gravity and cyanide leach of the tail with regrind. Process design is underway based on these and additional metallurgical testwork. Metallurgical testwork completed by AMMTEC in December 2006 reported that four of five samples submitted for testwork from the Junction deposit were highly refractory in nature due to the presence of preg-robbing carbon. The consequence of this would be significantly reduced recovery from this deposit.
The previous resource statement, completed in September 2006, outlined an Indicated resource of 338,000 ounces of gold and an Inferred resource of 365,000 ounces of gold in the Koekoe, Kinkine, and Sodyanfe areas. Progress in the latter half of 2006 and first half of 2007 was hampered by a degree of social and political unrest in Guinea. A general strike and the imposition of Martial Law in February forced the Company to withdraw its exploration crews for over one month. Additional labour disruptions at the SGS laboratory in Siguiri resulted in lengthy turnarounds for sample assays. Those delays hindered planning additional drilling that relied on those results. However, the political situation in Guinea has stabilized with the appointment of a new government. Cassidy is gearing up for the next phase of resource and exploratory drilling, to commence later this month. The program will consist of 10,000 metres of RC drilling and 1000 metres of diamond drilling, and will focus on extending the KD-1, JJ, and Sanu Filanan North deposits along strike to the northwest and to depth. Spectrem Air Limited has been contracted to complete an airborne EM survey over the all the Kouroussa concessions. Coffey Mining will once again be managing the exploration program on behalf of the Company.
Christopher J. Wild, P.Eng, V.P. Exploration, is the Qualified Person, and has reviewed results, sampling procedures, and data contained in this release. For more information, please visit the Company’s website at www.cassidygold.com. On behalf of the Board of Directors Cassidy Gold Corp. James T. Gillis
James T. Gillis, President & CEO
For further information please contact: Jim Gillis, President – Phone: 250-372-8222 or Fax: 250-828-2269
This press release may be accessed at Cassidy Gold Corp.’s website: www.cassidygold.com and at SEDAR-CDY
If you wish to be placed on Cassidy Gold Corp.'s e-mail press release list, please contact us at cassidygold@telus.net The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Midlands Minerals (MEX.V) gold intercepts in Ghana
FOR IMMEDIATE RELEASE November 8th, 2007
MIDLANDS MINERALS REPORTS EXPLORATION
UPDATE ON SIAN - GHANA
TSX-VN: MEX
TORONTO CANADA, November 8th, 2007: Midlands Minerals Corporation ("Midlands" or "the Company") is pleased to report on more assay results from the diamond drilling program on Sian in Ghana. With more assays now having been received, the Company is compiling all exploration results on the Sian property to date, and we will shortly be reporting on overall drilling results with drill location maps illustrating the significant gold system that is emerging on the Sian property, said Kim Harris, President and Chief Executive Officer.
The diamond drilling program resumed on September 10, 2007 and ten holes were completed by October 28, 2007. The ten holes were designed to test the north extension, the south extension as well as depth extensions of the Esaase gold deposit of 1.3 million tonnes at 2.3 g/t. The holes we are reporting on in this update, (holes MEDD 10 and MEDD 11) were drilled to test the north extension on section N290m located 95 meters north of hole MEDD-001 which was previously reported, and which was testing the north limit of the indicated resource on section N165m. This has extended the Esaase mineral zone toward the north by an additional 95 meters said Marc Boisvert P.Eng, Vice President Exploration.
Both holes intersected at 10 meters horizontally, with several gold anomalous intervals averaging between 0.2 and 0.4 g/t Au between the two gold grade intervals. The 10 meter zone is a carbonate-potassium alteration with local silicification and pyrite mineralization. The following is a summary of diamond drill results from holes 10 and 11:
MEDD10 Zone 1: 1.02 g/t Au over 12 meters from 46 meters to 58 meters
Zone 2: 2.71 g/t Au over 3 meters from 95 meters to 98 meters
MEDD11 Zone 1: 1.70 g/t Au over 8 meters from 127 meters to 135 meters
Zone 2: 1.87 g/t Au over 12 meters from 240 meters to 252 meters
Intercepts shown above were calculated using a minimum of a 0.5 g/t cut-off at the beginning and end of the intercept and allowing for no more than 3 consecutive samples (three meters) of less than 0.5 g/t Au. The holes MEDD 10 and 11 were drilled in direction of 300º, at an angle of 90º with the deposit trend. The dip of the holes was planned to intersect at a specific vertical depth. The dip of the deposit varies between70 to 80 degrees. It is expected to have a true width between 60 to 70% of the reported intervals. Core samples are generally taken at 1 meter intervals with exceptions varying from 0.3 to 1.3 meters due to the particular rock type. Sampling is done utilizing a core saw to split the core in two parts, sending one half to the laboratory and keeping the other half as witness core. All core drill samples are described and sampled at the property field core shack facilities. All samples were sent to SGS Laboratory in Tarkwa, Ghana where they are assayed using standard 50 gram fire assay with atomic absorption finish. QA/QC programs are in place using blanks and external standard samples.
Positioned for fast track production, Midlands is a junior exploration company with a gold deposit on the Sian property in Ghana. Sian, a past open pit gold producer located on the Ashanti Goldbelt 30 kilometers northeast of Newmont Mining’s 8+ million Akyem gold deposit, produced gold between 2001 and 2004 with a gold recovery rate of 91%. The Sian gold mineralization type is a silica-carbonate alteration with disseminated pyrite similar to that found at Newmont’s Akyem gold deposit.
With economic grades and widths and a 91% gold recovery rate, a 30 year mining lease, infrastructure, roads, water, and power on Sian, what remains is to increase the tonnage and move the project to a feasibility study by the end of 2008 and gold production 2009/2010 with a minimum threshold mining scenario of 10 years/50,000 oz/year.
Midlands Minerals is one of 30 companies covered in the Haywood Securities Junior Exploration Index. The Haywood Junior Explorer Index (HJEI) tracks the performance of the group of junior exploration companies relative to the market. The HJEI is a bi-monthly publication by Haywood Securities Inc. Midlands Minerals Corporation is also covered by e-Research and Objective Capital Limited (UK) and all research reports and updates are available on the Company’s Web Site at www.midlandsminerals.com.
The scientific and technical information contained in this press release has been reviewed by Marc Boisvert, P.Eng., who is a Qualified Person within the meaning of National Instrument 43-101. Certain statements contained in this news release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from actual results and achievements expressed or implied by such forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. The Company adds a cautionary statement to the effect that the potential quantity and grades referred to in this press release are conceptual in nature and there has been insufficient exploration to define a mineral resource. Further, the Company is uncertain if further exploration will result in discovery of a mineral resource. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward looking statements while considering the risks inherent in the business of mineral exploration.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information, please contact:
Kim Harris, CEO
1210 Sheppard Avenue East, Suite 302
Toronto, Canada M2K 1E3
CEO Direct Line: +1 (416) 447-6882
Tel: +1 (416) 492-6992
Fax: +1 (416) 492-6993
E-Mail: info@midlandsminerals.com Website: www.midlandsminerals.com
Castle [Sydney:CDT] gets large Newmont North-Ghana gold project
Castle Minerals' Ghana project locations: [See http://www.minebox.com/story.asp?articleId=10347 for map ]
Castle Minerals has reached agreement with Newmont Ghana Gold Limited to acquire Newmont’s 8,200sqkm Wa gold project in northern Ghana.
The Wa project surrounds the Julie, Josephine and Collette gold prospects held by London-based Crew Gold Corporation and is south along strike of Azumah Resource’s 500,000-ounce Kunche gold deposit.
Work by Newmont has identified numerous gold targets based on the collection of over 7,000 soil and stream sediment samples.
Anomalous gold zones have been returned from the area west (along strike) of the Julie gold deposit and represent a priority area for Castle follow up work.
Castle Managing Director, Mike Ivey said the company believes the project is an excellent fit with its nearby Ducie project and has potential to deliver economic gold mineralisation.
“It is an enormous landholding with identified gold targets, particularly the area west along strike of the Julie gold deposit,” Mr Ivey said.
Under the key terms of the deal, Castle must issue to Newmont 400,000 Castle shares and spend US$300,000 on exploration. Castle can acquire a full 100 percent interest by issuing a further 600,000 options ($0.30 exercise price) to Newmont. The agreement is subject to the approval of the Ghanaian Minister of Mines.
- 07 Nov 2007
Birim, Newmont begin fieldwork at Banda Ahenkro (Note: This "Banda Ahenkro" is in the Yamfo-Sefwi gold belt in Ghana, not the auriferous town of "Banda" in the Bui gold belt, nor the maybe more-auriferous "Banda Nkranta" to the north of it across the Black Volta River, where Birim also has interests. FL)
2007-11-06 14:08 ET - News Release
Mr. Victor King reports
JOINT VENTURE PARTNER NEWMONT BEGINS FIELD WORK ON BIRIM'S BANDA AHENKRO PROPERTY IN GHANA
Birim Goldfields Inc. has arranged for the establishment of a management committee to service the joint venture agreement between Birim, Birim Goldfields (Ghana) Ltd., and Newmont Ghana Gold Ltd. and Newmont USA Ltd. (collectively Newmont) on the Banda Ahenkro prospecting licence in Ghana, West Africa. The management committee comprises two representatives each from Birim and Newmont.
The management committee has established the planning, budgeting and scheduling of the forthcoming field activities for the Banda Ahenkro property and accordingly fieldwork supervised by Newmont will begin during November, 2007.
An exploration program for Banda Ahenkro from November, 2007, until June, 2008, has been budgeted at $281,050 (U.S.) and will include the following activities:
* Resampling of stream sediments using Newmont's in-house bulk leach technique;
* Processing of the aeromagnetic data to enable a full geological interpretation;
* Regional gravity surveying;
* Regolith mapping to facilitate geochemical anomaly interpretations;
* Geological mapping and soil sampling in BLEG-anomalous areas.
Birim has managed this property for two years and has established soil anomalies within the Bodi area which straddle northeast-oriented belt-scale shear zones. Newmont will follow up this work and infill the Birim soil grid to further define these anomalies.
Craig Pearman, Birim's exploration manager, directly oversees Birim's exploration programs in West Africa and has reviewed this press release. Mr. Pearman is registered as a professional natural scientist by the South African Council for Natural Scientific Professions and is a qualified person as defined in National Instrument 43-101 developed by the Canadian Securities Administrators.
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Congo shakedown: recommends 61 mine contracts "changed"
(Could this be a disguise for a Chinese takeover of Congo mining? Or just the "usual" African shakedown? See who gets the substitute contracts.... FL)
Congo panel to recommend 61 mine contracts be changed
A government panel in the Democratic Republic of Congo will recommend 61 of the nation`s agreements with mining companies, including Freeport-McMoRan Copper & Gold Inc, be renegotiated or cancelled, the group`s chairman said.
The commission will recommend that 38 contracts be changed, including those of Freeport and Nikanor plc, Alexis Mikandji, chairman of the commission for the review of mining contracts, said on November 2 in a telephone interview from Kinshasa. The panel will say 23 contracts should be cancelled, he said.
The DRC, which has about 10% of the world`s copper reserves and a third of its cobalt, established the panel in April to review all mining deals, with the aim of amending those deemed unfair to the state.
President Joseph Kabila is trying to attract investors to dig new mines and restart others abandoned during a civil war that ended in 2003, leaving 4 million dead and the country`s infrastructure destroyed.
"The review takes a hard line on the mining contracts, including those signed with major firms," Philippe de Pontet, African analyst at the Eurasia Group in Washington, said in an e-mail. "We expect that the Kabila administration will reject some, but not all, of the recommendations."
The commission divided the contracts into three categories: those that should be changed, those that should be canceled and those that should remain untouched, Mikandji said. None of the contracts reviewed are in the last category, he said.
The recommendations "will be discussed by the government before the state enterprises are given instructions what to do," Mikandji said. Martin Kabwelulu, DRC mines minister, said in March that no contracts would be cancelled.
The report will be reviewed by the Cabinet before state companies begin renegotiating elements of the deals with their private counterparts, Mikandji said October 22.
Other companies operating in the DRC, a country the size of western Europe, include Moto Goldmines Ltd, AngloGold Ashanti Ltd, BHP Billiton Ltd, Katanga Mining Ltd, First Quantum Minerals Ltd and Central African Mining & Exploration Co.
China said in September it would loan the DRC government US$5 billion, some of which will be used to fund a new joint venture mining company between the countries. Gecamines, the DRC`s state-owned copper producer, already owns stakes in each of the country`s copper and cobalt-producing operations concentrated in the southern Katanga province. "It will be interesting to see whether some of the canceled concessions are awarded to Chinese firms, in the wake of Beijing`s multi-billion dollar deal with the government," de Pontet said.
Bill Collier, a spokesman for Phoenix-based Freeport, declined to comment immediately when contacted by Bloomberg. Simon Tuma-Waku, DRC`s former mines minister and Nikanor`s chief strategy officer, couldn`t be reached for comment when called on his mobile phone in the DRC.
(Bloomberg, November 2)
Royal Gold (RGLD, RGL.T) Acquires Benso Royalty From FairWest Energy Corporation
(Note: This is the same Benso gold property in southwestern Ghana that Golden Star got from St. Jude Gold. FL)
DENVER, Oct. 31 /PRNewswire-FirstCall/ -- ROYAL GOLD, INC. (Nasdaq: RGLD; TSX: RGL), the leading publicly-traded precious metals royalty company, today announced the purchase of a 1.5% net smelter return ("NSR") royalty from FairWest Energy Corporation ("FairWest") on the Benso gold concession in Ghana for $1.875 million. The Benso concession, controlled by Golden Star Resources Ltd ("Golden Star"), is located approximately 25 miles south of Golden Star's Wassa mine. Golden Star has reported that, as of June 15, 2007, the project contains 252,000 ounces of proven and probable reserves. The acquisition is subject to certain conditions including the registration of the royalty in Ghana and approval of the transfer of the royalty by the Minister of Lands, Forestry, and Mines of the Republic of Ghana.
Tony Jensen, Royal Gold's President and Chief Executive Officer, commented, "We are pleased to add another near term royalty to our development stage portfolio. Golden Star recently announced construction of the road from Benso to the Wassa processing plant and plans to begin haulage of high grade ore from the project in the third quarter of calendar 2008. This new acquisition brings us another royalty in West Africa and will complement our existing portfolio."
Golden Star Resources Ltd. (Amex: GSS; TSX: GSC), a Denver-based company, holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in the Guiana Shield of South America.
Royal Gold is a precious metals royalty company engaged in the acquisition and management of precious metal royalty interests. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol "RGLD," and on the Toronto Stock Exchange under the symbol "RGL." The Company's web page is located at http://www.royalgold.com.
Cautionary "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: With the exception of historical matters, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projections or estimates contained herein. Such forward-looking statements include estimates of proven and probable reserves, near term royalty, the timing of haulage of ore and the registration and transfer of the royalty. In addition, acquired royalty interests on certain projects are subject to risks associated with conducting business in a foreign country, including application of foreign laws to contract and other disputes, foreign environmental laws and enforcement and uncertain political and economic environments. Factors that could cause actual results to differ materially from projections include, among others, satisfaction of conditions to closing, and precious metals prices, decisions and activities of the operator of the various properties, unanticipated grade, geological, metallurgical, processing or other problems the operator may encounter, changes in project parameters as plans continue to be refined, economic and market conditions, as well as other factors described elsewhere in this press release and in our Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. Most of these factors are beyond the Company's ability to predict or control. The Company disclaims any obligation to update any forward-looking statement made herein. Readers are cautioned not to put undue reliance on forward-looking statements.
SOURCE Royal Gold, Inc.
Oct 31, 2007
Golden Star Breaks Ground on Hwini-Butre and Benso Project
DENVER, October 26 /CNW/ - Golden Star Resources Ltd. (AMEX: GSS) (TSX:GSC) is pleased to announce the start of construction of the 50 kilometer haul road to connect its Wassa gold mine to the Benso deposit which is the first step in the development of the Hwini-Butre and Benso project. Construction of the road to Benso is expected to be completed by the third quarter of 2008 following which haulage of high grade ore from Benso to the Wassa processing plant is expected to commence. Blending the high grade Hwini-Butre and Benso ore into the Wassa processing plant feed is expected to result in an increase in the average gold production rate from Wassa to approximately 200,000 ounces per annum with an associated reduction in cash operating costs. The environmental permit for the project was granted in early October 2007.
The cost to develop the Hwini-Butre and Benso project, which includes road construction costs, mining equipment purchase and modifications to the Wassa processing plant, is expected to be $50 million. This development cost is expected to be funded from a portion of the proceeds from the recently announced financing, which remains subject to market and other closing conditions, including approval of the Toronto Stock Exchange and the American Stock Exchange.
Thomas Mair, Senior Vice President and CFO, commented: "We are pleased to be advancing the Hwini-Butre/Benso project, and are happy to have potential additional financing for the project. In addition, the retirement of our existing, relatively higher cost, convertible notes will release us from restrictive and burdensome covenants which, among other things, limited our ability to finance our future growth with debt instruments, including equipment financing."
Company Profile
Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in the Guiana Shield of South America. Golden Star has approximately 233 million shares outstanding.
STATEMENTS REGARDING FORWARD-LOOKING INFORMATION: [omitted here]
For further information: Golden Star Resources Ltd. Bruce Higson-Smith,
800-553-8436
Vice President Corporate Development
or Anne Hite, 800-553-8436
Investor Relations Manager
Semafo (SMF.TO) restore production at Kiniero, Mali
=============
PRESS RELEASE
SEMAFO TSX-SMF
FOR IMMEDIATE RELEASE
KINIERO MINE UPDATE
Montreal, Quebec, October 24, 2007 ---- SEMAFO (TSX-SMF) is pleased to provide an update on operations at the Kiniero mine. Following a full geological review initiated and directed by Semafo’s qualified person, Michel Crevier, a series of initiatives were implemented in order to restore the mine to satisfactory economic production during the fourth quarter of 2007. Principal aspects of these initiatives included:
* Mill shutdown / maintenance work originally scheduled for December took place in September in order to ensure ongoing availability and satisfactory throughput.
* A shift in mining planning from the Northeast Gobele D and Gobele C pits to the West Balan pit.
* Pit stripping of West Balan was completed in late September, access road is also completed.
* We are awaiting imminently the mining permit.
* Semafo’s Mining Operations Manager since 2004, Patrick Moryoussef, mining engineer, has relocated to Guinea as an expatriate and has assumed the position of Mine Manager, Kiniero Mine.
"Kiniero’s gold production of 20,400 oz. for the first three quarters of 2007 and particularly that of the third quarter has been inadequate to say the least," said Benoit Desormeaux, Chief Operating Officer, Semafo. "We are confident, however, that we have taken the necessary steps to rectify the situation and look forward to stable production for the remainder of 2007 and into 2008."
In light of the situation, the 2007 Kiniero production forecast has been revised to 28,000-30,000 ounces with an outlook of 40,000 oz. for 2008.
About SEMAFO
Semafo is a Canadian-based mining company conducting exploration, development and production activities in West Africa. The Company currently operates two gold mines, the Kiniero mine in Guinea and the Samira Hill mine in Niger. A third mine, the Mana gold project in Burkina Faso, is under construction with plant commissioning scheduled for December 2007. 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.
FORWARD-LOOKING STATEMENTS
[omitted]
For more information contact:
SEMAFO:
Benoit La Salle, President & CEO
Tel : (514) 744-4408
E-Mail : blasalle@semafo.com
Renmark : Tina Cameron
Tel : (514) 939-3989
E-Mail : tcameron@renmarkfinancial.com
=====================================================
I'm looking at the longer term -- for a doubling at least. I walk around China and I notice that they seem to like KFC (and the old Colonel himself) best of any foreign food. Much better than McDonald's. The KFC penetration in China is still modest and could grow 10x to 40x over time if KFC stays popular.
Someday dividends will be back in style, and if Yum! can deliver the 5 percent plus that I expect will become normal, without declining too much, then I'll keep it even as a "mature" profitable yielder.
By the time KFC becomes "mature" in China -- a long time from now -- it might be Africa's turn by then.
Who's Your Daddy, Inc. (OTCBB:WYDY) http://www.whosyourdaddyinc.com/
See SINX, GNTA, MCEL.
Riverstone (RVS.V) gets Golden Star's (GSC.TO, GSS) Burkina Faso properties
(Note: These properties came from Golden Star's earlier acquisition of St. Jude Gold. This does NOT include the excellent Benso gold property in Ghana, also acquired from St. Jude. FL)
Golden Star Options Its Goulagou-Rounga Properties to Riverstone Resources Inc.
Tuesday October 16, 9:15 am ETDENVER--(BUSINESS WIRE)-Golden Star Resources Ltd. (AMEX:GSS - News; TSX:GSC - News) today announced that it has entered into an option agreement with Riverstone Resources Inc. ("Riverstone") whereby Riverstone will have the right to acquire Golden Star's 90% interest in the Goulagou and Rounga properties in Burkina Faso.
To exercise the option, Riverstone is required to spend Cdn $4 million on exploration programs on the Goulagou and Rounga properties over the next four years, and may then purchase Golden Star's interest for $18.6 million in cash or Riverstone common shares. In addition, Golden Star will receive up to two million shares of Riverstone over the term of the option and will receive two million common share purchase warrants of Riverstone at exercise prices of Cdn $0.30 to Cdn $0.45. Golden Star would retain a production-related net smelter return royalty of up to 2%.
Golden Star acquired the Goulagou and Rounga property interests through the December 2005 merger with St. Jude Resources Limited. A local partner owns a 10% participating interest. Upon the granting of a mining permit, the Government of Burkina Faso will receive a statutory 10% carried interest.
Peter Bradford, President and CEO of Golden Star said, "We are pleased to be partnering with Riverstone, who have properties near Goulagou and Rounga, and are therefore well placed to progress the exploration of the enlarged ground position. The transaction follows on the recent agreement with AMI Resources Inc. whereby AMI have acquired a right to our 54% interest in the Obuom property in Ghana in exchange for 2.85 million shares of AMI, a 2% NSR royalty and an option to participate in all future financings of AMI."
Bradford continued, "While we continue to believe that Obuom, Goulagou and Rounga are properties of merit, this rationalization of our exploration portfolio is intended to allow Golden Star to focus its exploration expenditures and management on projects that will have a more immediate impact on Golden Star."
COMPANY PROFILE
Golden Star holds a 90% equity interest in Golden Star (Bogoso/Prestea) Limited and Golden Star (Wassa) Limited, which respectively own the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in the Guiana Shield of South America. Golden Star has approximately 233 million shares outstanding.
Statements Regarding Forward-Looking Information: [omitted here]
Contact:
Golden Star Resources Ltd. +1-800-553-8436
Bruce Higson-Smith, +1-800-553-8436
Vice President, Corporate Development
Anne Hite, +1-800-553-8436
Investor Relations Manager
Source: Golden Star Resources Ltd.
Orezone (OZN.TO, OZN) gets Gold Fields' Essakane in Burkina Faso
Gold Fields Sells Stake
Charlotte Mathews, Resources Editor
Global gold producer Gold Fields has sold its stake in the potential Essakane gold mine in Burkina Faso.
Gold Fields sold the stake to its partner for a minimum of $200m because the project was not large enough to meet its objectives.
The group said yesterday it had sold its 60% stake to partner, Orezone Resources, for a mixture of cash and shares or cash only, as Orezone chose.
Gold Fields had spent $47m , which means it had made a significant return on its investment.
A feasibility study on Essakane has concluded it would cost about $346m to build a mine over 18 months which would produce about 292000oz of gold a year.
Gold Fields’ decision to exit appears surprising, as it set out plans in 2004 to add 1,5-million ounces of international gold production a year by 2009. It has still to find 600000oz to meet the target.
The group’s spokes-man, Willie Jacobsz, said Gold Fields’ 60% stake in Essakane would be diluted to 54% once the mine was built, as the Burkina Faso government would take a 10% share.
Gold Fields considered buying Orezone’s stake, but even that would not have brought Gold Fields’ share of production within its minimum requirement.
PMI Gold (PMV.V) gets Nevsun's Kubi Gold Project, Ghana
Frankfurt Exchange: WKN888063
Shares Issued & Outstanding: 77,711,311 Fully Diluted: 102,950,999
VANCOUVER, Oct. 15 /CNW/ - PMI Gold Corporation (TSX/V:PMV) - Douglas
MacQuarrie, President, announces that further to the Company's news release
dated September 17, 2007 the Company has received TSX Venture Exchange
approval and has closed the transaction with Nevsun Africa (Barbados) Ltd.,
("Nevsun"), a wholly owned subsidiary of Nevsun Resources Ltd., of Canada, to
purchase Nevsun's Kubi Gold Project, located 20 kilometres south of the
AngloGold Ashanti Obuasi mine and 46 kilometres southeast of our Obotan
project.
PMI Gold has issued 9,000,000 common shares to Nevsun at a deemed price
of $0.30 per share. There is a four month hold period expiring February 13,
2008.
As a result of the above transaction, Nevsun has advised PMI that it will
own 9,000,000 common shares (the "Shares"), representing approximately 11.6%
of the Company's issued and outstanding share capital. Nevsun has further
advised that it has no present intention of acquiring any additional
securities of PMI.
The balance of the purchase price of US$3 million will be paid within 6
months of closing in cash and or additional shares, at PMI's option, subject
to ensuring that any such additional issuance of shares does not increase
Nevsun's ownership to 20% or more of the outstanding common shares of PMI. The
purchase agreement also provides that for a period of two years Nevsun will
vote the Shares in favour of any proposal made by management of PMI. However,
Nevsun may sell any or all of the Shares at any time subject to PMI having a
right to purchase Shares offered in excess of 500,000 per calendar month. In
addition, the purchase agreement provides that Nevsun may name a nominee as a
director of PMI.
On behalf of the Board, "Douglas R. MacQuarrie"
President & CEO
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking statements which involve known
and unknown risks, delays and uncertainties not under the Company's control
which may cause actual results, performance or achievements of the Company to
be materially different from the results, performance or expectations implied
by these forward-looking statements. We Seek Safe Harbour.
For further information: Douglas R. MacQuarrie, President & CEO,
Telephone: (604) 682-8089, Toll-Free: (888) 682-8089, Facsimile: (604)
682-8094; or for European Investors: Florian Riedl-Riedenstein:, Tel:
43-2774-28814, e-mail: frram@aon.at; or John Mullen:, Tel: 41-522-428795,
e-mail: John Mullen@bluewin.ch Or visit the PMI Gold Corporation website at
www.pmigoldcorp.com (in German: http://pmi.goldseiten.de)
BONANZA?: Searchgold (RSG.V) hits 16.39g/t gold for 49.5 meters!
(Bashful disclosure: I have some Searchgold stock. It's up 25% today...which, for this size of find, is naturally NOT NEARLY ENOUGH! This is a near-bonanza at least, if not a true bonanza. The recent stock rise of the previous message becomes less mystifying....FL)
=================================
16.39 g/t Au Over 49.50 m: SearchGold Cuts a Spectacular Gold Intersection on Bakoudou in Gabon
MONTREAL, QUEBEC, Sep 19, 2007 (MARKET WIRE via COMTEX) -- SearchGold Resources Inc. (Venture Exchange: RSG; FRANKFURT: S1O) is pleased to provide an update on the drilling campaign currently underway on its Bakoudou-Magnima Gold Project located in Gabon, Africa.
Hole BA-06-36, drilled at the south eastern extremity of Zone A on Bakoudou, intersected a spectacular mineralized interval:
16.39 g/t Au over 49.50 m from 133.00 m to 182.50 m
This intersection comprises the following high grade mineralized intercepts:
- 176.10 g/t Au over 1.00 m from 142.00 to 143.00 m
- 55.41 g/t Au over 1.00 m from 151.00 to 152.00 m
- 72.30 g/t Au over 2.00 m from 178.00 to 180.00 m
The drill hole was executed to test the extension of Bakoudou's Zone A south of an east-north-east trending fault offsetting the mineralized body. This hole confirms the continuity of the mineralization south of this fault and allows new development perspectives to be considered for the project. Equally significant, the mineralized interval was intersected in fresh rock clearly establishing the continuity of the mineralization at depth beyond the oxide zone.
Two additional drill holes, BA-06-37 and BA-06-38, have intersected the mineralized structure south of the east-north-east trending fault and visible gold has also been observed in both instances. Samples of the mineralized zones intersected in these two holes are presently being analyzed.
Philippe Giaro, President and CEO, stated "This remarkable hole results from systematic investigations and highlights the quality of the Bakoudou project and of the technical teams in place. This intersection in fresh rock totally changes the scope of project by confirming in a spectacular way the rooting of the mineralization in the sulfide zone on very important widths. It now appears more and more probable that the oxide part of Zone A would be the starting point of a mining operation with the opportunity to extend its mine life with the fresh rock mineralization."
Visible gold has been observed in hole BA-06-36 and the grade is generally well distributed over the 49.5 m mineralized interval as demonstrated by the following table presenting the individual values obtained.
------------------------------- -------------------------------------
From To Interval Grade From To Interval Grade
(m) (m) (m) (g/t Au) (m) (m) (m) (g/t Au)
------------------------------- -------------------------------------
133 134 1 0.43 158 159 1 1.12
------------------------------- -------------------------------------
134 135 1 1.13 159 160 1 1.64
------------------------------- ------------------------------------
135 136 1 4.15 160 161 1 0.80
------------------------------- ------------------------------------
136 137 1 0.10 161 162 1 14.60
------------------------------- -------------------------------------
137 138 1 8.64 162 163 1 6.42
------------------------------- -------------------------------------
138 139 1 2.27 163 164 1 35.49
------------------------------- -------------------------------------
139 140 1 0.02 164 165 1 9.53
------------------------------- -------------------------------------
140 141 1 0.40 165 166 1 13.78
------------------------------- -------------------------------------
141 142 1 0.40 166 167 1 2.98
------------------------------- -------------------------------------
142 143 1 176.10 167 168 1 22.15
------------------------------- -------------------------------------
143 144 1 14.15 168 169 1 4.48
------------------------------- -------------------------------------
144 145 1 15.70 169 170 1 8.70
------------------------------- -------------------------------------
145 146 1 12.60 170 171 1 3.78
------------------------------- -------------------------------------
146 147 1 4.27 171 172 1 1.55
------------------------------- -------------------------------------
147 148 1 16.82 172 173 1 30.10
------------------------------- -------------------------------------
148 149 1 22.35 173 174 1 8.73
------------------------------- -------------------------------------
149 150 1 16.40 174 175 1 25.03
------------------------------- -------------------------------------
150 151 1 15.20 175 176 1 2.42
------------------------------- -------------------------------------
151 152 1 55.41 176 177 1 0.17
------------------------------- -------------------------------------
152 153 1 18.60 177 178 1 5.70
------------------------------- -------------------------------------
153 154 1 35.81 178 179 1 59.08
------------------------------- -------------------------------------
154 155 1 2.78 179 180 1 85.52
------------------------------- -------------------------------------
155 156 1 14.09 180 180.5 0.5 13.46
------------------------------- -------------------------------------
156 157 1 10.62 180.5 181.5 1 0.79
------------------------------- -------------------------------------
157 158 1 9.60 181.5 182.5 1 1.86
------------------------------- -------------------------------------
Sorry, the Ghana Stock Exchange is at http://www.gse.com.gh/
Golden Star (GSS,GSC.TO) seeks Ghana Stock Exchange listing
(Note: AngloGold Ashanti is, technically at least, traded on the Ghana Stock Exchange http://www.gse.com.gh/, but this is really a matter of symbolic pride, for there is almost no volume, even by Ghanaian standards. They've wanted to link the Ghana Stock Exchange stock price to the NYSE and London prices, but they don't have the needed arbitrage parties, or local interest, to accomplish that. There are no other Ghanaian gold miners traded on the GSE currently. The trade volume seems to be in brewers and banks. I don't know how Golden Star will be able to do any better than such a "symbolic" listing like AngloGold Ashanti's in Ghana. Disclosure: I have some of both, and some non-gold stocks traded on the GSE. Getting trade execution in Ghana can be a challenge. The market is very thin, and brokers are mysteriously unwilling to move the prices much when you want something. FL)
Source:
The Denver Business Journal
2007-09-13
Mining company wants listing in Ghana
Golden Star Resources Ltd., which already has a home on two stock exchanges, wants to be listed on a third.
The Littleton company said Wednesday it intends to seek a listing of its shares on the Ghana Stock Exchange. The gold mining company trades as GSS on the American Stock Exchange and as GSC on the Toronto Stock Exchange.
Golden Star wants to be on the Ghana exchange because the company's assets are all in that country.
"Since 1999, Golden Star has been a 'Ghanaian company' in that its primary assets and the majority of its exploration activities have been centered in Ghana," Peter Bradford, president and CEO, said in a statement. "We believe that our commitment to Ghana should extend to becoming a company whose shares are tradable on the Ghana Stock Exchange."
Red Back (RBI.TO) gets C$100 million, closing hedges
VANCOUVER, B. C.--(Marketwire - Oct. 9, 2007):
Red Back Mining Inc. (the "Company" or "Red Back")(TSX:RBI) is pleased to announce that it has entered into an agreement with a syndicate of underwriters under which the underwriters have agreed to buy 15,152,000 common shares (the "Common Shares") from Red Back for sale to the public at a price of C$6.60 per share, representing an aggregate issue of $100,003,200 (the "Offering"). The syndicate will be lead by Scotia Capital Inc. and will include GMP Securities L.P. and Cormark Securities Inc. The Offering is expected to close on or about October 31, 2007 and is subject to regulatory and stock exchange approvals.
Proceeds from the Offering will be used to eliminate all obligations outstanding under Red Back's current gold hedge book and for general corporate purposes.
The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions or to, or for the account or benefit of, United States persons except in certain transactions exempt from the registration requirements of such Act. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
FORWARD-LOOKING INFORMATION
[omitted here]
ON BEHALF OF THE BOARD:
(signed) "Richard P. Clark," President
FOR FURTHER INFORMATION PLEASE CONTACT:
Red Back Mining Inc.
Sophia Shane
(604) 689-7842
Email: redback@namdo.com
Website: www.redbackmining.com
DELETED: Rio Narcea Gold; Tasiast is Red Back's
Rio Narcea acquired by Lundin group, which is transferring the Tasiast gold mine in Mauritania over to Red Back Mining (RBI.TO).
I don't know whether Lundin has any further gold interests in West Africa.
Hey, isn't a phosphate company a fertilizer company? I thought that Farim's product was to be nothing other than fertilizer.
FL
COPY:Farim phosphate in Guinea-Bissau written-off by Red Back Mining (RBI.TO)
[ COPY of my post to "Grass Roots Fertilizer" group at http://investorshub.advfn.com/boards/board.asp?board_id=9037 ]
Perusing Red Back's web-page, I noticed that the Farim phosphate mine project in northern Guinea-Bissau (near the Senegal border), West Africa, was written off as worthless. Why? Because the government of Guinea-Bissau was allegedly reneging on Red Back's phosphate license. I don't know how true it all is. Red Back is a gold miner (originally Australian) that is operating the successful Chirano gold mine, the newest operating gold mine in Ghana. Red Back is also acquiring the Tasiast gold mining property in Mauritania from Rio Narcea/Lundin.
Red Back originally got Farim as a quasi-"freebie" along with the Canadian company, Champion Resources, with which Red Back reverse merged in a quasi-shell acquisition in order to get traded in Toronto on the TSX. Red Back had been traded in Sydney on the ASX before that. I bought a little Champion before the merger, and doubled-up after it. It's doing well now; the stock is way up.
I got interested in the incidental Farim phosphate "freebie". If Farim were developed, it would be the ONLY industrial activity in the country of Guinea-Bissau, a contender for the world's poorest and least developed country. An Arab company had promised to buy Farim from Champion for something like US$10 million, but failed to come through, and Red Back is now suing, I think. Good luck! ???? Especially if the government of Guinea Bissau has rendered the license a worthless nullity.
If anyone actually knows anything about A. phosphate mining, and B. how to commence industry in the Guinea-Bissau mileu and regime, maybe there is an opportunity here. Perhaps Red Back would part with the remnants of its written-off license, rather cheaply, to someone who could "deal" with the Guinea-Bissau government (and rising criminality, funded mainly by coastal drug smuggling). Or maybe another approach is possible in Guinea-Bissau.
The phosphate deposit is apparently quite good. Transport is not. Government is not.
FL
Farim phosphate in Guinea-Bissau written-off by Red Back Mining (RBI.TO)
Perusing Red Back's web-page, I noticed that the Farim phosphate mine project in northern Guinea-Bissau (near the Senegal border), West Africa, was written off as worthless. Why? Because the government of Guinea-Bissau was allegedly reneging on Red Back's phosphate license. I don't know how true it all is. Red Back is a gold miner (originally Australian) that is operating the successful Chirano gold mine, the newest operating gold mine in Ghana. Red Back is also acquiring the Tasiast gold mining property in Mauritania from Rio Narcea/Lundin.
Red Back originally got Farim as a quasi-"freebie" along with the Canadian company, Champion Resources, with which Red Back reverse merged in a quasi-shell acquisition in order to get traded in Toronto on the TSX. Red Back had been traded in Sydney on the ASX before that. I bought a little Champion before the merger, and doubled-up after it. It's doing well now; the stock is way up.
I got interested in the incidental Farim phosphate "freebie". If Farim were developed, it would be the ONLY industrial activity in the country of Guinea-Bissau, a contender for the world's poorest and least developed country. An Arab company had promised to buy Farim from Champion for something like US$10 million, but failed to come through, and Red Back is now suing, I think. Good luck! ???? Especially if the government of Guinea Bissau has rendered the license a worthless nullity.
If anyone actually knows anything about A. phosphate mining, and B. how to commence industry in the Guinea-Bissau mileu and regime, maybe there is an opportunity here. Perhaps Red Back would part with the remnants of its written-off license, rather cheaply, to someone who could "deal" with the Guinea-Bissau government (and rising criminality, funded mainly by coastal drug smuggling). Or maybe another approach is possible in Guinea-Bissau.
The phosphate deposit is apparently quite good. Transport is not. Government is not.
FL
Mr. Monton, what is your CURRENT FAVORITE long-term-hold moybdenum stock, worldwide?
FL
Goldbelt (GLD.TO) rethinking; gold at Inata, Burkina Faso
Goldbelt studies options, announces Inata study
Thu Oct 4, 2007 1:18 PM EDT
OTTAWA (Reuters) - Goldbelt Resources Ltd (GLD.TO)
said on Thursday it will examine its "strategic alternatives," including the sale of the company, as it announced a final feasibility study for its Inata gold project in Burkina Faso.
The Toronto-based junior miner said it has retained a financial advisor to assist with its review, and that it will look at offers for the company or its properties, a joint development offer, or equity or debt financing to fund development of its principal properties.
Its shares fell 8.5 percent to 97 Canadian cents on the Toronto Stock Exchange.
Goldbelt said its Inata feasibility study shows average annual production of 136,000 ounces of gold over the mine's seven-year life. The study projects mine payback after 2.7 years, based on a $650 per ounce gold price and 2.25 tonnes of ore processed annually.
The company expects it to cost $77 million to build the mine, which has estimated cash operating costs of $336 per ounce.
An environmental impact study for the project has been approved, with additional required permits expected in the next six months.
Goldbelt owns 90 percent of project and the Burkina Faso government holds the remainder. The company said it hopes to start construction in December 2007.
It said it expects final approval of a $50 million debt facility from Macquarie Bank in early December. It is also considering a variety of hedging programs.
($1=$1 Canadian)