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I think ive had enough of you.
Welcome to my IHUB ignore list.
No need to respond as i wont read another word.
No your the only one in the dark here.
I just love it. PAITENCE PAYS............Ya baby
I would sell my shoes for a chance to speculate on gold stocks. LOL
I think you had a great week.
Actually i hope they are gready and can push it down some more.
Thats the greed in me.
15 may have been the blue light special of all times.
Lots of chatter. Nice
And i almost forgot.
http://www.321gold.com/
NEW YORK (MarketWatch) -- Gold futures reversed earlier losses on Tuesday, as the dollar fell against major counterparts on bleak U.S. economic data, while traders reconsidered the importance of an expected sale of gold reserves by the International Monetary Fund.
Gold for April delivery gained $8.40 to end at $940.50 an ounce on the New York Mercantile Exchange.
Gold futures had fallen Monday after a senior Treasury official said the U.S. supports the proposed sale of part of the gold reserves held by the IMF.
"But there is an understanding that the IMF issue is minor at best," said Brien Lundin, president at Jefferson Financial. "The sale still needs congressional approval, which remains doubtful, and the amount would be minor anyway."
"In the past, IMF gold sales have typically marked a buying opportunity for people who had missed a rally," Lundin said.
A lower dollar also boosted the appeal of bonds. Gold, as many commodities, is denominated in dollars and a lower U.S. currency makes it more affordable in other currencies.
The dollar fell against major currencies, after an unexpectedly sharp rise in the producer price index and a plunge in consumer confidence heightened fears that the U.S. economy may end up in the grip of stagflation. Read Currencies.
For gold, long-term fundamentals remain favorable, Lundin said.
"The long-term downtrend of the dollar losing favor, expectations that the [Federal Reserve] will cut interest rates by at least another half a point, global economies are a bit stronger than the U.S. economy and that's boosting demand pressures on commodities and [inflation]," he said.
Nick Godt is a MarketWatch reporter based in New York.
NEW YORK (MarketWatch) -- Gold futures reversed earlier losses on Tuesday, as the dollar fell against major counterparts on bleak U.S. economic data, while traders reconsidered the importance of an expected sale of gold reserves by the International Monetary Fund.
Gold for April delivery gained $8.40 to end at $940.50 an ounce on the New York Mercantile Exchange.
Gold futures had fallen Monday after a senior Treasury official said the U.S. supports the proposed sale of part of the gold reserves held by the IMF.
"But there is an understanding that the IMF issue is minor at best," said Brien Lundin, president at Jefferson Financial. "The sale still needs congressional approval, which remains doubtful, and the amount would be minor anyway."
"In the past, IMF gold sales have typically marked a buying opportunity for people who had missed a rally," Lundin said.
A lower dollar also boosted the appeal of bonds. Gold, as many commodities, is denominated in dollars and a lower U.S. currency makes it more affordable in other currencies.
The dollar fell against major currencies, after an unexpectedly sharp rise in the producer price index and a plunge in consumer confidence heightened fears that the U.S. economy may end up in the grip of stagflation. Read Currencies.
For gold, long-term fundamentals remain favorable, Lundin said.
"The long-term downtrend of the dollar losing favor, expectations that the [Federal Reserve] will cut interest rates by at least another half a point, global economies are a bit stronger than the U.S. economy and that's boosting demand pressures on commodities and [inflation]," he said.
Nick Godt is a MarketWatch reporter based in New York.
NEW YORK (MarketWatch) -- Gold futures reversed earlier losses on Tuesday, as the dollar fell against major counterparts on bleak U.S. economic data, while traders reconsidered the importance of an expected sale of gold reserves by the International Monetary Fund.
Gold for April delivery gained $8.40 to end at $940.50 an ounce on the New York Mercantile Exchange.
Gold futures had fallen Monday after a senior Treasury official said the U.S. supports the proposed sale of part of the gold reserves held by the IMF.
"But there is an understanding that the IMF issue is minor at best," said Brien Lundin, president at Jefferson Financial. "The sale still needs congressional approval, which remains doubtful, and the amount would be minor anyway."
"In the past, IMF gold sales have typically marked a buying opportunity for people who had missed a rally," Lundin said.
A lower dollar also boosted the appeal of bonds. Gold, as many commodities, is denominated in dollars and a lower U.S. currency makes it more affordable in other currencies.
The dollar fell against major currencies, after an unexpectedly sharp rise in the producer price index and a plunge in consumer confidence heightened fears that the U.S. economy may end up in the grip of stagflation. Read Currencies.
For gold, long-term fundamentals remain favorable, Lundin said.
"The long-term downtrend of the dollar losing favor, expectations that the [Federal Reserve] will cut interest rates by at least another half a point, global economies are a bit stronger than the U.S. economy and that's boosting demand pressures on commodities and [inflation]," he said.
Nick Godt is a MarketWatch reporter based in New York.
NEW YORK (MarketWatch) -- Gold futures reversed earlier losses on Tuesday, as the dollar fell against major counterparts on bleak U.S. economic data, while traders reconsidered the importance of an expected sale of gold reserves by the International Monetary Fund.
Gold for April delivery gained $8.40 to end at $940.50 an ounce on the New York Mercantile Exchange.
Gold futures had fallen Monday after a senior Treasury official said the U.S. supports the proposed sale of part of the gold reserves held by the IMF.
"But there is an understanding that the IMF issue is minor at best," said Brien Lundin, president at Jefferson Financial. "The sale still needs congressional approval, which remains doubtful, and the amount would be minor anyway."
"In the past, IMF gold sales have typically marked a buying opportunity for people who had missed a rally," Lundin said.
A lower dollar also boosted the appeal of bonds. Gold, as many commodities, is denominated in dollars and a lower U.S. currency makes it more affordable in other currencies.
The dollar fell against major currencies, after an unexpectedly sharp rise in the producer price index and a plunge in consumer confidence heightened fears that the U.S. economy may end up in the grip of stagflation. Read Currencies.
For gold, long-term fundamentals remain favorable, Lundin said.
"The long-term downtrend of the dollar losing favor, expectations that the [Federal Reserve] will cut interest rates by at least another half a point, global economies are a bit stronger than the U.S. economy and that's boosting demand pressures on commodities and [inflation]," he said.
Nick Godt is a MarketWatch reporter based in New York.
This one everyone probably knows http://www.kitco.com/
You could spend hours on kitco till you eyes bug out.
Here another good site. http://www.mineweb.com/mineweb/view/mineweb/en/page1?
Heres a good source for DD http://www.sedar.com/search/search_en.htm
And a few others
http://www.sec.gov/
http://www.apgo.net/cpd/NI43101/
Id rather they not start throwing numbers around$$.
IMO thats the worst pump going.
Look at bdgr for example the prd 2.5billion for i cant remember the stock shot up and fell flat on its face. And actually lost a bit.
But for a bb stock these guys are fairly transparent. Now not like a NYSE stock, but i believe they supply more info than 80% of BB stocks.
They did however give us a glimpse at what weesatche is producing. Now if all works well then my figures make me rest easy with a smile on my face.
What was it 1600-1800 average.
One final thing. The big pop to .19 stinks of shorts getting out. Someone spilled the beans early. Now the crappy volume would suggest they are trying another round,or hoping to shake out a few. IMO
Notice how they tryed to roll her over the past few days?
This baby has legs. 20 is a gimmie
A few more and we will be able to buy that second benz.
As a gold bug they make me happy. But with having worthless paper in my pocket doesnt sit so well (not as happy).
Im glad you enjoyed them. Ive been following some of these guys for a few years now and they have been spot on so far.
Ill dig up some other stuff this weekend for you all to check out.
One more interesting thing to check out.
Very informative. Take the time to watch all the interviews.
http://goldsilver.com/video_player.php?video_id=17&cat_id=2&ss=4031b7e3433d9073d714d3383be28015
February 25, 2008: 05:39 PM EST
NEW YORK (Associated Press) - The Blackstone Group LP, a private equity firm, paid about $4.4 million to Ogilvy Government Relations to lobby Washington on assorted issues last year.
The company paid $720,000 to Ogilvy in the second half of 2007 to lobby the federal government, according to a disclosure form posted online Feb. 14 by the Senate's public records office. The company lobbied the Treasury Department, the Executive Office of the President and members of Congress on tax and compensation issues.
Blackstone paid Ogilvy a little more than $3.7 million in the first six months of 2007 to lobby the same groups on similar issues.
Lobbyists are required to disclose activities that could influence members of the executive and legislative branches, under a federal law enacted in 1995.
NEW YORK (MarketWatch) -- Gold futures dropped Monday after a senior Treasury official said that the U.S. supports the proposed sale of a part of the gold reserves held by the International Monetary Fund.
Gold for April delivery fell $7.30 to end at $940.50 an ounce on the New York Mercantile Exchange.
"The support that the U.S. is now apparently lending to the recently proposed IMF gold sales -- which is a departure from its previous negative stance on such sales -- is causing a few to take profits," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in a research note.
"It is believed that the sales, slated to commence in April, might bring some 400 tons of gold out of the IMF vaults and onto the market," Nadler said.
David H. McCormick, under secretary for international affairs at the Treasury Department, said Monday that the Bush administration considers the plan to sell 12.9 million ounces of gold as "probably the most viable" option to ensure the long-term funding of the IMF, Dow Jones Newswires reported Monday.
McCormick said that there is "some confidence that there will be some support for this" among members of the U.S. Congress and "broad-based support" for the plan among members of the Group of Seven industrial nations, according to the report.
The IMF ranks as the number three holder of gold in reserves, after the U.S. Federal Reserve and Germany's Bundesbank.
The U.S. Congress could block the administration's initiative, said Marc Chandler, currency strategist at Brown Brothers Harriman & Co., in a research note.
"Previously Congress opposed IMF attempts to sell gold in both 1999 and 2005, but
McCormick hinted at having Congressional support now," Chandler said.
"The price of gold fell on the news, which also corresponded to the slightly better than expected existing home sales in the US and a bounce in the U.S. dollar," he said.
Dollar gains
On the currency markets, the dollar got a boost against major rivals Monday, after U.S. home-sales data were not as downbeat as many investors had expected. See Currencies.
The dollar index, which measures the greenback against a basket of six major currencies, was at 75.536, up from 75.480 before the data and 75.514 in Friday's late U.S. trading.
Resales of U.S. homes and condos dropped 0.4% in January to a seasonally adjusted annualized rate of 4.89 million, even as inventories of homes on the market rose, the National Association of Realtors reported Monday.
It was the lowest sales pace since the real estate group began tracking combined sales in 1999 but was stronger than the 4.80 million pace expected by economists surveyed by MarketWatch. See Economic Report.
On Friday, gold finished down $1.40 but chalked up a weekly gain of $41.70. On Thursday, gold surged to a record high of $958.40 an ounce.
Thursday's gains pushed gold toward overbought territory, as borne out by gold appearing to struggle to rally to close out the week, said James Moore, an analyst at TheBullionDesk.com.
However, "the speed with which the metal recovered from its dip suggests plenty of players remain on the sidelines keen to buy dips, and that rate-cut expectations and rising inflationary pressures will continue to draw investment demand," Moore said in a research note
NEW YORK (MarketWatch) -- Gold futures dropped Monday after a senior Treasury official said that the U.S. supports the proposed sale of a part of the gold reserves held by the International Monetary Fund.
Gold for April delivery fell $7.30 to end at $940.50 an ounce on the New York Mercantile Exchange.
"The support that the U.S. is now apparently lending to the recently proposed IMF gold sales -- which is a departure from its previous negative stance on such sales -- is causing a few to take profits," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in a research note.
"It is believed that the sales, slated to commence in April, might bring some 400 tons of gold out of the IMF vaults and onto the market," Nadler said.
David H. McCormick, under secretary for international affairs at the Treasury Department, said Monday that the Bush administration considers the plan to sell 12.9 million ounces of gold as "probably the most viable" option to ensure the long-term funding of the IMF, Dow Jones Newswires reported Monday.
McCormick said that there is "some confidence that there will be some support for this" among members of the U.S. Congress and "broad-based support" for the plan among members of the Group of Seven industrial nations, according to the report.
The IMF ranks as the number three holder of gold in reserves, after the U.S. Federal Reserve and Germany's Bundesbank.
The U.S. Congress could block the administration's initiative, said Marc Chandler, currency strategist at Brown Brothers Harriman & Co., in a research note.
"Previously Congress opposed IMF attempts to sell gold in both 1999 and 2005, but
McCormick hinted at having Congressional support now," Chandler said.
"The price of gold fell on the news, which also corresponded to the slightly better than expected existing home sales in the US and a bounce in the U.S. dollar," he said.
Dollar gains
On the currency markets, the dollar got a boost against major rivals Monday, after U.S. home-sales data were not as downbeat as many investors had expected. See Currencies.
The dollar index, which measures the greenback against a basket of six major currencies, was at 75.536, up from 75.480 before the data and 75.514 in Friday's late U.S. trading.
Resales of U.S. homes and condos dropped 0.4% in January to a seasonally adjusted annualized rate of 4.89 million, even as inventories of homes on the market rose, the National Association of Realtors reported Monday.
It was the lowest sales pace since the real estate group began tracking combined sales in 1999 but was stronger than the 4.80 million pace expected by economists surveyed by MarketWatch. See Economic Report.
On Friday, gold finished down $1.40 but chalked up a weekly gain of $41.70. On Thursday, gold surged to a record high of $958.40 an ounce.
Thursday's gains pushed gold toward overbought territory, as borne out by gold appearing to struggle to rally to close out the week, said James Moore, an analyst at TheBullionDesk.com.
However, "the speed with which the metal recovered from its dip suggests plenty of players remain on the sidelines keen to buy dips, and that rate-cut expectations and rising inflationary pressures will continue to draw investment demand," Moore said in a research note
NEW YORK (MarketWatch) -- Gold futures dropped Monday after a senior Treasury official said that the U.S. supports the proposed sale of a part of the gold reserves held by the International Monetary Fund.
Gold for April delivery fell $7.30 to end at $940.50 an ounce on the New York Mercantile Exchange.
"The support that the U.S. is now apparently lending to the recently proposed IMF gold sales -- which is a departure from its previous negative stance on such sales -- is causing a few to take profits," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in a research note.
"It is believed that the sales, slated to commence in April, might bring some 400 tons of gold out of the IMF vaults and onto the market," Nadler said.
David H. McCormick, under secretary for international affairs at the Treasury Department, said Monday that the Bush administration considers the plan to sell 12.9 million ounces of gold as "probably the most viable" option to ensure the long-term funding of the IMF, Dow Jones Newswires reported Monday.
McCormick said that there is "some confidence that there will be some support for this" among members of the U.S. Congress and "broad-based support" for the plan among members of the Group of Seven industrial nations, according to the report.
The IMF ranks as the number three holder of gold in reserves, after the U.S. Federal Reserve and Germany's Bundesbank.
The U.S. Congress could block the administration's initiative, said Marc Chandler, currency strategist at Brown Brothers Harriman & Co., in a research note.
"Previously Congress opposed IMF attempts to sell gold in both 1999 and 2005, but
McCormick hinted at having Congressional support now," Chandler said.
"The price of gold fell on the news, which also corresponded to the slightly better than expected existing home sales in the US and a bounce in the U.S. dollar," he said.
Dollar gains
On the currency markets, the dollar got a boost against major rivals Monday, after U.S. home-sales data were not as downbeat as many investors had expected. See Currencies.
The dollar index, which measures the greenback against a basket of six major currencies, was at 75.536, up from 75.480 before the data and 75.514 in Friday's late U.S. trading.
Resales of U.S. homes and condos dropped 0.4% in January to a seasonally adjusted annualized rate of 4.89 million, even as inventories of homes on the market rose, the National Association of Realtors reported Monday.
It was the lowest sales pace since the real estate group began tracking combined sales in 1999 but was stronger than the 4.80 million pace expected by economists surveyed by MarketWatch. See Economic Report.
On Friday, gold finished down $1.40 but chalked up a weekly gain of $41.70. On Thursday, gold surged to a record high of $958.40 an ounce.
Thursday's gains pushed gold toward overbought territory, as borne out by gold appearing to struggle to rally to close out the week, said James Moore, an analyst at TheBullionDesk.com.
However, "the speed with which the metal recovered from its dip suggests plenty of players remain on the sidelines keen to buy dips, and that rate-cut expectations and rising inflationary pressures will continue to draw investment demand," Moore said in a research note.
NEW YORK (MarketWatch) -- Gold futures dropped Monday after a senior Treasury official said that the U.S. supports the proposed sale of a part of the gold reserves held by the International Monetary Fund.
Gold for April delivery fell $7.30 to end at $940.50 an ounce on the New York Mercantile Exchange.
"The support that the U.S. is now apparently lending to the recently proposed IMF gold sales -- which is a departure from its previous negative stance on such sales -- is causing a few to take profits," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in a research note.
"It is believed that the sales, slated to commence in April, might bring some 400 tons of gold out of the IMF vaults and onto the market," Nadler said.
David H. McCormick, under secretary for international affairs at the Treasury Department, said Monday that the Bush administration considers the plan to sell 12.9 million ounces of gold as "probably the most viable" option to ensure the long-term funding of the IMF, Dow Jones Newswires reported Monday.
McCormick said that there is "some confidence that there will be some support for this" among members of the U.S. Congress and "broad-based support" for the plan among members of the Group of Seven industrial nations, according to the report.
The IMF ranks as the number three holder of gold in reserves, after the U.S. Federal Reserve and Germany's Bundesbank.
The U.S. Congress could block the administration's initiative, said Marc Chandler, currency strategist at Brown Brothers Harriman & Co., in a research note.
"Previously Congress opposed IMF attempts to sell gold in both 1999 and 2005, but
McCormick hinted at having Congressional support now," Chandler said.
"The price of gold fell on the news, which also corresponded to the slightly better than expected existing home sales in the US and a bounce in the U.S. dollar," he said.
Dollar gains
On the currency markets, the dollar got a boost against major rivals Monday, after U.S. home-sales data were not as downbeat as many investors had expected. See Currencies.
The dollar index, which measures the greenback against a basket of six major currencies, was at 75.536, up from 75.480 before the data and 75.514 in Friday's late U.S. trading.
Resales of U.S. homes and condos dropped 0.4% in January to a seasonally adjusted annualized rate of 4.89 million, even as inventories of homes on the market rose, the National Association of Realtors reported Monday.
It was the lowest sales pace since the real estate group began tracking combined sales in 1999 but was stronger than the 4.80 million pace expected by economists surveyed by MarketWatch. See Economic Report.
On Friday, gold finished down $1.40 but chalked up a weekly gain of $41.70. On Thursday, gold surged to a record high of $958.40 an ounce.
Thursday's gains pushed gold toward overbought territory, as borne out by gold appearing to struggle to rally to close out the week, said James Moore, an analyst at TheBullionDesk.com.
However, "the speed with which the metal recovered from its dip suggests plenty of players remain on the sidelines keen to buy dips, and that rate-cut expectations and rising inflationary pressures will continue to draw investment demand," Moore said in a research note.
Being a gold bug is sometimes alot like being the maytag repair man. Nothing to do but wait.
Depends on future drill results.
They have roughly the same kind of propertys that Yamana started with.
But they have got to get out there and drill drill drill.
The ability to do this will make them or break them.
Feb. 20, 2008 (Investor's Business Daily delivered by Newstex) --
Gold prices rose above $800 an ounce last year for the first time since 1980 and are now above $900.
Silver, which spiked briefly above $20 an ounce in 1980 and climbed back above $15 late last year, is now above $17.
Boosted by crushing global demand, currency issues and oil prices, IBD's Metal Ores-Gold/Silver group has been among the top 10 industry groups for the past 13 weeks. Its neighbor, Metal Ores, also recently jumped to the top 10.
The Machinery-Construction Mining group, which supplies the ore groups, jumped from No. 107 to the No. 16 slot in the past month.
While metals-market fundamentals look solid for now, the high-ranked gold/silver group has few stocks with promising fundamentals.
Some of the group's largest companies, by market capital, are also the world's top gold producers: Barrick Gold (NYSE:ABX) (TSX:ABX) (TSX:HCX) ABX, Newmont Mining (NYSE:NEM) NEM and AngloGold Ashanti (NYSE:AU) AU. All have found their earnings pinched by fast-rising production costs as their suppliers also race to tap rising commodity prices.
Yamana Gold AUY has bumped up earnings and revenue in triple-digits through the past three quarters. Analysts call for a 2,000% EPS gain when the Toronto-based company announces Q4 results March 25.
Hecla Mining HL also sports triple-digit EPS growth. But revenue growth is particularly weak, and analysts see a 13% earnings decline in Q4. The company plans to report Friday.
A related stock, and with better financials, is Bucyrus BUCY. The mining gear maker is forging ahead with solid EPS and sales gains.
I agree. Could be an interesting next few weeks.
Wed Jan 9, 2008
Copper-Gold Mineralization Intersected in Wernecke Breccia JV Drilling
--------------------------------------------------------------------------------
Press Release 08-01
Vancouver, BC - January 9, 2008: Jason Weber, President and CEO of Rimfire Minerals Corporation reports that results from drilling at the Hoover Property have been received from the Wernecke Breccias Project, a joint venture with Fronteer Development Group Inc. Exploration conducted throughout the 2007 field season targeted iron oxide copper-gold-uranium targets and stand-alone uranium targets on the Joint Venture's 373-sq-km land package in the Wernecke Mountains of Canada's north-central Yukon Territory.
The latest holes continue to expand the limits of known copper-gold mineralization at the Hoover Property. New drilling highlights include:
1.84% copper and 0.53 grams per tonne gold over 17.3 metres in HV07-27.
0.56% copper and 0.16 grams per tonne gold over 45.5 metres in HV07-27.
1.20% copper and 0.48 grams per tonne gold over 7.9 metres in HV07-26.
Mineralization at the Hoover Property has been intersected in 11 widely spaced holes and approximately 500 m of strike length. This mineralization remains open for expansion to the north and south as well as at depth. Anomalous copper-in-soil geochemistry has been detected as far as 800 m to the south along strike from the most southerly drill hole.
Final drill results from the Hoover Property are summarized below:
2007 Hoover drill results
Interval Hole
No. From
(m) To
(m) Interval
(m) Au
(ppm) Cu
(%)
HV07-26 276.7 327.2 50.5 0.07 0.24
Including HV07-26 319.3 327.2 7.9 0.48 1.20
HV07-27 19.5 65.0 45.5 0.16 0.56
including HV07-27 23.6 26.4 2.8 0.30 1.17
Including HV07-27 51.0 59.0 8.0 0.27 1.21
HV07-27 204.7 222.0 17.3 0.53 1.84
Previously announced 2007 results
HV07-19 214.8 238.0 23.2 0.21 0.39
HV07-19 264.6 313.0 48.4 0.12 0.28
HV07-20 NSA
HV07-21 119.0 135.4 16.4 0.22 0.86
HV07-21 191.0 214.2 23.2 0.05 0.41
HV07-21 273.4 350.0 76.6 0.11 0.23
HV07-22 79.7 168.2 88.5 0.11 0.55
HV07-23 NSA
HV07-24 NSA
HV07-25 170.0 254.0 84.0 0.08 0.12
HV07-25 347.0 365.0 18.0 0.12 0.15
*Note: The true width of the mineralized zones is estimated to be approximately 75% of those stated. HV07-26 was lost in mineralization. HV07-23 and 24 - holes were lost prior to reaching target depth.
A comprehensive table listing Hoover drill results, including historical drilling, and a plan map showing drillhole distribution and soil geochemistry can be found at http://www.rimfire.bc.ca/s/Wernecke_Breccias.asp.
The 2007 Wernecke Breccias exploration program was operated by Fronteer, and funded pro-rata by Fronteer (80%) and Rimfire (20%). Remaining results from the 2007 program will be released once the data is compiled.
Assay results have been prepared under the guidance of David Kuran, P. Geo, who is designated as a Qualified Person with the ability and authority to verify the authenticity of and validity of this data. All samples were analyzed by ALS Chemex, North Vancouver, BC, using ICP-AES and fire assay. Assays were completed with uranium determinations by ME-MS-61 ICP geochemical analysis with samples returning over 1000 ppm U were then analyzed by U-XRF-10 analysis.
Thu Jan 17, 2008
Additional Copper-Gold Results From Wernecke Breccia JV Drilling
--------------------------------------------------------------------------------
PR08-02 Vancouver, BC -- January 17, 2008: Jason Weber, President and CEO of Rimfire Minerals Corporation reports additional results from drilling at the Hem and Pagisteel Fault prospects of the Wernecke Breccias Project, a joint venture with Fronteer Development Group Inc. Exploration conducted throughout the 2007 field season targeted iron oxide copper-gold-uranium targets and stand-alone uranium targets on the Joint Venture's 373-sq-km land package in the Wernecke Mountains of Canada's north-central Yukon Territory.
Highlights from the Pagisteel Fault and HEM prospects are:
2.57% copper and 0.97 grams per tonne gold over 6.10 metres in PG07-01 at the Pagisteel Fault.
0.69% copper and 0.17 grams per tonne gold over 9.33 metres in UT07-11 at HEM.
0.36% copper and 0.18 grams per tonne gold over 8.37 metres in UT07-12 at HEM.
Hole PG07-01 is the first to test a regional fault structure associated with a 4-km long trend of soil and rock geochemistry anomalous in gold and copper at the Pagisteel Fault Prospect. This hole intersected several faulted zones interleaved with sections of metasomatized sedimentary rock with locally disseminated to semi-massive chalcopyrite and pyrite.
At Hem, two holes spaced 200 metres apart were drilled to test a broad low-grade copper intersection encountered by previous workers in 1995 drilling. The holes cut variably (silica-potassium-feldspar-hematite) altered siltstone and potassium feldspar-albite-chlorite-sericite altered Wernecke breccia and zones of specularite-carbonate-magnetite-chalcopyrite veining.
Final 2007 drill results returned include:
Hem
Hole #
From (m)
To (m)
Interval (m)
Au (ppm)
Cu (%)
UT07-11
175.87
176.36
0.49
<0.005
1.59
UT07-11
332.50
341.04
8.54
0.136
0.20
UT07-11
345.28
354.61
9.33
0.173
0.69
Incl.
345.98
349.63
3.65
0.353
1.46
UT07-12
149.84
158.21
8.37
0.180
0.36
UT07-12
178.40
191.45
13.05
0.035
0.28
Pagisteel
PG07-01
117.30
123.40
6.10
0.966
2.57
True widths for the intersections above are estimated to be 80% of the indicated lengths for Hem drill holes and 90% for the Pagisteel drill hole.
Maps showing the Pagisteel Fault drill hole location and soil geochemical results and Hem drill hole locations and ground magnetics geophysical results can be found at www.rimfire.bc.ca/s/Wernecke_Breccias.asp.
The 2007 Wernecke Breccias exploration program was operated by Fronteer, and funded pro-rata by Fronteer (80%) and Rimfire (20%). Remaining results from the 2007 program will be released once the data has been compiled.
Assay results have been prepared under the guidance of David Kuran, P. Geo, who is designated as a Qualified Person with the ability and authority to verify the authenticity of and validity of this data. All samples were analyzed by ALS Chemex, North Vancouver, BC, using ICP-AES and fire assay. Assays were completed with uranium determinations by ME-MS-61 ICP geochemical analysis with samples returning over 1000 ppm U were then analyzed by U-XRF-10 analysis.
Thu Jan 31, 2008
Williams Project Update
--------------------------------------------------------------------------------
PR08-03 Vancouver, BC -- January 31, 2008: Jason Weber, President and CEO of Rimfire Minerals Corporation reports final results from the 2007 exploration of the Williams Property, located 150 kilometres southeast of Dease Lake, BC. This work, funded by Arcus Development Group Inc., consisted of mapping, prospecting and rock, silt and soil geochemical sampling to evaluate new claims staked in 2006. Ground work was also undertaken at the T-Bill high-grade gold target to refine targets for drilling, and at the GIC porphyry copper-gold prospect. Soil geochemical sampling led to the identification of the LN anomaly, a large molybdenum, copper+/-gold-in-soil geochemical anomaly immediately east of the GIC prospect.
Arcus has informed Rimfire that it does not intend to continue exploration of the Williams Property. Rimfire will retain 100% of the property, which includes two drill-ready targets at the T-Bill and GIC prospects. In keeping with Rimfire's business model, management will be seeking a partner to advance both prospects.
T-Bill Prospect
The focus of the 2007 program at the T-Bill was to confirm the orientation of quartz-carbonate-arsenopyrite veins in order to refine targets for subsequent drilling. This program included hand trenching in select areas to expose veining that previous workers had intersected in drilling. Eighteen historic holes have been drilled within a 900 by 500 metre area to date resulting in 11 separate 2.0 metre intersections in excess of 12.0 g/t gold, including 35.0 g/t gold and 24.8 g/t over 2.0 metres. Potential for large low-grade gold style targets is evidenced by intersections from the same area that include 1.1 g/t gold over 75 metres (true width). Hand trenching of the T-Bill veining confirmed management's interpretation that the vein swarm is steeply dipping with a northwest/southeast strike.
GIC Prospect
Previous programs at the GIC Prospect include drilling in 2006 that identified porphyry style alteration and pyrite dominant mineralization coincident with an Induced Polarization (IP) chargeability high anomaly. The 2007 program focussed on unexplored jarosite gossans east of the area drilled in 2006, and led to the identification of the LN Anomaly, a 450 by 900 metre molybdenum, copper+/-gold-in-soil anomaly (Mo > 16 ppm, Cu > 129 ppm). The anomaly, which remains open to the east, is coincident with an airborne magnetic high.
"We were successful in verifying the orientation of veining at the T-Bill Prospect and determining that the porphyry-style hydrothermal system at the GIC extends outside of the area investigated by drilling in 2006. We now have excellent drill targets at both prospects," stated Mark Baknes, VP Exploration for Rimfire. "Molybdenum-copper soil geochemistry may be vectoring us from pyrite (iron) dominated mineralization to copper, gold and molybdenum-rich mineralization east of the GIC. At the T-Bill, we now have much more certainty in the orientation of high-grade gold veining which will allow us to systematically test these veins by drilling. We will be seeking a partner to test these two targets."
The 2007 work program was conducted under the direction of Henry Awmack, P.Eng., of Equity Engineering Ltd., a Qualified Person for the purpose of National Instrument 43-101. Assays were completed by ALS Chemex Labs of North Vancouver, BC.
Thu Jan 31, 2008
Inmet Options Rimfire's Grizzly Copper-Gold Project
--------------------------------------------------------------------------------
PR08-04
Vancouver, BC -- January 31, 2008: Jason Weber, President and CEO of Rimfire Minerals Corporation is pleased to report that Inmet Mining Corporation has signed a Letter Of Intent (LOI) to an option on the Grizzly Property, in northwestern British Columbia. Under the terms of the agreement, Inmet can earn a 60% interest by funding at least $5 million in exploration at the Grizzly over four years, including $800,000 in the first year. Inmet will make staged cash payments totalling $250,000 over the earn-in period, including $50,000 upon signing of the LOI.
The Grizzly Property is approximately 50 kilometres east of the Galore Creek project and within four kilometres of the partially completed Galore Creek access road. The Grizzly copper-gold porphyry target shows many similarities to Galore Creek, including its geological setting, volcanic host rock geochemistry, regional magnetic and gravity geophysical signatures, hydrothermal alteration and metal signature. Rimfire crew resampled old trenches in 2006, yielding 38 metres averaging 0.74% copper and 1.1 g/t gold from a continuous chip sample. The Grizzly showings occur within a one square kilometre copper, gold and molybdenum-in-soil geochemical anomaly. A second area of anomalous copper, gold and molybdenum soil geochemistry (the Mirko Grid) lies approximately 2 km northwest. The cause of this anomaly has yet to be investigated.
"We are looking forward to working with Inmet to advance the Grizzly Project," stated Jason Weber, President and CEO of Rimfire Minerals. "Inmet's exploration strategy focuses on the discovery of world class copper deposits. We are very pleased that their team feels that the Grizzly may help them achieve their goal."
Preliminary exploration plans for 2008 include a comprehensive program of geological mapping, Induced Polarization (IP) geophysics, and trenching to provide drill targets by year-end.
Tue Feb 19, 2008
Tide Project Update -- Drilling Expands 36 Zone
--------------------------------------------------------------------------------
PR08-05
Vancouver, BC -- February 19, 2008: Jason Weber, President and CEO of Rimfire Minerals Corporation is pleased to report final results from exploration conducted at the Tide Property in 2007. The road accessible Tide Property is situated 36 km north of the port of Stewart, BC, within the Stewart-Sulphurets corridor. The 2007 program was funded by American Creek Resources Inc., and consisted of 1835 metres of drilling in eight holes, detailed mapping and 318 metres of channel sampling targeting bulk-tonnage style gold mineralization.
Rimfire is targeting the Tide due to its large soil and silt geochemical anomalies, the extent of its precious metal mineralization, its proximity to favourable infrastructure and its location within the Stewart-Sulphurets corridor. Recent exploration in the Stewart-Sulphurets gold camp has reportedly expanded the resources at deposits such as Mitchell (13.1 million ounce gold and 2.2 billion pound copper resource at an average grade of 0.72 g/t gold and 0.18% copper -- Seabridge Gold) and Snowfield (3.0 million ounce gold resource at an average grade of 1.5 g/t gold -- Silver Standard Resources).
Every hole drilled in the 2007 program returned anomalous gold values over large widths, including Tide07-13, which averaged 0.49 g/t gold over the entire 207 metre length of the hole and Tide07-14 which averaged 0.33 g/t gold over the entire 247 metre length. Highlights include Hole Tide07-13, aimed at testing the southern extents of the 36 Zone, which included two separate intervals of 43.6 m of 1.0 g/t gold and 22.5 m of 0.94 g/t gold. Drilling at the 36 Zone was conducted on four sections spaced approximately 50 metres apart. Two holes were completed at the Northpit target and one hole at the Riptide target located 375 and 600 metres east of the 36 Zone, respectively.
"The 36 Zone is a compelling bulk tonnage-style gold target," stated Mark Baknes, VP Exploration. "Our previous metallurgical studies show that this mineralization is amenable to leaching. Our best results in drilling plus all of our surface work, including fracture density studies and surface chip sampling, suggest that the next test of the 36 Zone should be to the north and south."
The 36 Zone was discovered in 2005 when a single drill hole intersected 129.4 metres averaging 1.0 g/t gold including a 39.6 metre interval of 1.9 g/t gold. To date, drilling at the 36 Zone has been confined to a 250 by 750 metre area within the 600 by 2500 metre Crest gold-arsenic soil geochemical anomaly (>500 ppb gold in talus fines). The 2007 drilling program successfully extended the 36 Zone mineralization 100 metres to the north and 150 metres east. Further to the east at the Riptide zone, mineralization appears to be confined to narrower structures.
Tide Project - 2007 Diamond Drilling Results
Drill Hole
Zone
From (m)
To (m)
Interval (m)
Gold (g/t)
Tide07-13
36
0.61
207.25
206.64
0.49
Including
57.61
101.21
43.60
1.00
Tide07-13
36
161.85
184.35
22.50
0.94
Tide07-14
36
38.96
212.90
173.94
0.42
Including
38.96
48.46
9.50
1.88
Including
188.90
211.40
22.50
1.05
Tide07-15
36
81.57
123.46
41.89
0.49
Tide07-16
36
231.93
262.40
30.47
0.44
Tide07-17
36
73.98
117.60
43.62
0.64
Including
82.57
93.27
10.70
0.97
Including
105.46
117.60
12.14
1.02
Tide07-18
Northpit
103.40
122.40
19.00
0.92
Tide07-19
Riptide
101.6
112.7
11.1
0.27
Tide07-20
Northpit
191.51
206.51
15.00
1.02
In conjunction with drilling, field crews conducted a ground program consisting of chip sampling and detailed geological and fracture mapping. This data, in conjunction with fracture density data will be used to target 2008 holes at the 36 Zone, with a focus on areas to the south of the current drilling. A plan map of the 36 Zone with 2007 drill hole locations can be viewed at www.rimfire.bc.ca./s/tide.asp.
The 2007 Tide program was funded by American Creek Resources Ltd., under the terms of an option whereby American Creek can earn an additional 9% (total 60%) interest in the joint venture by funding $3.5 million in exploration by 2010. American Creek is the project operator. This news release has been reviewed by Mark Baknes, M.Sc., P.Geo., a Qualified Person for the purpose of National Instrument 43-101. Assays were completed by ALS Chemex Labs of North Vancouver, BC.
Would anyone object to me removing some of the charts in the ibox?
Id rather place valuable information there instead and I dont want to make the ibox a mile long.
Thanks. let me know
Nice read. Goldman sachs
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _)*
STERLING MINING COMPANY
-------------------------------------------------------------------------------
(Name of Issuer)
Common Stock , $ 0.05 par value
-------------------------------------------------------------------------------
(Title of Class of Securities)
859410102
--------------------------------------------
(CUSIP Number)
December 31, 2007
-------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
Page 1 of 11
-----------------------
CUSIP No. 859410102 13G
-----------------------
------------------------------------------------------------------------------
1. Name of Reporting Person
I.R.S. Identification No. of above Person
THE GOLDMAN SACHS GROUP, INC.
------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [_]
(b) [_]
------------------------------------------------------------------------------
3. SEC Use Only
------------------------------------------------------------------------------
4. Citizenship or Place of Organization
Delaware
------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares ----------------------------------------------------------
6. Shared Voting Power
Beneficially
3,152,105
Owned by
----------------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
Person ----------------------------------------------------------
8. Shared Dispositive Power
With:
3,152,105
------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,152,105
------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
8.1%
------------------------------------------------------------------------------
12. Type of Reporting Person
HC-CO
------------------------------------------------------------------------------
Page 2 of 11
-----------------------
CUSIP No. 859410102 13G
-----------------------
------------------------------------------------------------------------------
1. Name of Reporting Person
I.R.S. Identification No. of above Person
GOLDMAN, SACHS & CO.
------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group
(a) [_]
(b) [_]
------------------------------------------------------------------------------
3. SEC Use Only
------------------------------------------------------------------------------
4. Citizenship or Place of Organization
New York
------------------------------------------------------------------------------
5. Sole Voting Power
Number of 0
Shares ----------------------------------------------------------
6. Shared Voting Power
Beneficially
3,152,105
Owned by
----------------------------------------------------------
Each 7. Sole Dispositive Power
Reporting 0
Person ----------------------------------------------------------
8. Shared Dispositive Power
With:
3,152,105
------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,152,105
------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
8.1%
------------------------------------------------------------------------------
12. Type of Reporting Person
BD-PN-IA
------------------------------------------------------------------------------
Page 3 of 11
Item 1(a). Name of Issuer:
STERLING MINING COMPANY
Item 1(b). Address of Issuer's Principal Executive Offices:
609 Bank Street
Wallace, Idaho 83873
Item 2(a). Name of Persons Filing:
THE GOLDMAN SACHS GROUP, INC.
GOLDMAN, SACHS & CO.
Item 2(b). Address of Principal Business Office or, if none, Residence:
The Goldman Sachs Group, Inc.
85 Broad Street
New York, NY 10004
Goldman, Sachs & Co.
85 Broad Street
New York, NY 10004
Item 2(c). Citizenship:
THE GOLDMAN SACHS GROUP, INC. - Delaware
GOLDMAN, SACHS & CO. - New York
Item 2(d). Title of Class of Securities:
Common Stock ,$ 0.05 par value
Item 2(e). CUSIP Number:
859410102
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or
13d-2(b) or (c), check whether the person filing is a:
(a).[ ] Broker or dealer registered under Section 15 of the Act
(15 U.S.C. 78o).
(b).[ ] Bank as defined in Section 3(a)(6) of the Act
(15 U.S.C. 78c).
(c).[ ] Insurance company as defined in Section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d).[ ] Investment company registered under Section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e).[ ] An investment adviser in accordance with
Rule 13d-1(b)(1)(ii)(E);
(f).[ ] An employee benefit plan or endowment fund in accordance
with Rule 13d-1(b)(1)(ii)(F);
(g).[ ] A parent holding company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G);
(h).[ ] A savings association as defined in Section 3(b) of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
(i).[ ] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j).[ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Page 4 of 11
Item 4. Ownership.*
(a). Amount beneficially owned:
See the response(s) to Item 9 on the attached cover page(s).
(b). Percent of Class:
See the response(s)to Item 11 on the attached cover page(s).
(c). Number of shares as to which such person has:
(i). Sole power to vote or to direct the vote: See the
response(s) to Item 5 on the attached cover page(s).
(ii). Shared power to vote or to direct the vote: See the
response(s) to Item 6 on the attached cover page(s).
(iii). Sole power to dispose or to direct the disposition
of: See the response(s) to Item 7 on the attached
cover page(s).
(iv). Shared power to dispose or to direct the disposition
of: See the response(s) to Item 8 on the attached
cover page(s).
Item 5. Ownership of Five Percent or Less of a Class.
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding Company.
See Exhibit (99.2)
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
Item 10. Certification.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
--------------------------
* In accordance with Securities and Exchange Commission Release No. 34-39538
(January 12, 1998) (the "Release"), this filing reflects the securities
beneficially owned by certain operating units (collectively, the "Goldman Sachs
Reporting Units") of The Goldman Sachs Group, Inc. and its subsidiaries and
affiliates (collectively, "GSG"). This filing does not reflect securities, if
any, beneficially owned by any operating units of GSG whose ownership of
securities is disaggregated from that of the Goldman Sachs Reporting Units in
accordance with the Release. The Goldman Sachs Reporting Units disclaim
beneficial ownership of the securities beneficially owned by (i) any client
accounts with respect to which the Goldman Sachs Reporting Units or their
employees have voting or investment discretion, or both and (ii) certain
investment entities of which the Goldman Sachs Reporting Units act as the
general partner, managing general partner or other manager, to the extent
interests in such entities are held by persons other than the Goldman Sachs
Reporting Units.
Page 5 of 11
SIGNATURE
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in
this statement is true, complete and correct.
Date: February 11, 2008
THE GOLDMAN SACHS GROUP, INC.
By:/s/ Lauren LoFaro
----------------------------------------
Name: Lauren LoFaro
Title: Attorney-in-fact
GOLDMAN, SACHS & CO.
By:/s/ Lauren LoFaro
----------------------------------------
Name: Lauren LoFaro
Title: Attorney-in-fact
Page 6 of 11
INDEX TO EXHIBITS
Exhibit No. Exhibit
----------- -------
99.1 Joint Filing Agreement
99.2 Item 7 Information
99.3 Power of Attorney, relating to
THE GOLDMAN SACHS GROUP, INC.
99.4 Power of Attorney, relating to
GOLDMAN, SACHS & CO.
Page 7 of 11
EXHIBIT (99.1)
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) promulgated under the Securities
Exchange Act of 1934, the undersigned agree to the joint filing of a Statement
on Schedule 13G (including any and all amendments thereto) with respect to the
Common Stock, $0.05 par value, of STERLING MINING COMPANY
and further agree to the filing of this agreement as an Exhibit thereto.
In addition, each party to this Agreement expressly authorizes each other party
to this Agreement to file on its behalf any and all amendments to such Statement
on Schedule 13G.
Date: February 11, 2008
THE GOLDMAN SACHS GROUP, INC.
By:/s/ Lauren LoFaro
----------------------------------------
Name: Lauren LoFaro
Title: Attorney-in-fact
GOLDMAN, SACHS & CO.
By:/s/ Lauren LoFaro
----------------------------------------
Name: Lauren LoFaro
Title: Attorney-in-fact
Page 8 of 11
EXHIBIT (99.2)
ITEM 7 INFORMATION
The securities being reported on by The Goldman Sachs Group, Inc.
("GS Group"), as a parent holding company, are owned, or may be deemed to be
beneficially owned, by Goldman, Sachs & Co. ("Goldman Sachs"), a broker or
dealer registered under Section 15 of the Act and an investment adviser
registered under Section 203 of the Investment Advisers Act of 1940. Goldman
Sachs is a direct and indirect wholly-owned subsidiary of GS Group.
Page 9 of 11
EXHIBIT (99.3)
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS that THE GOLDMAN SACHS GROUP, INC. (the
"Company") does hereby make, constitute and appoint each of Catherine Wedgbury,
Ronald L. Christopher and Lauren LoFaro (and any other employee of The Goldman
Sachs Group, Inc. or one of its affiliates designated in writing by one of the
attorneys-in-fact), acting individually, its true and lawful attorney, to
execute and deliver in its name and on its behalf whether the Company is acting
individually or as representative of others, any and all filings required to be
made by the Company under the Securities Exchange Act of 1934, (as amended, the
"Act"), with respect to securities which may be deemed to be beneficially owned
by the Company under the Act, giving and granting unto each said
attorney-in-fact power and authority to act in the premises as fully and to all
intents and purposes as the Company might or could do if personally present by
one of its authorized signatories, hereby ratifying and confirming all that
said attorney-in-fact shall lawfully do or cause to be done by virtue hereof.
THIS POWER OF ATTORNEY shall remain in full force and effect until either
revoked in writing by the undersigned or until such time as the person or
persons to whom power of attorney has been hereby granted cease(s) to be an
employee of The Goldman Sachs Group, Inc. or one of its affiliates.
IN WITNESS WHEREOF, the undersigned has duly subscribed these presents as of
December 4, 2007.
THE GOLDMAN SACHS GROUP, INC.
By: /s/ Gregory K. Palm
____________________________
Name: Gregory K. Palm
Title: Executive Vice President and General Counsel
Montana
Sterling Mining Company has acquired rights to several projects within the Montana copper-sulphide belt, a 5,830-square-mile area that hosts several significant deposits developed by other companies, notably the Troy, Rock Creek, and Montanore stratiform silver-copper deposits.
The Company's projects are situated in Saunders County, including the JE Property, where stratabound silver-copper mineralization was previously discovered. In April of 2006, Sterling Mining entered into an option agreement allowing Red Lake Resources (TSX:RL Venture Exchange) to earn a 75%-interest in the JE Project for staged cash payments, share issuances and US$600,000 of exploration expenditures over the next three years. Once this interest is earned, Sterling Mining will retain a 25% interest and a 2.5% net smelter return royalty, and can increase its interest by another 25% by participating in future exploration and development programs.
The Company's East Bull prospect is located one mile east of the Troy copper-silver deposit, and was previously explored in the 1980s. Subsequent surface mapping identified mineralized showings that suggest potential for additional exploration. The Minton Creek Pass prospect situated about 15 miles south of the Montanore deposit was discovered in the 1960s, and has been intermittently explored since that time by other operators. Previous work on East Bull includes limited drilling and the driving of a short adit to help define the extent of mineralization. The Company is reviewing historical and geological data for all its Montana projects, including the Standard Creek and Trout Creek prospects.
Sterling Mining Company has assembled 62,593 acres in the Zacatecas District of Mexico, a silver mining camp with a production history that dates back to colonial times. By 1877, silver mined in the District accounted for 60% of the value of all Mexican exports. The region has long been the largest source of silver in Mexico, which was the world's largest silver-producing nation for many decades until recently surpassed by Peru. Most of the silver produced in the Zacatecas District comes from epithermal veins, including some noted for their bonanza grades, and related manto replacement bodies.
Sterling Mining acquired its properties for the geological potential to host primary silver or silver-rich polymetallic deposits and resources. The Company believes Mexico offers a favorable investment climate and reasonable mining laws. State and federal governments are supportive of industry efforts to revive historic mines and develop new mines in the nation's highly prospective mineral districts.
January 02, 2008
Sterling Adds To Executive & Mine Management Teams
--------------------------------------------------------------------------------
Wallace, Idaho -- January 2, 2008 -- (Marketwire) -- Sterling Mining Company (TSX: SMQ / OTCBB: SRLM / FSE: SMX) today announced the appointment of Matthew Kavanagh as the Company's new Vice President Corporate Development as well as the promotions of Fred Peck and Mike McLean.
Mr. Kavanagh is a Chartered Accountant with 20 years of extensive experience in finance and Canadian markets, most recently as Chief Financial Officer at Minco Mining Group and as Director of Finance and Corporate Compliance with Dragon Pharmaceuticals Inc. He has also worked with the accounting firm Coopers and Lybrand for four years in both Canada and New Zealand. As VP Corporate Development, Mr. Kavanagh will contribute organizational and developmental expertise and provide for implementation of a strategic plan to add value to Sterling's non-core exploration land position of over 65,000 acres of silver prospects and projects in key silver districts in the United States and Mexico.
Several other personnel changes have been made.
Sterling has promoted Fred Peck, formerly Accounting Manager, to Assistant Controller. Mr. Peck, a Certified Public Accountant, has been with Sterling Mining Company since February 2006.
Mike McLean has been promoted to General Manager of Sterling's Sunshine Mine Division. Mr. McLean was Chief Engineer and Mine Manager for Sunshine Mine before its closure under the former operators in 2001. Since February 2004, Mr. McLean has been Sterling's Mine Manager for the Sunshine Mine project.
Frank Maciosek, formerly Mine Superintendent, was also recently promoted to become Mine Manager of the Sunshine Mine in light of his mining and technical experience that spans several decades. He has spent 34 years in Idaho's Silver Valley with Asarco, Silver Valley Resources and Coeur Silver Valley in various technical supervisory positions.
Sterling's President Ray De Motte stated, "Sterling has experienced rapid growth throughout 2007 and will continue intense growth in 2008. Our employees and consultants now number 150 in the United States and Mexico combined. These appointments and promotions are part of an ongoing process to build management depth in the Company that supports our goals. Since February 2004, Mike McLean and I have very worked closely together; his promotion to GM recognizes his leadership of the Sunshine Mine Division of the Company. Mr. Maciosek's solid experience and proven track record will be a great benefit as we move into our first year of production. Mr. Kavanagh will assist guiding Sterling's development to maximize the value of our silver exploration assets."
December 20, 2007
Sterling Mining Commences Production at Sunshine Mine
--------------------------------------------------------------------------------
Wallace, Idaho -- December 20, 2007 -- (Marketwire) -- Sterling Mining Company (TSX: SMQ / OTCBB: SRLM / FSE: SMX) today announced that it has resumed initial production at the Sunshine Mine in Idaho, USA. This announcement caps off an extremely productive year for Sterling Mining Company which included becoming listed on Canada's senior exchange, the TSX; a successful fundraising of US$24.7 million; and completion of Sunshine Mine's technical report compliant to Canada's National Instrument 43-101 (the "43 101 Report").
The 43-101 Report outlines a production forecast for 2008, amounting to 2.8 million ounces of silver with additional copper and lead credits, based on an average milling rate of 479 dry short tons per day for the year. Building on this startup mill throughput for 2008, Sterling anticipates a steady increase in production over the next three years until an average daily processing rate of 1,000 tons per day is achieved.
The first shipment of concentrate, which left the Mine site this morning for Teck Cominco's Trail British Columbia smelter, comes from processing of newly mined ores.
Also this week, Sunshine Mine has resumed mining activities on lower levels after a methodical and intense four-year process to rehabilitate, improve and re-commission the Mine after its closure by previous operators in 2001.
With renovation of the Silver Summit hoist and rehabilitation of the Silver Summit shaft to the 3000 foot level, Sunshine Mine's secondary escapeway system is now complete. Sterling crews are resuming mining activities from 2700 foot and 3100 foot level workplaces idled at closure. Ores from these levels, at closure, averaged 23.6 ounces of silver per ton. In addition to mining activities being resumed on the lower levels, crews are also processing material from Upper Country drifting and exploration.
Sterling's President Ray De Motte said, "The credit for this historical event goes to the men and women at the Sunshine Mine. Without their expertise, teamwork and relentless efforts this simply would not be possible. We are grateful to the community, employees, vendors, support of shareholders, investors and investment bankers TD Securities Inc. and Blackmont Capital Inc., and look forward to achieving our goal of long-term sustainable production."
To commemorate achieving this major milestone, Sterling Mining has scheduled a ribbon-cutting ceremony and celebration for February 2008, details for which will be announced in a subsequent press release.
Sterling Mining Company will provide updates on production and development activities going forward.
Exploration Team
The Rubicon exploration team has over 70 years of combined experience, together the team possess solid geological abilities, in addition to strong skills in technologically advanced computer applications, including 3D modeling. The exploration team is led by Matthew Wunder, P.Geo, Vice President of Exploration who joined Rubicon in June 2007 bringing over 20 years of diverse experience.
Ian Russell, B.Sc. (Hons.)
Exploration Manager
Ian is a senior geologist and brings over 16 years experience to the Rubicon exploration team. Ian joined Rubicon in 1996, and has been actively involved in the exploration of the Red Lake projects since 1999. Ian's experience and dedication to exploration have proven invaluable to the advancement of Rubicon's 100% controlled Phoenix Gold Project. His longstanding presence in Red Lake has developed excellent local community, business and government relations. Prior to joining Rubicon Ian worked in the Kirkland Lake Camp at the Macassa Gold Mine with Kinross Gold. Previously he spent five seasons with government (GSC and Saskatchewan Provincial Survey- Energy and Mines) in Nunavut, Northern Saskatchewan and Northern Manitoba as a mapping and research geologist.
Terry Bursey, B.Sc. (Hons.) P.Geo.
Regional Exploration Manager
Terry is a senior geologist and brings to Rubicon over 20 years experience with both Major Mining and Junior Exploration companies (Homestake Inc., Barrick Gold, Teck Corp., Ashton Mining of Canada Inc.). She joined Rubicon in January 2003 contributing diverse experience that has been key to the management, and partner relations of the various Red Lake projects. Prior to joining Rubicon Terry's geological experience includes work in VMS deposits (Eskay Creek Mine, BC, Palmer project, AK), diamond exploration (NWT, AB, QC) and Orogenic Lode Gold of Archean Greenstone Belts. She also spent seven seasons with government (DIAND, GNWT, GSC) in the Northwest Territories and Nunavut.
Crystal Hoffe, B.Sc. (Hons.)
Project Geologist
Crystal joined the Rubicon exploration team in 2002, contributing her expertise to Rubicon's Newfoundland projects, focusing on low sulfidation epithermal and VMS environments. Crystal has been actively engaged in the Red Lake projects since 2005 and her observation and analytical skills has proven to be a valuable contributor to the successful execution of drill programs.
Amy Newport, B.Sc. (Hons.)
Project Geologist
Amy joined Rubicon in 2003 as a project geologist. She has been actively involved in the Newfoundland projects in the Paragon Minerals spin-off. Her work has focused on sedimentary and intrusion-hosted mesothermal gold projects including the Golden Promise, New World Island and Huxter Lane properties. She has also been actively involved in the Seal Bay, VMS base metal project. At present she is applying these areas of expertise to Rubicon's Red Lake projects.
Alex Reid, B.A. (Hons.)
GIS Administrator
Alex joined Rubicon in December of 2007 as G.I.S. Administrator. Alex has a B.A. (Hons.) in Geography, with a concentration in G.I.S. from the University of Witwatersrand, Johannesburg, South Africa. Alex has advanced skills in G.I.S. management and analysis, map design and IT systems. Alex's experience has included G.I.S. management in mining exploration and development consulting. Alex's focus with Rubicon includes G.I.S. and data management for the company's Red Lake projects, as well as IT administration.
WHY RED LAKE?
Home to the richest gold deposit in the world operated by Goldcorp Inc.
Gold belt has >22M oz of past production and is 50 years 'younger' in terms of exploration and development than the major Timmins and Kirkland Lake gold camps, Canada
The Red Lake camp has an average grade of 0.42 oz/ton gold
New major gold targets being identified by companies and government surveys
With over 260 square kilometres, Rubicon has a major position in the Red Lake gold camp
Proactive and stable mining jurisdiction
The Red Lake Footprint
4.6M oz at an average grade of 2.35 oz/ton gold at Goldcorp's High Grade Zone (source: Goldcorp website)
The Red Lake and Campbell mines combined past production, current reserves and resources total more than 23M oz at 0.65 oz/ton gold
Few, if any, gold belts in the world can compete with these grades. Rubicon is uniquely positioned among junior explorers in the market place with an advanced 100% controlled project (Phoenix Gold Project) and large camp land holdings under option to Agnico-Eagle Mines Ltd., Solitaire Minerals Corp. and Redstar Gold Corp. Armed with a significant treasury, Rubicon plans $11 million of drill focused programs in Red Lake in 2008.