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must read!!!
Fight over mineral wealth shifts from battlefields to boardrooms
http://www.busrep.co.za/index.php?fArticleId=3943803&fSectionId=552&fSetId=662
By Peta Thornycroft
Lubumbashi - Why was fugitive Billy Rautenbach deported from the Democratic Republic of Congo (DRC) to Zimbabwe on Thursday? Why not last week or the week before, when he was flying to and from Lubumbashi?
An international warrant for his arrest was issued months ago as South Africa wants him to stand trial on allegations of massive fraud.
Many in Lubumbashi believe Rautenbach - long accused of stealing cobalt from Gecamines in his days as the state mining company's chief executive - has been felled by a furious fight over the jewel in the DRC copper crown, Katanga Mining.
There are two camps trying to buy control of the company, which is just coming on stream.
The first is a relative newcomer to the DRC, Israeli company Dan Gertler International (DGI). Its principal, Dan Gertler, has his head office in Tel Aviv.
Then there is British firm Central African Mining and Exploration Company (Camec), which, in anticipation of Rautenbach's problems with South Africa's National Prosecuting Authority, bought his DRC assets last year.
On Thursday Rautenbach flew out of the DRC on his executive jet for the last time - in this phase of his life - after nearly a decade of wheeling, dealing, threatening, and perhaps doing the normal round of "favours" in Harare and Lubumbashi.
To his credit, unlike some whose only mining activity in the DRC is on the world's stock markets, Rautenbach also does real mining. He digs out the earth, processes the ore, and exports the valuable metal; he also pays taxes and earns valuable foreign currency for Kinshasa.
Now he has gone to ground on his estate in the exclusive Umwinsidale suburb on the outskirts of Harare, and is not answering his phones.
Perhaps Rautenbach, who is one of the largest shareholders in Camec, is musing more on his vast wealth and whether the Zimbabweans will expedite his extradition, than on being kicked out of Lubumbashi.
On Thursday Andrew Groves, the chief executive of Camec, in his normal volley of bombast, denied that Rautenbach had been forced to fly out of Lubumbashi as a prohibited immigrant, as claimed by Moise Katumba, the governor of Katanga.
"He has been in and out regularly on business and will be back again. This is all political and we know the press is putting out lies. We know who they [the press] are working for.
"Camec doesn't need Billy Rautenbach. We did at the beginning but now we have a fully competent staff running the operations. He is just a shareholder now," Groves said.
He added: "We are looking forward to George Forrest becoming chairman of the company."
Forrest is the chief executive, and the largest shareholder, of Katanga Mining, which is listed on the Toronto Stock Exchange.
He has a long and chequered history in the DRC. He is a street fighter and survivor, who actually lives in Lubumbashi, is active in mining and employs thousands of Congolese.
He is extraordinarily rich, and his early wealth is mired in the nasty histories of Angola and the DRC, but today he is genial and wants the DRC to prosper. His three sons have remained in the country, work in his firms and are there to stay.
While Forrest will say nothing on the record, his associates claim that he has decided to get into bed with Camec to stave off the assault he believes is coming from Gertler, Camec's rival for Katanga Mining.
"Katanga Mining is in good shape. It is the only game in town right now," Forrest said in an interview in Lubumbashi this week. This is at least part of the reason the battle for his company is heating up.
When Camec began its raid, buying 23 percent of the shares in Katanga Mining, the latter's major Canadian shareholders took measures to stop an attempted takeover. At that time, DGI had bought 17 percent in Katanga Mining.
Gertler got into DRC when he took a majority stake in state diamond firm Société Minière de Bakwanga for $15 million (R103.6 million), but that project is not going well.
Then, in a record two weeks of negotiations in 2004, Gertler secured a stunning joint venture in Katanga with Gecamines. Now called Nikanor, it owns cobalt and copper deposits as well as a concentrator plant and is already on stream.
Gertler was at President Joseph Kabila's wedding before elections last year, and is reportedly close to important people in Kinshasa.
Click here!
He vastly overpaid Zimbabwean businessman John Bredenkamp for his assets in Katanga.
Bredenkamp knew nothing about mining, his world has always been tobacco and military hardware. He got the mining assets for free in the first place, a gift from the late DRC President Laurent Kabila.
Bredenkamp was on the rack, down to his last $20 million or so, his properties in Europe were mortgaged, and he had to flog off or lease out a couple of his aircraft.
He needed to sell DRC mining properties, including the world's richest cobalt deposit, Mukondo.
Bredenkamp was owed about $10 million for supplies he provided to the Zimbabwe National Army, which fought on Kabila's side in the war in the late 1990s. He had been the guarantor of payment for Russian helicopters for Kabila.
So Kabila's gift was part in lieu of unpaid debts and partly to compensate the Zimbabwe government.
Rautenbach also got into the DRC as part of Kabila's obligations to Zimbabwe.
Whether either men ever paid off the Zimbabwe government, which provided the army and critical support to Kabila, is mired in a dark corner of untold history in a bleak period of the DRC's tormented past.
Suffice to say they got into the DRC because they were Zimbabwean citizens - seen by Kabila as allies of President Robert Mugabe - and both men were protected by powerful forces in Mugabe's ruling Zanu-PF.
Rautenbach was made chief executive of Gecamines and given valuable copper claims in partnership with the Zimbabwe government. He was forced out of DRC when Kabila accused him of stealing cobalt. His assets were taken away and given to Bredenkamp.
But the tables turned.
With Harare's influence - and because he went to court and won the case - Rautenbach was suddenly handed half of Bredenkamp's assets in Katanga in 2004, which now included a half share of Mukondo, the cobalt mountain that is said to be the richest in the world.
So with Bredenkamp in a financial crunch, unable to pay creditors in the DRC, and knowing nothing about mining, he leased his share of Mukondo to Rautenbach. And it did well, exporting 600 tons a month.
Last year Bredenkamp offered Mukondo and the concentrator to Rautenbach for about $20 million, but Rautenbach laughed and offered half that amount. The two men were at war.
Suddenly, in June last year, Bredenkamp was summoned to Kinshasa for an interview with Joseph Kabila, Laurent's son, who would soon become the DRC's first democratically elected president.
A deal was struck in mysterious circumstances and Gertler massively overpaid Bredenkamp roughly $60 million for his cobalt mountain and the concentrator.
Bredenkamp returned about $8 million, maybe to pay off the Zimbabwe government, or for Kabila's election campaign, but he never disclosed details of that transaction.
With Bredenkamp flush again and out of the way, Rautenbach tried to lease Mukondo and the concentrator from Gertler, who turned him down even though maintaining those assets without production cost him about $750 000 a month.
So the cobalt mountain is dormant, the concentrator is idle, and Rautenbach's, or rather Camec's, valuable exports have ceased.
Camec did not reveal that to shareholders until press reports forced it to do so late last year.
Meanwhile, Forrest, the old DRC fox, was building Katanga Mining, which comes on stream this year, at a time of superb copper prices and abundant skilled personnel, and the confidence of world markets..
But who will win? It does not look good for Camec right now, with Rautenbach out the picture, however much Groves protests that the Zimbabwean is not needed any longer.
Camec is a troubled firm, with questionable ability to develop its assets, staff problems and, perhaps most importantly, it has offended powerful people in Kinshasa.
After it lost revenue from Mukondo, Camec built a metals producing plant in Luita in Katanga, but no one is sure how much it costs to produce the metals, and there are serious questions about the longevity of the hastily constructed plant.
Forrest gave a clue to the possible outcome when he said: "Rautenbach is not only interested in mining on stock exchanges, he is prepared to get his hands dirty and actually get involved in mining in Katanga." - Independent Foreign Service
New: Quinsam Capital Corp.
Quinsam Capital Corp. http://www.quinsamcapital.com
Thx to high2 from Stockhouse
Brinkley - Production at Shinkolobwe by 2010
http://africa.reuters.com/business/news/usnBAN023228.html
DRC signs Brinkley deal to halt uranium smuggling
Fri 20 Jul 2007, 5:27 GMT
[-] Text [+]
By Anna Stablum
LONDON (Reuters) - The Democratic Republic of Congo has signed a deal with London-listed firm Brinkley Mining to produce uranium legally and get financial assistance to curb uranium smuggling, a senior official said on Thursday.
The deal, signed on July 11, establishes a joint venture between Brinkley and the DRC's General Commission for Atomic Energy (CGEA) to develop the country's uranium sector.
"Internationally everybody is talking about smuggling radioactive material and this creates a bad image ... we are going to improve that image of the country," said Francois Lubala Toto, General Commissioner of the CGEA.
The DRC's uranium mines produced material for the nuclear bombs used in World War II, but since 2000 the uranium mines have been closed as the country has been suffering from years of war and misrule.
With uranium prices rising from $7 per pound in 2000 to hit a record of $135 in June, the interest in uranium has rocketed and several African countries are trying to exploit its uranium industry.
In neighbouring Uganda, uranium was first found three years ago and the government has said commercial quantities could be discovered soon. In Niger, the government has granted 60 uranium exploration permits to 20 foreign firms.
Despite the shutdown of uranium mines in the DRC, illegal mining has continued and minimal oversight of the reserves has fuelled allegations that uranium has been smuggled to Iran, but the government has denied these allegations.
The accusations have put pressure on the government.
By signing a joint venture last week with uranium explorer Brinkley Mining, the DRC will get financial and technical assistance to curb the illegal exports, Lubala Toto told Reuters during Brinkley Mining's investor presentation.
"The urgency (of the deal) is because of the smuggling of radioactive products," he said.
The joint venture, under Lubala Toto as chairman, will explore for and exploit deposits in initially five key areas.
The share capital, of an initial amount of $3 million, will be held 75 percent by Brinkley and the rest by CGEA.
"We have agreed to provide technical and financial assistance to the CGEA to assist them to control radioactive material," Brinkley's chairman Gerard Holden said.
With financial assistance from Brinkley, all the exports of copper and cobalt will be tested and if the material exceeds 200 parts per million uranium it will be stopped, Lubala Toto said.
Record-high uranium prices reflect strong demand from nuclear reactors given high oil prices and the global effort to clamp down on carbon dioxide emissions, blamed for climate change.
"We believe there is going to be a peak in 2010-2012 where there is a significant requirement of the demand gap to be filled and that is very positive," Holden said, adding they aim to start production at the mine Shinkolobwe by 2010.
"We use prices in our forecasts of around $50-60 ... it is an appropriate medium-term price," Holden added.
Africa was the leading uranium producer thirty years ago and currently it accounts for around 20 percent of global output, after top producer Australia
1.03CAD
I hold all for more
Think, we see 1 CAD tomorrow or friday... good Up-days on TSX
hehe, very fast reaction
do you forget to call?
King of the bongo
Artist: Manu Chao Lyrics
Song: Bongo Bong Lyrics
Mama was queen of the mambo
Papa was king of the Congo
Deep down in the jungle
I started bangin' my first bongo
Every monkey'd like to be
In my place instead of me
Cause I'm the king of bongo, baby
I'm the king of bongo bong
I went to the big town
Where there is a lot of sound
From the jungle to the city
Looking for a bigger crown
So I play my boogie
For the people of big city
But they don't go crazy
When I'm bangin' in my boogie
I'm the "king of the bongo, king of the bongo bong"
Hear me when I come
King of the bongo, king of the bongo bong
They say that I'm a clown
Making too much dirty sound
They say there is no place for little monkey in this town
Nobody'd like to be in my place instead of me
Cause nobody go crazy when I'm bangin' on my boogie
I'm the king of the bongo, king of the bongo bong
Hear me when I come
"King of the bongo, king of the bongo bong"
Bangin' on my bongo all that swing belongs to me
I'm so happy there's nobody in my place instead of me
I'm a king without a crown hanging loose in a big town
But I'm the king of bongo baby I'm the king of bongo bong
King of the bongo, king of the bongo bong
Hear me when I come, baby, king of the bongo, king of the bongo bong...
OKIMO: begun again production ...
of gold After several years of stop, the mines of the Office of the Gold mines of Kilo-Moto(OKIMO) took again life. Since May 2007, the OKIMO produced 3 kg of gold. In accordance with the temporary plan urgently elaborate on recommendation of the ministry for the Wallet, the office envisages to produce 5 kg of gold each month as from May 2007. To finance this emergency plan, the office resorted to postponed rents of leasing, that is to say 455.000 US dollars. This emergency plan is the prelude to the temporary plan of production planned for the second six-month period 2007 whose objective is to reach a production of more or less 100 gold kg/mois, to realize by the OKIMO, in North, within the framework of collaboration with
MOTOGOLDMINES
and, in the south, within the framework of collaboration with ASHANTI GOLDFIELD KILO.
MIBA: the stages of the recovery After the urgent measurements taken by the Government in May to ensure the revival of the activities, of the solutions on the long term were started. In the batch, the realization of one strategic and organisational audit of this company with, like essential tasks, to review the current organization of the company in order to make sure that it is suited and compatible with the attack of its missions and, in addition, to propose strategic orientations for the rectification of its activities. on five cabinets having subscribed to the invitation to tender on the strategic audit, the Ernst cabinet & Young were retained. The conclusions of this audit, awaited for the end of August, will be used as support of work for the contract of management whose call was launched to reformulate technical, financial and commercial management of the company and to set up a minimal plan of production which will ensure the survival of the company until its reorganization.
http://www.africatime.com/rdc/nouvelle.asp?no_nouvelle=338430&no_categorie=
some helpful informations from my german friend
http://www.jpl.nasa.gov/missions/current/aster.html
further examples /pics: http://asterweb.jpl.nasa.gov/gallery.asp?catid=40
someone know this?
-Hamilton Hycroft Energy Inc
-Iris Remote Sensing Systems Ltd
from latest ELN-News
"El Nino has signed an agreement with Iris Remote Sensing Systems Ltd to survey our copper project in the DRC. Hyperspectral wavelengths and others will be used to identify mineral occurrences on the project. Hamilton Hycroft Energy Inc, has also been retained to process and correlate the data from this survey. A share issuance will be given to Iris Sensing Systems Ltd in recognition of their work upon approval from the regulatory authorities."
...thanx for a weblink or pdf
fantastic cu outlook in the ELN neighbourhood
must see!!!
http://www.goldinvest.de/public/data/documents/20070629Tiger-GeneralMeeting.pdf
Moto Goldmines must got it..see News
NEWS RELEASE
FOR IMMEDIATE RELEASE TSX Code - MGL
JULY 11, 2007 AIM Code - MOE
MOTO GOLDMINES LTD - APPOINTMENT OF DIRECTOR
PERTH, WESTERN AUSTRALIA -
Moto Goldmines Limited ("Moto") is pleased to announce that, Mr Louis Kabamba
Watum has joined Moto's Board of Directors in the position of Executive General
Manager - DRC Operations.
The Company's Chief Operating Officer, Andrew Dinning, said the appointment of
Mr Watum, re-enforced Moto's commitment to the Moto Gold Project.
"Mr Watum's extensive government liaison, operational and local experience is a
significant asset for the Company during the continued development of the Moto
Gold Project. In recognition of his past efforts and the strategic importance of
the role, the Board unanimously endorses the appointment of Mr Watum" said Mr
Dinning.
Mr Watum (45), who was born in the DRC, is a chemical engineer by profession and
initially gained significant metallurgical and mining experience in various
roles held whilst working in the Katanga copper mining belt, in the Witbank
coalfields, and in Applied Research at Anglo American Research Laboratories
respectively. He was then appointed to the senior position of Operations Manager
by AngoGoldAshanti to oversee the development, construction and production
phases of their Yatela gold mine in Mali. In these roles, Mr Watum's
responsibilities included site administration, regional and local community
development and social programmes, central government liaison, project
construction and management. Mr Watum joined Moto in March 2006.
Tackler. please check your mailbox
cant send priv. messages (free account here)
regards from germany
ELN will bring in a second project in Africa ...in DRC again?
Moto Goldmines Ltd executives were among the first
http://www.mining-journal.com/Breaking_News.aspx?breaking_news_article_id=3055
The Democratic Republic of the Congo (DRC) will publish the deals of 60 mining companies as part of its review into the sector, the deputy mines minister said.
Victor Kasongo told Mining Journal the government would eventually publish the terms of the contracts during its review, due to last another two months.
Talks over new contracts were suspended in March when the government decided on the review, amid concerns over improperly formed agreements. Lawyers from the US-based Carter Center are providing independent advice for the review, which began on June 11.
Moto Goldmines Ltd executives were among the first to appear before the commission, Mr Kasongo said.
Congo to audit oil sector, first time in 10 years
http://africa.reuters.com/top/news/usnBAN323669.html
Tue 3 Jul 2007, 5:34 GMT
[-] Text [+]
By Joe Bavier
KINSHASA (Reuters) - Democratic Republic of Congo plans an audit of its oil sector to ensure the state is receiving a fair share of revenues, the first such review in at least a decade, the oil minister said on Monday.
Lambert Mende, head of the newly-created oil ministry, said the review would look mainly at whether there should be a renegotiation of the money the country's sole production partner, Perenco, deducts from profits it shares with the government to cover production costs.
Officials of Perenco, a UK-based independent exploration and production company, were not immediately available to comment.
"The charges reduce the profit from oil of which the government receives a part ... If the charges are exaggerated, that cuts into the resources available to the state," he told Reuters in an interview in Kinshasa.
Mende said Congo was negotiating with several independent auditing firms to evaluate both the declared charges and declared production figures. He said he hoped the process would begin in the coming months.
Democratic Republic of Congo produces just 25,000 barrels per day, down from 30,000 barrels a few years ago.
"We don't see much investment. And that worries us because it's because of insufficient investment that production is dropping," Mende said.
"And at the same time, they are declaring investment charges. So we'd like to see things a bit more clearly."
Congo's ministry of mines launched a similar review of existing mining concessions and partnership agreements last month, aimed at ensuring they are legal and fair.
The World Bank and government officials also believe the majority of Congo's current 156 logging titles could be cancelled during an evaluation set for later this year.
Many of the vast central African country's mining and natural resource deals were negotiated during a 1998-2003 civil war or during the three-year transitional period that followed.
A new government installed after President Joseph Kabila won the cash-strapped country's first free democratic elections in four decades last year has been reviewing the deals to ensure they are in the country's best interests.
"MAJOR POTENTIAL"
During more than three decades of rule, Congo's former dictator Mobutu Sese Seko promoted then pillaged the country's vast mineral wealth but largely ignored the oil and gas sector.
The oil ministry was created in February with the formation of the new government. Mende said he expects the sector will benefit from the same post-election boost in investor confidence that has led to a boom in industrial mining projects.
"This is an oil country, not because of our current small production, but because there is major potential," he said.
Congo is currently negotiating with neighbouring Angola to settle a dispute over maritime borders that could open up new, potentially lucrative offshore oil fields.
Additional onshore reserves remain untapped and largely unexplored in Equateur province in the north as well as under Lake Albert and Lake Tanganyika along the eastern border.
"Quite modestly, we expect nothing less than three billion barrels of reserves, and it's certainly more than that," Mende said.
http://www.diamonds.net/news/NewsItem.aspx?ArticleID=18229
By Avi Krawitz Posted: 07/02/07 07:25 [Submit Comment]
RAPAPORT... De Beers is redirecting its exploration activities to the Democratic Republic of the Congo (DRC) and Angola and dramatically scaling-down its India operations as a result.
De Beers spokesperson Lynette Gould told Rapaport News the move comes as part of the De Beers's focus on delivering the financial and business objectives of De Beers.
“To achieve this, most of our key exploration staff in the India operation are being moved into [the DRC and Angola] operations," she said.
Gould was responding to reports in India's press that South Africa-based mining operations had retrenched 70 of its 80 staff at its Bangalore diamond testing center, and that six of the remaining 10 were being relocated to South Africa “to gain further international experience.”
She said the numbers quoted were “speculative and wrong” and explained that De Beers would keep a small team of geologists in Bangalore plus a small support staff to maintain existing projects. Of the remainder, several key staff would be relocated as soon as possible, mostly within Africa, she added.
De Beers is involved in early stage work on existing projects and is looking to complete reconnaissance sampling on any new ground which may be granted the company by the Ministry of Mines. The company still has outstanding applications to carry out exploration at various sites in India.
Gould noted, however, that a complete closure would take place when this work is completed.
The move comes amidst a general restructure of the De Beers business to focus on profitability, which has seen it put a number of its assets on the selling block, including its famous Cullinan mine and underground Kimberley mines in South Africa.
As part of the restructure, De Beers decided to make India its main center of rough diamond supply to secondary, or non-sightholder, diamond manufacturers through Diamdel.
Gould stressed that downsizing the company’s exploration activities in India would not impact its marketing activities in the country.
..................................
Elemental Minerals ASX:ELM
http://www.elementalminerals.de
JV with DeBeers
Where are the top 20 shareholder in latest Moto Goldmines annual report???
little Interview with David Young from Tiger Resources
http://www.goldinvest.de/public/video.asp?v=240507_TGS_David_Young
THX Tackler
story will be better and better
here you are....
Regards
El Nino Ventures & Xstrata Zinc to Commence 25,000 m Drill Program on Bathurst Mining Camp
VANCOUVER, Jun 25, 2007 (Canada NewsWire via COMTEX News Network) --
<<
-------------------------------------------------------------------------
- $5,000,000 work program for 2007-2008
- 25,000 m of diamond drilling
- ELN will be utilizing up to five drill rigs, from June 2007 to
March 2008
- $2,500,000 committed by the province of New Brunswick
-------------------------------------------------------------------------
>>
El Nino Ventures Inc. ("El Nino") (TSX.V: ELN; OTCBB: ELNOF; Frankfurt: E7Q) and Xstrata Zinc, is pleased to announce a $5,000,000 exploration program will commence on June 25th, 2007 on the Bathurst Mining Camp, in Bathurst, New Brunswick. A total of 25,000 meters of drilling using up to five drill rigs will be operational from June 2007 through until March 2008. Jean Luc Roy, President of El Nino states, "We are looking forward to the 2007/2008 campaign, and are very optimistic with the targets we identified, using the Titan 24 Deep Earth Imaging System, and other technologies." El Nino has the opportunity to earn up to 50 % of Xstrata Zinc's exploration projects in the Bathurst Mining Camp through an Option/Joint Venture Agreement, which was signed in May 2006. We have already completed the first year, of a two year $10,000,000 work program, with $5,000,000 coming from the province of New Brunswick through a government grant. "El Nino is very fortunate to have the support of the New Brunswick Government, and to be working with an industry leader in Xstrata Zinc," says Jean Luc Roy.
About El Nino Ventures Inc.
El Nino Ventures is an exploration stage company whose corporate objective is to revisit former mining regions and apply the latest technologies to advanced stage exploration targets. El Nino is currently in the midst of an aggressive global acquisition program throughout North America and Africa.
On Behalf of the Board of Directors
"Signed"
Jean Luc Roy
President and COO
Re FUNDY: Negroponte Updates Rough Trade List for US - adds Liberia
http://www.diamonds.net/News/NewsItem.aspx?ArticleID=18110
ELN DRC Property MAP in Google Earth
not 100% correct, ..need more data
Full Size Image:
http://img519.imageshack.us/img519/8728/elnpropdrcfr0.jpg
thx.
now they have a good cash position for paying licences
what do you think about the ELN story?
Perhaps will be one of the best stories for the next 2-3 years
El Nino is my personal strong buy!!!
http://www.resourceinvestor.com/pebble.asp?relid=33076
I am invested in Tiger too..Huge Deposit in Kipoi, await perhaps 1 Mio To Copper there!!!
128meter@ 7%
El Nino Ventures starts Operations in the (DRC)
...and the Government of New Brunswick approves 2.5 million dollar Grant for Bathurst New Brunswick
El Nino Ventures starts Operations in the (DRC) Congo and the Government of New Brunswick approves 2.5 million dollar Grant for Bathurst New Brunswick
VANCOUVER, Jun 11, 2007 (Canada NewsWire via COMTEX News Network) --
<< ELN: TSX.V ELNOF: OTCBB E7Q: Germany >>
El Nino Ventures Inc. ("El Nino") (TSX.V: ELN; OTCBB: ELNOF; Frankfurt: E7Q) and GCP Group are pleased to announce the formation of a new company called Infinity Resources SPRL. This new Congolese company is held by El Nino, with a 70 percent interest and GCP Group with a 30 percent interest. Our initial land position is between Lubumbashi and Likasi right in the heart of the (DRC) Copperbelt. Our stated objective is to identify a Copper deposit on this property and move into production.
Moving Forward in the DRC
Our work program in the Congo will commence in the next couple weeks. We will be flying airborne geophysics MAG and EM over our property to specify targets for drilling. El Nino's extensive years of experience in the (DRC) will prove helpful, as we move into the exploration phase of our work program we anticipate to begin drilling before the next rainy season.
Bathurst Mining Camp Update
The Government of New Brunswick has approved a 2.5 million dollar grant this week, for this year's exploration program. This brings our previous announced exploration program from 4.5 million to 5 million dollars. We will start drilling a minimum of 25,000 meters starting in the last week of June. El Nino and Xstrata Zinc are thankful to the Provincial Government of New Brunswick, for their support in our efforts on the Bathurst Mining Camp.
About El Nino Ventures Inc.
El Nino's growth strategy is to develop our existing projects and continue an aggressive acquisition program to acquire new projects and place them into production. Our first new base metal acquisition in the DRC compliments our aggressive zinc exploration plan for the Bathurst Mining Camp with our partner Xstrata Zinc. In June 2007, our company begins a fully funded $4.5 million dollar exploration program which includes a 25,000 meter drill program which will use a minimum of three drill rigs drilling 24 hours a day for up to nine months. El Nino is also the owner and operator of the Bancroft Uranium projects. El Nino is currently in its most aggressive acquisition phase of the company's history.
On Behalf of the Board of Directors,
(signed)
Jean Luc Roy, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
CUSIP No. 28335E-10-6
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission. This email should not be construed as an offer to buy or sell securities of this company.
SOURCE: El Nino Ventures Inc.
Tel: (604) 685-1870, Toll Free: 1-800-667-1870, Fax: (604) 685-8045, Email: info@elninoventures.com, Or visit www.elninoventures.com
Copyright (C) 2007 CNW Group. All rights reserved.
New: Fundy Minerals on AIM
http://www.fundyminerals.com
http://www.allipo.com/moreinfo/83/ipo-fundy-minerals-ltd
I am investet in Starvest plc, Thatswhy i found it.
Fundy Minerals Limited
Involved in the acquisition & exploration of gold, diamond and base metals. Admission onto AIM expected to be within 3 months.
Offer for Subscription. Admission onto AIM expected to be within 3 months. Currently quoted on PLUS markets.
· An opportunity to purchase shares in Fundy Minerals at a 20% discount to the mid-trading price, as at March 14 2007
· Fundy Minerals has appointed Beaumont Cornish Ltd as nominated adviser for its AIM market listing, expected to be within three months of this offer closing date
· For each common share subscribed, investors will receive one warrant, convertible into one common share, up to 12 months from allotment
· 100% mining interest in eight mineral exploration and development properties in the Province of New Brunswick, Canada
· Gold, limestone and base metal interests in Canada, diamond and gold interests in Liberia
· Permission to explore 2000 square kilometres of land in Liberia, West Africa, where a significant quantity of gem quality alluvial diamonds have previously been extracted
· Institutional investors RAB Capital and Starvest plc, both experienced within the mining sector, have invested
· Another year of strong performance is expected from the AIM mining sector; owing to high commodity prices and rising production levels
· Fundy Minerals specialises in mid-stage exploration and seeks growth through geographical diversity, development stage acquisitions and joint ventures
regards
Fundy PDF:
http://www.fundyminerals.com/presentation/fundycorporatepres.pdf
Page 9
MWANAs first copper data
http://www.advfn.com/p.php?pid=nmona&cb=1180982985&article=20889555&symbol=L%5EMWA
ICS Copper Systems Ltd
acquires 77% interest in three properties in the Democratic Republic of Congo "DRC"
ABBOTSFORD, BC, May 31 /CNW/ - ICS COPPER SYSTEMS LTD. (ICX:TSX.V) is
pleased to announce that it has entered into two agreements with A & Cladava
to develop a total of three exploration mining properties in the DRC.
The first agreement, dated 20th May 2007, is a joint venture agreement
between ICS and A & Cladava, whereby, for a consideration of USD 23,200.00,
ICS has acquired a 77% interest in a property to be called "ICS Tenke". This
24 square kilometre property is located immediately east of the world class
Tenke Fungurume property in the Kolwezi region, Katanga Province, of DRC. No
previous geological work is known to have been undertaken on the property.
The second agreement, dated the 21st May 2007, is a joint venture
agreement between ICS and A & Cladava, whereby ICS, for a consideration of USD
42,000.00, has acquired a 77% interest in two properties, the first of which
is historically known as "CHANGULUBE", a 36 square kilometre property in the
area of Sakania, in the District of Haut-Katanga in the Province of Katanga.
The second property, historically known as "KASAMWA", is also a 36 square
kilometre property also in the area of Sakania, in the District of
Haut-Katanga in the Province of Katanga. Minimal geological work was
undertaken in colonial times (approx 1920's) with 33 wells being dug and
several trenches dug with reports of gold being present but the historical
record is incomplete.
ICS Management views these properties as early stage exploration projects
and will undertake preliminary exploration programs to explore for the
presence of gold and copper and cobalt.
The company's main focus of attention remains the drill programme at the
Mokambo Mine in Zambia.
About ICS Copper Systems Ltd.
-----------------------------
The Company aspires to developing into being a major African mining
company centered on the copper belt of Democratic Republic of Congo (DRC) and
Zambia. It holds an option agreement to acquire up to 80% of the Mokambo
Copper mine in Zambia, an option agreement to acquire 76% of the Musoshi
Tailings in DRC and an option agreement to acquire 73.5% of a group of four
mining concessions in DRC covering 5,366 square kilometres.
ON BEHALF OF THE BOARD OF DIRECTORS
(Signed)
Graham A. Chisholm
President and CEO
<<
No. 202 - 2526 Yale Court Rd., Abbotford, British Columbia,
Canada, V2S 8G9
Telephone: 604-859-3007 Fax: 604-859-3008
Email: graham@icscopper.com
>>
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY
OR ADEQUACY OF THIS RELEASE.
http://www.stockhouse.ca/comp_info.asp?symbol=ICX&table=list
http://www.icscopper.com
ELN Managment from First Quantum!
DRC Cu-Stock (still)low Market Cap! TSX.V:ELN
- El Nino has acquired an initial 70 percent interest, over
350 square kilometers.
- Located in the world renowned DRC Copperbelt.
- El Nino's first project is adjacent to Anvil Mining (AVM:TSX), Tiger
Resources (TGX:ASX), BHP Billiton and First Quantum Minerals
(FQM:TSX).
- El Nino's President and management have extensive experience in the
DRC.
- Exploration program in progress.
- El Nino is aggressively acquiring base metal projects throughout the
DRC.
- El Nino is the Project Operator
- El Nino's market cap is approx. $11 million, working capital
$3.2 million
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>>
VANCOUVER, May 29 /CNW/ - El Nino Ventures Inc. ("El Nino") (TSX.V: ELN;
OTCBB: ELNOF; Frankfurt: E7Q) is pleased to announce that it has acquired a 70
percent interest in a Joint Venture Agreement with GCP Group Ltd, a private
Congolese company. El Nino holds it's initial 70 percent interest in Research
Permits No. 5214, 5215, 5216 and 5217. These permits were granted by the
Cadastre Miner of the DRC and covering 352 square kilometers in one of the
most prospective exploration areas in the DRC-Zambian Copperbelt. The permits
are located between Lubumbashi and Likasi and offer easy access for
exploration which offers excellent infrastructure.
Harry Barr, Chairman of El Nino stated: "The acquisition of our first
base metals project in the DRC allows our company to fulfill our mandate of
exploring and developing base metal projects on an international scale. Our
objective, simply stated, is to control one of the leading base metal and
mineral exploration portfolios in the DRC."
On May 10th, 2006 Jean-Luc Roy was appointed President of El Nino and
brought his extensive expertise in exploration and development in Africa to
our company. Mr. Roy spent 19 years of his professional career working and
living in Africa. In Africa Mr. Roy worked for Ashanti Gold and International
Gold Resources. Before joining El Nino, Mr. Roy played an integral part in the
development of First Quantum Minerals (FQM) in the DRC as Managing Director
for five years. While in Africa Mr. Roy spearheaded teams that managed
multi-million yearly exploration budgets, helped place three mines in
production and was responsible for acquiring valuable land positions for
various companies. Mr. Roy has negotiated agreements successfully at all
levels of government in Africa.
About the DRC
The DRC Copperbelt hosts multiple world class deposits and the
exploration potential is considered one of the best in the world. In late 2006
the DRC had it's first free election in 48 years and previous to that it
established a new mining code in 2003. These events have created a renewed
confidence for investors in the DRC. Major mining companies such as Phelps
Dodge and First Quantum Minerals are now in construction on world class ore
bodies. Several junior companies are now actively exploring for copper and
other minerals in the DRC. Most known deposits in the DRC were found in the
last 1940's and 50's. From 2000 several new deposits were found by companies
like Anvil Mining and First Quantum Minerals. The potential for finding new
world class ore bodies is considered excellent by the international mining
community.
Our projects are in the same geological belt as properties that have
yielded deposits and excellent copper values for companies like Anvil Mining
Limited and Tiger Resources Limited. These projects are adjacent to land
holdings held by major companies like BHP Billiton and Gecamines.
Jean Luc Roy, the President of El Nino states: "This significant new
acquisition is the first step in our objective of controlling one of the
leading base metal portfolio's in the DRC. I am confident from my years of
working in the DRC that this new direction for El Nino will further accomplish
our growth strategy which is to develop our existing projects and continue an
aggressive acquisition program to acquire new projects and place them into
production.
I was very fortunate to be part of one of the most successful companies
in the DRC. The establishment of the new mining code in the DRC, and its first
free election in late 2006, will allow El Nino's experienced management team
to accomplish its DRC objectives and be one of the most aggressive new
exploration development company in this region."
DRC Joint Venture Terms
Under the terms of the Agreement El Nino purchased a 70 percent interest
in the Joint Venture with an option to acquire up to 90 percent of the project
by coming to an agreement with our partners, over time. An initial cash
payment of $250,000 USD will be made when all regulatory approvals have been
received and upon titles of the properties being transferred to the new SPRL
Congolese Company that is now being formed. Additional cash payments totaling
$300,000 USD will be made in three annual installments. 300,000 shares of El
Nino will initially be issued to GCP Group upon regulatory approval and
400,000 additional shares will be issued over a three year period to the GCP
Group. El Nino will fund all exploration work but will retain the services of
the CGP Group in an agreement to be negotiated at a later date to support
administrative and logistical aspects of the project. This acquisition is
subject to regulatory approval.
About El Nino Ventures Inc.
El Nino's growth strategy is to develop our existing projects and
continue an aggressive acquisition program to acquire new projects and place
them into production.
Our first new base metal acquisition in the DRC compliments our
aggressive zinc exploration plan for the Bathurst Mining Camp with our partner
Xstrata Zinc. In June 2007, our company begins a fully funded $4.5 million
dollar exploration program which includes a 25,000 meter drill program which
will use a minimum of three drill rigs drilling 24 hours a day for up to nine
months.
EL Nino is also the owner and operator of the Bancroft Uranium projects.
El Nino has optioned it's projects to Canam Uranium, and is being funded by
them, and is currently completing its first round of drilling on up to eight
uranium projects in an ex-producing Uranium camp. The drill results on the
first phase are forthcoming.
El Nino is currently in its most aggressive acquisition phase of the
company's history. El Nino has approximately $3.2 million in working capital.
On Behalf of the Board of Directors
(signed)
Jean Luc Roy, President and COO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
CUSIP No. 28335E-10-6
This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities & Exchange
Commission. This email should not be construed as an offer to buy or sell
securities of this company.
For further information: Toll Free 1-800-667-1870 or (604) 685-1870,
Email: info@elninoventures.com, Fax (604) 685-8045, or visit
www.elninoventures.com, 2303 West 41st Avenue, Vancouver, BC, Canada, V6M 2A3
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