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When's the spinoff coming?
This is crazy it trades like a demon everyday
spin off imminent - LEXG has nothing on these guys!
Great buying opportunity at $0.16
Comparable deals with strategic partners (long-term) are trading at 2-3 times the value!
TNR receives funding from Strategic Investor for International Lithium
2011-04-13 08:37 ET - News Release
Mr. Gary Schellenberg reports
STRATEGIC INVESTOR INVESTS IN INTERNATIONAL LITHIUM CORP., PROPOSED SPIN-OFF FROM TNR GOLD CORP. PROCEEDING
TNR Gold Corp. and wholly owned International Lithium Corp. (ILC) are providing an update regarding the plan of arrangement to spin off TNR's rare metal projects into International Lithium Corp. An Asian-based strategic investor has agreed, subject to approval by its board of directors, to an initial investment representing a 9.9-per-cent equity stake in International Lithium Corp.
Key highlights:
Prominent Asian lithium product manufacturer selects ILC as investment;
Initial 9.9-per-cent equity stake in ILC;
Strategic investor brings significant future project development assistance capability;
Strategic relationship agreement among the investor and ILC provides for certain marketing and offtake rights;
Company focused on closing of financing and the listing of ILC.
"The involvement of a strategic investor from the outset has been the goal that we have diligently worked towards since first announcing the spin-out of ILC," states Gary Schellenberg, chief executive officer of TNR Gold. "The strategic investor offers significant support in our future endeavours and ILC will complement the relationship through our exploration technical strengths and ability to source out, identify and acquire opportunities."
Strategic investor
Over the course of the last year, company executives have travelled abroad to develop strong relationships with potential investors and end product users that would bring significant assistance to ILC and the advancement of ILC's projects. The effort has culminated in ILC entering into a strategic relationship agreement with a prominent Asian-based company specializing in the research, development, manufacturing and sale of lithium products worldwide. The strategic investor has committed to an initial 9.9-per-cent equity share in ILC through participating in the financing (as described below) and intends to provide instrumental future support toward the development of ILC's projects from a financial and technical perspective. The strategic investor's participation is subject to certain conditions, including approval of its board of directors, completion of the financing for gross proceeds of at least $2.5-million (including the strategic investor's subscription) and approval for the listing of the shares and warrants on the TSX Venture Exchange.
The strategic relationship agreement provides for, among other things, the ability of the strategic investor to maintain and increase its percentage ownership in ILC and grants certain marketing and offtake rights to the strategic investor. In conjunction, a voting trust agreement has been entered into among the investor and certain insiders of ILC and affiliates.
Company executives will focus on the completion of the financing as well as providing final materials for the approval of the listing of ILC.
Plan of arrangement -- ILC financing
In order to complete the plan of arrangement, the company intends to raise a minimum of $2.5-million to provide International Lithium with sufficient operating and administration funds to satisfy exchange requirements for listing. The proposed financing will entail the offering of a minimum of 10 million units in ILC priced at 25 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of ILC at a price of 37.5 cents for a period of two years from the date of closing. Certain fees may be payable on a portion of the placement, in compliance with exchange requirements.
TNR and non-executive chairman Kirill Klip plan to participate in the financing.
Upon closing of the financing the company will file the required final paperwork with the applicable regulatory bodies in order to complete the listing process of ILC.
$0.36 - TNR jumps 12X from $0.03 on lithium spinoff - InternationalLithium.com
byron securities bought $500k worth of shares - went on CNBC to tout lithium the other day
http://www.cnbc.com/id/15840232?video=1214209086&play=1
Lithium Power taking over - Obama paproves $2.4 billion battery grant in Detroit
...what do you think they will make battery from if not lithium...thatès the next wave!!
_______
Heck even Toyotas investing in TSX juniors
_____
http://mining101.blogspot.com/2009/08/obama-oks-lithium-battery-initiative.html
Pretty quiet here, nobody excited about large Chinese mining group buying in 13% of CZX Canada Zinc?
Will MAI get back-in from Xstrata for Los Azules?
Very interesting development - 90 days notice for Prelimenary Assessment has been served - this means Xstrata will have to come up with $39 million for MAI before August 29th, 2009.
Another interesting concern is junior player TNR Gold Corp (TNR:TSX), will they come up with the cash to back in before then and possibly take away Xstrata's controlling interest of 51% down by 25%! Will MAI buy this backin from TNR then?
Questions questions questions!
the spin offf will be huge, lithium plays are up avg of 50% versus non rare metal tsx juniors!! get in early!
Cover of Resourceworld / Vancouver Sun / MIDAS Letter : TNR Lithium
Vancouver Sun Article - TNR Gold Corp (International Lithium Spin-off)
June 4, 2009
http://www.vancouversun.com/Business/Trading+rises+unemployment+falls/1663973/story.html
The Wall Street Transcript - TNR Gold Corp Interview
June 5, 2009
http://www.internationallithium.com/Z-files/TNR-TWST2009.pdf
Midas Letter (James West) Covers International Lithium Spinoff
June 9, 2009
http://www.midasletter.com/news/09060906_TNR-gold-to-spin-out-lithium-projects.php
Resource World - Lithium Exploration Boom
June 9, 2009
http://www.internationallithium.com/Z-files/ResourceWorld-2009-Jun-Lithium.pdf
TNR featured on Pinnacle Digest
http://www.pinnacledigest.com/blog/canuck111/tnr-gold-corp
Not sure if you guys seen this blog but it covers Minera Andes here and there
http://mining101.blogspot.com
http://mining101.blogspot.com/2009/02/scoping-study-announced-for-los-azules.html
TNR Gold on CBC NEWS!!!!NEWS!!!!
Wow, talk about media coverage, how THE news channel in Canada!?! CBC = Canadian Broadcasting Company - it's like ABC equivalent
http://www.cbc.ca/canada/north/story/2009/05/05/nwt-tnr-rare-metal.html
SPIN OFF ANNOUNCEMENT : 4:1 SHARES
New public company will be worth alot more IMO! The name is incredible too International Lithium Corp
http://www.internationallithium.com
TNR Goes IRISH!!!?
TNR applies for Leinster pegmatite belt licences
2009-05-05 14:53 ET - News Release
Mr. Gary Schellenberg reports
TNR GOLD CORP. APPLIES FOR LITHIUM PEGMATITE BELT LICENCES IN IRELAND
TNR Gold Corp. has applied for licences to explore the Leinster pegmatite belt in southeast Ireland. TNR has applied for eight licences in counties Carlow and Wicklow, which cover the belt, totalling 292 square kilometres. TNR anticipates that the application process will take four to six months to complete and, upon receipt of the licences, fieldwork will commence.
The areas can be seen on a map at the company's website.
The application for these licences initiates the Blackstairs lithium-tantalum project, which will focus on evaluation of the approximately 19 pegmatites that make up the Leinster pegmatite belt for lithium, tantalum and related rare elements. Lithium was first located in this area during base metal exploration in the 1970s. At least three of the pegmatites were drilled in the 1970s. In 1970, a total of 885 metres of drilling on the Aclare pegmatite was completed. Although tantalum minerals were identified, there is no record of any analysis for elements other than lithium. To the north at Stranakelly, two holes were drilled in 1974, and returned intervals intersecting 1.4 metres of 2.34 per cent lithium (Li) and 5.5 metres of 1.6 per cent Li. In 1976, five holes drilled at Moylisha included an intersection of 9.5 metres of 1.66 per cent Li. Lithium occurs as both spodumene and lepidotlite, with the latter mineral found more in the northern part of the belt.
Since the lithium exploration in the 1970s, attention of subsequent explorers has focused on tantalum, particularly in the southern half of the belt. In addition, anomalous values in niobium, tin and cesium have been reported.
Ireland has a well-established mining history and has attracted a number of major mining companies. Access to the licence area is by a network of good roads across a rural, farming area.
Once the licences are granted, TNR plans an exploration program to confirm earlier drilling results, quantify additional rare elements in those areas, and follow up results and recommendations from earlier reconnaissance programs. An experienced geological team source from Ireland and Canada will be ready to apply pegmatite exploration methods proven in Canada to re-evaluate the Leinster pegmatite belt in Ireland.
John Harrop is the company's qualified person on the project, as required under NI 43-101, and has reviewed the technical information contained in this news release.
We seek Safe Harbor.
lithium brine acquisition and 2 other new propertieS!!!
15:57:55 V 0.11 +0.045 45,000 2 RBC 33 Canaccord K
15:49:55 V 0.11 +0.045 2,000 88 Scotia iTRADE 33 Canaccord K
15:49:55 V 0.105 +0.04 10,000 88 Scotia iTRADE 80 National Bank K
15:05:23 V 0.11 +0.045 3,000 88 Scotia iTRADE 33 Canaccord K
14:57:35 V 0.08 +0.025 375 59 PI 2 RBC E
14:29:23 V 0.09 +0.025 3,000 64 Octagon 1 Anonymous K
14:29:09 V 0.09 +0.025 115,000 64 Octagon 1 Anonymous K
14:15:04 V 0.10 +0.035 32,000 64 Octagon 1 Anonymous K
14:15:04 V 0.10 +0.035 100,000 64 Octagon 39 Merrill Lynch K
14:15:04 V 0.095 +0.03 3,000 64 Octagon 79 CIBC K
lithium news -- 40% jump1!!
TNR Gold has 25% on Los Azules - seems like MAI is acknowledging this more and more... even to extent of mentioning their subsidiary in Argentina in the last NR!
____________
Minera Andes receives positive PA study for Los Azules
2009-02-05 18:04 ET - News Release
Mr. Art Johnson reports
MINERA ANDES ANNOUNCES RESULTS OF PRELIMINARY ASSESSMENT AT LOS AZULES COPPER DEPOSIT
Minera Andes Inc. has released results of a preliminary assessment (PA) on the Los Azules copper project located in the San Juan province of western-central Argentina. The deposit as currently defined is open in several directions and further drilling will be required to fully define the limits of the mineralization, especially along the strike to the north and at depth. All financial amounts are stated in United States dollars unless otherwise indicated.
The project is an exploration area comprising adjoining properties that straddle a large copper porphyry system and is subject to an option agreement. The properties are owned by Minera Andes through its subsidiary company, Minera Andes S.A., and by Xstrata Copper, one of the commodity business units within Xstrata PLC, through Xstrata Queensland Ltd. and its subsidiary company, MIM Argentina Exploraciones S.A.
Highlights
Highlights of the study are as follows:
* The base case for the project on a pretax basis indicates a net present value (NPV) of $496-million and an internal rate of return (IRR) of 10.8 per cent (using $1.90 per pound copper, 8-per-cent discount rate, $70-per-tonne treatment charge and 7.5-cent-per-pound refining charge);
* Capital payback in 6.4 years;
* Average copper-in-concentrate production estimated at 170,000 tonnes per year for 23.6 years. Annual byproduct production estimated to average 38,000 ounces of gold and 1.26 million ounces of silver;
* C-1 life-of-mine (LOM) cash costs (net of byproduct credits) are estimated to average 85 cents per pound of copper mined;
* The project would generate approximately 550 permanent jobs;
The salient details PA are summarized below:
NPV ($1.90 per pound Cu, 8% discount rate): $496-million;
IRR: 10.8%
Initial capital expenditure: $2,747-million;
LOM average operating costs: $7.59 per tonne ore;
LOM C-1 cash costs (net byproduct credits): 85 cents per pound Cu mined;
Nominal mill capacity: 100,000 tpd;
Annual throughput: 36 million tonnes;
Mine life: 23.6 years;
Life-of-mine strip ratio: 1.50;
LOM average annual copper-in-concentrate production: 170,000 tonnes;
First five years average annual copper-in-concentrate production: 213,000 tonnes.
The PA is preliminary in nature and includes the use of inferred resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Thus, there is no certainty that the results of the PA will be realized. Actual results may vary, perhaps materially.
The PA was finalized by Samuel Engineering, Inc. and Randolph P. Schneider, MAusIMM. The PA was managed by MTB project management professionals (project management, infrastructure, capital and operating costs), and Robert Sim (SIM Geological Inc.) and Bruce Davis (BD Resource Consulting Inc.) developed the resource estimate, Ken Rippere completed pit slope studies, while Bill Rose (WLR Consulting Inc.) developed the mine plan and production schedule:
* C.H. Plenge & Cia (metallurgy);
* Samuel Engineering (process engineering, infrastructure, capital and operating costs, cash flow modelling, and valuation);
* Vector Engineering (tailings, waste rock, environmental management, capital and operating costs, and baseline environmental and socioeconomic studies).
Project economics
The PA contains a cash flow valuation model based upon the geological and engineering work completed to date, and technical and cost inputs developed by Samuel Engineering and MTB. The base case was developed using long-term forecast metal prices of $1.90 per pound for copper, $750 per ounce for gold and $12 per ounce for silver.
NPV OF THE BASE CASE AT VARIOUS DISCOUNT RATES
Discount rate
(real) NPV
0% $4,691-million
5% $1,399-million
8% $496-million
10% $113-million
15% ($428-million)
Resources
The resource block model used in the PA were reported in the technical report titled, Los Azules Copper Project, San Juan Province, Argentina, dated Sept. 26, 2008, and filed under the company's profile on SEDAR in October, 2008. That resource estimate determined inferred mineral resources of 922 million tonnes grading 0.55 per cent copper at a 0.35-per-cent total copper cut-off. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The resource block model was used to evaluate potential economic pit limits using the floating cone algorithm, and develop a mine plan and production schedule for the PA. The resulting designed ultimate pit was estimated to contain 843 million tonnes of inferred mineral resources grading 0.51 per cent copper above an internal cut-off of 0.22 per cent copper. A total of 1,273 million tonnes of waste rock were also estimated within this pit. A mine production schedule from these estimates indicates 150 million tonnes of preproduction stripping and a mine life of 23.6 years. The average stripping ratio over the life of the mine is projected at about 1.5:1 (tonnes of waste per tonne of ore).
The PA is preliminary in nature and includes the use of inferred resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Thus, there is no certainty that the results of the PA will be realized. Actual results may vary, perhaps materially.
Mining and milling
The project will use conventional mining and milling processes, and will benefit from having a higher-grade copper core.
Production is scheduled to deliver 100,000 tonnes per day (36 million tonnes per year) of sulphide ore to the primary crusher for 23.6 years. The milling and concentrator plant are forecast to produce, on average, 170,000 tonnes per year of copper in concentrate, 38,000 ounces per year of gold and 1.26 million ounces per year of silver. Average LOM metallurgical recoveries have been estimated to be 92.5 per cent for copper, 61 per cent for gold and 66 per cent for silver, producing a copper concentrate grading on average 31.9 per cent copper, 2.2 g/t gold and 74 g/t silver.
Capital costs
The Los Azules capital costs table summarizes the capital cost estimates for the project.
LOS AZULES CAPITAL COSTS
Direct capital costs $1,118-million
Indirect capital costs $486-million
Owner direct and indirect capital costs $602-million
Additional costs $541-million
--------------
Total (base case) $2,747-million
==============
Upfront working capital $39-million
LOM sustaining capital costs $704-million
Note: The capital cost estimates have been compiled with an accuracy level
of minus 35 per cent to plus 35 per cent.
Operating costs
The average LOM operating cost is estimated to be $7.59 per tonne of ore and the C-1 cash costs (net of byproducts) over the LOM will average 85 cents per pound of copper mined. C-1 cash costs include at-mine cash operating costs, concentrate transportation and freight costs, and all treatment and refining charges.
Infrastructure
The project is in a remote location near the border of Chile in an isolated section of the Argentinean Andes at an elevation ranging from 3,500 metres to 4,500 metres above sea level (masl). Consequently, no infrastructure is present. In addition, there are no nearby towns and/or settlements. The key access issue for the project throughout the year is road closures due to snow and high stream flows in the spring. The snowline is at an approximate elevation of 3,000 masl. Presently, the project is accessible approximately five months out of the year with snow removal along the existing central road and after the snowfall season.
San Juan is a major regional centre serviced by an airport and highways. An existing highway extends from San Juan to a wide valley in which the community of Calingasta is located. Three potential mine access roads have been considered:
* A northern route;
* A central (existing) route;
* A southern route.
Both the central and southern routes were discarded due to their capital and operating costs as the length, terrain and high-altitude crossings would likely make the routes prone to significant snowfalls and require snow removal operations. Therefore, the northern route was selected for the economic valuation of the project.
Given the remote location of the project a man camp facility will be provided on site. It is assumed to contain facilities for 500 to 600 individuals at any given time. The man camp will also contain dining and recreation facilities.
The Calingasta substation is the nearest source of power to the project; however, it is isolated from the provincial network. Power supply to the region is currently satisfied by means of local hydro or thermal generation.
The infrastructure facilities addressed by the capital cost estimate include on-site ancillary facilities and infrastructure (man camp, offices and other buildings), off-site infrastructure (access roads, power lines, concentrate and fresh water pipelines) and tailings impoundment.
Environmental
Preliminary baseline studies completed to date have included initial hydrologic studies of surface water quality, climate and biological studies of the local flora and fauna.
Property agreements
The project is subject to an option agreement dated Nov. 2, 2007. Under the option agreement, MASA has the right to earn a 100-per-cent interest in the MIM properties by spending at least $1.0-million (U.S.) on the MIM properties by November, 2010, maintaining the property in good standing and delivering to Xstrata Copper an independent scoping study that contains an economic evaluation of inferred mineral resources and a technical report prepared in accordance with National Instrument (NI) 43-101 -- Standards of Disclosure for Mineral Properties in respect of the combined MIM properties and MASA properties, and delivering a notice of exercise. If in the opinion of Xstrata Copper, the independent scoping study and technical report show the potential to economically produce 100,000 tonnes (224 million pounds) of contained copper per year for 10 years or more on the combined properties, then MIM will have a right to earn a 51-per-cent interest in the combined property (the back-in right). To satisfy the conditions of the back-in right, Xstrata Copper must assume control and responsibility for the combined property, make a cash payment to Minera Andes of three times MASA's and its affiliates' direct expenditures incurred and paid on the combined properties after Nov. 25, 2005, and complete a bankable feasibility study within five years of its election to exercise the back-in right. In the event that the independent scoping study and technical report do not, in Xstrata Copper's opinion, meet the criterion contemplated above, Xstrata Copper's interest would be limited to a right of first refusal on a sale of the combined property, or any part thereof or interest therein.
Certain of the MIM properties are subject to an underlying option agreement, which is the subject of a dispute between Xstrata Copper, as optionholder, and Solitario Argentina S.A., as the grantor of that option and the holder of a back-in right of up to 25 per cent, exercisable upon the satisfaction of certain conditions, within 36 months after the exercise of the option by Xstrata Copper. The dispute surrounds the validity of the 36-month restriction described above. If Solitario is successful, MIM's interest in substantially all of the MIM properties may be reduced by up to 25 per cent and, upon exercise of the MASA option, MASA's interest in that part of the combined property may be similarly reduced.
A technical report in support of the PA, prepared in accordance with NI 43-101, will be filed on SEDAR within 45 days.
This news release was prepared by, or under the supervision of, Allen Ambrose, president of Minera Andes, a qualified person within the meaning of NI 43-101. For (i) the effective date of the resource estimate contained herein; a description of the key assumptions, parametres and methods used to estimate the mineral resources referred to in this news release; a general discussion of the extent to which the estimate of mineral resources may be materially affected by any unknown environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, please refer to the October technical report.
We seek Safe Harbor.
MAI and TNR's Los Azules - Canaccord Initiate Coverage
http://mining101.blogspot.com
______________________
Also mentions Northern Dynasty and Pebble deposit, coincidentally part of TNR's portfolio as well.
I like the San Jose cash flow and Los Azules metals in the ground estimate, should put MAI at $2+ easily and TNR at $0.75+.
Thoughts?
MAI and TNR's Los Azules - Canaccord Initiate Coverage
http://img232.imageshack.us/img232/5575/mai1zy5.jpg>
______________________
http://mining101.blogspot.com
Also mentions Northern Dynasty and Pebble deposit, coincidentally part of TNR's portfolio as well.
I like the San Jose cash flow and Los Azules metals in the ground estimate, should put MAI at $2+ easily and TNR at $0.75+.
Thoughts?
No wonder TNR Gold Corp is up 35% today... MAI investors raelize they can't fudge over the ownership of Los Azules best portiosn!! Even with copper down portions of 11 billion lb reserve should be worth more than $0.095!!
http://www.tnrgoldcorp.com/s/LosAzules.asp
Ffrom the report - certainly sounds like BMG optioned from TNR - and TNR was the original owner still.!!!! Check it yourself.
"In 1994, subsequent to a TM imagery study, Minera BMG asked for an
exploration cateo in the "Los Azules" region. Minera BMG also optioned
properties owned by Solitario (now TNR Resources). In March 1995, Minera
BMG initiated work in the sector of Quebrada La Embarrada along the Paso de
La Coipa and Cordon de Los Azules west of Cordillera La Tortora. This work
defined several zones of alteration and the presence of extrusive volcanic rocks
and porphyries. Some chip samples returned values ranging from 0.3 to 0.5 g
Au/t and up to 41 g Ag/t associated with anomalous copper values."
just saw this on SH... very positive news for this jr. company - good trading volume as usual!
_______________________________
Up 35% on 11 billion lbs copper - 43-101 report on Minera Andes www.sedar.com
No wonder TNR Gold Corp is up 35% today... MAI investors raelize they can't fudge over the ownership of Los Azules best portiosn!! Even with copper down portions of 11 billion lb reserve should be worth more than $0.095!!
http://www.tnrgoldcorp.com/s/LosAzules.asp
Ffrom the report - certainly sounds like BMG optioned from TNR - and TNR was the original owner still.!!!! Check it yourself.
"In 1994, subsequent to a TM imagery study, Minera BMG asked for an
exploration cateo in the "Los Azules" region. Minera BMG also optioned
properties owned by Solitario (now TNR Resources). In March 1995, Minera
BMG initiated work in the sector of Quebrada La Embarrada along the Paso de
La Coipa and Cordon de Los Azules west of Cordillera La Tortora. This work
defined several zones of alteration and the presence of extrusive volcanic rocks
and porphyries. Some chip samples returned values ranging from 0.3 to 0.5 g
Au/t and up to 41 g Ag/t associated with anomalous copper values."
Nice move today, 30% jump
Los Azules property on Minesite UK!
Posted: Wed Oct 08, 2008 12:49 am Post subject:
October 02, 2008
Minera Andes Poised For Expansion Off A Very Solid Base
By Charles Wyatt
Take a look at the share price chart of Minera Andes and you will see a hockey stick shape at the end. In other words there was some news in August September-time good enough to move the price upward even in these dire times. A look at the recent news items confirms that there was plenty to invigorate shareholders and some of it may be responsible for the fact that the shares have only fallen from US$1.50 to US$1.05 since June which is a whole lot less than most of the company’s peers. But then there is a major difference, as Minera Andes is a producer of gold and silver with a 49 per cent interest in the San Jose gold mine in Argentina which is operated by its partner, Hochschild Mining.
In fact the good news started right at the end of July when Allen Ambrose, president of the company, announced from his office in Spokane, Washington State, that gross proceeds from metal sales during the second quarter of 2008 to end June amounted to US$63.7 million. The San Jose project had started operations a year previously, and over that period produced gross sales of around US$74.6 million from silver and gold, most of which accrued in the last three quarters. Actual production in the June quarter amounted to 1.093 million ounces of silver and 12,410 ounces gold, of which 49 per cent accrued to Minera Andes. Mr Ambrose explains that this cash flow will be used to fund further expansion of the mine and for connection to the regional power grid. The rest of the cash will be used to repay the joint venture debt, but this still leaves his company in a strong financial position, with over US$8 million in the kitty.
Two more bits of good news followed in quick succession. First it was reported that production cash costs in this second quarter averaged US$322 per ounce for gold and US$6.16 per ounce for silver. These costs compare with selling prices on a weighted average basis of US$901 per ounce of gold and US$16.47 per ounce of silver, which represents a healthy profit even though no account is taken of depreciation and amortisation. And the underground mine’s rate of production is going to be doubled to 1,500 tonnes per day by the end of this year so cash flow will be growing.
The second bit of good news was that in the first half of 2008 Minera Andes recorded net income of US$7.2 million, or US$0.4 cents per share, which is quite an achievement at such an early stage. Mr Ambrose describes it as a milestone event which confirms the emergence of the company as a producer. Moreover, after production has doubled, as is the plan, Minera Andes will be able to claim a place for the San Jose mine in the list of the top ten primary silver producers in the world. And that’s not the only credit that’s due. It was Minera Andes, after all, which discovered the mine in northwestern Santa Cruz province, in a part of Argentina that is revealing itself to be a new mineral frontier. The 99,000-acre San Jose project area has the potential to evolve into a mining district, and could well end up hosting a number of mines.
The vein-hosted system is relatively high grade at around 16 grammes per tonne gold-equivalent and this has been confirmed by recent drilling results from the Odin, Ayelen and Frea veins where the best intersection graded 63.63 grammes per tonne gold and 1,158 grammes per tonne silver over 1.94 metres. Currently, about 40 kilometres of vein strike length is known, of which only about 15 per cent has been drilled-tested, and less than 10 per cent accounts for the ore reserve base supporting the San Jose mine. The last resource estimate was given in October 2007, but another is underway which will take account of a further 30,000 metres of drilling which has taken place since July 2007. There seems little doubt that this will increase the reserves and resources significantly as has happened with each estimate made since discovery in 2005.
Minera Andes also has an option to earn a 100 per cent interest in the Los Azules copper project in San Juan province near the Chilean border, currently owned by Xstrata Copper. This looks like a big one, though whether it will be big enough to persuade Xstrata to exercise its buy-back clause is not yet known. If Xstrata did exercise that clause it would mean that Xstrata would be satisfied that any mine there could produce 100,000 tonnes of copper a year for 10 years which is a big ask. As it is, Minera Andes is carrying out a scoping study and economic analysis and much more will be known once the results of this study are published before the year end. In the meantime the company has recently announced an initial inferred resource estimate for the project at a 0.35% copper cut-off, amounting to 922 million tonnes at 0.55% copper giving 11.2 billion pounds of copper, which is a good start.
What is even more important is that there is a near surface high grade copper core which was first identified back in 2006. This could boost the economics of a starter pit which would mean that production could start earlier than anticipated. Anyway, Los Azules already qualifies as one of the largest new undeveloped copper deposits in Argentina and this may be why a galaxy of stars joined the board recently, including Rod McEwen of Goldcorp fame who has a holding in Minera Andes amounting to 38 per cent. He has brought with him Victor Lazarovici, who has had a career as a base metals and minerals analyst with leading firms in New York, and Don Quick who was a director of Goldcorp and instrumental in its biggest deals. With people like this on board, it will be no surprise if Minera Andes comes up with some interesting deals, and opportunities should certainly abound in the coming months.
http://www.minesite.com/nc/min.....ase/1.html
Bye Bye WAMU Pension!?
WaMu employees likely to lose pensions; many to lose jobs
Scharf, who spent a chunk of the conference call answering blunt questions from employees, said employees’ pension plans are part of WaMu’s business that’s held up in Chapter 11 bankruptcy, so it’s not J.P. Morgan’s responsibility to honor them. That likely means employees who are currently accruing money into the plan as well as employees who are already retired might be cut off.
http://sacramento.bizjournals.com/sacramento/stories/2008/09/29/daily87.html
END IS near? Gold > Fiat currency
http://mining101.blogspot.com
BAC liquidity rapidly deteriorating... need to raise $10 billion - shares drop in anticipation of shareholder dilution.
guess biting off more than you can handle with Merrill and Countrywide is going to take its toll after all...
END IS near? Gold > Fiat currency
http://mining101.blogspot.com
Bye Bye WAMU Pension!?
WaMu employees likely to lose pensions; many to lose jobs
Scharf, who spent a chunk of the conference call answering blunt questions from employees, said employees’ pension plans are part of WaMu’s business that’s held up in Chapter 11 bankruptcy, so it’s not J.P. Morgan’s responsibility to honor them. That likely means employees who are currently accruing money into the plan as well as employees who are already retired might be cut off.
http://sacramento.bizjournals.com/sacramento/stories/2008/09/29/daily87.html
END IS near? Gold > Fiat currency
http://mining101.blogspot.com
Bye Bye WAMU Pension!?
WaMu employees likely to lose pensions; many to lose jobs
Scharf, who spent a chunk of the conference call answering blunt questions from employees, said employees’ pension plans are part of WaMu’s business that’s held up in Chapter 11 bankruptcy, so it’s not J.P. Morgan’s responsibility to honor them. That likely means employees who are currently accruing money into the plan as well as employees who are already retired might be cut off.
http://sacramento.bizjournals.com/sacramento/stories/2008/09/29/daily87.html
END IS near? Gold > Fiat currency
http://mining101.blogspot.com
Bye Bye WAMU Pension!?
WaMu employees likely to lose pensions; many to lose jobs
Scharf, who spent a chunk of the conference call answering blunt questions from employees, said employees’ pension plans are part of WaMu’s business that’s held up in Chapter 11 bankruptcy, so it’s not J.P. Morgan’s responsibility to honor them. That likely means employees who are currently accruing money into the plan as well as employees who are already retired might be cut off.
http://sacramento.bizjournals.com/sacramento/stories/2008/09/29/daily87.html
END IS near? Gold > Fiat currency
http://mining101.blogspot.com
Bye Bye WAMU Pension!?
WaMu employees likely to lose pensions; many to lose jobs
Scharf, who spent a chunk of the conference call answering blunt questions from employees, said employees’ pension plans are part of WaMu’s business that’s held up in Chapter 11 bankruptcy, so it’s not J.P. Morgan’s responsibility to honor them. That likely means employees who are currently accruing money into the plan as well as employees who are already retired might be cut off.
http://sacramento.bizjournals.com/sacramento/stories/2008/09/29/daily87.html
END IS near? Gold > Fiat currency
http://mining101.blogspot.com
Bye Bye WAMU Pension!?
WaMu employees likely to lose pensions; many to lose jobs
Scharf, who spent a chunk of the conference call answering blunt questions from employees, said employees’ pension plans are part of WaMu’s business that’s held up in Chapter 11 bankruptcy, so it’s not J.P. Morgan’s responsibility to honor them. That likely means employees who are currently accruing money into the plan as well as employees who are already retired might be cut off.
http://sacramento.bizjournals.com/sacramento/stories/2008/09/29/daily87.html
END IS near? Gold > Fiat currency
http://mining101.blogspot.com
Bye Bye WAMU Pension!?
WaMu employees likely to lose pensions; many to lose jobs
Scharf, who spent a chunk of the conference call answering blunt questions from employees, said employees’ pension plans are part of WaMu’s business that’s held up in Chapter 11 bankruptcy, so it’s not J.P. Morgan’s responsibility to honor them. That likely means employees who are currently accruing money into the plan as well as employees who are already retired might be cut off.
http://sacramento.bizjournals.com/sacramento/stories/2008/09/29/daily87.html
END IS near? Gold > Fiat currency
http://mining101.blogspot.com
September 22, 2008
TNR Gold Drills 82.25 Metres of 0.49% Copper at El Tapau
TNR Gold Corp. ("TNR,") is pleased to announce preliminary copper results from the first hole of a 7-hole diamond drilling program at the El Tapau project in Argentina. Interpretation and analysis of precious metals and other elements are pending.
Drill hole ET-08-01 was angled at 060/60 degrees and drilled to a depth of 440.40 metres. The drill hole ET-08-01 was collared proximal to a tourmaline breccia hosted within granodiorite intrusion. It intersected variably mineralized (pyrite-chalcopyrite) both breccia and tourmalinized granodiorite host. The best mineralized intercepts has returned the following assays results:
Hole Depth
(metre) From
(metre) To
(metre) Length
(metre) Copper
(%)
440.4 97.254 179.50 4 82.254 0.49
Including 98.404 171.204 72.804 0.54
And 111.304 144.954 33.654 0.87
The entire core for hole ET-08-01 was sampled and cut in half with a diamond saw which was then processed, analyzed, and reported from an ISO-9001 fully accredited analytical facility Alexis Stewart Assayers in Mendoza, Argentina.
TNR is encouraged with the initial results obtained from this hole with the best copper grades coming from what appears to be a zone of enrichment.
Gary Schellenberg, CEO and President of TNR, said "The presence of native copper and chalcocite mineralization in our first hole is very encouraging. Given these new results, we will reinterpret our geophysics and complete detailed mapping over the area to pinpoint the location of additional drill holes."
Ike Osmani, P.Geo, Chief Geologist of TNR, is the designated Qualified Person for the El Tapau project, and has prepared and approved the technical information contained in this news release.
EL TAPAU
The El Tapau copper-gold property, occurring within the eastern Andes of the San Juan Province, is strategically located approximately 50 km north-northwest of TNR's El Salto property. El Tapau has had historic gold and copper production from numerous underground workings. However, complete records do not exist regarding quantities and grades.
In 2007, a 3D IP survey and limited mapping and litho-geochemical sampling program were conducted in selected areas of the property. A second phase of the geological survey, consisting of mapping and sampling programs, was initiated in early 2008. Systemic bedrock sampling by Petra Gold in 2006 outlined a 2,500 metre by 1,000 metre area with values ranging from trace to 19 g/t gold, averaging 2.2 g/t gold from 157 rock sample sites.
The current drill program is testing several main targets including the gold vein area in the west-central portion of the property and the porphyry copper-gold targets in the northeastern corner, of which assays results are pending.
ABOUT TNR GOLD CORP.
TNR is a base and precious metals exploration company focused on aggressively identifying new prospective projects as well as fostering work on its large portfolio of 15 properties in Argentina. The company's focus over the next 12 months is the exploration and development of its El Tapau, El Salto, and Eureka projects in Argentina as well as overseeing the exploration and development of the Iliamna and Shotgun projects in Alaska through its wholly owned US subsidiary.
On behalf of the board,
Gary Schellenberg
President
Kinross Buys out Aurelian!
http://www.financialpost.com/story.html?id=677044
Kinross Gold Corp., Canada's third-largest gold producer, said it has agreed to buy Aurelian Resources Inc. for $1.2-billion in stock, giving it control of Ecuador's largest gold deposit.
Kinross, based in Toronto, will issue 0.317 of its shares for each one of Aurelian's, the company said on Thursday in a statement. That's 48% higher than Aurelian's closing share price on Wednesday. Aurelian's directors have recommended shareholders accept the offer.
Kinross chief executive Tye Burt has overseen the development of new mines in the U.S., Brazil and Russia, which together will boost Kinross's output by more than a third to as much as 2.6 million ounces next year. The acquisition gives it control of the Fruta del Norte deposit in Ecuador, which contains 13.7 million ounces of gold and 22.4 million ounces of silver.
"This deposit will add significantly to our mineral resource base," Mr. Burt said in the statement. "We intend to pursue a focused strategy to further define the deposit, and believe that this combination can make an important contribution to our future."
Kinross will also buy 15 million new Aurelian shares for $4.75 each to help pay for Fruta del Norte's development. The purchase of that stock is not dependent on the acquisition offer succeeding, Kinross said.
Kinross Warrants
Aurelian shareholders will also receive 0.1429 of one warrant, with each warrant entitling them to buy a Kinross share for $32 within five years.
Aurelian rose 5 cents, or 1.1% to $4.45 on Wednesday in Toronto Stock Exchange trading, for a market value of $606.3 million. Kinross fell $1.80, or 8%, to $20.84.
Ecuador's government has banned all mining and exploration in the country since April 18, when it started drafting a new minerals law. Aurelian said later that month that it would halt all activity on the Fruta deposit until the government allows operations to resume.
Any luck of this climbing back to 0.02
good job go FFGO!
excellent fund - has great choice in stocks
I picked up TNR Gold Corp ($.13) back when RAB did private placement
so little good news yet still hanging in there
tons of institutinoal buying from CIBC... will head up soon!!