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West Africa Gold Inc. Acquires Arizona Gold Mining Interests
Market Wire, July, 2004
E-mail Print Link West Africa Gold Inc. (OTC BB: WAGI) announced today that it has now completed the acquisition of additional and extremely promising Gold Mining properties, these properties being situated in Arizona, USA. The entire cost of the acquisition of these Gold Mining Properties is being settled through the issue of Restricted Shares of West Africa Gold Inc. Common Stock.

The first North American Gold acquisition by the Company is Golden Sierra Limited which owns the Mineral Rights to the Mockingbird and Great West Gold Project areas in Arizona, USA and comprises of 4 claim groups spread over 2,500 acres in Mohave County. Previous summary sampling indicated an inferred resource of 10 million tons with Gold grades of 0.1 opt with additional resources of silver and copper. Underground operations and an open pit have previously been established with initial assay results and informal sampling confirming widespread surface gold mineralization some of which is high grade (2 oz. / T) Gold.

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Project Management Standard Program The Mockingbird Project consists of approximately 2500 acres of mineral rights located in the heart of the historic Mockingbird Mining District, about 50 miles (80 kilometres) southeast of Las Vegas. The project area is on federal lands about 5 miles (8 km) west of the major Las Vegas / Phoenix highway and within 10 miles (16km) of the Colorado River.

The Mockingbird gold deposit is a detachment fault deposit. Mineralization is primarily located in the lower plate, which is comprised of pre Cambrian rocks over 1 billion years of age. The mineralizing event was regional crustal extension along the Mockingbird fault, which occurred about 15 million years ago. Detachment fault deposits were first recognized as a separate form of gold deposit in the 1980s. The best example of an Arizona detachment gold deposit is Copperstone, which, like Mockingbird is in the highly extended Western Arizona terrain near the Colorado River. Copperstone was the biggest gold discovery in Arizona in at least 50 years and during the 1980s over 500,000 oz. were profitably open pit mined. Another major mineral company is presently conducting drilling in the vicinity.

Unlike Copperstone, Mockingbird was a historic gold producer. 15,000 ounces were produced by the Mockingbird District from high grade ore. A majority of this production was from the Mockingbird Mine, which is the centrepiece of the land position. Other mines producing gold were the Great West, Hall (Dandy) and Pocahontas Mines, all of which are included in the company's claim block.

Starting in the 1980s there has been a great deal of exploration work at Mockingbird Mine. The Mockingbird Project was acquired by Anaconda, which focused on the area east of the historic Mockingbird and Great West mines and lying underneath the surface trace of the Mockingbird detachment fault. Anaconda estimated an Inferred Resource of at least 10,000,000 tons of .05 to .1 oz. / T gold. This being supported by US Geological Survey Open File Report 92-002 and the Arizona Department of Mines and Mineral Resources. The deposit size may be in the range of 500,000 to 1,000,000 ounces of gold.

Previous owners of these projects or parts of them have included Western States, Santa Fe Gold (now part of Newmont), Gulf Mineral Resources and Chevron (now merged with Gulf Mineral Resources). The company has managed to obtain much of the exploratory reports & data, which supports the assay findings.

Expectations are that a resource will be confirmed by following the known mineralization (a) eastward (in the case of the Mockingbird Mine) and (b) north-eastward (in the case of the Dandy and Great West) under the detachment fault. The Mockingbird Project is a lower plate deposit, and east of the Mockingbird detachment fault the lower plate is buried. This area east of the fault is where most former claims were however large scale mining did not reach as far as the historic Mockingbird, Dandy and Great West Mines which are west of the fault where the lower plate is exposed. The Mines in the district are situated along a distinct N30 degree west linear feature that cuts across the black mountains and displaces all older lithologic and techtonic features. The NW trend is probably a late tertiary, basin and range fault zone that localized and preserved the mineralization at the mines.

Mining in Arizona exploded during the 1870s and 1880s. For many years Arizona was the USA's top producer in value of non-fuel minerals, primarily because of the abundance of copper. About two thirds of the nation's copper is mined in Arizona with significant commercial deposits of gold, silver, molybdenum, and lead. There is also an abundance of non-metallic minerals and Arizona's turquoise, period, petrified wood, azurite, and malachite are world-famous. Arizona also produces energy resources such as coal and small quantities of petroleum and natural gas although it is the intention to focus on non-fuel mineral exploration.

Almost all of the minerals mined in Arizona is from porphyry deposits, which are usually associated with intrusive igneous rocks similar to granite. The term porphyry describes the typical texture of these rocks, in which individual mineral grains about a tenth to a half inch in size are surrounded by smaller grains that are barely visible to the naked eye. These deposits, which commonly contain molybdenum and silver as co-products, were formed from saline, metal-bearing fluid that was expelled from cooling magma. Interaction of this fluid and heated groundwater with rocks adjacent to the intrusion caused many cubic miles of rock to be altered chemically. At some localities Copper ore was formed when the hot, metal-bearing fluids reacted with limestone. All of this intrusive activity took place deep below the land surface. The rich metal deposits were subsequently exposed at the surface millions of years later by weathering and erosion processes.
http://findarticles.com/p/articles/mi_pwwi/is_/ai_n8559696

West Africa Gold, Inc.'s Mockingbird Project contains a new and important type of gold deposit, a "detachment fault" deposit (first recognized as a separate form of gold deposit in the 1980s), and the best example of which is Copperstone. This was the biggest gold discovery in Arizona in the past 50 years. Cyprus Gold profitably mined the 500,000 oz open pit Copperstone resource during the 1980s. Based on underground drilling by the American Bonanza company, it is likely that the underground high-grade resource at Mockingbird is even larger.

The price of gold passed $1,000 an ounce this morning which no doubt will be a major news story throughout the day.


Gold Mine Financing - 100% Financing In-Ground Assets - Oil & Gas, Coal
Despite global economic woes and tightening or freezing of most private equity capital markets, financing for in-ground collateralized assets remains viable.


Click here to view related Website: www.minerals-energy.com Publish Date: 2008-10-23
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The Full Story:

Despite global economic woes and tightening or freezing of most private equity capital markets, financing for in-ground collateralized assets remains viable. The demand for oil, gas, coal, gold, silver, and other precious metals has remained strong throughout time. Economic uncertainty is dramatically increasing the demand for gold around the globe. With the relatively low loan amounts in relation to the proven value of the asset, major investment banks view in-ground collateralized assets as a safe investment.

Monetization of In-Ground Assets is a complex financial structure that requires considerable time and effort, assessment of and mitigation of risk, cross syndication efforts, and many other components that are required to ensure the success of the investment banks. “The entire process is more of an art than a science” states Jeff Hampton of www.minerals-energy.com. “In most instances, the loan is being collateralized using a non-producing pile of iron ore as the mechanism to support the financial leverage for projects.”

Typically, many different types of assets are syndicated together and funded at the same time in a single funding tranche. “We will fund 15-25 deals for approximately $7-$10 billion per funding tranche” says Jeff Hampton of www.minerals-energy.com. “Investment banks love this product. Due to the incredible proven value of some projects, our average loan to asset value per tranche is typically 1-2%. Since all the projects are syndicated together, the investment bank has minimal risk and a strong return on investment.”

There are different loan to asset value guidelines for an Operating Field or Mine versus a Non-Operating Field or Mine. “Depending on the project and production levels, we’ll consider up to 25% loan to asset value for an operating field or mine” says Jeff Hampton. “Most non-operating fields or mines are limited to 5%, possible more depending on the project. Our minimum loan amount is typically $30,000,000 with no maximum and the asset must be on U.S. soil.”

For more information, please contact:

Jeff Hampton
Managing Director

Minerals & Energy Consultants
Off: 800.979.4550
Fax: [phone]
[e-mail]
www.minerals-energy.com

http://www.bignews.biz/?id=788334&keys=Energy-Minerals-Gold-Oil


So, is it time to think about opening your own gold mine? The latest report from the Arizona Dept. of Mines & Mineral Resources includes this list of gold prospects for sale:

Ambassador: Precambrian gold and silver deposit with underground and possible open pit.
Bonanza: Detachment fault gold / silver deposit. Former Phelps Dodge project.
Bouse: Gold and silver detachment fault deposit in La Paz County, Arizona. Former Homestake Gold project.
Clara Moro, Silverfield Gold: Gold deposit in detachment fault environment. The Clara property has encouraging results from a drill campaign by Nevada Pacific. The Silverfield may be a hot springs high grade gold / silver deposit in detachment fault environment. Its close to Clara Moro and could be jointly explored.
Ester Basin: Gold, silver and copper deposit spatially associated with diatreme in detachment fault environment. Former Phelps Dodge project.
McCracken Gold: Gold with silver and copper in breccia zone adjacent to one of Arizona’s historic silver producers.
Mockingbird: Gold and silver deposit related to detachment fault. Anaconda / Chevron work indicated potential.
North Rawhide: Upper plate gold, silver and copper deposit. Former Phelps Dodge project.
Oatman: A dozen mines in Arizona’s largest primary gold district. Includes patented Lexington gold mine. High-grade Tertiary vein deposit in volcanics with potential for low-grade open pit resource.
South Copperstone: Large contiguous claim block adjacent to the Copperstone Mine, Arizona’s largest recent open pit gold producer.
at 11:11 AM
http://arizonageology.blogspot.com/2008/03/is-it-time-to-buy-gold-mine-in-arizona.html