What a great series of posts ...u all made my day...Haddy, sorry for the POEM yesterday befor I read this...YOU do look at the world with Clay Colored Glasses LOL ChuckaMudd
I linked it Bull, I used the Word GIDDY there as u used the word BUGGY here: "" He is a real gold bug, hope IAMR will give him something to be buggy about. .."" ChuckaGiddyBug...oops GOLDBUG PPS- Real Gold Cos have stuff issued when they find GOLD that looks like THIS:
InfoMine's Headline News Digest "A summary of the latest mining news emailed to you each business day"
October 12, 2001 - Edition
In-Depth News for the day * Normandy makes bid for Otter GoldX
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BHP BILLITON LTD, NORANDA INC and TECK COMINCO LTD The Antamina Mine in northern Peru has reached commercial production as of October 1. Commercial production was defined as 80% of the mine's designed throughput rate over a period of 90 days. Commissioning of the mine began in May, and as of October 1, the mine had produced 314,000 tonnes of copper concentrate. Antamina is a high-grade porphyry copper-zinc deposit located approximately 270 km north of Lima. The deposit is one of the world's largest copper-zinc ore bodies, with a proven reserve of 313 million tonnes grading 1.3% Cu, 1.06% Zn, 0.03% Mo and 14.13 g/t Ag. The mine is operated as a joint venture between Noranda, Teck Cominco, BHP Billiton and Mitsubishi Corp. Property: ANTAMINA (Complete Text of Oct 11, 2001 News Release)PDF
NORMANDY NFM LTD and OTTER GOLD MINES LTD Normandy NFM, a unit of Normandy Mining, has made an offer for Otter Gold Mines. Normandy NFM offered 1.9 of its shares for every 100 shares in Otter, valuing the company at AUS$14.7 million. The offer represented a 68% premium on Otter's closing price yesterday. Normandy NFM also announced that it has already purchased a 9.9% stake in Otter from the Guiness Peat Group under the same offer being made to all shareholders. Otter's board is reportedly reviewing the bid. Otter's main assets are a 60% interest in the Tanami Mine in Northern Territory, Australia, certain exploration properties in the vicinity of Tanami, and a 33% interest in a gold mine in New Zealand. Normandy NFM currently leases the Tanami Mill to process ore from its Groundrush deposit. Properties: GOLDRUSH and TANAMI MINE - OTTER (Thursday, October 11, 2001) (See In-Depth News: Normandy makes bid for Otter Gold X ) (Complete Text of Oct 11, 2001 News Release)PDF
AUR RESOURCES INC and IVANHOE MINES LTD Shares of copper miners Ivanhoe Mines Ltd and Aur Resources Inc performed well on the Toronto Stock Exchange, both closing higher for the day. Strength was also seen in the market for base metals producers Inco Ltd and Phelps Dodge Corp, whose shares closed higher on good volume. Media reports suggest that Newfoundland's Mining Minister will provide an update on negotiations with Inco regarding the development of the Voisey's Bay deposit in Labrador. Elsewhere, gold traded lower in spot price in New York, closing on the higher side of US$280. The spot price of platinum and palladium gained ground, closing at US$435 and US$349, up US$14 and US$7 respectively. (See InfoMine's Market News ) PDF See InfoMine's Penny Stock Sheet for stocks that trade below 1 dollar. (Thursday, October 11, 2001)
ALCOA INC and WMC LTD Alcoa is preparing to buy WMC's 40% interest in the two companies' Australian joint venture, according to Bloomberg. Alcoa's CEO was reportedly in negotiations this week with WMC regarding the purchase of its 40% stake in Alcoa World Alumina and Chemicals, the world's largest alumina producer. An Alcoa spokesperson refused to comment on the speculation. The Australian operations controlled by the joint venture are amongst the world's most profitable alumina operations. Alcoa is the world's largest aluminum producer. (Thursday, October 11, 2001)
ALROSA Alrosa, Russia's diamond monopoly, is still in talks with Rio Tinto, one of the world's biggest mining companies, on the formation of a joint venture to prospect for diamonds in the internal Russian republic of Karelia, Alrosa told Interfax. Earlier, Vyacheslav Shtyrov, the president of Alrosa, said the joint venture's founding documents should be ready before the end of the first half of 2001.The Alrosa source said the joint venture had not been registered yet, though. There had been a delay due to the large amount Alrosa had to spend rehabilitating the flood-stricken city of Lensk in Yakutia, the mineral-rich internal Russian republic where Alrosa is based. (See Interfax: Alrosa reiterates intention to form JV with Rio Tinto ) (Thursday, October 11, 2001)
CAMBIOR INC, OREZONE RESOURCES INC and VIRGINIA GOLD MINES INC Virginia Gold Mines has completed a 14 hole drill program on its La Grande Sud property in northern Quebec. The drill program identified a new mineralized zone, which assayed up to 1.7 g/t Au and 0.18% Cu over 75.4 metres, including 14.3 g/t Au and 0.05% Cu over 3.0 metres, in one drill hole. The new zone is hosted in a tonalite and is open laterally and at depth. A 3,800 metre drill program is planned to test the new zone. La Grand Sud is a gold in shear zone project that covers more than 13,800 ha in the James Bay region of Quebec. Cambior has the option to acquire a 50% interest in the property by funding exploration. Property: LA GRANDE SUD (Complete Text of Oct 11, 2001 News Release)PDF
INCO LTD Inco has announced that the company, the Province of Newfoundland and Labrador have agreed to extend negotiations on the development of the Voisey's Bay nickel-copper-cobalt deposit to the end of the year. Inco said that there are a number of issues that will require more time for the negotiating teams to resolve fully, although significant progress has been made on an overall agreement. Inco also said it is taking into account the economic downturn and increased uncertainty following the tragic events of September 11 as it proceeds forward with its development plans for Voisey's Bay. Talks on developing the deposit resumed in June after negotiations stalled in January 2000. No mention was made by Inco in today's release regarding what had been the most contentious issue - the government's requirement to have ore processed in the province. Property: VOISEY'S BAY (*DISCOVERY*) - INCO (Complete Text of Oct 11, 2001 News Release)PDF
CANADIAN GOLDEN DRAGON RESOURCES LTD and PLATINUM GROUP METALS LTD Canadian Golden Dragon announced additional results from Phase I drill holes on the Vande intrusive complex on the South Legris property near Thunder Bay, Ontario. The drilling (1,071 m) yielded assays from the first five holes up to 1.36 g/t PGE + Au over 2.71 m. The Phase I drill program has confirmed that the gabbros and breccias along the northeast-trending Quetico structure have concentrated PGEs. Assays were pending for the remaining holes. A Phase II program is planned to focus on a geophysical indication of thicker garbbroic breccias. Property: SOUTH LEGRIS (Complete Text of Oct 10, 2001 News Release)PDF
FREEWEST RESOURCES CANADA INC Freewest Resources has completed preliminary field programs on two of its properties. On the Clarence Stream property, in New Brunswick, soil sampling identified an area of elevated Au (up to 423 ppb), Sb (up to 101 ppm), As (up to 925 ppm) and Bi (up to 10.1 ppm) over a 2 km by 500 metre area. Limited prospecting within the anomaly identified several angular mineralized boulders, which returned up to 3.0 g/t Au, 469 ppm Sb, 5,768 ppm As and 0.09 ppm Bi. Detailed ground geophysics is underway over the anomaly to define drill targets. On the Lizar property, in northwestern Ontario, two new gold occurrences were discovered. Grab sampling in the Kyle occurrence returned up to 14.9 g/t Au within a quartz stockwork, and grab sampling in the Stinger occurrence returned up to 13.1 g/t Au in a felsic sill. Mechanical trenching and ground geophysics is underway in anticipation of a winter drill program. Properties: CLARENCE STREAM and LIZAR (Complete Text of Oct 11, 2001 News Release)PDF
CAMECO CORP, DE BEERS CANADA EXPLORATION INC and KENSINGTON RESOURCES LTD Kensington Resources announced that an independent valuation of stones collected during 2000 on its Fort a la Corne diamond project in Saskatchewan, has confirmed a valuation conducted by De Beers. Concentrating on samples of kimberlite bodies #141 and #122, the purpose of the valuation was to verify both the accuracy of the De Beers valuation and to examine the quality of the modelling applied by De Beers to their valuation. Given the size of the samples, the changing diamond market and price fluctuations, De Beers valuations and their associated modelling were found to be reasonable: Kimberlite #122 returned modeled grades between 0.075 and 0.13 carat/tonne valued at US$133 to 147 per carat. Kimberlite #141 returned modeled grades of 0.18 to 0.19 carat/tonne at US$148 to 179 per carat. Property: FORT A LA CORNE - KENSINGTON/CAMECO (Complete Text of Oct 11, 2001 News Release)PDF
ASQUITH RESOURCES INC and AXMIN LTD Asquith Resources received a receipt for a preliminary prospectus qualifying a sale of common shares of the company to raise a minimum of CDN$3 million and a maximum of CDN$5 million. The offering is conducted in connection to the proposed acquisition of AXMIN Ltd by Asquith. The price of the offering is yet to be negotiated. (Complete Text of Oct 11, 2001 News Release)PDF
FREEPORT-MCMORAN COPPER & GOLD INC and PT FREEPORT INDONESIA CO Freeport-McMoRan will announce third quarter earnings of US$0.03 per share when it reports on October 16, and says that its principal operating unit, PT Freeport Indonesia, surpassed previous production and sales estimates for the period. The company produced 350 million pounds of copper and 685,000 ounces of gold. PT Freeport is the lowest cost copper producer in the world with production costs for the third quarter estimated at US$0.10 per pound. Property: GRASBERG MINE (BLOCK A) (Complete Text of Oct 11, 2001 News Release)PDF
INCO LTD Newfoundland's mining minister will provide an update on negotiations with Inco regarding the development of the Voisey's Bay deposit in Labrador, according to Reuters. Despite rumours that he will be announcing a deal, a spokesperson said that "it is only an update, not an announcement on a deal." The two sides resumed negotiations in June, after they broke off in January 2000 over disagreements about the processing of ore in Newfoundland. Last month, Inco closed its Voisey exploration office, saying that no further work was required to further define reserves and resources prior to the next stage of development. Property: VOISEY'S BAY (*DISCOVERY*) - INCO (Thursday, October 11, 2001)
APEX SILVER MINES LTD Denver-based Apex Silver Mines has rejected last-ditch efforts by Bolivian power companies to supply electricity to its San Cristobal silver-zinc-lead project in Bolivia's Potosi department, reports BNamericas.com. Apex announced the winner of the international tender - Chile-based generator and transmission company Nopel - a month ago. "And that concluded the commercial aspect of the power supply as far as we were concerned," company president and COO Keith Hulley told BNamericas.com. "We are now moving on with securing the licenses to import and transmit the electricity in Bolivia. Negotiations continue with the government on those issues," he said. (See BN Americas: Apex set on Nopel for San Cristobal ) Property: SAN CRISTOBAL PROJECT - APEX (Thursday, October 11, 2001)
GENERAL MINERALS CORP Bulk tests at Denver-based General Minerals' Agua Dulce project in southeast Bolivia's Santa Cruz department have recovered saleable tantalite concentrate and shown the mineral could be easily mined, the company said, according to BNAmericas.com. But GMC will not rush towards a mining operation, investor relations manager Richard Doran told BNAmericas.com. "For one thing, the tantalum metal market has softened, in line with most of the others, given reduced global demand," he said. Tantalum is used in capacitors in cellular phones and computers. (See BNAmericas.com) Property: AGUA DULCE (Thursday, October 11, 2001)
NAMAKWA DIAMOND CO The Namakwa Diamond Co NL was listed on the Australian Stock Exchange in March this year but - within 90 minutes of listing - the company was the subject of a hostile takeover bid. This came from fellow South African diamond explorer Majestic Resources NL. Unfortunately, the corporate activity distracted many investors from the real issue – the quality and prospectivity of NDC's South African properties, reports Australia's Paydirt. (See Australia's Paydirt: Some good reasons why NDC should be on investors' radar ) Property: NAMAKWA DIAMOND PROJECT (Thursday, October 11, 2001)
ANACONDA NICKEL NL Stockbroking firm BNP Paribas has put an “outperform” tag on Anaconda Nickel Ltd saying it provides substantial upside in these turbulent times, reports Australia's Paydirt. A report by analysts Tony Robson and Geoff Bell said that the rush to buy quality assets following the terrorists attacks is leading to the mis-pricing of higher risk investments. "Smaller market capitalisation and pure metal stocks are being oversold," they said. (See Australia's Paydirt: Paribas sees Anaconda on the rise ) Property: MURRIN MURRIN (Thursday, October 11, 2001)
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Yo...Mitsubitshie has a MINE of CU? LOL: Think WEIRD ELEMENT...s
InfoMine's Headline News Digest "A summary of the latest mining news emailed to you each business day"
October 11, 2001 - Edition
In-Depth News for the day * Star shines on Shore GoldX
-------------------------------------------------------------------------------- WHAT EVER HAPPENED TO... Looking for a company that has changed its name through a merger, takeover or share consolidation. 'InfoMine db Quick Search' now searches Name History (Click Here to do a Search)
JNR RESOURCES INC, MASUPARIA GOLD CORP and SHANE RESOURCES LTD Masuparia Gold has announced results from the next three diamond drill holes on its Greywacke property in Saskatchewan. Holes GW-01-41, 42, and 43 all intersected significant gold averaging up to 4.55 m grading 16.04 g/t Au from a depth of 113.70 m. The Greywacke project is under option from Shane Resources (50%) and JNR Resources (50%). Masuparia can earn up to a 70% interest in the Greywacke property by issuing a total of 500,000 shares by May 25, 2005, and by spending CDN$2.85 million by May 25, 2008. The recent results are part of an ongoing 1,000 m drill program which willl be followed by a further 2,500 m of drilling to expand the Greywacke zone and to follow up on high grade gold targets elsewhere on the property. Property: GREYWACKE (Complete Text of Oct 10, 2001 News Release)PDF
PHELPS DODGE CORP, RAUDIN EXPLORATION INC and SOUTHERNERA RESOURCES LTD The spot price of gold in New York closed down $3.20 at US$284.90, and silver declined 12 cents to close at US$4.39. The share price of Phelps Dodge increased 4%, closing at US$28.51 in New York. Phelps Dodge and Placer Dome signed an agreement to develop and commercialize proprietary metal-recovery technology yesterday. Southernera Resources' share price rose 5% to close at CDN$2.90 in Toronto, after announcing it has acquired the Millennium PGM prospect in South Africa. Raudin Exploration's share price closed up 240% to a 52-week high of CDN$0.17, following last week's announcement of a CDN$290,000 grant from the Quebec Department of Natural Resources. (See InfoMine's Market News ) PDF (Wednesday, October 10, 2001)
ANOORAQ RESOURCES CORP Anooraq Resources has announced that it has completed a formal agreement with African Minerals Ltd. whereby African Minerals will have the right to earn a 50% JV interest in Anooraq’s 2,900 ha Rietfontein farm in South Africa. Rietfontein is located on the northern limb of the prolific Bushveld Intrusive Complex, and the farm is part of a large, 12,176 ha land package held by Anooraq’s 100% owned South African subsidiary Plateau Resources (Pty) Ltd. The Government of South Africa recently renewed Anooraq’s exploration rights on its farms in the Platreef district and provided the company the right to conduct exploration for up to 7 years on Rietfontein with the option to convert to a mining lease at any time during that period. Under the terms of the agreement, African Minerals must spend CDN$750,000 in each of the next two years. Property: PLATREEF PROPERTIES (Complete Text of Oct 10, 2001 News Release)PDF
SOUTHERNERA RESOURCES LTD SouthernEra has acquired the Millennium property in eastern South Africa. The property covers a potential 9 km strike length of economic UG2 and Merensky Reef mineralization on the eastern limb of the Bushveld Complex. The two reefs outcrop on the property and have dips of 12 - 15 degrees. The stratigraphy of the property is similar to the Messina mine. A program of mapping will be followed by a 7 hole drill program. Property: MILLENNIUM - SOUTHERNERA (Complete Text of Oct 10, 2001 News Release)PDF
SHORE GOLD INC Shore Gold has received additional results of diamond analyses from the 2000 phase II drill program on its Star kimberlite property, in central Saskatchewan. A total of 259 diamonds, including 77 macrodiamonds, were recovered from 1,176.6 kg of kimberlite sampled from the five holes. The highest grade hole was hole Star 023, which returned 58 diamonds, including 17 macros, from 215.9 kg, for an indicated grade of 0.64 carats per tonne. The largest stone recovered was 1.49 x 1.41 x 1.29 mm. Since the start of exploration on the Star kimberlite in 1996, a total of 26 diamond drill holes with a total sample weight of 4,623 kg have been analyzed, resulting in the recovery of 1.477 carats of diamonds. Property: STAR - SHORE GOLD (Wednesday, October 10, 2001) (See In-Depth News: Star shines on Shore Gold X ) (Complete Text of Oct 10, 2001 News Release)PDF
NOVAGOLD RESOURCES INC and PLACER DOME INC NovaGold has received further results from drilling on its Donlin Creek gold property in Alaska. Highlights from the most recent gold assays include 15.2 g/t Au over 31.3 metres beginning at 97.5 m depth in DC01-600. To date, a total of 4,876 metres of drilling in 30 drill holes has been completed in the first phase drill program. Drilling continues on the project and additional gold assay results are anticipated over the coming weeks. Property: DONLIN CREEK (Complete Text of Oct 10, 2001 News Release)PDF
GOLCONDA RESOURCES LTD Golconda has provided an update on the drill program conducted on its Wapawekka property in Saskatchewan. Massive sulphides over significant widths were intersected and carry anomalous copper, zinc and gold with up to 0.10% Cu and 0.42% Zn so far. Hole WAE-6, 275 m northeast of WAE-1, contained 25 m of massive sulphides separated into three zones by volcanic flows. The core is being sampled for assaying. The geophysics shows that the two massive sulphide zones have a continuous strike length of 1,100 m of which 650 m have been intersected by widespread drilling so far. Holes 4 and 5, for which assays are also pending, tested the lower part of the gabbroic intrusive for contact type PGM mineralization. Property: WAPAWEKKA (NORTH & SOUTH) (Complete Text of Oct 10, 2001 News Release)PDF
AURORA PLATINUM CORP Aurora Platinum has intersected reef-style mineralization in one drillhole on its Lansdowne House property in northern Ontario. The hole intersected 13.5 m of 1.4 g/t Pt + Pd starting at a depth of 121.5 m. Mineralization is hosted in a plagioclase-rich cumulate phase near the ultramafic-mafic interface in the complex. Based on aeromagnetics, the horizon may have a strike length of up to 5 km. A ground magnetics survey is planned to further delineate the horizon prior to additional drilling. The property covers more than 13,000 ha and hosts a lage mafic-ultramafic intrusive complex. Property: LANSDOWNE HOUSE (Complete Text of Oct 10, 2001 News Release)PDF
GLAMIS GOLD LTD Glamis Gold has entered a bought deal agreement totalling CDN$40 million with three financial institutions: Research Capital Corp, BMO Nesbitt Burns and National Bank Financial . Under the agreement, Glamis will issue and sell 8 million common shares of the company, at a price of CDN$5.00 per common share. The deal also includes an option for the financial group to acquire up to 2 million additional shares at the offering price up to 48 hours prior to the closing of the offering. The deal also provides for an overallotment option to the group for up to 15% of the common shares sold up to 30 days after the close of the offering, which is expected on or about October 30, 2001. Glamis will use the funds to finance development of the Marigold Millennium project. Property: MARIGOLD MINE (Complete Text of Oct 10, 2001 News Release)PDF
CAN-CAL RESOURCES LTD Can-Cal Resources secured an equity line of credit of US$8 million with Boston based Dutchess Private Equities Fund, L.P. and DRH Investment Company, LLC, which are committed to buy over a period of time up to US$8 million of Can-Cal Resources common stock. Can-Cal will use the proceeds of this financing to purchase equipment to commence production of gold and platinum group metals from the Pisgah Mountain property in California. Part of the financing will be used for exploration and development of other of the company's mineral properies. Property: PISGAH (Complete Text of Oct 10, 2001 News Release)PDF
ANGLOGOLD LTD AngloGold has issued a cautionary statement, indicating that it has received an offer for its Free State gold mines in South Africa from an undisclosed party. Speculation by Business Day and Bloomberg is that the mines are to be sold to Harmony Gold and African Rainbow Minerals for R2 billion (US$217 million), but that has yet to be confirmed by AngloGold. Earlier this year, AngloGold and Harmony terminated discussions to sell the assets. (Complete Text of Oct 10, 2001 News Release)PDF
ANTOFAGASTA PLC Chile's Antofagasta Minerals expects to decide the future of its Michilla copper mine within two weeks, legal affairs director Ramon Jara told BNAmericas.com, responding to local press reports that the mine will start closing in December. "Closing is one of the alternatives we're looking at, but no decision has been made," Jara said. "We expect to clear the situation up within two weeks and present a proposal to the board." Michilla, a 50,000 tpy cathode operation is northern Chile's Region II, is 74% held by Antofagasta Minerals, a subsidiary of London-based Antofagasta plc, which is itself 60%-controlled by Chile's Luksic group. The other 24% of Michilla is owned by local investors. (See BNAmericas.com) (Wednesday, October 10, 2001)
BHP BILLITON LTD, NORANDA INC and TECK COMINCO LTD Peru's US$2.3 billion, ramping-up Antamina copper-zinc mine remains on target to enter commercial production this quarter, a company spokesperson told BNamericas.com. A series of tests on the deposit's six types of ores continue to go well, with the focus on copper, while the mine's plant is at times exceeding its 70,000 tpd throughput design, he said. All circuits, systems, the 302km slurry pipeline and port facilities at Huarmey are subject to the ongoing tests. (See BN Americas: Antamina on target for Q4 commercial start ) Property: ANTAMINA (Wednesday, October 10, 2001)
The new wave platinum producers and the big South Africans who have undertaken bold expansion plans should take comfort from a detailed study on the platinum group metals (PGM), reports Australia's Paydirt. Behind the positive feeling towards platinum is a belief by Credit Suisse/First Boston (CSFB) that catalysts will drive PGM demand, particularly platinum though, in line with other recent projections, the risk of oversupply exists for palladium and rhodium. (See Australia's Paydirt: CSFB sees autocatalysts driving the PGM market ) (Wednesday, October 10, 2001)
CENTRAL NORSEMAN GOLD CORPORATION LTD, CROESUS MINING NL and WMC LTD Croesus Mining is considering buying WMC's 50.5% ineterst in Central Norseman Gold, according to Bloomberg. WMC is planning to sell its Central Norseman stake as part of its divestment from gold operations. Earlier this year, Central Norseman indicated that any offer for WMC's stake would have to be made to all shareholders, or be approved by them. Croesus' shares were halted on the Australian Stock Exchange pending an announcement. Last month, WMC agreed to sell its interests in the St. Ives and Agnew mines to Gold Fields for US$232 million. (Wednesday, October 10, 2001)
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