CALGARY, Oct 30, 2008 /PRNewswire-FirstCall via COMTEX/ ----Sharon Energy Ltd. (TSXV:SHY) today reported that the Company has acquired, over the last three months, approximately 5,400 gross acres in the Eagleford Shale play, located in Texas. Sharon and its partner have 4,250 net acres. Sharon has a 50 % working interest in the net acres and is the Operator of the project.
Sharon's acreage is on trend with the recently announced gas discovery by Petrohawk Energy Corporation and a large development program, operated by Apache Corporation.
On October 21, 2008, Petrohawk announced the successful completion of the STS #241-1H well that had an initial production of 7.6 MMcfd and 250 Bbls condensate per day.
Apache's investor presentation, released on October 23, 2008, which can be found on Apache's web site, confirmed that it has an ongoing program to evaluate the play and had drilled and completed four horizontal oil wells to date, with initial production rates of 170 to 345 bopd.
Sharon's acreage has numerous existing wellbores which Sharon believes can be re-entered, drilled horizontally and stage frac'd within the Eagleford Shale. The use of existing wellbores will significantly reduce the capital expenditures required for Sharon's development program.
Sharon is continuing to acquire additional acreage in the area and a development plan for the area is being prepared.
Sharon is an oil and gas exploration and production company based in Calgary, Alberta. Sharon's current focus is on gas and oil development and exploration in Texas.
ADVISORY: Certain information regarding the Company in this News Release including management's assessment of future plans and operations, drilling and completion plans and the timing thereof, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, capital expenditure costs, including drilling, completion and facilities costs, unexpected decline rates in wells, wells not performing as expected, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Readers are cautioned that the foregoing list of factors is not exhausted. Additional information on these and other factors that could effect the Company's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and at the Company's website (www.sharonenergy.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. SOURCE Sharon Energy Ltd.
Copyright (C) 2008 PR Newswire. All rights reserved
Thursday, October 30, 2008
VeraSun Energy Corp. May be Close to Declaring Bankruptcy
It's far past time to end the taxpayer subsidizing of the ethanol industry in America, as another big ethanol company is on the verge of declaring bankruptcy.
This time its VeraSun Energy Corp., based in Sioux Falls, South Dakota, which is close to declaring bankruptcy. The share price on Wednesday closed at a pathetic 49 cents a share, as they, along with many other ethanol companies, are quickly becoming insolvent.
As usual with government-sponsored companies, the management is horrible, and strategies employed with an eye toward being bailed out regardless of decisions or the marketplace.
When companies aren't allowed to fail, like in the current financial climate, all it does is regard terribly run companies with a safety mechanism that doesn't belong there.
In the past industries and companies were allowed to fail in order that the best-run companies emerge with the best products and services at the best price.
The foolishness of ethanol in America simply needs to be dropped and the market left to decide which way it wants to go. Most Americans want to drill for the proven reserves of billions of barrels of oil while we work on legitimate energy alternatives. Ethanol isn't one of them.
Update: VeraSun Files
This time its VeraSun Energy Corp., based in Sioux Falls, South Dakota, which is close to declaring bankruptcy. The share price on Wednesday closed at a pathetic 49 cents a share, as they, along with many other ethanol companies, are quickly becoming insolvent.
As usual with government-sponsored companies, the management is horrible, and strategies employed with an eye toward being bailed out regardless of decisions or the marketplace.
When companies aren't allowed to fail, like in the current financial climate, all it does is regard terribly run companies with a safety mechanism that doesn't belong there.
In the past industries and companies were allowed to fail in order that the best-run companies emerge with the best products and services at the best price.
The foolishness of ethanol in America simply needs to be dropped and the market left to decide which way it wants to go. Most Americans want to drill for the proven reserves of billions of barrels of oil while we work on legitimate energy alternatives. Ethanol isn't one of them.
Update: VeraSun Files
Silver Falcon Mining, Inc. Delivers First Tonnage of Ore to Mill; Updates Belle Peck Adit Developments
NEW YORK, NY, Oct 30, 2008 (MARKET WIRE via COMTEX) -- Silver Falcon Mining, Inc. (PINKSHEETS: SFMI) announced today that the Company continues to move aggressively with its 3-stage transportation of the "Belle Peck" tailing piles. A fleet of 30-ton articulated trucks, load and transport the ore to a staging area on the bottom of War Eagle Mountain. Next, regular "off road" trucks take the ore to a second staging site near the Owhyee county road. Finally, road semis deliver this ore to SFMI's mill in Melba, ID, where it's being stockpiled on site. This stockpile will provide plenty of mill-feed material, allowing the mill to operate throughout the winter months without interruption.
A local ribbon cutting ceremony marked the arrival this week, of the first tonnage at the mill site. The Company estimates the total cost of processing the ore at $30.00 to $40.00 per ton including transport. A photo log of this event can be viewed at the Company's website.
The "Belle Peck" adit, leading into the 800-foot level of the "Poorman" silver mine, is sporting a new entrance with the installation of a 170 feet length of 10' high steel pipe. This entrance will now allow easy access and exploitation of this adit next spring. The adit will be explored in its entirety and assays of the accessible veins will be done under the direction of SFMI's geologist to allow a fair assessment of the reserves in this particular piece of property. This entrance will allow mining equipment to enter the adit, as well as, provide drainage for the Poorman shaft and associated mine tunnels.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "Now that we are within a few weeks of shutting down operations on top the mountain for the winter season, our Board of Directors, mining engineers and geologist will start to review planned mining operations for 2009. We have no doubt that we will have a positive outcome to both our current and future mining operations and developments."
Silver Falcon Mining, Inc., is an exploration and development Company specializing in high-grade Gold and Silver mining properties in North America.
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and/or the Company at 941-761-7819, www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Contact
Rich Kaiser
Investor Relations
800-631-8127
SOURCE: Silver Falcon Mining
Copyright 2008 Market Wire, All rights reserved.
A local ribbon cutting ceremony marked the arrival this week, of the first tonnage at the mill site. The Company estimates the total cost of processing the ore at $30.00 to $40.00 per ton including transport. A photo log of this event can be viewed at the Company's website.
The "Belle Peck" adit, leading into the 800-foot level of the "Poorman" silver mine, is sporting a new entrance with the installation of a 170 feet length of 10' high steel pipe. This entrance will now allow easy access and exploitation of this adit next spring. The adit will be explored in its entirety and assays of the accessible veins will be done under the direction of SFMI's geologist to allow a fair assessment of the reserves in this particular piece of property. This entrance will allow mining equipment to enter the adit, as well as, provide drainage for the Poorman shaft and associated mine tunnels.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "Now that we are within a few weeks of shutting down operations on top the mountain for the winter season, our Board of Directors, mining engineers and geologist will start to review planned mining operations for 2009. We have no doubt that we will have a positive outcome to both our current and future mining operations and developments."
Silver Falcon Mining, Inc., is an exploration and development Company specializing in high-grade Gold and Silver mining properties in North America.
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and/or the Company at 941-761-7819, www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Contact
Rich Kaiser
Investor Relations
800-631-8127
SOURCE: Silver Falcon Mining
Copyright 2008 Market Wire, All rights reserved.
Profits for Barrick Gold Drop 26% in Third Quarter
Reporting on its third-quarter profits Thursday, Barrick Gold Corp. announced they fell by 26 percent to $97 million, saying that downward pressure came mainly from the impairment charges.
While gold prices were higher than projected for Barrick, sales dropped by 4 percent to offset the higher price.
Net income for the quarter ending September 30 reached $254 million, or 29 cents a share, down significantly from the $345 million, or 39 cents a share enjoyed in the third quarter of 2007. Analysts had been looking for about 47 cents a share.
The impairment charges came from investments in Highland Gold Mining LTD, a company based in Russia, as well as junior mining companies.
Revenue did increase from $1.68 billion to $1.88 billion for the quarter.
Gold sales came in at 1.8 million ounces at $872 an ounce during the quarter, in contrast to the 1.89 million ounces sold last year during the same period at $681 an ounce. Costs increased year-over-year, rising from $365 an ounce to $466 an ounce.
The company stands by its guidance of production of between 7.6 million to 7.8 million ounces of gold, with costs of between $425 an ounce to $445 an ounce.
Chief Executive Officer Peter Munk said in looking ahead he is very positive on the outlook for gold.
While gold prices were higher than projected for Barrick, sales dropped by 4 percent to offset the higher price.
Net income for the quarter ending September 30 reached $254 million, or 29 cents a share, down significantly from the $345 million, or 39 cents a share enjoyed in the third quarter of 2007. Analysts had been looking for about 47 cents a share.
The impairment charges came from investments in Highland Gold Mining LTD, a company based in Russia, as well as junior mining companies.
Revenue did increase from $1.68 billion to $1.88 billion for the quarter.
Gold sales came in at 1.8 million ounces at $872 an ounce during the quarter, in contrast to the 1.89 million ounces sold last year during the same period at $681 an ounce. Costs increased year-over-year, rising from $365 an ounce to $466 an ounce.
The company stands by its guidance of production of between 7.6 million to 7.8 million ounces of gold, with costs of between $425 an ounce to $445 an ounce.
Chief Executive Officer Peter Munk said in looking ahead he is very positive on the outlook for gold.
Wednesday, October 29, 2008
Newmont Mining Corp. Third-quarter Profits Fall by over 50 Percent
Newmont Mining Corp. (NEM) released its third-quarter profits on Wednesday, and said profits plunged by over 50 percent, as shipment of gold and copper declined and production cost rose.
The world's second-largest gold miner had overall revenue drop by 13.9 percent to $1.39 billion.
For the quarter net income fell to $196 million, a huge plunge from the $397 million the company enjoyed a year ago. Share price also fell from 88 cents a share to 43 cents a share during that same time period.
Also falling significantly was income from continuing operations, which last year stood at 73 cents a share, and in the third quarter dropped to 39 cents a share.
Another problem the company has is the challenges related to costs in developing its Western Australia Boddington project, which Newmont thought would be ready for operation sometime in the middle of 2009. Original projections were for 600,000 to 700,000 ounces of gold to be produced on average over a five-year period.
Most mining companies will continue to suffer until the forced liquidation period coming from the tight credit market is over. Until then, this will be the story for mining companies across the board.
The world's second-largest gold miner had overall revenue drop by 13.9 percent to $1.39 billion.
For the quarter net income fell to $196 million, a huge plunge from the $397 million the company enjoyed a year ago. Share price also fell from 88 cents a share to 43 cents a share during that same time period.
Also falling significantly was income from continuing operations, which last year stood at 73 cents a share, and in the third quarter dropped to 39 cents a share.
Another problem the company has is the challenges related to costs in developing its Western Australia Boddington project, which Newmont thought would be ready for operation sometime in the middle of 2009. Original projections were for 600,000 to 700,000 ounces of gold to be produced on average over a five-year period.
Most mining companies will continue to suffer until the forced liquidation period coming from the tight credit market is over. Until then, this will be the story for mining companies across the board.
Tuesday, October 28, 2008
USDA Corrects Corn Production, Will Lift Prices
Stronger cash corn prices are being predicted as a result of unprecedented corrections to an official crop report Tuesday by the U.S. Department of Agriculture.
The report said that U.S. farmers will probably harvest about 1 million acres less of corn than they said in the last report, with soybeans also being much less than the previous report.
What this effectively does is cut expected production by close to 1.5 percent than what was projected on October 10.
"Corn production is forecast at 12.033 billion bushels, down 167 million from the Oct. 10 forecast," said the USDA. "Soybean production is forecast at 2.938 billion bushels, up slightly from the September forecast, and up 10% from last year. If realized, this will be the fourth largest production on record."
As a result of the corrections, corn will ending stocks of about 1.088 billion bushels, a drop of 6 percent. That should push corn prices up a little going ahead.
With the new statistics, expectations are the average bushel of corn will increase by about 5 cents to $4.25 to $5.25 a bushel.
For only the third time since 1980, over 60 percent of the corn crop in the U.S. still has to be picked as of October 26.
The report said that U.S. farmers will probably harvest about 1 million acres less of corn than they said in the last report, with soybeans also being much less than the previous report.
What this effectively does is cut expected production by close to 1.5 percent than what was projected on October 10.
"Corn production is forecast at 12.033 billion bushels, down 167 million from the Oct. 10 forecast," said the USDA. "Soybean production is forecast at 2.938 billion bushels, up slightly from the September forecast, and up 10% from last year. If realized, this will be the fourth largest production on record."
As a result of the corrections, corn will ending stocks of about 1.088 billion bushels, a drop of 6 percent. That should push corn prices up a little going ahead.
With the new statistics, expectations are the average bushel of corn will increase by about 5 cents to $4.25 to $5.25 a bushel.
For only the third time since 1980, over 60 percent of the corn crop in the U.S. still has to be picked as of October 26.
Good Condition of U.S. Winter Wheat Crop Causes Prices to Drop
The U.S. Department of Agriculture report was so good for wheat, that it has exceeded last year's condition by a whopping 55 percent for the same time frame.
As of October 26, 65 percent of winter wheat was in either good or excellent condition said the USDA report.
With the plethora of wheat available, wheat futures dropped 15.5 cents to $5.14 a bushel on the Chicago Board of Trade.
Much of this abundance came because farmers saw the amazing price of $13.495 a bushel on February 27, and so planted far too much, thinking it would profit them. Unfortunately, they never seem to learn that once the price has elevated to such levels, there was no way it could continue on because of the obvious surge in planting, which would ultimately drive the prices down, as supply increased. That, of course, is what has happened.
Another key factor has been the abundance of rain, which along with the huge sowing, has produced a huge crop.
Global wheat harvests could increase by 11 percent to reach a record of 680.2 million tons. It's also estimated that stockpiles around the world could grow by 21 percent to 144.4 million tons, according to the USDA.
As of October 26, 65 percent of winter wheat was in either good or excellent condition said the USDA report.
With the plethora of wheat available, wheat futures dropped 15.5 cents to $5.14 a bushel on the Chicago Board of Trade.
Much of this abundance came because farmers saw the amazing price of $13.495 a bushel on February 27, and so planted far too much, thinking it would profit them. Unfortunately, they never seem to learn that once the price has elevated to such levels, there was no way it could continue on because of the obvious surge in planting, which would ultimately drive the prices down, as supply increased. That, of course, is what has happened.
Another key factor has been the abundance of rain, which along with the huge sowing, has produced a huge crop.
Global wheat harvests could increase by 11 percent to reach a record of 680.2 million tons. It's also estimated that stockpiles around the world could grow by 21 percent to 144.4 million tons, according to the USDA.
Weak Demand Driving Oil Prices Down, Not Supply
While OPEC Secretary-General Abdalla el-Badri said the leaders of countries will definitely get together again if the recent daily cut of 1.5 million barrels in oil production doesn't curb plunging prices, it won't really matter, as it's not supply driving prices down, but demand.
Jittery consumers will continue to cut back on driving and traveling in response to the credit crisis and economic weakness.
"Until you see a change in economic sentiment, there won't be any sustained rallies in the oil market," said Kyle Cooper, an analyst at IAF Advisors in Houston. OPEC "can announce all the cuts they like and the market will ignore it."
Even if there is another meeting and decisions made to drop daily production more, it's doubtful all the countries would be willing or able to comply with the agreement anyway, which would do more harm to OPEC than help, as it would make it look even more desparate.
A number of OPEC countries are in great need for cash just like most countries around the world.
Gasoline usage dropped again last week, falling by 6.4 percent from the same period a year ago. Declining prices at the gas stations did nothing to jumpstart demand.
Crude oil closed down 49 cents today for December delivery, settling at $62.73 a barrel on the New York Mercantile Exchange.
In after-hour trading it rebounded some to $64.37 a barrel at about 4:00 EST.
On the London Ice Futures Europe exchange, Brent crude fell another $1.12, to settle at $60.29 a barrel.
Jittery consumers will continue to cut back on driving and traveling in response to the credit crisis and economic weakness.
"Until you see a change in economic sentiment, there won't be any sustained rallies in the oil market," said Kyle Cooper, an analyst at IAF Advisors in Houston. OPEC "can announce all the cuts they like and the market will ignore it."
Even if there is another meeting and decisions made to drop daily production more, it's doubtful all the countries would be willing or able to comply with the agreement anyway, which would do more harm to OPEC than help, as it would make it look even more desparate.
A number of OPEC countries are in great need for cash just like most countries around the world.
Gasoline usage dropped again last week, falling by 6.4 percent from the same period a year ago. Declining prices at the gas stations did nothing to jumpstart demand.
Crude oil closed down 49 cents today for December delivery, settling at $62.73 a barrel on the New York Mercantile Exchange.
In after-hour trading it rebounded some to $64.37 a barrel at about 4:00 EST.
On the London Ice Futures Europe exchange, Brent crude fell another $1.12, to settle at $60.29 a barrel.
More Ethanol Woes as 23 Illegals Arrested at Plant
The ethanol debacle continues to vomit up bad news, as at a Casselton, ND ethanol plant, 23 illegals from India were arrested. The illegals had phony social security cards and drivers licenses from other states.
At a hearing scheduled for Friday, the illegals will face charges of having counterfeit documents in their possession.
While the workers entered the country legally, they were here on short-term visas.
Managers for the Wanzek Construction company contacted authorities when they became suspicious of the workers status in the country.
At a hearing scheduled for Friday, the illegals will face charges of having counterfeit documents in their possession.
While the workers entered the country legally, they were here on short-term visas.
Managers for the Wanzek Construction company contacted authorities when they became suspicious of the workers status in the country.
Cadan Comfirms New T'boli Gold Silver Zone; Possible Increase in Area and Grade of Resource
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 28, 2008) - CADAN RESOURCES CORPORATION (TSX VENTURE:CNF) (the "Company") is pleased to announce the results from a new zone of ongoing underground vein sampling at the T'Boli epithermal gold-silver deposit with a NI 43-101 Inferred Mineral Resource (2.4Mt @ 5.5g/t gold and 21g/t silver) for some 420,000 ounces of gold and 1,600,000 ounces of silver.
The veins, ranging in widths from 12cm to 30.80cm, are closely spaced and located in a new zone some 400m east, and possibly along strike, of the existing Southern Vein System which has a resource of 584,000 tonnes @ 10.2 g/t gold and 50 g/t silver. This new area is open and mapping and sampling continues.
Assays across the veins:
--------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------
TMC 050 18.20 42.80 30.80
--------------------------------------------
TMC 051 15.50 46.30 25.00
--------------------------------------------
TMC 052 22.30 6.80 15.00
--------------------------------------------
TMC 054 20.60 34.20 28.00
--------------------------------------------
Assays across the hanging wall:
--------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------
TMC 053 5.20 - 12
--------------------------------------------
Samples were assayed by JB Laboratory Inc, based in Monkayo, Philippines. Gold was analyzed by fire assay technique and silver by flame AAS technique. The check standard was 1.00 g/t Au and JB Laboratory assay returned 0.980 g/t Au.
Cadan operates the T'Boli gold-silver project through affiliate company, TMC Tribal Mining Corporation, headed by its President, Edgar D Martinez, a mining engineer.
Martinez said that these latest higher grade results continue to indicate that the Tboli gold-silver resource not only appears to be larger in area but also the grade appears to be higher than that of the NI 43-101. For more information see Cadan's News Release dated September 23, 2008 and available on Cadan's website: www.cadanresources.com.
Within this some 400m strike length, there has been no drilling or development aditing at depth and only minimal surface exploration has been undertaken. However, results of previous assays on the eastern side of the resource ranged from 13.37 g/t gold to 81.14 g/t gold and are highlighted on diagram one.
T'Boli Exploration Program Approved
TMC Tribal Mining Corporation has received approval from the Philippine government, dated September 9, 2008, for its ongoing exploration program and potential development of its T'Boli gold-silver deposit.
T'Boli Copper Target - Update
In a news release dated Monday May 25, 2008, Cadan announced a copper soil and coincident magnetic anomaly that covered an area of 1,000m x 1,000m. The soil samples returned up to 190ppm copper while background values ranged from 10 to 20ppm copper.
Geophysics IP crew test lines returned low chargeability in the target area indicating a deep seated target. Further ground geophysics is suspended pending compilation of the helicopter geophysical survey which will provide a more precise location of the target.
Qualified Person and Quality Control and Assurance
Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. He is the qualified person as required by National Instrument 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR February 12, 2003.
For further information relating to the historical resource of the project, readers are referred to SUR technical report, specifically "T'Boli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold silver project, is current.
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V.
On behalf of the board of directors,
Brett Taylor, President & CEO
To view diagram one accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/CADAN.pdf
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Cadan Resources Corporation
Matthew Bell
(604) 910-4908
Email: mattcnf@yahoo.ca
or
Cadan Resources Corporation
Brett Taylor
President & CEO
+63-920-909-5852
Email: btaylor@philco.bayands1.ph
Website: Cadan Resources
2008 Marketwire, Incorporated. All rights reserved.
Your newswire of choice for expert news release distribution.
1-800-774-9473 (US) | 1-888-299-0338 (Canada) | +44-20-7562-6550 (UK)
The veins, ranging in widths from 12cm to 30.80cm, are closely spaced and located in a new zone some 400m east, and possibly along strike, of the existing Southern Vein System which has a resource of 584,000 tonnes @ 10.2 g/t gold and 50 g/t silver. This new area is open and mapping and sampling continues.
Assays across the veins:
--------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------
TMC 050 18.20 42.80 30.80
--------------------------------------------
TMC 051 15.50 46.30 25.00
--------------------------------------------
TMC 052 22.30 6.80 15.00
--------------------------------------------
TMC 054 20.60 34.20 28.00
--------------------------------------------
Assays across the hanging wall:
--------------------------------------------
Sample No Gold g/t Silver g/t Width cm
--------------------------------------------
TMC 053 5.20 - 12
--------------------------------------------
Samples were assayed by JB Laboratory Inc, based in Monkayo, Philippines. Gold was analyzed by fire assay technique and silver by flame AAS technique. The check standard was 1.00 g/t Au and JB Laboratory assay returned 0.980 g/t Au.
Cadan operates the T'Boli gold-silver project through affiliate company, TMC Tribal Mining Corporation, headed by its President, Edgar D Martinez, a mining engineer.
Martinez said that these latest higher grade results continue to indicate that the Tboli gold-silver resource not only appears to be larger in area but also the grade appears to be higher than that of the NI 43-101. For more information see Cadan's News Release dated September 23, 2008 and available on Cadan's website: www.cadanresources.com.
Within this some 400m strike length, there has been no drilling or development aditing at depth and only minimal surface exploration has been undertaken. However, results of previous assays on the eastern side of the resource ranged from 13.37 g/t gold to 81.14 g/t gold and are highlighted on diagram one.
T'Boli Exploration Program Approved
TMC Tribal Mining Corporation has received approval from the Philippine government, dated September 9, 2008, for its ongoing exploration program and potential development of its T'Boli gold-silver deposit.
T'Boli Copper Target - Update
In a news release dated Monday May 25, 2008, Cadan announced a copper soil and coincident magnetic anomaly that covered an area of 1,000m x 1,000m. The soil samples returned up to 190ppm copper while background values ranged from 10 to 20ppm copper.
Geophysics IP crew test lines returned low chargeability in the target area indicating a deep seated target. Further ground geophysics is suspended pending compilation of the helicopter geophysical survey which will provide a more precise location of the target.
Qualified Person and Quality Control and Assurance
Technical aspects of this news release were prepared and verified by William Donald Goode, a member of the AusIMM and Technical Director of Cadan Resources. He is the qualified person as required by National Instrument 43-101, and is the technical person responsible for this news release. The qualified person has verified the data disclosed in this news release.
The Inferred Mineral Resource Estimate conforms with CIM Standards and is a NI 43-101 compliant Inferred Mineral Resource as defined in the Technical Report filed on SEDAR February 12, 2003.
For further information relating to the historical resource of the project, readers are referred to SUR technical report, specifically "T'Boli Group of Properties" pages 33 - 49, that is published and available on www.sedar.com - news release dated February 12, 2003. It is the opinion of the qualified person that all geological information in the report, as it relates to the T'Boli gold silver project, is current.
Cadan Resources Corporation is a junior exploration company with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol CNF-V.
On behalf of the board of directors,
Brett Taylor, President & CEO
To view diagram one accompanying this press release, please click on the following link: http://media3.marketwire.com/docs/CADAN.pdf
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Cadan Resources Corporation
Matthew Bell
(604) 910-4908
Email: mattcnf@yahoo.ca
or
Cadan Resources Corporation
Brett Taylor
President & CEO
+63-920-909-5852
Email: btaylor@philco.bayands1.ph
Website: Cadan Resources
2008 Marketwire, Incorporated. All rights reserved.
Your newswire of choice for expert news release distribution.
1-800-774-9473 (US) | 1-888-299-0338 (Canada) | +44-20-7562-6550 (UK)
Apogee Increases Resources at the Pulacayo-Paca Silver-Lead-Zinc Project, Bolivia
TORONTO, ONTARIO, Oct 28, 2008 (MARKET WIRE via COMTEX) -- Apogee Minerals Ltd. (CA:APE) today announced it has increased the mineral resources at its Pulacayo-Paca project (To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/ape01.pdf). The new resource estimate for the Pulacayo Deposit, excluding consideration of mining and metallurgical dilution, adds 11.6 million ounces of silver in the Indicated category plus 22.4 million ounces of silver in the Inferred category, 225 million pounds of zinc in the Indicated category plus 307 million pounds of zinc in the Inferred category and 97 million pounds of lead in Indicated category plus 128 million pounds of lead in the Inferred category (see below for classification, grades and tonnages) to the Pulacayo-Paca project. This is in addition to the previously disclosed resource estimate from the Paca deposit (press release February 19, 2007 or technical report on SEDAR), which contains 24.7 million ounces of silver, 469 million pounds of zinc and 275 million pounds of lead (all resources in the Paca Deposit are classified as Inferred). The independent third party resource estimate completed by Micon International Limited (Micon), is based on CIM standards and compliant with the requirements of National Instrument 43-101.
The Pulacayo Deposit remains open for further expansion (To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/ape02.pdf) as Apogee has focused on a limited area of the known mineralized structure in order to advance the deposit to a point where scoping and feasibility studies can be completed. Drill holes reported in the news release dated September 29, 2008 were not included in this resource estimate as the assay data was pending while the study was being done. The Pulacayo-Paca project is the major growth focus for Apogee and is an option-joint venture with Apex Silver Mines Limited. ("Apex"). The property was the second largest silver mine in the history of Bolivia with over 600 million ounces past production of silver. The extent of the known mineralization in Figure 2 is based on the extent of the historical workings from this production and shows the section where Apogee's drilling has focused.
According to David Gower, P.Geo., CEO of Apogee; "The results are very encouraging and we have already started the work to consider possible production scenarios for the Project. The Pulacayo Deposit will be the initial focus because of the higher grades in areas of the deposit where there is existing underground access from the historical production. This presents an interesting opportunity whereby we can use existing underground workings to access the highest grade sections of the deposit at an early stage of a potential development plan and it is expected that having this access will significantly lower development cost and shorten the development time frame." Historical workings occur adjacent to and intersecting most of the length of the current resource (To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/ape03.pdf).
Joaquin Merino, Vice President Exploration for Apogee states; "We are very excited about the results at Pulacayo. The grade of the mineralization is good due to its polymetallic nature. When we plot silver equivalent values based on the criteria established by Micon for the resource estimate (To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/ape04.pdf), there is a significant amount of high grade mineralization over widths that are suitable for modern mining methods. We have rehabilitated parts of the underground workings for the underground phase of the recently completed drill campaign which has provided a clear indication that many the workings can be used to access many parts of the deposit."
The Resource Estimate:
The independent mineral resource estimation was prepared by Messrs. Reno Pressacco, P. Geo. and Sam J. Shoemaker, M. AusIMM of Micon International Limited of Toronto, Canada, in accordance with CIM Standards for Mineral Resources and Mineral Reserves (2005). Both Messrs. Reno Pressacco, P. Geo. and Sam J. Shoemaker, M. AusIMM are qualified persons as defined by NI 43-101. The current mineral resource estimate is based on drilling completed and results received up to hole PUD-110.
Detailed information pertaining to the mineral resource estimate will be included in a NI43-101-compliant Technical Report that is being prepared and will be filed under the Company's profile on SEDAR within 45 days as required.
The mineral resources for the Pulacayo deposit are reported for three conceptual operational scenarios. The supporting data was derived from a data base collected from 109 diamond drill holes.
Open pit mineral resources include all material that is located above the optimized open pit shell, that is below the oxidized surface, that is not flagged as mined out, and that contains metal grades greater than a net value zero (i.e. all profitable blocks). The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
Underground mineral resources include all blocks that are below the oxidized surface, that are not flagged as mined out, and that contain metal grades sufficient to generate a block NSR of greater than USD$45/tonne. The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
The mineral resources for the combined operational scenario comprise all blocks that are within the optimized open pit shell, along with all blocks that lie beneath this shell that are not flagged as mined out and that contain metal grades sufficient to generate a block NSR of greater than USD$45/tonne. The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
Summary of Mineral Resources, Pulacayo Deposit
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Class Tonnes Silver (g/t) Zinc (%) Lead (%)
---------------------------------------------------------------------------
Open Pit Only (Base Case Ag, 50 degrees Wall Slope Angle)
---------------------------------------------------------------------------
Indicated 6,577,000 49 1.41 0.63
---------------------------------------------------------------------------
Inferred 8,358,000 64 1.48 0.62
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Underground Only (all blocks with NSR greater than $45)
---------------------------------------------------------------------------
Indicated 3,201,000 93 1.88 0.94
---------------------------------------------------------------------------
Inferred 5,191,000 116 1.79 0.84
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Combined Pit and Underground
---------------------------------------------------------------------------
Pit Indicated 6,577,000 49 1.41 0.63
---------------------------------------------------------------------------
UG Indicated 426,000 116 1.63 0.64
---------------------------------------------------------------------------
Total Indicated 7,003,000 53 1.42 0.63
---------------------------------------------------------------------------
Pit Inferred 8,358,000 64 1.48 0.62
---------------------------------------------------------------------------
UG Inferred 1,198,000 149 1.30 0.58
---------------------------------------------------------------------------
Total Inferred 9,556,000 75 1.46 0.61
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(1) Tonnages have been rounded to the nearest 1,000 tonnes. Average grades
may not sum due to rounding.
(2) Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues.
(3) The quantity and grade of reported inferred resources in this estimation
are conceptual in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral
resource. It is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category.
For the purposes of this initial mineral resource estimate, Micon judged that the most appropriate method to deal with the polymetallic nature of the mineralization was to apply a Net Smelter Return (NSR) to the assay data. This method recognizes that more than one metal can contribute to a potential revenue stream and proceeds to derive a factor that accounts for such items as recovery to concentrate, metal prices payable fraction, penalties, treatment and refining charges and freight. In this manner, a set of factors are derived that convert the in-situ grades to net revenue for each metal. The revenue for each metal is summed to arrive at a NSR value for a given sample. Given that the exact values of many of these input parameters is not known at such an early point in the project's history, estimates were derived on the basis of the best available information from a variety of sources including initial test work results and Micon's experience with current smelter terms for zinc and lead concentrates in the region. A summary of these factors is provided below. Silver was found to contribute approximately 50% of the total value, with zinc and lead each contributing approximately equal amounts of 25% each.
-----------------------------------------------------------------------
----
------------------------------------------------------------------
---------
Item Silver Zinc Lead
---------------------------------------------------------------------------
Metal Price $USD14.38/oz $USD0.86/lb $USD0.92
---------------------------------------------------------------------------
Recovery to 31.3% to zinc conc 87.6% to zinc conc 2.1% to zinc conc
Concentrate 63.4% to lead conc 3.9% to lead conc 88.8% to lead conc
---------------------------------------------------------------------------
NSR Factor 0.37 per g Ag 14.07 per % Zn 22.64 per % Pb
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Additional Criteria used for Estimation of Pulacayo Resource Estimate:
1. Drill hole data base 109 drill holes.
2. Average specific gravity for intrusive hosted mineralization is 2.28 and for sedimentary hosted mineralization is 2.29.
3. High grade sample values capped; based upon the distribution of the silver, zinc and lead grades, Micon believes that 2,050 g/t Ag, 14.5% Zn and 19% Pb are appropriate capping values.
4. With respect to existing underground workings the width of the modeled stopes was estimated from a description of the mining presented in Ahlfeld and Schneider-Scherbina (1964) that describes the widths of the stopes as ranging from 1.1 to a maximum 6 meters. For the purposes of this initial mineral resource estimate, Micon assumed a constant, average stope width of 3 metres for the model of the mined out voids. Micon assumed that stoping was carried out for each of the parallel drifts and that the stopes extended completely up to the next level above.
5. A detailed topographic survey was carried out by Apogee where each two metre contour and all important topographical features such as roads and shaft collars were surveyed in such a manner that a high quality topographical map for an area that measures approximately 2,600 metres in an east-west direction and 1,600 metres in a north-south direction. A digital format of this information was provided to Micon who proceeded to generate a three-dimensional surface for use in subsequent steps. The topography in the Pulacayo area ranges in elevation from approximately 4,100 metres to 4,500 metres above sea level and consists largely of rolling to steep-sided slopes along incised valleys.
6. There is a cap of oxidized, mineralized material overlying the deposit. As there is no metallurgical data for this material it has been treated as waste for the purpose of the resource estimate.
Quality Control
The Company employs a QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ and HQ core is restored to the core box for future reference. One half of the core is sent for analysis. Samples are taken in approx. 1.0 meter intervals or less. Sample preparation is completed at the ALS Chemex preparation lab in Oruro, Bolivia and assayed at ALS Chemex in Lima, Peru, using multi-acid digest/ AAS technique, method ME-AA46 for Ag, Pb, Zn and Cu. A blank sample is inserted every 20th sample and standard samples representing a range of grades are inserted at intervals of 1 in 20 samples. Five percent of pulps are re-analyzed at ALS Chemex Lab in Lima, Peru.
The Quality Control and all aspects of the exploration program are supervised by Apogee's Vice President of Exploration, Joaquin Merino and Mr. Merino has reviewed the technical information in this press release. Dr. Fernando Tallarico, P.Geo., a qualified person as defined by NI 43-101 has supervised the implementation of the QA/QC for the project has reviewed and approved the technical content in this release.
The technical information in this release relating to the Pulacayo Resource Estimate was reviewed and approved by Mr. Reno Pressacco, P.Geo., of Micon International Limited on behalf of the Micon team that completed the resource calculation.
This press release has been reviewed and approved by David Gower, P. Geo., CEO, a qualified person as defined by National Instrument 43-101.
About Apogee Minerals
Apogee Minerals Ltd. is a Canadian producer of silver-zinc-lead and also carries out exploration and development activities. The Company is listed on the TSX Venture Exchange under the symbol APE. Apogee is focused on advanced silver-zinc-lead projects in South America that demonstrate the potential to be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.
The Company's 100%-owned La Solucion Mine has a 14 year production history and has a 120 tonne per day flotation mill. The Pulacayo-Paca project is an option to joint venture with Apex Silver Mines Limited. The project occupies the property that includes the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to mineral resource estimates and the ability to realize such estimates; capital and operating expenditures; metal prices; permitting time lines and permitting; ability to develop mining operations in Bolivia; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the mineral resources are based on the assumptions and parameters set out above and on advice from independent, qualified consultants. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks described in the public record of the Company posted under the profile of the Company on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Apogee Minerals Ltd.
Ana Lopes
Investor Relations
(416) 861-5902
Email: info@apogeeminerals.com
Website: Apogee Minerals
SOURCE: Apogee Minerals Ltd.
mailto:info@apogeeminerals.com
http://www.apogeeminerals.com
Copyright 2008 Market Wire, All rights reserved.
The Pulacayo Deposit remains open for further expansion (To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/ape02.pdf) as Apogee has focused on a limited area of the known mineralized structure in order to advance the deposit to a point where scoping and feasibility studies can be completed. Drill holes reported in the news release dated September 29, 2008 were not included in this resource estimate as the assay data was pending while the study was being done. The Pulacayo-Paca project is the major growth focus for Apogee and is an option-joint venture with Apex Silver Mines Limited. ("Apex"). The property was the second largest silver mine in the history of Bolivia with over 600 million ounces past production of silver. The extent of the known mineralization in Figure 2 is based on the extent of the historical workings from this production and shows the section where Apogee's drilling has focused.
According to David Gower, P.Geo., CEO of Apogee; "The results are very encouraging and we have already started the work to consider possible production scenarios for the Project. The Pulacayo Deposit will be the initial focus because of the higher grades in areas of the deposit where there is existing underground access from the historical production. This presents an interesting opportunity whereby we can use existing underground workings to access the highest grade sections of the deposit at an early stage of a potential development plan and it is expected that having this access will significantly lower development cost and shorten the development time frame." Historical workings occur adjacent to and intersecting most of the length of the current resource (To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/ape03.pdf).
Joaquin Merino, Vice President Exploration for Apogee states; "We are very excited about the results at Pulacayo. The grade of the mineralization is good due to its polymetallic nature. When we plot silver equivalent values based on the criteria established by Micon for the resource estimate (To view Figure 4, please visit the following link: http://media3.marketwire.com/docs/ape04.pdf), there is a significant amount of high grade mineralization over widths that are suitable for modern mining methods. We have rehabilitated parts of the underground workings for the underground phase of the recently completed drill campaign which has provided a clear indication that many the workings can be used to access many parts of the deposit."
The Resource Estimate:
The independent mineral resource estimation was prepared by Messrs. Reno Pressacco, P. Geo. and Sam J. Shoemaker, M. AusIMM of Micon International Limited of Toronto, Canada, in accordance with CIM Standards for Mineral Resources and Mineral Reserves (2005). Both Messrs. Reno Pressacco, P. Geo. and Sam J. Shoemaker, M. AusIMM are qualified persons as defined by NI 43-101. The current mineral resource estimate is based on drilling completed and results received up to hole PUD-110.
Detailed information pertaining to the mineral resource estimate will be included in a NI43-101-compliant Technical Report that is being prepared and will be filed under the Company's profile on SEDAR within 45 days as required.
The mineral resources for the Pulacayo deposit are reported for three conceptual operational scenarios. The supporting data was derived from a data base collected from 109 diamond drill holes.
Open pit mineral resources include all material that is located above the optimized open pit shell, that is below the oxidized surface, that is not flagged as mined out, and that contains metal grades greater than a net value zero (i.e. all profitable blocks). The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
Underground mineral resources include all blocks that are below the oxidized surface, that are not flagged as mined out, and that contain metal grades sufficient to generate a block NSR of greater than USD$45/tonne. The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
The mineral resources for the combined operational scenario comprise all blocks that are within the optimized open pit shell, along with all blocks that lie beneath this shell that are not flagged as mined out and that contain metal grades sufficient to generate a block NSR of greater than USD$45/tonne. The report is prepared using the capped, Inverse Distance, Squared average grade estimates for silver, zinc and lead.
Summary of Mineral Resources, Pulacayo Deposit
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Class Tonnes Silver (g/t) Zinc (%) Lead (%)
---------------------------------------------------------------------------
Open Pit Only (Base Case Ag, 50 degrees Wall Slope Angle)
---------------------------------------------------------------------------
Indicated 6,577,000 49 1.41 0.63
---------------------------------------------------------------------------
Inferred 8,358,000 64 1.48 0.62
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Underground Only (all blocks with NSR greater than $45)
---------------------------------------------------------------------------
Indicated 3,201,000 93 1.88 0.94
---------------------------------------------------------------------------
Inferred 5,191,000 116 1.79 0.84
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Combined Pit and Underground
---------------------------------------------------------------------------
Pit Indicated 6,577,000 49 1.41 0.63
---------------------------------------------------------------------------
UG Indicated 426,000 116 1.63 0.64
---------------------------------------------------------------------------
Total Indicated 7,003,000 53 1.42 0.63
---------------------------------------------------------------------------
Pit Inferred 8,358,000 64 1.48 0.62
---------------------------------------------------------------------------
UG Inferred 1,198,000 149 1.30 0.58
---------------------------------------------------------------------------
Total Inferred 9,556,000 75 1.46 0.61
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(1) Tonnages have been rounded to the nearest 1,000 tonnes. Average grades
may not sum due to rounding.
(2) Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues.
(3) The quantity and grade of reported inferred resources in this estimation
are conceptual in nature and there has been insufficient exploration to
define these inferred resources as an indicated or measured mineral
resource. It is uncertain if further exploration will result in
upgrading them to an indicated or measured mineral resource category.
For the purposes of this initial mineral resource estimate, Micon judged that the most appropriate method to deal with the polymetallic nature of the mineralization was to apply a Net Smelter Return (NSR) to the assay data. This method recognizes that more than one metal can contribute to a potential revenue stream and proceeds to derive a factor that accounts for such items as recovery to concentrate, metal prices payable fraction, penalties, treatment and refining charges and freight. In this manner, a set of factors are derived that convert the in-situ grades to net revenue for each metal. The revenue for each metal is summed to arrive at a NSR value for a given sample. Given that the exact values of many of these input parameters is not known at such an early point in the project's history, estimates were derived on the basis of the best available information from a variety of sources including initial test work results and Micon's experience with current smelter terms for zinc and lead concentrates in the region. A summary of these factors is provided below. Silver was found to contribute approximately 50% of the total value, with zinc and lead each contributing approximately equal amounts of 25% each.
-----------------------------------------------------------------------
----
------------------------------------------------------------------
---------
Item Silver Zinc Lead
---------------------------------------------------------------------------
Metal Price $USD14.38/oz $USD0.86/lb $USD0.92
---------------------------------------------------------------------------
Recovery to 31.3% to zinc conc 87.6% to zinc conc 2.1% to zinc conc
Concentrate 63.4% to lead conc 3.9% to lead conc 88.8% to lead conc
---------------------------------------------------------------------------
NSR Factor 0.37 per g Ag 14.07 per % Zn 22.64 per % Pb
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Additional Criteria used for Estimation of Pulacayo Resource Estimate:
1. Drill hole data base 109 drill holes.
2. Average specific gravity for intrusive hosted mineralization is 2.28 and for sedimentary hosted mineralization is 2.29.
3. High grade sample values capped; based upon the distribution of the silver, zinc and lead grades, Micon believes that 2,050 g/t Ag, 14.5% Zn and 19% Pb are appropriate capping values.
4. With respect to existing underground workings the width of the modeled stopes was estimated from a description of the mining presented in Ahlfeld and Schneider-Scherbina (1964) that describes the widths of the stopes as ranging from 1.1 to a maximum 6 meters. For the purposes of this initial mineral resource estimate, Micon assumed a constant, average stope width of 3 metres for the model of the mined out voids. Micon assumed that stoping was carried out for each of the parallel drifts and that the stopes extended completely up to the next level above.
5. A detailed topographic survey was carried out by Apogee where each two metre contour and all important topographical features such as roads and shaft collars were surveyed in such a manner that a high quality topographical map for an area that measures approximately 2,600 metres in an east-west direction and 1,600 metres in a north-south direction. A digital format of this information was provided to Micon who proceeded to generate a three-dimensional surface for use in subsequent steps. The topography in the Pulacayo area ranges in elevation from approximately 4,100 metres to 4,500 metres above sea level and consists largely of rolling to steep-sided slopes along incised valleys.
6. There is a cap of oxidized, mineralized material overlying the deposit. As there is no metallurgical data for this material it has been treated as waste for the purpose of the resource estimate.
Quality Control
The Company employs a QA/QC protocol on all aspects of the analytical procedures. Core samples are sawn and one half of the NQ and HQ core is restored to the core box for future reference. One half of the core is sent for analysis. Samples are taken in approx. 1.0 meter intervals or less. Sample preparation is completed at the ALS Chemex preparation lab in Oruro, Bolivia and assayed at ALS Chemex in Lima, Peru, using multi-acid digest/ AAS technique, method ME-AA46 for Ag, Pb, Zn and Cu. A blank sample is inserted every 20th sample and standard samples representing a range of grades are inserted at intervals of 1 in 20 samples. Five percent of pulps are re-analyzed at ALS Chemex Lab in Lima, Peru.
The Quality Control and all aspects of the exploration program are supervised by Apogee's Vice President of Exploration, Joaquin Merino and Mr. Merino has reviewed the technical information in this press release. Dr. Fernando Tallarico, P.Geo., a qualified person as defined by NI 43-101 has supervised the implementation of the QA/QC for the project has reviewed and approved the technical content in this release.
The technical information in this release relating to the Pulacayo Resource Estimate was reviewed and approved by Mr. Reno Pressacco, P.Geo., of Micon International Limited on behalf of the Micon team that completed the resource calculation.
This press release has been reviewed and approved by David Gower, P. Geo., CEO, a qualified person as defined by National Instrument 43-101.
About Apogee Minerals
Apogee Minerals Ltd. is a Canadian producer of silver-zinc-lead and also carries out exploration and development activities. The Company is listed on the TSX Venture Exchange under the symbol APE. Apogee is focused on advanced silver-zinc-lead projects in South America that demonstrate the potential to be rapidly developed to production. Currently all of its projects are located in the historic silver producing regions of central and southwest Bolivia.
The Company's 100%-owned La Solucion Mine has a 14 year production history and has a 120 tonne per day flotation mill. The Pulacayo-Paca project is an option to joint venture with Apex Silver Mines Limited. The project occupies the property that includes the second-largest silver mine in the history of Bolivia with over 600 million ounces of past production.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to mineral resource estimates and the ability to realize such estimates; capital and operating expenditures; metal prices; permitting time lines and permitting; ability to develop mining operations in Bolivia; government regulation of mining operations; and environmental risks. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Estimates regarding the mineral resources are based on the assumptions and parameters set out above and on advice from independent, qualified consultants. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks described in the public record of the Company posted under the profile of the Company on SEDAR at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Apogee Minerals Ltd.
Ana Lopes
Investor Relations
(416) 861-5902
Email: info@apogeeminerals.com
Website: Apogee Minerals
SOURCE: Apogee Minerals Ltd.
mailto:info@apogeeminerals.com
http://www.apogeeminerals.com
Copyright 2008 Market Wire, All rights reserved.
New Asia Gold Corp. Anticipates Explosive Growth
BOCA RATON, Fla., Oct 28, 2008 (GlobeNewswire via COMTEX) -- New Asia Gold Corp. (Pink Sheets:NWAG) is pleased to announce that further evaluation of the existing exploration data shows that there is considerable scope for finding a large gold deposit at depth on the Kapur Project. The Company is confident that its shallow drilling program will substantially increase its proven gold reserves at shallow depths. The existing proven gold reserves were based on only 16 of 41 drill holes and none of the 52 trenches that were excavated. Of the 52 trenches there were excavated, 42 demonstrated different degrees of mineralization as well as many of the drill holes not used in the reserve evaluation had gold intersections.
New Asia Gold Corp. is a successful exploration company that has found and defined proven gold reserves. Based on independent assessment reports, the Company currently has proven gold reserves of 330,000 ounces of gold with a value of $282 million U.S. assuming an average gold price of $850 US per ounce. The Company has further estimated probable reserves of 2.5 million ounces of gold. As the Company completes its drilling program this fall, it is anticipated that the proven reserves will be increased substantially. Currently no inferred or probable reserve can be assigned to the potential for reserves at depth. Based on existing assets, the Company expects explosive growth as the drilling results are obtained.
New Asia Gold Corp. trades in the United States on the NQB Pink Sheets under the symbol "NWAG". For further information, please contact Nancy Goldman at (516) 962-4139 or go to New Asia Gold.
NOTE: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions and factors described in independent reports, company reports and other filings with regulatory bodies.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: New Asia Gold Corp.
New Asia Gold Corp.
Nancy Goldman
(516) 962-4139
(C) Copyright 2008 GlobeNewswire, Inc. All rights reserved.
New Asia Gold Corp. is a successful exploration company that has found and defined proven gold reserves. Based on independent assessment reports, the Company currently has proven gold reserves of 330,000 ounces of gold with a value of $282 million U.S. assuming an average gold price of $850 US per ounce. The Company has further estimated probable reserves of 2.5 million ounces of gold. As the Company completes its drilling program this fall, it is anticipated that the proven reserves will be increased substantially. Currently no inferred or probable reserve can be assigned to the potential for reserves at depth. Based on existing assets, the Company expects explosive growth as the drilling results are obtained.
New Asia Gold Corp. trades in the United States on the NQB Pink Sheets under the symbol "NWAG". For further information, please contact Nancy Goldman at (516) 962-4139 or go to New Asia Gold.
NOTE: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions and factors described in independent reports, company reports and other filings with regulatory bodies.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: New Asia Gold Corp.
New Asia Gold Corp.
Nancy Goldman
(516) 962-4139
(C) Copyright 2008 GlobeNewswire, Inc. All rights reserved.
Anglo Swiss Resources Inc. to Introduce the Kenville Gold Mine Property to the Mining Public by Technical Presentations and a Guided Tour
VANCOUVER, BC, Oct 28, 2008 (MARKET WIRE via COMTEX) -- Anglo Swiss Resources Inc. (CA:ASW) (ASWRF) (BERLIN: AMO) is pleased to announce the Company is a featured participant at the upcoming Chamber of Mines of Eastern B.C. Minerals South 2008 Conference and Trade Show on November 4 to 7, in Nelson, B.C.
Ted Nunn, P. Eng and Greg Thomson, P. Geo. of Anglo Swiss Resources will be presenting the Kenville Gold Mine property, located within the Nelson Mining Camp at the conference. A tour of the property is arranged for November 7th and interested parties can register by contacting the Chamber of Mines of Eastern B.C., 215 Hall Street, Nelson, B.C. V1L 5X4, their contact number is 250-352-5242 or by email to chamberofmines@netidea.com. A virtual tour is located on the Company website under the Video Gallery.
The Kenville Gold Mine is a gold and silver producer with intermittent mining carried out under various owners from 1890 to 1954. Mining has been carried out on a series of northwest trending mesothermal quartz veins containing high grade gold and silver values with accessory values in lead, zinc, copper, cadmium and tungsten. Government records indicate that past production from 181,295 tonnes mined totaled:
* 2,029 kilograms of gold or 4,473 pounds;
* 861 kilograms of silver or 1,848 pounds;
* 23.5 tonnes of lead or 51,808 pounds;
* 15 tonnes of zinc or 33,069 pounds;
* 1.6 tonnes of copper or 3,527 pounds;
* 37 kilograms of cadmium or 81.5 pounds.
Since taking over the Kenville property in 1992, Anglo Swiss Resources Inc. has recognized the strong potential for locating further mineral reserves on the property. Recognizing that the Kenville property has seen very little modern exploration, Anglo Swiss has recently carried out extensive geochemical and geophysical (IP and magnetics) programs in order to better delineate diamond drill targets. Diamond drill programs in 2007 (1365 m in 5 drill holes) and 2008 (14,058 m in 45 drill holes) have located several newly discovered high-grade gold-silver veins on the west side of the property. At least 4 new veins have been discovered and can be followed consistently along strike for at least 700 metres (2300 feet). Diamond drilling has also been carried out beneath and along strike of the historic workings of the Kenville Mine, also with encouraging results. The Kenville property also contains significant zones of disseminated copper and/or molybdenum mineralization and fracture-controlled copper (silver, molybdenum, gold).
About Anglo Swiss Resources
Anglo Swiss is actively exploring and drilling its 100% owned, advanced staged Kenville Gold Property located in southeastern British Columbia with the goal of developing a world-class gold-silver copper deposit. The company is also in the process of exploring a diamondiferous bearing Kimberlite property, known as the Fry Inlet Diamond Property, located in the Lac de Gras region of Canada's Northwest Territories, in which it has the right to earn up to a 60% interest pursuant to an option and joint venture agreement with New Shoshoni Ventures Ltd.
For further information, investors are asked to visit the Anglo Swiss Resources Investor Relations Hub at Anglo Swiss Resources or email to ASW@agoracom.com. Please visit the company's website at www.anglo-swiss.com or contact:
Reader Advisory
The TSX Venture Exchange has not reviewed and does not accept responsibility for http://www.investorawareness.com the adequacy or accuracy of this release.
Distributed by Filing Services Canada and retransmitted by Marketwire
Len Danard
President and Chief Executive Officer
Tel: (604) 683-0484
Fax: (604) 683-7497
Email: Email Contact
Investor Relations Contacts:
Canada
Jeff Walker or Grant Howard
The Howard Group Inc.
Toll Free: 1-888-221-0915
United States
Tony Schor or Jim Foy
Investor Awareness Inc.
1-847-945-2222
SOURCE: Anglo Swiss Resources Inc.
http://www2.marketwire.com/mw/emailprcntct?id=BE30B50749648DDF
http://www.howardgroupinc.com
Copyright 2008 Market Wire, All rights reserved.
Ted Nunn, P. Eng and Greg Thomson, P. Geo. of Anglo Swiss Resources will be presenting the Kenville Gold Mine property, located within the Nelson Mining Camp at the conference. A tour of the property is arranged for November 7th and interested parties can register by contacting the Chamber of Mines of Eastern B.C., 215 Hall Street, Nelson, B.C. V1L 5X4, their contact number is 250-352-5242 or by email to chamberofmines@netidea.com. A virtual tour is located on the Company website under the Video Gallery.
The Kenville Gold Mine is a gold and silver producer with intermittent mining carried out under various owners from 1890 to 1954. Mining has been carried out on a series of northwest trending mesothermal quartz veins containing high grade gold and silver values with accessory values in lead, zinc, copper, cadmium and tungsten. Government records indicate that past production from 181,295 tonnes mined totaled:
* 2,029 kilograms of gold or 4,473 pounds;
* 861 kilograms of silver or 1,848 pounds;
* 23.5 tonnes of lead or 51,808 pounds;
* 15 tonnes of zinc or 33,069 pounds;
* 1.6 tonnes of copper or 3,527 pounds;
* 37 kilograms of cadmium or 81.5 pounds.
Since taking over the Kenville property in 1992, Anglo Swiss Resources Inc. has recognized the strong potential for locating further mineral reserves on the property. Recognizing that the Kenville property has seen very little modern exploration, Anglo Swiss has recently carried out extensive geochemical and geophysical (IP and magnetics) programs in order to better delineate diamond drill targets. Diamond drill programs in 2007 (1365 m in 5 drill holes) and 2008 (14,058 m in 45 drill holes) have located several newly discovered high-grade gold-silver veins on the west side of the property. At least 4 new veins have been discovered and can be followed consistently along strike for at least 700 metres (2300 feet). Diamond drilling has also been carried out beneath and along strike of the historic workings of the Kenville Mine, also with encouraging results. The Kenville property also contains significant zones of disseminated copper and/or molybdenum mineralization and fracture-controlled copper (silver, molybdenum, gold).
About Anglo Swiss Resources
Anglo Swiss is actively exploring and drilling its 100% owned, advanced staged Kenville Gold Property located in southeastern British Columbia with the goal of developing a world-class gold-silver copper deposit. The company is also in the process of exploring a diamondiferous bearing Kimberlite property, known as the Fry Inlet Diamond Property, located in the Lac de Gras region of Canada's Northwest Territories, in which it has the right to earn up to a 60% interest pursuant to an option and joint venture agreement with New Shoshoni Ventures Ltd.
For further information, investors are asked to visit the Anglo Swiss Resources Investor Relations Hub at Anglo Swiss Resources or email to ASW@agoracom.com. Please visit the company's website at www.anglo-swiss.com or contact:
Reader Advisory
The TSX Venture Exchange has not reviewed and does not accept responsibility for http://www.investorawareness.com the adequacy or accuracy of this release.
Distributed by Filing Services Canada and retransmitted by Marketwire
Len Danard
President and Chief Executive Officer
Tel: (604) 683-0484
Fax: (604) 683-7497
Email: Email Contact
Investor Relations Contacts:
Canada
Jeff Walker or Grant Howard
The Howard Group Inc.
Toll Free: 1-888-221-0915
United States
Tony Schor or Jim Foy
Investor Awareness Inc.
1-847-945-2222
SOURCE: Anglo Swiss Resources Inc.
http://www2.marketwire.com/mw/emailprcntct?id=BE30B50749648DDF
http://www.howardgroupinc.com
Copyright 2008 Market Wire, All rights reserved.
Colorado Goldfields Inc. Spotlights Gold Mining Consultant Jerry Sandell -- A Man Who's Lived It
LAKEWOOD, Colo., Oct 28, 2008 (BUSINESS WIRE) -- Colorado Goldfields Inc. (CGFI), puts the spotlight on Consultant Jerry Sandell direct from the Company's properties in Silverton, Colorado. In a candid unrehearsed video interview by Chief Financial Officer C. Stephen Guyer, Mr. Sandell talks about his life, and the future prospects for Colorado Goldfields.
A second generation miner, born in a mining camp, who has been underground numerous times in the Gold King Mine, Mr. Sandell sits for a thoughtful interview regarding the potential for the company, his personal experience with the Gold King Mine, and what the "old-timers" have to say about Colorado Goldfields' prospects. With its unmatched authenticity, Colorado Goldfields is pleased to share Mr. Sandell's observations directly from the mine sites in Silverton, Colorado.
To view the spotlight, visit:
http://www.cologold.com/stephen/Silverton_Project_Sandell.WMV
In other recent events, on Friday, October 17, 2008, the Company's Board of Directors authorized a 30% (thirty percent) dividend of the Company's Common Stock for its Stockholders of Record as of Thursday, November 6, 2008. The Stock Dividend Pay Date to stockholders will be on Wednesday, November 26, 2008.
About Colorado Goldfields, Inc.
Colorado Goldfields Inc. (CGFI), http://www.cologold.com, is a Denver-based junior exploration and mining company primarily exploring for gold and silver. Our seasoned management team targets historic gold camps with strong potential for multiple deposit discovery. Currently, our business model in Colorado provides an outstanding combination of former producing properties with excellent exploration and production potential and a currently inactive, modern up to 700 ton per day capacity mill facility to allow for an attractive short-term production time frame. We expect that this strategic plan will allow Colorado Goldfields to reach its goal of profitability, potentially within the next 18 months.
The Company has made available a current CGFI Fact Sheet in PDF format. An audio presentation of the CGFI 2009 business plan is available on the web. The most recent live investor conference (of September 4, 2008), is available at http://www.cologold.com/s/audio/CGFI_Live_Investor_CC.wma.
Notice regarding forward-looking statements
This news release may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements or information includes statements regarding the expectations and beliefs of management. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to obtaining financing to meet the Company's exploration program and operating costs during its exploratory stage, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under "Risk Factors" in the Company's Annual Report on Form 10-KSB filed on December 27, 2007, and as amended on March 3, 2008, which is on file with the Securities and Exchange Commission, as well as the Company's other SEC filings. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect event or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws.
Cautionary note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our 10-KSB which may be secured from us, or from the SEC's website at. This press release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
SOURCE: Colorado Goldfields Inc.
Colorado Goldfields Inc.
Brad Long, 866-579-2434 or 303-984-0524
Director of Investor Relations
Copyright Business Wire 2008
A second generation miner, born in a mining camp, who has been underground numerous times in the Gold King Mine, Mr. Sandell sits for a thoughtful interview regarding the potential for the company, his personal experience with the Gold King Mine, and what the "old-timers" have to say about Colorado Goldfields' prospects. With its unmatched authenticity, Colorado Goldfields is pleased to share Mr. Sandell's observations directly from the mine sites in Silverton, Colorado.
To view the spotlight, visit:
http://www.cologold.com/stephen/Silverton_Project_Sandell.WMV
In other recent events, on Friday, October 17, 2008, the Company's Board of Directors authorized a 30% (thirty percent) dividend of the Company's Common Stock for its Stockholders of Record as of Thursday, November 6, 2008. The Stock Dividend Pay Date to stockholders will be on Wednesday, November 26, 2008.
About Colorado Goldfields, Inc.
Colorado Goldfields Inc. (CGFI), http://www.cologold.com, is a Denver-based junior exploration and mining company primarily exploring for gold and silver. Our seasoned management team targets historic gold camps with strong potential for multiple deposit discovery. Currently, our business model in Colorado provides an outstanding combination of former producing properties with excellent exploration and production potential and a currently inactive, modern up to 700 ton per day capacity mill facility to allow for an attractive short-term production time frame. We expect that this strategic plan will allow Colorado Goldfields to reach its goal of profitability, potentially within the next 18 months.
The Company has made available a current CGFI Fact Sheet in PDF format. An audio presentation of the CGFI 2009 business plan is available on the web. The most recent live investor conference (of September 4, 2008), is available at http://www.cologold.com/s/audio/CGFI_Live_Investor_CC.wma.
Notice regarding forward-looking statements
This news release may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements or information includes statements regarding the expectations and beliefs of management. Forward-looking statements or information include, but are not limited to, statements or information with respect to known or unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to obtaining financing to meet the Company's exploration program and operating costs during its exploratory stage, the interpretation of exploration results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, or other unanticipated difficulties with or interruptions in production and operations, the potential for delays in exploration or development activities or the completion of feasibility studies, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including the inability to obtain mining permits and environmental regulatory restrictions and liability, the speculative nature of mineral exploration, dilution, competition, loss of key employees, and other risks and uncertainties, including those described under "Risk Factors" in the Company's Annual Report on Form 10-KSB filed on December 27, 2007, and as amended on March 3, 2008, which is on file with the Securities and Exchange Commission, as well as the Company's other SEC filings. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect event or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as is required under applicable securities laws.
Cautionary note to U.S. Investors -- The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosures in our 10-KSB which may be secured from us, or from the SEC's website at. This press release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
SOURCE: Colorado Goldfields Inc.
Colorado Goldfields Inc.
Brad Long, 866-579-2434 or 303-984-0524
Director of Investor Relations
Copyright Business Wire 2008
Friday, October 24, 2008
As Technology Improves, Better Wheat Varieties Developed Quicker
It wasn't too long ago that it took ten years for a new variety of wheat to move from the greenhouse to the fields. That has all changed now as wheat lines are able to be diagnosed much quicker than their past counterparts.
In simple terms, a scientist looks for what they call molecular markers, which are what is measured to determine if a particular trait desired by the breeder is inherent in the plant.
The reason this quickens the process is the plants can be weeded out at the lab level rather than the field test level, streamlining the process.
So what breeders do is use that information to decide what plants should go forward in the program.
To that end, Shiaoman Chao, a molecular geneticist at the Agricultural Research Service (ARS) laboratory at North Dakota State University, has put together a database on wheat molecular markers which will ultimately be put up on the GrainGenes Web site, where breeders will be able to search the database for information to help them decide which wheat lines they want to proceed with.
In simple terms, a scientist looks for what they call molecular markers, which are what is measured to determine if a particular trait desired by the breeder is inherent in the plant.
The reason this quickens the process is the plants can be weeded out at the lab level rather than the field test level, streamlining the process.
So what breeders do is use that information to decide what plants should go forward in the program.
To that end, Shiaoman Chao, a molecular geneticist at the Agricultural Research Service (ARS) laboratory at North Dakota State University, has put together a database on wheat molecular markers which will ultimately be put up on the GrainGenes Web site, where breeders will be able to search the database for information to help them decide which wheat lines they want to proceed with.
What Happens if Silver and Gold Price Ratio Returns to Historic Pattern?
It's an understatement to say gold and silver have been struggling lately, as the two metals continue to plunge, along with the worldwide economies.
What is fascinating about silver in particular, is the current ratio that is completely out of sync with its historic levels with gold.
The historical average ratio between the prices of gold and silver has been silver holding close to a 1/20 price of gold. At this time it is sitting at only a 1/75th price in relationship to gold's price.
What silver investors need to ask themselves is what happens if the price ratio between silver and gold reverts back to historic norms.
We can be sure some of that will come from the continual fall of the price of gold, but I don't think we can assume that in and of itself will bring back the ratio. I think we'll start to see the rise of silver prices again, and when that happens, there will be an abundance of opportunities to play the metal.
Once the forced liguidation of commodities unwinds itself, it's at that time we should look seriously at a surge in silver prices, which should drive up the prices of good silver mining companies ... and others as well.
The bottom line is we need to keep a close eye on the ratio of prices between silver and gold. They are far too out of sync at this time to remain there. When it changes, we need a plan in place to swoop in and profit from it.
What is fascinating about silver in particular, is the current ratio that is completely out of sync with its historic levels with gold.
The historical average ratio between the prices of gold and silver has been silver holding close to a 1/20 price of gold. At this time it is sitting at only a 1/75th price in relationship to gold's price.
What silver investors need to ask themselves is what happens if the price ratio between silver and gold reverts back to historic norms.
We can be sure some of that will come from the continual fall of the price of gold, but I don't think we can assume that in and of itself will bring back the ratio. I think we'll start to see the rise of silver prices again, and when that happens, there will be an abundance of opportunities to play the metal.
Once the forced liguidation of commodities unwinds itself, it's at that time we should look seriously at a surge in silver prices, which should drive up the prices of good silver mining companies ... and others as well.
The bottom line is we need to keep a close eye on the ratio of prices between silver and gold. They are far too out of sync at this time to remain there. When it changes, we need a plan in place to swoop in and profit from it.
Gold Down to Lowest Level in 21 Months
The sell-off of gold continues, as institutional investors scramble to cover the loans being called for bad investments.
Today's prices fell to a 21-month low, and may end the day at its lowest historical weekly performance.
With the gold and general commodity sell-off, the normal market reaction to poor economic times isn't being played out, as various institutional funds look everywhere for cash. It has also uniquely strengthened the U.S. dollar because of commodities being denominated in it.
Gold today dropped as low as $681 an ounce early in the session on the New York Mercantile Exchange, although rebounding later to $708.70. That's the lowest gold has been since January 11, 2007.
There's nothing gold investors can do but wait for the unwinding of the positions held by large institutions before things will revert back to normal measurements.
The problem is some of the financial instruments are so complex that we have no idea of the timeframe involved before the positions are covered.
Today's prices fell to a 21-month low, and may end the day at its lowest historical weekly performance.
With the gold and general commodity sell-off, the normal market reaction to poor economic times isn't being played out, as various institutional funds look everywhere for cash. It has also uniquely strengthened the U.S. dollar because of commodities being denominated in it.
Gold today dropped as low as $681 an ounce early in the session on the New York Mercantile Exchange, although rebounding later to $708.70. That's the lowest gold has been since January 11, 2007.
There's nothing gold investors can do but wait for the unwinding of the positions held by large institutions before things will revert back to normal measurements.
The problem is some of the financial instruments are so complex that we have no idea of the timeframe involved before the positions are covered.
OPEC Cuts Oil Production by 1.5 Million Barrels a Day
As expected today, OPEC announced it was making significant cuts in oil production, dropping it by 1.5 million barrels a day. That's about half-way between the 1 million to 2 million barrel cut analysts were looking for.
OPEC President Chakib Khelil was quick to communicate that the cuts weren't for the purpose of prices increasing, but to keep them from falling to unsustainable levels.
OPEC came under fire from some quarters for possibly fueling the flames of the economic crisis rather than helping it out.
Still, Khelil added that if prices continue to drop, OPEC was ready to step in at any time and reduce production again until prices stabilize.
Even with the oil production cuts, prices plunged by 5 percent today, dropping to below $63 a barrel at one point in the trading session. At about noon EST prices stood at $64.51 a barrel.
As Commodity Surge says, here's OPEC's problem:
"OPEC is of course cautious in their approach, as some of the other oil-producing nations pressured them to cut production by at least 2 million barrels a day. The problem they face is if they cut it too much, and prices surge too high, consumers will cut back even more on expenses, and the plan would backfire."
OPEC seems to be attempting to keep prices from falling below $60 a barrel.
OPEC President Chakib Khelil was quick to communicate that the cuts weren't for the purpose of prices increasing, but to keep them from falling to unsustainable levels.
OPEC came under fire from some quarters for possibly fueling the flames of the economic crisis rather than helping it out.
Still, Khelil added that if prices continue to drop, OPEC was ready to step in at any time and reduce production again until prices stabilize.
Even with the oil production cuts, prices plunged by 5 percent today, dropping to below $63 a barrel at one point in the trading session. At about noon EST prices stood at $64.51 a barrel.
As Commodity Surge says, here's OPEC's problem:
"OPEC is of course cautious in their approach, as some of the other oil-producing nations pressured them to cut production by at least 2 million barrels a day. The problem they face is if they cut it too much, and prices surge too high, consumers will cut back even more on expenses, and the plan would backfire."
OPEC seems to be attempting to keep prices from falling below $60 a barrel.
Thursday, October 23, 2008
Gold Drops Below $700 for First Time in 13 Months
Downward pressure on gold continues as gold futures today fell as low as $695.20 an ounce before closing the session at $714.70 an ounce. After hours it was up over $723 an ounce as of about 6:30 EST.
Forced liquidation by funds continues to be the story with gold prices, along with the strength of the U.S. dollar.
December delivery for gold dropped by 2.9 percent or $20.50 to close at $714.20 an ounce on the Comex.
Forced liquidation by funds continues to be the story with gold prices, along with the strength of the U.S. dollar.
December delivery for gold dropped by 2.9 percent or $20.50 to close at $714.20 an ounce on the Comex.
Scott Bleier Predicts Oil will Fall to $50 a Barrel
Scott Bleier was right in mid-July when he said the commodity boom was going to go through a correction, and with that correction oil would fall to $100 a barrel.
He was wrong only in that it has fallen far below that, and now Scott says it'll fall as low as $50 a barrel. He could very well be right.
Forced liquidation of commodities by large funds, as well as decreased demand, could pressure it even lower than $50.
OPEC's upcoming emergency session where they're expected to decrease daily oil production by 1 million a day in order to stop the price plunge, probably won't have the desired effect, and oil will continue to fall.
He was wrong only in that it has fallen far below that, and now Scott says it'll fall as low as $50 a barrel. He could very well be right.
Forced liquidation of commodities by large funds, as well as decreased demand, could pressure it even lower than $50.
OPEC's upcoming emergency session where they're expected to decrease daily oil production by 1 million a day in order to stop the price plunge, probably won't have the desired effect, and oil will continue to fall.
Wednesday, October 22, 2008
Liberty Star and NPX Metals Enter Revised Agreement on Gold-Silver Nevada Property
TUCSON, Ariz., Oct 22, 2008 (BUSINESS WIRE) -- Liberty Star Uranium & Metals Corp. (LBSU) (the "Company") announces that it has signed an agreement to sell its option land at the Providence Project to NPX Metals Inc ("NPX"). The option land, adjacent to land already held by NPX, is believed to host commercially relevant quantities of disseminated gold and silver in Nevada's historic Beatty Mining District.
The Company's option which was obtained at little cost and forms the northwestern pit wall of the Montgomery-Shoshone (M-S) open pit, last mined in the 1990s by Barrick Bull Frog Mining Company a subsidiary of Barrick Gold Corp. and others for disseminated gold and silver. The mineral zone appears to continue from the M-S open pit on to the Providence Project, but has yet to be drill tested for precious metal mineralization (NR 74, April 29, 2008).
In general, the terms set forth in the sales agreement made during the summer of 2008, with revisions October 15, 2008, provide that the Company will assign its interest in the Providence Project option land to NPX for $200,000. The two companies have also agreed that NPX will hire Liberty Star to provide exploration and development services on the project area. The Liberty Star geology team has begun field work in the area.
ON BEHALF OF THE BOARD OF DIRECTORS
"James A. Briscoe"
James A. Briscoe,
President/Director
SAFE HARBOR STATEMENT
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include that we will sell our option land for $200,000 and that we will be hired to conduct exploration and development work on the property. Factors that may prevent or delay these statements coming to fruition include inability to come to final agreement on sale, terms on payment in the sale or in the work, other contractors offering better terms or our inability to perform the work required. Readers should refer to the risk disclosures outlined in the Company's most recent 10-KSB and the Company's other periodic reports filed from time to time with the Securities and Exchange Commission.
About Liberty Star's Mineral Exploration Projects
Liberty Star Uranium & Metals Corp. is a mineral exploration company currently with ongoing exploration interests for the discovery of uranium ore deposits on the Arizona Strip region of the Colorado Plateau (North Pipes Super Project). Liberty Star also maintains exploration projects in Alaska for copper, gold, silver and moly, in Nevada for gold and silver, and southern Arizona for porphyry copper and other metals. Information on these can be found at Liberty Star's web site http://www.libertystaruranium.com/.
About NPX Minerals Inc.
NPX Metals is a mineral exploration company focused on properties in Arizona and Nevada, headquartered in Apache Junction, Arizona. NPX Metals is a Nevada Domestic Corporation (see Nevada Secretary of State Business Entity E0254852006-7) incorporated in April 2006. President/Director Daniel Bleak is a mining industry entrepreneur. Corporate officers include Denis Corin (director), Johnathan Lindsay, (director, secretary, treasurer) and Randall Reneau (director). Bret Judd is the manager for Exploration & Land Tenure.
SOURCE: Liberty Star Uranium & Metals Corp.
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-731-8786(Investor Relations)
info@LibertyStarUranium.com
Liberty Star Uranium
Copyright Business Wire 2008
The Company's option which was obtained at little cost and forms the northwestern pit wall of the Montgomery-Shoshone (M-S) open pit, last mined in the 1990s by Barrick Bull Frog Mining Company a subsidiary of Barrick Gold Corp. and others for disseminated gold and silver. The mineral zone appears to continue from the M-S open pit on to the Providence Project, but has yet to be drill tested for precious metal mineralization (NR 74, April 29, 2008).
In general, the terms set forth in the sales agreement made during the summer of 2008, with revisions October 15, 2008, provide that the Company will assign its interest in the Providence Project option land to NPX for $200,000. The two companies have also agreed that NPX will hire Liberty Star to provide exploration and development services on the project area. The Liberty Star geology team has begun field work in the area.
ON BEHALF OF THE BOARD OF DIRECTORS
"James A. Briscoe"
James A. Briscoe,
President/Director
SAFE HARBOR STATEMENT
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include that we will sell our option land for $200,000 and that we will be hired to conduct exploration and development work on the property. Factors that may prevent or delay these statements coming to fruition include inability to come to final agreement on sale, terms on payment in the sale or in the work, other contractors offering better terms or our inability to perform the work required. Readers should refer to the risk disclosures outlined in the Company's most recent 10-KSB and the Company's other periodic reports filed from time to time with the Securities and Exchange Commission.
About Liberty Star's Mineral Exploration Projects
Liberty Star Uranium & Metals Corp. is a mineral exploration company currently with ongoing exploration interests for the discovery of uranium ore deposits on the Arizona Strip region of the Colorado Plateau (North Pipes Super Project). Liberty Star also maintains exploration projects in Alaska for copper, gold, silver and moly, in Nevada for gold and silver, and southern Arizona for porphyry copper and other metals. Information on these can be found at Liberty Star's web site http://www.libertystaruranium.com/.
About NPX Minerals Inc.
NPX Metals is a mineral exploration company focused on properties in Arizona and Nevada, headquartered in Apache Junction, Arizona. NPX Metals is a Nevada Domestic Corporation (see Nevada Secretary of State Business Entity E0254852006-7) incorporated in April 2006. President/Director Daniel Bleak is a mining industry entrepreneur. Corporate officers include Denis Corin (director), Johnathan Lindsay, (director, secretary, treasurer) and Randall Reneau (director). Bret Judd is the manager for Exploration & Land Tenure.
SOURCE: Liberty Star Uranium & Metals Corp.
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-731-8786(Investor Relations)
info@LibertyStarUranium.com
Liberty Star Uranium
Copyright Business Wire 2008
Wheat Foods Council Explores Pasta Around the Globe with 'World of Pastabilities'
Pasta recipes from North Africa to Russia celebrate World Pasta Day
PARKER, Colo., Oct 22, 2008 /PRNewswire via COMTEX/ -- In celebration of World Pasta Day on Saturday, October 25th, the Wheat Foods Council explores pasta's global influence with World of Pastabilities. Beginning in October, people can get a "taste" of pasta in a variety of ethnic cuisines via educational information and authentic recipes for Italian, Mediterranean, Mexican, North African and Russian pasta dishes at http://www.wheatfoods.org.
"World of Pastabilities challenges people to think outside of what they traditionally consider pasta and discover how others around the world consume the popular grain food," said Marcia Scheideman M.S., R.D., president of the Wheat Foods Council. "No matter the country or cuisine, pasta is a nutritious, delicious and economically efficient food and a sizeable amount of that pasta is made with durum wheat grown right here in the United States."
At Wheat Foods, people can taste pasta as it is enjoyed in other countries and cultures through the following recipes: Spiced Couscous (North Africa), Shrimp Fideos Soup (Mexico), Sausage with Fettuccini (Italian), Pasta with Shrimp and Feta (Mediterranean) and Beef Stroganoff (Russian). Visitors will also find pasta information, including the wheat from which it is made, its history, nutritional content and proper preparation.
Pasta, an Italian word meaning paste, describes the various shapes and sizes of products made with flour and water. There are more than 600 pasta shapes worldwide, ranging from the tiny bead-like North African couscous, Greek-favored orzo and German spaetzle to the larger, ingredient-filled Italian ravioli, Asian wontons and Polish pierogis. With the highest per capita pasta consumption at 62 pounds, Italy is the country most commonly associated with pasta according to a 2006 survey conducted by Union of Organizations of Manufacturers of Pasta Products of the EU. The Italians are followed by Venezuela at 29 pounds, Tunisia at 26 pounds, Greece at 22 pounds, Switzerland 21 pounds and the United States at 20 pounds.
While opening eyes and mouths to pasta in other countries, the Wheat Foods Council also recognizes the important role America plays in pasta production. Much of the world's pasta is made from durum wheat flour. Durum is the hardest of the six classes of wheat grown in the United States and North Dakota leads the country in Durum production. Italy followed by Tunisia, Venezuela and Nigeria were the top importers of U.S. durum wheat in 2007.
"Durum is considered the gold standard for pasta production; the wheat kernel's density and high protein and gluten content result in firm pasta with consistent cooking quality," said Kyle Martin, communications director, North Dakota Wheat Commission. "This program teaches people about the origins and culinary diversity of a food that connects cuisines and cultures around the world. It's a true celebration of World Pasta Day."
About the Wheat Foods Council
The Wheat Foods Council is a nonprofit organization formed in 1972 to help increase public awareness of grains, complex carbohydrates and fiber as essential components of a healthful diet. The Council is supported voluntarily by wheat producers, millers, bakers, and related industries.
SOURCE Wheat Foods Council
Copyright (C) 2008 PR Newswire. All rights reserved
PARKER, Colo., Oct 22, 2008 /PRNewswire via COMTEX/ -- In celebration of World Pasta Day on Saturday, October 25th, the Wheat Foods Council explores pasta's global influence with World of Pastabilities. Beginning in October, people can get a "taste" of pasta in a variety of ethnic cuisines via educational information and authentic recipes for Italian, Mediterranean, Mexican, North African and Russian pasta dishes at http://www.wheatfoods.org.
"World of Pastabilities challenges people to think outside of what they traditionally consider pasta and discover how others around the world consume the popular grain food," said Marcia Scheideman M.S., R.D., president of the Wheat Foods Council. "No matter the country or cuisine, pasta is a nutritious, delicious and economically efficient food and a sizeable amount of that pasta is made with durum wheat grown right here in the United States."
At Wheat Foods, people can taste pasta as it is enjoyed in other countries and cultures through the following recipes: Spiced Couscous (North Africa), Shrimp Fideos Soup (Mexico), Sausage with Fettuccini (Italian), Pasta with Shrimp and Feta (Mediterranean) and Beef Stroganoff (Russian). Visitors will also find pasta information, including the wheat from which it is made, its history, nutritional content and proper preparation.
Pasta, an Italian word meaning paste, describes the various shapes and sizes of products made with flour and water. There are more than 600 pasta shapes worldwide, ranging from the tiny bead-like North African couscous, Greek-favored orzo and German spaetzle to the larger, ingredient-filled Italian ravioli, Asian wontons and Polish pierogis. With the highest per capita pasta consumption at 62 pounds, Italy is the country most commonly associated with pasta according to a 2006 survey conducted by Union of Organizations of Manufacturers of Pasta Products of the EU. The Italians are followed by Venezuela at 29 pounds, Tunisia at 26 pounds, Greece at 22 pounds, Switzerland 21 pounds and the United States at 20 pounds.
While opening eyes and mouths to pasta in other countries, the Wheat Foods Council also recognizes the important role America plays in pasta production. Much of the world's pasta is made from durum wheat flour. Durum is the hardest of the six classes of wheat grown in the United States and North Dakota leads the country in Durum production. Italy followed by Tunisia, Venezuela and Nigeria were the top importers of U.S. durum wheat in 2007.
"Durum is considered the gold standard for pasta production; the wheat kernel's density and high protein and gluten content result in firm pasta with consistent cooking quality," said Kyle Martin, communications director, North Dakota Wheat Commission. "This program teaches people about the origins and culinary diversity of a food that connects cuisines and cultures around the world. It's a true celebration of World Pasta Day."
About the Wheat Foods Council
The Wheat Foods Council is a nonprofit organization formed in 1972 to help increase public awareness of grains, complex carbohydrates and fiber as essential components of a healthful diet. The Council is supported voluntarily by wheat producers, millers, bakers, and related industries.
SOURCE Wheat Foods Council
Copyright (C) 2008 PR Newswire. All rights reserved
Livestock Organizations Outraged Over Agriculture Secretary's Comments on Using USDA Loans for Ethanol Companies
It's almost unbelievable that Agriculture Secretary Ed Schafer said recently that he is considering using USDA loans to bailout the horribly run ethanol companies which are already pillaging taxpayer dollars in order to even launch or survive.
Now the reason they are whining for more money is they invested in corn futures. What are they doing investing in corn futures? They simply don't care.
In an extraordinarily stupid statement, Schafer said they "got away from their focus on producing ethanol and started speculating in the commodity markets. It's hurt them."
I can't think of anything more criminalizing than that statement. Now the Agriculture Secretary wants to do his part be bailing out the dubious corn-based ethanol industry? I don't think so.
The industry is worthless and a huge mistake. It's past time to abandon it, drop all subsidies, and let them all go out of business. It's already starting to happen, and it needs to be put to rest now.
To even consider helping these screwballs by offering them loans to cover their speculation in corn futures is outrageous at least, and potentially criminal.
Now the reason they are whining for more money is they invested in corn futures. What are they doing investing in corn futures? They simply don't care.
In an extraordinarily stupid statement, Schafer said they "got away from their focus on producing ethanol and started speculating in the commodity markets. It's hurt them."
I can't think of anything more criminalizing than that statement. Now the Agriculture Secretary wants to do his part be bailing out the dubious corn-based ethanol industry? I don't think so.
The industry is worthless and a huge mistake. It's past time to abandon it, drop all subsidies, and let them all go out of business. It's already starting to happen, and it needs to be put to rest now.
To even consider helping these screwballs by offering them loans to cover their speculation in corn futures is outrageous at least, and potentially criminal.
Hidalgo Mining International (HMIT) Completes Acquisition Expanding Its Fifa Land Project Ownership
NEW YORK, NY, Oct 22, 2008 (MARKET WIRE via COMTEX) -- Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, announced today that it has completed its acquisition of gold-rich Fifa area properties in Guinea, West Africa. These latest acquisitions effectively expand Hidalgo's gold mining project to encompass the entire area comprising the Fifa license, bringing the company's total mineable area to twenty-five square miles.
Mark Daniel Klok, President of HMIT, stated: "We are very pleased to have closed the agreement expanding our Fifa area interests. We now hold the entire area under the Fifa license and are poised for extensive production throughout the area laden with extensive hydrothermal gold veins. This is a landmark day for the company and its shareholders."
For more information, visit www.hidalgominingint.com.
ABOUT THE FIFA LAND PROJECT
The Fifa land prospecting permit is located in the northwest corner of the Siguiri Basin, approximately 88 kilometres west of the town of Siguiri and approximately 65 kilometres west of the Siguiri gold mine operation that is owned and operated by AngloGold Ashanti. On May 7, 2003, the Guinean Government granted HMM a prospecting permit for gold and associated minerals over an area that forms a rectangle extending north from the Tinkisso River.
This permit was issued for a period of two years and is renewable twice for two years, but each time its surface needs to be reduced by half. The permit has been renewed until April 2009. The Fifa land prospecting permit is bound to the south by the Tinkisso River dredging permit. The Fifa permit area is underlain by finely stratified siltites, argillites and minor feldspathic sandstones typical of continental marine platform deposits and filling up most of the Siguiri Basin and is almost entirely covered with laterite duricrust plateaus, pediments and recent alluvial deposits.
Outcrops are rare and mostly saprolitic in nature. Immediately south of the Fifa permit area, the pelitic sequences are cut by lenses and larger bodies of monzogranite and granodiorite of the type recognized throughout the Siguiri Basin. Altered and weathered cobbles of a fine to medium grain rock of basic composition (diabase) have also been observed in the area. The ductile deformation affecting the sedimentary sequences is along a general north-northeast axis. East-west attitudes are also noted south of the projects.
The linear pattern of some of the streams draining towards the Tinkisso River in and around the area suggests that north-northeast to north-south and east-northeast to north-northeast structures have affected the rocks. The various orientations of quartz veins and some of the ridges observed on the projects and elsewhere are concordant with these orientations. Evidence of hydrothermal activity is obvious on the projects where extensive quartz veining and kaolinite alteration is pervasive. The free gold recovered from the alluvial deposits on the permit area finds its source in the country rocks.
Lateritic processes acting in tropical climates have extensively transformed these rocks. Reconnaissance prospecting and soil sampling around the village of Fifa has highlighted the potential of the permit for both lateritic type and primary gold deposits. Several quartz veins related to hydrothermal activities, often associated with gold mineralization, have been found on the permit. Pits and a trench have been excavated to properly sample one of the veins located south of the village of Fifa. The trench revealed that the vein is part of an extensive hydrothermal veining system similar to the one hosting some of the gold deposits at the nearby Siguiri gold mine. Sampling in this trench returned anomalous gold concentration in the altered wall rocks. The highest value obtained was 13.4 grams of gold per tonne over a 60 centimetre section of the trench.
ABOUT HIDALGO MINING INTERNATIONAL
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, strives to increase shareholder value, while implementing aggressive plans to continue targeting near term mining production projects on a global scale. HMIT's management, directors, and advisors hold an abundance of experience and knowledge to implement expansion in this rapidly growing industry.
DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The results described herein cannot be guaranteed. The development of any and all of the subject mining claims stated herein is contingent upon multiple high risk factors that must be successfully dealt with in order to achieve the intended results. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect Hidalgo Mining Internationals' future. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Hidalgo Mining International to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. Hidalgo Mining International undertakes no duty to update any forward-looking statement(s) and/or to conform the statement(s) to actual results or changes in Hidalgo Mining International's expectations.
Contact:
Mark Daniel Klok
Hidalgo Mining International
(305) 778-8360
http://www.hidalgominingint.com/
SOURCE: Hidalgo Mining International
Copyright 2008 Market Wire, All rights reserved.
Mark Daniel Klok, President of HMIT, stated: "We are very pleased to have closed the agreement expanding our Fifa area interests. We now hold the entire area under the Fifa license and are poised for extensive production throughout the area laden with extensive hydrothermal gold veins. This is a landmark day for the company and its shareholders."
For more information, visit www.hidalgominingint.com.
ABOUT THE FIFA LAND PROJECT
The Fifa land prospecting permit is located in the northwest corner of the Siguiri Basin, approximately 88 kilometres west of the town of Siguiri and approximately 65 kilometres west of the Siguiri gold mine operation that is owned and operated by AngloGold Ashanti. On May 7, 2003, the Guinean Government granted HMM a prospecting permit for gold and associated minerals over an area that forms a rectangle extending north from the Tinkisso River.
This permit was issued for a period of two years and is renewable twice for two years, but each time its surface needs to be reduced by half. The permit has been renewed until April 2009. The Fifa land prospecting permit is bound to the south by the Tinkisso River dredging permit. The Fifa permit area is underlain by finely stratified siltites, argillites and minor feldspathic sandstones typical of continental marine platform deposits and filling up most of the Siguiri Basin and is almost entirely covered with laterite duricrust plateaus, pediments and recent alluvial deposits.
Outcrops are rare and mostly saprolitic in nature. Immediately south of the Fifa permit area, the pelitic sequences are cut by lenses and larger bodies of monzogranite and granodiorite of the type recognized throughout the Siguiri Basin. Altered and weathered cobbles of a fine to medium grain rock of basic composition (diabase) have also been observed in the area. The ductile deformation affecting the sedimentary sequences is along a general north-northeast axis. East-west attitudes are also noted south of the projects.
The linear pattern of some of the streams draining towards the Tinkisso River in and around the area suggests that north-northeast to north-south and east-northeast to north-northeast structures have affected the rocks. The various orientations of quartz veins and some of the ridges observed on the projects and elsewhere are concordant with these orientations. Evidence of hydrothermal activity is obvious on the projects where extensive quartz veining and kaolinite alteration is pervasive. The free gold recovered from the alluvial deposits on the permit area finds its source in the country rocks.
Lateritic processes acting in tropical climates have extensively transformed these rocks. Reconnaissance prospecting and soil sampling around the village of Fifa has highlighted the potential of the permit for both lateritic type and primary gold deposits. Several quartz veins related to hydrothermal activities, often associated with gold mineralization, have been found on the permit. Pits and a trench have been excavated to properly sample one of the veins located south of the village of Fifa. The trench revealed that the vein is part of an extensive hydrothermal veining system similar to the one hosting some of the gold deposits at the nearby Siguiri gold mine. Sampling in this trench returned anomalous gold concentration in the altered wall rocks. The highest value obtained was 13.4 grams of gold per tonne over a 60 centimetre section of the trench.
ABOUT HIDALGO MINING INTERNATIONAL
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, strives to increase shareholder value, while implementing aggressive plans to continue targeting near term mining production projects on a global scale. HMIT's management, directors, and advisors hold an abundance of experience and knowledge to implement expansion in this rapidly growing industry.
DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The results described herein cannot be guaranteed. The development of any and all of the subject mining claims stated herein is contingent upon multiple high risk factors that must be successfully dealt with in order to achieve the intended results. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect Hidalgo Mining Internationals' future. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Hidalgo Mining International to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. Hidalgo Mining International undertakes no duty to update any forward-looking statement(s) and/or to conform the statement(s) to actual results or changes in Hidalgo Mining International's expectations.
Contact:
Mark Daniel Klok
Hidalgo Mining International
(305) 778-8360
http://www.hidalgominingint.com/
SOURCE: Hidalgo Mining International
Copyright 2008 Market Wire, All rights reserved.
Pan American Silver President and CEO Geoff Burns Upbeat about Future Prospects
With no debt and an eighth mine about to be opened soon in Argentina, Pan American Silver president and CEO Geoff Burns is positive about the future of the company.
Burns acknowledges that profit margins have fallen as forced liquidity continues to pummel the commodity market, yet the company has positioned itself strongly in contrast to other debt-laden competitors.
In economic challenges like the one we're in, those companies with less debt and solid operations will far outperform those who will struggle just to survive, let alone thrive.
"We have no debt and have never had any significant quantity of debt. We make our investment decisions on our operating properties and in our new constructions activities based on fundamental rates of return," said Burns.
Once liquidity comes back into the overall market, the underlying fundamentals are the same as before the financial crisis, and consumers and investors will gravitate back toward the safety of gold and demand of silver.
Burns added the company will still be able to remain profitable at $11 silver and $850 gold.
While India and China are experiencing slower growth, they will still offset the contraction of Western countries, and maintain a demand for base metals, although a slower one.
Pan American Silver is looking to produce around 25 million ounces in 2009.
Burns acknowledges that profit margins have fallen as forced liquidity continues to pummel the commodity market, yet the company has positioned itself strongly in contrast to other debt-laden competitors.
In economic challenges like the one we're in, those companies with less debt and solid operations will far outperform those who will struggle just to survive, let alone thrive.
"We have no debt and have never had any significant quantity of debt. We make our investment decisions on our operating properties and in our new constructions activities based on fundamental rates of return," said Burns.
Once liquidity comes back into the overall market, the underlying fundamentals are the same as before the financial crisis, and consumers and investors will gravitate back toward the safety of gold and demand of silver.
Burns added the company will still be able to remain profitable at $11 silver and $850 gold.
While India and China are experiencing slower growth, they will still offset the contraction of Western countries, and maintain a demand for base metals, although a slower one.
Pan American Silver is looking to produce around 25 million ounces in 2009.
Crude Oil Prices Continue to Fall off the Cliff: Now at 15-Month Low
In intraday trading crude oil fell of the cliff again, plunging by over $4 a barrel - a 15-month low. The continued fall in oil prices is completely tied to consumer demand, which has dropped as people cut back on spending on anything but essentials.
December delivery for crude oil dropped by $4.25 to $67.93 a barrel shortly after 11:00 a.m. EST today on the NYMEX. Oil futures hit a low of $67.50, the worst showing since June 27, 2007.
On London's ICE Futures Europe exchange, Brent crude has dropped by $3.40 for the December settlement, a 4.9 percent fall. It now stands at $66.32 a barrel. That's the lowest price since May 10, 2007.
For the week ending October 17, fuel demand in the U.S. averaged 18.7 million barrels a day, according to the report of the Energy Department released today. That's down 8.5 percent from the same period last year.
Average use of gasoline has also fallen, now averaging 8.8 million barrels a day for the last four weeks, down from last year by 4.3 percent.
With distillate fuel (heating oil, diesel) use also dropping significantly, we can see demand for oil will continue to fall for some time.
Even though the unprecedented special meeting by OPEC next month is expected to result in the cutback of 1 million barrels a day in production, that will do nothing to change the demand factor until the global economy recovers. That isn't going to happen any time soon.
Part of the result of all this will be less travel, which will affect not only oil companies, but airlines and shipping companies as well.
Oil inventories also continue to rise, as there was an increase of 3.18 millon barrels to 311.4 million barrels, the fourth time in a row.
December delivery for crude oil dropped by $4.25 to $67.93 a barrel shortly after 11:00 a.m. EST today on the NYMEX. Oil futures hit a low of $67.50, the worst showing since June 27, 2007.
On London's ICE Futures Europe exchange, Brent crude has dropped by $3.40 for the December settlement, a 4.9 percent fall. It now stands at $66.32 a barrel. That's the lowest price since May 10, 2007.
For the week ending October 17, fuel demand in the U.S. averaged 18.7 million barrels a day, according to the report of the Energy Department released today. That's down 8.5 percent from the same period last year.
Average use of gasoline has also fallen, now averaging 8.8 million barrels a day for the last four weeks, down from last year by 4.3 percent.
With distillate fuel (heating oil, diesel) use also dropping significantly, we can see demand for oil will continue to fall for some time.
Even though the unprecedented special meeting by OPEC next month is expected to result in the cutback of 1 million barrels a day in production, that will do nothing to change the demand factor until the global economy recovers. That isn't going to happen any time soon.
Part of the result of all this will be less travel, which will affect not only oil companies, but airlines and shipping companies as well.
Oil inventories also continue to rise, as there was an increase of 3.18 millon barrels to 311.4 million barrels, the fourth time in a row.
Tuesday, October 21, 2008
Gold Futures Continue to Tumble on Stronger U.S. Dollar
For the eighth time in nine sessions, gold futures fell as the U.S. dollar continues to be one of the major safety choices of investors. The yen is the other choice for regular investors seeking safety.
Gold for December delivery dropped by 2.8 percent or $22 to end the session at $768 an ounce on the Comex division of the NYMEX.
Forced liquidation continues to pummel gold, along with most commodities, as funds seek liquidity.
Gold will eventually recover because of the financing of the bailout by the government of the U.S economy. Once that starts to kick in, we should see a significant weakening of the dollar, increased inflation, and gold starting to rise again. It's only a matter of when, not if.
For now though, lack of liquidity is forcing funds especially to sell gold positions. That's driving down the price of gold for now, while the dollar continues to strengthen.
Gold for December delivery dropped by 2.8 percent or $22 to end the session at $768 an ounce on the Comex division of the NYMEX.
Forced liquidation continues to pummel gold, along with most commodities, as funds seek liquidity.
Gold will eventually recover because of the financing of the bailout by the government of the U.S economy. Once that starts to kick in, we should see a significant weakening of the dollar, increased inflation, and gold starting to rise again. It's only a matter of when, not if.
For now though, lack of liquidity is forcing funds especially to sell gold positions. That's driving down the price of gold for now, while the dollar continues to strengthen.
Friday, October 17, 2008
Cash-hungry Funds Pressure Gold Down for Seventh Straight Session
The gravity of the financial crisis continues to pull gold down rather than up, as it plunged Friday for the seventh session in a row, with investors looking to the U.S. dollar for safety rather than the proven precious metal.
Today December delivery for gold fell by $16.80 to end at $787.7 an ounce, a 2.1 percent drop on the Comex division of the New York Mercantile Exchange. For the week that's an 8.3 percent fall.
What is causing the gravitational pull on gold is the huge size of deleveraging across the world, which is battering everything, including commodities. This has caught a lot of analysts off guard who have expected gold to perform as the typical safe haven it usually is.
Funds desperate for cash are being forced to sell off their gold assets, even as they were hoping to keep them.
While most still think that inflationary pressures should eventually bring the gold price back up, the extraordinary circumstances now playing themselves out make it impossible to really know which way things will go; there's too much we don't know and too many complexities involved for anyone to be able to project with certainty.
That leaves us with probabilities but no surety.
Today December delivery for gold fell by $16.80 to end at $787.7 an ounce, a 2.1 percent drop on the Comex division of the New York Mercantile Exchange. For the week that's an 8.3 percent fall.
What is causing the gravitational pull on gold is the huge size of deleveraging across the world, which is battering everything, including commodities. This has caught a lot of analysts off guard who have expected gold to perform as the typical safe haven it usually is.
Funds desperate for cash are being forced to sell off their gold assets, even as they were hoping to keep them.
While most still think that inflationary pressures should eventually bring the gold price back up, the extraordinary circumstances now playing themselves out make it impossible to really know which way things will go; there's too much we don't know and too many complexities involved for anyone to be able to project with certainty.
That leaves us with probabilities but no surety.
Oil Prices Will Continue to Fall
There's no question that the trend for oil prices has changed, and for a period of time we'll see that trend continue down.
A major reason I believe this will happen is the nature of trends themselves; it simply takes time for a trend to stop and turn itself around. The reason it takes time is because a trend is simply the response of human beings to a situation, and most human beings are slow to catch on and change.
In other words, people will neglect the underlying fundamentals at times of emotional turbulence and simply follow the crowd. Many times they do it as "bulls" and other times they do it as "bears." We are seeing the bears rear their heads in oil now, and that isn't going to stop in the short term.
While we know over a period of time that demand will start to surge again, as American consumers start to increase their driving again, and emerging market giants like China and India increase their acquisition of oil, and other commodities as well, we also know that they're cutting back on buying now, and that slowdown should continue.
One factor that could slow down this trend is if OPEC slashes production so much that it drives the cost of oil artificially above its market price. That could happen next month when they get together in an unprecedented emergency session to decide on what to do with the oil price drop.
We very well could see oil prices plunge much further before they begin their inevitable climb back up. Much of that will be determined by how long the fear factor reminds in the psyche of consumers, which has caused them to lower their consumption practices.
A major reason I believe this will happen is the nature of trends themselves; it simply takes time for a trend to stop and turn itself around. The reason it takes time is because a trend is simply the response of human beings to a situation, and most human beings are slow to catch on and change.
In other words, people will neglect the underlying fundamentals at times of emotional turbulence and simply follow the crowd. Many times they do it as "bulls" and other times they do it as "bears." We are seeing the bears rear their heads in oil now, and that isn't going to stop in the short term.
While we know over a period of time that demand will start to surge again, as American consumers start to increase their driving again, and emerging market giants like China and India increase their acquisition of oil, and other commodities as well, we also know that they're cutting back on buying now, and that slowdown should continue.
One factor that could slow down this trend is if OPEC slashes production so much that it drives the cost of oil artificially above its market price. That could happen next month when they get together in an unprecedented emergency session to decide on what to do with the oil price drop.
We very well could see oil prices plunge much further before they begin their inevitable climb back up. Much of that will be determined by how long the fear factor reminds in the psyche of consumers, which has caused them to lower their consumption practices.
Silver Falcon Mining Updates Progress on the Belle Peck Completion and Ore Transport
NEW YORK, NY -- (Marketwire) -- 10/17/08 -- Silver Falcon Mining, Inc. (PINKSHEETS: SFMI)details progress on the War Eagle Project.
The entrance to the Belle Peck tunnel has now been protected by the installation of massive steel pipes which will allow easy vehicularentrance to the Belle Peck adit and permanent access to the Gold and Silver(Poorman) veins on the mountain. The adit will be explored in its entirety and assays of the accessible veins will be done under the direction of ourgeologist to allow a fair assessment of the reserves in this particular piece of our property.
In the meantime, the "Belle Peck" tailings pile is being attacked by ourtransport contractor who has marshaled enough loading and transportation equipment to ensure the current ferrying of a sufficient quantity of ore toour mill site. This allows the Company to operate the mill uninterrupted for the next twelve months.
The installation of our mill in Melba is progressing at a rapid pace withthe recent arrival of a few crucial pieces of equipment. The companiessupplying the remaining balance of equipment ordered, have guaranteed thatthese items are either under assembly and/or ready to ship from theirlocations.
We have at present, adequate financial reserves to allow us to complete, start up the mill, and carry on developments on the mountain until the spring. The Company believes milling operations will provide adequate cashflow to pursue other developments on War Eagle Mountain throughout 2009.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "With the recent world financial development, it is very comforting to realizethat we are in the business of extracting the only means of commerce that has withstood the test of time and has always been accepted as a solidmeans of payment, namely GOLD."
Silver Falcon Mining, Inc. is an exploration and development Companyspecializing in high-grade Gold and Silver mining properties in NorthAmerica.
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and/or the Company at 941-761-7819, www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially fromthe projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Contact:Rich KaiserInvestor Relations 800-631-8127
The Company 941-761-7819
www.silverfalconmining.com
The entrance to the Belle Peck tunnel has now been protected by the installation of massive steel pipes which will allow easy vehicularentrance to the Belle Peck adit and permanent access to the Gold and Silver(Poorman) veins on the mountain. The adit will be explored in its entirety and assays of the accessible veins will be done under the direction of ourgeologist to allow a fair assessment of the reserves in this particular piece of our property.
In the meantime, the "Belle Peck" tailings pile is being attacked by ourtransport contractor who has marshaled enough loading and transportation equipment to ensure the current ferrying of a sufficient quantity of ore toour mill site. This allows the Company to operate the mill uninterrupted for the next twelve months.
The installation of our mill in Melba is progressing at a rapid pace withthe recent arrival of a few crucial pieces of equipment. The companiessupplying the remaining balance of equipment ordered, have guaranteed thatthese items are either under assembly and/or ready to ship from theirlocations.
We have at present, adequate financial reserves to allow us to complete, start up the mill, and carry on developments on the mountain until the spring. The Company believes milling operations will provide adequate cashflow to pursue other developments on War Eagle Mountain throughout 2009.
Mr. Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "With the recent world financial development, it is very comforting to realizethat we are in the business of extracting the only means of commerce that has withstood the test of time and has always been accepted as a solidmeans of payment, namely GOLD."
Silver Falcon Mining, Inc. is an exploration and development Companyspecializing in high-grade Gold and Silver mining properties in NorthAmerica.
Further Information contact Rich Kaiser, Investor Relations 800-631-8127 and/or the Company at 941-761-7819, www.silverfalconmining.com.
Silver Falcon Mining, Inc. cautions that the statements made in this press release constitute forward-looking statements, and not guarantees of future performance and actual results or developments may differ materially fromthe projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made.
Contact:Rich KaiserInvestor Relations 800-631-8127
The Company 941-761-7819
www.silverfalconmining.com
Thursday, October 16, 2008
Greater Ohio Ethanol Latest to File Bankruptcy in Ongoing Ethanol Debacle
Another company bites the dust in the continuing exposure of the ethanol debacle in the U.S. The latest casualty is the Greater Ohio Ethanol company, which has filed for Chapter 11 bankruptcy.
As usual with the ethanol hoax, people let their emotions get in the way of facts, and they make terrible decisions. Unfortunately it's creating a false hope in many communities across the country which were counting on it to make a difference in where they live.
In this particular case, the amount of water needed to make the fuel was seriously miscalculated by half of what is being used, and that has pretty much destroyed the project and the hopes of the people that were counting on it. This is becoming the story across numerous communities in the U.S.
While chapter 11 bankruptcy is initiated in order to attempt to reorganize, the sounds of this is another company has foolishly entered into the ethanol fray without the understanding of the high costs of ethanol.
As usual with the ethanol hoax, people let their emotions get in the way of facts, and they make terrible decisions. Unfortunately it's creating a false hope in many communities across the country which were counting on it to make a difference in where they live.
In this particular case, the amount of water needed to make the fuel was seriously miscalculated by half of what is being used, and that has pretty much destroyed the project and the hopes of the people that were counting on it. This is becoming the story across numerous communities in the U.S.
While chapter 11 bankruptcy is initiated in order to attempt to reorganize, the sounds of this is another company has foolishly entered into the ethanol fray without the understanding of the high costs of ethanol.
Crude Oil Inventory Pressures Commodity Below $69
Most industry watchers had their suspicions confirmed concerning an expanding crude oil inventory in the U.S., as the government report revealed a declining demand as consumers cut back on spending, causing the investory to rise.
As of about 11 a.m. EST, November delivery for light, sweet crude dropped by $4.73 to $68.87 a barrel on the New York Mercantile Exchange.
The last time oil prices were this low was on August 22, 2007, when the session finished at $69.26 a barrel. Prices have plunged since the high of $147 a barrel in July.
What triggered an even bigger fall than looked for was the amount of the inventory growth. Most analysts expected inventories to rise, but were looking for about 3.1 million barrels, instead inventory grew by a more-than-expected 5.6 million barrels for the week ending October 10.
Gasoline inventory tracked oil inventory, rising by 7 million barrels. According to the Energy Information Administration, gasonline demand has fallen by 5.2 percent over the last four weeks, averaging 8.8 million barrels a day, said the agency.
As of about 11 a.m. EST, November delivery for light, sweet crude dropped by $4.73 to $68.87 a barrel on the New York Mercantile Exchange.
The last time oil prices were this low was on August 22, 2007, when the session finished at $69.26 a barrel. Prices have plunged since the high of $147 a barrel in July.
What triggered an even bigger fall than looked for was the amount of the inventory growth. Most analysts expected inventories to rise, but were looking for about 3.1 million barrels, instead inventory grew by a more-than-expected 5.6 million barrels for the week ending October 10.
Gasoline inventory tracked oil inventory, rising by 7 million barrels. According to the Energy Information Administration, gasonline demand has fallen by 5.2 percent over the last four weeks, averaging 8.8 million barrels a day, said the agency.
Skyline Gold Announces Receipt of Assignment by Barrick Gold of Snip/Bronson Creek Airstrip Licence of Occupation
Also: Bronson Slope Project Update
RICHMOND, BRITISH COLUMBIA, Oct 16, 2008 (MARKET WIRE via COMTEX) -- Skyline Gold Corp. ("Skyline") (CA:SK) , a company engaged in the exploration and development of its Bronson Slope mining development property in north western British Columbia's 'Golden Triangle', is pleased to announce that Barrick Gold Corp. has assigned to Skyline, and Skyline has accepted with appreciation, Barrick Gold's licence of occupation from the Province of British Columbia for the Snip / Bronson Creek airstrip.
Included in the licence of occupation, which is renewable for successive 10 year terms, is approximately 39 hectares of land approximately 900 metres from the outcrop of the Bronson Slope deposit. The 6,000 foot airstrip, which is capable of serving C-130 Hercules cargo aircraft, provides Skyline with direct air access from Vancouver to its Bronson Slope development property until an access road is permitted and constructed.
Skyline submitted a Special Use Permit ("SUP") application for the access road to the B.C. Ministry of Forest and Range (MOFR) on May 12, 2008. The SUP access road will require construction of a 28 km. road extension from AltaGas's Forrest Kerr access road which itself extends from the Eskay Creek Mine's access road.
The airstrip's location relative to the Bronson Slope deposit can be viewed online at the following link:
http://www.skylinegold.com/i/pdf/BronsonGoogleMaster.pdf
Skyline Gold would also like to provide the following update on its Bronson Slope project:
- Preliminary Economic Assessment ("PEA"): Work on the PEA, underway at Leighton Asia which is a division of The Leighton Group of Australia, continues to advance and is now approximately 75% complete. The PEA is tracking for completion by November 30, 2008.
- Environmental Assessment Certificate application: Skyline has submitted its Bronson Slope Project Description to the BC Environmental Assessment Office and the federal Canadian Environmental Assessment Agency. As the Bronson Slope project was extensively advanced in the Environmental Assessment ("EA") and Mine Act approval process in the mid 1990s, including the completion of a Mine Approval Certificate Application Report, Skyline is working with governmental permitting authorities with a view to identifying potential efficiencies in the EA and Mine Act application process to avoid duplication of work and speed the Bronson Slope permitting process.
- First Nations and community consultation: Skyline has scheduled meetings in October with the Tahltan and Iskut First Nations Chiefs and Tahltan Central Council. Skyline will work closely with the Tahltan First Nation and Iskut First Nation and communities near the Bronson Slope project to develop strong and productive relations during the consultation process and during the development, operation and reclamation phases of the Bronson Slope project.
- SUP Application: Skyline continues its discussion with the MOFR regarding Skyline's submitted application for an SUP to construct an access road from the extant Forrest Kerr access road. Skyline has also scheduled a meeting with AltaGas representatives to investigate a mutual Road Use Agreement between the companies.
- Magnetite and Pre-Concentration Studies: Skyline has received draft copies of the subject reports from BC Mining Research and is currently reviewing the reports. Skyline's goal is to re-assay drill cores samples for iron magnetite to quantify the magnetite component in the National Instrument (N.I.) 43-101 compliant Bronson Slope resource in 2009.
- Electrical Power: Skyline is delighted that the BC government's September 26, 2008 announcement that it is resuming advancement of the Northern Transmission Line project to extend the BC transmission grid from Terrace B.C. to the Bob Quinn Lake junction of the Eskay Creek access road and Highway 37. Skyline also continues studies underway at Sigma Engineering of Vancouver to advance Skyline's self-generation hydro electric licence applications for the generation of hydro electrical power for the Bronson Slope project. Skyline has also been approached by an industry group from Alaska seeking to interconnect surplus hydro power from the Alaskan panhandle to British Columbia customers.
Skyline's President, David Jensen, P.Eng. comments "We are focusing on advancing the Bronson Slope project through the PEA process, with a view to initiating the Feasibility Study early in 2009, permitting of the project, and consultation with First Nations and other local communities.
The Bronson Slope deposit has a mid-point of its outcrop lying some 400 m. above and 750 m. laterally from the proposed mill location. We are encouraged by the potential to use the favourable orientation and outcropping of the Bronson Slope deposit to develop a mining operation with both a very low operating cost and low capital cost design utilizing a conveyor-based mining operation powered by electricity. The ability to contain operating cost components through access to low cost grid power or locally generated hydro power and eliminating the requirement for a fleet of diesel haul trucks is one of the keys to positioning Skyline to become a low cost producer. The rapid development of the Bronson Slope deposit as a low cost project will allow Skyline to capitalize on what we feel will be an especially strong gold market in the years ahead."
Cliff Grandison, Skyline's CEO comments "Development of the Bronson Slope deposit is a key to the company's future and we look forward to significant progress in building our relations with the First Nations, in permitting the project, and the engineering and design necessary to complete a feasibility study next year."
The N.I. 43-101 compliant resource for Bronson Slope contains an estimated 2.6 million oz. of gold in a 225 million tonne Measured and Indicated resource grading an average of .36 g/t gold, 2.22 g/t silver, 0.13% copper, and .0077% molybdenum utilizing a $9.00/tonne cut-off grade using long term prices of $650/oz. gold, $2.00 /lb. copper, $10 /lb. silver, and $12 /lb. molybdenum (Burgoyne & Giroux, April 30, 2008).
ON BEHALF OF THE BOARD OF DIRECTORS
SKYLINE GOLD CORPORATION.
David Jensen, P.Eng., President
Cautionary Statement
Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfil such forward-statements and the Company undertakes no obligation to update statements. Such forward looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Skyline Gold Corporation
David Jensen, P.Eng.
President
(604) 270-3878
(604) 270-3858 (FAX)
Website: www.skylinegold.com
SOURCE: Skyline Gold Corporation
http://www.skylinegold.com
Copyright 2008 Market Wire, All rights reserved.
RICHMOND, BRITISH COLUMBIA, Oct 16, 2008 (MARKET WIRE via COMTEX) -- Skyline Gold Corp. ("Skyline") (CA:SK) , a company engaged in the exploration and development of its Bronson Slope mining development property in north western British Columbia's 'Golden Triangle', is pleased to announce that Barrick Gold Corp. has assigned to Skyline, and Skyline has accepted with appreciation, Barrick Gold's licence of occupation from the Province of British Columbia for the Snip / Bronson Creek airstrip.
Included in the licence of occupation, which is renewable for successive 10 year terms, is approximately 39 hectares of land approximately 900 metres from the outcrop of the Bronson Slope deposit. The 6,000 foot airstrip, which is capable of serving C-130 Hercules cargo aircraft, provides Skyline with direct air access from Vancouver to its Bronson Slope development property until an access road is permitted and constructed.
Skyline submitted a Special Use Permit ("SUP") application for the access road to the B.C. Ministry of Forest and Range (MOFR) on May 12, 2008. The SUP access road will require construction of a 28 km. road extension from AltaGas's Forrest Kerr access road which itself extends from the Eskay Creek Mine's access road.
The airstrip's location relative to the Bronson Slope deposit can be viewed online at the following link:
http://www.skylinegold.com/i/pdf/BronsonGoogleMaster.pdf
Skyline Gold would also like to provide the following update on its Bronson Slope project:
- Preliminary Economic Assessment ("PEA"): Work on the PEA, underway at Leighton Asia which is a division of The Leighton Group of Australia, continues to advance and is now approximately 75% complete. The PEA is tracking for completion by November 30, 2008.
- Environmental Assessment Certificate application: Skyline has submitted its Bronson Slope Project Description to the BC Environmental Assessment Office and the federal Canadian Environmental Assessment Agency. As the Bronson Slope project was extensively advanced in the Environmental Assessment ("EA") and Mine Act approval process in the mid 1990s, including the completion of a Mine Approval Certificate Application Report, Skyline is working with governmental permitting authorities with a view to identifying potential efficiencies in the EA and Mine Act application process to avoid duplication of work and speed the Bronson Slope permitting process.
- First Nations and community consultation: Skyline has scheduled meetings in October with the Tahltan and Iskut First Nations Chiefs and Tahltan Central Council. Skyline will work closely with the Tahltan First Nation and Iskut First Nation and communities near the Bronson Slope project to develop strong and productive relations during the consultation process and during the development, operation and reclamation phases of the Bronson Slope project.
- SUP Application: Skyline continues its discussion with the MOFR regarding Skyline's submitted application for an SUP to construct an access road from the extant Forrest Kerr access road. Skyline has also scheduled a meeting with AltaGas representatives to investigate a mutual Road Use Agreement between the companies.
- Magnetite and Pre-Concentration Studies: Skyline has received draft copies of the subject reports from BC Mining Research and is currently reviewing the reports. Skyline's goal is to re-assay drill cores samples for iron magnetite to quantify the magnetite component in the National Instrument (N.I.) 43-101 compliant Bronson Slope resource in 2009.
- Electrical Power: Skyline is delighted that the BC government's September 26, 2008 announcement that it is resuming advancement of the Northern Transmission Line project to extend the BC transmission grid from Terrace B.C. to the Bob Quinn Lake junction of the Eskay Creek access road and Highway 37. Skyline also continues studies underway at Sigma Engineering of Vancouver to advance Skyline's self-generation hydro electric licence applications for the generation of hydro electrical power for the Bronson Slope project. Skyline has also been approached by an industry group from Alaska seeking to interconnect surplus hydro power from the Alaskan panhandle to British Columbia customers.
Skyline's President, David Jensen, P.Eng. comments "We are focusing on advancing the Bronson Slope project through the PEA process, with a view to initiating the Feasibility Study early in 2009, permitting of the project, and consultation with First Nations and other local communities.
The Bronson Slope deposit has a mid-point of its outcrop lying some 400 m. above and 750 m. laterally from the proposed mill location. We are encouraged by the potential to use the favourable orientation and outcropping of the Bronson Slope deposit to develop a mining operation with both a very low operating cost and low capital cost design utilizing a conveyor-based mining operation powered by electricity. The ability to contain operating cost components through access to low cost grid power or locally generated hydro power and eliminating the requirement for a fleet of diesel haul trucks is one of the keys to positioning Skyline to become a low cost producer. The rapid development of the Bronson Slope deposit as a low cost project will allow Skyline to capitalize on what we feel will be an especially strong gold market in the years ahead."
Cliff Grandison, Skyline's CEO comments "Development of the Bronson Slope deposit is a key to the company's future and we look forward to significant progress in building our relations with the First Nations, in permitting the project, and the engineering and design necessary to complete a feasibility study next year."
The N.I. 43-101 compliant resource for Bronson Slope contains an estimated 2.6 million oz. of gold in a 225 million tonne Measured and Indicated resource grading an average of .36 g/t gold, 2.22 g/t silver, 0.13% copper, and .0077% molybdenum utilizing a $9.00/tonne cut-off grade using long term prices of $650/oz. gold, $2.00 /lb. copper, $10 /lb. silver, and $12 /lb. molybdenum (Burgoyne & Giroux, April 30, 2008).
ON BEHALF OF THE BOARD OF DIRECTORS
SKYLINE GOLD CORPORATION.
David Jensen, P.Eng., President
Cautionary Statement
Statements in this release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfil such forward-statements and the Company undertakes no obligation to update statements. Such forward looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Skyline Gold Corporation
David Jensen, P.Eng.
President
(604) 270-3878
(604) 270-3858 (FAX)
Website: www.skylinegold.com
SOURCE: Skyline Gold Corporation
http://www.skylinegold.com
Copyright 2008 Market Wire, All rights reserved.
Sabina Silver Announces Hackett River Study Update
Opportunities to Enhance Project Economics Continue to be Identified
By: Marketwire .
Oct. 16, 2008 08:30 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/16/08 -- Sabina Silver Corporation (TSX VENTURE: SBB) announced today an update on work progressing at its 100% owned Hackett River silver-zinc project in Nunavut, Canada.
HACKETT RIVER
Hackett River is a major silver-zinc deposit located approximately 75 kilometres from tide water in the Canadian arctic. Not only is it one of the largest undeveloped silver deposits of its type in the world, but it is located in one of the world's most appealing mining jurisdictions. Nunavut Territory, Canada, is a pro-mining jurisdiction subject to a rigorous achievable permitting process. The Territory is eager to create infrastructure and economic sustainability through the responsible development of mineral projects in the region.
Hackett River is currently in the pre-feasibility phase. As previously announced, the on-site pre-feasibility work required at Hackett for this year has been completed. The Company and its consultants are now waiting for the results of this work, along with other studies to be able to compile the data into a pre-feasibility study.
"It is essential, in today's economic environment, that the study is completed in a manner that is conservative but realistic, especially in light of anticipated increases in capital and operating costs," said Tony Walsh, President & CEO "Work continues to identify opportunities for optimizing project economics for the pre-feasibility study as well as to look for opportunities to grow Hackett River. As previously announced a recent Hackett River exploration review indicates excellent potential for the discovery of additional resources."
One of these opportunities is the potential for increased tonnage. The Hackett River Project will need to utilize a road and port. The costs of either building or using these facilities are fixed, however increased tonnage could mitigate these fixed costs and enhance project economics. The Company plans to look for increased tonnage by: completing further exploration at Hackett River; revising mine sequencing and from potential additional through put from proximal projects.
A review of the proposed mining technology is currently underway. For example, management now believes that the Boot Zone, originally an underground target, might be amenable to open pit mining. This would result in a synergistic open pit mining operation as well as deferring the capital requirements for underground development further into the life of the project. This would significantly bolster the economics of the project.
Other work continues on optimizing mill size, concentrate trucking, and metal recoveries.
Management still expects the pre-feasibility study and the updated mineable resource will be completed during the first quarter of 2009.
The Company is committed to the Hackett River project and to the relationships and partnerships it has created in Nunavut to date. Sabina supports the territory's plans for infrastructure, in particular the Bathurst Inlet Port and Road project as Hackett River operations will rely on a port and road. Nunavut remains one of the most prospective mining jurisdictions in the world.
All contemplated production at the Hackett River project is subject to positive feasibility studies, the availability of financing and permitting and regulatory approval.
CORPORATE UPDATE
As previously announced, management believes there are opportunities in this market to mitigate against the effects of Hackett River's long lead time on the Company's share price. As part of the corporate strategy, management continues to evaluate opportunities and proposals for accretive corporate transactions. The current market presents many affordable opportunities which combined with the Company's very strong balance sheet, puts Sabina in a strong position. Management is favouring assets that are non-grass roots precious metals preferably in North America, although consideration will be given to opportunities in other politically stable jurisdictions.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp. The Company is well capitalized with $44 million in cash and marketable securities at June 30, 2008. Management believes the Company has the financial resources to complete its pre-development initiatives at Hackett River.
Forward Looking Statements
Statements relating to exploration, pre-feasibility work and future operations at the Hackett River Project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2007.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.
Tony Walsh, President & CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
(604) 648-4216
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
Published Oct. 16, 2008
Copyright © 2008 SYS-CON Media. All Rights Reserved.
By: Marketwire .
Oct. 16, 2008 08:30 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/16/08 -- Sabina Silver Corporation (TSX VENTURE: SBB) announced today an update on work progressing at its 100% owned Hackett River silver-zinc project in Nunavut, Canada.
HACKETT RIVER
Hackett River is a major silver-zinc deposit located approximately 75 kilometres from tide water in the Canadian arctic. Not only is it one of the largest undeveloped silver deposits of its type in the world, but it is located in one of the world's most appealing mining jurisdictions. Nunavut Territory, Canada, is a pro-mining jurisdiction subject to a rigorous achievable permitting process. The Territory is eager to create infrastructure and economic sustainability through the responsible development of mineral projects in the region.
Hackett River is currently in the pre-feasibility phase. As previously announced, the on-site pre-feasibility work required at Hackett for this year has been completed. The Company and its consultants are now waiting for the results of this work, along with other studies to be able to compile the data into a pre-feasibility study.
"It is essential, in today's economic environment, that the study is completed in a manner that is conservative but realistic, especially in light of anticipated increases in capital and operating costs," said Tony Walsh, President & CEO "Work continues to identify opportunities for optimizing project economics for the pre-feasibility study as well as to look for opportunities to grow Hackett River. As previously announced a recent Hackett River exploration review indicates excellent potential for the discovery of additional resources."
One of these opportunities is the potential for increased tonnage. The Hackett River Project will need to utilize a road and port. The costs of either building or using these facilities are fixed, however increased tonnage could mitigate these fixed costs and enhance project economics. The Company plans to look for increased tonnage by: completing further exploration at Hackett River; revising mine sequencing and from potential additional through put from proximal projects.
A review of the proposed mining technology is currently underway. For example, management now believes that the Boot Zone, originally an underground target, might be amenable to open pit mining. This would result in a synergistic open pit mining operation as well as deferring the capital requirements for underground development further into the life of the project. This would significantly bolster the economics of the project.
Other work continues on optimizing mill size, concentrate trucking, and metal recoveries.
Management still expects the pre-feasibility study and the updated mineable resource will be completed during the first quarter of 2009.
The Company is committed to the Hackett River project and to the relationships and partnerships it has created in Nunavut to date. Sabina supports the territory's plans for infrastructure, in particular the Bathurst Inlet Port and Road project as Hackett River operations will rely on a port and road. Nunavut remains one of the most prospective mining jurisdictions in the world.
All contemplated production at the Hackett River project is subject to positive feasibility studies, the availability of financing and permitting and regulatory approval.
CORPORATE UPDATE
As previously announced, management believes there are opportunities in this market to mitigate against the effects of Hackett River's long lead time on the Company's share price. As part of the corporate strategy, management continues to evaluate opportunities and proposals for accretive corporate transactions. The current market presents many affordable opportunities which combined with the Company's very strong balance sheet, puts Sabina in a strong position. Management is favouring assets that are non-grass roots precious metals preferably in North America, although consideration will be given to opportunities in other politically stable jurisdictions.
SABINA SILVER CORPORATION is a Canadian public mineral exploration and development company with assets at the Hackett River silver-zinc project in Nunavut, the Del Norte project in the Stewart-Eskay Creek Mining District and several projects in the Red Lake gold camp. The Company is well capitalized with $44 million in cash and marketable securities at June 30, 2008. Management believes the Company has the financial resources to complete its pre-development initiatives at Hackett River.
Forward Looking Statements
Statements relating to exploration, pre-feasibility work and future operations at the Hackett River Project and the expected results of this work are forward-looking statements within the meaning of securities legislation of certain Provinces in Canada. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Sabina's operations and other risks and uncertainties, including those described in Sabina's Annual Report for the year ended December 31, 2007.
Forward-looking statements are based on the beliefs, estimates and opinions of Sabina's management on the date the statements are made. Sabina undertakes no obligation to update these forward-looking statements should management's beliefs, estimates or opinions, or other factors, should change.
This news release has been authorized by the undersigned on behalf of Sabina Silver Corporation.
Tony Walsh, President & CEO
Contacts:
Sabina Silver Corporation
Nicole Hoeller
Director, IR
(604) 648-4216
Email: nhoeller@sabinasilver.com
Website: www.sabinasilver.com
Published Oct. 16, 2008
Copyright © 2008 SYS-CON Media. All Rights Reserved.
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