Gold News
The proposed investment deal between Kinbauri Gold Corp and Gold Eagle Resources has been halted, as Kinbauri Gold said they didn't feel comfortable with the funding arrangements by Glen Eagle, and believed there wasn't enough funding available to make the deal happen.
Glen Eagle had in April offered to invest C$32 million in Kinbauri for a 45 percent stake in Kinbauri Espana unit -- which holds interests in the El Valle/Carles gold and copper project in northwestern Spain.
Separately, Glen Eagle said it believes that Kinbauri's termination is a breach of their deal and is considering its options.
Kinbauri, which is also the target of a takeover bid from Toronto-based Orvana Minerals Corp (ORV.TO), said it has decided to allow the matter to be determined in a court at the same time as the application brought by its shareholder Jaguar Financial Corp, scheduled to be heard on June 17.
Last month, Jaguar Financial, which owns 9 percent of Kinbauri, had approached the court, after Kinbauri rejected Orvana's offer of 55 Canadian cents a share as its deal with Glen Eagle was on the verge of completion.
In a statement on Friday, Kinbauri said a special committee continues to evaluate the takeover bid from Orvana Minerals, consider other alternatives and will make a recommendation to the board in the near future.
Gold News
Showing posts with label Gold Company. Show all posts
Showing posts with label Gold Company. Show all posts
Friday, June 5, 2009
Sunday, January 11, 2009
Alamos Gold Inc. Reports Strong Fourth Quarter and Full Year 2008 Production and Provides 2009 Operating Forecast
TORONTO, ONTARIO - Alamos Gold Inc. (TSX: AGI) ("Alamos" or the "Company") announces fourth quarter gold production of 39,347 ounces, achieving the top end of the Company's quarterly production guidance of 35,000 to 40,000 ounces. Full year 2008 gold production of 151,000 was 42% higher than gold production of 106,200 ounces in 2007. The calculation of total cash costs for the fourth quarter and full year 2008 have yet to be finalized. However, the Company expects that total cash costs for the fourth quarter will be significantly below previous guidance of $395 per ounce, and that total cash costs for 2008 will be approximately $400 per ounce.
The Company is also pleased to report that it began drum agglomeration ahead of schedule in late December. The drum agglomeration process is expected to improve leach pad percolation and increase gold recoveries.
John A. McCluskey, President and Chief Executive Officer stated, "In 2008, Alamos has been successful at delivering on what we promised. We've now had six consecutive quarters of meeting or exceeding our production and cost guidance. We are exiting 2008 at a quarterly production rate of almost 40,000 ounces and our total cash costs are decreasing as a result of higher recoveries and a weaker Mexican peso. These factors, combined with our strong balance sheet, with no debt and over $40 million in cash, provide us with significant resources to grow the Company through internal expansion at Mulatos and strategic acquisitions".
In 2009, the Company is forecasting gold production of 145,000 to 160,000 ounces from the Mulatos mine at a total cash cost (including the 5% royalty) of $350 per ounce.
The following key assumptions form the basis for the 2009 production budget:
- Recoveries of 60%
- Crusher throughput average 13,400 tonnes of crushed ore per day
- Grade of 1.60 grams per tonne of gold ("g/t Au")
- Waste-to-ore ratio of 1.3:1
- Mexican Peso:USD foreign exchange rate of 12.6:1
Significant capital expenditures for 2009 include approximately $9 million to close the existing crushing circuit. This project is expected to further improve gold recoveries to the 65%-plus level. Other sustaining capital is expected to total approximately $10 million. The 2009 exploration budget is $7 million and will focus on definition drilling at Cerro Pelon, Puerto del Aire and Gap, step-out drilling at San Carlos and Phase I drilling at El Carricito.
The Company expects to announce a decision with respect to construction of a mill to process high-grade ore in the first quarter of 2009. As a result of the decision to close the crushing circuit to increase recoveries from the heap leach operation to the 65%-plus range, the incremental benefit of constructing a mill capable of processing various ore types has been substantially reduced. Accordingly, the Company expects that it will select a lower cost milling option to focus primarily on processing high-grade ore at Escondida, at a total capital cost of approximately $45 million (including $25 million in waste removal costs). The Company expects that it will be able to finance construction of the mill out of operating cash flows.
A revised global mine development plan and reserve and resource update will be announced in the first quarter of 2009. The Company expects these to result in significantly extending the life of the Mulatos mine.
About Alamos
Alamos is a Canadian-based gold producer with operations, exploration and development activities in Mexico. The Company employs approximately 400 people in Mexico and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighbouring communities. Alamos is fully leveraged to increases in gold prices. Alamos' common shares are traded on the Toronto Stock Exchange under the symbol "AGI".
Cautionary Non-GAAP Statements
The Company believes that investors use certain indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. "Total cash costs" as used in this analysis is a non-GAAP term typically used by gold mining companies to assess the level of gross margin available to the Company per ounce of gold by subtracting these costs from the unit price realized during the period. This non-GAAP term is also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of "total cash costs" as determined by the Company compared with other mining companies. In this context, "total cash costs" reflects the per ounce cash operating costs allocated from in-process and dore inventory associated with ounces of gold sold in the period, plus applicable royalties. "Total cash costs" may vary from one period to another due to operating efficiencies, waste-to-ore ratios, grade of ore processed, gold recovery rates and gold prices during the period.
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration results, and future plans and objectives of Alamos, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements 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.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Alamos' expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled "Risk Factors" in Alamos' Annual Information Form. Although Alamos has attempted to identify important factors that could cause actual results to differ materially, 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 statements.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Alamos Gold Inc.
John A. McCluskey
President and Chief Executive Officer
(416) 368-9932 or 1-866-788-8801
Website: www.alamosgold.com© MarketWire 2009
The Company is also pleased to report that it began drum agglomeration ahead of schedule in late December. The drum agglomeration process is expected to improve leach pad percolation and increase gold recoveries.
John A. McCluskey, President and Chief Executive Officer stated, "In 2008, Alamos has been successful at delivering on what we promised. We've now had six consecutive quarters of meeting or exceeding our production and cost guidance. We are exiting 2008 at a quarterly production rate of almost 40,000 ounces and our total cash costs are decreasing as a result of higher recoveries and a weaker Mexican peso. These factors, combined with our strong balance sheet, with no debt and over $40 million in cash, provide us with significant resources to grow the Company through internal expansion at Mulatos and strategic acquisitions".
In 2009, the Company is forecasting gold production of 145,000 to 160,000 ounces from the Mulatos mine at a total cash cost (including the 5% royalty) of $350 per ounce.
The following key assumptions form the basis for the 2009 production budget:
- Recoveries of 60%
- Crusher throughput average 13,400 tonnes of crushed ore per day
- Grade of 1.60 grams per tonne of gold ("g/t Au")
- Waste-to-ore ratio of 1.3:1
- Mexican Peso:USD foreign exchange rate of 12.6:1
Significant capital expenditures for 2009 include approximately $9 million to close the existing crushing circuit. This project is expected to further improve gold recoveries to the 65%-plus level. Other sustaining capital is expected to total approximately $10 million. The 2009 exploration budget is $7 million and will focus on definition drilling at Cerro Pelon, Puerto del Aire and Gap, step-out drilling at San Carlos and Phase I drilling at El Carricito.
The Company expects to announce a decision with respect to construction of a mill to process high-grade ore in the first quarter of 2009. As a result of the decision to close the crushing circuit to increase recoveries from the heap leach operation to the 65%-plus range, the incremental benefit of constructing a mill capable of processing various ore types has been substantially reduced. Accordingly, the Company expects that it will select a lower cost milling option to focus primarily on processing high-grade ore at Escondida, at a total capital cost of approximately $45 million (including $25 million in waste removal costs). The Company expects that it will be able to finance construction of the mill out of operating cash flows.
A revised global mine development plan and reserve and resource update will be announced in the first quarter of 2009. The Company expects these to result in significantly extending the life of the Mulatos mine.
About Alamos
Alamos is a Canadian-based gold producer with operations, exploration and development activities in Mexico. The Company employs approximately 400 people in Mexico and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighbouring communities. Alamos is fully leveraged to increases in gold prices. Alamos' common shares are traded on the Toronto Stock Exchange under the symbol "AGI".
Cautionary Non-GAAP Statements
The Company believes that investors use certain indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. "Total cash costs" as used in this analysis is a non-GAAP term typically used by gold mining companies to assess the level of gross margin available to the Company per ounce of gold by subtracting these costs from the unit price realized during the period. This non-GAAP term is also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of "total cash costs" as determined by the Company compared with other mining companies. In this context, "total cash costs" reflects the per ounce cash operating costs allocated from in-process and dore inventory associated with ounces of gold sold in the period, plus applicable royalties. "Total cash costs" may vary from one period to another due to operating efficiencies, waste-to-ore ratios, grade of ore processed, gold recovery rates and gold prices during the period.
Cautionary Note
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration results, and future plans and objectives of Alamos, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in mineral resources and conversion of mineral resources to proven and probable reserves, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements." Forward-looking statements 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.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Alamos' expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well as those factors discussed in the section entitled "Risk Factors" in Alamos' Annual Information Form. Although Alamos has attempted to identify important factors that could cause actual results to differ materially, 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 statements.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Alamos Gold Inc.
John A. McCluskey
President and Chief Executive Officer
(416) 368-9932 or 1-866-788-8801
Website: www.alamosgold.com© MarketWire 2009
Saturday, January 10, 2009
Gold Rock Holdings, INC. (GRHI) Appoints President
ENCINITAS, CA - GOLD ROCK HOLDINGS, INC.'s (GOLD ROCK) (PINKSHEETS: GRHI) Board of Directors today announced its decision to select Larry Bailey, former White House official and noted Urban Specialist and Businessman, as its President. Gold Rock Holdings and its wholly owned subsidiaries represent over 60 years of domestic and international construction and building projects.
Mr. Bailey brings an extensive background in development, financing, and government entitlement programs, to support the company's proposed strategy of assisting local governments in the Gulf Region states with construction of 25,000 new dwelling units over the next 10 years.
Gold Rock Holdings Inc. is poised to act as a catalyst in jumpstarting the nation's lagging construction industry targeting fixed income seniors, low to moderate income residents, and returning 'baby boomers' seeking new inexpensive 'retirement' housing.
A proposed ten (10) year program will showcase "green construction" technologies, training and job creation as center pieces in a public/private strategy for utilizing local manpower to build permanent housing for residents of the region. Beginning first in Mississippi, Mr. Bailey will spearhead a lower Mississippi Delta region initiative involving builders and contractors working in concert with local governments. The program is expected to create 90,000 jobs in a 10 state region over the next several years.
Mr. Bailey states, "Analysts cite market demands for over a hundred thousand dwelling units in Mississippi, alone. Most are needed by fixed and lower income residents in some 40 counties where evidence of hurricane damage is a constant reminder that replacement housing is high on the agenda of many Mississippi residents."
The integration of public and private resources in housing construction as outlined by Gold Rock Holdings offers the nation a prototype with immediate impact and a solution to surging unemployment in an industry and region where the housing demands are staggering from the devastation of the hurricane seasons of 2006-2008.
For further information about this release, contact Rich Kaiser, Investor Relations, YES INTERNATIONAL, 1-800-631-8127.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain forward-looking information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
CONTACT:
GOLD ROCK HOLDINGS, INC.
Rich Kaiser
Yes International
800-631-8127
© MarketWire 2009
Mr. Bailey brings an extensive background in development, financing, and government entitlement programs, to support the company's proposed strategy of assisting local governments in the Gulf Region states with construction of 25,000 new dwelling units over the next 10 years.
Gold Rock Holdings Inc. is poised to act as a catalyst in jumpstarting the nation's lagging construction industry targeting fixed income seniors, low to moderate income residents, and returning 'baby boomers' seeking new inexpensive 'retirement' housing.
A proposed ten (10) year program will showcase "green construction" technologies, training and job creation as center pieces in a public/private strategy for utilizing local manpower to build permanent housing for residents of the region. Beginning first in Mississippi, Mr. Bailey will spearhead a lower Mississippi Delta region initiative involving builders and contractors working in concert with local governments. The program is expected to create 90,000 jobs in a 10 state region over the next several years.
Mr. Bailey states, "Analysts cite market demands for over a hundred thousand dwelling units in Mississippi, alone. Most are needed by fixed and lower income residents in some 40 counties where evidence of hurricane damage is a constant reminder that replacement housing is high on the agenda of many Mississippi residents."
The integration of public and private resources in housing construction as outlined by Gold Rock Holdings offers the nation a prototype with immediate impact and a solution to surging unemployment in an industry and region where the housing demands are staggering from the devastation of the hurricane seasons of 2006-2008.
For further information about this release, contact Rich Kaiser, Investor Relations, YES INTERNATIONAL, 1-800-631-8127.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain forward-looking information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
CONTACT:
GOLD ROCK HOLDINGS, INC.
Rich Kaiser
Yes International
800-631-8127
© MarketWire 2009
Friday, January 9, 2009
"New Gold Inc." Lowers Debt by Buying Back Senior Secured Notes
In a move to lower its debt load, New Gold Inc (NGD.TO) bought back C$50 million of its senior secured notes at 40 percent off their face value.
As a result, the senior secured debt load of the company will fall from C$237 million to C$187 million. That will also help the company cut an annual C$5 million in costs related to interest from the lowered debt.
Overall debt for the company will be down to C$242 million at the close of the deal.
New Gold estimates there will be a pre-tax increase of $14 million in the first quarter in response to their actions.
Wednesday, December 10, 2008
Yukon-Nevada Gold Corp. Announces Increase to Private Placement
VANCOUVER, Dec. 10, 2008 (Canada NewsWire via COMTEX) ----Yukon-Nevada Gold Corp. (Toronto Stock Exchange ("TSX"): YNG; Frankfurt Xetra Exchange: NG6) Graham Dickson, the President of Yukon-Nevada Gold Corp. (the "Company"), announces that further to the Company's news release of December 4, 2008 announcing the increase to the Company's previously announced non-brokered private placement, the number of Units to be offered has been increased from 79,300,000 Units to 79,800,000 Units at $0.05 per Unit in the capital stock of the Company, thereby increasing the amount raised from $3,965,000 to $3,990,000. The maximum number of Shares to be issued pursuant to the private placement, including the underlying Warrants and the finder's fee (described below), is 261,600,000 Shares; being 141.06% of the Company's current issued and outstanding Shares, or 58.52% of the Company's then issued share capital.
All other terms of the private placement will remain the same.
Yukon-Nevada Gold Corp. is a North American gold company in the business of discovering, developing and operating gold deposits. The Company holds a diverse portfolio of gold, silver, zinc and copper properties in the Yukon Territory and British Columbia in Canada and in Arizona and Nevada in the United States. The Company's focus has been on the acquisition and development of late stage development and operating properties with gold as the primary target. Continued growth will occur by increasing or initiating production from the Company's existing properties.
If you would like to receive press releases via email please contact nicole@yngc.ca and specify "Yukon-Nevada Gold Corp. releases" in the subject line.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: Yukon-Nevada Gold Corp.
Yukon-Nevada Gold
Corp., Nicole Sanches, Investor Relations Manager, Tel: (604) 688-9427, Email: nicole@yngc.ca, www.yukon-nevadagold.com; CHF
Investor Relations, Jacqueline Wagenaar, Account Manager, Tel: (416) 868-1079 ext. 289, Email: jacqueline@chfir.com, www.chfir.com
Copyright (C) 2008 CNW Group. All rights reserved
All other terms of the private placement will remain the same.
Yukon-Nevada Gold Corp. is a North American gold company in the business of discovering, developing and operating gold deposits. The Company holds a diverse portfolio of gold, silver, zinc and copper properties in the Yukon Territory and British Columbia in Canada and in Arizona and Nevada in the United States. The Company's focus has been on the acquisition and development of late stage development and operating properties with gold as the primary target. Continued growth will occur by increasing or initiating production from the Company's existing properties.
If you would like to receive press releases via email please contact nicole@yngc.ca and specify "Yukon-Nevada Gold Corp. releases" in the subject line.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: Yukon-Nevada Gold Corp.
Yukon-Nevada Gold
Corp., Nicole Sanches, Investor Relations Manager, Tel: (604) 688-9427, Email: nicole@yngc.ca, www.yukon-nevadagold.com; CHF
Investor Relations, Jacqueline Wagenaar, Account Manager, Tel: (416) 868-1079 ext. 289, Email: jacqueline@chfir.com, www.chfir.com
Copyright (C) 2008 CNW Group. All rights reserved
Saturday, November 8, 2008
Almaden Minerals Ltd.: Rock Samples Return Significant Gold, Copper and Silver from the Willow Gold-Silver Property, Nevada
VANCOUVER, BRITISH COLUMBIA, Nov 07, 2008 (MARKET WIRE via COMTEX) -- In Brief
In October 2008 Almaden Minerals Ltd. (CA:AMM) (NYSE-A: AAU) ("Almaden") initiated a follow-up mapping and rock chip sampling program on its wholly owned Willow project in Nevada. The 100% owned Willow project was acquired by staking in 2007. The new work has confirmed that the Willow Project area represents a preserved high sulphidation gold system. Rock samples from exposed breccia zones and veining returned values as high as 0.58 g/t, 289 g/t silver and 4.9% copper.
In Detail
Past geologic and alteration mapping outlined a roughly 2 by 2 kilometer area of intense hydrothermal alteration characterized by silicification, brecciation and alunite, kaolinite and dickite alteration, all features typical of high sulphidation systems. The October 2008 program focussed on an east-west band through this area which included an erosional window through a tabular zone of massive silicification thought to represent the original top of the high sulphidation system. The general geology of the Willow Property consists of an underlying "basement" of argillically-altered rocks of uncertain protoliths that have been protected from erosion by an overlying resistive and extensive cap rock of generally massive silica. Above the silica is a thin sequence of andesitic flows which is overlain by post mineral volcanic rocks. In addition to massive silicification, cross cutting vertical silicified hydrothermal breccias have been identified. These breccias are interpreted to represent the top portion of the feeder structures to the mineralising system and are the target for future exploration. Rock chip samples taken during the course of mapping returned encouraging results.
A total of 45 rock chip, grab and float samples were taken and returned gold values from below detection up to 0.58 g/t gold. The highest gold value came from a float sample of silificed breccia material taken from the northwest end of the property where past soil samples returned values up to 1 g/t gold (see Almaden news release of August 28, 2008). Six samples returned gold values above 100 ppb or 0.1 g/t gold. Silver values ranged from below detection up to 289 g/t silver including three samples over 100 g/t silver. Significant arsenic, barium, mercury and antimony values were returned as well, consistent with the interpretation that the property represents high levels of exposure in a well preserved system. One grab sample of quartz-veined material located on the east end, and lowest elevation of the project, returned 0.11 g/t gold, 162 g/t silver and 4.9% copper. Covellite was identified in the material sampled, a common mineral in high sulphidation systems. The presence of this copper mineral is interpreted to be very encouraging because it suggests that the late brine pulse necessary to form well mineralised high sulphidation systems occurred at the Willow project.
Almaden has initiated an IP geophysical survey now underway and designed to identify high resistivity silica-rich breccias and feeder zones beneath the area of massive silicification. Results will be reported upon their receipt.
Morgan J. Poliquin, President and COO of Almaden and a qualified person under the meaning of National Instrument 43-101 has reviewed the technical information in this news release. Samples were analysed at ALS Chemex labs of North Vancouver using industry standard fire assay, agua regia and ICP methodologies.
On Behalf of the Board of Directors
Morgan J. Poliquin, M.Sc., P.Eng., President, COO and Director
Almaden Minerals Ltd.
Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.
The Toronto Stock Exchange and NYSE Alternext US have not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management.
Contacts:
Almaden Minerals Ltd.
Morgan J. Poliquin, M.Sc., P.Eng.
President, COO and Director
(604) 689-7644
(604) 689-7645 (FAX)
Website: www.almadenminerals.com
SOURCE: Almaden Minerals Ltd.
Copyright 2008 Market Wire, All rights reserved.
In October 2008 Almaden Minerals Ltd. (CA:AMM) (NYSE-A: AAU) ("Almaden") initiated a follow-up mapping and rock chip sampling program on its wholly owned Willow project in Nevada. The 100% owned Willow project was acquired by staking in 2007. The new work has confirmed that the Willow Project area represents a preserved high sulphidation gold system. Rock samples from exposed breccia zones and veining returned values as high as 0.58 g/t, 289 g/t silver and 4.9% copper.
In Detail
Past geologic and alteration mapping outlined a roughly 2 by 2 kilometer area of intense hydrothermal alteration characterized by silicification, brecciation and alunite, kaolinite and dickite alteration, all features typical of high sulphidation systems. The October 2008 program focussed on an east-west band through this area which included an erosional window through a tabular zone of massive silicification thought to represent the original top of the high sulphidation system. The general geology of the Willow Property consists of an underlying "basement" of argillically-altered rocks of uncertain protoliths that have been protected from erosion by an overlying resistive and extensive cap rock of generally massive silica. Above the silica is a thin sequence of andesitic flows which is overlain by post mineral volcanic rocks. In addition to massive silicification, cross cutting vertical silicified hydrothermal breccias have been identified. These breccias are interpreted to represent the top portion of the feeder structures to the mineralising system and are the target for future exploration. Rock chip samples taken during the course of mapping returned encouraging results.
A total of 45 rock chip, grab and float samples were taken and returned gold values from below detection up to 0.58 g/t gold. The highest gold value came from a float sample of silificed breccia material taken from the northwest end of the property where past soil samples returned values up to 1 g/t gold (see Almaden news release of August 28, 2008). Six samples returned gold values above 100 ppb or 0.1 g/t gold. Silver values ranged from below detection up to 289 g/t silver including three samples over 100 g/t silver. Significant arsenic, barium, mercury and antimony values were returned as well, consistent with the interpretation that the property represents high levels of exposure in a well preserved system. One grab sample of quartz-veined material located on the east end, and lowest elevation of the project, returned 0.11 g/t gold, 162 g/t silver and 4.9% copper. Covellite was identified in the material sampled, a common mineral in high sulphidation systems. The presence of this copper mineral is interpreted to be very encouraging because it suggests that the late brine pulse necessary to form well mineralised high sulphidation systems occurred at the Willow project.
Almaden has initiated an IP geophysical survey now underway and designed to identify high resistivity silica-rich breccias and feeder zones beneath the area of massive silicification. Results will be reported upon their receipt.
Morgan J. Poliquin, President and COO of Almaden and a qualified person under the meaning of National Instrument 43-101 has reviewed the technical information in this news release. Samples were analysed at ALS Chemex labs of North Vancouver using industry standard fire assay, agua regia and ICP methodologies.
On Behalf of the Board of Directors
Morgan J. Poliquin, M.Sc., P.Eng., President, COO and Director
Almaden Minerals Ltd.
Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.
The Toronto Stock Exchange and NYSE Alternext US have not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management.
Contacts:
Almaden Minerals Ltd.
Morgan J. Poliquin, M.Sc., P.Eng.
President, COO and Director
(604) 689-7644
(604) 689-7645 (FAX)
Website: www.almadenminerals.com
SOURCE: Almaden Minerals Ltd.
Copyright 2008 Market Wire, All rights reserved.
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