Image by hto2008 via FlickrAug 2, by Business Wire
Brigus Gold Corp. ("Brigus" or the "Company") (NYSE Amex: BRD) (TSX: BRD) is pleased to announce continued excellent results within the 147 Zone including 20.11 grams per tonne ("gpt") over 16.00 metres ("m") which includes 34.06 gpt over 5.00 m.
"This is one of the best intercepts within the 147 Zone thus far," said Howard Bird, VP of Exploration for Brigus Gold. "This new discovery continues to deliver high grade gold over significant widths."
The 147 Zone remains open in all directions and at depth. Additional highlights from continued drilling include (all uncut, average gold grades over core length):
147 Zone
-- GF11-199: -- 6.05 gpt over 4.00 m;
-- GF11-201: -- 8.81 gpt over 4.00 m; and
-- 2.99 gpt over 24.00 m; -- including 5.37 gpt over 12.00 m
-- GF11-207: -- 2.51 gpt over 9.95 m; and
-- 3.84 gpt over 25.50 m; -- including 14.38 gpt over 5.00 m
-- GF11-244: -- 20.11 gpt over 16.00 m; -- including 34.06 gpt over 5.00 m
-- including 19.93 gpt over 7.00 m
The 147 Zone is located on the southern portion of Brigus' 100%-owned Black Fox Complex, four kilometres from the Company's Black Fox gold mine. The Black Fox Complex covers an area of approximately 18 square kilometres within the Timmins Mining District, Ontario. The 147 Zone gold mineralization primarily occurs within multiple quartz and carbonate healed brecciated zones within bleached units of mafic volcanics.
Drilling at the 147 Zone is progressing as planned with three drill rigs. The fourth and fifth drill rigs are in-fill drilling and testing the down-dip continuity of the Contact Main Zone located approximately 400 m to the north of the 147 Zone. A sixth drill rig has been contracted to commence drilling the second week of August and will test known gold bearing structures, as well as new potential gold bearing targets defined from the recent induced polarization and magnetic geophysical surveys within the Black Fox Complex.
The 147 Zone drill holes are listed in Appendix 1 and a drill-hole location map is included in Appendix 2. All are posted on the Company's website at www.brigusgold.com.
Surface drilling was conducted by Norex Drilling and was supervised by the Brigus exploration team. All sample analyses reported herein were performed by Polymet Labs of Cobalt, Ontario, which is ISO 9001:2000 certified in North America using standard fire assay procedures. Intercepts cited do not necessarily represent true widths, unless otherwise noted. Brigus Gold's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy. Senior Exploration Project Manager John A. Dixon, P. Geo., reviewed the technical exploration information in this release as the Qualified Person for the Company.
About Brigus
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Complex in the Timmins gold district of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and Mill, and adjoining Grey Fox-Pike River property, all in the Township of Matheson, Ontario, Canada. Brigus is also advancing its Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus has a letter of intent to sell 75% of its Ixhuatan silver-gold projected located in the state of Chiapas. In the Dominican Republic, Brigus has a letter of intent to sell its remaining interests in three mineral exploration projects.
Cautionary and Forward-Looking Statements
Statements contained in this news release that are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the ability of the Company to achieve targeted gold production at its Black Fox Mine, including underground production, and cash costs, mill expansion results, meet capital construction schedules and costs, and the continuation of a rising gold price are forward-looking statements and estimates that involve various risks and uncertainties. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the issue of permits, the size and quality of the company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the Company.
Important factors that could cause actual results to differ materially from these forward-looking statements include environmental risks and other factors disclosed under the heading "Risk Factors" in Brigus Gold's most recent Annual Information Form and Management Discussion and Analysis filed under the Company's name at www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov as well as elsewhere in Brigus' documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex Equities, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
SOURCE: Brigus Gold Corp.
The Gold Report Interview with Mike Niehuser (7/6/11) "We also were on Brigus Gold's analyst day visiting their Black Fox gold mine and mill near Timmins, Ontario. Management has succeeded in eliminating the hedge book and reducing debt. Brigus has about $29M in cash and expects to produce over 73 Koz. of gold in 2011 at about $625/oz. As the company ramps up underground outputs with higher grades, production is expected to increase to over a 100 Koz. in 2012 and costs should drop. In addition to this scheduled upside in the near term, the area is known for deep underground gold mining. Brigus has had great exploration success near surface down the trend in the Contact and 147 Zone. Together, this indicates good potential to increase production and the life of the mine. Improving prospects in the near and midterm should lead to Brigus achieving an entirely new investment profile."
Kerry Smith, Haywood Securities (7/6/11) "Brigus Gold has released assays from six more holes, all with significant assays, in the newly named '147 Zone' located 4 km. to the southeast of the Black Fox mine: The best hole (GF11-206) hit 3.94 g/t over a core width of 24.2m, including 6.86 g/t over 11.8m. Assays, now to a vertical depth of 240m in hole GF11-206, continue a trend of high-grade results in many of the holes."
Kerry Smith, Haywood Securities (6/21/11) "In Q111, Brigus Gold produced 8,772 oz. Au (in line with our model) at a cash operating cost of US$1,097/oz. (lower than our estimate); as previously noted, Black Fox had a difficult Q111, as ore from the Phase II open pit was not available to feed the mill (open-pit ore was sterilized by the old underground ramp and vent raise, and could not be mined until this old infrastructure was decommissioned and moved). Commercial production from Phase II was achieved in April, and underground production continues to ramp up with commercial production expected this month. . .the 147 Zone discovery has the potential for up to 200 Koz. for every 100m of vertical extent—a very significant discover, though in early stages, is delivering some excellent grades and widths."
HRA Dispatch (6/21/11) "Brigus Gold has released its Q1 results, which essentially boil down to management contending that the basic pain from the Black Fox refit is behind it; BRD expects to generate 73&38211;80 Koz. this year at a cash cost of about $600/oz. Drill results out yesterday show both high-grade and bulk-tonnage intercepts are well above current averages."
"This is one of the best intercepts within the 147 Zone thus far," said Howard Bird, VP of Exploration for Brigus Gold. "This new discovery continues to deliver high grade gold over significant widths."
The 147 Zone remains open in all directions and at depth. Additional highlights from continued drilling include (all uncut, average gold grades over core length):
147 Zone
-- GF11-199: -- 6.05 gpt over 4.00 m;
-- GF11-201: -- 8.81 gpt over 4.00 m; and
-- 2.99 gpt over 24.00 m; -- including 5.37 gpt over 12.00 m
-- GF11-207: -- 2.51 gpt over 9.95 m; and
-- 3.84 gpt over 25.50 m; -- including 14.38 gpt over 5.00 m
-- GF11-244: -- 20.11 gpt over 16.00 m; -- including 34.06 gpt over 5.00 m
-- including 19.93 gpt over 7.00 m
The 147 Zone is located on the southern portion of Brigus' 100%-owned Black Fox Complex, four kilometres from the Company's Black Fox gold mine. The Black Fox Complex covers an area of approximately 18 square kilometres within the Timmins Mining District, Ontario. The 147 Zone gold mineralization primarily occurs within multiple quartz and carbonate healed brecciated zones within bleached units of mafic volcanics.
Drilling at the 147 Zone is progressing as planned with three drill rigs. The fourth and fifth drill rigs are in-fill drilling and testing the down-dip continuity of the Contact Main Zone located approximately 400 m to the north of the 147 Zone. A sixth drill rig has been contracted to commence drilling the second week of August and will test known gold bearing structures, as well as new potential gold bearing targets defined from the recent induced polarization and magnetic geophysical surveys within the Black Fox Complex.
The 147 Zone drill holes are listed in Appendix 1 and a drill-hole location map is included in Appendix 2. All are posted on the Company's website at www.brigusgold.com.
Surface drilling was conducted by Norex Drilling and was supervised by the Brigus exploration team. All sample analyses reported herein were performed by Polymet Labs of Cobalt, Ontario, which is ISO 9001:2000 certified in North America using standard fire assay procedures. Intercepts cited do not necessarily represent true widths, unless otherwise noted. Brigus Gold's quality control checks include insertion of blanks, standards and duplicates to ensure laboratory accuracy. Senior Exploration Project Manager John A. Dixon, P. Geo., reviewed the technical exploration information in this release as the Qualified Person for the Company.
About Brigus
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Complex in the Timmins gold district of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and Mill, and adjoining Grey Fox-Pike River property, all in the Township of Matheson, Ontario, Canada. Brigus is also advancing its Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus has a letter of intent to sell 75% of its Ixhuatan silver-gold projected located in the state of Chiapas. In the Dominican Republic, Brigus has a letter of intent to sell its remaining interests in three mineral exploration projects.
Cautionary and Forward-Looking Statements
Statements contained in this news release that are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All statements regarding the ability of the Company to achieve targeted gold production at its Black Fox Mine, including underground production, and cash costs, mill expansion results, meet capital construction schedules and costs, and the continuation of a rising gold price are forward-looking statements and estimates that involve various risks and uncertainties. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the issue of permits, the size and quality of the company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the Company.
Important factors that could cause actual results to differ materially from these forward-looking statements include environmental risks and other factors disclosed under the heading "Risk Factors" in Brigus Gold's most recent Annual Information Form and Management Discussion and Analysis filed under the Company's name at www.sedar.com and annual report on Form 40-F filed with the United States Securities and Exchange Commission at www.sec.gov as well as elsewhere in Brigus' documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex Equities, the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
SOURCE: Brigus Gold Corp.
Brigus Gold Corp.
Jennifer Nicholson, CA
Vice President Investor Relations
902-422-1421
jnicholson@brigusgold.com Expert Analysis
Kerry Smith, Haywood Securities (7/28/11) "Brigus Gold Corp. rates a Sector Outperform with the release of assays from nine more holes, of which six holes returned significant assays in the recently named 147 Zone located 4 km. to the southeast of the Black Fox mine. . .the best hole (GF11-244) hit 20.11 g/t over a core width of 16m, including 34.06 g/t gold over 5m. . .assays continue a trend of high-grade results in many of the holes, with most of the assays returning 3m–4m widths grading 6–9 g/t gold. . .this zone continues to demonstrate a very high hit ratio with over 70% of the holes delivering ore-grade intercepts. So far this zone is showing reasonable down-dip continuity typical of the Timmins camp and we expect further positive results over the year as the company continues its planned 25,000m of drilling."The Gold Report Interview with Mike Niehuser (7/6/11) "We also were on Brigus Gold's analyst day visiting their Black Fox gold mine and mill near Timmins, Ontario. Management has succeeded in eliminating the hedge book and reducing debt. Brigus has about $29M in cash and expects to produce over 73 Koz. of gold in 2011 at about $625/oz. As the company ramps up underground outputs with higher grades, production is expected to increase to over a 100 Koz. in 2012 and costs should drop. In addition to this scheduled upside in the near term, the area is known for deep underground gold mining. Brigus has had great exploration success near surface down the trend in the Contact and 147 Zone. Together, this indicates good potential to increase production and the life of the mine. Improving prospects in the near and midterm should lead to Brigus achieving an entirely new investment profile."
Kerry Smith, Haywood Securities (7/6/11) "Brigus Gold has released assays from six more holes, all with significant assays, in the newly named '147 Zone' located 4 km. to the southeast of the Black Fox mine: The best hole (GF11-206) hit 3.94 g/t over a core width of 24.2m, including 6.86 g/t over 11.8m. Assays, now to a vertical depth of 240m in hole GF11-206, continue a trend of high-grade results in many of the holes."
Kerry Smith, Haywood Securities (6/21/11) "In Q111, Brigus Gold produced 8,772 oz. Au (in line with our model) at a cash operating cost of US$1,097/oz. (lower than our estimate); as previously noted, Black Fox had a difficult Q111, as ore from the Phase II open pit was not available to feed the mill (open-pit ore was sterilized by the old underground ramp and vent raise, and could not be mined until this old infrastructure was decommissioned and moved). Commercial production from Phase II was achieved in April, and underground production continues to ramp up with commercial production expected this month. . .the 147 Zone discovery has the potential for up to 200 Koz. for every 100m of vertical extent—a very significant discover, though in early stages, is delivering some excellent grades and widths."
HRA Dispatch (6/21/11) "Brigus Gold has released its Q1 results, which essentially boil down to management contending that the basic pain from the Black Fox refit is behind it; BRD expects to generate 73&38211;80 Koz. this year at a cash cost of about $600/oz. Drill results out yesterday show both high-grade and bulk-tonnage intercepts are well above current averages."
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