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Showing posts with label Precious metal. Show all posts
Showing posts with label Precious metal. Show all posts

Tuesday, January 10, 2012

San Gold sets new production record in 4th Quarter!

San Gold Corporation

TSX : SGR
Nasdaq - OTCQX : SGRCF




January 10, 2012 06:00 ET

San Gold achieves Record Production in Q4 2011



WINNIPEG, MANITOBA--(Marketwire - Jan. 10, 2012) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today announced preliminary results of operations at its Rice Lake Mining Complex in Manitoba, Canada for the quarter ended December 31, 2011.
Q4 Production Highlights
  • Record gold production of 20,359 ounces with additional 4,000 to 5,000 in surface ore stockpile.
  • December production of 8,388 ounces annualized supports 100,000 ounce guidance for 2012.
  • Milling and crushing initiatives completed to upgrade mill capacity to 2,000 tons per day.
  • Exploration results issued in December continue to demonstrate the tremendous potential of our new mine trends.
Fourth Quarter 2011 Preliminary Operating Results
San Gold produced a record 20,359 ounces of gold in the fourth quarter with approximately 25,400 tons of ore in the surface stockpiles representing an additional 4,000 to 5,000 ounces of gold in front of the mill.
During December the operation established a new daily mill record of 2,056 tons per day, with an average throughput of 1,775 tons per day. The operation began the year at an average production rate of 829 tons per day.

"This has been a tremendous year for our production team at Rice Lake. We've executed a very aggressive development plan, increasing our milling capacity by two-thirds while building out an extensive mine complex along a new mining horizon. We are well positioned going into 2012 and will continue to aggressively pursue new opportunities as they emerge," said San Gold President and Chief Executive Officer George Pirie.

There were two planned events during the fourth quarter that resulted in lost milling opportunities. In the first two weeks of October, throughput rates in the flotation circuit were reduced while the second bank of new flotation cells was commissioned. In November, three milling days were lost due to the commissioning of the new screening plant and the relocation of the three stage crushing circuit. No upgrades that will affect mill throughput are planned through the first half of 2012.

Total gold production for 2011 was 74,280 ounces with 4,000 to 5,000 in surface stockpiles accumulated during the year, effectively meeting our full year guidance of 80,000 ounces. On an annualized basis, December production supports our 100,000 ounce production forecast for 2012.

About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Hinge, 007, and Rice Lake mines near Bissett, Manitoba. The Company employs more than 400 people and is committed to the highest standards of safety and environmental stewardship. San Gold is on the Toronto Stock Exchange under the symbol "SGR" and on the OTCQX under the symbol "SGRCF".
For further information on San Gold, please visit www.sangold.ca.

Cautionary Note
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, cash operating costs, potential mineralization, mineral resources, mineral reserves, exploration results, and future plans and objectives of the Company, 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 mineral 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 that 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 the Company's expectations include, among others, 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 precious metals, as well as those factors discussed in the section entitled "Other MD&A Requirements and Additional Disclosure and Risk Factors" in the Company's most recent quarterly Management's Analysis and Discussion ("MD&A"). Although the Company 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.
Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a category of mineral resource. A mineral resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable reserves.
The TSX and the OTCQX exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information


  • San Gold Corporation
    Tim Friesen
    Communications Director
    1 (204) 772-9149 ext. 202

    San Gold Corporation
    George Pirie
    President and CEO
    1 (416) 214-0024
    www.sangold.ca

    TD Securities ACTION Notes today:
    San Gold Corp. (SGR-T) C$2.00 ....
    BUY (Unchanged);Target: C$3.50 (Unchanged)
    Poised to Deliver
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Friday, May 20, 2011

International Lithium Corp to begin trading on May 24th!

TNR Gold Corp.

TSX VENTURE : TNR


TNR Gold Corp.
International Lithium Corp.



International Lithium Corp.
May 20, 2011 09:00 ET

TNR Gold Corp.: International Lithium Corp. Listing Date



VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2011) - TNR Gold Corp. ("TNR") (TSX VENTURE: TNR) and wholly-owned International Lithium Corp. ("ILC") (TSX VENTURE:ILC)(TSX VENTURE:ILC.WT) (jointly the "Company") are pleased to announce effective at the opening May 24, 2011, the Shares and Warrants of ILC will commence trading on TSX Venture Exchange.
Key Highlights:
  • At the opening on May 24, 2011, International Lithium Corp. will commence trading on the TSX Venture Exchange under the trading symbol ILC
  •  
  • Newest Lithium and Rare Metals public company possessing a highly regarded drill ready portfolio of projects;
  •  
  • 65,901,354 common shares of ILC will be issued and outstanding, of which 27,230,087 common shares will be escrowed;
  • Notable share owners of IL
  • C are TNR at 29%, Jiangxi Ganfeng Lithium Co. Ltd. at 9.99% and Non-Executive Chairman Kirill Klip at 10.5%; and
  • 12,243,500 Units of ILC sold in related financing for gross proceeds of $3,060,875 representing an over-subscription of 2,243,500 Units.
International Lithium Corp. (TSX VENTURE:ILC) New Listing

Effective at the opening on May 24, 2011, the Shares and Warrants of International Lithium Corp. will commence trading on the TSX Venture Exchange under the trading symbol ILC upon successful completion of a Plan of Arrangement involving a restructuring of TNR Gold's business and assets in order to spin-out its lithium and rare metals mineral property interests.
In order to complete the Plan of Arrangement, a minimum raise of $2.5 million was initiated to provide ILC with sufficient operating and administration funds to satisfy Exchange requirements for listing (the "Financing"). The Financing consisted of units in ILC offered at a price of $0.25 per unit with each unit consisted of one common share and one ILC Warrant. Each ILC Warrant entitles the holder to purchase one additional common share of ILC at a price of $0.375 for a period of two years from the date of closing ("ILC Units").
Due to the increased level of demand, 12,243,500 Units of ILC were purchased in the Financing for gross proceeds of $3,060,875 representing an over-subscription of 2,243,500 Units or $560,875. At listing, ILC will have 65,901,354 common shares issued and outstanding, of which 27,230,087 common shares will be escrowed.
Notable Share Owners of ILC at listing include:
  1. TNR at 29% through property disbursements and a 2,000,000 Unit participation in the Financing;
  2. Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium"), a leading China based multi-product lithium manufacturer has committed through a Strategic Relationship Agreement to an initial strategic investment consisting of a 9.99% equity stake in ILC. Ganfeng Lithium brings significant current and future project development assistance capability. For further details regarding Ganfeng Lithium refer to the Company's press release dated April 18, 2011; and
  3. Non-Executive Chairman Kirill Klip at 10.5% through his previous equity stake in TNR and a 1,000,000 Unit participation in the Financing.
Certain fees may be payable on a portion of the placement, in compliance with Exchange requirements. The common shares and ILC Warrants comprising the ILC Units sold under the Financing will be restricted from trading for 4 months in accordance with applicable securities laws.
International Lithium Corp. Project Summary
Benefiting from the early acquisition of select high potential lithium brine and hard rock rare metals pegmatite properties through TNR, ILC at its initiation possesses a robust portfolio of projects staged for aggressive exploration.
The Mariana lithium brine project in Argentina, covering an expansive 160 square kilometres, revealed highly compelling geochemistry from a cursory investigation, reporting average grades of 440 mg/l lithium and 12,700 mg/l potassium. The potassium levels were unexpected and represent one of the highest grades comparative to any of the neighbouring salars outside of the world class operation on the Atacama salar.

Shortly following listing, preparation is to commence for a phase 1 drill program with the objective to identify and isolate separate brine horizons for a first-time representative characterization of the subsurface brine geochemistry. Subsequent drilling will continue to delineate and add to the confidence level of the geochemistry of the subsurface brine pool with an Inferred Resource estimate targeted for early next year. The Mariana project is expected to experience the most rapid advancement of any of the projects within the current ILC portfolio.

ILC holds three additional lithium brine properties in Nevada (Fish Lake, Runway and Sarcobatus Flats) located in adjacent valleys to the Silver Peak operation in Clayton Valley, the sole lithium brine producer in North America which has been in operation since 1966.

This past year, in an integrated regional lithium exploration approach using geochemical and basin modeling utilizing a detailed gravity survey, ILC identified multiple drill targets across all three properties. These targets exhibit analogous geological features which provided both a source and trap for the lithium brines currently extracted at Silver Peak. In 2011, ILC is planning to mobilize a drill to all three properties, target the lithium brine aquifers within the stratigraphy and test their viability.

ILC's property portfolio is well balanced by a number of highly prospective rare metals' hard-rock pegmatite projects that have been selected by ILC's technical experts under stringent guidelines. The key outstanding characteristics shared by all the rare metals' projects are their underexplored nature, excellent accessibility, under-analyzed rare metals' history, initial high confidence level that additional exploration will add project value and ultimately the potential to develop the projects to address the global technological growth in demand for the rare metals' suite of elements.

Highlighting these rare metals' projects is the Moose property located near the shore of Great Slave Lake in the NWT which was a minor lithium and tantalum producer in the 1950's with reported production of 119 tonnes of lithium ore and an estimated 4,409 tonnes of high grade tantalum-niobium ore. The 2010 exploration program was limited as to exposure, however a channel sample returned 1.50 wt% Li2O over 7.5 metres confirming the continuity of high grade lithium across substantial widths within the pegmatite and a muck pile returned 8.44 wt% Li2O indicating that the source pegmatite is highly evolved and underscores the future potential of the property. In support of the untested potential, the historic exploration and mining did not penetrate below the 25 metre mark or extend beyond the local workings.

In addition, surface exploration on the Mavis Lake rare metals' project, located 15 km Northeast of Dryden, Ontario, revealed high-grade well-evolved lithium and tantalum zonation as well as significant levels of cesium and rubidium across multiple pegmatite bodies. Both the Moose and Mavis Lake projects are clearly emerging as premier multi-element rare metals projects and warrant drill programs in 2011 to determine their potential.

Potentially overshadowing the other rare metals projects is the Blackstairs project in Ireland consisting of eight prospecting licenses totaling 292 square kilometres hosting an extensive lithium pegmatite belt extending for more than 50kms. Historical exploration has been highly localized with reported boulder occurrences suggesting potentially large undiscovered pegmatites. The pegmatites that have been observed reveal well developed internal zoning reflecting strong fractionation and multi-rare-metals mineralizing potential.

The merits of ILC's portfolio of lithium and rare metal projects, particularly the Mariana, have garnered significant interest from retailers, institutions and international investors. A dedicated effort has been expended this past year prior to listing in the establishment of a strong network of interested parties. Significant advancement of ILC's projects through 2011 in conjunction with the progression of the lithium and rare metals' sectors will potentially have a marked effect on ILC in the coming period.

ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM CORP.
TNR is a diversified international mineral exploration company focusing on the advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to TNR's wholly owned subsidiary ILC upon completion of the Plan of Arrangement.

The objective of the Plan of Arrangement is to spin-out TNR's rare metals property interests into a separate public company, ILC. The Plan of Arrangement has been approved by TNR's shareholders, the courts of British Columbia and the TSX Venture Exchange. For further details of the spin-out, please visit International Lithium's website and TNR's information circular dated May 10, 2010 which is available on the SEDAR website at www.sedar.com.

The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the TNR and ILC's commitments to generating projects, diversifying its markets, and building shareholder value.

On behalf of the board,
Mike Sieb
President – International Lithium Corp.
COO – TNR Gold Corp.
Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
TNR Gold Corp.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
International Lithium Corp.
Shares CUSIP: #459820 10 6
Warrant CUSIP: #459820 11 4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Friday, May 13, 2011

TNR Gold Corp.will spinoff International Lithium Corp. on May 19th

TNR Gold Corp.TNR Gold Corp.

TSX VENTURE : TNR




May 12, 2011 08:30 ET

TNR Gold Corp.: International Lithium Corp. Spin-Out Record Date Set



VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 12, 2011) -TNR Gold Corp. ("TNR") (TSX VENTURE:TNR) and wholly-owned International Lithium Corp. ("ILC") (jointly the "Company") are pleased to announce the TSX Venture Exchange has approved the Company's Plan of Arrangement involving the spin-out of TNR's lithium and rare metals property interests into a separate public company, ILC. The Plan of Arrangement will close and be given effect on May 19, 2011 (the "Record Date") [Note 1].
Key Highlights:
  • TSX Venture Exchange approves the Company's Plan of Arrangement, ILC spin-out;
  • Sets Record Date / Effective Date for May 19, 2011;
  • May 16, 2011 is the last Trading Day whereby eligible TNR Shareholders at the close of market will receive the ILC Unit distribution in accordance with the terms of the Plan of Arrangement [Note 1];
  • ILC financing will close concurrently with Plan of Arrangement; and
  • Strategic Relationship with Jiangxi Ganfeng Lithium Co. Ltd. solidifies as Plan of Arrangement approaches completion.
As part of the process, a separate press release will be issued on or following the Effective Date providing further details for the listing of ILC's common shares and share purchase warrants once listing conditions have been satisfied.
Plan of Arrangement
The Plan of Arrangement, which is fully described in the Company's Information Circular, dated May 10, 2010, effectively involves a restructuring of the Company's business and assets in order to separate its rare metals mineral property interests from its other precious and base metals assets.
Pursuant to the Arrangement:
  • TNR will transfer its lithium and rare metals mineral properties, excluding the Mariana lithium brine property, to ILC for 10,000,000 ILC common shares and 10,000,000 ILC share purchase warrants, each whole ILC share purchase warrant exercisable to acquire one additional share of ILC at $0.375 per share for two years ("ILC Warrants"). 
  •  
  • Concurrent with the closing of the Plan of Arrangement, ILC will exercise the Mariana Option Agreement whereby, ILC will acquire a 100% interest in and to the Mariana Lithium Brine property in exchange for the reimbursement of TNR's costs in acquiring, maintaining and exploring the Mariana Property, of which $1,000,000 shall be payable through the issuance of 7,000,000 ILC common shares and 7,000,000 ILC Warrants, and the balance of which shall be payable in cash. 
  •  
  • Every TNR shareholder will exchange its common shares in TNR for one (1) new common share of TNR and one-quarter of one (0.25) common share of ILC and one-quarter of one (0.25) ILC Warrant. 
  •  
  • TNR warrant holders will receive on exercise of each warrant one new common share of TNR and one-quarter of one (0.25) common share of ILC. The exercise price paid will be split between TNR and ILC on the same ratio that the fair market value of the Spin-out properties has to the fair market value of all assets of TNR.
Note 1: The Record Date allows for a three day standard settlement of accounts from a May 16, 2011 Trade Date.

Therefore May 16, 2011 will be the last day to acquire TNR shares, through normal stock market acquisition procedures, which are eligible pursuant to the Plan of Arrangement for conversion into one (1) new common share of TNR and one-quarter of one (0.25) common share of ILC and one-quarter of one (0.25) ILC Warrant.  

For the avoidance of doubt, if an investor was to purchase shares of TNR on May 17, 2011 through the stock market, that investor will not receive ILC common shares and ILC Warrants through the Plan of Arrangement. Such investor will receive only new common shares of TNR.

ILC Financing
In order to complete the Plan of Arrangement, ILC intended to raise a minimum of $2.5 million to provide ILC with sufficient operating and administration funds to satisfy Exchange requirements for listing (the "Financing") however due to the level of demand the Financing is currently oversubscribed with the Company receiving $3 million in commitments.

The Financing consists of units in ILC offered at a price of $0.25 per unit. Each unit consists of one common share and one ILC Warrant. Each ILC Warrant entitles the holder to purchase one additional common share of ILC at a price of $0.375 for a period of two years from the date of closing ("ILC Units"). Certain fees may be payable on a portion of the placement, in compliance with Exchange requirements. The common shares and ILC Warrants comprising the ILC Units sold under the Financing will be restricted from trading for 4 months in accordance with applicable securities laws.

Jiangxi Ganfeng Lithium Co. Ltd. ("Ganfeng Lithium"), a leading China based multi-product lithium manufacturer has committed through a Strategic Relationship Agreement to an initial strategic investment consisting of a 9.9% equity stake in ILC. Ganfeng Lithium brings significant current and future project development assistance capability. For further details regarding Ganfeng Lithium refer to the Company's press release dated April 18, 2011.

TNR and Non-Executive Chairman Kirill Klip plan to participate in the Financing.

ABOUT TNR GOLD CORP. / INTERNATIONAL LITHIUM CORP.
TNR is a diversified international mineral exploration company focusing on the advancement of existing properties and identifying and acquiring new prospective projects. TNR has a portfolio of 18 active projects, of which 9 rare metals projects, including Mariana, will be held or optioned to TNR's wholly owned subsidiary ILC upon completion of the Plan of Arrangement.

The objective of the Plan of Arrangement is to spin-out TNR's rare metals property interests into a separate public company, ILC. The Plan of Arrangement has been approved by TNR's shareholders, the courts of British Columbia and the TSX Venture Exchange. For further details of the spin-out, please visit International Lithium's website and TNR's information circular dated May 10, 2010 which is available on the SEDAR website at www.sedar.com.

The recent acquisition of lithium, other rare metals and rare-earth elements projects in Argentina, Canada, USA and Ireland confirms the TNR and ILC's commitments to generating projects, diversifying its markets, and building shareholder value.

On behalf of the board,
Mike Sieb
President – International Lithium Corp.
COO – TNR Gold Corp.

Statements in this press release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company's future plans and objectives or expected results, are forward-looking statements. News release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
CUSIP: #87260X 109
SEC 12g3-2(b): Exemption #82-4434
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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