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Showing posts with label gold miners. Show all posts
Showing posts with label gold miners. Show all posts

Monday, October 26, 2015

Primero Mining Corp Continues to Grow Black Fox at Depth and Announces Wide Extension of the Froome Zone

SOURCE: Primero Mining Corp.
Primero Mining Corp.
October 26, 2015 06:50 ET



TORONTO, ON--(Marketwired - October 26, 2015) - Primero Mining Corp. ("Primero" or the "Company") (TSX: P) (NYSE: PPP) today announces further extensions to the Deep Central Zone at the Company's Black Fox mine, located near Timmins, Ontario, Canada. Primero additionally reports the expansion of the Froome zone, located approximately 1 kilometre west of the open-pit at its Black Fox Complex.
Highlights:
  • Black Fox Continues to Grow at Depth: Wide intercepts demonstrate the continuation of high-grade mineralization at depth and include highlights of 16.0 grams per tonne ("g/t") gold over 11.9 metres (520-EX482-76) and 15.4 g/t gold over 10.9 metres (520-EX482-64) located over 800 metres below surface.
  • Delineation Drilling Continues to Grow the High-Grade Deep Central Zone: Results from the Deep Central Zone including 10.9 g/t gold over 10.5 metres (580-F392-38A), 8.7 g/t gold over 9.1 metres (580-F392-37) and 9.2 g/t gold over 8.4 metres (580-F392-41) have given Primero increased confidence in the wide, high-grade mineralization characteristics of this zone.
  • New Gold Zone Materializing at Black Fox: Recent drilling from the Froome zone, located 1 kilometre west of the Black Fox open-pit, include long mineralized intercepts of 5.1 g/t gold over 56.7 metres (15PR-G015),4.8 g/t gold over 52.4 metres (15PR-G007) and 5.1 g/t gold over30.9 metres (15PR-G013), demonstrating considerable continuity over long mineralized intervals.
  • Gibson South Zone Shows Promise: Highlights include 5.2 g/t gold over 34.0 metres (GF15-1043), and 6.4 g/t gold over 7.0 metres (GF15-1045) at the Gibson South deposit, located 300 metres to the southwest of the Grey Fox Contact zone.
"Our 2015 exploration program at Black Fox continues to exceed expectations, reaffirming our original investment thesis that the high-grade gold mineralization is much more extensive than previously identified," commented Joseph F. Conway, Chief Executive Officer. "Exploration drilling is already expected to have replaced our estimated full-year underground production at Black Fox, encouraging us that with continued success we'll be able to grow our resources beyond depletion this year. The extension of the Froome zone into a wide, continuous mineralized zone, located near the Black Fox mine confirms our belief that there remains significant exploration upside outside of the identified deposits at the Black Fox Complex."
Black Fox Continues to Grow at Depth
Today Primero announces additional drilling from the Black Fox mine, targeting the high-grade mineralization in the Deep Central Zone, located between the mine's 600 metre level and the 820 metre level. Two exploration holes have encountered the deeper extensions of this mineralized zone, returning long intercepts including 16.0 grams per tonne ("g/t") gold over 11.9 metres (520-EX482-76) and 15.4 g/t goldover 10.9 metres (520-EX482-64). Both intersections are located over 800 metres below surface.
Delineation drilling also targeting the Deep Central Zone continues to demonstrate wide intervals of high-grade mineralization. Specific highlights include 10.9 g/t gold over 10.5 metres (580-F392-38A), 8.7 g/t gold over 9.1 metres (580-F392-37) and 9.2 g/t goldover 8.4 metres (580-F392-41). The area remains open along strike and down dip and is expected to continue to expand with the results of additional exploration drilling.
Underground exploration drilling results are included in Table 1 with locations identified in Figure 1.
Table 1: Deep Central Zone - Highlighted Drilling Results
             
             
Hole  From
(m)
 To
(m)
 Core Length
(m)
 Gold Grade
(g/t)
520-EX482-64  361.4  372.3  10.9  15.4
520-EX482-76  366.4  378.3  11.9  16.0
520-L401-63A  334.0  339.5  5.5  7.6
 and  341.0  343.1  2.1  15.0
520-L401-67  337.0  345.5  8.5  7.6
580-F392-37  145.2  154.3  9.1  8.7
580-F392-38A  114.6  117.8  3.2  8.7
 and  129.7  140.1  10.5  10.9
580-F392-39A  129.6  132.5  2.9  11.2
 and  137.3  140.6  3.3  6.8
 and  148.8  155.2  6.4  5.3
580-F392-40  151.9  153.7  1.8  18.3
580-F392-41  152.0  160.4  8.4  9.2
580-F392-46  104.0  106.5  2.5  14.0
 and  119.0  122.6  3.6  4.8
          
          
*All assays are capped at 30 g/t gold, average gold grades over core length widths.
Froome Zone Demonstrates Black Fox's Continued Prospectiveness
The Company's surface drilling program at Black Fox has also been successful in expanding the Froome zone discovery. The Froome zone, located approximately 1 kilometre west of the Black Fox open-pit, was initially encountered in late-2014 and intersected by the discovery hole 14BF-591 which targeted a strong Induced Polarization ("IP") chargeability anomaly. Results from this initial hole were reported in the Company's February 23, 2015 news release and highlighted a long intercept of continuous mineralization grading 1.7 g/t gold over 66.0 metres. The Froome zone became a priority for 2015 surface exploration, and to-date 39 holes have targeted this new mineralized area.
Highlighted recent drill results from the Froome zone include 5.1 g/t gold over 56.7 metres (15PR-G015) and 4.8 g/t gold over 52.4 metres (15PR-G007) both less than 200 metres below surface, and provide the Company with confidence that this area could continue to expand. The Froome zone continues to be a priority for surface exploration through the remainder of 2015 and 2016.
The Froome zone demonstrates considerable continuity of mineralization and extends laterally over 500 metres dipping 70 to 75 degrees and is located along the highly prospective Gibson-Kelore Fault Zone ("GKFZ"). The GKFZ has been interpreted to be a southeast trending 2nd order splay of the Destor Porcupine Fault Zone ("DPFZ"), which is the major fault structure controlling much of the gold mineralization in the Timmins Gold Camp. The GKFZ is projected to originate from the DPFZ a few kilometres west-northwest of the Black Fox deposit, trending southeast and gradually splitting near the Grey Fox 147 zone at the south boundary of the Black Fox Complex properties.
The GKFZ is an economically important regional structure hosting a series of significant gold deposits including the 147, Contact, Gibson, and Gibson South zones at Grey Fox. It also hosts the two Hislop open-pit deposits, and the Ross Gold Mine. These deposits are all hosted along a 4 to 5 kilometre stretch of this fault.
Additional drilling is still required to fully define the extension of the Froome zone, which is open to the east, west, and at depth. The zone has been traced to the bedrock surface, located 30 metres below the ground surface level. Primero expects to complete approximately 9,000 metres (30 holes) of additional drilling in 2015 at the Froome zone.
Highlighted exploration drilling results from the Froome zone are included in Table 2 with locations identified in Figure 2. The true depth of the Froome intercepts listed below is approximately 100 metres below surface.
Table 2: Froome Zone - Highlighted Surface Exploration Drilling Results
             
             
Hole  From
(m)
 To
(m)
 Core Length
(m)
 Gold Grade
(g/t)
14BF-591 (previously reported)  219.0  285.0  66.0  1.7
15PR-G007  191.6  244.0  52.4  4.8
15PR-G010  349.0  352.0  3.0  4.5
15PR-G012  280.0  306.3  26.3  2.9
15PR-G013  176.9  207.8  30.9  5.1
 And  213.0  225.5  12.5  2.5
 And  275.0  277.5  2.5  6.2
15PR-G014  214.7  258.5  43.8  4.9
 Including  231.8  240.1  8.4  10.1
15PR-G015**  160.9  217.6  56.7  5.1
15PR-G042A  124.3  162.5  38.3  4.5
         
         
*All assays are capped at 100 g/t gold, average gold grades over core length widths.
**90 assay intervals (less than 1.0 metre each) are still pending for hole 15PR-G015.
Gibson South Zone Continues to Show Promise
Primero also announces recent drilling results from its Grey Fox project, located approximately 4 kilometres south-east of the Black Fox mine. The Grey Fox project currently includes two potential open-pits at the Contact and 147 zones, but the Grey Fox property also contains a number of other mineralized zones (Grey Fox South, Whisky Jack, Gibson, and Gibson South zones), all within close proximity to each other. These zones also have the potential to become additional sources of ore as part of the Black Fox Complex and are within trucking distance of the Black Fox mill facility.
Similar to the Froome zone, as described above, the Gibson South zone is also located along the GKFZ. The Gibson South zone is located approximately 300 metres southwest of the Contact Zone and south of the historic Gibson Decline, which was used in 1989 to extract an 8,000 tonne bulk sample with an average grade of 27.4 g/t.
Recent drilling at the Gibson South zone has returned results including 5.2 g/t gold over 34.0 metres (GF15-1043).
Highlights of Gibson South zone exploration drill results are included in Table 3 with locations identified in Figure 3.
Table 3: Gibson South Zone - Highlighted Surface Exploration Drilling Results
             
             
Hole  From
(m)
 To
(m)
 Core Length
(m)
 Gold Grade
(g/t)
GF15-1016  317.0  324.0  7.0  5.0
GF15-1043  305.0  339.0  34.0  5.2
GF15-1045  370.0  377.0  7.0  6.4
         
         
*All assays are capped at 100 g/t gold, average gold grades over core length widths.
The majority of 2015 drilling has been focused on infilling the Contact zone. This drilling continues to confirm the continuity mineralization within that zone. The two main Grey Fox area deposits, Contact zone and 147 zone have now been drilled off at 15 metre centres.
Highlights of Contact zone infill drill results are included in Table 4 with locations identified in Figure 3.
Table 4: Contact Zone - Highlighted Surface Exploration Drilling Results
             
             
Hole  From
(m)
 To
(m)
 Core Length
(m)
 Gold Grade
(g/t)
GF15-1013  24.00  37.00  13.0  4.1
GF15-1024  59.00  83.00  24.0  3.0
GF15-1027  82.00  85.60  3.6  8.8
GF15-1031  116.00  125.00  9.0  5.8
GF15-1034  127.65  150.00  22.4  6.3
         
         
*All assays are capped at 100 g/t gold, average gold grades over core length widths.
Black Fox Complex drilling was conducted by Norex Drilling supervised by Primero's exploration team. Mr. Gabriel Voicu, P. Geo., Vice President Geology and Exploration, reviewed the technical exploration information in this news release as the Qualified Person ("QP") for the Company for the purposes of National Instrument 43-101 ("NI 43-101"). All samples are 1/2 core and analyses reported herein were performed by the independent laboratories Polymet Labs of Cobalt, Ontario, which is ISO 9001:2000 certified in North America using standard fire assay procedures, AGAT Laboratories of Mississauga, Ontario, which is ISO 9001/IEC17025 certified, Accurassay Laboratories, which is ISO/IEC 17025 certified, ALS Laboratories, which is ISO 9001/IEC17025 certified, SGS Canada Laboratories, which is ISO9001/IEC17025 certified, using fire assay with ICP-OES finish or using gravimetric finish for values generally over 10 g/t gold, or Swastika Laboratories, which is ISO 17025 certified. Intercepts cited do not necessarily represent true widths, however drilling is generally intersecting interpreted mineralized zones at a high angle. Primero's quality control program includes systematic insertion of blanks, standard reference material and duplicates to ensure laboratory accuracy. Generally, in a block of twenty samples one will be a duplicate, one will be a standard and one will be a blank.
About Primero
Primero Mining Corp. is a Canadian-based precious metals producer that owns 100% of the San Dimas gold-silver mine and the Cerro del Gallo gold-silver-copper development project in Mexico and 100% of the Black Fox mine and adjoining properties in the Township of Black River‐Matheson near Timmins, Ontario, Canada. Primero offers immediate exposure to un-hedged, below average cash cost gold production with a substantial resource base in politically stable jurisdictions. The Company is focused on becoming a leading intermediate gold producer by building a portfolio of high quality, low cost precious metals assets in the Americas.
Primero's website is www.primeromining.com.
TECHNICAL INFORMATION AND QUALIFIED PERSON NOTES
The scientific and technical information regarding exploration results contained herein is based on information prepared by or under the supervision of Mr. Gabriel Voicu P.Geo., Vice President, Geology and Exploration, of Primero and a QP for the purposes of National Instrument 43-101 ("NI 43-101"). Mr. Voicu has reviewed and approved the contents of this news release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, concerning the business and operations of Primero Mining Corp. and its consolidated subsidiaries (collectively, "Primero" or the "Company"). All statements, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "in order to", "is focused on" (a future event), "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", or the negative connotation thereof. Forward-looking information is also identifiable in statements of currently occurring matters which will continue in future or other statements that may be stated in the present tense and are not historical facts.
Forward-looking statements include, but are not limited to, statements regarding the Company's estimation of mineral reserves and resources and the realization of mineral reserve estimates (including all assumptions), the ability to identify new resources and convert resources into reserves and resources, the ability to access or find ore below the current mining level, the timing, nature and success of exploration activities, the ability to replace its estimated 2015 full-year production, and intentions to becoming an intermediate gold producer. The assumptions made by the Company in preparing the forward-looking information contained in this news release, which may prove to be incorrect, include, but are not limited to: the expectations and beliefs of management; the specific assumptions set forth above in this news release; that there are no significant disruptions affecting operations; that the Company does not change its development and exploration plans; that prices for gold and silver remain consistent with the Company's expectations; that the Company identifies new mineralization and extensions of existing mineralization, that the Company's current estimates of mineral reserves, mineral resources, mineral grades and mineral recovery are accurate, the discovery of additional ounces close to infrastructure and that mine development progresses as planned.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, performance or achievements of Primero to be materially different from those expressed or implied by such forward-looking statements, including: the ability to achieve planned production levels; the ability to fund exploration and development expenditures and for the expenditures to discover mineralization in minable quantities; possible variations in ore reserves, grade or recovery rates, mine development and operating risks; that there are no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, damage to or loss of equipment, whether as a result of natural occurrences including flooding, political changes, title issues, intervention by local landowners, loss of permits, or environmental concerns or otherwise; uncertainty of mineral reserves, mineral resources, mineral grades and mineral recovery estimates; uncertainty of future production, exploration and development plans; mining risks, including unexpected formations and cave-ins, which delay operations or prevent extraction of material; risks associated with foreign operations; governmental and environmental regulation; landowner dissatisfaction and disputes; damage to equipment; and the ability to build a portfolio of precious metals assets in the Americas. Certain of these factors are discussed in greater detail in Primero's registration statement on Form 40-F on file with the U.S. Securities and Exchange Commission, and its most recent Annual Information Form on file with the Canadian provincial securities regulatory authorities and available at www.sedar.com. 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. In addition, although Primero has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or 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.
Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Primero does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
Image Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/Images/BF_Highlight_Holes_FINAL-1188292015719.jpg
Image Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/Images/Froome_Map_October_19th,_2015-881063557483.jpg
Image Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/Images/GF_Map_October_19th,_2015-70484734502.jpg
Attachment Available: http://www.marketwire.com/library/MwGo/2015/10/26/11G068958/PR20-15_BF_Exploration_Release_Final-1298314484896.pdf

Contact Information


For further information, please contact:
Evan Young
Manager, Investor Relations
Tel: (416) 814-2694
eyoung@primeromining.com

Friday, June 6, 2014

Gold discovery at Prospect Valley BC spurs field work


Berkwood Announces 2014 Prospect Valley Gold Property
Field Program Plans

Berkwood Resources Ltd. (TSX-V: BKR) (the “Company” or “Berkwood”) is pleased to announce plans for summer fieldwork on the Prospect Valley Gold Property near Merritt, British Columbia, Canada.

In 2013 geochemical sampling work on the property confirmed the continuity of the main soil anomaly and extended its length to 5000 metres indicating the large extent of the mineralizing system. See the updated geochemistry map below or click here.  To date, several areas of gold mineralization have been identified on the 10,871 Ha Prospect Valley Gold Property.  The majority of historic drilling has taken place in the centre of the claim block, along the Discovery Trend.  This drilling has outlined an extensive low grade epithermal gold system with indications of potential for additional and higher grade mineralization. The system remains open for expansion and other known zones of gold mineralization have yet to be drilled (see Berkwood news release dated January 25, 2012 for details).



The focus of this year’s work will be in preparation for a drill program to test potentially higher grade gold mineralization within the core of the Discovery Trend epithermal system. Although subject to financing, current market conditions have reduced drill contract rates and as such Berkwood feels this drilling can be carried out in a low cost, effective manner. Berkwood field crews will be visiting the property in the coming days to assess the condition of access roads, field equipment, company vehicles and the field base camp.

Brian Buchanan, CEO and Director of the Company states: "We are pleased to be in a position to conduct fieldwork at Prospect Valley. This is an important project in regards to Berkwood’s growth and Management is very optimistic about what this year’s work program could provide, given the large extent of the gold system defined to date.”

George Gorzynski, P.Eng., a Director of Berkwood and a Qualified Person under the definition of Canadian National Instrument 43-101, approved the technical information in this new release and is monitoring the field programs.  


About Berkwood Resources:

Berkwood also holds a 100% interest in the Lac Guéret East Graphite Property, located in northeastern Quebec.  The 3,837 Ha Lac Guéret East Graphite Property consists of 71 claims and is adjacent to the eastern boundary of Mason Graphite’s advanced Lac Guéret Project.

If you are not currently on the Berkwood Resources email list, please visit our website by clicking here to opt-in to the list. The Company will send out regular updates and news releases to everyone who asks to be on the list.

For additional information please contact:

Karim Sayani, Corporate Communications
Tel: (604) 662-7455 E-mail: karim@berkwoodresources.com

Tom Steer, Corporate Development
Tel: (604) 681-7455 E-mail: tomsteer@berkwoodresources.com


On Behalf of Berkwood Resources

Brian Buchanan, President and Director


This Berkwood News Release contains certain "forward-looking" statements and information relating to Berkwood that are based on the beliefs of Berkwood's management as well as assumptions made by and information currently available to Berkwood's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Except as required by law, Berkwood does not assume the obligation to update any forward-looking statement.
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 news release.

Friday, February 21, 2014

San Gold Announces a 60% Increase in Mineral Reserves

San Gold CorporationSan Gold Corporation

TSX : SGR
OTCQX : SGRCF


February 20, 2014 20:00 ET



WINNIPEG, MANITOBA--(Marketwired - Feb. 20, 2014) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today announced an updated mineral reserve and resource estimate for its Rice Lake Mining Complex.

During 2013, extensive definition drilling and detailed mine planning to integrate the Hinge, 007 and Rice Lakes mines resulted in an increase in proven and probable mineral reserves to 2.7 million tons grading 5.24 grams per tonne containing 405,400 ounces of gold as of December 31, 2013. This is a 60% increase from the proven and probable mineral reserves as of December 31, 2012. 

"I am very pleased with the progress made by our technical team over the past year. The increase in reserves has allowed us to complete five years of detailed mine planning, thereby providing improved operational flexibility. Our drilling in 2014 will be primarily from underground locations in closer proximity to known ore bodies. We expect to achieve a further increase in the mineral reserve as the year progresses through the conversion of our large inferred mineral resource," said Ian Berzins, San Gold's President, CEO and Chief Operating Officer.
Notes to Mineral Reserve and Resource Estimate Table
  • Mineral reserve and resource estimates are calculated in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council, 2010.
  • Tonnage and ounce estimates have been rounded to the nearest hundred.
  • Proven and probable mineral reserves are included in the measured and indicated mineral resources.
  • The mineral reserve estimate is based on a gold price of US$1,250 per ounce.
  • A cut-off grade of 3.65 g/tonne gold was used for estimating mineral reserves. A cut-off grade of between 2.74 and 3.43 g/tonne gold was used for estimating mineral resources.
  • Inferred mineral resources are not in the current mine plan and therefore do not have demonstrated economic viability.
The estimate of mineral resources was carried out under the supervision of Michael Michaud, Vice-President
of Exploration. The estimate of mineral reserves was carried out under the supervision of Rolando Jeria, Chief Engineer. Mr. Michaud and Mr. Jeria are Qualified Persons as defined by NI 43-101, and have reviewed and approved this news release.

About  San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. The Company employs more than 420 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".

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, 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.

Contact Information


  • San Gold Corporation
    Ian Berzins
    President, CEO, and Chief Operating Officer
    Toll Free: 1 (855) 585-4653

    San Gold Corporation
    Tim Friesen
    Investor Relations
    Toll Free: 1 (855) 585-4653
    sgr@sangold.ca
    www.sangold.ca

Friday, January 24, 2014

San Gold meets 2013 production forecast

January 23, 2014
San Gold Reports 2013 Production Results
  WINNIPEG, MANITOBA--(Marketwired - Jan. 23, 2014) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today announced preliminary results of operations at its Rice Lake Mining Complex in Manitoba, Canada for the fourth quarter and full year ended December 31, 2013.
2013 Production Highlights
  Fourth Quarter Annual
Gold production 15,118 oz 75,218 oz
Mill production 148,042 tons 641,710 tons
Mine production 144,165 tons 629,311 tons
Grade 3.78 gpt 4.32 gpt
Recovery 92.7% 93.1%
Fourth Quarter 2013 Preliminary Operating Results
The Company produced 15,118 ounces of gold in the fourth quarter, bringing full year production to 75,218 ounces, consistent with the Company's full-year guidance of between 75,000 and 85,000 ounces. The operation milled 148,042 tons in the quarter at an average daily throughput of 1,609 tons per day and mined 144,165 tons of ore at an average daily rate of 1,567 tons per day. Mill recovery was 92.7% and milled grade was 3.78 grams per tonne. The Company ended the year with approximately 4,000 tons in surface stockpiles.
"2013 was a transitional year for San Gold. While I am disappointed that we did not achieve higher grades during the quarter due to problems with sequencing of stoping activities we did achieve our overall guidance for gold production. On balance we made significant progress during the year towards integrating our Rice Lake operations and developing the underground infrastructure to support the addition of more stoping areas thereby providing better opportunity in future to blend ore zones and add incremental tonnage. During the fourth quarter we successfully developed into the new 710 HW ore zone on 26 Level in Rice Lake where we have begun mining and expect to see higher grade material from this zone in the coming months. In addition we have advanced our development workings on 16 Level underneath the current Hinge workings and we are now positioned to better define the down dip extensions of these zones and add additional stoping areas to the mining mix as the year progresses," said Ian Berzins, San Gold's President, CEO and Chief Operating Officer.
The Company is forecasting production of between 80,000 and 85,000 ounces of gold in 2014 at cash costs of $800 to $900 per ounce. The Company is planning capital expenditures of approximately $36 million related to its underground capital development, definition drilling and investment in property, plant and equipment, a significant reduction compared with capital expenditures of approximately $58 million in 2013. Surface drilling will be largely curtailed and underground drilling will be focused on supporting production and upgrading our large mineral resource. The Company remains well positioned to take advantage of the recent upswing in the Canadian dollar price of gold.

About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. The Company employs more than 420 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
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, 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.

Wednesday, November 20, 2013

Brigus Gold is on a roll into 2015






If you are looking for a growing, junior gold miner, that makes profit, is growing it's margin, and resource base, while reducing overall costs of production, look no further than Brigus Gold.

In Q3 Brigus produced a record 22,000 oz and is on track to exceed 100,000 oz producion per year for the forseeable future.  Resource base has grown to over 2 million oz.

In October drilling at the Black Fox Mine site hit a whopper of a result at 18.09 grams per ton over 39.60 metres, including 39.45 g/t over 10.35 metres. This, in an industry where 3g/t is considered mineable.


That result occured only 2 weeks after hitting a previous whopper of  40.71 gpt Gold Over 26.75

Both if these occured at Brigus's producing Black Fox Mine.  At the same time they began hitting great results at thier Grey Fox property as well.

Although headquartered in Halifax Nova Scotia, Brigus mines are situated in the Timmons Ontario gold district which has been one of the most prolific gold producing regions of the world for decades.  Brigus is an anomaly in the junior gold space. Why? Because it has a working gold mine, it produces gold, is profitable and it is growing.
Brigus Gold Corp  Today - .70c per share
Market Cap$167.8MBeta0.98
Revenue (TTM)$144.1MEPS$0.10
Shares Out.232.1MBook Value$1.05
Dividend Yield0.00%P/E7.4x
Annual Dividend Rate$0.00Price/Sales (TTM)1.2
Ex-Div Date1/1/01P/Cash Flow (TTM)2.7x
Pay Date1/1/01Operating Margin14.79%


If you are in the market for a junior gold miner, you should consider Brigus Gold, before the share price catches fire, because I believe it surely will.

Hope you have great results with your Retirefunds.

HP

Wednesday, November 13, 2013

Brigus reports 49% increase in Gold production output and 40% reduction in "all in" costs of production

Brigus Gold Reports Third Quarter Financial Results 

Brigus Gold Corp. ("Brigus" or the "Company") (NYSE MKT: BRD) (TSX: BRD)
 today reported financial results for the third quarter ended September 30, 2013.

"Brigus delivered strong operating and financial results during quarter three. The Black Fox mine achieved record gold production while costs on a per ounce basis were at an all-time low, and lower than guidance.Moving forward, our top priorities continue to be safe production, cost management, and disciplined capital allocation," commented Wade Dawe, Brigus' Chairman and Chief Executive Officer. "I am proud of our team's operational performance and the fact that our workforce has worked over 1,400 days without a lost time incident."

Third Quarter 2013 Financial Highlights
-- Sold 28,344 ounces of gold, a 49% increase over Q3 2012
-- Cash costs of $617 and All in Sustaining Costs (AISC) of $992 per ounce of gold sold (40% reduction)
-- Made long-term debt repayments of $4.9 million
-- Revenue of $36.9 million, a 22% increase over Q3 2012
-- Adjusted cash flow from operations of $15.5 million, a 38% increase over Q3 2012
Third Quarter 2013 Operational Highlights
-- Produced 27,174 ounces of gold, a 39% increase over Q3 2012
-- Processed 207,559 tonnes of ore (2,256 tonnes per day) at 4.34 grams per tonne and a 94% recovery
-- Averaged 811 tonnes per day from underground at an average grade of 5.69 grams per tonne


During the third quarter of 2013, income from mining operations was $5.9 million. AISC per ounce for the third quarter was $992 per ounce, compared to $1,649 in the third quarter of 2012, a decline of $657 or 40%. Cash costs per ounce decreased by 15% from $728 per ounce in Q3 2012 to $617 per ounce in Q3 2013.
During the quarter the Company's cash balance increased to $21.1 million, compared to $20.9 million at the end of the previous quarter, while the balance sheet was strengthened as long term debt was reduced. Income from mining operations on a year-to-date basis totalled $18.8 million, an increase of $4.7 million compared to the same period in 2012.The increase relates to the 47% increase in ounces sold and an 11% decrease in cash costs, offset by a 10% decrease in the average realized gold price and 58% increase in depreciation and amortization expense. 

Total liabilities decreased by $23.7 million, from $188.7 million as of December 31, 2012, to $165.0 million as of September 30, 2013, and shareholders' equity increased from $232.6 million to $243.8 million year to date.
Cost management continues to be a key focus for the Company.The Company expects capital spending for mine development and other sustaining capital to total $38.5 million in 2013, down from the original estimate of $41.5 million in Q1 2013. The Company reviewed its long-term capital requirements and is forecasting total capital spending on mine development and sustaining capital of $20 - $25 million in 2014.
During the quarter, the Company announced an updated independent NI 43-101 resource estimate for the 147, Contact, and Grey Fox South zones. The resource estimate included a constraining pit shell which had not been included in the previous resource estimates.Highlights include a total of 507,400 indicated ounces (255,000 relating to the underground and 252,400 relating to the open pit) and 228,600 inferred ounces (184,800 relating to the underground and 43,800 relating to the open pit). The underground and open pit cut-off grades were set at 2.84 grams per tonne and 0.72 grams per tonne, respectively. The 147, Contact and Grey Fox South zones remain open for future expansion and drilling continues.
At Grey Fox, Brigus completed an additional 21,458 metres (46 drill holes) of drilling since the June 30th cut-off date and initiated additional metallurgical studies to increase gold recoveries from the 83 percent threshold, as previously reported. Initial results from the ongoing test work have been favourable. The Company is now planning to release a Preliminary Economic Assessment for Grey Fox during the second quarter of 2014.
Exploration Subsequent to quarter end, the Company released two high grade gold intersections from underground drilling at Black Fox. Hole 645-34-W assayed 18.09 grams per tonne gold over 37.80 metres, including 39.45 grams per tonne gold over 10.35 metres. This 37.80 metre mineralized intercept is from a drill interval of 316.9 to 354.7 metres, and remains open as the last sample at 354.7 metres graded 15.34 grams per tonne gold. Therefore, the full thickness of this high grade intercept is unknown at this time. Hole 645-34-W intersected high grade mineralization 30 metres to the west of hole 645-01-W, which assayed 40.71 grams per tonne gold over 26.75 metres, including 103.20 grams per tonne gold over 8.35 metres.In light of these positive exploration results, we have recommenced underground exploration drilling at Black Fox. 12 to 15 holes are planned and will target this new high grade zone.
Third Quarter Webcast and Conference Call A webcast and conference call will be held on Wednesday, November 13th at noon Atlantic Time (11:00 a.m. Eastern Time).
Analysts and other interested parties wanting to participate in the call should dial 1-877-407-8133 (international 201-689-8040) at least 10 minutes prior to the start of the call. No pass code is required. The teleconference will be recorded. If you are unable to join the teleconference live, you can dial for playback, toll-free at 1-877-660-6853 (international 201-612-7415), please use conference ID 100499. The event will be archived and available for replay until midnight on November 27, 2013. The teleconference will also be accompanied by a presentation made available on the Company's website at www.brigusgold.com.
This release should be read in conjunction with Brigus' 2013 third quarter Financial Statements and Management's Discussion and Analysis report at www.brigusgold.com. Brigus' unaudited 2013 third quarter Financial Statements and Management's Discussion and Analysis have been filed with Canadian securities regulators (available at www.sedar.com) and with the U.S Securities and Exchange Commission (available at www.sec.gov). Brigus shareholders may obtain a copy of the financial documents free of charge upon request to the Company.
About Brigus Gold 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 Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and adjoining properties in the Township of Black River‐Matheson, Ontario, Canada. Brigus also owns the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects. In Mexico, Brigus owns the Ixhuatan Project located in the state of Chiapas.
Cautionary Note to U.S. Investors Concerning Estimates of Mineral Resources This news release uses the term mineral "resources". The Company advises U.S. investors that while these terms are defined in and required by Canadian regulations, these terms are not defined terms under the U.S. Securities and Exchange Commission ("SEC") Industry Guide 7 and are generally not permitted to be used in reports and registration statements filed with the SEC. The SEC generally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant "reserves" as in‐place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.
Cautionary and Forward‐Looking Statements Statements contained in this news release, which are not historical facts, are forward‐looking statements that involve risks, 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 its production, total cash costs, steady state annual production and mining rate estimates; estimated average gold grades for the open pit and underground operations; increase in gold production; increase in profitability; exploration drill results and resource additions, are forward‐looking statements and estimates that involve various risks and uncertainties. This forward‐ looking statements include, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the outcome of legal proceedings, 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' 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 40F 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.

Monday, November 4, 2013

San Gold Announces High Grade Drill Results at Depth, Nov 4th 2013

San Gold CorporationSan Gold Corporation

TSX : SGR
OTCQX : SGRCF




November 04, 2013 08:00 ET



WINNIPEG, MANITOBA--(Marketwired - Nov. 4, 2013) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today provided updated drilling results from its underground drilling program on 26 Level of the Rice Lake Mine.

Initial results, obtained from the newly established 6140 drill station located approximately 1,170 metres below surface at the eastern extent of the 710 zone, demonstrate robust grades and widths that are accessible from new 26 level development. These zones are located immediately to the hanging wall of the 710 zone and appear to be part of the 007 system at depth. Highlights of this drilling include drill hole 614-13-010 which returned 45.3 g/tonne over 6.1 metres and drill hole 614-13-009 which returned 14.7 g/tonne over 4.1 metres.

The 6140 drill station was established earlier this year in closer proximity to the 710 HW region to follow up on drill hole 613-13-039 which returned 22.5 g/tonne over 4.2 metres and 15.7 g/tonne over 4.1 metres (reported April 24, 2013) and drill hole 607-12-048 which returned 15.1 g/tonne over 11.1 metres (reported November 26, 2012). The Company is planning additional drilling this year to follow up on these results.
"The high-grade region identified in the 710 vein hanging wall represents another important zone discovered as a result of ongoing exploration of the Shoreline Basalt Unit at depth. These results have been obtained within 100 metres of existing infrastructure and can be developed rapidly and with minimal capital expenditure," said Ian Berzins, San Gold's President, CEO and Chief Operating Officer.
Highlights of the preliminary drilling from the 6140 drill station are as follows:
Hole Number Zone From
(m)
To
(m)
Core
(m)
Grade(gpt) Depth
(m)
614-13-009 710 HW 72.2 73.6 1.5 9.5 1173
710 HW 98.6 102.7 4.1 14.7 1173
614-13-010 710 HW 19.2 21.3 2.1 12.8 1172
Including 19.5 20.1 0.6 37.0
710 HW 51.1 57.3 6.1 45.3 1172
Including 52.1 53.6 1.5 99.1
Assay values are capped at 102.8 g/tonne (3 oz per ton).
The 710 HW zone is located at the eastern extent of known mineralization at 26 Level of the Rice Lake mine and remains open to the east and northeast. It was identified as part of the Company's ongoing structural analysis to refine the Company's exploration model. This analysis has already yielded numerous new targets within lesser known, near-surface structures (reported September 26, 2013).
Figure 1 provides a graphic illustration showing a plan view of the 710 HW drilling. It can be found here: http://media3.marketwire.com/docs/908847fig1.pdf
Figure 2 provides a graphic illustration showing a section view of the 710 HW drilling. It can be found here: http://media3.marketwire.com/docs/908847fig2.pdf
These figures can also be found on the Company web site (www.sangold.ca) and on SEDAR (www.sedar.com).
This program was carried out by San Gold mine geologists under the supervision of Michael Michaud, P.Geo., the Qualified Person for San Gold under National Instrument 43-101 who has reviewed and approved this news release. Underground drill core samples are assayed on site in the Company's assay lab using the fire assay method with an AA and gravimetric finish. San Gold's quality control and assurance program includes the insertion of standards, the retention of pulps and rejects, and spot checks utilizing independent labs including Accurassay Laboratories of Thunder Bay, ON and Acme Analytical Laboratories Ltd in Winnipeg, MB.
About San Gold
San Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. The Company employs more than 420 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
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, 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.

Contact Information


San Gold Corporation
Ian Berzins
President, CEO, and Chief Operating Officer
Toll Free: 1 (855) 585-4653
sgr@sangold.ca

San Gold Corporation
Tim Friesen
Investor Relations
Toll Free: 1 (855) 585-4653
sgr@sangold.ca
www.sangold.ca