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Showing posts with label silver. Show all posts
Showing posts with label silver. Show all posts

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, July 12, 2013

Great Panther Silver Reports increases in both silver and gold production in Q2

Great Panther Silver LimitedGreat Panther Silver Limited

TSX : GPR
NYSE MKT : GPL

July 11, 2013 08:45 ET



VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 11, 2013) - GREAT PANTHER SILVER LIMITED (TSX:GPR)(NYSE MKT:GPL) (the "Company") today reports second quarter ("Q2") production at its two wholly-owned Mexican silver mining operations, Guanajuato and Topia.
Second Quarter 2013 Operations Highlights (Compared to Second Quarter 2012)
  • Ore processed was up 28% to 67,569 tonnes;
  • Metal production increased 22% to a record 680,212 silver equivalent ounces ("Ag eq oz"), at a 60:1 silver:gold ratio;
  • Silver production rose 6% to 396,730 silver ounces ("Ag oz");
  • Gold production increased 70% to a record 3,994 gold ounces ("Au oz"); and
  • Land Use Permit for San Ignacio was received.
"We are pleased to report both record total metal production and gold production for the second quarter," stated Robert Archer, President and CEO. "Both Guanajuato and Topia rebounded from low grades in the first quarter of 2013 as a result of our ongoing focus on grade control. As we continue to concentrate on improving efficiencies at the operations, the current emphasis is on site cost reductions and maintaining strong grade control, in light of lower metal prices. Non-essential budget items have been cut, some capital expenditures have been cut or deferred, and corporate overheads have been lowered in order to conserve cash and maintain our favorable working capital position. Directors and senior management have participated in these cuts through voluntary salary deferrals. Overall, these cuts will result in lower administrative, exploration and corporate development expenditures in the second half."

"Following the addition of a new Vice President, Operations and Vice President, Safety, Health & Environment in the first quarter, we welcome two new mine-site Safety Superintendents in Q2. Our safety record has improved through the quarter, the Rayas Shaft rehabilitation is nearing completion and we are proceeding with improvements to the tailings dams at Guanajuato and Topia. Preparations for the ramp development at San Ignacio are on track, pending the approval of the Environmental Impact Assessment."
Despite an improvement in grades over the first quarter, we caution that operating margins will remain weak for the second quarter due primarily to the severe drop in silver and gold prices over the quarter. In addition, the impact of improved grades will not be substantially reflected in the margins and unit costs for the quarter as most of the concentrate sales will reflect production from the prior period at lower grades. This factor will also impact reported cash costs for the period.
Consolidated Q2 Operations Summary Q2 2013 Q2 2012 Change Q2 2013 Q1 2013 Change
Ore processed (tonnes milled) 67,569 52,956 28% 67,569 69,540 (3)%
Silver equivalent ounce production 1 680,212 555,721 22% 680,212 607,501 12%
Silver ounce production 396,730 374,723 6% 396,730 369,624 7%
Gold ounce production 3,994 2,353 70% 3,994 3,144 27%
Lead production (tonnes) 243 244 0% 243 286 (15)%
Zinc production (tonnes) 411 351 17% 411 449 (8)%
Total underground development (m) 4,044 4,305 (6)% 4,044 4,123 (2)%
Underground diamond drilling (m) 6,907 6,814 1% 6,907 7,540 (8)%
1 Silver equivalent ounces for 2013 were established in November 2012 using prices of US$28 per oz, US$1,680 per oz (60:1 ratio), US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. For consistency, these prices will be used for the balance of 2013.

Guanajuato Mine Complex
For the second quarter, the Guanajuato operation processed 52,917 tonnes, up 29% compared to the same period in 2012, at ore grades of 159 grams/tonne ("g/t") Ag and 2.47g/t Au. Metal production included 236,454 Ag oz, and 3,841 Au oz, or 466,925 Ag eq oz, which represented an increase of 30% over the same period in 2012. Plant metallurgical performance remained strong, with metal recoveries of 87.2% for silver and 91.5% for gold.
Guanajuato Q2 Operations Summary Q2 2013 Q2 2012 Change Q2 2013 Q1 2013 Change
Ore processed (tonnes milled) 52,917 40,964 29% 52,917 52,545 1%
Silver equivalent ounce production 1 466,925 359,063 30% 466,925 399,417 17%
Silver ounce production 236,454 226,284 4% 236,454 222,906 6%
Gold ounce production 3,841 2,213 74% 3,841 2,942 31%
Ag grade (g/t) 159 189 (16)% 159 148 8%
Au grade (g/t) 2.47 1.82 36% 2.47 1.93 28%
Ag recovery (%) 87.2% 91.1% (4)% 87.2% 89.0% (2)%
Au recovery (%) 91.5% 92.3% (1)% 91.5% 90.0% 2%
Total underground development (m) 1,790 1,682 6% 1,790 1,867 (4)%
Underground diamond drilling (m) 6,426 6,223 3% 6,426 7,134 (10)%
1 Silver equivalent ounces for 2013 were established in November 2012 using prices of US$28 per oz, US$1,680 per oz (60:1 ratio), US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. For consistency, these prices will be used for the balance of 2013.
The lower levels of the Cata and Santa Margarita mines continued to excel in terms of production and grades. Mining at Cata demonstrated that the hanging wall veins merge with the main Veta Madre at the 510 metre level, resulting in well mineralized ore.
Gold grades increased significantly, with the most meaningful impact coming from Santa Margarita. Silver grades recently started to show notable improvements across all zones due to better grade control.
Underground development at Guanajuato consisted of 1,790 metres, up 6% compared to the same period in 2012. The development program for the quarter was focused on preparing underground access-ways, stopes for production, and defining new mineralized structures indicated by exploration drilling results.
Exploration development at Cata was focused on defining the continuity of the Veta Madre at the 525 metre level, resulting in high grade intersections and expanding the known mineralized resources.
The Santa Margarita main ramp reached the 510 metre level, from which an exploration crosscut is being developed; aiming to further define the ore structure's potential as indicated by exploration drilling. In addition, exploratory development was completed at the 490 metre level to define the Santa Margarita vein and assist the mining activities.
Exploration drilling was carried out using four underground drill rigs, guiding the mining activities with more accurate definitions of mineralized zones. For the quarter, diamond drilling totaled 6,426 metres, up 3% compared to the same period in 2012. Exploration drilling at deep Cata between the 525 and 540 metre levels returned excellent results and demonstrated the potential for the continuity of silver-gold mineralization to depth.
The development of the Guanajuatito main ramp was temporarily suspended to put in place the development required to support an exploration drilling program to upgrade the mineral resources between the 245 and 390 metre levels. This program will commence during the third quarter. The Guanajuatito Mine was connected underground to all the other mines in the Guanajuato Mine Complex. As a result, Guanajuatito ore production, which was previously hauled to surface via the ramp and then by truck to the Cata plant, is now being transported underground and up the Cata shaft, thereby reducing haulage costs.
The Rayas shaft is undergoing a thorough rehabilitation to improve safety and efficiency. The rehabilitation is expected to be finalized by mid third quarter. Once completed, this investment is expected to improve the transportation of personnel to their work places and increase operational efficiencies by reducing transportation times.
The Cata processing plant is being upgraded by installing a new filter press that will maximize the rate of filtration and deliver a dryer final concentrate. This will reduce concentrate loss and electricity consumption. The new filter press installation is expected to be completed by mid-third quarter. The Guanajuato tailings dam is undergoing its 13th dyke lift to increase its storage potential and is expected to be completed within the next few weeks.

Topia Mine
For the second quarter, 14,652 tonnes were processed at Topia, up 22% compared to the same period in 2012, at grades of 376g/t Ag, 0.57g/t Au, 1.79% lead ("Pb") and 3.05% zinc ("Zn"). Metal production included 160,276 Ag oz, 153 Au oz, 243 Pb tonnes, and 411 Zn tonnes, or 213,287 Ag eq oz, which is 8% up over the same period in 2012. Plant metallurgical performance was satisfactory with metal recoveries of 90.6% for silver, 57.0% for gold, 92.5% for lead, and 91.9% for zinc. 

Topia Q2 Operations Summary Q2 2013 Q2 2012 Change Q2 2013 Q1 2013 Change
Ore processed (tonnes milled) 14,652 11,992 22% 14,652 16,995 (14)%
Silver equivalent ounce production 1 213,287 196,658 8% 213,287 208,084 3%
Silver ounce production 160,276 148,439 8% 160,276 146,718 9%
Gold ounce production 153 140 9% 153 202 (24)%
Lead production (tonnes) 243 244 0% 243 286 (15)%
Zinc production (tonnes) 411 351 17% 411 449 (8)%
Ag grade (g/t) 376 424 (11)% 376 300 25%
Au grade (g/t) 0.57 0.56 2% 0.57 0.65 (12)%
Ag recovery (%) 90.6% 90.7% 0% 90.6% 89.0% 2%
Au recovery (%) 57.0% 64.3% (11)% 57.0% 57.0% 0%
Total underground development (m) 2,254 2,623 (14)% 2,254 2,256 0%
Underground diamond drilling (m) 481 591 (19)% 481 406 19%
1 Silver equivalent ounces for 2013 were established in November 2012 using prices of US$28 per oz, US$1,680 per oz (60:1 ratio), US$0.85 per lb and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. For consistency, these prices will be used for the balance of 2013.
The majority of the metal production during the quarter was obtained from the 1522 and Durangueno mines, followed closely by the Argentina and El Rosario mines, which showed increased production. Silver grades were lower than anticipated due to the continuous narrow vein formations resulting in higher dilution. However, a trend of increasing silver grades was noticed from month to month during the quarter due to ongoing efforts towards improving grade control.
Underground development at Topia consisted of 2,254 metres, down 14% compared to the same period in 2012. The development program for the quarter was focused on deepening main ramps at the Argentina and La Prieta mines to access new mineralized levels indicated by exploration drilling results. In addition, development was carried out to prepare sublevels, raises and stopes for production. Development reached level 4 as planned at the Argentina main ramp, whereas development of the La Prieta ramp was temporarily suspended giving priority to preparatory work for production.
Taking into account constantly changing metal prices, management continues to conduct mine by mine reviews to determine the profitability of individual mines at Topia, thereby determining where to best concentrate the mining efforts and reduce costs. To date, two of the fourteen mines have been temporarily shut down, and supplemented with increased production at other more profitable mines.
Improvements are being made to the Topia processing plant by the installation of a cone crusher that will significantly increase the crushing capacity at the plant and reduce maintenance and electricity costs. In addition, a performance improvement analysis is being undertaken in order to further optimize the mill and flotation sections of the plant.
San Ignacio Project
The Company received approval of the Land Use permit earlier than anticipated during the second quarter and submitted a revised Environmental Impact Assessment which is expected to be approved by the end of the third quarter.
A new mine plan is being compiled for San Ignacio incorporating the latest geological resource model based on the known veins, grade ranges and elevation for commencement of mining.
An infill and extension drilling campaign is anticipated to begin in September at San Ignacio to better define the resource. In addition, mine and earthwork contractors will be selected and the installation of the water supply for the mine will be completed by the end of the third quarter.
El Horcon
A surface drill program consisting of 24 drill holes for a total of 2,156 metres was completed during the second quarter. The program was laid out along 650 metres of strike length on the Diamantillo vein and also tested various splays and nearby parallel structures and veins.
Assay results have been received and are being compiled and interpreted. A wireframe and 3D model are being constructed such that the continuity of grade and vein widths can be determined. An internal resource estimate and preliminary economic assessment will be prepared in the third quarter.
Outlook
With first half production totaling 1,287,713 silver equivalent ounces, the Company is on track to meet its guidance of 2.4 to 2.5 million silver equivalent ounces for fiscal 2013.
As precious metals prices dropped significantly in the second quarter, the Company has heightened its focus on improving and strengthening the operational efficiency of its operations. Cash cost guidance is being reviewed and the Company will provide an update in our second quarter earnings release, expected in early August.
ABOUT GREAT PANTHER
Great Panther Silver Limited is a profitable, primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE MKT trading under the symbol GPL. The Company's current activities are focused on the mining of precious metals from its two wholly-owned operating mines in Mexico, Topia and Guanajuato. Great Panther is also in the process of developing its San Ignacio Project and has two exploration projects, El Horcon and Santa Rosa.
For further information, please visit the Company's website at www.greatpanther.com.
This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include but are not limited to the Company's plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Information Form for the year ended December 31, 2012 and Material Change Reports filed with the Canadian Securities Administrators available at www.sedar.com, and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov.

Contact Information


  • Great Panther Silver Limited
    Robert Archer
    Chief Executive Officer
    1-888-355-1766

    Great Panther Silver Limited
    Rhonda Bennetto
    Vice President Corporate Communications
    1-888-355-1766
    info@greatpanther.com
    www.greatpanther.com

Friday, June 29, 2012

Great Panther Silver ratifies Shareholders rights plan!


Great Panther Silver Limited 
Great Panther Silver Limited
TSX : GPR
NYSE MKT : GPL
NYSE Amex : GPL
TSE - GPR



June 28, 2012 15:36 ET

Great Panther Silver Reports Annual and Special Meeting Results



VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2012) - GREAT PANTHER SILVER LIMITED (TSX:GPR)(NYSE MKT:GPL)(NYSE Amex:GPL) (the "Company") is pleased to announce the following results of its Annual and Special Meeting of shareholders held on June 28th, 2012:
  • The re-election of Robert A. Archer, Kenneth W. Major and R.W. (Bob) Garnett and the election of new Board nominees John Jennings and J. Richard H. (Dick) Whittington as the Directors of the Company;
  • The re-appointment of KPMG LLP, Chartered Accountants as Auditor; and
  • The ratification and approval of a new Shareholder Rights Plan and approval of certain changes to the Company's Articles.
New Directors
Mr. John Jennings brings almost three decades of experience in the Canadian and international financial services with leading firms including BMO Nesbitt Burns, Lehman Brothers International, RBC Financial, HSBC Group and CIBC. As a mining analyst and senior investment banker, Mr. Jennings has executed numerous M&A assignments and raised both debt and equity capital for public, private and sovereign clients. Mr. Jennings recently joined Korn/Ferry International, the world's largest executive search and talent management firm. Mr. Jennings earned his B.Sc (Chemistry) from the University of Western Ontario and an MBA from London Business School. He also holds the designation of Chartered Financial Analyst. Mr. Jennings is the Chair of the Compensation Committee.

Mr. Whittington is a mining engineer, educated at England's Royal School of Mines, with over 35 years of experience in Canada, Australia, Panama, Mexico and Papua New Guinea. Most recently he was President, CEO and a Director of PNG Gold, an advanced stage gold exploration company operating in Papua New Guinea. Prior to that he was President, CEO and a Director of Farallon Mining where he brought Farallon's G-9 polymetalic zinc mine in Guerrero State, Mexico into production in less than four years from its original, greenfield, discovery. He led the company through the transition from exploration, to development and construction and finally, into commercial production before helping facilitate the friendly takeover of the company by Nyrstar N.V., a Belgium zinc mining and smelting company, for $409 million in January 2011.
John Kopcheff, of Australia, did not not stand for re-election. The Company expresses its gratitude to John for his advice and counsel during his 11 years as a Director, committee member and committee chairman.

Shareholder Rights Plan
Shareholders have approved and ratified the adoption of a new Shareholder Rights Plan (the "Plan") as part of its procedures for dealing with any parties who may seek to acquire control of the Company through a take-over bid or other transaction.

The Company is not aware of any pending or threatened take-over bids for the Company, and it is not the intention of the Plan to prevent take-over bids. The Plan is intended to ensure that all shareholders are treated equally and fairly in any such transaction. The Plan has been adopted in order to provide the
Company's Board of Directors with sufficient time to assess and evaluate any take-over bid or other control transaction and to explore and develop alternatives for maximizing shareholder value.

The Plan is similar to other shareholder rights plans adopted by Canadian corporations. To implement the Plan, the Board of Directors of the Company authorized the issue of one Right in respect of each common share of the Company outstanding to holders of record at 5:01 PM, Pacific time, on June 29, 2012. Until the occurrence of certain specific events, the Rights will trade with the common shares of the Company and be represented by the share certificates for such common shares.

The Rights become exercisable only when a person, including any party related to it or acting jointly with it, acquires or announces its intention to acquire 20% or more of the outstanding common shares of the Company without complying with the "Permitted Bid" provisions of the Plan. Under the Plan, a Permitted Bid is a bid made to all shareholders on identical terms and conditions that is open for at least 60 days. If at the end of 60 days more than 50% of the outstanding shares, other than those owned by the offeror and certain persons related to the offeror or acting jointly with it, have been tendered, the offeror may take up and pay for the shares but must extend the bid for a further 10 business days to allow all other shareholders to tender.
Should a non-permitted acquisition occur, each Right would entitle each holder of common shares (other than the offeror and certain parties related to the offeror or acting jointly with it) to purchase additional common shares of the Company at a 50% discount to the market price at the time.

The Plan becomes effective at 5:01 PM Pacific time on June 29, 2012, immediately after the expiration of the current rights plan. The Plan will continue until the annual meeting of shareholders in 2016.

About Great Panther
Great Panther Silver Limited is a profitable, primary silver mining and exploration company listed on the Toronto Stock Exchange trading under the symbol GPR, and on the NYSE MKT trading under the symbol GPL. The Company's current activities are focused on the mining of precious metals from two wholly-owned operating mines in Mexico. In addition, the Company is also pursuing acquisition opportunities throughout Latin America to add additional mines to its portfolio of properties. Great Panther's mission is to become a leading primary silver producer by acquiring, developing and profitably mining precious metals.

Contact Information


Great Panther Silver Limited
Robert Archer
President & CEO
1-888-355-1766

Great Panther Silver Limited
Rhonda Bennetto
Vice President Corporate Communications
1-888-355-1766
info@greatpanther.com
www.greatpanther.com
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Wednesday, June 27, 2012

San Gold acquires gold and silver rights to Canadian Arrow Mines Rainy River property

San Gold Signs Financing and Option Agreement with Canadian Arrow Mines (ccnm)

WINNIPEG, MANITOBA--(Marketwire - June 27, 2012)

San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) ("San Gold") is pleased to report that it has entered into an option agreement (the "Agreement") with the Canadian Arrow Mines Ltd. (TSX VENTURE:CRO) ("Canadian Arrow") properties located northeast of Rainy River, Ontario.

The Agreement gives San Gold an 80% undivided interest in all precious metals including, but not limited to, gold and silver but specifically excluding platinum and palladium (the "Precious Metals"), contained on Canadian Arrow's current properties. The rights to all other mineral resources including, but not restricted to, base metals, platinum and palladium remains with Canadian Arrow.

"This is an outstanding land package that we've been able to establish in the Rainy River area. This Agreement, in conjunction with the contract recently signed with Opawica, secures a proven gold property along with the main structural features associated with that deposit," said George Pirie, San Gold's President and Chief Executive Officer.

On June 19, 2012, San Gold announced a separate transaction to purchase three properties from Opawica Explorations Inc., including the Whitesides-Carscallen property and the Golden property, which are both located in the West Timmins gold camp, Ontario, and the Atikwa Lake property, which is located adjacent to the properties covered in this Agreement. Additionally, Canadian Arrow has extensive holdings in the Timmins area covered by this agreement.

Figure 1 at the end of this release shows the location of the Canadian Arrow and Opawica Exploration properties in relation to regional geology. Figure 2 shows the location of the Atikwa Lake Project in relation to Rainy River and Kenora.

To maintain the Agreement in good standing and earn an 80% interest in the Precious Metals contained on the properties, San Gold has agreed to, among other things, purchase 5,000,000 units of Canadian Arrow at a price of $0.10 per unit. Each unit will be comprised of one common share in the capital of Canadian Arrow and a half of one share purchase warrant. Each full warrant will entitle San Gold to purchase one common share in the capital of Canadian Arrow for an exercise price of $0.20 for a period up to two years from the date of the issuance of the warrant. In addition San Gold is also required to incur an aggregate $1,500,000 in expenditures on the properties graduated over four years from the date of execution of the Agreement. Upon completion of San Gold's obligations under the Agreement, San Gold will earn an 80% interest in all Precious Metals contained on the properties and a joint venture will be formed between San Gold and Canadian Arrow. Initial ownership in the joint venture will be San Gold 80% and Canadian Arrow 20%.

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. San Gold employs more than 400 people and is committed to the highest standards of safety and environmental stewardship. San Gold is listed 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 San Gold, 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.
 
FOR FURTHER INFORMATION PLEASE CONTACT:
George Pirie
San Gold Corporation
President and CEO
1 (416) 214-0024
OR
Tim Friesen
San Gold Corporation
Communications Director
1 (855) 585-4653
www.sangold.ca
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Monday, May 14, 2012

Tnr Gold's interest in giant copper project draws third part interest!


TNR Gold Receives Third Party Proposal and Provides Los Azules Project Update
TNR Gold Corp. (the "Company") (TSX VENTURE: TNR) has received an unsolicited proposal from a third party to merge with TNR and to acquire TNR's wholly owned subsidiary Compania Minera Solitario Argentina S.A. ("Solitario"). The Company has called a meeting of the TNR Board of Directors to determine whether the proposal is sufficiently attractive to commence exclusive negotiations with the third party, and also to consider its other strategic alternatives.

TNR and Solitario are currently in litigation with Minera Andes Inc. (and indirect subsidiary of McEwen Mining Inc.) and MIM Argentina Exploraciones S.A. The litigation (the "Los Azules Litigation") involves a challenge to title to a substantial portion of the mineral properties constituting the Los Azules Project in San Juan Province of Argentina. Specifically, TNR is challenging the title of Minera Andes Inc. and certain of its subsidiaries to the mineral properties constituting the northern half of the Los Azules project (the "Solitario Properties"). TNR is seeking return to it of a 100% interest in the Solitario Properties or damages; and, effectively, in the alternative, recognition of TNR's right to back-in to a 25% interest in the properties; together with recognition of TNR's interest in the related Escorpio IV property. A trial in the Courts of British Columbia is set to commence in November, 2012 and last for approximately six weeks.

McEwen Mining is continuing a significant expansion drilling program at Los Azules, but has announced that it is focusing, and will continue to focus, its exploration efforts on the portion of the Los Azules mineral claims that are not subject to the ongoing litigation.
 

Kirill Klip, Chairman of TNR commented that: "The Los Azules project is considered to represent one of  the largest undeveloped copper projects in the world but the current legal uncertainty over its legal ownership is detracting from the value of the project for shareholders of both TNR and McEwen Mining. The third party proposal which we have received to purchase TNR, together with the fact that McEwen Mining has decided to limit its drilling activity to non-disputed mineral claims only are further validation of the value of TNR, its title claims and its prospects for success in the upcoming Los Azules litigation."
The Los Azules Project is located in western San Juan Province within a belt of porphyry copper deposits that straddles the Chilean/Argentine border. This belt contains some of the world's largest copper deposits, including Codelco's El Teniente and Andina mines, Anglo American's Los Bronces mine, Antofagasta PLC's Los Pelambres mine and Xstrata's El Pachon project, among others.

Shareholders and other interested parties are invited to review the Court filings relating to the Los Azules Litigation which are available from the BC Supreme Court registry database (BC Online) and are hosted on TNR's webpage at www.tnrgoldcorp.com/s/LosAzules.asp.

ABOUT TNR GOLD CORP.
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio. 


TNR's recently listed subsidiary, International Lithium Corp. (TSX VENTURE: ILC), demonstrated the successful application of TNR's business model in which TNR shareholders benefited from a unit distribution upon spin-out of TNR's lithium and rare metals projects. TNR remains a large shareholder in ILC at 25.5% of outstanding shares. 


At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina; and teamed with the recent acquisitions of rare-earth elements and iron ore projects in Canada confirm TNR's commitment to continued generation of in-demand projects, while diversifying its markets and building shareholder value. 


On behalf of the board,
Gary Schellenberg, President - 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. In particular, there are no assurances that the third party proposal recently received by the Company will develop into a formal offer for the Company, or that any such formal offer would be attractive to, or result in the sae of, the Company. There are no assurances that the Company will decide to commence a formal sale process or that, if commenced, such sale process would result in an attractive offer and sale of the Company. There are no assurances that the Company will achieve a favourable outcome in the Los Azules litigation.
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.

Contacts:
TNR Gold Corp.
Gary Schellenberg
President
(604) 687-7551 or 1-800-667-4470
(604) 687-4670 (FAX)
info@tnrgoldcorp.com
www.tnrgoldcorp.com


SOURCE: TNR Gold Corp.
mailto:info@tnrgoldcorp.com
http://www.tnrgoldcorp.com
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Monday, August 15, 2011

Meet the king of Seabed mining


Nautilus Minerals Inc.Nautilus Minerals Inc.

TSX : NUS
AIM : NUS




August 15, 2011 08:16 ET

Nautilus Minerals Reports Solid First Half Results



VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2011) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) achieved a series of important operational milestones in its pioneering seafloor production project during the first six months of 2011, and ended the period with a healthy cash balance of US$112 million.
The highlights of the half-year were as follows:
  • In January, the PNG (Papua New Guinea)  Government granted Nautilus a Mining Lease to enable production at the company's first development project at Solwara 1, in the Bismarck Sea. The lease provides Nautilus with a 20 year license to mine an area of approximately 59 km2 surrounding Solwara 1, 50 km north of Rabaul, where Nautilus intends to mine high-grade copper and gold deposits on the seafloor, at depths of approximately 1600 metres. (For the full release see Links section below) 
  • In March, the PNG Government confirmed its intention to take a 30% stake in the Solwara 1 project as a joint venture partner. The Government will contribute funds to the project in proportion to its interest, including its share of the exploration and development costs incurred to date. The initial contribution to be made by the Government's nominee, Petromin PNG Holdings Limited, will be approximately US$24 million. The audit of the final amount has recently been completed with payment to be made in accordance with detailed project agreements being finalised by the parties.
  • In April, the company announced an agreement to form a joint venture with German shipping company Harren & Partner, to own and operate a production support vessel which will serve as the operational base for Nautilus at Solwara 1. Under the terms of the strategic partnership, Harren will design and construct the vessel at a cost of approximately EUR127 million, with delivery scheduled for the first half of 2013.
  • And in May, the company completed a major exploration drilling campaign in the Bismarck Sea, which has delivered an enhanced understanding of the Solwara 1 deposit and identified potential subsequent development sites.
Since the end of the first half, the company has also announced two major advances in exploration.
  • Nautilus Minerals' Tongan subsidiary, Tonga Offshore Mining Ltd. (TOML), became one of the first private sector organisations to be granted exploration licences in the highly prospective Clarion Clipperton Zone (CCZ) of the Eastern Pacific in July. Sponsored by the Tongan Government, TOML was granted approximately 75,000 km2 of prime exploration territory in the CCZ, which lies in international waters between Hawaii and Mexico. As a result of exploration conducted in the 1980s, the CCZ is known to host hundreds of millions of tonnes of polymetallic nodules, rich in copper, nickel, manganese and cobalt, lying on the seafloor in water depths starting at 4500 metres.
  • The Fijian government this month granted Nautilus 14 special prospecting licences in its territorial waters, covering a total of approximately 60,000 km2 of highly prospective territory. Nautilus is the first private sector organisation to be granted offshore exploration permits in Fiji.
Following the continued extensive investment in the development phase of the Solwara 1 project during the six months to June, the company today announced a first half loss of US$7.98 million, which was significantly reduced from US$18.75 million in the six months to June 2010.
The reduction in losses was largely a result of the company capitalising exploration and evaluation expenditure at Solwara 1 following receipt of the Mining Lease in January.
The net cash position remained strong at US$112 million at the end of the period, following additional investment of US$42 million in plant & equipment and mineral properties during the six months.
"Nautilus made excellent progress in the first half of 2011, achieving a number of important milestones," said CEO Steve Rogers.
"Our financial position remains healthy and strong global commodity prices continue to enhance the business proposition. Significant value has been added over recent months as our exploration programs have yielded encouraging results, and we have gained additional highly prospective exploration territory in Fiji and International waters.
"We look forward to the delivery of components for our seafloor production equipment and the announcement of a resource update in the second half of the year," he said.
Conference Call
A Conference Call and Webcast will be held on Tuesday, August 16, 2011 at 9:00 a.m. EDT (Toronto), 2:00 p.m. BST (London).
Webcast link:
http://www.media-server.com/m/p/b33wpd55
Dial-in numbers:
International Dial In: +61 2 8524 6650
Australia: 1800 148 258
Canada: 18668374489
United Kingdom: 08000569662
United States of America: 18665862813
If your country dial-in number is not included here please email nmd@nautilusminerals.com.
A presentation to support the conference call will be posted on http://www.nautilusminerals.com for download by 8:30 a.m. EDT (Toronto) on Tuesday, August 16, 2011.
Links
Nautilus Granted Mining Lease
http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=437932
The Financial Statements and Management's Discussion and Analysis have been filed on www.sedar.com and are also available on the Company's website www.nautilusminerals.com/s/Investors-Financials.asp.
Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for polymetallic seafloor massive sulphide deposits and is currently developing its first project at Solwara 1, in the territorial waters of Papua New Guinea.
Nautilus is listed on the TSX and AIM stock exchanges, and has among its largest shareholders two of the world's leading international resource companies Anglo American (11.1%) and Teck Resources (6.8%), as well as Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, which beneficially owns 21% of the Company's issued shares through Gazmetall Holding (Cyprus) Limited.
Certain of the statements made in this news release may contain forward-looking statements within the meaning of the United States Securities Exchange Act of 1934 and forward-looking information within the meaning of applicable Canadian securities law. Forward-looking statements and forward-looking information include, but are not limited to statements or information with respect to the formation of a joint venture with Harren & Partner, the delivery of the PSV in the first half of 2013 for a price of US$171 million and the finalisation of project agreements with Petromin PNG Holdings Limited. We have made numerous assumptions about the material forward-looking statements and information contained herein, including among other things, that the joint venture partners will continue to negotiate with Nautilus and the negotiations will be successfully concluded, Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements or information. Such risks, uncertainties and other factors include, among others, the risk that the conditions precedent to the agreement with Harren & Partner will not be satisfied, that agreements with Petromin are not successfully concluded or that the exploration and special prospecting licences obtained in the Clarion Clipperton Zone and Fiji respectively are not highly prospective. Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. Although we have attempted to identify factors that would cause actual results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performances, achievements or events to not be as anticipated, estimated or intended. Also, many of the factors are beyond our control. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly you should not place undue reliance on forward-looking statements or information. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.
Neither the TSX nor the London Stock Exchange accepts responsibility for the adequacy or accuracy of this press release.

Contact Information


  • Nautilus Minerals Inc. (Toronto)
    Investor Relations
    +1 (416) 551 1100
    investor@nautilusminerals.com

    Nautilus Minerals Inc.
    Joe Dowling
    Vice President Investor Relations and Communications
    +61 (7) 3318 5544 or Cell: +61 431 365 741
    jjd@nautilusminerals.com
    www.nautilusminerals.com

    Numis Securities Limited
    John Harrison
    Nominated Adviser
    + 44(0) 20 7260 1000

    Numis Securities Limited
    James Black
    Corporate Broking
    + 44(0) 20 7260 1000

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