Tuesday, August 13, 2013

San Gold Q2 production up 23% and costs reduced by 18% Q2 2013

San Gold Corporation

TSX : SGR
OTCQX : SGRCF


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August 12, 2013 19:00 ET

San Gold Reports 2013 Second Quarter Results

WINNIPEG, MANITOBA--(Marketwired - Aug. 12, 2013) -
(All amounts in Canadian dollars unless otherwise stated)
San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) today reported 2013 second quarter financial and operating results.
During the quarter, the Company produced 22,526 ounces of gold with an average milled grade of 5.05 grams per tonne with cash operating costs of $783 per ounce of gold sold. The Company generated income from operations of $3.4 million, a cash contribution from operations before changes in non-cash working capital of $5.0 million, and recognized a quarterly total and comprehensive loss of $3.6 million.
The Company initiated a number of cost-cutting initiatives during the quarter in response to recent adverse market conditions. Compared with the same quarter last year, the Company reduced its total cash operating costs by $2.7 million, capital expenditures by $3.9 million, and general and administrative expenses by $2.6 million while maintaining production levels.
"I am very pleased with the progress we have made this quarter in improving grade and stabilizing production levels while reducing costs across all aspects of the company. I anticipate continued improvement in the Company's financial performance through the remainder of the year as the full effect of our cost-cutting initiatives takes hold," said Ian Berzins, San Gold's President, CEO and Chief Operating Officer.
Through the first two quarters of the year the Company has completed $10.4 million of flow- through eligible exploration pursuing a number of prospective drilling targets near existing infrastructure. The Company will continue to pursue these targets through the remainder of 2013 with its remaining $6 million in flow-through exploration commitments and anticipates a substantial reduction in surface exploration in 2014 once these commitments are complete.
2013 Second Quarter Highlights:

Produced 22,526 ounces of gold, a 23% increase compared to 18,241 ounces in the second quarter of 2012.
Achieved average mill throughput of 1,784 tons per day for the quarter, a 39% increase compared to average mill throughput of 1,281 tons per day in the second quarter of 2012.
Mined ore at a record quarterly rate of approximately 1,905 tons per day for a total of 173,350 tons, an increase of 11% compared to the rate of 1,709 tons per day in the same period of 2012.
Achieved total cash costs of $783 per ounce of gold sold compared to $970 per ounce in the second quarter of 2012 and realized a cash operating margin of $611 per ounce of gold sold with a realized price of $1,394 per ounce through the quarter.
Achieved a total cost per ton of ore of $105, a 36% decrease compared to a total cost per ton of ore of $164 in the second quarter of 2012.
Generated cash flow from operating activities before changes in non-cash working capital of $5.0 million, compared to $5.7 million in the second quarter of 2012, despite a reduction in the realized price of gold.
Generated quarterly operating income from operations of $3.4 million, compared to income from operations of $2.4 million in the second quarter of 2012.
Recognized quarterly revenue of $30.4 million on gold sales of 21,796 ounces at a realized price of $1,394 per ounce compared to revenue of $31.6 million in the second quarter of 2012.
Recognized quarterly total and comprehensive loss of $3.6 million, compared to total and comprehensive loss of $7.8 million in the second quarter of 2012.
Had a cash and short term investments balance of $21.3 million as at June 30, 2013.
Accessed the down dip extension of the 007 zone at depth on 26 level and began silling on the structure.
Began a program to segregate lower grade ore in a separate surface stockpile to be milled as an incremental feed source at a later date.
Completed approximately 74,000 metres of exploration and definition diamond drilling.
Purchased mineral claims from Wildcat Exploration Ltd. in the subsequent period.

Review of 2013 Second Quarter Results
The Company produced 22,526 ounces of gold during the quarter compared with 18,241 ounces in the second quarter of 2012. The increase in the number of ounces of gold produced was a result of a 39% increase in tons milled which was offset somewhat by an 11% decrease in grade. The Company milled 162,344 tons in the second quarter of 2013 compared with 116,546 tons milled in the second quarter of 2012. Head grade was 5.05 grams of gold per tonne of ore in the second quarter of 2013, a 22% increase compared with a head grade of 4.15 grams of gold per tonne of ore in the first quarter of this year.
The Company reports quarterly income from operations of $3.4 million and a total and comprehensive loss of $3.6 million, compared to income from operations of $2.4 million and a total and comprehensive loss of $7.8 million in the second quarter of 2012. The increase in income from operations is due to a reduction in total cash operating costs which was partially offset by a reduction in the realized price of gold.
The Company earned quarterly revenue of $30.4 million, a 4% decrease over revenue of $31.6 million in the second quarter of 2012. The decrease in gold sales revenue in the second quarter of 2013 is a result of a 13% decrease in the average realized gold price compared to the second quarter of 2012 which was partially offset by an 11% increase in the number of ounces sold. The Company realized $1,394 per ounce of gold sold in the second quarter of 2013, compared with the $1,607 the Company realized per ounce in the second quarter of 2012 and the Company sold 21,796 ounces of gold in the second quarter of 2013, compared with sales of 19,648 ounces in the second quarter of 2012.
The Company generated $5.0 million of cash flow from operating activities before changes in non-cash working capital in the second quarter of 2013, compared with $5.7 million generated in the second quarter of 2012. After changes in non-cash working capital, operating activities used $5.1 million in the second quarter of 2013, compared to $11.0 million generated in the second quarter of 2012.
Capital spending in the second quarter of 2013 was focused on mine development, increasing mining capability, improving key infrastructure, and sustaining capital. The Company invested $12.9 million in mine development activities and recognized related depletion of $7.8 million compared with an investment of $14.8 million and related depletion of $7.8 million in the second quarter of 2012. The Company also capitalized $4.1 million of property, plant, and equipment and recognized related amortization of $2.1 million during the second quarter of 2013 compared to an investment of $6.1 million and related amortization of $1.7 million in the second quarter of 2012. The Company is continuing its critical review of all subsequent capital development and property, plant and equipment spending for the year and may elect to defer or cancel previously planned projects.
Outlook
The Company continues to carry out a comprehensive review of its operating, capital, corporate overhead, and exploration costs as well as evaluating investments that do not directly contribute to the Company's core operations. The focus continues to be on optimizing margins per ounce and to find the most direct path to achieving free cash flows.
For the balance of 2013, the Company will continue to concentrate mining operations on the 007 complex, with less dependence on Hinge and with a supplemental feed provided by the Rice Lake mine. Mining operations will continue in the Rice Lake mine alongside ongoing capital development projects to provide operational access beneath the current mining areas within the 007 and Hinge mines and extend the 16 and 26 levels in order to accelerate access to the down dip extensions of these deposits. The Company expects the changes to result in improved grade for the balance of the year, a further decrease in capital development spending and property, plant and equipment spending requirements while maintaining production guidance of 75,000 to 90,000 ounces at full year cash costs of between $800 and $900.
Exploration activities for the remainder of the year will continue to focus on definition and extension drilling within the Company's mineral lease for both production planning and exploration purposes at the San Antonio Mining Unit, the Shoreline Basalt Unit, the Normandy Creek Shear Zone, and within the intermediate volcanic rock unit north of the Shoreline Basalt Unit. The objectives of the Company's exploration program is to develop a larger mine complex that can be exploited through existing infrastructure.
Underground drill bays constructed during the first quarter of 2013 continue to provide better access for definition drilling of the 007 structures at depth. The Company has improved confidence about the resource potential at depth as recent drill results below 26 Level confirm continuity of the geological structures hosting the 007 and Hinge deposits.
2013 Q2 Financial Results Conference Call
The Company's senior management plans to host a conference call on August 13, 2013 at 11:00 am Eastern Time to discuss the 2013 second quarter financial results and to provide an update of the Company's operating, exploration, and development activities.
Participants may join the conference call by dialing 1 (866) 225-0198 or 1 (416) 340-8061 for participants outside of Canada and the United States. The conference call will also be available by webcast on the Company's website at www.sangold.ca.
A recorded playback of the conference call can be accessed after the event until August 29, 2013 by dialing 1 (800) 408-3053 or 1 (905) 694-9451 for calls outside Canada and the United States. The pass code for the conference call playback is 8568217. The archived audio webcast will also be available on the Company's website at www.sangold.ca.
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".
This press release should be read in conjunction with the Company's consolidated financial statements for the quarter ended December 31, 2012 and associated Management's Discussion and Analysis ("MD&A"), which are available from the Company's website (www.sangold.ca), in the "News & Reports" section under "Financial Statements", and on SEDAR (www.sedar.com).
For further information on San Gold, please visit www.sangold.ca.
Cautionary Non-IFRS Statements
The Company believes that investors use certain indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with International Financial Reporting Standards ("IFRS"). "Total cash operating costs" as used in this analysis is a non-IFRS term typically used by gold mining companies to assess the level of gross margin available to the Company per ounce of gold by subtracting these costs from the unit price realized during the period. This non-IFRS term is also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of "total cash operating costs" as determined by the Company compared with other mining companies. In this context, "total cash operating costs" reflects the per ounce cash costs allocated from in-process and dore inventory associated with ounces of gold sold in the period and net royalties. "Total cash operating costs" may vary from one period to another due to operating efficiencies, quantity of ore processed, grade of ore processed, and gold recovery rates.
Cautionary Note Regarding Forward-Looking Statements
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.
Cautionary Note to United States and Other Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources:
This press release uses the terms "Measured", "Indicated", and "Inferred" resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally mineable.
Table 1: 2013 Second Quarter Income Statement

SAN GOLD CORPORATION
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS
(Unaudited)


		Three month period ended						Six month period ended
		June 30			June 30			June 30			June 30
		2013			2012			2013			2012


REVENUE		$	30,374,431		$	31,578,850		$	54,694,459		$	67,080,710

OPERATIONS
	Operations (Note 16)		26,997,444			29,192,070			51,356,518			57,556,960

INCOME FROM OPERATIONS			3,376,987			2,386,780			3,337,941			9,523,750

	Exploration		5,708,211			4,245,379			10,360,046			8,846,669
	General and administrative (Note 17)		1,479,785			4,113,439			6,914,386			7,938,811

LOSS BEFORE OTHER INCOME AND EXPENSES			3,811,009			5,972,038			13,936,491			7,261,730

OTHER INCOME AND EXPENSES
	Finance income - net (Note 18)		42,572			(105,392	)		(364,365	)		193,321
	Finance costs (Note 18)		(1,663,203	)		(101,030	)		(2,286,361	)		(215,861	)
	Equity loss of associate (Note 8)		-			(3,130,001	)		-			(4,130,001	)

LOSS BEFORE INCOME TAX			5,431,640			9,308,461			16,587,217			11,414,271

Income tax recovery on flow-through shares			1,871,574			1,494,022			3,359,194			2,909,634

NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD		$	3,560,066		$	7,814,439		$	13,228,023		$	8,504,637

LOSS PER COMMON SHARE: (Note 22)
	Basic	$	(0.01	)	$	(0.02	)	$	(0.04	)	$	(0.03	)
	Diluted	$	(0.01	)	$	(0.02	)	$	(0.04	)	$	(0.03	)

Table 2: Financial Highlights

	Q2			Q2
	2013			2012

Total and comprehensive income (loss) (000)	$	(3,560	)	$	(7,814	)
Items not affecting cash (000)	$	8,604		$	13,476
Cash provided (used) by operating activities before changes in non-cash working capital (000)	$	5,044		$	5,662

Net change in non-cash working capital (000)	$	22		$	5,382

Cash provided by operating activities (000)	$	5,067		$	11,044

Earnings (loss) per share
- basic	$	(0.01	)	$	(0.02	)
- diluted	$	(0.01	)	$	(0.02	)

Weighted average number of common shares outstanding
- basic		335,230,029			324,051,028
- diluted		335,230,029			324,051,028

Table 3: Production Summary and Statistics

	Q2		Q2		Change		Change
	2013		2012		(#)		(%)

Ore milled (tons)	162,344		116,546		45,798		39	%
Head grade (g/tonne Au)	5.05		5.70		(0.65	)	-11	%
Contained gold (ounces)	23,964		19,385		4,579		24	%

Ounces of gold produced	22,526		18,241		4,285		23	%

Ore mined (tons)	173,350		155,495		17,855		11.5	%

Ore milled per day (tons)	1,784		1,281		503		39	%
Ore mined per day (tons)	1,905		1,709		196		11	%
Mill recovery (%)	94	%	94	%	0	%	0	%

Table 4: Quarterly Production Summary and Statistics

	Q2		Q1		Q4		Q3		Q2		Q1		Q4		Q3
	2013		2013		2012		2012		2012		2012		2011		2011

Ore milled (tons)	162,344		156,013		168,088		191,105		116,546		153,537		141,890		121,844
Head grade (g/tonne Au)	5.05		4.15		4.22		5.21		5.70		5.35		5.36		5.83
Contained gold (ounces)	23,964		18,884		20,539		29,029		19,385		23,995		22,190		20,732

Ounces of gold produced	22,526		17,354		19,019		27,084		18,241		22,162		20,359		19,119

Ore mined (tons)	173,350		143,859		171,351		143,949		155,495		144,549		136,166		124,952

Ore milled per day (tons)	1,784		1,733		1,827		2,077		1,281		1,687		1,542		1,324
Ore mined per day (tons)	1,905		1,598		1,863		1,565		1,709		1,588		1,480		1,358
Mill recovery (%)	94	%	92	%	93	%	93	%	94	%	92	%	92	%	92	%

NOTE: Final refinery settlements, or the effects of rounding, may have resulted in increases or decreases to reported gold production.

Contact Information

San Gold Corporation
Gestur Kristjansson, BA, MBA, CA
Chief Financial Officer
1 (855) 585-4653

San Gold Corporation
Ian Berzins, B.Sc., P.Eng., President,
Chief Executive Officer and Chief Operating Officer
1 (855) 585-4653
sgr@sangold.ca
www.sangold.ca

Thursday, July 18, 2013

Graphene news - Grafoid raises USD $3.5M through a private financing

OTTAWA — (Marketwire – July 8, 2013) – Grafoid Inc. (“Grafoid”) is pleased to announce the close of part of a private financing with qualified US investors for aggregate gross proceeds of USD $3,532,000 (the ‘’Offering’’) by issuing a total of 7,064,000 common shares at a price of USD $0.50 per share. Grafoid engaged a New York-based broker-dealer to act as a non-exclusive placement agent in connection with the Offering.

In addition, during the first half of 2013, Grafoid raised an aggregate of CAN$1,663,530 by issuing a total of 3,327,060 common shares at a price of CAN$0.50 per share in a non-brokered private offering with various business partners, collaborators and qualified investors in Canada.
Grafoid President and CEO Gary Economo said the financing represented a major step towards Grafoid’s future growth in the global technology market.
“This closing is the next corporate step in Grafoid’s development. The interest expressed by U.S. and Canadian investors at this time bodes well for our company,” Mr. Economo said.
“Our strategy is to create a world-leading graphene research, development and investment company. Coupled with the rollout of our global platform in Singapore and launch of Grafoid’s MesoGraf™, this financing round moves us a step closer to the construction of our MesoGraf™ production facilities,” he said.
“As evidenced by today’s announcement, Grafoid’s leadership in the graphene space is gaining attention in global markets,” Mr. Economo said.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States absent registration or an exemption from such registration requirements.
About Grafoid Inc.
Grafoid is a privately-held graphene research, development and investment company partnered with Focus Graphite Inc., owner of the high-grade Lac Knife, Quebec graphite deposit.
Grafoid invests in, manages, and develops markets for processes that produce economically scalable, pristine graphene that is used in graphene development applications by leading corporations and institutions.
The company’s leading investment produces high-energy bilayer and trilayer graphene from a safe, non-destructive extraction process leaving the lowest possible ecological footprint.
The game-changing process results in a new global standard for economically scalable graphene products – trademarked under the MesoGraf™ trade name – that can be tailored to both industrial and commercial applications.
Management believes MesoGraf™ sets the global standard for graphene from a top-down process.
Grafoid brings knowledge in graphene, resolves scalability issues, adapts graphene to unique applications, and; provides solutions for achieving success.

For more information, please contact:
Gary Economo
President and Chief Executive Officer
613-691-1091 Ext.101
geconomo@grafoid.com
This news release may contain forward looking statements, being statements which are not historical facts, and discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected.

Friday, July 12, 2013

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

Great 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)%

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)%

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

Thursday, July 11, 2013

San Gold Reports 2013 Q2 Increase in Production Results

San Gold Corporation

TSX : SGR
OTCQX : SGRCF

July 11, 2013 09:03 ET

WINNIPEG, MANITOBA--(Marketwired - July 11, 2013) -San Gold Corporation (TSX:SGR) (OTCQX:SGRCF) today announced preliminary results of operations at its Rice Lake Mining Complex in Manitoba, Canada for the quarter ended June 30, 2013.
Second Quarter 2013 Production Highlights

Gold production of 22,476 ounces.
Mine production of 173,350 tons.
Mill production of 162,344 tons.

Second Quarter 2013 Preliminary Operating Results
San Gold produced 22,476 ounces of gold in the second quarter, bringing total production for the first six months of the year to 39,830 ounces. The operation mined 173,350 tons of ore at an average daily rate of 1,905 tons per day and milled 162,344 tons in the quarter at an average daily throughput of 1,765 tons per day. Mill recovery was 94.0% and milled grade was 5.05 grams per tonne. The company ended the quarter with approximately 11,000 tons in a low grade stockpile in addition to a blended stockpile of approximately 4,200 tons.
During the second quarter, the Company implemented a number of operational changes and cost cutting initiatives in response to adverse market conditions. Specifically the company has changed the mining mix with a continued strong reliance on the 007 mine and an increase of mining in the Rice Lake mine with less dependence on the Hinge mine. Beginning in June 2013 the company began to stockpile lower grade ore on a surface stockpile and has deferred mining some lower grade material throughout the operation pending an improvement in the price of gold.
"I am extremely pleased with the progress we have made in the last quarter. We exceeded our expectations for gold production, improved grade and curtailed unnecessary spending. The company has now accessed the 007 ore zones from 26 Level in the Rice Lake mine which is providing a supplemental ore feed for the mill. We have cancelled or deferred non-critical capital expenditures and San Gold has taken over responsibility from the contractor for capital development in the 007 mine. 16 Level in Rice Lake remains a top development priority, with the mining contractor pushing the lateral development out to intersect the down-dip extensions of both the Hinge and 007 mines," said Ian Berzins, San Gold's President, CEO and Chief Operating Officer.
The Company remains on track to produce between 75,000 and 90,000 ounces of gold in 2013 with cash costs between $800 and $900 per ounce.

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 and CEO
Chief Operating Officer
Toll Free: 1 (855) 585-4653

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

Wednesday, July 10, 2013

Flinders Resumes Graphite Sales From the Woxna Graphite Project, Sweden

Flinders Resources Limited

TSX VENTURE : FDR
PINKSHEETS : FLNXF

July 09, 2013 08:30 ET

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 9, 2013) - Flinders Resources Limited ("Flinders") (TSX VENTURE:FDR)(PINKSHEETS:FLNXF) announces that the first truckload for 2013 of reprocessed graphite from Flinders' Woxna Graphite Mine in Sweden was recently delivered to Germany.
The drying, screening and packing circuits of the Kringel processing plant were successfully restarted in May after the winter break and production of graphite from stockpiled material is underway. Several hundred tonnes of graphite remain from a stockpile that was built up when Woxna was last mined up to 2001.
So far this year, Flinders has delivered commercial volumes of graphite to Swedish and German customers and has orders for the balance of Woxna's stockpiled graphite.
Mr. McFarlane states: "The resumption of graphite processing and sales has reinstated awareness of the Woxna Graphite brand in Europe. Discussions are underway with customers about secure future graphite supply from Woxna once mining resumes. Feedback from customers is that the Woxna brand invokes positive recognition for its consistent performance and close proximity of the mine to customers, supporting the view that Woxna graphite will find a receptive European market."

On behalf of the Board
Martin McFarlane, President and CEO

About Flinders Resources
Flinders Resources Ltd. (TSX VENTURE:FDR) owns 100% of the Woxna Graphite Mine, a unique and strategic European graphite project in central Sweden. The Woxna Mine, with rated capacity of 10,000+ tonnes per year of flake graphite, operated from 1996 to 2001 when production was halted due to falling graphite prices. Since then, the Woxna Project has been held on care and maintenance.

Today graphite prices are significantly higher than in 2001 underpinned by strong growth in graphite demand driven by a combination of steady growth in traditional uses such as steel production, lubricants, brake linings and batteries as well as double digit growth from new applications, in particular batteries for portable electronics and hybrid and electric vehicles.

Materially better graphite price today and forecast growth in graphite demand is why Flinders is evaluating re-starting the Woxna graphite mine. Flinders' Woxna mine is substantially funded, fully permitted, constructed and with moderate capital investment is ready to be brought back to production. The Woxna Project is unique due to its high quality large graphite flake, long life expandable resource, first class existing infrastructure, potential to upgrade to value added lithium battery graphite and its strategic position within the European Union.

Certain information set out in this news release may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "Forward-Looking Statements"). All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are Forward-Looking Statements. Forward-Looking Statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could", or "might" occur or be achieved and other similar expressions. Forward-Looking Statements are based upon the opinions and expectations of the Company based on information currently available to the Company. Forward-Looking Statements are subject to a number of factors, risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the Forward-Looking Statements including, among other things, the Company has yet to generate a profit from its activities; there can be no guarantee that the estimates of quantities or qualities of minerals disclosed in the Company's public record will be economically recoverable; uncertainties relating to the availability and costs of financing needed in the future; competition with other companies within the mining industry; the success of the Company is largely dependent upon the performance of its directors and officers and the Company's ability to attract and train key personnel; changes in world metal markets and equity markets beyond the Company's control; mineral reserves are, in the large part, estimates and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized; production rates and capital and other costs may vary significantly from estimates; unexpected geological conditions; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; all phases of a mining business present environmental and safety risks and hazards and are subject to environmental and safety regulation, and rehabilitation and restitution costs; the Company does not maintain insurance against environmental risks; and management of the Company have experience in mineral exploration but may lack all or some of the necessary technical training and experience to successfully develop and operate a mine.

Although the Company believes that the expectations reflected in the Forward-Looking Statements, and the assumptions on which such Forward-Looking Statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on Forward-Looking Statements, as there can be no assurance that the plans, intentions or expectations upon which the Forward-Looking Statements are based will occur. Forward-Looking Statements herein are made as at the date hereof, and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these Forward-Looking Statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS SUCH TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

Contact Information

Flinders Resources Limited
Jim Powell
+1 647-478-5806
info@flindersresources.com
www.flindersresources.com

MIT performance report supports Beryllium Nuclear Fuel and SiC fuel technology

Published Tuesday, July 9, 2013 6:05 am

VANCOUVER, BC – July 9^th, 2013 – IBC Advanced Alloys Corp. (TSX-V: IB; OTCQX: IAALF) (“IBC” or the “Company”) reports that the Massachusetts Institute of Technology (“MIT”) has completed its initial review and delivered a fuel performance report validating the feasibility of IBC’s patented beryllium oxide (“BeO”) nuclear fuel technology combined with Ceramic Tubular Products, LLC (“CTP”) silicon carbide cladding. As reported in June 2012, IBC entered into a sponsored research agreement with MIT to analyze the performance of the BeO enhanced fuel and how it would perform with the addition of silicon carbide ("SiC) cladding.

IBC’s partnerships with CTP and MIT regarding a SiC based ceramic composite cladding complement IBC’s ongoing nuclear fuel R&D being conducted at Purdue and Texas A&M universities. The fuel performance report validates the characteristics of the fuel technology and further demonstrates how IBC’s BeO enhanced fuel, combined with CTP’s SiC cladding, could result in reduced fuel operating temperature and improve fuel operating characteristics leading to a safer and more accident tolerant fuel.

As a result of recent events in the nuclear industry, especially the well known issues at Fukushima in 2011, industry officials and governments are developing alternative strategies and increasingly reviewing the safety benefits of accident tolerant fuels. Because of this increasing industry awareness, the Company is in discussions with a number of potential nuclear industry partners, including Japanese fuel cycle suppliers, to explore and discuss the next phase of R&D including irradiation requirements and testing of the fuel in test reactors.

“We are very encouraged with the conclusions of the MIT fuel performance report about the beneficial characteristics and capability of the enhanced BeO fuel in combination with the SiC cladding technology”, said Jim Malone, IBC’s Vice President of Nuclear Fuel. “IBC is working diligently with Purdue, Texas A&M, CTP and and other industry participants to take the next step of a full irradiation trial in a test reactor to further understand and evaluate the advantages of BeO enhanced fuel as a next generation accident tolerant fuel.”

The IBC sponsored research at MIT is led by Dr. Mujid Kazimi, the MIT Tokyo Electric Power Company (“TEPCO”) Professor in Nuclear Engineering. Dr. Kazimi is also an MIT Professor of Mechanical Engineering and the Director of the Center for Advanced Nuclear Energy Systems (“CANES”). Dr. Kazimi is an expert on fuel performance, safety and power density with a substantial body of peer-reviewed publications as well as numerous academic awards and nuclear industry honors. In addition to his MIT responsibilities, Dr. Kazimi is also a member of the Nuclear Energy Advisory Committee at the US Department of Energy.

As previously reported, IBC has extended its research agreements with Purdue and Texas A&M, to advance its BeO nuclear fuels R&D until December 2013. IBC’s nuclear fuel program is focused on developing an accident tolerant high thermal conductivity BeO nuclear fuel for both current and future nuclear power reactors that is more efficient and safer than existing nuclear fuels. The project’s objective is to commercialize the intellectual property and to position IBC as an essential part of the nuclear industry’s supply chain.

About IBC Advanced Alloys Corp.

IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of sectors including aerospace, automotive, telecommunications and a range of industrial applications. IBC has 86 employees and production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. IBC is creating a dynamic global advanced alloys company. IBC’s common shares are traded on the TSX Venture Exchange under the symbol “IB” and the OTCQX under the symbol “IAALF”.

IBC Advanced Alloys Corp.

Ian Tootill, Director of Corporate Communications

(604) 685-6263 ext 110

Email: itootill@ibcadvancedalloys.com

Website: www.ibcadvancedalloys.com

Wednesday, June 12, 2013

Rodinia Lithium Provides Processing Update On Progress At Diablillos

Toronto, Canada, June 11, 2013: Rodinia Lithium Inc. (“Rodinia” or the “Company”) (TSX-V: RM) is pleased to provide an update on its small scale pilot pond system at its wholly owned Salar de Diablillos lithium-potash project, located in Salta Province, Argentina. The small scale pilot pond system, which has been working continuously since February 2012, has been providing on site experience and allowing for several advances in the metallurgical process. Highlights from the pilot pond system include:

Second batch of lithium carbonate produced, increasing purity to 99.79% Li2CO3
Additional work completed to improve removal of interfering magnesium and sulphate ions
Developed and demonstrated an alternate method to produce caustic soda during the process
Use of caustic soda later in the production process, potentially reducing reagent costs
Work continues on site to improve yield, develop separation techniques and reduce raw material costs

William Randall, President & CEO of Rodinia, commented “While we experienced delays due to a variety of factors, including a third straight year of record rainfall during January and February, we are on track to deliver an updated economic study on the project. Results of additional work conducted on the Salar lead us to believe the updated study will be in line with our previously completed Preliminary Economic Assessment, showing very robust figures with relatively low capital expenditure. Management believes that the high returns and low capital output of the project are attractive components in the current financial climate.”

During the first quarter of 2013, a second process run on a larger scale was completed, resulting in the production of a second batch of lithium carbonate. The process employed remains largely the same as the Company’s initial run, but the increased quantity of lithium carbonate produced allowed for a hot water wash to improve the quality of the lithium carbonate. This additional step in the process resulted in increased lithium carbonate purity of 99.79%.

In addition to completing production of a second batch of lithium carbonate, the Company’s engineering team has been operating the small scale pilot pond system continuously in search of improvements in the process design. The engineering department has been successful in lowering magnesium and sulphate concentration below levels achieved in previous runs. Removal of magnesium and sulphate ions to achieve low concentration levels in accordance with the Company’s process design has been successful.

In addition, a significant development has been achieved in the production of caustic soda during the evaporation sequence. An alternate method was tested on the Salar in an attempt to harvest caustic soda during the regular operation of the evaporation ponds. The Company remains encouraged that the successful harvesting of caustic soda could result in lowered externally sourced reagent use, which in turn, has the potential to lead to meaningful operating cost savings.

The Company expects to provide further updates of work completed on the Salar de Diablillos over the coming months.

The project is supervised by Bob Cinq-Mars, P. Eng. Mr. Cinq-Mars is considered a Qualified Person, as defined by National Instrument 43‐101 and has reviewed and approved the scientific and technical information contained in this press release. Mr. Cinq-Mars is not independent of the Company.

About Rodinia Lithium Inc.:

Rodinia Lithium Inc. is a Canadian mineral exploration and development company with a primary focus on Lithium exploration and development in North and South America. The Company is also actively exploring the commercialization of a significant Potash co-product that is expected to be recoverable through the lithium harvesting process.

Rodinia’s Salar de Diablillos lithium-brine project in Salta, Argentina, contains a recoverable resource of 2.82 million tonnes lithium carbonate equivalent and 11.27 million tonnes potassium chloride equivalent. The project contains a recoverable inferred resource of 952,553,000 m3 grading 556 mg/L lithium and 6,206 mg/L potassium. Throughout 2013, Rodinia will focus on continuing to develop the Diablillos project by completing additional drilling and advancing through feasibility study.

The Company also holds 100% mineral rights to approximately 15,000 acres in Nevada’s lithium-rich Clayton Valley in Esmeralda County, and is currently in the process of assessing the size, quality and processing alternatives of this deposit. The Clayton Valley project is located in the only known lithium-brine bearing salt lake in North America, and looks to represent the only new source for domestic lithium carbonate supply.

Please visit the Company’s web site at www.rodinialithium.com or write us at info@rodinialithium.com.

For further information please contact

Aaron Wolfe
Vice-President, Corporate Development
Tel: +1 (416) 309-2696

Cautionary Notes
Except for statements of historical fact contained herein, the information in this press release constitutes “forward-looking information” within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as “plans”, “proposes”, “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include without limitation, statements regarding the anticipated effects of the results and the impact of such results with respect to the pilot pond system, the timing with respect to future results, timing with respect to the completion of an updated economic study; the potential of the Diablillos property; the potential results and timetable for further exploration with respect to the Diablillos property, the timetable with respect to future acquisitions and exploration developments at Clayton Valley and Diablillos, timetable for further exploration, analysis and development, title disputes or claims; and governmental approvals and regulation. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, financing risks, acquisition risks, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

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.

For further information please contact	Aaron Wolfe
Investor Cubed Inc.	Vice-President, Corporate Development
Investor Relations	Tel: +1 (416) 309-2696
Tel: +1 (647) 258-3311